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Subsequent Events
6 Months Ended
Jun. 30, 2016
Subsequent Events  
Subsequent Events

11.Subsequent Events

 

Subsequent to June 30, 2016 the following events occurred:

Real Estate Investments: We sold a school in New Jersey for $3,850,000 and recorded a net loss on sale in the amount of $192,000.

Debt Obligations: We paid $41,000,000 under our unsecured revolving line of credit. Accordingly, we have $81,000,000 outstanding under our unsecured revolving line of credit with $519,000,000 available for borrowing. Also, we sold $40,000,000 senior unsecured term notes to affiliated insurance company investment advisory clients of AIG with a coupon of 3.99%.  These notes have periodic scheduled principal repayments with an average 10-year final life and will mature in 2031. Also, we paid $12,500,000 in regular scheduled principal payments to Prudential. Accordingly, we have $12,500,000 available under our shelf agreement with Prudential.

Equity: We declared a monthly cash dividend of $0.18 per share on our common stock for the months of July, August and September, payable on July 29, August 31, and September 30, 2016, respectively, to stockholders of record on July 21, August 23, and September 22, 2016, respectively.

Additionally, we sold 152,623 shares of common stock for $7,715,000 in net proceeds under our equity distribution agreements. Accordingly, we have approximately $120,000,000 available under these agreements.