Convertible Notes, Exchangeable Notes and Trust Preferred Securities

During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes. The notes pay interest semi-annually in arrears and mature in January 2030. The holders of the notes may require the Company to repurchase their notes in January 2017, January 2020 and January 2025 for cash equal to 100% of the notes to be repurchased, plus any accrued and unpaid interest. The Company may not redeem any notes prior to January 2017, except to preserve its REIT status. As of the date of filing this Annual Report, the notes have a conversion rate of 144.2599 common shares per one thousand principal amount of the notes, representing a conversion price of approximately $6.93 per common share. The conversion rate is subject to adjustment under certain circumstances, including increases in the Company's dividend rate above a certain threshold and the issuance of stock dividends. The notes are convertible by the holders under certain circumstances for cash, common shares or a combination of cash and common shares at the Company's election. The notes are convertible prior to the close of business on the second business day immediately preceding the stated maturity date, at any time beginning in January 2029 and also upon the occurrence of specified events. During 2012, $31,104 aggregate principal amount of the notes were converted for 4,487,060 common shares and an aggregate cash payment of $2,427 plus accrued and unpaid interest. The Company recognized an aggregate debt satisfaction charge of $7,842 relating to the conversions. Additional notes were converted in January 2013 (see note 22).

During 2007, the Company issued an aggregate $450,000 of 5.45% Exchangeable Guaranteed Notes due in 2027. These notes could be put to the Company commencing in 2012 and every five years thereafter through maturity. The notes were exchangeable by the holders into common shares at $19.49 per share, subject to adjustment upon certain events, including increases in the Company's rate of dividends above a certain threshold and the issuance of stock dividends. Upon exchange, the holders of the notes would receive (1) cash equal to the principal amount of the note and (2) to the extent the conversion value exceeded the principal amount of the note, either cash or common shares at the Company's option. During 2012 and 2010, the Company repurchased and retired all outstanding original principal amount of the notes for cash payments of $62,150 and $25,493, respectively. This resulted in debt satisfaction charges, net of $44 and $760, respectively, including write-offs of $20 and $768, respectively, of the debt discount and deferred financing costs.

Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes and the 5.45% Exchangeable Guaranteed Notes.



	6.00% Convertible Guaranteed Notes						5.45% Exchangeable Guaranteed Notes
Balance Sheets:	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Principal amount of debt component	$	83,896		$	115,000		$	—		$	62,150
Unamortized discount	(5,769		)	(9,851		)	—			(48		)
Carrying amount of debt component	$	78,127		$	105,149		$	—		$	62,102
Carrying amount of equity component	$	3,654		$	13,134		$	—		$	20,293
Effective interest rate	8.1		%	8.1		%	—		%	7.0		%
Period through which discount is being amortized, put date	01/2017			01/2017			—			01/2012
Aggregate if-converted value in excess of aggregate principal amount	$	42,579		$	7,907		$	—		$	—



Statements of Operations:	2012		2011		2010
6.00% Convertible Guaranteed Notes
Coupon interest	$	6,634	$	6,900	$	6,408
Discount amortization	1,868		1,938		1,776
	$	8,502	$	8,838	$	8,184
5.45% Exchangeable Guaranteed Notes
Coupon interest	$	188	$	3,387	$	3,504
Discount amortization	34		664		689
	$	222	$	4,051	$	4,193

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, were open for redemption at the Company's option commencing April 2012 and bear interest at a fixed rate of 6.804% through April 2017 and thereafter, at a variable rate of three month LIBOR plus 170 basis points through maturity. As of December 31, 2012 and 2011, there was $129,120 original principal amount of Trust Preferred Securities outstanding.

Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:



Year ending December 31,	Total
2013	$	—
2014	—
2015	—
2016	—
2017⁽¹⁾	83,896
Thereafter	129,120
	213,016
Debt discount	(5,769		)
	$	207,247


(1)	Although the 6.00% Convertible Guaranteed Notes mature in 2030, the notes can be put to the Company in 2017. See note 22 for subsequent events.