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Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events
16. Subsequent Events

Purchase of South Bay II Communities

Subsequent to March 31, 2014, the Company acquired an additional three senior housing communities in Texas totaling approximately $72.7 million, which are comprised of the following properties:

 

Name

   Location    Structure    Date
Acquired
   Purchase
Price
(in thousands)
 

Isle at Watercrest – Bryan

   Bryan, TX    Managed    04/21/14    $ 21,000   

Watercrest at Bryan

   Bryan, TX    Managed    04/21/14      26,700   

Watercrest at Mansfield

   Mansfield, TX    Managed    05/05/14      25,000   
           

 

 

 
            $ 72,700   
           

 

 

 

The following summarizes the Company’s preliminary allocation of the purchase price for the above properties, and the estimated fair values of the assets acquired (in thousands):

 

Land and land improvements

   $ 4,130   

Buildings and building improvements

     60,828   

Furniture, fixtures and equipment

     2,816   

In-place lease intangibles (1)

     6,261   
  

 

 

 

Net assets acquired

     74,035   

Contingent purchase price consideration

     (1,335
  

 

 

 

Total purchase price consideration

   $ 72,700   
  

 

 

 

 

FOOTNOTES:

 

(1)  At the acquisition date, the weighted-average amortization period on the acquired lease intangibles is estimated at approximately 2.5 years.

Refer to Note 3, “Acquisitions,” for the pro forma impact of these acquisitions on the Company’s results of operations for three months ended March 31, 2014 and 2013.

 

Equity transactions

The Company’s board of directors declared a monthly cash distribution of $0.0338 and a monthly stock distribution of 0.0025 shares on each outstanding share of common stock on April 1, 2014 and May 1, 2014. These distributions are to be paid and distributed by June 30, 2014.

During the period April 1, 2014 through May 5, 2014, the Company received additional subscription proceeds of approximately $30.1 million (3.0 million shares).

Debt transactions

In April 2014, through its limited partnership, the Company modified the terms of its Revolving Credit Facility and exercised its option to increase the aggregate maximum principal amount available for borrowing from $240 million to $275 million.