Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facilities

Notes Payable and Unsecured Credit Facilities

On January 15, 2012 the Company repaid the maturing balance of $192.4 million of 6.75% ten-year unsecured notes.

The Company’s outstanding debt at March 31, 2012 and December 31, 2011 consists of the following (in thousands):

		2012	2011
Notes payable:
Fixed rate mortgage loans	$	438,120	439,880
Variable rate mortgage loans		12,614	12,665
Fixed rate unsecured loans		1,297,624	1,489,895
Total notes payable		1,748,358	1,942,440
Unsecured credit facilities		275,000	40,000
Total	$	2,023,358	1,982,440

As of March 31, 2012, scheduled principal payments and maturities on notes payable were as follows (in thousands):

Scheduled Principal Payments and Maturities by Year:		Scheduled Principal Payments	Mortgage Loan Maturities	Unsecured Maturities (1)		Total
2012	$	5,306	—	—		5,306
2013		6,995	16,332	—		23,327
2014		6,481	28,483	150,000		184,964
2015		5,170	46,313	475,000		526,483
2016		4,857	14,161	150,000		169,018
Beyond 5 Years		24,490	288,047	800,000		1,112,537
Unamortized debt (discounts) premiums, net		—	4,099	(2,376	)	1,723
Total	$	53,299	397,435	1,572,624		2,023,358

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities balances outstanding as of March 31, 2012.

The Company believes it was in compliance at March 31, 2012 with the customary financial and other covenants under its unsecured public debt and unsecured credit facilities.