Notes Payable (Tables)

3 Months Ended

Mar. 31, 2014

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

The following table summarizes our outstanding debt structure as of March 31, 2014 (dollars in thousands):

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	1,124,500	4.0	%	4/11/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	167,000		5.2	%	10/27/2014
Total fixed rate secured debt	$	1,341,500	4.2	%	8/24/2018
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	171,785	0.7	%	1/31/2017
FNMA tax-free credit facilities	88,370		0.9	%	7/23/2031
Freddie Mac credit facilities	156,247		0.7	%	7/1/2014
Freddie Mac mortgage	27,259		3.3	%	10/31/2015
Total variable rate secured debt	$	443,661	0.9	%	12/24/2018
Total Secured Debt	$	1,785,161	3.4	%	9/23/2018
Unsecured Debt
Term loan fixed with swaps	550,000		3.1	%	11/10/2017
Fixed rate senior bonds	1,127,898		5.0	%	9/23/2019
Total Unsecured Debt	$	1,677,898	4.3	%	2/11/2019
Total Outstanding Debt	$	3,463,059	3.8	%	6/24/2018

⁽¹⁾ Includes capped balances.