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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2015
Borrowings [Abstract]  
Indebtedness
The following table summarizes the Company’s indebtedness at December 31, 2015, (dollars in thousands): 

 
Borrowed
Balance
 
Effective
Rate
 
Contract
Maturity
Fixed Rate Secured Debt
 

 
 

 
 
Individual property mortgages
$
1,012,862

 
3.9
%
 
7/12/2019
Fannie Mae conventional credit facilities
50,000

 
4.7
%
 
3/31/2017
Total fixed rate secured debt
1,062,862

 
3.9
%
 
6/2/2019
 
 
 
 
 
 
Variable Rate Secured Debt (1)
 
 
 
 
 
Fannie Mae conventional credit facilities
190,000

 
0.8
%
 
8/26/2017
Total variable rate secured debt
190,000

 
0.8
%
 
8/26/2017
 
 
 
 
 
 
Fair market value adjustments and debt issuance costs
33,374

 


 
3/13/2019
Total Secured Debt
$
1,286,236

 
3.5
%
 
2/25/2019
 
 
 
 
 
 
Unsecured Debt
 
 
 
 
 
Variable rate credit facility
75,000

 
1.2
%
 
4/15/2020
Term loan fixed with swaps
550,000

 
3.1
%
 
11/10/2017
Fixed rate bonds
1,535,246

 
4.2
%
 
9/16/2023
Fair market value adjustments, debt issuance costs and discounts
(18,914
)
 


 
7/2/2025
Total Unsecured Debt
$
2,141,332

 
3.8
%
 
1/26/2022
 
 
 
 
 
 
Total Outstanding Debt
$
3,427,568

 
3.7
%
 
12/22/2020
 

(1) Includes capped balances
Interest Rate Ranges, Maturity and Balance of Indebtedness
The following table summarizes interest rate ranges, maturity and balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2015 and the balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2014 (dollars in millions):
 
 
 
At December 31, 2015
 
 
 
 
Actual
Interest
Rates
 
Current Average
Interest
Rate
 
Maturity
 
Balance
 
Balance at
December 31,
2014
Fixed Rate:
 
 
 
 
 
 
 
 

 
 

Secured
 
1.77 - 6.21%
 
3.97%
 
2016-2025
 
$
1,062.9

 
$
1,129.5

Unsecured
 
3.15 - 6.05%
 
4.21%
 
2016-2025
 
1,535.2

 
1,320.2

Interest rate swaps
 
2.45 - 6.63%
 
4.19%
 
2017-2018
 
550.0

 
625.0

 
 
 
 
 
 
 
 
$
3,148.1

 
$
3,074.7

Variable Rate: (1)
 
 
 
 
 
 
 
 

 
 

Secured
 
0.80%
 
0.82%
 
2017
 
65.0

 
83.5

Secured interest rate caps
 
0.80%
 
0.82%
 
2017
 
125.0

 
255.4

Unsecured
 
1.23%
 
1.23%
 
2020
 
75.0

 
59.0

 
 
 
 
 
 
 
 
$
265.0

 
$
397.9

 
 
 
 
 
 
 
 
 
 
 
Fair market value adjustments, debt issuance costs and discounts
 
 
 
$
14.5

 
$
40.1

 
 
 
 
 
 
 
 
$
3,427.6

 
$
3,512.7


(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2015, and 2014, respectively, which results in the Company paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.
Scheduled Principal Repayments on Borrowings
The following table includes scheduled principal repayments on the borrowings at December 31, 2015, as well as the amortization of the fair market value of debt assumed along with debt discounts and issuance costs (dollars in thousands): 

Year
Amortization
 
Maturities
 
Total
2016
$
18,989

 
$
188,824

 
$
207,813

2017
17,157

 
156,170

 
173,327

2018
14,663

 
465,429

 
480,092

2019
7,044

 
539,474

 
546,518

2020
3,361

 
377,456

 
380,817

Thereafter
(1,004
)
 
1,640,005

 
1,639,001

 
$
60,210

 
$
3,367,358

 
$
3,427,568