XML 28 R31.htm IDEA: XBRL DOCUMENT v3.2.0.727
Notes Payable, Unsecured Notes and Credit Facility (Details 2)
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2015
USD ($)
community
May. 31, 2015
USD ($)
Apr. 30, 2015
USD ($)
community
loan
Jun. 30, 2015
USD ($)
community
Jun. 30, 2014
USD ($)
Jun. 30, 2015
USD ($)
community
extension
Jun. 30, 2014
USD ($)
Dec. 31, 2014
USD ($)
Mar. 31, 2014
USD ($)
Notes Payable, Unsecured Notes and Credit Facility                  
Debt Instrument, Interest Rate, Stated Percentage   3.45%              
Gains (Losses) on Extinguishment of Debt       $ 7,749,000 $ (412,000) $ 7,749,000 $ (412,000)    
Number of operating apartment communities | community 257     257   257      
Variable rate unsecured credit facility $ 0     $ 0   $ 0   $ 0  
Mortgage notes payable                  
Notes Payable, Unsecured Notes and Credit Facility                  
Amount drawn 1,046,332,000     1,046,332,000   1,046,332,000   1,047,461,000  
Fixed rate notes [1] 1,812,557,000     1,812,557,000   1,812,557,000   2,400,677,000  
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company 234,500,000     234,500,000   234,500,000      
Unsecured Notes 3.45 Percent [Member]                  
Notes Payable, Unsecured Notes and Credit Facility                  
Principal amount of notes issued   $ 525,000,000              
Proceeds from Issuance of Debt   $ 520,653,000              
Variable Rate Unsecured Term Loan [Member]                  
Notes Payable, Unsecured Notes and Credit Facility                  
Amount drawn 300,000,000     300,000,000   300,000,000   250,000,000  
Unsecured notes                  
Notes Payable, Unsecured Notes and Credit Facility                  
Fixed rate notes [2] 3,275,000,000     $ 3,275,000,000   $ 3,275,000,000   2,750,000,000  
Variable Rate Unsecured Term Loan [Member]                  
Notes Payable, Unsecured Notes and Credit Facility                  
Principal amount of notes issued                 $ 300,000,000
Additional amount with option to draw                 $ 50,000,000
Notes payable maturing in 2015 | Mortgage notes payable                  
Notes Payable, Unsecured Notes and Credit Facility                  
Fixed rate (as a percent)     3.12%            
Gains (Losses) on Extinguishment of Debt     $ 8,724,000            
Repayments of secured mortgages     $ 481,582,000            
Mortgage Loans on Real Estate, Number of Loans | loan     8            
Number of operating apartment communities | community     8            
Notes Payable Maturities 2041 [Member] | Mortgage notes payable                  
Notes Payable, Unsecured Notes and Credit Facility                  
Repayments of Debt $ 15,778,000                
Fixed rate (as a percent) 7.50%     7.50%   7.50%      
Gains (Losses) on Extinguishment of Debt $ (455,000)                
Notes Payable Maturities 2027 [Member] | Mortgage notes payable                  
Notes Payable, Unsecured Notes and Credit Facility                  
Repayments of Debt $ 7,805,000                
Fixed rate (as a percent) 7.84%     7.84%   7.84%      
Gains (Losses) on Extinguishment of Debt $ (263,000)                
Notes payable maturing in 2019 | Mortgage notes payable                  
Notes Payable, Unsecured Notes and Credit Facility                  
Repayments of Debt $ 74,531,000                
Fixed rate (as a percent) 5.95%     5.95%   5.95%      
Gains (Losses) on Extinguishment of Debt $ (259,000)                
Variable rate unsecured credit facility                  
Notes Payable, Unsecured Notes and Credit Facility                  
Available borrowing capacity 1,300,000,000     $ 1,300,000,000   $ 1,300,000,000      
Line of credit facility, extension period           1 year      
Number of extension options | extension           2      
Extension period under each option           6 months      
Extension fee           $ 1,950,000      
Period of borrowing rate assumed           1 month      
Annual facility fee           $ 1,950,000      
Variable rate unsecured credit facility 0     0   0   0  
Outstanding balance of letters of credit 46,119,000     46,119,000   46,119,000   $ 49,407,000  
Net carrying value of apartment communities and improved land parcels securing debt $ 3,549,533,000     $ 3,549,533,000   $ 3,549,533,000      
Fixed rate mortgage notes payable                  
Notes Payable, Unsecured Notes and Credit Facility                  
Weighted average interest rate, debt (as a percent) 4.70%     4.70%   4.70%   4.50%  
Variable rate mortgage notes payable, unsecured term loan and Credit Facility                  
Notes Payable, Unsecured Notes and Credit Facility                  
Weighted average interest rate, debt (as a percent) 1.80%     1.80%   1.80%   1.80%  
LIBOR | Variable Rate Unsecured Term Loan [Member] | Unsecured notes                  
Notes Payable, Unsecured Notes and Credit Facility                  
Debt instrument variable rate           LIBOR      
Debt instrument, basis spread on variable rate (as a percent)           1.45%      
LIBOR | Secured Mortgage                  
Notes Payable, Unsecured Notes and Credit Facility                  
Debt instrument variable rate           LIBOR      
LIBOR | Variable rate unsecured credit facility                  
Notes Payable, Unsecured Notes and Credit Facility                  
Debt instrument, basis spread on variable rate (as a percent)           0.95%      
Current interest rate (as a percent) 1.14%     1.14%   1.14%      
[1] Balances at June 30, 2015 and December 31, 2014 exclude $60,410 and $84,449 of debt premium, respectively, as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheets.
[2] Balances at June 30, 2015 and December 31, 2014 exclude $7,169 and $6,735 of debt discount, respectively, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets.