Notes Payable, Unsecured Notes and Credit Facility (Tables)

9 Months Ended

Sep. 30, 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

	9-30-12		12-31-11
Fixed rate unsecured notes (1)	$	1,901,601	$	1,556,001
Variable rate unsecured notes (1)	—		75,000
Fixed rate mortgage notes payable - conventional and tax-exempt (2)	1,530,681		1,528,783
Variable rate mortgage notes payable - conventional and tax-exempt	376,935		440,241
Total notes payable and unsecured notes	3,809,217		3,600,025
Credit Facility	—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	3,809,217	$	3,600,025

(1)Balances at September 30, 2012 and December 31, 2011 exclude $2,393 and $1,802, respectively, of debt discount, and $0 and $11, respectively, for basis adjustments, as reflected in unsecured notes on the Company’s Condensed Consolidated Balance Sheets.

(2)Balances at September 30, 2012 and December 31, 2011 exclude $1,255 and $962, respectively of debt premium 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

							Stated
	Secured		Secured		Unsecured		interest rate
	notes		notes		notes		of unsecured
Year	payments (1)		maturities		maturities		notes
2012	$	3,612	$	—	$	201,601	6.125	%
2013	13,376		223,473		100,000		4.950	%
2014	14,284		—		150,000		5.375	%
2015	12,170		406,019		—		—
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	%
Thereafter	86,698		458,635		450,000		2.950	%
	$	179,303	$	1,728,313	$	1,901,601

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