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v3.20.1

SECURED AND UNSECURED DEBT, NET (Tables) | 3 Months Ended
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Mar. 31, 2020
Unsecured Debt |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at March 31, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal Outstanding | ​ | As of March 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Number of
​ | ​ | March 31, | ​ | December 31, | ​ | Interest | ​ | Years to | ​ | Communities
​ |  | 2020 |  | 2019 |  | Rate |  | Maturity |  | Encumbered
Secured Debt: | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |
Fixed Rate Debt |  | ​ |  |  | ​ |  |  |  |  |  |  |
Mortgage notes payable (a) | ​ | $ | 883,249 | ​ | $ | 884,869 |  | 3.61 | % | 5.9 |  | 15
Credit facilities (b) | ​ |  | 203,429 | ​ |  | 204,590 |  | 4.90 | % | 2.8 |  | 4
Deferred financing costs and other non-cash adjustments | ​ |  | 30,585 | ​ |  | 33,046 |  |  |  |  |  |
Total fixed rate secured debt, net | ​ |  | 1,117,263 | ​ |  | 1,122,505 |  | 3.85 | % | 5.3 |  | 19
Variable Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Tax-exempt secured notes payable (c) | ​ |  | 27,000 | ​ |  | 27,000 |  | 1.91 | % | 12.0 |  | 1
Deferred financing costs | ​ |  | (62) | ​ |  | (64) |  |  |  |  |  |
Total variable rate secured debt, net | ​ |  | 26,938 | ​ |  | 26,936 |  | 1.91 | % | 12.0 |  | 1
Total Secured Debt, net | ​ |  | 1,144,201 | ​ |  | 1,149,441 |  | 3.80 | % | 5.5 |  | 20
Unsecured Debt: | ​ |  |  | ​ |  |  |  |  |  |  |  |
Variable Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) | ​ |  | 50,000 | ​ |  | — |  | 1.75 | % | 2.8 |  |
Borrowings outstanding under unsecured commercial paper program due April 2020 (e) (m) (n) | ​ | ​ | 215,000 | ​ | ​ | 300,000 | ​ | 1.58 | % | 0.1 | ​ | ​
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) | ​ |  | 24,797 | ​ |  | 16,583 |  | 1.82 | % | 0.8 |  |
Term Loan due September 2023 (d) (m) | ​ |  | 35,000 | ​ |  | 35,000 |  | 2.48 | % | 3.5 |  |
Fixed Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
1.93% Term Loan due September 2023 (d) (m) | ​ | ​ | 315,000 | ​ |  | 315,000 |  | 1.93 | % | 3.5 | ​ | ​
3.75% Medium-Term Notes due July 2024 (net of discounts of $443 and $470, respectively) (g) (m) | ​ |  | 299,557 | ​ |  | 299,530 |  | 3.75 | % | 4.3 |  |
8.50% Debentures due September 2024 | ​ |  | 15,644 | ​ |  | 15,644 |  | 8.50 | % | 4.5 |  |
4.00% Medium-Term Notes due October 2025 (net of discounts of $379 and $396, respectively) (h) (m) | ​ |  | 299,621 | ​ |  | 299,604 |  | 4.00 | % | 5.5 |  |
2.95% Medium-Term Notes due September 2026 (m) | ​ |  | 300,000 | ​ |  | 300,000 |  | 2.95 | % | 6.4 |  |
3.50% Medium-Term Notes due July 2027 (net of discounts of $511 and $529, respectively) (m) | ​ | ​ | 299,489 | ​ | ​ | 299,471 | ​ | 3.50 | % | 7.3 | ​ | ​
3.50% Medium-Term Notes due January 2028 (net of discounts of $924 and $954, respectively) (m) | ​ | ​ | 299,076 | ​ | ​ | 299,046 | ​ | 3.50 | % | 7.8 | ​ | ​
4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m) | ​ | ​ | 299,995 | ​ | ​ | 299,995 | ​ | 4.40 | % | 8.8 | ​ | ​
3.20% Medium-Term Notes due January 2030 (net of premiums of $13,442 and $2,281, respectively) (j) (m) | ​ | ​ | 613,442 | ​ | ​ | 402,281 | ​ | 3.20 | % | 9.8 | ​ | ​
3.00% Medium-Term Notes due August 2031 (net of discounts of $1,099 and $1,123, respectively) (k) (m) | ​ | ​ | 398,901 | ​ | ​ | 398,877 | ​ | 3.00 | % | 11.4 | ​ | ​
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,287 and $1,309, respectively) (l) (m) | ​ | ​ | 298,713 | ​ | ​ | 298,691 | ​ | 3.10 | % | 14.6 | ​ | ​
Other | ​ |  | 12 | ​ |  | 13 |  |  |  |  |  |
Deferred financing costs | ​ |  | (23,310) | ​ |  | (21,652) |  |  |  |  |  |
Total Unsecured Debt, net | ​ |  | 3,740,937 | ​ |  | 3,558,083 |  | 3.29 | % | 7.5 |  |
Total Debt, net | ​ | $ | 4,885,138 | ​ | $ | 4,707,524 |  | 3.28 | % | 7.1 |  |
