XML 92 R60.htm IDEA: XBRL DOCUMENT v2.4.0.8
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 3 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 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2012
Line of Credit [Member]
Feb. 23, 2011
Line of Credit [Member]
Jan. 31, 2011
Line of Credit [Member]
Dec. 31, 2012
Secured and unsecured letter of credit facilities
Dec. 31, 2012
Interest Rate Swap [Member]
Dec. 31, 2011
Interest Rate Swap [Member]
Dec. 31, 2012
Interest Rate Cap [Member]
Dec. 31, 2011
Interest Rate Cap [Member]
Dec. 31, 2012
Mortgages Payable [Member]
Dec. 31, 2011
Mortgages Payable [Member]
Dec. 31, 2012
$150 Million Series A Notes Payable [Member]
Dec. 31, 2011
$150 Million Series A Notes Payable [Member]
Dec. 31, 2012
Discount Mortgage Note payable due June 2013 [Member]
Dec. 31, 2011
Discount Mortgage Note payable due June 2013 [Member]
Dec. 31, 2012
Variable rate tax exempt bonds [Member]
Dec. 31, 2011
Variable rate tax exempt bonds [Member]
Dec. 31, 2012
Capital Lease Obligations [Member]
Dec. 31, 2011
Capital Lease Obligations [Member]
Jun. 30, 2011
Convertible Debt [Member]
Dec. 31, 2012
Convertible Debt [Member]
Dec. 31, 2011
Convertible Debt [Member]
Dec. 31, 2012
Construction Financing [Member]
Dec. 31, 2011
Construction Financing [Member]
Dec. 31, 2012
Notes Payable, Insurance Premiums Due 2013 [Member]
Dec. 31, 2011
Notes Payable, Insurance Premiums Due 2013 [Member]
Dec. 31, 2012
Long-term Debt [Member]
Dec. 31, 2012
First mortgage loan issued in January 2012 [Member]
Jan. 05, 2012
First mortgage loan issued in January 2012 [Member]
Dec. 31, 2012
First mortgage loan issued in February 2012 [Member]
Feb. 29, 2012
First mortgage loan issued in February 2012 [Member]
Dec. 31, 2012
Mortgage Loan Issued to Finance Acquisition [Member]
Feb. 02, 2012
Mortgage Loan Issued to Finance Acquisition [Member]
Dec. 31, 2012
Seller-Financed Debt [Member]
Feb. 02, 2012
Seller-Financed Debt [Member]
Dec. 31, 2012
First mortgage loan issued in June 2012 [Member]
Jun. 29, 2012
First mortgage loan issued in June 2012 [Member]
Dec. 31, 2012
First mortgage loan issued in December 2012 [Member]
Dec. 28, 2012
First mortgage loan issued in December 2012 [Member]
Dec. 31, 2011
First mortgage loan issued in March 2011 [Member]
Mar. 29, 2011
First mortgage loan issued in March 2011 [Member]
Dec. 31, 2011
Subsequent debt under master Credit Facility [Member]
Jul. 29, 2011
Subsequent debt under master Credit Facility [Member]
Debt Instrument [Line Items]                                                                                          
Debt $ 2,599,369,000 $ 2,398,625,000                   $ 1,701,515,000 $ 1,470,462,000 $ 144,384,000 $ 148,601,000 $ 80,533,000 $ 79,911,000 $ 99,847,000 $ 100,423,000 $ 319,745,000 $ 348,195,000   $ 251,312,000 $ 241,897,000 $ 1,280,000 $ 6,591,000 $ 753,000 $ 2,545,000 $ 2,279,624,000                                
Less current portion 509,543,000 47,654,000                                                                                      
Long-term debt 2,089,826,000 2,350,971,000                                                                                      
Maturity date       Jan. 31, 2016                   Aug. 31, 2013   Jun. 30, 2013   Dec. 31, 2032   Dec. 31, 2026     Jun. 30, 2018       Dec. 31, 2013     Jan. 31, 2017   Feb. 28, 2017           Jun. 30, 2017       Mar. 31, 2016   Aug. 31, 2018  
Maturity date, start                       Dec. 31, 2013                         Dec. 31, 2017                                        
Maturity date, end                       Dec. 31, 2022                         Dec. 31, 2024                                        
Weighted average interest rate                       4.62% 5.04%     2.56% 2.52% 1.65% 1.65% 8.16% 8.61%   2.75% 2.75% 8.00% 7.00% 2.81% 3.11%                                  
Unamortized debt discount 66,267,000                     300,000       1,000,000 3,000,000     0     65,000,000 74,400,000         66,267,000                                
Number of communities securing debt (in number of communities)                           5                                               2   9       44  
Amount of cash collateral securing debt                           3,000,000                                                              
Description of variable rate basis                           LIBOR plus 0.88%                               variable rate equal to 30-day LIBOR plus a margin of 300 basis points   variable rate equal to 30-day LIBOR plus a margin of 275 basis points           bears interest at a variable rate equal to 30-day LIBOR plus a margin of 425 basis points   variable rate equal to 30-day LIBOR plus a margin of 259 basis points          
Basis spread on variable rate basis                           0.88%                                 3.00%   2.75%           4.25%   2.59%        
Principal                                           316,300,000 316,300,000               63,000,000   20,000,000   77,900,000   15,000,000   15,000,000   171,300,000   28,000,000   437,800,000
Current Portion of Mortgage Loans 465,600,000                                                                                        
Current Portion of Mortgage Loans with Extension Options 205,500,000                                                                                        
Minimum Term of Debt Extension (in years) 5                                                                                        
Maximum Term of Debt Extension (in years) 7                                                                                        
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                                           7.50%                                              
Expected life of convertible debt                                           7 years                                              
Coupon interest 128,338,000 124,873,000 132,641,000                                       8,697,000 4,759,000                                          
Amortization of discount                                             9,415,000 4,456,000                                          
Interest Expense                                             18,112,000 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, Amount   5,000,000                                           274,900,000           62,800,000               15,000,000   37,400,000   28,000,000   445,200,000  
