Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKHOLDERS' EQUITY |
NOTE 12 — STOCKHOLDERS’ EQUITY
On July 1, 2011, following approval by our stockholders, we amended our Amended and Restated
Certificate of Incorporation, as previously amended, to increase the number of authorized shares of
our capital stock to 610,000,000, comprised of 600,000,000 shares of common stock, par value $0.25
per share, and 10,000,000 shares of preferred stock, par value $1.00 per share.
On July 1, 2011, in connection with the NHP acquisition, we issued 99,849,106 shares of our
common stock to NHP stockholders and holders of NHP equity awards (which shares had a total value
of $5.4 billion based on the July 1, 2011 closing price of our common stock of $53.74 per share).
We reserved 2,253,366 additional shares of our common stock for issuance in connection with equity
awards and other convertible or exchangeable securities (specifically the OP Units) that we assumed
in connection with the NHP acquisition.
On June 20, 2011, in connection with the NHP acquisition, our Board of Directors declared a
prorated third quarter dividend on our common stock in the amount of $0.1264 per share, payable in
cash to stockholders of record at the close of business on June 30, 2011. The prorated dividend of
$23.8 million was paid on July 12, 2011. On August 19, 2011, our Board of Directors declared
another prorated third quarter dividend on our common stock in the amount of $0.4486 per share,
which was paid in cash on September 30, 2011 to stockholders of record on September 13, 2011.
Together, these two prorated amounts equate to our regular quarterly dividend of $0.575 per share
and constitute the third quarterly installment of our 2011 dividend.
On May 12, 2011, as partial consideration for the Atria Senior Living assets, we issued to the
sellers in a private placement 24,958,543 shares of our common stock (which shares had a total
value of $1.38 billion based on the May 12, 2011 closing price of our common stock of $55.33 per
share). On May 19, 2011, we filed a shelf registration statement relating to the resale of those
shares by the selling stockholders. Subsequent to September 30,
2011, we cancelled 83,441
shares issued to the sellers for a working capital adjustment in accordance with the purchase agreement.
In February 2011, we completed the sale of 5,563,000 shares of our common stock in an
underwritten public offering pursuant to our existing shelf registration statement. We received
$300.0 million in aggregate proceeds from the sale, which we used to repay existing mortgage debt
and for working capital and other general corporate purposes.
Accumulated Other Comprehensive Income
The following is a summary of our accumulated other comprehensive income as of September 30,
2011 and December 31, 2010:
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