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Notes Payable, Unsecured Notes and Credit Facility (Details 2) (USD $) | 3 Months Ended |
--- | --- | ---
Mar. 31, 2014 item | Dec. 31, 2013
Mortgage notes payable |  |
Notes Payable, Unsecured Notes and Credit Facility |  |
Amount drawn | $ 1,010,883,000 | $ 1,011,609,000
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company | 289,597,000 |
Term Loan |  |
Notes Payable, Unsecured Notes and Credit Facility |  |
Principal amount of notes issued | 300,000,000 |
Amount drawn | 250,000,000 |
Additional amount with option to draw | 50,000,000 |
Variable rate unsecured credit facility |  |
Notes Payable, Unsecured Notes and Credit Facility |  |
Available borrowing capacity | 1,300,000,000 |
Line of credit facility, extension period | 1 year |
Number of extension options | 2 |
Extension period under each option | 6 months |
Extension fee | 1,950,000 |
Period of borrowing rate assumed | 1 month |
Annual facility fee | 1,950,000 |
Borrowings outstanding under the credit facility | 0 | 0
Outstanding balance of letters of credit | 52,300,000 | 65,018,000
Net carrying value of apartment communities and improved land parcels securing debt | $ 4,445,256,000 |
Fixed rate mortgage notes payable |  |
Notes Payable, Unsecured Notes and Credit Facility |  |
Weighted average interest rate, debt (as a percent) | 4.50% | 4.50%
Variable rate mortgage notes payable, unsecured term loan and Credit Facility |  |
Notes Payable, Unsecured Notes and Credit Facility |  |
Weighted average interest rate, debt (as a percent) | 1.80% | 1.80%
LIBOR | Variable rate unsecured credit facility |  |
Notes Payable, Unsecured Notes and Credit Facility |  |
Debt instrument variable rate | LIBOR |
Debt instrument, basis spread on variable rate (as a percent) | 1.05% |
Current interest rate (as a percent) | 1.20% |

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- Definition Represents the potential extension period under each extension option of the Credit Facility. + References No definition available. + Details
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