2.4.0.8010121 - Disclosure - Debttruefalsefalse1false falsefalseFROM_Jan01_2013_TO_Jun30_2013http://www.sec.gov/CIK0001025378duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DebtDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Debt Disclosure2false 2us-gaap_DebtDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00Note 10. Debt Senior Credit Facility In February 2012, we amended and restated our existing credit agreement (the “Amended and Restated Credit Agreement”) to increase the maximum aggregate principal amount from $450.0 million to $625.0 million, which is comprised of a $450.0 million unsecured revolving credit facility (the “Revolver”) and a $175.0 million term loan facility, which we drew down in full in connection with the CPA®:15 Merger (the “Term Loan Facility” and, together with the Revolver, the “Senior Credit Facility”). The Senior Credit Facility matures in December 2014, but may be extended by one year at our option, subject to the conditions provided in the Amended and Restated Credit Agreement. At our election, the principal amount available under the Senior Credit Facility may be increased by up to an additional $125.0 million, subject to the conditions provided in the Amended and Restated Credit Agreement. Availability under the Senior Credit Facility is dependent upon a number of factors, including the Unencumbered Property NOI, the Unencumbered Management EBITDA and the Total Unsecured Outstanding Indebtedness (each as defined in the Amended and Restated Credit Agreement). At June 30, 2013, availability under the Senior Credit Facility was $625.0 million, of which we had drawn $385.0 million, including $175.0 million under the Term Loan. At June 30, 2013, we paid interest on the Senior Credit Facility at an annual interest rate consisting of LIBOR plus 1.75%. In addition, as of June 30, 2013, our lenders had issued letters of credit totaling $2.4 million on our behalf in connection with certain contractual obligations, which reduce amounts that may be drawn under the Revolver. The Revolver is currently expected to be utilized primarily for potential new investments, repayment of existing debt and general corporate purposes. The Amended and Restated Credit Agreement stipulates several financial covenants that require us to maintain certain ratios and benchmarks at the end of each quarter as defined in the Amended and Restated Credit Agreement. We were in compliance with all of these covenants at June 30, 2013. Unsecured Term Loan On July 31, 2013, we entered into a new credit agreement with our existing lender, Bank of America, (the “Term Loan Credit Agreement”) for an unsecured term loan of up to $300.0 million (“Unsecured Term Loan”), which we drew down in full primarily to repay the outstanding balance on the Revolver (Note 15). The Term Loan Credit Agreement has substantially the same terms as the Amended and Restated Credit Agreement. Non-Recourse Debt Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real property, and direct financing leases, with an aggregate carrying value of approximately $2.4 billion at both June 30, 2013 and December 31, 2012. At June 30, 2013, our mortgage notes payable bore interest at fixed annual rates ranging from 2.7% to 10.0% and variable effective annual rates ranging from 1.2% to 7.6% with maturity dates ranging from 2013 to 2026 at June 30, 2013. During the six months ended June 30, 2013, in connection with one of our acquisitions (Note 4) during that period, we obtained a non-recourse mortgage loan of $36.5 million with an annual interest rate of 4.05% and term of 10 years. During the six months ended June 30, 2013, we refinanced two maturing non-recourse mortgage loans totaling $41.5 million with new financing totaling $62.5 million. These new mortgage loans have a weighted-average annual interest rate and term of 5.0% and 10 years, respectively.Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2013, for each of the next four calendar years following December 31, 2013, and thereafter are as follows (in thousands): <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 16px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 480px; text-align:left;border-color:#000000;min-width:480px;"> </td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; text-align:left;border-color:#000000;min-width:85px;"> </td></tr><tr style="height: 16px"><td colspan="2" style="width: 490px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:490px;">Years Ending December 31, </td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;"> </td><td colspan="2" style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:105px;">Total (a)</td></tr><tr style="height: 17px"><td colspan="2" style="width: 490px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:490px;">2013 (remainder)</td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:20px;">$</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"> 65,042</td></tr><tr style="height: 17px"><td colspan="2" style="width: 490px; text-align:left;border-color:#000000;min-width:490px;">2014(b)</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"> 761,727</td></tr><tr style="height: 17px"><td colspan="2" style="width: 490px; text-align:left;border-color:#000000;min-width:490px;">2015</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"> 233,250</td></tr><tr style="height: 17px"><td colspan="2" style="width: 490px; text-align:left;border-color:#000000;min-width:490px;">2016</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"> 88,159</td></tr><tr style="height: 20px"><td colspan="2" style="width: 490px; text-align:left;border-color:#000000;min-width:490px;">2017</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"> 127,115</td></tr><tr style="height: 17px"><td colspan="2" style="width: 490px; text-align:left;border-color:#000000;min-width:490px;">Thereafter through 2026</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"> 808,812</td></tr><tr style="height: 17px"><td colspan="2" style="width: 490px; text-align:left;border-color:#000000;min-width:490px;"> </td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:85px;"> 2,084,105</td></tr><tr style="height: 20px"><td colspan="2" style="width: 490px; text-align:left;border-color:#000000;min-width:490px;">Unamortized discount</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"> (12,950)</td></tr><tr style="height: 17px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 480px; text-align:left;border-color:#000000;min-width:480px;">Total</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"> </td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;"> </td><td style="width: 20px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:20px;">$</td><td style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"> 2,071,155</td></tr></table></div>__________<ul><li style="margin-left:36px;list-style:lower-alpha;">Certain amounts are based on the applicable foreign currency exchange rate at June 30, 2013.</li><li style="margin-left:36px;list-style:lower-alpha;">Includes $210.0 million outstanding under our Revolver and $175.0 million outstanding under our Term Loan Facility at June 30, 2013, each of which is scheduled to mature in 2014 unless extended pursuant to its terms. On July 31, 2013, we repaid the $250.0 million outstanding balance on the Revolver on that date with proceeds from our new Unsecured Term Loan (Note 15). </li></ul> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0DebtfalseDebtUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.wpcarey.com/role/DisclosureDebt12