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Subsequent Events | 9 Months Ended
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Sep. 30, 2012
Subsequent Events |
Subsequent Events |
12. Subsequent Events Subsequent to September 30, 2012 the following events occurred. We declared a monthly cash dividend of $0.155 per share on our common stock for the months of October, November and December 2012, payable on October 31, November 30, and December 31, 2012, respectively, to stockholders of record on October 23, November 21, and December 21, 2012, respectively. We purchased vacant land in Kansas for $730,000. Simultaneous with the purchase, we entered into a lease agreement and development commitment in an amount not to exceed $9,855,000 to fund the construction of a 77-unit assisted living and memory care property. Concurrently with the purchase, we funded $492,000 under the development commitment. Rent under the lease will begin upon the earlier of project completion or the fifteenth month following the effective date of lease. Initial rent at the rate of 9.25% will be calculated based on the land purchase price and construction costs funded plus 9.0% compounded on each advance under the commitment from the disbursement date until the earlier of project completion or the improvement deadline. The lease has a 10-year initial term, two 5-year renewal options and annual escalations of 2.5%. We repaid $6,000,000 under our Unsecured Credit Agreement. Accordingly, we had $29,500,000 outstanding under our Unsecured Credit Agreement with $210,500,000 available for borrowing. We funded the following capital improvement commitments and investments (dollar amounts in thousands):
Commitment |  | Expiration Date |  | Funded in October 2012 |  | Used Commitment |  | Open Commitment |  | Initial Cash Yield |  |  | Property Type |  | Properties |
$ 1,700 |  |  | 3/31/13 |  |  | $ 219 |  |  | $ 711 |  |  | $ 989 |  |  | 9.00% |  | (1) |  | SNF |  | 2 |
8,250 |  |  | 10/11/13 |  |  | 426 |  |  | 918 |  |  | 7,332 |  |  | 9.00% |  | (1) |  | UDP(3) |  | — |
7,935 |  |  | 12/1/13 |  |  | 847 |  |  | 2,285 |  |  | 5,650 |  |  | 9.25% |  | (1) |  | UDP(4) |  | — |
9,855 |  |  | 10/23/14 |  |  | 492 |  |  | 492 |  |  | 9,363 |  |  | 9.25% |  | (1) |  | UDP(5) |  | — |
30 |  |  | 8/31/15 |  |  | 30 |  |  | 30 |  |  | — |  |  |  |  | (2) |  | EDU |  | 1 |
$27,770 |  |  |  |  |  | $2,014 |  |  | $4,436 |  |  | $23,334 |  |  |  |  |  |  |  |  |  |
(1) Minimum rent will increase upon final funding and project completion or in some cases, the improvement deadline as defined in each lease agreement. (2) The yield is included in the initial lease rate. (3) This commitment is to construct a 120-bed skilled nursing property in Texas which will replace an existing 90-bed skilled nursing property we own. (4) This commitment is to construct a 60-unit free-standing memory care property on a vacant parcel of land in Colorado. (5) This commitment is to construct a 77-unit assisted living and memory care property, as previously discussed above. We funded and received the following under our loan commitments and investments (dollar amounts in thousands):
Commitment |  | Expiration Date |  | (Received)/ Funded in October 2012 |  | Used Commitment |  |  | Open Commitment |  |  | Initial Cash Yield |
$250 |  |  | 11/30/12 |  | $(50) |  | $150 |  |  | $100 |  |  | 9.00% |
667 | (1) |  | 12/31/12 |  | 177 |  | 370 |  |  | 297 |  |  | 9.00% |
$917 |  |  |  |  | $127 |  | $520 |  |  | $397 |  |  |  |
(1) This commitment is a construction and term loan for capital improvements at a skilled nursing property we own and lease to the borrower. Upon the earlier of the full funding of the commitment or December 31, 2012, construction distribution under this loan will cease and this loan will fully amortize to maturity in May 2018.

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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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