In December 2011, the Company entered into a loan agreement with Fannie Mae in the amount of $53.3 million to refinance seven of the 16 communities mentioned in the financing above. The Fannie Mae loan agreement has a ten-year term and interest accrues at a fixed rate of 4.93%. Monthly principal and interest payments are based on a 30-year amortization period, with the balance due in full on January 1, 2022.In December 2011, the Company entered into a loan agreement with the Department of Housing and Urban Development (HUD) in the amount of $17.9 million to refinance debt on three communities. The HUD loan agreement has a 35-year term and interest accrues at a fixed rate of 3.70%. The balance is due in full on January 1, 2047.
- Consolidated revenue in the range of $1.3 billion to $1.325 billion.
- Routine capital expenditures in the range of $24.0 million to $26.0 million.
- General and administrative expenses as a percent of total operated revenue to be approximately 4.8%, excluding non-cash stock-based compensation expenses.
- CFFO, as adjusted, in the range of $1.60 to $1.70 per share.