Notes Payable, Unsecured Notes and Credit Facility (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale

The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of March 31, 2016 and December 31, 2015, as shown in the Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).

	3/31/2016		12/31/2015
Fixed rate unsecured notes (1)	$	3,575,000	$	3,575,000
Term Loan	300,000		300,000
Fixed rate mortgage notes payable - conventional and tax-exempt (2)	1,609,236		1,561,109
Variable rate mortgage notes payable - conventional and tax-exempt (2)	1,044,598		1,045,182
Total mortgage notes payable and unsecured notes	6,528,834		6,481,291
Credit Facility	—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	6,528,834	$	6,481,291

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(1) Balances at March 31, 2016 and December 31, 2015 exclude $7,310 and $7,601, respectively, of debt discount, and $20,836 and $21,725, respectively, of deferred financing costs, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets.

(2) Balances at March 31, 2016 and December 31, 2015 exclude $16,652 and $19,686, respectively, of debt premium, and $14,760 and $14,703, respectively, of deferred financing costs, as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheets.

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at March 31, 2016 are as follows (dollars in thousands):

Year	Secured notes payments		Secured notes maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2016	12,156		—		250,000		5.750	%
2017	17,166		709,791		250,000		5.700	%
2018	16,236		76,950		—		N/A
2019	4,696		588,429		—		N/A
2020	3,624		118,729		250,000		6.100	%
					400,000		3.625	%
2021	3,551		27,844		250,000		3.950	%
					300,000		LIBOR + 1.450%
2022	3,795		—		450,000		2.950	%
2023	4,040		—		350,000		4.200	%
					250,000		2.850	%
2024	4,310		—		300,000		3.500	%
2025	4,553		84,835		525,000		3.450	%
					300,000		3.500	%
Thereafter	218,680		754,449		—		N/A
	$	292,807	$	2,361,027	$	3,875,000