Notes Payable (Tables)

3 Months Ended

Mar. 31, 2016

Notes To Financial Statements [Abstract]

Debt Structure [Table Text Block]

The following table summarizes the Company's indebtedness at March 31, 2016, (dollars in thousands):

	Borrowed Balance			Effective Rate		Average Contract Maturity
Fixed Rate Secured Debt
Individual property mortgages	$	977,232		4.0	%	8/22/2019
Fannie Mae conventional credit facility	50,000			4.7	%	3/31/2017
Total fixed rate secured debt	$	1,027,232		4.0	%	7/11/2019
Variable Rate Secured Debt (1)
Fannie Mae conventional credit facility	190,000			1.1	%	8/26/2017
Total variable rate secured debt	$	190,000		1.1	%	8/26/2017
Fair market value adjustments and debt issuance costs	30,517
Total Secured Debt	$	1,247,749		3.6	%	3/26/2019
Unsecured Debt
Variable rate credit facility	$	130,000		1.4	%	4/15/2020
Term loan fixed with swaps	550,000			3.1	%	11/10/2017
Fixed rate bonds	1,535,246			4.2	%	9/16/2023
Fair market value adjustments, debt issuance costs and discounts	(19,032		)
Total Unsecured Debt	$	2,196,214		3.7	%	1/10/2022
Total Outstanding Debt	$	3,443,963		3.7	%	1/5/2021

⁽¹⁾ Includes capped balances.