Borrowings (Tables)

12 Months Ended

Dec. 31, 2013

Borrowings [Abstract]

Indebtedness

The following table summarizes the Company’s indebtedness at December 31, 2013, (dollars in thousands): 

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	1,111,812	4.0	%	4/1/2013
Fannie Mae conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances managed with interest rate swaps
LIBOR-based interest rate swaps	219,000		5.3	%	8/31/2014
Total fixed rate secured debt	1,380,812		4.2	%	6/13/2018
Variable Rate Secured Debt (1)
Fannie Mae conventional credit facilities	189,721		0.8	%	12/2/2016
Fannie Mae tax-free credit facilities	88,812		0.9	%	7/23/2031
Freddie Mac credit facilities	104,248		0.7	%	7/1/2014
Freddie Mac mortgages	27,342		3.3	%	10/31/2015
Total variable rate secured debt	410,123		1.0	%	5/27/2019
Total Secured Debt	$	1,790,935	3.5	%	9/1/2018
Unsecured Debt
Term loan fixed with swaps	550,000		3.1	%	11/10/2017
Fixed rate bonds	1,131,783		5.0	%	9/22/2019
Total Unsecured Debt	$	1,681,783	4.3	%	2/12/2019
Total Outstanding Debt	$	3,472,718	3.9	%	4/28/2018

(1) Includes capped balances

Interest Rate Ranges, Maturity and Balance of Indebtedness

The following table summarizes interest rate ranges and maturity of the Company’s indebtedness at December 31, 2013 and the balance of the Company’s indebtedness at December 31, 2012 (dollars in millions):

	At December 31, 2013
	Actual Interest Rates	Current Average Interest Rate	Maturity	Balance		Balance at December 31, 2012
Fixed Rate:
Taxable Secured	1.77 - 6.21%	4.07%	2014-2035	$	1,161.8	$	422.4
Unsecured	3.15 - 6.25%	5.02%	2017-2024	1,131.8		310.0
Interest rate swaps	2.63 - 6.63%	4.76%	2014-2018	769.0		559.0
				$	3,062.6	$	1,291.4
Variable Rate: (1)
Taxable	0.66 - 0.91%	0.72%	2014-2033	122.7		70.9
Interest rate caps	0.73 - 1.02%	0.80%	2014-2033	287.4		288.5
Unsecured	0.00%	—%	2015	—		23.0
				$	410.1	$	382.4
				$	3,472.7	$	1,673.8

(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2013, and 2012, respectively, which results in the Company paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments on the borrowings at December 31, 2013, as well as the amortization of the fair market value of debt assumed (dollars in thousands): 

Year	Amortization		Maturities		Total
2014	$	26,642	$	430,640	$	457,282
2015	8,361		388,693		397,054
2016	9,043		164,300		173,343
2017	10,014		469,306		479,320
2018	11,382		379,247		390,629
Thereafter	71,711		1,503,379		1,575,090
	$	137,153	$	3,335,565	$	3,472,718