Debt (Tables)

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

Schedule of debt

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

	March 31, 2012		December 31, 2011
Mortgage notes payable due 2013 through 2022; weighted average interest rate of 4.90% for the three months ended March 31, 2012, net of debt discount of $0.5 million (weighted average interest rate of 5.04% in 2011)	$	1,573,629	$	1,470,462
$150,000 Series A notes payable, secured by five communities and by a $3.0 million cash collateral deposit, bearing interest at LIBOR plus 0.88%, payable in monthly installments of interest only until August 2011 and payable thereafter in monthly installments of principal and interest through maturity in August 2013		147,554		148,601
Discount mortgage note payable due 2013, weighted average interest rate of 2.57% for the three months ended March 31, 2012, net of debt discount of $2.5 million (weighted average interest rate of 2.52% in 2011)		80,068		79,911
Variable rate tax-exempt bonds credit-enhanced by Fannie Mae; weighted average interest rate of 1.80% for the three months ended March 31, 2012 (weighted average interest rate of 1.65% in 2011), due 2032, payable in monthly installments of principal and interest through maturity, secured by the underlying assets of the portfolio		100,288		100,423
Capital and financing lease obligations payable through 2026; weighted average interest rate of 8.62% for the three months ended March 31, 2012 (weighted average interest rate of 8.61% in 2011)		342,643		348,195
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount of $72.1 million, interest at 2.75% per annum, due June 2018		244,186		241,897
Construction financing due 2024; weighted average interest rate of 7.0%		7,194		6,591
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.64% for the three months ended March 31, 2012 (weighted average interest rate of 3.11% in 2011), due 2012		10,680		2,545
Total debt		2,506,242		2,398,625
Less current portion		125,316		47,654
Total long-term debt	$	2,380,926	$	2,350,971

Summary of swap and cap instruments

The following table summarizes the Company's swap instrument at March 31, 2012 (dollars in thousands):

Current notional balance	$	27,660
Highest possible notional	$	27,660
Lowest interest rate		5.49	%
Highest interest rate		5.49	%
Average fixed rate		5.49	%
Earliest maturity date		2016
Latest maturity date		2016
Weighted average original maturity	5.0 years
Estimated liability fair value (included in other liabilities at March 31, 2012)	$	(1,793	)
Estimated liability fair value (included in other liabilities at December 31, 2011)	$	(2,809	)

The following table summarizes the Company's cap instruments at March 31, 2012 (dollars in thousands):

Current notional balance	$	418,238
Highest possible notional	$	418,238
Lowest interest rate		5.00	%
Highest interest rate		6.06	%
Average fixed rate		5.49	%
Earliest maturity date		2012
Latest maturity date		2017
Weighted average original maturity	2.7 years
Estimated asset fair value (included in other assets, net at March 31, 2012)	$	-
Estimated asset fair value (included in other assets, net at December 31, 2011)	$	-