BORROWING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2012

The following is a summary of our long-term borrowings:

		Current		December 31,
	Maturity	Rate		2012		2011
				(in thousands)
Secured borrowings:
HUD Berkadia mortgages assumed June 2010 (1)	2036 - 2040	6.61	%	$	62,921	$	64,533
HUD Capital Funding mortgages assumed June 2010 (1)	2040 - 2045	4.85	%		130,887		133,061
HUD mortgages assumed October 2011 (1)	2036 - 2040	4.87	%		31,991		32,813
HUD mortgages assumed December 2011(1)	2044	5.55	%		58,884		73,203
HUD mortgages assumed December 2012(1)	2031 - 2045	5.50	%		81,855		—
Total secured borrowings					366,538		303,610

Unsecured borrowings:
Revolving line of credit	2016 - 2017	1.81	%	$	258,000	$	272,500

2016 Notes	2016	7.00	%		—		175,000
2020 Notes	2020	7.50	%		200,000		200,000
2022 Notes	2022	6.75	%		575,000		575,000
2024 Notes	2024	5.875	%		400,000		—
Subordinated debt	2021	9.00	%		21,049		21,219
					1,196,049		971,219
Premium - net					4,345		4,071
Total unsecured borrowings					1,458,394		1,247,790
Totals – net				$	1,824,932	$	1,551,400

(1)

Reflects the weighted average interest rate on the mortgages.

Schedule of maturities of long-term debt

The required principal payments, excluding the premium/discount on the 2024, 2022 and 2020 Notes, for each of the five years following December 31, 2012 and the aggregate due thereafter are set forth below:

	(in thousands)
2013	$	5,251
2014		5,540
2015		5,845
2016		164,168
2017		106,509
Thereafter		1,501,398
Totals	$	1,788,711

Schedule of refinancing related costs

The following summarizes the refinancing related costs:

	Year Ended December 31,
	2012		2011		2010
	(in thousands)

Write off of deferred finance cost due to refinancing (1) (2)(3)	$	3,024	$	3,055	$	8,231
Prepayment and other costs associated with refinancing (4)		4,896		16		11,251
Total debt extinguishment costs	$	7,920	$	3,071	$	19,482

(1)

In 2012, we wrote-off: (a) $2.2 million deferred financing costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes; and (b) $2.5 million deferred financing costs associated with the termination of our $475 million 2011 Credit Facility. These costs were offset by a $1.7 million gain resulting from the write-off of unamortized premium on the four HUD loans that were paid off in the second quarter of 2012.

(2)

In 2011, we terminated our $320 million 2010 Credit Facility and wrote-off deferred financing costs of $3.1 million.

(3)

In 2010, we wrote-off: (a) $3.5 million associated with the termination of our $200 million 2009 Credit Facility, (b) $2.2 million associated with the termination of a $100 million GECC term loan and (c) $2.6 million associated with the tender offer and retirement of our outstanding $310 million 7% Senior Notes due 2014.

(4)

In 2012, we incurred $4.9 million prepayment penalties and other costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes. In 2010, we made prepayment penalties of: (a) $3.0 million for the early termination of a $100 million GECC term loan and (b) $8.3 million for the tender offer and retirement of our outstanding $310 million 7% Senior Notes due 2014.