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Revolving Credit Facility
9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Revolving Credit Facility
Revolving Credit Facility

On September 30, 2013, the Company entered into an agreement to amend its existing revolving credit facility with five commercial lenders (as amended, the “Unsecured Credit Facility”). The amount of the Unsecured Credit Facility was increased from $175,000,000 to $205,000,000 and the amount of permitted acquisition investments over the previous twelve-month period was increased from 10% to 20% of the Company’s consolidated tangible net worth and included an additional allowance for permitted acquisition investments of up to $60,000,000 during the period beginning September 30, 2013, and ending December 31, 2013. The Unsecured Credit Facility continues to bear interest at the prevailing 30-day LIBOR rate plus a fixed spread of 2.0% and matures in February 2015. The interest rate on amounts outstanding under the Unsecured Credit Facility was 2.19% at September 30, 2013. At September 30, 2013, the Company had $152,500,000 outstanding under the Unsecured Credit Facility and $52,500,000 available for borrowings. During the nine months ended September 30, 2013, the Company received net proceeds of $50,000,000 from the Unsecured Credit Facility.