Interest rate terms                                                                   75% of it bears interest at a fixed rate of 4.2% and the remaining 25% bears interest at a variable rate of 30-day LIBOR plus a margin of 276 basis points   bore interest at a fixed rate of 7.0%           bears interest at a rate that has been effectively fixed at 5.49% by means of a swap instrument issued by the lender   75% of the loans bear interest at a fixed rate of 4.25% while the remaining 25% of the loans bear interest at a variable rate equal to the 30-day LIBOR plus a margin of 182 basis points  
Term of loan (in years)                                                                     10   2       10        
Number of recently acquired communities securing mortgage notes                                                                               8          
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                                                                                      
Loss on extinguishment of debt (221,000) (18,863,000) (1,557,000)                                                                                    
Amortization period (in years)                                                                                         30
Long-term debt maturity [Abstract]                                                                                          
2013 546,494,000                                     55,828,000                 490,666,000                                
2014 225,770,000                                     55,065,000                 170,705,000                                
2015 107,843,000                                     53,401,000                 54,442,000                                
2016 97,600,000                                     46,957,000                 50,643,000                                
2017 402,477,000                                     60,494,000                 341,983,000                                
Thereafter 1,448,857,000                                     211,405,000                 1,237,452,000                                
Total obligations 2,829,041,000                                     483,150,000                 2,345,891,000                                
Unamortized debt discount 66,267,000                     300,000       1,000,000 3,000,000     0     65,000,000 74,400,000         66,267,000                                
Less amount representing interest (163,405,000)                                     (163,405,000)                 0                                
Total 2,599,369,000 2,398,625,000                   1,701,515,000 1,470,462,000 144,384,000 148,601,000 80,533,000 79,911,000 99,847,000 100,423,000 319,745,000 348,195,000   251,312,000 241,897,000 1,280,000 6,591,000 753,000 2,545,000 2,279,624,000                                
Derivative [Line Items]                                                                                          
Current notional balance               27,373,000   589,568,000                                                                      
Highest possible notional               27,373,000   589,568,000                                                                      
Lowest interest rate               5.49%   5.00%                                                                      
Highest interest rate               5.49%   6.06%                                                                      
Average fixed rate               5.49%   5.43%                                                                      
Earliest maturity date               4 years   1 year                                                                      
Latest maturity date               4 years   6 years                                                                      
Weighted average original maturity               5 years   3 years 6 months                                                                      
Estimated liability fair value (included in other liabilities)               (1,833,000) (2,809,000)                                                                        
Estimated asset fair value (included in other assets)                   495,000 0                                                                    
Number of swaps agreements terminated               1                                                                          
Notional amount of swap agreement terminated               150,000,000                                                                          
Cash collateral paid to counterparties pursuant to swap termination               1,200,000                                                                          
Number of new agreements                   3                                                                      
Notional amount of new agreements                   340,800,000                                                                      
Number of cap agreements, extended maturity                   5                                                                      
Aggregate notional amount, extended maturities cap agreements                   100,800,000                                                                      
Line of Credit Facility [Line Items]                                                                                          
Credit Facility, maximum borrowing capacity       230,000,000 200,000,000 120,000,000 92,500,000                                                                            
Maturity date       Jan. 31, 2016                   Aug. 31, 2013   Jun. 30, 2013   Dec. 31, 2032   Dec. 31, 2026     Jun. 30, 2018       Dec. 31, 2013     Jan. 31, 2017   Feb. 28, 2017           Jun. 30, 2017       Mar. 31, 2016   Aug. 31, 2018  
Description of applicable margin calculation based on utilization percentage       Amounts drawn under the facility bear interest at 90-day LIBOR plus an applicable margin, as described below. For purposes of determining the interest rate, in no event will LIBOR be less than 2%. The applicable margin varies with the percentage of 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. The Company is also required to pay a quarterly commitment fee of 1.0% per annum on the unused portion of the facility.                                                                                  
Quarterly commitment fee       1.00%                                                                                  
Availability under the secured line of credit       191,400,000                                                                                  
Credit facilities borrowings outstanding       $ 80,000,000     $ 78,100,000