Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt [Abstract]

Schedule of debt

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

	December 31,
	2013		2012
Mortgage notes payable due 2014 through 2023; weighted average interest rate of 4.12% in 2013, net of debt premium of $1.3 million in 2013 and net of debt discount of $0.3 million in 2012 (weighted average interest rate of 4.62% in 2012)	$	2,037,649	$	1,701,515
$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 principal and interest through maturity in August 2013		—		144,384
Discount mortgage note payable due June 2013, net of debt discount of $1.0 million in 2012 (weighted average interest rate of 2.56% in 2012)		—		80,533
Variable rate tax-exempt bonds credit-enhanced by Fannie Mae (weighted average interest rate of 1.65% in 2012), due 2032, payable in monthly installments of principal and interest through maturity, secured by the underlying assets of the portfolio		—		99,847
Capital and financing lease obligations payable through 2026; weighted average interest rate of 8.14% in 2013 (weighted average interest rate of 8.16% in 2012)		299,824		319,745
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount of $54.8 million and $65.0 million in 2013 and 2012, respectively, interest at 2.75% per annum, due June 2018		261,443		251,312
Construction financing due 2017 through 2027; weighted average interest rate of 6.22% in 2013 (weighted average interest rate of 8.0% in 2012)		4,476		1,280
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.65% in 2013 (weighted average interest rate of 2.81% in 2012), due 2014		3,186		753
Total debt		2,606,578		2,599,369
Less current portion		201,954		509,543
Total long-term debt	$	2,404,624	$	2,089,826

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, 2013 are as follows (dollars in thousands):

Year Ending December 31,	Long-term Debt			Capital and Financing Lease Obligations			Total Debt
2014	$	179,115		$	56,157		$	235,272
2015		37,687			54,853			92,540
2016		70,725			47,710			118,435
2017		372,162			75,620			447,782
2018		783,047			35,545			818,592
Thereafter		917,546			182,572			1,100,118
Total obligations		2,360,282			452,457			2,812,739
Less amount representing debt discount		(53,528	)		—			(53,528	)
Less amount representing interest (8.14%)		—			(152,633	)		(152,633	)
Total	$	2,306,754		$	299,824		$	2,606,578

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,
	2013			2012			2011
Coupon interest		$	8,697		$	8,697	$	4,759
Amortization of discount			10,131			9,415		4,456
Interest expense related to convertible notes		$	18,828		$	18,112	$	9,215

Summary of swap and cap instruments

The following table summarizes the Company's swap instrument at December 31, 2013 (dollars in thousands):

Current notional balance	$	26,972
Fixed rate		5.49	%
Maturity date		2016
Estimated liability fair value (included in other liabilities at December 31, 2013)	$	(1,246	)
Estimated liability fair value (included in other liabilities at December 31, 2012)	$	(1,833	)

The following table summarizes the Company's cap instruments at December 31, 2013 (dollars in thousands):

Current notional balance	$	703,213
Weighted average fixed cap rate		4.69	%
Earliest maturity date		2017
Latest maturity date		2018
Estimated asset fair value (included in other assets, net at December 31, 2013)	$	3,751
Estimated asset fair value (included in other assets, net at December 31, 2012)	$	495