Debt (Tables)

12 Months Ended

Dec. 31, 2011

Debt [Abstract]

Schedule of debt

Long-term debt, capital leases and financing obligations consist of the following (dollars in thousands):

	December 31,
	2011		2010
Mortgage notes payable due 2013 through 2020; weighted average interest rate of 5.04% in 2011, net of debt discount of $0.6 million (weighted average interest rate of 5.32% in 2010)	$	1,473,007	$	1,342,931
$150,000 Series A notes payable, secured by five communities and by a $3.0 million letter of credit, bearing interest at LIBOR plus 0.88%, payable in monthly installments of interest only until August 2011 and payable in monthly installments of principal and interest through maturity in August 2013		148,601		150,000
Mortgages payable due 2012, weighted average interest rate of 5.57% in 2011 (weighted average interest rate of 5.64% in 2010), payable interest only through July 2010 and payable in monthly installments of principal and interest through original maturity in July 2012, secured by the underlying assets of the portfolio; debt was paid-off during 2011		—		210,897
Discount mortgage note payable due 2013, weighted average interest rate of 2.52% in 2011, net of debt discount of $3.0 million and $4.9 million in 2011 and 2010, respectively (weighted average interest rate of 2.55% in 2010)		79,911		79,275
Variable rate tax-exempt bonds credit-enhanced by Fannie Mae (weighted average interest rates of 1.65% and 1.73% at December 31, 2011 and 2010, respectively), due 2032, payable interest only until maturity, secured by the underlying assets of the portfolio		100,423		100,841
Capital and financing lease obligations payable through 2026; weighted average interest rate of 8.61% in 2011 (weighted average interest rate of 8.60% in 2010)		348,195		371,172
Mortgage note, bearing interest at a variable rate of LIBOR plus 0.70%, payable interest only through maturity in August 2012. The note was secured by 15 of the Company’s communities and a $11.5 million guaranty by the Company; debt was paid-off during 2011		—		315,180
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount of $74.4 million, interest at 2.75% per annum, due June 2018		241,897		—
Construction financing due 2023 through 2024; weighted average interest rate of 7.0%		6,591		—
Total debt		2,398,625		2,570,296
Less current portion		47,654		71,676
Total long-term debt	$	2,350,971	$	2,498,620

Annual aggregate scheduled maturities of long-term debt obligations outstanding

The annual aggregate scheduled maturities of long-term debt obligations outstanding as of December 31, 2011 are as follows (dollars in thousands):

Year Ending December 31,	Long-term Debt			Capital and Financing Lease Obligations			Total Debt
2012	$	33,524		$	55,887		$	89,411
2013		583,099			56,979			640,078
2014		157,857			56,365			214,222
2015		47,825			55,767			103,592
2016		43,719			50,474			94,193
Thereafter		1,262,319			275,798			1,538,117
Total obligations		2,128,343			551,270			2,679,613
Less amount representing debt discount		(77,913	)		—			(77,913	)
Less amount representing interest (8.61%)		—			(203,075	)		(203,075	)
Total	$	2,050,430		$	348,195		$	2,398,625

Schedule of long-term debt and equity components of convertible notes

The following represents the long-term debt and equity components of the Notes as of December 31, 2011 (dollars in thousands):

	December 31, 2011
Long-term debt
Principal	$	316,250
Unamortized discount		(74,353	)
Net carrying amount	$	241,897
Equity component, net	$	76,801

Interest expense associated with the convertible notes

The interest expense associated with the Notes (excluding amortization of the associated deferred financing costs) was as follows (dollars in thousands):

	For the Year Ended December 31, 2011
Coupon interest	$	4,759
Amortization of discount		4,456
Interest expense related to convertible notes	$	9,215

Summary of swap and cap instruments

The following table summarizes the Company’s swap instruments at December 31, 2011 (dollars in thousands):

Current notional balance	$	177,756
Highest possible notional	$	177,756
Lowest interest rate		0.87	%
Highest interest rate		5.49	%
Average fixed rate		1.59	%
Earliest maturity date		2013
Latest maturity date		2016
Weighted average original maturity	3.2 years
Estimated liability fair value (included in other liabilities at December 31, 2011)	$	(2,809	)
Estimated asset fair value (included in other assets at December 31, 2010)	$	281

The following table summarizes the Company’s cap instruments at December 31, 2011 (dollars in thousands):

Current notional balance	$	248,768
Highest possible notional	$	248,768
Lowest interest cap rate		5.50	%
Highest interest cap rate		6.00	%
Average fixed cap rate		5.74	%
Earliest maturity date		2012
Latest maturity date		2013
Weighted average original maturity	2.6 years
Estimated asset fair value (included in other assets at December 31, 2011)	$	—
Estimated asset fair value (included in other assets at December 31, 2010)	$	157