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Subsequent Events
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Financings

On October 1, 2015, we paid off $184.9 million of senior unsecured notes upon maturity.

On October 2, 2015, we entered into a forward swap agreement with a notional value of $50 million related to debt that has not yet been issued.
  
On October 15, 2015, we closed on a new unsecured revolving credit facility, replacing the current credit facility. The new credit facility provides $750.0 million of borrowing capacity with an option to extend to $1.5 billion at the company's request. The new facility extends the maturity date of the credit facility to April 2020 with one 6-month extension option and bears interest at LIBOR plus a spread based on an investment ratings grid, which is currently 1.00%.

On October 26, 2015, we amended the terms to one of the three existing terms loans; extending the maturity from 2017 to 2021 and reducing the interest rate from LIBOR plus a spread of 1.35% to LIBOR plus a spread of 1.10% based on an investment grade ratings grid.

Acquisition

On October 14, 2015, we purchased 4.4 acres of land at the Retreat at West Creek apartment community for approximately $3.0 million.