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Subsequent Events | 9 Months Ended
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Sep. 30, 2014
Subsequent Events |
Subsequent Events | 10.Subsequent Events Subsequent to September 30, 2014 the following events occurred. Real Estate – Owned Properties: We funded $4,485,000 under ongoing commitments to develop, redevelop, renovate, and expand real estate properties. Accordingly, we have remaining commitments of $14,254,000. See Note 2. Real Estate Investments for further discussion on these commitments. In October 2014, we purchased a parcel of land in Illinois for $1,400,000 and entered into a development commitment to construct a 66-unit free-standing memory care property. The commitment totals $12,248,000, including the land, and was made pursuant to a pipeline agreement and master lease with an existing operator. Rent, at an initial annual rate of 9.30%, will commence upon completion of construction (but no later than December 31, 2016) and be calculated based on the land purchase price and construction costs funded. Real Estate – Mortgage Loans: In October 2014, a closed skilled nursing property, which secures a $10,600,000 mortgage and construction loan, was sold by the borrower and released as collateral per the terms of the mortgage and construction loan. See Note 2. Real Estate Investments for further discussion on this mortgage and construction loan. Debt Obligations: We amended our Unsecured Credit Agreement increasing the commitment to $400,000,000 with the opportunity to increase the credit amount up to a total of $600,000,000. Additionally, the pricing grid decreased by 25 basis points. The maturity of the facility was extended to October 14, 2018 with a one-year extension at our discretion, subject to customary conditions. In October 2014, we borrowed $9,000,000 and repaid $4,500,000 under our Unsecured Credit Agreement. Accordingly, we have $24,000,000 outstanding and $376,000,000 available for borrowing. In November 2014, we redeemed a $1,400,000 multifamily tax-exempt revenue bonds that were secured by five assisted living properties in Washington. See Note 4. Debt Obligations for further discussion. Equity: We declared a monthly cash dividend of $0.17 per share on our common stock for the months of October, November and December, payable on October 31, November 28, and December 31, 2014, respectively, to stockholders of record on October 23, November 20, and December 23, 2014, respectively. Major Operators: In October 2014, we entered into agreements to re-lease 20 properties, sell 16 properties and consent to the closure of one property currently leased to affiliates of Extendicare and Enlivant under master leases that expire on December 31, 2014. See Note 7. Major Operators for further discussion.

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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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