Notes Payable, Unsecured Notes and Credit Facility (Tables)

12 Months Ended

Dec. 31, 2011

Mortgage Notes Payable, Unsecured Notes, Credit Facility and Cancelled Credit Facility

The Company’s mortgage notes payable, unsecured notes, Credit Facility, and Cancelled Credit Facility as of December 31, 2011 and December 31, 2010 are summarized below. 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, 2011 and 2010, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 7, “Real Estate Disposition Activities”).

	12-31-11		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)		1,528,783		1,651,135
Variable rate mortgage notes payable - conventional and tax-exempt		473,341		596,381
Total notes payable and unsecured notes		3,633,125		4,068,417
Credit Facility and Cancelled Credit Facility		—		—
Total mortgage notes payable, unsecured notes and Credit Facility	$	3,633,125	$	4,068,417

(1) Balances at December 31, 2011 and December 31, 2010 exclude $1,802 and $2,269 respectively of debt discount, and $11 and $1,509, respectively for basis adjustments, as reflected in unsecured notes on the Company’s Consolidated Balance Sheets.

(2) Balance at December 31, 2011 includes $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, 2011 are as follows (dollars in thousands):

Year	Secured notes payments (1)		Secured notes maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2012	$	13,675	$	14,806	$	104,400		5.500	%
						201,601		6.125	%
						75,000		4.323	%(2)
2013		13,287		223,473		100,000		4.950	%
2014		14,098		33,100		150,000		5.375	%
2015		11,975		406,019		—		—
2016		12,605		—		250,000		5.750	%
2017		13,496		18,300		250,000		5.700	%
2018		14,330		—		—		—
2019		2,597		610,813		—		—
2020		2,768		—		250,000		6.100	%
2021		2,952		—		250,000		3.950	%
Thereafter		86,695		507,135		—		—
	$	188,478	$	1,813,646	$	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 December 31, 2011.