Notes Payable (Tables)

6 Months Ended

Jun. 30, 2015

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

Borrowings Overview

The following table summarizes our outstanding debt structure as of June 30, 2015 (dollars in thousands):

	Borrowed Balance		Effective Rate		Average Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	1,081,373	4.0	%	6/10/2019
FNMA credit facilities	50,000		4.7	%	3/31/2017
Total fixed rate secured debt	$	1,131,373	4.0	%	5/6/2019
Variable Rate Secured Debt (1)
FNMA credit facilities	$	270,785	0.7	%	2/18/2017
Freddie Mac mortgages	11,635		3.1	%	8/15/2015
Total variable rate secured debt	$	282,420	0.8	%	1/26/2017
Total Secured Debt	$	1,413,793	3.4	%	11/21/2018
Unsecured Debt
Variable rate credit facility	$	159,000	1.3	%	8/7/2017
Term loans fixed with swaps	$	550,000	3.1	%	11/10/2017
Fixed rate senior bonds	1,319,451		4.5	%	12/3/2021
Total Unsecured Debt	$	2,028,451	3.8	%	6/25/2020
Total Outstanding Debt	$	3,442,244	3.6	%	8/12/2019

⁽¹⁾ Includes capped balances.