XML 37 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Indebtedness
 3 Months Ended
Mar. 31, 2012
Indebtedness  
Indebtedness

Note 6.  Indebtedness

 

Our principal debt obligations at March 31, 2012 were: our $750,000 unsecured revolving credit facility; three public issuances of unsecured senior notes, including: $250,000 principal amount due 2016 at an annual interest rate of 4.30%, $200,000 principal amount due 2020 at an annual interest rate of 6.75% and $300,000 principal amount due 2021 at an annual interest rate of 6.75%; and $831,599 aggregate principal amount of mortgages secured by 78 of our properties with maturity dates from 2012 to 2038.  The 78 mortgaged properties had a carrying value of $1,093,242 at March 31, 2012.  We also have two properties subject to capital leases totaling $14,109 at March 31, 2012; these two properties had a carrying value of $15,835 at March 31, 2012.

 

In January 2012, we repaid all $225,000 of our 8.625% unsecured senior notes at their maturity date.  We funded this repayment using borrowings under our revolving credit facility.

 

In February 2012, we paid in full a mortgage loan encumbering one of our properties that had a principal balance of approximately $12,400, an interest rate of 6.03% and a maturity date in March 2012.  In April 2012, we paid in full 17 mortgage loans with a weighted average interest rate of 6.95% encumbering 17 of our properties for $32,765, including accrued interest, that had maturity dates in June and July 2012.

 

The interest rate payable for amounts drawn under our $750,000 revolving credit facility is LIBOR plus 160 basis points, subject to adjustments based on our credit ratings.  We can borrow, repay and reborrow under the credit facility until maturity, and no principal repayment is due until maturity.  The interest rate payable on borrowings under our revolving credit facility was 1.80% at March 31, 2012.  In addition to interest, we pay certain fees to maintain this 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 March 31, 2012, we had $265,000 outstanding and $485,000 available under this revolving credit facility.  Our revolving credit facility contains financial covenants that require us to maintain 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 and includes an option for us to extend the facility for one year to June 2016 upon payment of a fee, and includes a feature under which maximum borrowings may be increased up to $1,500,000, subject to certain conditions.