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Mortgage Notes Payable, Unsecured Notes and Credit Facility | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Notes Payable, Unsecured Notes and Credit Facility | Mortgage Notes Payable, Unsecured Notes and Credit Facility The Company's mortgage notes payable, unsecured notes, variable rate unsecured term loans ("Term Loans") and Credit Facility, as defined below, as of March 31, 2019 and December 31, 2018 are summarized below. 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, 2019 and December 31, 2018, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities").
| 3/31/2019 |  | 12/31/2018
Fixed rate unsecured notes (1) | $ | 5,400,000 |  |  | $ | 5,400,000 |
Variable rate unsecured notes (1) | 300,000 |  |  | 300,000 |
Term Loans (1) | 250,000 |  |  | 250,000 |
Fixed rate mortgage notes payable - conventional and tax-exempt (2) | 531,771 |  |  | 533,215 |
Variable rate mortgage notes payable - conventional and tax-exempt (2) | 618,914 |  |  | 619,140 |
Total mortgage notes payable, unsecured notes and Term Loans | 7,100,685 |  |  | 7,102,355 |
Credit Facility | — |  |  | — |
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility | $ | 7,100,685 |  |  | $ | 7,102,355 |
_____________________________________
(1) | Balances at March 31, 2019 and December 31, 2018 exclude $9,515 and $9,879, respectively, of debt discount, and $33,158 and $34,128, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets.
(2) | Balances at March 31, 2019 and December 31, 2018 exclude $14,559 and $14,590, respectively, of debt discount, and $3,386 and $3,495, respectively, of deferred financing costs, as reflected in mortgage notes payable on the accompanying Condensed Consolidated Balance Sheets.
The following debt activity occurred during the three months ended March 31, 2019:
• | The Company amended and restated the $250,000,000 variable rate unsecured term loan that it originally entered into in February 2017, of which $100,000,000 matures in February 2022 with stated pricing of LIBOR plus 0.90%, which remained the same, and $150,000,000 matures in February 2024 with stated pricing of LIBOR plus 0.85% that decreased from LIBOR plus 1.50%.
• | The Company entered into a $1,750,000,000 Fifth Amended and Restated Revolving Loan Agreement (the “Credit Facility”) with a syndicate of banks, which replaces its prior $1,500,000,000 credit facility dated as of January 14, 2016. The term of the Credit Facility ends on February 28, 2024.
The Credit Facility bears interest at varying levels based on (i) the London Interbank Offered Rate (“LIBOR”) applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.) and (ii) the rating levels issued for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (3.27% at March 31, 2019), assuming a one month borrowing rate. The stated spread over LIBOR can vary from LIBOR plus 0.70% to LIBOR plus 1.45% based upon the rating of the Company's unsecured notes. Under the prior credit facility, the stated pricing for drawn borrowings was LIBOR plus 0.825% per annum, and the stated spread over LIBOR could vary from LIBOR plus 0.80% to LIBOR plus 1.55% based upon the rating of the Company's unsecured notes. The Credit Facility also provides a competitive bid option that is available for borrowings of up to 65% of the Credit Facility amount. This option allows banks that are part of the lender consortium to bid to provide the Company loans at a rate that is lower than the stated pricing provided by the unsecured credit facility. The competitive bid option may result in lower pricing than the stated rate if market conditions allow. The annual facility fee for the Credit Facility remained 0.125%, resulting in a fee of $2,188,000 annually based on the $1,750,000,000 facility size and based on the Company's current credit rating. The Company had no borrowings outstanding under the Credit Facility as of March 31, 2019 and December 31, 2018. The Company had $39,055,000 and $39,810,000 outstanding in letters of credit that reduced the borrowing capacity as of March 31, 2019 and December 31, 2018, respectively. In the aggregate, secured notes payable mature at various dates from April 2019 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,816,856,000, excluding communities classified as held for sale, as of March 31, 2019). The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was both 3.8% at March 31, 2019 and December 31, 2018, respectively. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax-exempt) including the effect of certain financing related fees, was 3.2% and 3.4% at March 31, 2019 and December 31, 2018, respectively. Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at March 31, 2019 are as follows (dollars in thousands):
Year |  | Secured notes payments |  | Secured notes maturities |  | Unsecured notes and Term Loans maturities |  | Stated interest rate of unsecured notes and Term Loans
2019 |  | 2,874 |  |  | 114,003 |  |  | — |  |  | N/A |
2020 |  | 2,682 |  |  | 140,430 |  |  | 400,000 |  |  | 3.625 | %
2021 |  | 2,204 |  |  | 27,843 |  |  | 250,000 |  |  | 3.950 | %
|  |  |  |  |  | 300,000 |  |  | LIBOR + 0.43% |
2022 |  | 2,318 |  |  | — |  |  | 450,000 |  |  | 2.950 | %
|  |  |  |  |  | 100,000 |  |  | LIBOR + 0.90% |
2023 |  | 2,439 |  |  | — |  |  | 350,000 |  |  | 4.200 | %
|  |  |  |  |  | 250,000 |  |  | 2.850 | %
2024 |  | 2,577 |  |  | — |  |  | 300,000 |  |  | 3.500 | %
|  |  |  |  |  | 150,000 |  |  | LIBOR + 0.85% |
2025 |  | 2,708 |  |  | 84,835 |  |  | 525,000 |  |  | 3.450 | %
|  |  |  |  |  | 300,000 |  |  | 3.500 | %
2026 |  | 2,845 |  |  | — |  |  | 475,000 |  |  | 2.950 | %
|  |  |  |  |  | 300,000 |  |  | 2.900 | %
2027 |  | 2,270 |  |  | 185,100 |  |  | 400,000 |  |  | 3.350 | %
2028 |  | 912 |  |  | — |  |  | 450,000 |  |  | 3.200 | %
Thereafter |  | 30,296 |  |  | 544,349 |  |  | 350,000 |  |  | 3.900 | %
|  |  |  |  |  | 300,000 |  |  | 4.150 | %
|  |  |  |  |  | 300,000 |  |  | 4.350 | %
|  | $ | 54,125 |  |  | $ | 1,096,560 |  |  | $ | 5,950,000 |  |  |  |
The Company was in compliance at March 31, 2019 with customary financial and other covenants under the Credit Facility, the Term Loans and the Company's fixed rate unsecured notes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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