Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

The rapid development and fast-changing nature of the COVID-19 pandemic creates many unknowns that could have a future material impact on the Company.  Its duration and severity, the extent of the adverse health impact on the general population, our residents and our employees are among the unknowns.  These, among other items, will likely impact the economy, the unemployment rate and our operations and could materially affect our future consolidated results of operations, financial condition, liquidity, investments and overall performance.

Subsequent to March 31, 2020, the Company:

• Sold one property consisting of 138 apartment units for $108.0 million;

• Obtained $495.0 million in a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030;

• Paid approximately $1.2 million to settle two forward starting swaps in conjunction with the issuance of the $495.0 million of mortgage debt noted above; and

• Repaid $91.5 million of 4.747% mortgage debt at par prior to the May 1, 2021 maturity date.