Notes Payable (Tables)

6 Months Ended

Jun. 30, 2014

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

The following table summarizes our outstanding debt structure as of June 30, 2014 (dollars in thousands):

	Borrowed Balance		Effective Rate		Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	1,101,194	4.0	%	5/13/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	125,000		5.3	%	12/24/2014
Total fixed rate secured debt	$	1,276,194	4.2	%	11/6/2018
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	171,785	0.7	%	1/31/2017
FNMA tax-free credit facilities	87,858		0.9	%	7/22/2031
Freddie Mac mortgages	27,177		3.4	%	10/31/2015
Total variable rate secured debt	$	286,820	1.0	%	5/26/2021
Total Secured Debt	$	1,563,014	3.6	%	4/26/2019
Unsecured Debt
Variable rate credit facility	$	35,000	1.3	%	8/7/2017
Term loans fixed with swaps	550,000		3.1	%	11/10/2017
Fixed rate senior bonds	1,327,399		4.5	%	12/3/2021
Total Unsecured Debt	$	1,912,399	4.0	%	9/3/2020
Total Outstanding Debt	$	3,475,413	3.8	%	9/29/2019

⁽¹⁾ Includes capped balances.