Subsequent Events	12 Months Ended
Dec. 31, 2022
Subsequent Events
Subsequent Events	16. Subsequent Events The following events occurred subsequent to the balance sheet date: Lease Renewals. A master lease covering two skilled nursing centers that was scheduled to mature in 2023 was renewed at the contractual rate for another five years extending the maturity to November 2028. The centers have a total 216 beds and are located in Florida. Financing Receivable. We entered into a $121,321,000 JV with an affiliate of an existing operator and contributed $117,900,000 into the JV that purchased 11 assisted living and memory care communities from an affiliate of our JV partner. The JV leased the communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on CPI subject to a floor of 2.0% and a ceiling of 4.0%. Additionally, the JV provided the seller-lessee with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0%. In accordance with GAAP, the communities acquired by the JV are required to be presented as a Financing receivable on our Consolidated Balance Sheets. See Note 2. Summary of Significant Accounting Policies and Note 5. Real Estate Investments for more information. Mortgage Loans. We originated a $10,750,000 mortgage loan secured by a memory care community located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0%. Notes Receivable. We received $4,545,000, which includes a prepayment fee and the exit IRR totaling $190,000, from a mezzanine loan repayment. The mezzanine loan was on a 136-unit independent living community in Oregon. Unconsolidated Joint Ventures. We received a note of intent to redeem our $13,000,000 preferred equity investment in a joint venture to develop a 267-unit independent and assisted living community in Washington. We anticipate receiving $1,675,000 of additional income associated with the redemption representing the 14% IRR. Revolving Line of Credit. We borrowed $162,700,000 under our unsecured revolving line of credit. Accordingly, we have $292,700,000 outstanding and $107,300,000 available for borrowing under our unsecured revolving line of credit. Senior Unsecured Notes. We repaid $7,000,000 in regular scheduled principal payments under our senior unsecured notes. Accordingly, we have $531,343,000 outstanding, net of debt issue costs, under our senior unsecured notes. Equity. We declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February, and March 2023, payable on January 31, February 28, and March 31, 2023, respectively, to stockholders of record on January 23, February 17, and March 23, 2023, respectively.

Subsequent Events

12 Months Ended

Dec. 31, 2022

16. Subsequent Events

The following events occurred subsequent to the balance sheet date:

Lease Renewals. A master lease covering two skilled nursing centers that was scheduled to mature in 2023 was renewed at the contractual rate for another five years extending the maturity to November 2028. The centers have a total 216 beds and are located in Florida.

Financing Receivable. We entered into a $121,321,000 JV with an affiliate of an existing operator and contributed $117,900,000 into the JV that purchased 11 assisted living and memory care communities from an affiliate of our JV partner. The JV leased the communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on CPI subject to a floor of 2.0% and a ceiling of 4.0%. Additionally, the JV provided the seller-lessee

with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0%. In accordance with GAAP, the communities acquired by the JV are required to be presented as a Financing receivable on our Consolidated Balance Sheets. See Note 2. Summary of Significant Accounting Policies and Note 5. Real Estate Investments for more information.

Mortgage Loans. We originated a $10,750,000 mortgage loan secured by a memory care community located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0%.

Notes Receivable. We received $4,545,000, which includes a prepayment fee and the exit IRR totaling $190,000, from a mezzanine loan repayment. The mezzanine loan was on a 136-unit independent living community in Oregon.

Unconsolidated Joint Ventures. We received a note of intent to redeem our $13,000,000 preferred equity investment in a joint venture to develop a 267-unit independent and assisted living community in Washington. We anticipate receiving $1,675,000 of additional income associated with the redemption representing the 14% IRR.

Revolving Line of Credit. We borrowed $162,700,000 under our unsecured revolving line of credit. Accordingly, we have $292,700,000 outstanding and $107,300,000 available for borrowing under our unsecured revolving line of credit.

Senior Unsecured Notes. We repaid $7,000,000 in regular scheduled principal payments under our senior unsecured notes. Accordingly, we have $531,343,000 outstanding, net of debt issue costs, under our senior unsecured notes.

Equity. We declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February, and March 2023, payable on January 31, February 28, and March 31, 2023, respectively, to stockholders of record on January 23, February 17, and March 23, 2023, respectively.