Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

Notes Payable [Abstract]

Summary of Mortgages Notes Payable

The following is a summary of the Company’s senior unsecured notes as of December 31, 2019 and 2018 ($ in thousands):

	Maturity	2019		2018		Coupon Rate
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		450,000		3.375	%
Senior notes	May 2027	350,000		350,000		3.625	%
Senior notes	March 2029	500,000		—		4.000	%
Senior notes	January 2030	550,000		—		3.000	%
Senior notes	March 2048	300,000		300,000		4.500	%
		$	4,250,000	$	3,200,000

Mortgage notes payable consist of the following as of December 31, 2019 and 2018 ($ in thousands):

	2019			2018
Fixed rate mortgage notes payable	$	736,490		$	1,538,488
Variable rate mortgage notes payable (1)	254,177			268,138
Total mortgage notes payable (2)	$	990,667		$	1,806,626
Number of properties securing mortgage notes	24			50
Remaining terms	1-27 years			1-28 years
Weighted average interest rate	4.1		%	4.3		%

Aggregate Scheduled Principal Payments of Mortgage Notes Payable

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2019 are as follows ($ in thousands):

2020	$	—
2021	500,000
2022	650,000
2023	600,000
2024	400,000
Thereafter	2,650,000
	$	4,800,000

The aggregate scheduled principal payments of mortgage notes payable at December 31, 2019 are as follows ($ in thousands):

2020	$	288,057
2021	31,653
2022	43,188
2023	2,945
2024	3,109
Thereafter	618,383
	$	987,335

⁽¹⁾  Variable rate mortgage notes payable, including $255.4 million in bonds that have been converted to variable rate through total return swap contracts, 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 2.3% at December 2019 and 2.5% at December 2018) including credit enhancement and underwriting fees. 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. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2019. As of December 31, 2018, $9.9 million of these bonds was subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. The interest rate cap agreements matured in December 2019.

⁽²⁾ 

Includes total unamortized premium, net of discounts, of $5.9 million and $14.9 million and reduced by unamortized debt issuance costs of $2.6 million and $4.2 million as of December 31, 2019 and 2018, respectively.