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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2016
Borrowings [Abstract] |
Indebtedness | The following table summarizes our indebtedness at December 31, 2016, (dollars in thousands):
| Borrowed Balance |  | Effective Rate |  | Contract Maturity
Fixed Rate Secured Debt |  |  |  |  |  |  |
Individual property mortgages | $ | 1,128,284 |  |  | 3.9 | % |  | 8/11/2019
Total fixed rate secured debt | 1,128,284 |  |  | 3.9 | % |  | 8/11/2019
Variable Rate Secured Debt (1) |  |  |  |  |
Fannie Mae conventional credit facilities | 160,000 |  |  | 1.1 | % |  | 6/1/2018
Total variable rate secured debt | 160,000 |  |  | 1.1 | % |  | 6/1/2018
Fair market value adjustments and debt issuance costs | 30,804 |  |  |  |  |  |
Total Secured Debt | $ | 1,319,088 |  |  | 3.5 | % |  | 6/16/2019
Unsecured Debt |  |  |  |  |
Variable rate credit facility | 490,000 |  |  | 1.6 | % |  | 4/15/2020
Term loan fixed with swaps | 850,000 |  |  | 3.1 | % |  | 11/10/2017
Fixed rate bonds | 1,860,000 |  |  | 4.1 | % |  | 5/29/2023
Fair market value adjustments, debt issuance costs and discounts | (19,376 | ) |  |  |  |  |
Total Unsecured Debt | $ | 3,180,624 |  |  | 3.4 | % |  | 6/7/2021
Total Outstanding Debt | $ | 4,499,712 |  |  | 3.5 | % |  | 11/8/2020
(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, 2016 and the balance of our indebtedness, net of fair market value adjustments, debt issuance costs and discounts, at December 31, 2015 (dollars in millions):
|  | At December 31, 2016 |  |
|  | Actual Interest Rates |  | Current Average Interest Rate |  | Maturity |  | Balance |  | Balance at December 31, 2015
Fixed Rate: |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | 3.00 - 5.49% |  | 3.92% |  | 2017-2025 |  | $ | 1,128.3 |  |  | $ | 1,062.9 |
Unsecured |  | 3.15 - 5.57% |  | 4.06% |  | 2017-2025 |  | 1,860.0 |  |  | 1,535.2 |
Interest rate swaps |  | 2.63 - 6.63% |  | 2.80% |  | 2017-2018 |  | 850.0 |  |  | 550.0 |
|  |  |  |  |  |  |  | $ | 3,838.3 |  |  | $ | 3,148.1 |
Variable Rate: (1) |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | 1.08% |  | 1.08% |  | 2017 |  | 110.0 |  |  | 65.0 |
Secured interest rate caps |  | 1.08% |  | 1.08% |  | 2017 |  | 50.0 |  |  | 125.0 |
Unsecured |  | 1.65% |  | 1.65% |  | 2020 |  | 490.0 |  |  | 75.0 |
|  |  |  |  |  |  |  | $ | 650.0 |  |  | $ | 265.0 |
Fair market value adjustments, debt issuance costs and discounts |  |  |  | $ | 11.4 |  |  | $ | 14.5 |
|  |  |  |  |  |  |  | $ | 4,499.7 |  |  | $ | 3,427.6 |
(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2016, and 2015, respectively, which results in us 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, 2016, 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
2017 | $ | 26,110 |  |  | $ | 277,525 |  |  | $ | 303,635 |
2018 | 21,525 |  |  | 465,429 |  |  | 486,954 |
2019 | 6,778 |  |  | 719,142 |  |  | 725,920 |
2020 | 2,768 |  |  | 792,456 |  |  | 795,224 |
2021 | (677 | ) |  | 340,618 |  |  | 339,941 |
Thereafter | (1,350 | ) |  | 1,849,388 |  |  | 1,848,038 |
| $ | 55,154 |  |  | $ | 4,444,558 |  |  | $ | 4,499,712 |

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