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Borrowing Arrangements | 3 Months Ended
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Mar. 31, 2013
Borrowing Arrangements | Borrowing Arrangements Mortgage Notes Payable As of March 31, 2013 and December 31, 2012, we had outstanding mortgage indebtedness on Properties held for long term investment of approximately $2,051 million and $2,070 million, respectively. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the quarter ended March 31, 2013 was approximately 5.5% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2013 to 2023. The debt encumbered a total of 170 and 171 of our Properties as of March 31, 2013 and December 31, 2012, respectively, and the carrying value of such Properties was approximately $2,478 million and $2,494 million, respectively, as of such dates. During the quarter ended March 31, 2013, we paid off one maturing mortgage totaling approximately $8.3 million, with a stated interest rate of 5.3% per annum. On April 1, 2013, we paid off one maturing mortgage totaling approximately $4.6 million, with a weighted stated interest rate of 7.3% per annum. Term Loan Our $200.0 million Term Loan matures on June 30, 2017 and has a one-year extension option, an interest rate of LIBOR plus 1.85% to 2.80% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty after July 1, 2014. Prior to July 1, 2014, a prepayment penalty of 2% of the amount prepaid would be owed. The spread over LIBOR is variable based on leverage measured quarterly throughout the loan term. The Term Loan contains customary representations, warranties and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, we also entered into a three year, $200.0 million LIBOR notional Swap Agreement (the “Swap”) allowing us to trade our variable interest rate for a fixed interest rate on the Term Loan. (See Note 8 in the Notes to Consolidated Financial Statements contained in this Form 10-Q for further information on the accounting for the Swap.) Unsecured Line of Credit As of March 31, 2013 and December 31, 2012, our unsecured Line of Credit (“LOC”) had an availability of $380 million of which no amounts were outstanding. On July 20, 2012, we amended our LOC to (i) decrease the per annum interest rate to LIBOR plus a maximum of 1.40% to 2.00%, bearing a facility rate of 0.25% to 0.40%, (ii) extend the maturity of the LOC to September 15, 2016, (iii) lengthen the extension option to one year, and (iv) effect other minor changes. We incurred commitment and arrangement fees of approximately $1.3 million to enter into the amended LOC. Prior to the amendment, our LOC bore interest at a LIBOR rate plus 1.65% to 2.50%, contained a 0.30% to 0.40% facility fee and had a maturity date of September 18, 2015. We had an eight month extension option under the LOC, subject to payment of certain administrative fees and the satisfaction of certain other enumerated conditions. As of March 31, 2013, we are in compliance with covenants in our borrowing arrangements.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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