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Loan Receivable | 12 Months Ended
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Dec. 31, 2011
Loan Receivable |
Loan Receivable |
Note 6. Loan Receivable In May 2011, we and Five Star entered into a loan agreement under which we agreed to lend Five Star up to $80,000 to fund Five Star's purchase of six senior living communities that Five Star had agreed to acquire for an aggregate purchase price of approximately $122,800. Since June 2011, Five Star has completed its acquisition of these six communities and had borrowed all $80,000 of this Bridge Loan and has repaid $42,000. As of December 31, 2011, $38,000 in aggregate principal amount was outstanding and no additional borrowings were available under this Bridge Loan. The Bridge Loan is secured by mortgages on three of these senior living communities that Five Star acquired and on four other senior living communities owned by Five Star. The Bridge Loan matures on July 1, 2012 and bears interest at a rate equal to the annual rates of interest applicable to our borrowings under our revolving credit facility, plus 1%; as of December 31, 2011, the interest rate was 2.9% under the Bridge Loan. We recognized interest income from this Bridge Loan of $593 for the year ended December 31, 2011, which is included in interest and other income in our consolidated statements of income.

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