Unsecured Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of unsecured debt and lines of credit

Unsecured debt consists of the following as of December 31, 2016 and 2015 ($ in thousands):

	2016			2015			Weighted Average Maturity In Years
Unsecured bonds private placement - fixed rate	$	314,190		$	463,891		3.6
Term loan - variable rate	98,189			224,467			5.1
Bonds public offering - fixed rate	2,834,400			2,400,322			6.3
Unsecured debt, net (1)	3,246,779			3,088,680
Lines of credit (2)	125,000			15,000
Total unsecured debt	$	3,371,779		$	3,103,680
Weighted average interest rate on fixed rate unsecured and unsecured private placement bonds	3.6		%	3.6		%
Weighted average interest rate on variable rate term loan	2.3		%	2.4		%
Weighted average interest rate on lines of credit	1.8		%	1.9		%

⁽¹⁾  Includes unamortized premium and discounts of $(0.1) million and $14.3 million and reduced by unamortized debt issuance costs of $18.1 million and $15.6 million as of December 31, 2016 and 2015, respectively.

⁽²⁾  Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.03 billion, excludes unamortized debt issuance costs of $3.3 million as of both December 31, 2016 and 2015. The debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets.

Summary of unsecured private placement bonds

The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2016 and 2015 ($ in thousands):

	Maturity	2016		2015		Coupon Rate
Senior unsecured private placement notes	March 2016	$	—	$	150,000	4.36	%
Senior unsecured private placement notes	September 2017	40,000		40,000		4.50	%
Senior unsecured private placement notes	December 2019	75,000		75,000		4.92	%
Senior unsecured private placement notes	April 2021	100,000		100,000		4.27	%
Senior unsecured private placement notes	June 2021	50,000		50,000		4.30	%
Senior unsecured private placement notes	August 2021	50,000		50,000		4.37	%
		$	315,000	$	465,000

Schedule of Long-term Debt Instruments

The following is a summary of the Company’s senior unsecured notes as of December 31, 2016 and 2015 ($ in thousands):

	Maturity	2016		2015		Coupon Rate
Senior notes	March 2017	$	300,000	$	300,000	5.500	%
Senior notes	March 2021	300,000		300,000		5.200	%
Senior notes	August 2022	300,000		300,000		3.625	%
Senior notes	January 2023	300,000		300,000		3.375	%
Senior notes	May 2023	300,000		300,000		3.250	%
Senior notes	May 2024	400,000		400,000		3.875	%
Senior notes	April 2025	500,000		500,000		3.500	%
Senior notes	April 2026	450,000		—		3.375	%
		$	2,850,000	$	2,400,000

Mortgage notes payable consist of the following as of December 31, 2016 and 2015 ($ in thousands):

	2016			2015
Fixed rate mortgage notes payable	$	1,911,699		$	1,925,985
Variable rate mortgage notes payable (1)	279,782			289,092
Total mortgage notes payable (2)	$	2,191,481		$	2,215,077
Number of properties securing mortgage notes	61			64
Remaining terms	1-30 years			1-31 years
Weighted average interest rate	4.3		%	4.4		%

Schedule of Maturities of Long-term Debt

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2016 are as follows ($ in thousands):

2017	$	340,000
2018	—
2019(1)	75,000
2020	—
2021	500,000
Thereafter	2,350,000
	$	3,265,000

⁽¹⁾  Amount does not include $125.0 million outstanding on the Company's lines of credit as of December 31, 2016, that becomes due in December 2020 in accordance with the January 2017 amendment.

The aggregate scheduled principal payments of mortgage notes payable at December 31, 2016 are as follows ($ in thousands):

2017	$	82,796
2018	301,575
2019	576,954
2020	693,868
2021	51,584
Thereafter	441,313
	$	2,148,090

⁽¹⁾  Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family 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 1.2% at December 2016 and 1.2% at December 2015) plus credit enhancement and underwriting fees ranging from approximately 1.0% to 1.3%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds.

⁽²⁾  Includes total unamortized premium of $50.8 million and $64.8 million and reduced by unamortized debt issuance costs of $7.4 million and $8.0 million as of December 31, 2016 and 2015, respectively.