Notes Payable, Unsecured Notes and Credit Facility (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale

The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of March 31, 2015 and December 31, 2014, as shown in the Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).

	3/31/2015		12/31/2014
Fixed rate unsecured notes (1)	$	2,750,000	$	2,750,000
Term Loan	300,000		250,000
Fixed rate mortgage notes payable - conventional and tax-exempt (2)	2,396,479		2,400,677
Variable rate mortgage notes payable - conventional and tax-exempt	1,046,799		1,047,461
Total mortgage notes payable and unsecured notes	6,493,278		6,448,138
Credit Facility	—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	6,493,278	$	6,448,138

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(1) Balances at March 31, 2015 and December 31, 2014 exclude $6,491 and $6,735 of debt discount, respectively, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets.

(2) Balances at March 31, 2015 and December 31, 2014 exclude $75,544 and $84,449 of debt premium, respectively, as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheets.

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at March 31, 2015 are as follows (dollars in thousands):

Year	Secured notes payments		Secured notes maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2015	$	13,580	$	586,228	$	—	—	%
2016	19,184		16,256		250,000		5.750	%
2017	20,387		710,191		250,000		5.700	%
2018	19,788		76,940		—		—	%
2019	7,287		658,449		—		—	%
2020	6,384		50,825		250,000		6.100	%
					400,000		3.625	%
2021	6,491		27,844		250,000		3.950	%
					300,000		LIBOR + 1.450%
2022	6,927		—		450,000		2.950	%
2023	7,377		—		350,000		4.200	%
					250,000		2.850	%
2024	5,567		—		300,000		3.500	%
Thereafter	—		1,203,573		—
	$	112,972	$	3,330,306	$	3,050,000