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):
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Property and Related Loan Type
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Interest Rate at
December 31,
2013 (1)
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Payment Terms
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Maturity
Date (2) |
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Outstanding |
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Principal
Balance |
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As of
December 31, |
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2013 |
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2012 |
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Perennial SNFs;
Mortgage loan (3)
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LIBOR plus
4.25% per annum
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Monthly interest only payments through 2015; principal and interest
payments thereafter based on a 30-year amortization schedule
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5/31/2016 |
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$ |
30,000 |
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$ |
— |
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Calvert MOBs ;
Mortgage loan (4)
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LIBOR plus
2.50% per annum
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Monthly interest only payments for the first 18 months; principal
and interest payments thereafter based on a 30-year amortization
schedule
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8/30/2018 |
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26,274 |
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— |
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Medical Portfolio I;
Mortgage loan (5)
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LIBOR plus
2.65% per annum
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Monthly principal and interest payments based on a 30-year
amortization schedule
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9/5/2016 |
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35,512 |
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— |
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HarborChase of Villages Crossing;
Construction loan
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LIBOR plus
3.2% per annum
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Monthly interest only payments through 2015; principal and interest
payments thereafter based on a 30-year amortization schedule
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9/1/2017 |
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13,130 |
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— |
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Dogwood Community;
Construction loan
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LIBOR plus
3.2% per annum
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Monthly interest only payments through 2015; principal and interest
payments thereafter based on a 30-year amortization schedule
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1/1/2018 |
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3,765 |
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— |
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Knoxville MOBs;
Mortgage loan (6)
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LIBOR plus
2.50% per annum
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Monthly interest only payments for the first 18 months; principal
and interest payments thereafter based on a 30-year amortization
schedule
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7/10/2018 |
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38,609 |
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— |
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Primrose II Communities;
Bridge loan
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(8) |
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Monthly interest only payments based on LIBOR plus 3.75% per
annum
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(8) |
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— |
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49,687 |
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Total variable rate debt
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147,290 |
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49,687 |
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Pacific Northwest I Communities;
Mortgage loan
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4.30% per annum |
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Monthly principal and interest payments based on a 30-year
amortization schedule
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12/5/2018 |
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157,549 |
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— |
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Capital Health Communities;
Mortgage loan
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4.25% per annum |
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Monthly principal and interest payments based on a 25-year
amortization schedule
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1/1/2020 |
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47,481 |
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48,500 |
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Primrose II Communities;
Mortgage loan
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3.81% per annum |
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Monthly principal and interest payments based on a 30-year
amortization schedule
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6/1/2020 |
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23,337 |
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— |
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Primrose I Communities;
Mortgage loan (7)
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4.11% per annum |
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Monthly principal and interest payments based on a 30-year
amortization schedule
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9/1/2022 |
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54,031 |
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54,964 |
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LaPorte Cancer Center;
Mortgage loan
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4.25% per annum
through 2020
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Monthly interest only payments
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6/14/2028 |
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8,419 |
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— |
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CHTSun IV; Mezzanine loan
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(9) |
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Monthly interest only payments of 8.0% per annum
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(9) |
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— |
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40,000 |
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Total fixed rate debt
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$ |
290,817 |
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$ |
143,464 |
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Total debt
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$ |
438,107 |
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$ |
193,151 |
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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 $0.8 million upon the repayment of the CHTSunIV
mezzanine loan prior to its maturity date. These amounts are
included in interest expense and loan cost amortization in the
accompanying consolidated statement of operations. |
|
Schedule of Future Principal Payments and Maturity |
The following is a schedule of future principal payments and
maturity for the Company’s borrowings as of December 31,
2013 (in thousands):
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2014
|
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$ |
7,169 |
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2015
|
|
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9,704 |
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2016
|
|
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171,152 |
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2017
|
|
|
22,046 |
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2018
|
|
|
208,231 |
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Thereafter
|
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118,305 |
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$ |
536,607 |
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