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Mortgage Notes Payable (Details) | 12 Months Ended
--- | ---
Dec. 31, 2020 USD ($) property | Dec. 31, 2019 USD ($) property
Debt Instrument [Line Items] |  |
Mortgage notes payable | $ 643,550,000 | $ 990,667,000
Number of properties securing mortgage notes | property | 12 | 24
Weighted average interest rate | 2.70% | 4.10%
Unamortized debt issuance expense | $ 1,800,000 | $ 2,600,000
Monthly interest expense | 3,000,000.0 |
Monthly principal amortization | 500,000 |
Mortgage notes payable, net | $ 643,550,000 | $ 990,667,000
Repayment of debt before the scheduled maturity date, prepayment penalties | The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note. |
Minimum |  |
Debt Instrument [Line Items] |  |
Remaining terms | 1 year | 1 year
Maximum |  |
Debt Instrument [Line Items] |  |
Remaining terms | 26 years | 27 years
Fixed Rate Mortgage Notes Payable |  |
Debt Instrument [Line Items] |  |
Mortgage notes payable | $ 419,323,000 | $ 736,490,000
Prepayment penalty, percent of principal prepaid | 1.00% |
Fixed Rate Mortgage Notes Payable | Total Return Swap Callable | Not Designated as Hedging Instrument |  |
Debt Instrument [Line Items] |  |
Derivative notional amount | $ 225,100,000 |
Variable Rate Mortgage Notes Payable |  |
Debt Instrument [Line Items] |  |
Mortgage notes payable | 224,227,000 | $ 254,177,000
Derivative notional amount | $ 254,800,000 |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 1.20% | 2.30%
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% |
Secured Debt |  |
Debt Instrument [Line Items] |  |
Mortgage notes payable | $ 641,426,000 |
Debt instrument, unamortized premium | 3,900,000 | $ 5,900,000
Secured Deeds of Trust |  |
Debt Instrument [Line Items] |  |
Mortgage notes payable, net | $ 0 | $ 0

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