Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility

The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2020 and 2019, as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).

	12/31/20		12/31/19
Fixed rate unsecured notes (1)	$	6,500,000	$	5,850,000
Variable rate unsecured notes (1)	—		300,000
Term Loans (1)	250,000		250,000
Fixed rate mortgage notes payable—conventional and tax-exempt (2)	408,964		479,221
Variable rate mortgage notes payable—conventional and tax-exempt (2)	470,850		476,150
Total mortgage notes payable and unsecured notes and Term Loans	7,629,814		7,355,371
Credit Facility	—		—
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility	$	7,629,814	$	7,355,371

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(1)     Balances at December 31, 2020 and 2019 exclude $10,380 and $8,610, respectively, of debt discount, and $37,615 and $32,742, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets.

(2)     Balances at December 31, 2020 and 2019 exclude $14,478 and $14,464 of debt discount, respectively, and $3,004 and $3,265, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets.

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

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2020 are as follows (dollars in thousands):

Year	Secured notes principal payments		Secured notes maturities		Unsecured notes and Term Loans maturities		Stated interest rate of unsecured notes and Term Loans
2021	$	9,304	$	27,844	$	—	N/A
2022	9,918		—		450,000		2.950	%
					100,000		LIBOR + 0.90%
2023	10,739		—		350,000		4.200	%
					250,000		2.850	%
2024	11,677		—		300,000		3.500	%
					150,000		LIBOR + 0.85%
2025	12,408		—		525,000		3.450	%
					300,000		3.500	%
2026	13,445		—		475,000		2.950	%
					300,000		2.900	%
2027	15,880		236,100		400,000		3.350	%
2028	20,707		—		450,000		3.200	%
2029	11,742		66,250		450,000		3.300	%
2030	12,384		—		700,000		2.300	%
Thereafter	176,078		245,338		600,000		2.450	%
					350,000		3.900	%
					300,000		4.150	%
					300,000		4.350	%
	$	304,282	$	575,532	$	6,750,000