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Debt | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt Bank Line of Credit and Term Loan The Company’s $2.0 billion unsecured revolving line of credit facility (the “Facility”) matures on October 19, 2021 and contains two, six-month extension options. 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 March 31, 2018, the margin on the Facility was 1.00% 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 $750 million, subject to securing additional commitments. At March 31, 2018, the Company had $1.1 billion, including £105 million ($147 million), outstanding under the Facility, with a weighted average effective interest rate of 2.99%. On April 6, 2018, the Company paid down $290 million outstanding under the Facility primarily using proceeds from asset sales to Brookdale (see Note 3). At March 31, 2018, the Company had £169 million ($237 million) outstanding on its term loan, which accrues interest at a rate of GBP LIBOR plus 1.15%, subject to adjustments based on the Company’s credit ratings. The term loan matures in January 2019 and contains a one-year committed extension option. The Company has a one-time right to repay the outstanding GBP balance and re-borrow in USD with all other key terms unchanged. The Facility and 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 March 31, 2018, the Company was in compliance with each of these restrictions and requirements of the Facility and term loan. Senior Unsecured Notes At March 31, 2018, 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 March 31, 2018. The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2017 (dollars in thousands):
Date |  | Amount |  | Coupon Rate
May 1, 2017 |  | $ | 250,000 |  |  | 5.625 | %
July 27, 2017 |  | $ | 500,000 |  |  | 5.375 | %
There were no senior unsecured notes repayments during the three months ended March 31, 2018. There were no senior unsecured notes issuances during the three months ended March 31, 2018 or year ended December 31, 2017. Mortgage Debt At March 31, 2018, the Company had $138 million in aggregate principal of mortgage debt outstanding, which is secured by 16 healthcare facilities (including redevelopment properties) with a carrying value of $296 million. In March 2017, the Company paid off $472 million of mortgage debt. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets and is generally non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires maintenance of insurance on the assets and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2018 (in thousands):
Year |  | Bank Line of Credit(1) |  | Term Loan(2) |  | Senior Unsecured Notes(3) |  | Mortgage Debt(4) |  | Total(5)
2018 (nine months) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,649 |  |  | $ | 2,649 |
2019 |  | — |  |  | 237,175 |  |  | 450,000 |  |  | 3,700 |  |  | 690,875 |
2020 |  | — |  |  | — |  |  | 800,000 |  |  | 3,758 |  |  | 803,758 |
2021 |  | 1,092,357 |  |  | — |  |  | 700,000 |  |  | 11,117 |  |  | 1,803,474 |
2022 |  | — |  |  | — |  |  | 900,000 |  |  | 2,861 |  |  | 902,861 |
Thereafter |  | — |  |  | — |  |  | 3,600,000 |  |  | 113,619 |  |  | 3,713,619 |
|  | 1,092,357 |  |  | 237,175 |  |  | 6,450,000 |  |  | 137,704 |  |  | 7,917,236 |
(Discounts), premium and debt costs, net |  | — |  |  | (297 | ) |  | (51,024 | ) |  | 5,820 |  |  | (45,501 | )
|  | $ | 1,092,357 |  |  | $ | 236,878 |  |  | $ | 6,398,976 |  |  | $ | 143,524 |  |  | $ | 7,871,735 |
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(1) | Includes £105 million translated into U.S. dollars (“USD”).
(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 4.20% and a weighted average maturity of six years.
(4) | Interest rates on the mortgage debt ranged from 1.95% to 5.91% with a weighted average effective interest rate of 4.18% and a weighted average maturity of 20 years.
(5) | Excludes $94 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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