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Unsecured Debt (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Schedule of unsecured debt and lines of credit | Unsecured debt consists of the following as of December 31, 2016 and 2015 ($ in thousands):
| 2016 |  | 2015 |  | Weighted Average Maturity In Years
Unsecured bonds private placement - fixed rate | $ | 314,190 |  |  | $ | 463,891 |  |  | 3.6
Term loan - variable rate | 98,189 |  |  | 224,467 |  |  | 5.1
Bonds public offering - fixed rate | 2,834,400 |  |  | 2,400,322 |  |  | 6.3
Unsecured debt, net (1) | 3,246,779 |  |  | 3,088,680 |  |  |
Lines of credit (2) | 125,000 |  |  | 15,000 |  |  |
Total unsecured debt | $ | 3,371,779 |  |  | $ | 3,103,680 |  |  |
Weighted average interest rate on fixed rate unsecured and unsecured private placement bonds | 3.6 | % |  | 3.6 | % |  |
Weighted average interest rate on variable rate term loan | 2.3 | % |  | 2.4 | % |  |
Weighted average interest rate on lines of credit | 1.8 | % |  | 1.9 | % |  |
(1) | Includes unamortized premium and discounts of $(0.1) million and $14.3 million and reduced by unamortized debt issuance costs of $18.1 million and $15.6 million as of December 31, 2016 and 2015, respectively.
(2) | Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.03 billion, excludes unamortized debt issuance costs of $3.3 million as of both December 31, 2016 and 2015. The debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets.
Summary of unsecured private placement bonds | The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2016 and 2015 ($ in thousands):
| Maturity |  | 2016 |  | 2015 |  | Coupon Rate
Senior unsecured private placement notes | March 2016 |  | $ | — |  |  | $ | 150,000 |  |  | 4.36 | %
Senior unsecured private placement notes | September 2017 |  | 40,000 |  |  | 40,000 |  |  | 4.50 | %
Senior unsecured private placement notes | December 2019 |  | 75,000 |  |  | 75,000 |  |  | 4.92 | %
Senior unsecured private placement notes | April 2021 |  | 100,000 |  |  | 100,000 |  |  | 4.27 | %
Senior unsecured private placement notes | June 2021 |  | 50,000 |  |  | 50,000 |  |  | 4.30 | %
Senior unsecured private placement notes | August 2021 |  | 50,000 |  |  | 50,000 |  |  | 4.37 | %
|  |  | $ | 315,000 |  |  | $ | 465,000 |  |  |  |
Schedule of Long-term Debt Instruments | The following is a summary of the Company’s senior unsecured notes as of December 31, 2016 and 2015 ($ in thousands):
| Maturity |  | 2016 |  | 2015 |  | Coupon Rate
Senior notes | March 2017 |  | $ | 300,000 |  |  | $ | 300,000 |  |  | 5.500 | %
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 |  |  | — |  |  | 3.375 | %
|  |  | $ | 2,850,000 |  |  | $ | 2,400,000 |  |  |
Mortgage notes payable consist of the following as of December 31, 2016 and 2015 ($ in thousands):
| 2016 |  | 2015
Fixed rate mortgage notes payable | $ | 1,911,699 |  |  | $ | 1,925,985 |
Variable rate mortgage notes payable (1) | 279,782 |  |  | 289,092 |
Total mortgage notes payable (2) | $ | 2,191,481 |  |  | $ | 2,215,077 |
Number of properties securing mortgage notes | 61 |  |  | 64 |
Remaining terms | 1-30 years |  |  | 1-31 years |
Weighted average interest rate | 4.3 | % |  | 4.4 | %
Schedule of Maturities of Long-term Debt | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2016 are as follows ($ in thousands):
2017 | $ | 340,000 |
2018 | — |
2019(1) | 75,000 |
2020 | — |
2021 | 500,000 |
Thereafter | 2,350,000 |
| $ | 3,265,000 |
(1) | Amount does not include $125.0 million outstanding on the Company's lines of credit as of December 31, 2016, that becomes due in December 2020 in accordance with the January 2017 amendment.
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2016 are as follows ($ in thousands):
2017 | $ | 82,796 |
2018 | 301,575 |
2019 | 576,954 |
2020 | 693,868 |
2021 | 51,584 |
Thereafter | 441,313 |
| $ | 2,148,090 |
(1) | Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family 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 1.2% at December 2016 and 1.2% at December 2015) plus credit enhancement and underwriting fees ranging from approximately 1.0% to 1.3%. 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. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds.
(2) | Includes total unamortized premium of $50.8 million and $64.8 million and reduced by unamortized debt issuance costs of $7.4 million and $8.0 million as of December 31, 2016 and 2015, respectively.

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