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Non Recourse and Limited Recourse Debt

3 Months Ended

Mar. 31, 2013

Non Recourse And Limited Recourse Debt

Note 10. Non-Recourse Debt

Non-Recourse Debt

Non-recourse debt consists of mortgage notes payable, which are collateralized by an assignment of real property and direct financing leases, with an aggregate carrying value of approximately $2.5 billion and $2.4 billion at March 31, 2013 and December 31, 2012, respectively. At March 31, 2013, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 8.0% and variable effective annual rates ranging from 2.8% to 8.5%, with maturity dates ranging from 2013 to 2038.

During the three months ended March 31, 2013, we obtained new non-recourse mortgage financing totaling $93.6 million with a weighted-average annual interest rate and term of 4.6% and 10.1 years, respectively. Of the total, $17.1 million related to investments acquired during 2013 and $76.5 million related to investments acquired during 2012.

Scheduled Debt Principal Payments

Scheduled debt principal payments during the remainder of 2013, each of the next four calendar years following December 31, 2013, and thereafter are as follows (in thousands):


Years Ending December 31,	Total
2013 (remainder)	$	50,832
2014		37,136
2015		66,817
2016		287,607
2017		339,559
Thereafter through 2038		930,378
		1,712,329
Unamortized discount, net^(a)		(7,343)
Total	$	1,704,986

__________

Represents the unamortized discount on three notes.

Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2013. Additionally, due to the strengthening of the U.S. dollar relative to foreign currencies during the three months ended March 31, 2013, debt decreased by $17.5 million from December 31, 2012 to March 31, 2013.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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