Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2012

Mortgage Notes Payable [Abstract]

Mortgages notes payable

Mortgage notes payable consist of the following as of December 31, 2012 and 2011 ($ in thousands):

	2012			2011
Fixed rate mortgage notes payable	$	1,363,731		$	1,502,208
Variable rate mortgage notes payable(1)		201,868			243,650
	$	1,565,599		$	1,745,858
Number of properties securing mortgage notes		55			68
Remaining terms	1-27 years			1-28 years
Weighted average interest rate		5.4	%		5.4	%

Aggregate scheduled principal payments of mortgage notes payable

The aggregate scheduled principal payments of mortgage notes payable are as follows ($ in thousands):

2013	$	57,621
2014		47,994
2015		68,926
2016		12,656
2017		185,301
Thereafter		1,193,101
	$	1,565,599

(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 1.9% at December 2012 and 2.0% at December 2011) 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 September 2013 through December 2039.  Of these bonds $187.8 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds.