|
Borrowing Arrangements (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Borrowing Arrangements |
|
| Summary of senior notes payable and other debt |
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
|
|
(In thousands)
|
|
|
Unsecured revolving credit facilities |
|
$ |
455,578 |
|
$ |
40,000 |
|
|
37/8% Convertible Senior Notes due 2011 |
|
|
— |
|
|
230,000 |
|
|
9% Senior Notes due 2012 |
|
|
82,433 |
|
|
82,433 |
|
|
81/4% Senior Notes due 2012 |
|
|
72,950 |
|
|
— |
|
|
Unsecured term loan due 2013 |
|
|
200,000 |
|
|
200,000 |
|
|
6.25% Senior Notes due 2013 |
|
|
269,850 |
|
|
— |
|
|
Unsecured term loan due 2015(1) |
|
|
126,875 |
|
|
— |
|
|
3.125% Senior Notes due 2015 |
|
|
400,000 |
|
|
400,000 |
|
|
6% Senior Notes due 2015 |
|
|
234,420 |
|
|
— |
|
|
61/2% Senior Notes due 2016 |
|
|
200,000 |
|
|
400,000 |
|
|
Unsecured term loan due 2017(1) |
|
|
375,000 |
|
|
— |
|
|
63/4% Senior Notes due 2017 |
|
|
225,000 |
|
|
225,000 |
|
|
4.750% Senior Notes due 2021 |
|
|
700,000 |
|
|
— |
|
|
6.90% Senior Notes due 2037 |
|
|
52,400 |
|
|
— |
|
|
6.59% Senior Notes due 2038 |
|
|
22,973 |
|
|
— |
|
|
Mortgage loans and other(2) |
|
|
2,762,964 |
|
|
1,349,521 |
|
| |
|
|
|
|
|
|
Total |
|
|
6,180,443 |
|
|
2,926,954 |
|
|
Capital lease obligations |
|
|
143,006 |
|
|
— |
|
|
Unamortized fair value adjustment |
|
|
144,923 |
|
|
11,790 |
|
|
Unamortized commission fees and discounts |
|
|
(39,256 |
) |
|
(38,700 |
) |
| |
|
|
|
|
|
|
Senior notes payable and other debt |
|
$ |
6,429,116 |
|
$ |
2,900,044 |
|
| |
|
|
|
|
|
- (1)
- The aggregate amounts presented above represent the $500.0 million of borrowings oustanding under our unsecured term loan facility. Certain amounts included in the 2015 tranche represent Canadian dollar borrowings.
- (2)
- The amounts presented above exclude debt related to real estate assets classified as held for sale as of December 31, 2011. The total mortgage debt for these properties as of December 31, 2011 was $14.6 million, and is included in accounts payable and other liabilities on the Consolidated Balance Sheet.
|
|
| Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
Due at Maturity |
|
Unsecured
Revolving Credit
Facility(1) |
|
Scheduled Periodic
Amortization |
|
Total Maturities |
|
|
|
(In thousands)
|
|
|
2012(2) |
|
$ |
267,044 |
|
$ |
— |
|
$ |
52,273 |
|
$ |
319,317 |
|
|
2013 |
|
|
921,890 |
|
|
— |
|
|
46,455 |
|
|
968,345 |
|
|
2014 |
|
|
237,648 |
|
|
— |
|
|
41,993 |
|
|
279,641 |
|
|
2015 |
|
|
985,647 |
|
|
455,578 |
|
|
34,163 |
|
|
1,475,388 |
|
|
2016 |
|
|
544,370 |
|
|
— |
|
|
27,689 |
|
|
572,059 |
|
|
Thereafter(2)(3) |
|
|
2,395,088 |
|
|
— |
|
|
170,605 |
|
|
2,565,693 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total maturities |
|
$ |
5,351,687 |
|
$ |
455,578 |
|
$ |
373,178 |
|
$ |
6,180,443 |
|
| |
|
|
|
|
|
|
|
|
|
- (1)
- At December 31, 2011, we had $45.8 million of unrestricted cash and cash equivalents, for $409.8 million of net borrowings outstanding under our unsecured revolving credit facility.
- (2)
- The amounts presented above exclude debt related to real estate assets classified as held for sale as of December 31, 2011. The total mortgage debt for these properties as of December 31, 2011 was $14.6 million and is scheduled to mature as follows: $5.7 million in 2012 and $8.9 million thereafter.
- (3)
- Includes $52.4 million aggregate principal amount of NHP LLC's 6.90% senior notes due 2037, which are subject to repurchase, at the option of the holders, on October 1 of each of 2012, 2017 and 2027, and $23.0 million aggregate principal amount of NHP LLC's 6.59% senior notes due 2038, which are subject to repurchase, at the option of the holders, on July 7 of each of 2013, 2018, 2023 and 2028.
|
|
| Future minimum lease payments required under the capital lease agreements |
|
Future minimum lease payments required under the capital lease agreements, including amounts that would be due under purchase options, as of December 31, 2011 are as follows (in thousands):
|
|
|
|
|
|
2012 |
|
$ |
9,446 |
|
|
2013 |
|
|
9,573 |
|
|
2014 |
|
|
9,699 |
|
|
2015 |
|
|
9,826 |
|
|
2016 |
|
|
9,953 |
|
|
Thereafter |
|
|
162,600 |
|
| |
|
|
|
|
Total minimum lease payments |
|
|
211,097 |
|
|
Less: Amount related to interest |
|
|
(68,091 |
) |
| |
|
|
|
|
|
|
$ |
143,006 |
|
| |
|
|
|
|
|