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Debt | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt | Debt Bank Line of Credit and Term Loans The Company’s $2.0 billion unsecured revolving line of credit facility (the “Facility”) matures on March 31, 2018 and contains a committed one-year extension option, at a cost of 30 basis points. Borrowings under the Facility accrue interest at LIBOR plus a margin that depends on the Company’s credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at September 30, 2017, the margin on the Facility was 1.05% and the facility fee was 0.20%. The Facility also includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $500 million, subject to securing additional commitments. During the nine months ended September 30, 2017, the Company had net repayments of $316 million primarily using proceeds from the RIDEA II joint venture disposition, the sale of its Four Seasons Notes and the repayment of its HC-One Facility. At September 30, 2017, the Company had $606 million, including £105 million ($141 million), outstanding under the Facility, with a weighted average effective interest rate of 2.40%. On October 19, 2017, the Company terminated the Facility and executed a new $2.0 billion unsecured revolving line of credit facility (the “New Facility”) maturing on October 19, 2021. Borrowings under the New Facility accrue interest at LIBOR plus a margin that depends on the Company’s credit ratings (1.00% initially). The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings (0.20% initially). The New Facility contains two, six-month extension options and includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. On July 30, 2012, the Company entered into a credit agreement with a syndicate of banks for a £137 million unsecured term loan (the “2012 Term Loan”). In March 2017, the Company repaid the 2012 Term Loan. On June 30, 2017, the Company repaid £51 million of its four-year unsecured term loan entered into in January 2015 (the “2015 Term Loan”). Concurrently, the Company terminated its three-year interest rate swap which fixed the interest of the 2015 Term Loan, and therefore, beginning June 30, 2017, the 2015 Term Loan accrues interest at a rate of British pound sterling (“GBP”) LIBOR plus 1.15%, subject to adjustments based on the Company’s credit ratings. At September 30, 2017 the Company had £169 million ($226 million) outstanding on the 2015 Term Loan. The Facility (and following its termination, the New Facility) and 2015 Term Loan contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements: (i) limit the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value to 60%; (ii) limit the ratio of Secured Debt to Consolidated Total Asset Value to 30%; (iii) limit the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a Minimum Consolidated Tangible Net Worth of $6.5 billion. At September 30, 2017, the Company was in compliance with each of these restrictions and requirements of the Facility and 2015 Term Loan. Senior Unsecured Notes At September 30, 2017, the Company had senior unsecured notes outstanding with an aggregate principal balance of $6.5 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at September 30, 2017. The following table summarizes the Company’s senior unsecured note payoffs for the nine months ended September 30, 2017 (dollars in thousands):
Date |  | Amount |  | Coupon Rate
May 1, 2017 |  | $ | 250,000 |  |  | 5.625 | %
July 27, 2017(1) |  | $ | 500,000 |  |  | 5.375 | %
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(1) | The Company recorded a $54 million loss on debt extinguishment related to the repurchase of senior notes.
The following table summarizes the Company’s senior unsecured notes payoffs for the year ended December 31, 2016 (dollars in thousands):
Date |  | Amount |  | Coupon Rate
February 1, 2016 |  | $ | 500,000 |  |  | 3.750 | %
September 15, 2016 |  | $ | 400,000 |  |  | 6.300 | %
November 30, 2016 |  | $ | 500,000 |  |  | 6.000 | %
November 30, 2016 |  | $ | 600,000 |  |  | 6.700 | %
There were no senior unsecured notes issuances for the nine months ended September 30, 2017 and the year ended December 31, 2016. Mortgage Debt At September 30, 2017, the Company had $139 million in aggregate principal of mortgage debt outstanding, which is secured by 16 healthcare facilities (including redevelopment properties) with a carrying value of $303 million. In March 2017, the Company paid off $472 million of mortgage debt. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2017 (in thousands):
Year |  | Bank Line of Credit(1) |  | 2015 Term Loan(2) |  | Senior Unsecured Notes(3) |  | Mortgage Debt(4) |  | Total(5)
2017 (three months) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 847 |  |  | $ | 847 |
2018 |  | 605,837 |  |  | — |  |  | — |  |  | 3,512 |  |  | 609,349 |
2019 |  | — |  |  | 226,680 |  |  | 450,000 |  |  | 3,700 |  |  | 680,380 |
2020 |  | — |  |  | — |  |  | 800,000 |  |  | 3,758 |  |  | 803,758 |
2021 |  | — |  |  | — |  |  | 700,000 |  |  | 11,117 |  |  | 711,117 |
Thereafter |  | — |  |  | — |  |  | 4,500,000 |  |  | 116,481 |  |  | 4,616,481 |
|  | 605,837 |  |  | 226,680 |  |  | 6,450,000 |  |  | 139,415 |  |  | 7,421,932 |
(Discounts), premium and debt costs, net |  | — |  |  | (475 | ) |  | (56,074 | ) |  | 6,002 |  |  | (50,547 | )
|  | $ | 605,837 |  |  | $ | 226,205 |  |  | $ | 6,393,926 |  |  | $ | 145,417 |  |  | $ | 7,371,385 |
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(1) | Includes £105 million translated into U.S. dollars (“USD”). The Bank Line of Credit was terminated on October 19, 2017 and the Company executed a New Facility which matures in October 2021.
(2) | Represents £169 million translated into USD.
(3) | Effective interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective interest rate of 4.19% and a weighted average maturity of six years.
(4) | Interest rates on the mortgage debt ranged from 2.01% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 20 years.
(5) | Excludes $95 million of other debt that have no scheduled maturities.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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