Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility

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

	12/31/16		12/31/15
Fixed rate unsecured notes (1)	$	4,200,000	$	3,575,000
Term Loan	300,000		300,000
Fixed rate mortgage notes payable—conventional and tax-exempt (2)	1,668,496		1,561,109
Variable rate mortgage notes payable—conventional and tax-exempt (2)	908,262		1,045,182
Total mortgage notes payable and unsecured notes	7,076,758		6,481,291
Credit Facility	—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	7,076,758	$	6,481,291

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(1) Balances at December 31, 2016 and 2015 exclude $8,930 and $7,601, respectively, of debt discount, and $27,768 and $21,725, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets.

(2) Balances at December 31, 2016 and 2015 exclude $1,866 and $19,686, respectively, of debt premium, and $11,046 and $14,703, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying 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 December 31, 2016 are as follows (dollars in thousands):

Year	Secured notes payments		Secured notes maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2017	$	18,539	$	709,491	$	—	N/A
2018	17,793		76,916		—		N/A
2019	4,696		655,386		—		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	4,585		84,835		525,000		3.450	%
					300,000		3.500	%
2026	4,859		—		475,000		2.950	%
					300,000		2.900	%
Thereafter	213,685		620,080		350,000		3.900	%
	$	283,477	$	2,293,281	$	4,500,000