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Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events  
Subsequent Events

12.                               Subsequent Events

 

Subsequent to June 30, 2011 the following events occurred.

 

We received $649,000 plus accrued interest related to the payoff of a mortgage loan secured by a skilled nursing property located in Oklahoma.

 

We declared a monthly cash dividend of $0.14 per common share per month for the months of July, August and September, 2011, payable on July 29, August 31 and September 30, 2011, respectively, to stockholders of record on July 21, August 23 and September 22, 2011, respectively.

 

We sold to Prudential $50,000,000 aggregate principal amount of 4.8% senior unsecured term notes fully amortizing to maturity on July 20, 2021.  The proceeds were used to pay down amounts outstanding under our Unsecured Credit Agreement, as discussed below.

 

We borrowed $5,000,000 and repaid $50,000,000 under our Unsecured Credit Agreement.  As a result, we had $30,000,000 outstanding under our Unsecured Credit Agreement with $185,000,000 available for borrowing.

 

We purchased a 140-bed skilled nursing property located in Texas for an aggregate purchase price of $10,000,000.  Simultaneous with the purchase, we added the property to an existing master lease with an unrelated third-party operator at an incremental GAAP yield of 10.5%.

 

We extended the maturity of a $1,927,000 capital improvement commitment on a senior housing property providing a combination of skilled nursing and assisted living services from July 1, 2011 to August 31, 2011.  The commitment includes interest compounded at 10% on each advance made from the disbursement date until either the final distribution of the commitment or the maturity date. Upon final distribution or maturity of the capital improvement commitment, minimum rent shall increase by the total commitment funded multiplied by 10%.  As of June 30, 2011 we had invested $1,802,000 under this agreement.