Notes Payable, Unsecured Notes and Credit Facility (Tables)

9 Months Ended

Sep. 30, 2011

Mortgage Notes Payable, Unsecured Notes and Credit Facility

The Company’s mortgage notes payable, unsecured notes, New Credit Facility and Cancelled Credit Facility, as of September 30, 2011 and December 31, 2010, are summarized below (dollars in thousands). The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of September 30, 2011 and December 31, 2010, as shown in the Condensed Consolidated Balance Sheets (see Note 7, “Real Estate Disposition Activities”).

	9-30-11		12-31-10
Fixed rate unsecured notes (1)	$	1,556,001	$	1,595,901
Variable rate unsecured notes (1)		75,000		225,000
Fixed rate mortgage notes payable - conventional and tax-exempt (2)		1,681,348		1,651,135
Variable rate mortgage notes payable - conventional and tax-exempt		473,481		596,381
Total notes payable and unsecured notes		3,785,830		4,068,417
New/Cancelled Credit Facility		—		—
Total mortgage notes payable, unsecured notes and New/Cancelled Credit Facility	$	3,785,830	$	4,068,417

(1) Balances at September 30, 2011 and December 31, 2010 exclude $1,952 and $2,269, respectively, of debt discount, and $185 and $1,509, respectively, for basis adjustments, as reflected in unsecured notes on the Company’s Condensed Consolidated Balance Sheets.

(2) Balance at September 30, 2011 excludes $ 1,030 of debt premium as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheet.

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

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at September 30, 2011 are as follows (dollars in thousands):

Year	Secured notes payments  (1)		Secured notes maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2011	$	3,885	$	—	$	—		—
2012		15,508		14,661		104,400		5.500	%
						201,601		6.125	%
						75,000		4.323	%(2)
2013		15,134		318,045		100,000		4.950	%
2014		16,031		33,100		150,000		5.375	%
2015		13,867		405,613		—		—
2016		14,690		—		250,000		5.750	%
2017		15,568		18,300		250,000		5.700	%
2018		16,498		—		—		—
2019		2,588		651,973		—		—
2020		2,761		—		250,000		6.100	%
Thereafter		357,975		238,635		250,000		3.950	%
	$	474,502	$	1,680,327	$	1,631,001

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

(2) The weighted average interest rate for the swapped unsecured notes as of September 30, 2011.