6	MORTGAGE NOTES PAYABLE

The Company's mortgage notes payable are summarized as follows:


	2011		2010

Fixed rate mortgage notes payable	$	2,058,724	$	2,207,495
Variable rate mortgage notes payable		202,112		216,719

Mortgage notes payable	$	2,260,836	$	2,424,214

For 2011 and 2010, mortgage notes payable are collateralized by certain apartment communities as detailed in Schedule III. The mortgage notes payable outstanding as of December 31, 2011 mature at various dates from 2012 through 2034, with a weighted average remaining term of approximately six years. The weighted average interest rate of the Company's fixed rate notes was 5.34% and 5.36% at December 31, 2011 and 2010, respectively. The weighted average interest rate of the Company's variable rate notes was 2.98% and 3.00% at December 31, 2011 and 2010, respectively.

Principal payments on the mortgage notes payable for years subsequent to December 31, 2011 are as follows:


2012	$	74,239
2013		225,306
2014		128,294
2015		276,582
2016		340,030
Thereafter		1,216,385


	$	2,260,836

Prepayment penalties of $13, $190 and $5,610 were incurred for the years ended December 31, 2011, 2010 and 2009, respectively, and are included in interest expense. For 2009, prepayment penalties of $4,717 were incurred in connection with the sale of property and are included in discontinued operations.

Deferred financing costs of $72, $340 and $285 were written off for the years ended December 31, 2011, 2010 and 2009, respectively, and are included in interest expense. For 2010, deferred financing costs written off of $216 were incurred in connection with the deconsolidation of the VIE and are included in discontinued operations. For 2009, deferred financing costs written off of $210 were incurred in connection with the sale of property and are included in discontinued operations.