Debt

The Company does not have indebtedness as debt is incurred by the Operating Partnership. The Company guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of such debt.

In March 2015, in connection with the purchase of a controlling interest in The Huxley and The Dylan, the Operating Partnership now consolidates the related entities. The Operating Partnership assumed mortgage loans with a principal balance of $114.4 million outstanding, with a remaining term to maturity of thirty-two years with a variable interest rate based on the Municipal Market Data rate plus 345 basis points.

Debt consists of the following (in thousands):



	March 31, 2015			December 31, 2014			Weighted Average Maturity In Years
Bonds private placement - fixed rate	$	465,000		$	465,000		4.0
Term loan - variable rate	225,000			225,000			1.6
Unsecured Bonds - fixed rate	2,423,216			1,927,482			7.5
Unsecured debt ⁽¹⁾	3,113,216			2,617,482
Lines of credit	—			246,391
Mortgage notes payable ⁽²⁾	$	2,322,837		$	2,246,255		6.6
Total debt	$	5,436,053		$	5,110,128
Weighted average interest rate on fixed rate unsecured bonds	3.6		%	3.6		%
Weighted average interest rate on variable rate term loan	2.4		%	2.4		%
Weighted average interest rate on lines of credit	—		%	1.8		%
Weighted average interest rate on mortgage notes payable	4.5		%	4.6		%

(1) Includes unamortized premium of $23.2 million and $27.5 million as of March 31, 2015 and December 31, 2014, respectively.

(2) Includes unamortized premium of $78.2 million and $83.8 million as of March 31, 2015 and December 31, 2014, respectively.

The aggregate scheduled principal payments of the Company’s outstanding debt as of March 31, 2015 are as follows (excluding lines of credit):



Remaining in 2015	$	74,177
2016	391,519
2017	564,178
2018	320,621
2019	641,393
Thereafter	3,342,728
	$	5,334,616