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Indebtedness (Tables)
12 Months Ended
Dec. 31, 2013
Schedule of Indebtedness

The following table provides details of the Company’s mortgages and other notes payable as of December 31, 2013 and 2012 (in thousands):

 

Property and Related Loan Type

  

Interest Rate at

December 31,

2013 (1)

  

Payment Terms

   Maturity
Date (2)
  Outstanding  
           Principal Balance  
           As of December 31,  
           2013      2012  

Perennial SNFs;

Mortgage loan (3)

  

LIBOR plus

4.25% per annum

  

Monthly interest only payments through 2015; principal and interest payments thereafter based on a 30-year amortization schedule

   5/31/2016   $ 30,000       $ —     

Calvert MOBs ;

Mortgage loan (4)

  

LIBOR plus

2.50% per annum

  

Monthly interest only payments for the first 18 months; principal and interest payments thereafter based on a 30-year amortization schedule

   8/30/2018     26,274         —     

Medical Portfolio I;

Mortgage loan (5)

  

LIBOR plus

2.65% per annum

  

Monthly principal and interest payments based on a 30-year amortization schedule

   9/5/2016     35,512         —     

HarborChase of Villages Crossing;

Construction loan

  

LIBOR plus

3.2% per annum

  

Monthly interest only payments through 2015; principal and interest payments thereafter based on a 30-year amortization schedule

   9/1/2017     13,130         —     

Dogwood Community;

Construction loan

  

LIBOR plus

3.2% per annum

  

Monthly interest only payments through 2015; principal and interest payments thereafter based on a 30-year amortization schedule

   1/1/2018     3,765         —     

Knoxville MOBs;

Mortgage loan (6)

  

LIBOR plus

2.50% per annum

  

Monthly interest only payments for the first 18 months; principal and interest payments thereafter based on a 30-year amortization schedule

   7/10/2018     38,609         —     

Primrose II Communities;

Bridge loan

   (8)   

Monthly interest only payments based on LIBOR plus 3.75% per annum

   (8)     —           49,687   
          

 

 

    

 

 

 
     

Total variable rate debt

       147,290         49,687   
          

 

 

    

 

 

 

Pacific Northwest I Communities;

Mortgage loan

   4.30% per annum   

Monthly principal and interest payments based on a 30-year amortization schedule

   12/5/2018     157,549         —     

Capital Health Communities;

Mortgage loan

   4.25% per annum   

Monthly principal and interest payments based on a 25-year amortization schedule

   1/1/2020     47,481         48,500   

Primrose II Communities;

Mortgage loan

   3.81% per annum   

Monthly principal and interest payments based on a 30-year amortization schedule

   6/1/2020     23,337         —     

Primrose I Communities;

Mortgage loan (7)

   4.11% per annum   

Monthly principal and interest payments based on a 30-year amortization schedule

   9/1/2022     54,031         54,964   

LaPorte Cancer Center;

Mortgage loan

  

4.25% per annum

through 2020

  

Monthly interest only payments

   6/14/2028     8,419         —     

CHTSun IV; Mezzanine loan

   (9)   

Monthly interest only payments of 8.0% per annum

   (9)     —           40,000   
          

 

 

    

 

 

 
     

Total fixed rate debt

     $ 290,817       $ 143,464   
          

 

 

    

 

 

 
     

Total debt

     $ 438,107       $ 193,151   
          

 

 

    

 

 

 

 

FOOTNOTES:

 

(1)  The 30-day London Interbank Offered Rate (“LIBOR”) was approximately 0.2% as of December 31, 2013 and 2012, respectively.
(2)  Represents the initial maturity date (or, as applicable, the maturity date as extended). The maturity date may be extended beyond the date shown subject to certain lender conditions.
(3)  The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 13, “Derivative Financial Instruments” for additional information.
(4)  The Company entered into a three-year forward interest rate swap with a notional amount of $26.1 million; see Note 13, “Derivative Financial Instruments” for additional information.
(5)  The Company entered into a two-year forward interest rate swap with a notional amount of $30 million; see Note 13, “Derivative Financial Instruments” for additional information.
(6)  The Company entered into a three-year forward interest rate swap with a notional amount of $38.3 million; see Note 13, “Derivative Financial Instruments” for additional information.
(7)  If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 31, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between June 1, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval.
(8)  The Company refinanced this bridge loan with the Primrose II Communities mortgage loan detailed herein.
(9)  For the year ended December 31, 2013, the Company recorded a write-off of approximately $0.2 million as a loss on the early extinguishment of debt and paid an exit fee of $0.8 million upon the repayment of the CHTSunIV mezzanine loan prior to its maturity date. These amounts are included in interest expense and loan cost amortization in the accompanying consolidated statement of operations.
Schedule of Future Principal Payments and Maturity

The following is a schedule of future principal payments and maturity for the Company’s borrowings as of December 31, 2013 (in thousands):

 

2014

   $ 7,169   

2015

     9,704   

2016

     171,152   

2017

     22,046   

2018

     208,231   

Thereafter

     118,305   
  

 

 

 
   $ 536,607