Mortgage Debt and Notes Payable, Nonrecourse

Nonrecourse mortgage debt and notes payable, including balances associated with development project held for sale and land held for divestiture, which is collateralized solely by completed rental properties, projects under construction and development and undeveloped land, was as follows:



December 31, 2013	Operating Properties		Development Projects		Total		Total Weighted Average Rate
	(dollars in thousands)
Fixed ⁽¹⁾	$	2,286,555	$	294,782	$	2,581,337	5.28	%
Variable
Taxable	1,381,225		51,500		1,432,725		4.81	%
Tax-Exempt	511,889		53,555		565,444		1.47	%
	$	4,179,669	$	399,837	$	4,579,506	4.66	%


(1)	Includes $228,000 of mortgage debt, nonrecourse of development project held for sale, which bears interest at 2.5% and matures in May 2017.



January 31, 2013	Operating Properties		Development and Land Projects		Total		Total Weighted Average Rate
	(dollars in thousands)
Fixed	$	3,456,879	$	301,265	$	3,758,144	5.51	%
Variable
Taxable	1,448,205		62,725		1,510,930		4.93	%
Tax-Exempt	408,785		62,801		471,586		1.64	%
	$	5,313,869	$	426,791	$	5,740,660	5.04	%

The following summarizes the mortgage debt and notes payable, nonrecourse maturities, as of December 31, 2013:



Years Ending December 31,	Total Maturities
	(in thousands)
2014	$	839,972
2015	469,411
2016	111,636
2017	1,021,036
2018	328,254
Thereafter	1,809,197
Total	$	4,579,506