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt | The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2020 are as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total Fixed |  | Total Variable |  | Total |  | Total |  | Total
Year | ​ | Secured Debt | ​ | Secured Debt | ​ | Secured Debt | ​ | Unsecured Debt | ​ | Debt
2020 | ​ | $ | 112,592 | ​ | $ | — | ​ | $ | 112,592 | ​ | $ | 215,000 | (a) | $ | 327,592
2021 | ​ | ​ | 8,763 | ​ | ​ | — | ​ | ​ | 8,763 | ​ | ​ | 24,797 | ​ | ​ | 33,560
2022 | ​ |  | 9,159 | ​ |  | — | ​ |  | 9,159 | ​ |  | — | ​ |  | 9,159
2023 | ​ |  | 295,965 | ​ |  | — | ​ |  | 295,965 | ​ |  | 400,000 | ​ |  | 695,965
2024 | ​ |  | 95,280 | ​ |  | — | ​ |  | 95,280 | ​ |  | 315,644 | ​ |  | 410,924
2025 | ​ |  | 173,189 | ​ |  | — | ​ |  | 173,189 | ​ |  | 300,000 | ​ |  | 473,189
2026 | ​ |  | 51,070 | ​ |  | — | ​ |  | 51,070 | ​ |  | 300,000 | ​ |  | 351,070
2027 | ​ |  | 1,111 | ​ |  | — | ​ |  | 1,111 | ​ |  | 300,000 | ​ |  | 301,111
2028 | ​ |  | 122,465 | ​ |  | — | ​ |  | 122,465 | ​ |  | 300,000 | ​ |  | 422,465
2029 | ​ |  | 144,584 | ​ |  | — | ​ |  | 144,584 | ​ |  | 300,000 | ​ |  | 444,584
Thereafter | ​ |  | 72,500 | ​ |  | 27,000 | ​ |  | 99,500 | ​ |  | 1,300,000 | ​ |  | 1,399,500
Subtotal | ​ |  | 1,086,678 | ​ |  | 27,000 | ​ |  | 1,113,678 | ​ |  | 3,755,441 | ​ |  | 4,869,119
Non-cash (b) | ​ |  | 30,585 | ​ |  | (62) | ​ |  | 30,523 | ​ |  | (14,504) | ​ |  | 16,019
Total | ​ | $ | 1,117,263 | ​ | $ | 26,938 | ​ | $ | 1,144,201 | ​ | $ | 3,740,937 | ​ | $ | 4,885,138
(a) | All unsecured debt due in the remainder of 2020 is related to the Company’s commercial paper program.
(b) | Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.0 million and $1.0 million, respectively, during the three months ended March 31, 2020 and 2019, of deferred financing costs into Interest expense.
Commercial Paper |
Unsecured Debt |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the unsecured commercial paper program at March 31, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31, |
​ | ​ | 2020 | ​ | 2019 |
Total unsecured commercial paper program |  | $ | 500,000 | ​ | $ | 500,000 | ​
Borrowings outstanding at end of period | ​ |  | 215,000 | ​ |  | 300,000 | ​
Weighted average daily borrowings during the period ended | ​ |  | 346,978 | ​ |  | 173,353 | ​
Maximum daily borrowings during the period ended | ​ |  | 500,000 | ​ |  | 435,000 | ​
Weighted average interest rate during the period ended | ​ |  | 1.8 | % |  | 2.5 | %
Interest rate at end of the period | ​ |  | 1.6 | % |  | 2.0 | %
Revolving Credit Facility |
Unsecured Debt |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the Revolving Credit Facility at March 31, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31, | ​
​ |  | 2020 |  | 2019 | ​
Total revolving credit facility | ​ | $ | 1,100,000 | ​ | $ | 1,100,000 | ​
Borrowings outstanding at end of period (1) | ​ |  | 50,000 | ​ |  | — | ​
Weighted average daily borrowings during the period ended | ​ |  | 11,538 | ​ |  | 55 | ​
Maximum daily borrowings during the period ended | ​ |  | 50,000 | ​ |  | 20,000 | ​
Weighted average interest rate during the period ended | ​ |  | 1.8 | % |  | 2.6 | %
Interest rate at end of the period | ​ |  | 1.8 | % |  | — | %
(1) | Excludes $2.5 million and $2.9 million of letters of credit at March 31, 2020 and December 31, 2019, respectively.
Unsecured Working Capital Credit Facility |
Unsecured Debt |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31, |
​ | ​ | 2020 | ​ | 2019 |
Total working capital credit facility | ​ | $ | 75,000 | ​ | $ | 75,000 | ​
Borrowings outstanding at end of period | ​ |  | 24,797 | ​ |  | 16,583 | ​
Weighted average daily borrowings during the period ended | ​ |  | 25,212 | ​ |  | 23,487 | ​
Maximum daily borrowings during the period ended | ​ |  | 46,419 | ​ |  | 66,170 | ​
Weighted average interest rate during the period ended | ​ |  | 2.2 | % |  | 3.1 | %
Interest rate at end of the period | ​ |  | 1.8 | % |  | 2.6 | %

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