Revolving Credit Facility

3 Months Ended

Mar. 31, 2012

Debt Instruments [Abstract]

Revolving Credit Facility

REVOLVING CREDIT FACILITY

On November 1, 2011, we entered into a four-year, $200,000,000 unsecured revolving credit facility to lower our cost of capital and fund new healthcare real estate investments.  Interest on outstanding borrowings is at a margin of 150 basis points over LIBOR (1.75% at March 31, 2012) and the unused commitment fee is 35 basis points per annum.  We have the option to extend the maturity to five years.  There is an accordion feature in the credit facility that could increase the total commitment to $300,000,000.  The credit facility is provided by Wells Fargo, Bank of Montreal, and KeyBank, with Pinnacle National Bank as a participating bank.  At March 31, 2012, the credit facility had an outstanding balance of $95,300,000 and an available balance of $104,700,000.

For the three months ended March 31, 2012, we recognized $499,000 in interest expense and $76,000 in amortization of loan costs. For the three months ended March 31, 2011, we recognized $477,000 in interest expense and $36,000 in amortization of loan costs related to this credit facility. The change in the fair value of the interest rate swap agreement at March 31, 2011 was $1,254,000 and was recognized as an offset to interest expense in our Condensed Consolidated Statements of Comprehensive Income.