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Subsequent Events | 12 Months Ended
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Dec. 31, 2011
Subsequent Events |
Subsequent Events |
17. Subsequent Events We had the following events occur subsequent to the balance sheet date. We funded the remaining balance of $56,000 under a $730,000 capital improvement commitment on two senior housing properties providing a combination of assisted living, independent living and skilled nursing services. Minimum rental income will increase by this capital funding multiplied by 9.0%. In January 2012, we entered into an agreement to sell a 140-bed skilled nursing property located in Texas for $1,248,000. This property is leased under a master lease and the economic terms of this master lease will not change as a result of this sale. This sale is scheduled to close on February 29, 2012 and will result in a $16,000 gain recognized in 2012. We borrowed $4,000,000 under our Unsecured Credit Agreement. After this borrowing, we had $60,000,000 outstanding and $150,000,000 available for borrowing. We declared a monthly cash dividend of $0.145 per share on our common stock for the months of January, February and March 2012, which is a 3.6% increase from the previous $0.14 per share per month dividend. The monthly cash dividends are payable on January 31, February 29 and March 30, 2012, respectively, to stockholders of record on January 23, February 21 and March 22, 2012, respectively. We granted 14,000 shares of restricted common stock at $31.77 per share. These shares vest ratably over a five-year period from the grant date. Additionally, we granted 30,000 shares of restricted common stock at $31.77 per share. These shares all vest on June 15, 2015. We also granted 12,200 shares of restricted common stock at $31.77 per share. These shares all vest on January 10, 2016. Two of our limited partners exercised their conversion rights. One limited partner exchanged all of its 67,294 partnership units and the other limited partner exchanged 22,000 partnership units in the limited partnership. Upon receipt of the redemption notification of 89,294 limited partnership units, we elected to satisfy the redemption in cash. We paid the limited partners $2,764,000, which represents the closing price of our common stock on the redemption date plus $0.05 per share multiplied by the number of limited partnership units redeemed. The amount we paid upon redemption exceeded the book value of the limited partnership interest redeemed by $1,246,000. In accordance with FASB accounting guidance, we account for this exchange as an equity transaction because there was no change in control requiring consolidation or deconsolidation and remeasurement. Accordingly, the $1,246,000 excess book value of the limited partners' interest in the partnership was reclassified to stockholders' equity.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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