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

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016, as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).

	12/31/17		12/31/16
Fixed rate unsecured notes (1)	$	5,350,000	$	4,200,000
Variable rate unsecured notes (1)	300,000		—
Term Loans (1)	250,000		300,000
Fixed rate mortgage notes payable—conventional and tax-exempt (2)	593,987		1,668,496
Variable rate mortgage notes payable—conventional and tax-exempt (2)	910,326		908,262
Total mortgage notes payable and unsecured notes and Term Loans	7,404,313		7,076,758
Credit Facility	—		—
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility	$	7,404,313	$	7,076,758

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(1) Balances at December 31, 2017 and 2016 exclude $10,850 and $8,930, respectively, of debt discount, and $36,386 and $27,768, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets.

(2) Balances at December 31, 2017 and 2016 exclude $16,351 of debt discount and $1,866 of debt premium, respectively, and $11,256 and $11,046, 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, 2017 are as follows (dollars in thousands):

Year	Secured notes payments		Secured notes maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2018	7,258		76,663		—		N/A
2019	4,696		114,721		—		N/A
2020	3,624		140,429		250,000		6.100	%
					400,000		3.625	%
2021	3,551		27,844		250,000		3.950	%
					300,000		LIBOR + 0.43%
2022	3,795		—		450,000		2.950	%
					100,000		LIBOR + .90%
2023	4,040		—		350,000		4.200	%
					250,000		2.850	%
2024	4,310		—		300,000		3.500	%
					150,000		LIBOR + 1.50%
2025	4,585		84,835		525,000		3.450	%
					300,000		3.500	%
2026	4,894		—		475,000		2.950	%
					300,000		2.900	%
2027	3,083		185,100		400,000		3.350	%
Thereafter	148,468		682,417		350,000		3.900	%
					300,000		4.150	%
					450,000		3.200	%
	$	192,304	$	1,312,009	$	5,900,000