XML 73 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt (Details) (USD $)
 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Interest Rate Swap [Member]
Integer
Dec. 31, 2010
Interest Rate Swap [Member]
Dec. 31, 2011
Interest Rate Cap [Member]
Integer
Dec. 31, 2010
Interest Rate Cap [Member]
Dec. 31, 2011
Secured Line of Credit [Member]
Dec. 31, 2010
Secured Line of Credit [Member]
Dec. 31, 2009
Secured Line of Credit [Member]
Dec. 31, 2011
Secured and unsecured letter of credit facilities [Member]
Dec. 31, 2010
Secured and unsecured letter of credit facilities [Member]
Dec. 31, 2009
Secured and unsecured letter of credit facilities [Member]
Dec. 31, 2012
First mortgage loan issued in January 2012 [Member]
Dec. 31, 2011
First mortgage loan issued in January 2012 [Member]
Integer
Jan. 05, 2012
First mortgage loan issued in January 2012 [Member]
Dec. 31, 2011
Convertible Debt [Member]
Y
Dec. 31, 2011
First mortgage loan issued in March 2011 [Member]
Dec. 31, 2011
Subsequent debt under master Credit Facility [Member]
Integer
Y
Dec. 31, 2011
Other Financing Transaction [Member]
Dec. 31, 2011
Mortgages payable due 2013 through 2020 [Member]
Dec. 31, 2010
Mortgages payable due 2013 through 2020 [Member]
Dec. 31, 2011
Notes Payable, Other Payables [Member]
Integer
Dec. 31, 2010
Notes Payable, Other Payables [Member]
Integer
Dec. 31, 2011
Mortgages payable due 2012 [Member]
Dec. 31, 2010
Mortgages payable due 2012 [Member]
Dec. 31, 2011
Discount Mortgage Note payable due 2013 [Member]
Dec. 31, 2010
Discount Mortgage Note payable due 2013 [Member]
Dec. 31, 2011
Variable rate tax exempt bonds [Member]
Dec. 31, 2010
Variable rate tax exempt bonds [Member]
Dec. 31, 2011
Long-term Debt [Member]
Dec. 31, 2011
Capital Lease Obligations [Member]
Dec. 31, 2010
Capital Lease Obligations [Member]
Dec. 31, 2011
Variable rate mortgage note [Member]
Integer
Dec. 31, 2010
Variable rate mortgage note [Member]
Integer
Dec. 31, 2011
Convertible Debt [Member]
Dec. 31, 2011
Construction Financing [Member]
Debt Instrument [Line Items]                                                                          
Debt $ 2,398,625,000 $ 2,570,296,000                                     $ 1,473,007,000 $ 1,342,931,000 $ 148,601,000 $ 150,000,000   $ 210,897,000 $ 79,911,000 $ 79,275,000 $ 100,423,000 $ 100,841,000 $ 2,050,430,000 $ 348,195,000 $ 371,172,000   $ 315,180,000 $ 241,897,000 $ 6,591,000
Less current portion 47,654,000 71,676,000                                                                      
Total long-term debt 2,350,971,000 2,498,620,000                                                                      
Maturity date               Jan. 31, 2016 Jun. 30, 2013 Aug. 31, 2010       Jan. 31, 2017       Mar. 31, 2016 Aug. 01, 2018       Aug. 31, 2013   Dec. 31, 2012   Dec. 31, 2013   Dec. 31, 2032     Dec. 31, 2026     Dec. 31, 2012 Jun. 30, 2018  
Maturity date, start                                         2013-12-31                               2023-12-31
Maturity date, end                                         2020-12-31                               2024-12-31
Weighted average interest rate (in hundredths)                                         5.04% 5.32%     5.57% 5.64% 2.52% 2.55% 1.65% 1.73%   8.61% 8.60%     2.75% 70.00%
Unamortized debt discount (77,913,000)                                       600,000           3,000,000 4,900,000     (77,913,000)            
Number of communities securing debt (in number of communities)                             1       44       5 5                   15 15    
Amount of letter of credit securing debt                                             3,000,000 3,000,000                          
Description of variable rate basis                            
30-day LIBOR plus a margin of 300 basis points
     
