Schedule of long-term borrowings |
| |
|
|
|
Interest Rate as
of December 31, |
|
|
December 31, |
|
| |
|
Maturity |
|
2016 |
|
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
(in thousands) |
|
| Secured borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage term loan |
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
180,000 |
|
| HUD mortgages assumed December 2011(1) |
|
2044 |
|
|
3.06 |
% |
|
|
54,954 |
|
|
|
56,204 |
|
| Deferred financing costs – net |
|
|
|
|
|
|
|
|
(589 |
) |
|
|
(611 |
) |
| Total secured borrowings – net |
|
|
|
|
|
|
|
|
54,365 |
|
|
|
235,593 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unsecured borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revolving line of credit |
|
2018 |
|
|
2.06 |
% |
|
|
190,000 |
|
|
|
230,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tranche A-1 term loan |
|
2019 |
|
|
2.27 |
% |
|
|
200,000 |
|
|
|
200,000 |
|
| Tranche A-2 term loan |
|
2017 |
|
|
2.19 |
% |
|
|
200,000 |
|
|
|
200,000 |
|
| Tranche A-3 term loan |
|
2021 |
|
|
2.27 |
% |
|
|
350,000 |
|
|
|
— |
|
| Omega OP term loan |
|
2017 |
|
|
2.19 |
% |
|
|
100,000 |
|
|
|
100,000 |
|
| 2015 term loan |
|
2022 |
|
|
3.80 |
% |
|
|
250,000 |
|
|
|
250,000 |
|
| Deferred financing costs – net |
|
|
|
|
|
|
|
|
(5,657 |
) |
|
|
(4,307 |
) |
| Total term loans – net |
|
|
|
|
|
|
|
|
1,094,343 |
|
|
|
745,693 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 notes |
|
2023 |
|
|
4.375 |
% |
|
|
700,000 |
|
|
|
— |
|
| 2024 notes |
|
2024 |
|
|
5.875 |
% |
|
|
400,000 |
|
|
|
400,000 |
|
| 2024 notes |
|
2024 |
|
|
4.95 |
% |
|
|
400,000 |
|
|
|
400,000 |
|
| 2025 notes |
|
2025 |
|
|
4.50 |
% |
|
|
250,000 |
|
|
|
250,000 |
|
| 2026 notes |
|
2026 |
|
|
5.25 |
% |
|
|
600,000 |
|
|
|
600,000 |
|
| 2027 notes |
|
2027 |
|
|
4.50 |
% |
|
|
700,000 |
|
|
|
700,000 |
|
| Other |
|
2018 |
|
|
- |
|
|
|
3,000 |
|
|
|
— |
|
| Subordinated debt |
|
2021 |
|
|
9.00 |
% |
|
|
20,000 |
|
|
|
20,000 |
|
| Discount - net |
|
|
|
|
|
|
|
|
(17,151 |
) |
|
|
(17,118 |
) |
| Deferred financing costs – net |
|
|
|
|
|
|
|
|
(27,703 |
) |
|
|
(24,155 |
) |
| Total unsecured borrowings – net |
|
|
|
|
|
|
|
|
3,028,146 |
|
|
|
2,328,727 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total secured and unsecured borrowings – net |
|
|
|
|
|
|
|
$ |
4,366,854 |
|
|
$ |
3,540,013 |
|
|
(1) |
Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2016 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $65.7 million as of December 31, 2016. |
|
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter |
| |
|
(in thousands) |
|
| 2017 |
|
$ |
302,788 |
|
| 2018 |
|
|
192,828 |
|
| 2019 |
|
|
201,369 |
|
| 2020 |
|
|
1,412 |
|
| 2021 |
|
|
371,456 |
|
| Thereafter |
|
|
3,348,101 |
|
| Totals |
|
$ |
4,417,954 |
|
|
Schedule of refinancing related costs |
| |
|
Year Ended December 31, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
(in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| Write off of deferred financing cost and unamortized premiums due to refinancing (1)(2)(3) |
|
$ |
301 |
|
|
$ |
(7,134 |
) |
|
$ |
1,180 |
|
| Prepayment and other costs associated with refinancing (4) |
|
|
1,812 |
|
|
|
35,971 |
|
|
|
1,861 |
|
| Total debt extinguishment costs |
|
$ |
2,113 |
|
|
$ |
28,837 |
|
|
$ |
3,041 |
|
|
(1) |
In 2016, we recorded $0.3 million of write-offs of unamortized deferred financing costs associated with three facilities that were acquired via a deed-in-lieu foreclosure. |
|
(2) |
In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our 2020 Notes, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December
2015. |
|
(3) |
In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. |
|
(4) |
In 2016, we purchased a $180 million mortgage term loan and paid a 1% premium of approximately $1.8 million to purchase the debt. In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. |
|