Notes Payable (Tables)

3 Months Ended

Mar. 31, 2015

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

Borrowings Overview

The following table summarizes our outstanding debt structure as of March 31, 2015 (dollars in thousands):

	Borrowed Balance		Effective Rate		Average Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	1,096,580	4.0	%	5/27/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	25,000		4.9	%	6/1/2015
Total fixed rate secured debt	$	1,171,580	4.0	%	3/23/2019
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	245,785	0.8	%	2/18/2017
Freddie Mac mortgages	11,704		3.1	%	8/15/2015
Total variable rate secured debt	$	257,489	0.9	%	1/24/2017
Total Secured Debt	$	1,429,069	3.5	%	11/1/2018
Unsecured Debt
Variable rate credit facility	$	179,000	1.3	%	8/7/2017
Term loans fixed with swaps	$	550,000	3.1	%	11/10/2017
Fixed rate senior bonds	1,321,424		4.5	%	12/3/2021
Total Unsecured Debt	$	2,050,424	3.8	%	6/15/2020
Total Outstanding Debt	$	3,479,493	3.7	%	6/29/2019

⁽¹⁾ Includes capped balances.