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Notes Payable, Unsecured Notes and Credit Facility (Tables)
 3 Months Ended
Mar. 31, 2014
Notes Payable, Unsecured Notes and Credit Facility  
Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale

The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of March 31, 2014 and December 31, 2013, as shown in the Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 7, “Real Estate Disposition Activities”).

 

 

 

3-31-14

 

12-31-13

 

 

 

 

 

 

 

Fixed rate unsecured notes (1)

 

$

2,600,000

 

$

2,600,000

 

Term Loan

 

250,000

 

—

 

Fixed rate mortgage notes payable - conventional and tax-exempt (2)

 

2,414,295

 

2,418,389

 

Variable rate mortgage notes payable - conventional and tax-exempt

 

1,010,883

 

1,011,609

 

 

 

 

 

 

 

Total notes payable and unsecured notes

 

6,275,178

 

6,029,998

 

 

 

 

 

 

 

Credit Facility

 

—

 

—

 

 

 

 

 

 

 

Total mortgage notes payable, unsecured notes and Credit Facility

 

$

6,275,178

 

$

6,029,998

 

 

(1)         Balances at March 31, 2014 and December 31, 2013 exclude $5,082 and $5,291 of debt discount, respectively, as reflected in unsecured notes, net on the Company’s Condensed Consolidated Balance Sheets.

(2)         Balances at March 31, 2014 and December 31, 2013 exclude $111,702 and $120,684 of debt premium, respectively, as reflected in mortgage notes payable on the Company’s Condensed Consolidated Balance Sheets.
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at March 31, 2014 are as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

Stated

 

 

 

Secured

 

Secured

 

Unsecured

 

interest rate

 

 

 

notes

 

notes

 

notes

 

of unsecured

 

Year

 

payments

 

maturities

 

maturities

 

notes

 

 

 

 

 

 

 

 

 

 

 

2014

 

$

12,753

 

$

—

 

$

150,000

 

5.375

%

 

 

 

 

 

 

 

 

 

 

2015

 

16,743

 

603,044

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

2016

 

17,874

 

16,255

 

250,000

 

5.750

%

 

 

 

 

 

 

 

 

 

 

2017

 

19,060

 

710,491

 

250,000

 

5.700

%

 

 

 

 

 

 

 

 

 

 

2018

 

18,413

 

76,928

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

2019

 

7,145

 

610,811

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

2020

 

6,205

 

50,824

 

250,000

 

6.100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400,000

 

3.625

%

 

 

 

 

 

 

 

 

 

 

2021

 

5,985

 

27,844

 

250,000

 

3.950

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250,000

 

LIBOR + 1.45

%

 

 

 

 

 

 

 

 

 

 

2022

 

6,352

 

—

 

450,000

 

2.950

%

 

 

 

 

 

 

 

 

 

 

2023

 

6,596

 

—

 

350,000

 

4.300

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250,000

 

3.000

%

 

 

 

 

 

 

 

 

 

 

Thereafter

 

85,878

 

1,125,977

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

$

203,004

 

$

3,222,174

 

$

2,850,000