XML 48 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt (Tables)
 12 Months Ended
Dec. 31, 2012
Debt [Abstract]  
Schedule of debt
Long-term debt, capital leases and financing obligations consist of the following (dollars in thousands):

 
 
December 31,
 
 
 
2012
 
 
2011
 
 
Mortgage notes payable due 2013 through 2022; weighted average interest rate of 4.62% in 2012, net of debt discount of $0.3 million (weighted average interest rate of 5.04% in 2011)
 
$
1,701,515
 
 
$
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 in monthly installments of principal and interest through maturity in August 2013
 
 
144,384
 
 
 
148,601
 
 
 
 
 
December 31,
2012
2011
 
Discount mortgage note payable due June 2013, weighted average interest rate of 2.56% in 2012, net of debt discount of $1.0 million and $3.0 million in 2012 and 2011, respectively (weighted average interest rate of 2.52% in 2011)
 
 
80,533
 
 
 
79,911
 
 
Variable rate tax-exempt bonds credit-enhanced by Fannie Mae (weighted average interest rates of 1.65% at December 31, 2012 and 2011), due 2032, payable in monthly installments of principal and interest through maturity, secured by the underlying assets of the portfolio
 
 
99,847
 
 
 
100,423
 
 
Capital and financing lease obligations payable through 2026; weighted average interest rate of 8.16% in 2012 (weighted average interest rate of 8.61% in 2011)
 
 
319,745
 
 
 
348,195
 
 
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount of $65.0 million and $74.4 million in 2012 and 2011, respectively, interest at 2.75% per annum, due June 2018
 
 
251,312
 
 
 
241,897
 
 
Construction financing due 2017 through 2024; weighted average interest rate of 8.0% in 2012 (weighted average interest rate of 7.0% in 2011)
 
 
1,280
 
 
 
6,591
 
 
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.81% in 2012 (weighted average interest rate of 3.11% in 2011), due 2013
 
 
753
 
 
 
2,545
 
 
Total debt
 
 
2,599,369
 
 
 
2,398,625
 
 
Less current portion
 
 
509,543
 
 
 
47,654
 
 
Total long-term debt
 
$
2,089,826
 
 
$
2,350,971
 
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, 2012 are as follows (dollars in thousands):

Year Ending December 31,
 
Long-term
Debt
 
 
Capital and
Financing
Lease
Obligations
 
 
Total Debt
 
2013
 
$
490,666
 
 
$
55,828
 
 
$
546,494
 
2014
 
 
170,705
 
 
 
55,065
 
 
 
225,770
 
2015
 
 
54,442
 
 
 
53,401
 
 
 
107,843
 
2016
 
 
50,643
 
 
 
46,957
 
 
 
97,600
 
2017
 
 
341,983
 
 
 
60,494
 
 
 
402,477
 
Thereafter
 
 
1,237,452
 
 
 
211,405
 
 
 
1,448,857
 
Total obligations
 
 
2,345,891
 
 
 
483,150
 
 
 
2,829,041
 
Less amount representing debt discount
 
 
(66,267
)
 
 
—
 
 
 
(66,267
)
Less amount representing interest (8.16%)
 
 
—
 
 
 
(163,405
)
 
 
(163,405
)
Total
 
$
2,279,624
 
 
$
319,745
 
 
$
2,599,369
 
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 Years Ended December 31,
 
 
2012
 
 
2011
 
Coupon interest
 
$
8,697
 
 
$
4,759
 
Amortization of discount
 
 
9,415
 
 
 
4,456
 
Interest expense related to convertible notes
 
$
18,112
 
 
$
9,215
 
Summary of swap and cap instruments
The following table summarizes the Company's swap instruments at December 31, 2012 (dollars in thousands):

Current notional balance
 
$
27,373
 
Highest possible notional
 
$
27,373
 
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 December 31, 2012)
 
$
(1,833
)
Estimated liability fair value (included in other liabilities at December 31, 2011)
 
$
(2,809
)

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

Current notional balance
 
$
589,568
 
Highest possible notional
 
$
589,568
 
Lowest interest cap rate
 
 
5.00
%
Highest interest cap rate
 
 
6.06
%
Average fixed cap rate
 
 
5.43
%
Earliest maturity date
 
 
2013
 
Latest maturity date
 
 
2018
 
Weighted average original maturity
 
3.5 years
 
Estimated asset fair value (included in other assets at December 31, 2012)
 
$
495
 
Estimated asset fair value (included in other assets at December 31, 2011)
 
$
—