Notes Payable, Unsecured Notes and Credit Facility (Tables)

12 Months Ended

Dec. 31, 2012

Notes Payable, Unsecured Notes and Credit Facility

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 December 31, 2012 and 2011, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities").

	12-31-12		12-31-11
Fixed rate unsecured notes(1)	$	1,950,000	$	1,556,001
Variable rate unsecured notes(1)		—		75,000
Fixed rate mortgage notes payable—conventional and tax-exempt(2)		1,427,133		1,528,783
Variable rate mortgage notes payable—conventional and tax-exempt		476,935		440,241
Total notes payable and unsecured notes		3,854,068		3,600,025
Credit Facility		—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	3,854,068	$	3,600,025

(1)

Balances at December 31, 2012 and December 31, 2011 exclude $4,202 and $1,802 of debt discount, and $0 and $11, respectively for basis adjustments, as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets.

(2)

Balances at December 31, 2012 and December 31, 2011 exclude $1,167 and $962 of debt premium as reflected in mortgage notes payable on the Company's 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 December 31, 2012 are as follows (dollars in thousands):

Year	Secured notes payments(1)		Secured notes maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2013	$	13,375	$	223,473	$	100,000		4.950	%
2014		14,284		—		150,000		5.375	%
2015		12,170		406,083		—		—
2016		12,807		—		250,000		5.750	%
2017		13,709		18,300		250,000		5.700	%
2018		14,330		11,073		—		—
2019		2,597		610,813		—		—
2020		2,768		—		250,000		6.100	%
2021		2,952		—		250,000		3.950	%
2022		3,147		—		450,000		2.950	%
Thereafter		83,552		458,635		250,000		2.850	%
	$	175,691	$	1,728,377	$	1,950,000

(1)

Secured note payments are comprised of the principal pay downs for amortizing mortgage notes.