30-day LIBOR plus a margin of 182 basis points
      
LIBOR plus 0.88%
LIBOR plus 0.88%
                  
LIBOR plus 0.70%
LIBOR plus 0.70%
    
Basis spread on variable rate basis (in hundredths)                               3.00%     1.82%       0.88% 0.88%                   0.70% 0.70%    
Amount of guaranty securing debt                                                                   11,500,000 11,500,000    
Long-term debt maturity [Abstract]                                                                          
2012 89,411,000                                                           33,524,000 55,887,000          
2013 640,078,000                                                           583,099,000 56,979,000          
2014 214,222,000                                                           157,857,000 56,365,000          
2015 103,592,000                                                           47,825,000 55,767,000          
2016 94,193,000                                                           43,719,000 50,474,000          
Thereafter 1,538,117,000                                                           1,262,319,000 275,798,000          
Total obligations 2,679,613,000                                                           2,128,343,000 551,270,000          
Less amount representing debt discount (77,913,000)                                       600,000           3,000,000 4,900,000     (77,913,000)            
Less amount representing interest (203,075,000)                                                             (203,075,000)          
Total 2,398,625,000 2,570,296,000                                     1,473,007,000 1,342,931,000 148,601,000 150,000,000   210,897,000 79,911,000 79,275,000 100,423,000 100,841,000 2,050,430,000 348,195,000 371,172,000   315,180,000 241,897,000 6,591,000
Line of Credit Facility [Line Items]                                                                          
Principal                                 316,250,000                                        
Unamortized discount                                 (74,353,000)                                        
Net carrying amount                                 241,897,000                                        
Equity component, net                                 76,801,000                                        
Net proceeds from issuance                                 308,200,000                                        
Initial conversion rate (in shares per $1,000 of principal)                                 34.1006                                        
Equivalent initial conversion price (in dollars per share)                                 $ 29.325                                        
Conversion terms                                
The Notes are convertible at an initial conversion rate of 34.1006 shares of Company common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.325 per share), subject to adjustment. Holders may convert their Notes at their option prior to the close of business on the second trading day immediately preceding the stated maturity date only under the following circumstances:  (i) during any fiscal quarter commencing after the fiscal quarter ending September 30, 2011, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the "measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such day; or (iii) upon the occurrence of specified corporate events.  On and after March 15, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances.  Unconverted Notes mature at par in June 2018.
                                        
Imputed interest rate used in determining carrying value                                 7.50%                                        
Expected life of convertible debt                                 7                                        
Coupon interest                                 4,759,000                                        
Amortization of discount                                 4,456,000                                        
Interest expense related to convertible notes                                 9,215,000                                        
Number of shares of common stock covered by hedging transactions (in shares)                                 10,784,315                                        
Number of warrants to acquire common stock sold to Hedge Counterparties (in shares)                                 10,784,315                                        
Strike price of warrants (in dollars per share)                                 $ 40.25                                        
Net cost of hedging transaction                                 31,900,000                                        
Extinguishment of debt with proceeds of debt                             62,800,000     28,000,000 445,200,000                                    
Extinguishment of debt with release of entrance fee escrows                                       37,900,000                                  
Extinguishment of debt and moved into borrowing base of credit facility                                       48,700,000                                  
Extinguishment of debt with proceeds from convertible debt offering                                       274,900,000                                  
Loss on extinguishment of debt (18,863,000) (1,557,000) (1,292,000)                                                                    
Percentage of loans bearing interest at a fixed rate (in hundredths)                                     75.00%                                    
Percentage of loans bearing interest at a variable rate (in hundredths)                                     25.00%                                    
Description of variable rate basis                            
30-day LIBOR plus a margin of 300 basis points
     
