Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2016

Notes Payable [Abstract]

Mortgages notes payable

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		%

Aggregate scheduled principal payments of mortgage notes payable

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.