Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2014

Notes Payable [Abstract]

Mortgages notes payable

ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2014 and 2013 ($ in thousands):

	2014			2013
Fixed rate mortgage notes payable	$	2,056,742		$	1,236,479
Variable rate mortgage notes payable (1)	189,202			167,601
Total mortgage notes payable (2)	$	2,245,944		$	1,404,080
Number of properties securing mortgage notes	67			49
Remaining terms	1-26 years			1-26 years
Weighted average interest rate	4.6		%	5.6		%

The following is a summary of the Company’s senior unsecured notes as of December 31, 2014 and 2013 ($ in thousands):

	Maturity	2014	2013	Coupon Rate
Senior notes	March 2017	300,000	—	5.500	%
Senior notes	March 2021	300,000	—	5.200	%
Senior notes	August 2022	300,000	300,000	3.625	%
Senior notes	January 2023	300,000	—	3.375	%
Senior notes	May 2023	300,000	300,000	3.250	%
Senior notes	May 2024	400,000	—	3.875	%
		1,900,000	600,000

Aggregate scheduled principal payments of mortgage notes payable

The aggregate scheduled principal payments of mortgage notes payable at December 31, 2014 are as follows ($ in thousands):

2015	$	94,580
2016	41,481
2017	198,683
2018	320,080
2019	565,801
Thereafter	941,526
	$	2,162,151

(1) Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.8% at December 2014 and 1.6% at December 2013) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%.  Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from February 2015 through April 2040.  Of these bonds $153.2 million are subject to various interest rate cap agreements, which limit the maximum interest rate to such bonds.

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2014 are as follows ($ in thousands):

2015	$	—
2016	350,000
2017	365,000
2018	—
2019	75,000
Thereafter	1,800,000
	$	2,590,000