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Indebtedness | 9 Months Ended
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Sep. 30, 2011
Indebtedness |
Indebtedness |
Note 6. Indebtedness In connection with the acquisitions discussed above in Note 3 above, during the three months ended September 30, 2011, we assumed $28,869 of mortgage debt with a weighted average interest rate of 6.16% and a weighted average maturity of 5.3 years. We recorded the assumed mortgages at their fair value which approximated their outstanding principal balances. We determined the fair value of the assumed mortgages using a market approach based upon Level 2 inputs (significant other observable inputs) in the fair value hierarchy. Our principal debt obligations at September 30, 2011 were: our $750,000 unsecured revolving credit facility; three public issuances of unsecured senior notes of $225,000 principal amount due 2012 at an annual interest rate of 8.625%, $250,000 principal amount due 2016 at an annual interest rate of 4.30% and $200,000 principal amount due 2020 at an annual interest rate of 6.75%; and $709,624 aggregate principal amount of mortgages secured by 73 of our properties. The 73 mortgaged properties had a carrying value of $872,574 at September 30, 2011. We also have two properties subject to capital leases totaling $14,304 at September 30, 2011; these two properties had a carrying value of $16,562 at September 30, 2011. The interest payable for amounts drawn under our $750,000 revolving credit facility is LIBOR plus a spread. We can borrow, repay and reborrow until maturity, and no principal repayment is due until maturity. The interest rate payable on borrowings under our revolving credit facility was 1.8% at September 30, 2011. In addition to interest, we pay certain fees to maintain our revolving credit facility and we amortize certain set up costs. Our revolving credit facility is available for acquisitions, working capital and general business purposes. As of September 30, 2011, we had $210,000 outstanding under our revolving credit facility and $540,000 available under our revolving credit facility. Our revolving credit facility contains financial covenants and requires us to maintain certain financial ratios and a minimum net worth. We believe we were in compliance with these covenants during the periods presented. Our revolving credit facility matures in June 2015.

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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 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: 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 4: 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 + Details
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