MORTGAGES, NOTES AND LOANS PAYABLE, NET (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of mortgages, notes and loans payable

Mortgages, notes and loans payable, net are summarized as follows: 

	June 30,			December 31,
(In thousands)	2020			2019
Fixed-rate debt:
Unsecured 5.375% Senior Notes	$	1,000,000		$	1,000,000
Secured mortgages, notes and loans payable	879,773			884,935
Special Improvement District bonds	22,402			23,725
Variable-rate debt:
Mortgages, notes and loans payable (a)	2,536,978			2,229,958
Unamortized bond issuance costs	(4,808		)	(5,249		)
Unamortized deferred financing costs (b)	(33,282		)	(36,899		)
Total mortgages, notes and loans payable, net	$	4,401,063		$	4,096,470

(a) As more fully described in Note 9 - Derivative Instruments and Hedging Activities, $705.0 million and $630.1 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt as of June 30, 2020, and December 31, 2019, respectively. An additional $270.9 million and $184.3 million of variable-rate debt was subject to interest rate collars as of June 30, 2020, and December 31, 2019, respectively, and $75.0 million of variable-rate debt was capped at a maximum interest rate as of both June 30, 2020, and December 31, 2019.

(b)

Deferred financing costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).