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Secured and Unsecured Debt (Tables)
 6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
Secured debt instruments
The following is a summary of our secured and unsecured debt at June 30, 2015 and December 31, 2014 (dollars in thousands):
 
 
 
 
 
Six Months Ended
 
Principal Outstanding
 
June 30, 2015
 
June 30,
2015
 
December 31, 2014
 
Weighted Average
Interest Rate
 
Weighted Average
Years to Maturity
 
Number of Communities
Encumbered
Secured Debt:
 
 
 
 
 
 
 
 
 
Fixed Rate Debt
 
 
 
 
 
 
 
 
 
Mortgage notes payable (a)
$
408,736

 
$
401,210

 
5.50
%
 
1.1

 
7

Fannie Mae credit facilities (b)
566,288

 
568,086

 
5.12
%
 
3.5

 
21

Total fixed rate secured debt
975,024

 
969,296

 
5.28
%
 
2.5

 
28

Variable Rate Debt
 
 
 
 
 
 
 

 
 
Mortgage notes payable
31,337

 
31,337

 
1.94
%
 
1.6

 
1

Tax-exempt secured notes payable (c)
94,700

 
94,700

 
0.84
%
 
7.7

 
2

Fannie Mae credit facilities (b)
249,378

 
266,196

 
1.63
%
 
4.8

 
7

Total variable rate secured debt
375,415

 
392,233

 
1.45
%
 
5.3

 
10

Total Secured Debt
1,350,439

 
1,361,529

 
4.22
%
 
3.3

 
38

 
 
 
 
 
 
 
 
 
 
Unsecured Debt:
 
 
 
 
 
 
 
 
 
Commercial Banks
 
 
 
 
 
 
 
 
 
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (f)
457,000

 
152,500

 
1.12
%
 
2.4

 
 
Senior Unsecured Notes
 
 
 
 
 
 
 
 
 
5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (e)
—

 
325,169

 
—
%
 
—

 
 
5.25% Medium-Term Notes due January 2016
83,260

 
83,260

 
5.25
%
 
0.5

 
 
6.21% Term Notes due July 2016
12,609

 
—

 
6.21
%
 
1.0

 
 
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,251 and $1,465, respectively) (f)
298,749

 
298,535

 
4.25
%
 
2.9

 
 
1.70% Term Notes due June 2018 (f)
215,000

 
215,000

 
1.70
%
 
2.9

 
 
1.53% Term Notes due June 2018 (f)
100,000

 
100,000

 
1.53
%
 
2.9

 
 
1.33% Term Notes due June 2018 (f)
35,000

 
35,000

 
1.33
%
 
2.9

 
 
3.70% Medium-Term Notes due October 2020 (net of discounts of $42 and $46, respectively) (f)
299,958

 
299,954

 
3.70
%
 
5.3

 
 
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,344 and $2,523, respectively) (f)
397,656

 
397,477

 
4.63
%
 
6.5

 
 
3.75% Medium-Term Notes due July 2024 (net of discount of $938 and $990, respectively) (f)
299,062

 
299,010

 
3.75
%
 
9.0

 
 
8.50% Debentures due September 2024
15,644

 
15,644

 
8.50
%
 
9.2

 
 
Other
26

 
27

 
N/A

 
N/A

 
 
Total Unsecured Debt
2,213,964

 
2,221,576

 
3.20
%
 
4.6

 
 
Total Debt
$
3,564,403

 
$
3,583,105

 
3.58
%
 
4.1

 
 
Secured credit facilities
Further information related to these credit facilities is as follows (dollars in thousands):
 
June 30,
2015
 
December 31, 2014
Borrowings outstanding
$
815,666

 
$
834,282

Weighted average borrowings during the period ended
830,434

 
835,873

Maximum daily borrowings during the period ended
834,003

 
837,564

Weighted average interest rate during the period ended
4.0
%
 
4.1
%
Weighted average interest rate at the end of the period
4.1
%
 
4.0
%
Schedule of Maturities of Long-term Debt [Table Text Block]
The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to June 30, 2015 are as follows (dollars in thousands):
Year
 
Total Fixed Secured Debt
 
Total Variable Secured Debt
 
Total Secured Debt
 
Total Unsecured Debt (a)
 
Total Debt
2015
 
$
191,363

 
$
—

 
$
191,363

 
$
79

 
$
191,442

2016
 
148,223

 
—

 
148,223

 
94,469

 
242,692

2017
 
177,882

 
96,337

 
274,219

 
457,000

 
731,219

2018
 
121,685

 
87,969

 
209,654

 
648,445

 
858,099

2019
 
245,871

 
67,700

 
313,571

 
—

 
313,571

Thereafter
 
90,000

 
123,409

 
213,409

 
1,013,971

 
1,227,380

Total
 
$
975,024

 
$
375,415

 
$
1,350,439

 
$
2,213,964

 
$
3,564,403