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Debt Obligations | 9 Months Ended
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Sep. 30, 2014
Debt Obligations |
Debt Obligations | 4.Debt Obligations Bank Borrowings. At September 30, 2014, we had an Unsecured Credit Agreement that provided for a revolving line of credit up to $240,000,000 with the opportunity to increase the credit amount up to a total of $350,000,000. The Unsecured Credit Agreement matured on May 25, 2016 and provided for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at September 30, 2014, the facility provided for interest annually at LIBOR plus 150 basis points and an unused commitment fee of 30 basis points. During the nine months ended September 30, 2014, we borrowed $28,500,000 and repaid $30,000,000 under our Unsecured Credit Agreement. At September 30, 2014, we had $19,500,000 outstanding and $220,500,000 available for borrowing. At September 30, 2014, we were in compliance with all covenants. In October 2014, we amended our Unsecured Credit Agreement increasing the commitment to $400,000,000 with the opportunity to increase the credit amount up to a total of $600,000,000. Additionally, the drawn pricing was decreased by 25 basis points. Based on our leverage at September 30, 2014, the amended facility provides for interest annually at LIBOR plus 125 basis points and an unused commitment fee of 30 basis points. The maturity of the facility was extended to October 14, 2018 with a one-year extension at our discretion, subject to customary conditions. Also, in October 2014, we borrowed $9,000,000 and repaid $4,500,000 under our Unsecured Credit Agreement. Accordingly, we have $24,000,000 outstanding and $376,000,000 available for borrowing. Senior Unsecured Notes. At September 30, 2014 and December 31, 2013, we had $281,633,000 and $255,800,000, respectively, outstanding under our Senior Unsecured Notes with a weighted average interest rate of 4.8%. During the three months ended September 30, 2014, we sold $30,000,000 senior unsecured term notes to affiliates and managed accounts of Prudential Investment Management, Inc. under our Amended and Restated Note Purchase and Private Shelf agreement. These notes bear interest at 4.5% and will mature on July 31, 2026. We used the proceeds to pay down our unsecured revolving line of credit. As a result of the sale of $30,000,000 senior unsecured term notes, our Amended and Restate Note Purchase and Private Shelf agreement has been exhausted with no more availability. During the nine months ended September 30, 2014, we paid $4,167,000 in regularly scheduled principal payments. Bonds Payable. At September 30, 2014 and December 31, 2013, we had outstanding principal of $1,400,000 and $2,035,000 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 nine months ended September 30, 2014, the weighted average interest rate, including letter of credit fees, on the outstanding bonds was 3.3%. During the nine months ended September 30, 2014 and 2013, we paid $635,000 and $600,000, respectively, in regularly scheduled principal payments. In November 2014, we paid off these bonds at par.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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