Notes Payable, Unsecured Notes and Credit Facility (Tables)

3 Months Ended

Mar. 31, 2013

Notes Payable, Unsecured Notes and Credit Facility

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

The Company’s mortgage notes payable, unsecured notes and Credit Facility, as defined below, as of March 31, 2013 and December 31, 2012, are summarized below (dollars in thousands). 

	3-31-13		12-31-12
Fixed rate unsecured notes (1)	$	1,850,000	$	1,950,000
Fixed rate mortgage notes payable - conventional and tax-exempt (2)	2,875,541		1,427,133
Variable rate mortgage notes payable - conventional and tax-exempt (2)	1,058,967		476,935
Total notes payable and unsecured notes	5,784,508		3,854,068
Credit Facility	—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	5,784,508	$	3,854,068

(1) Balances at March 31, 2013 and December 31, 2012 exclude $4,039 and $4,202, respectively, of debt discount, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets.

(2) Balances at March 31, 2013 and December 31, 2012 exclude $147,820 and $1,167, respectively of debt premium as reflected in mortgage notes payable, net on the Company’s Condensed Consolidated Balance Sheets.

Schedule of assumed indebtedness

As a portion of the consideration for the Archstone Acquisition, the Company assumed $2,034,482 net consolidated principal amount of Archstone’s existing secured indebtedness, as further detailed in the table below (dollars in thousands).

Community / Debt Facility	Stated Interest Rate		Principal Maturity Date	Principal Balance Assumed (1)		Principal Repayments at Assumption		Net Principal Balance Assumed (1)
Tax-exempt bonds
Fixed Rate
Archstone Meadowbrook Crossing	4.61	%	Nov-2036	$	62,200	$	—	$	62,200
Variable Rate
Archstone Clinton North/South	SIFMA + 1.53	%	May-2038	268,500		—		268,500
Archstone Midtown West	SIFMA + 1.13	%	May-2029	100,500		—		100,500
Archstone San Bruno	SIFMA + 1.35	%	Dec-2037	64,450		—		64,450
Archstone Calabasas	SIFMA + 1.48	%	Apr-2038	44,410		—		44,410
				540,060		—		540,060
Conventional loans
Fixed Rate
Fannie Mae Pool 6 (2)	6.19	%	Nov-2015	940,923		443,000		497,923
Fannie Mae Pool 2 (2)	6.26	%	Nov-2017	692,192		—		692,192
Archstone First + M	5.60	%	May-2053	128,826		—		128,826
Archstone San Bruno II	5.37	%	Apr-2021	31,700		—		31,700
Archstone Meadowbrook Crossing	4.81	%	Nov-2036	22,325		—		22,325
Archstone Lexington	5.55	%	Mar-2016	16,984		—		16,984
				1,832,950		443,000		1,389,950
Variable Rate
Fannie Mae Pool 9	LIBOR + 1.27	%	Nov-2014	636,756		636,756		—
Freddie Mac Pool	LIBOR + 0.96	%	Nov-2014	184,483		184,483		—
Archstone South San Francisco	DMBS + 1.00	%	Apr-2013	76,706		76,706		—
Archstone Calabasas	DMBS + 1.44	%	Aug-2018	57,472		—		57,472
Archstone San Bruno III	LIBOR + 2.60	%	May-2013	47,000		—		47,000
Archstone Wheaton Station	DMBS + 1.00	%	Apr-2013	44,539		44,539		—
Archstone La Mesa	DMBS + 1.00	%	Apr-2013	24,755		24,755		—
Archstone Parkland Gardens	LIBOR + 2.25	%	May-2017	18,176		18,176		—
Archstone Toscano	LIBOR + 6.00	%	May-2016	42,805		42,805		—
Archstone Memorial Heights	LIBOR + 2.50	%	May-2017	6,500		6,500		—
				1,139,192		1,034,720		104,472
Total Indebtedness				$	3,512,202	$	1,477,720	$	2,034,482

(1) Balances are for consolidated debt assumed and do not include the Company’s share of the principal amount of debt held by unconsolidated joint ventures. Balances also do not include amounts held in principal reserve funds that were received by the Company, and are held for the repayment of the respective borrowing. Amounts held in principal reserve funds are presented in Cash in escrow on the accompanying Condensed Consolidated Balance Sheets.

(2) Borrowings are collateralized by multiple communities acquired in the Archstone Acquisition, and are cross-defaulted.

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, 2013, excluding mortgage notes secured by communities classified as held for sale, are as follows (dollars in thousands):

							Stated
	Secured		Secured		Unsecured		interest rate
	notes		notes		notes		of unsecured
Year	payments (1)		maturities		maturities		notes
2013	$	13,774	$	270,144	$	—	—
2014	19,527		—		150,000		5.375	%
2015	17,716		904,005		—		—
2016	18,482		16,255		250,000		5.750	%
2017	19,604		710,491		250,000		5.700	%
2018	19,259		63,261		—		—
2019	7,802		610,813		—		—
2020	8,256		—		250,000		6.100	%
2021	8,120		27,844		250,000		3.950	%
2022	8,602		—		450,000		2.950	%
Thereafter	92,481		1,098,072		250,000		2.850	%
	$	233,623	$	3,700,885	$	1,850,000

(1)  Secured note payments are comprised of the principal pay downs for amortizing mortgage notes.