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Debt Obligations
 3 Months Ended
Mar. 31, 2012
Debt Obligations  
Debt Obligations

5.                                      Debt Obligations

 

Bank Borrowings. We have a $210,000,000 Unsecured Credit Agreement which provides for the opportunity to increase the credit amount up to a total of $250,000,000. The Unsecured Credit Agreement provides a revolving line of credit with no scheduled maturities other than the maturity date of April 18, 2015, and allows us to borrow at 150 basis points over LIBOR based on current leverage ratios.

 

During the three months ended March 31, 2012, we borrowed $17,000,000 under our Unsecured Credit Agreement.  At March 31, 2012, we had $73,000,000 outstanding at an interest rate of LIBOR plus 1.50% and $137,000,000 available for borrowing. At March 31, 2012, we were in compliance with all our covenants.

 

Senior Unsecured Notes.  At March 31, 2012 and December 31, 2011, we had $100,000,000 outstanding under our Senior Unsecured Notes and $100,000,000 available under an Amended and Restated Note Purchase and Private Shelf agreement with Prudential Investment Management, Inc. (individually and collectively “Prudential”) which provides for the possible issuance of senior unsecured fixed-rate term notes during a three-year issuance period.

 

Bonds Payable.  At March 31, 2012 and December 31, 2011, we had outstanding principal of $2,635,000 and $3,200,000 respectively, on multifamily tax-exempt revenue bonds that are secured by five assisted living properties in Washington.  These bonds bear interest at a variable rate that is reset weekly and mature during 2015.  For the three months ended March 31, 2012, the weighted average interest rate, including letter of credit fees, on the outstanding bonds was 2.2%.  During the three months ended March 31, 2012 and 2011, we paid $565,000 and $530,000, respectively, in regularly scheduled principal payments.  As of March 31, 2012 and December 31, 2011, the aggregate carrying value of real estate properties securing our bonds payable was $6,849,000 and $6,915,000, respectively.