30-day LIBOR plus a margin of 182 basis points
      
LIBOR plus 0.88%
LIBOR plus 0.88%
                  
LIBOR plus 0.70%
LIBOR plus 0.70%
    
Amortization period (in years)                                     30                                    
Long-term debt, capital leases and financing obligations [Abstract]                                                                          
Credit facility, maximum borrowing capacity               230,000,000 120,000,000 75,000,000 85,700,000 82,500,000 78,500,000                                                
Letter of credit sublimit                   25,000,000                                                      
Interest rate (in hundredths)                   6.00%               5.90% 4.25%                                    
Maturity date               Jan. 31, 2016 Jun. 30, 2013 Aug. 31, 2010       Jan. 31, 2017       Mar. 31, 2016 Aug. 01, 2018       Aug. 31, 2013   Dec. 31, 2012   Dec. 31, 2013   Dec. 31, 2032     Dec. 31, 2026     Dec. 31, 2012 Jun. 30, 2018  
Initial commitment               200,000,000 100,000,000                                                        
Description of applicable margin calculation based on utilization percentage                 Amounts drawn under the facility bore interest at 90-day LIBOR plus an applicable margin, as described below.  For purposes of determining the interest rate, in no event would LIBOR be less than 2.0%.  The applicable margin varied with the percentage of the total commitment drawn, with a 4.5% margin at 35% or lower utilization, a 5.0% margin at utilization greater than 35% but less than or equal to 50%, and a 5.5% margin at greater than 50% utilization.                                                          
Quarterly commitment fee (in hundredths)                 1.00%                                                        
Letters of credit outstanding                     78,100,000 72,000,000                                                  
Amount drawn on line of credit 65,000,000                                                                        
Availability under the secured line of credit 194,200,000                                                                        
Principal amount of note                               63,000,000   28,000,000 437,800,000                                    
Number of communities securing debt (in number of communities)                             1       44       5 5                   15 15    
Extinguishment of debt with proceeds of debt                             62,800,000     28,000,000 445,200,000                                    
Description of variable rate basis                            
30-day LIBOR plus a margin of 300 basis points
     
30-day LIBOR plus a margin of 182 basis points
      
LIBOR plus 0.88%
LIBOR plus 0.88%
                  
LIBOR plus 0.70%
LIBOR plus 0.70%
    
Basis spread on variable rate basis (in hundredths)                               3.00%     1.82%       0.88% 0.88%                   0.70% 0.70%    
Decrease in restricted cash (56,176,000) (4,705,000) 64,540,000                                                                    
Loan repaid                                       5,000,000                                  
Debt 2,398,625,000 2,570,296,000                                     1,473,007,000 1,342,931,000 148,601,000 150,000,000   210,897,000 79,911,000 79,275,000 100,423,000 100,841,000 2,050,430,000 348,195,000 371,172,000   315,180,000 241,897,000 6,591,000
Derivative [Line Items]                                                                          
Cash collateral pledged to counterparties pursuant to hedge agreements 1,200,000 0                                                                      
Current notional balance       177,756,000   248,768,000                                                              
Highest possible notional       177,756,000   248,768,000                                                              
Lowest interest rate (in hundredths)       0.87%   5.50%                                                              
Highest interest rate (in hundredths)       5.49%   6.00%                                                              
Average fixed rate (in hundredths)       1.59%   5.74%                                                              
Earliest maturity date       2013   2012                                                              
Latest maturity date       2016   2013                                                              
Weighted average original maturity (in years)       3.2Y   2.6Y                                                              
Estimated liability fair value (included in other liabilities)       (2,809,000)   0                                                              
Estimated asset fair value (included in other assets)         281,000   157,000                                                            
Number of cap agreements maturing           5                                                              
Aggregate notional amount, matured cap agreements           303,100,000                                                              
Number of cap agreements terminated           2                                                              
Aggregate notional amount, terminated cap agreements           445,200,000                                                              
Number of cap agreements, extended maturity           12                                                              
Aggregate notional amount, extended maturities cap agreements           83,800,000                                                              
Number of new agreements       1   1                                                              
Notional amount of new agreements       $ 28,000,000   $ 64,100,000