Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt [Abstract]

Schedule of debt

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

	June 30, 2012		December 31, 2011
Mortgage notes payable due 2013 through 2022; weighted average interest rate of 4.87% for the six months ended June 30, 2012, net of debt discount of $0.5 million (weighted average interest rate of 5.04% in 2011)	$	1,568,697	$	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		146,503		148,601
Discount mortgage note payable due June 2013, weighted average interest rate of 2.58% for the six months ended June 30, 2012, net of debt discount of $2.0 million (weighted average interest rate of 2.52% in 2011)		80,224		79,911
Variable rate tax-exempt bonds credit-enhanced by Fannie Mae; weighted average interest rate of 1.71% for the six months ended June 30, 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		100,186		100,423

Capital and financing lease obligations payable through 2026; weighted average interest rate of 8.48% for the six months ended June 30, 2012 (weighted average interest rate of 8.61% in 2011)		351,523		348,195
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount of $69.8 million, interest at 2.75% per annum, due June 2018		246,518		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 2.68% for the six months ended June 30, 2012 (weighted average interest rate of 3.11% in 2011), due 2013		9,001		2,545
Total debt		2,509,846		2,398,625
Less current portion		410,581		47,654
Total long-term debt	$	2,099,265	$	2,350,971

Summary of swap and cap instruments

The following table summarizes the Company's swap instrument at June 30, 2012 (dollars in thousands):

Current notional balance	$	27,568
Highest possible notional	$	27,568
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 June 30, 2012)	$	(1,944	)
Estimated liability fair value (included in other liabilities at December 31, 2011)	$	(2,809	)

The following table summarizes the Company's cap instruments at June 30, 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 June 30, 2012)	$	-
Estimated asset fair value (included in other assets, net at December 31, 2011)	$	-