Debt (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Debt

	December 31,
	2012		2011
Homebuilding:
Other term debt:
Capital lease obligations due in monthly installments through 2014 (a)	$	757	$	1,613
Senior notes (b)	$	598,988	$	—
Mortgage Banking:
Master repurchase agreement (c)	$	—	$	—

(a) The capital lease obligation has a fixed interest rate of 13.0% and is collateralized by buildings and equipment with a net book value of approximately $309 and $495 at December 31, 2012 and 2011, respectively.

(b) On September 10, 2012, NVR completed an offering for $600,000 of 3.95% Senior Notes due 2022 (the “Notes”) under a shelf registration statement filed on September 5, 2012 with the Securities and Exchange Commission (the “SEC”). The Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount in the accompanying consolidated balance sheet. The offering of the Notes resulted in aggregate net proceeds of approximately $593,900, after deducting underwriting discounts and other offering expenses. The Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15, commencing on March 15, 2013. The Notes are senior unsecured obligations and rank equally in right of payment with any of NVR’s existing and future unsecured senior indebtedness, will rank senior in right of payment to any of NVR’s future indebtedness that is by its terms expressly subordinated to the Notes and will be effectively subordinated to any of NVR’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The indenture governing the Notes has, among other items, and subject to certain exceptions, covenants that restrict the Company’s ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets.

(c) On August 1, 2012, NVRM entered into a revolving mortgage repurchase agreement with U.S. Bank National Association (the “Repurchase Agreement”). The purpose of the Repurchase Agreement is to finance the origination of mortgage loans by NVRM. The Repurchase Agreement provides for loan purchases up to $25,000, subject to certain sub limits. The Repurchase Agreement expires on July 31, 2013.

Future Minimum Lease Payments Under Capital Lease

The following schedule provides future minimum lease payments under the capital lease together with the present value as of December 31, 2012:

Year Ending December 31,
2013	$	703
2014		117
2015		—
2016		—
2017		—
Thereafter		—
		820
Amount representing interest		(63	)
	$	757

Debt Maturities

Maturities with respect to the Company’s debt as of December 31, 2012 are as follows:

Year Ending December 31,
2013	$	642
2014		115
2015		—
2016		—
2017		—
Thereafter		600,000
Total	$	600,757