Notes Payable, Unsecured Notes and Credit Facility (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2013 and December 31, 2012, are summarized below (dollars in thousands). 

	9-30-13		12-31-12
Fixed rate unsecured notes (1)	$	2,250,000	$	1,950,000
Fixed rate mortgage notes payable - conventional and tax-exempt (2)	2,710,673		1,427,133
Variable rate mortgage notes payable - conventional and tax-exempt(2)	1,011,609		476,935
Total notes payable and unsecured notes	5,972,282		3,854,068
Credit Facility	—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	5,972,282	$	3,854,068

(1) Balances at September 30, 2013 and December 31, 2012 exclude $4,809 and $4,202, respectively, of debt discount as reflected in unsecured notes on the Company’s Condensed Consolidated Balance Sheets.

(2) Balances at September 30, 2013 and December 31, 2012 exclude $130,159 and $1,167, respectively of debt premium 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 September 30, 2013 are as follows (dollars in thousands):

							Stated
	Secured		Secured		Unsecured		interest rate
	notes		notes		notes		of unsecured
Year	payments		maturities		maturities		notes
2013	$	4,395	$	—	$	—	—
2014	18,056		—		150,000		5.375	%
2015	16,722		904,011		—		—
2016	17,951		16,255		250,000		5.750	%
2017	19,033		710,491		250,000		5.700	%
2018	18,398		77,189		—		—
2019	7,125		610,814		—		—
2020	6,190		50,824		250,000		6.100	%
					400,000		3.625	%
2021	5,965		27,844		250,000		3.950	%
2022	6,332		—		450,000		2.950	%
2022	90,048		1,114,639		250,000		2.850	%
	$	210,215	$	3,512,067	$	2,250,000