Notes Payable (Tables)

9 Months Ended

Sep. 30, 2014

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

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

	Borrowed Balance		Effective Rate		Average Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	1,090,496	4.0	%	5/5/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	75,000		4.8	%	3/31/2015
Total fixed rate secured debt	$	1,215,496	4.1	%	1/1/2019
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	221,585	0.7	%	1/27/2017
FNMA tax-free credit facilities	90,415		0.9	%	7/23/2031
Freddie Mac mortgages	27,096		3.4	%	10/31/2015
Total variable rate secured debt	$	339,096	1.0	%	11/2/2020
Total Secured Debt	$	1,554,592	3.4	%	5/27/2019
Unsecured Debt
Term loans fixed with swaps	$	550,000	3.1	%	11/10/2017
Fixed rate senior bonds	1,325,422		4.5	%	12/3/2021
Total Unsecured Debt	$	1,875,422	4.0	%	9/24/2020
Total Outstanding Debt	$	3,430,014	3.7	%	11/14/2019

⁽¹⁾ Includes capped balances.