(11) Debt

Bank Line of Credit and Term Loan

The Company's $1.5 billion unsecured revolving line of credit facility (the "Facility") matures in March 2016 and contains a one-year extension option. Borrowings under the Facility accrue interest at LIBOR plus a margin that depends on the Company's debt ratings. The Company pays a facility fee on the entire revolving commitment that depends upon its debt ratings. Based on the Company's debt ratings at December 31, 2013, the margin on the Facility was 1.075%, and the facility fee was 0.175%. The Facility also includes a feature that will allow the Company to increase the borrowing capacity by an aggregate amount of up to $500 million, subject to securing additional commitments from existing lenders or new lending institutions. At December 31, 2013, the Company had no balance outstanding under this Facility.

On July 30, 2012, the Company entered into a credit agreement with a syndicate of banks for a £137 million ($227 million at December 31, 2013) four-year unsecured term loan (the "Term Loan") that accrues interest at a rate of GBP LIBOR plus 1.20%, based on the Company's current debt ratings. Concurrent with the closing of the Term Loan, the Company entered into a four-year interest rate swap contract that fixes the interest rate of the Term Loan at 1.81%, subject to adjustments based on the Company's debt ratings. The Term Loan contains a one-year committed extension option.

The Facility and Term Loan contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements, (i) limit the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value to 60%, (ii) limit the ratio of Secured Debt to Consolidated Total Asset Value to 30%, (iii) limit the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value to 60%, (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times and (v) require a formula-determined Minimum Consolidated Tangible Net Worth of $9.2 billion at December 31, 2013. At December 31, 2013, the Company was in compliance with each of these restrictions and requirements of the Facility and Term Loan.

Senior Unsecured Notes

At December 31, 2013, the Company had senior unsecured notes outstanding with an aggregate principal balance of $7.0 billion. At December 31, 2013, interest rates on the notes ranged from 1.21% to 6.98% with a weighted average effective rate of 4.97% and a weighted average maturity of six years. Discounts and premiums are amortized to interest expense over the term of the related senior unsecured notes. The senior unsecured notes contain certain covenants including limitations on debt, cross-acceleration provisions and other customary terms. As of December 31, 2013, the Company believes it was in compliance with these covenants.

On December 16, 2013, the Company repaid $400 million of maturing senior unsecured notes, which accrued interest at a rate of 5.65%. The senior unsecured notes were repaid with a portion of the proceeds from the Company's November 2013 bond offering.

On November 12, 2013, the Company issued $800 million of 4.25% senior unsecured notes due in 2023. The notes were priced at 99.540% of the principal amount with an effective yield to maturity of 4.307%; net proceeds from this offering were $789 million.

On February 28, 2013, the Company repaid $150 million of maturing 5.625% senior unsecured notes.

On November 19, 2012, the Company issued $800 million of 2.625% senior unsecured notes due in 2020. The notes were priced at 99.729% of the principal amount with an effective yield to maturity of 2.667%. Net proceeds from this offering were $793 million.

On July 23, 2012, the Company issued $300 million of 3.15% senior unsecured notes due in 2022. The notes were priced at 98.888% of the principal amount with an effective yield to maturity of 3.28%; net proceeds from the offering were $294 million.

On June 25, 2012, the Company repaid $250 million of maturing senior unsecured notes, which accrued interest at a rate of 6.45%. The senior unsecured notes were repaid with proceeds from the Company's June 2012 common stock offering.

On January 23, 2012, the Company issued $450 million of 3.75% senior unsecured notes due in 2019. The notes were priced at 99.523% of the principal amount with an effective yield to maturity of 3.83%; net proceeds from the offering were $444 million.

The following is a summary of senior unsecured notes outstanding by maturity date at December 31, 2013 (dollars in thousands):

Maturity	Principal Amount

2014	$	487,000		3.21	%
2015		400,000		6.57
2016		900,000		5.10
2017		750,000		6.03
2018		600,000		6.83
2019		450,000		3.96
2020		800,000		2.79
2021		1,200,000		5.60
2022		300,000		3.39
2023		800,000		4.41
2041		300,000		6.88

		6,987,000
Discounts, net		(23,625	)

	$	6,963,375

Mortgage Debt

At December 31, 2013, the Company had $1.4 billion in aggregate principal amount of mortgage debt outstanding that is secured by 126 healthcare facilities (including redevelopment properties) that had a carrying value of $1.8 billion. At December 31, 2013, interest rates on the mortgage debt range from 0.69% to 8.69% with a weighted average effective interest rate of 6.19% and a weighted average maturity of three years.

The following is a summary of mortgage debt outstanding by maturity date at December 31, 2013 (dollars in thousands):

Maturity	Amount

2014	$	179,525		5.80	%
2015		308,421		5.96
2016		291,738		6.89
2017		550,477		6.20
2018		6,583		5.90
Thereafter		65,242		5.09

		1,401,986
Discounts, net		(5,501	)

	$	1,396,485

Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets and is generally non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires maintenance of insurance on the assets and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt is also cross-collateralized by multiple assets and may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets.

Other Debt

At December 31, 2013, the Company had $75 million of non-interest bearing life care bonds at two of its continuing care retirement communities and non-interest bearing occupancy fee deposits at two of its senior housing facilities, all of which were payable to certain residents of the facilities (collectively, "Life Care Bonds"). The Life Care Bonds are generally refundable to the residents upon the termination of the contract or upon the successful resale of the unit.

Debt Maturities

The following table summarizes the Company's stated debt maturities and scheduled principal repayments at December 31, 2013 (in thousands):

Year	Term Loan⁽¹⁾		Senior Unsecured Notes			Mortgage Debt			Total⁽²⁾

2014	$	—	$	487,000		$	179,525		$	666,525
2015		—		400,000			308,421			708,421
2016		226,858		900,000			291,738			1,418,596
2017		—		750,000			550,477			1,300,477
2018		—		600,000			6,583			606,583
Thereafter		—		3,850,000			65,242			3,915,242

		226,858		6,987,000			1,401,986			8,615,844
Discounts, net		—		(23,625	)		(5,501	)		(29,126	)

	$	226,858	$	6,963,375		$	1,396,485		$	8,586,718

(1): Represents £137 million translated into U.S. dollars as of December 31, 2013.
(2): Excludes $75 million of other debt that represents Life Care Bonds, which have no scheduled maturities.