Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events

Subsequent Events

12. Subsequent Events

Subsequent to June 30, 2013 the following events occurred.

We entered into a $141,000,000 mortgage loan agreement secured by 15 skilled nursing properties with a total of 2,092 beds and one 24-unit independent living property in Michigan. See Note 2. Real Estate Investments for further discussion.

We completed the construction of a 60-unit memory care property in Colorado. The new memory care property opened in July 2013.  Development costs for the new property were approximately $9,817,000.  See Note 2. Real Estate Investments for further discussion.

We funded $1,932,000 under ongoing real estate investment commitments. Accordingly, we have a remaining commitment of $44,551,000. We also funded $1,008,000 under a $9,094,000 commitment to construct a replacement skilled nursing property which was completed in June 2013. Additionally, we funded $1,897,000 under a mortgage and construction loan commitment and we have a remaining commitment of $5,170,000.  See Note 2. Real Estate Investments for further discussion. We also funded $83,000 under loans and line of credit agreements to certain operators and have a remaining commitment of $1,112,000. See Note 3. Notes Receivable for further discussion.

We declared a monthly cash dividend of $0.155 per share on our common stock for the months of July, August and September 2013, payable on July 31, August 30 and September 30, 2013, respectively, to stockholders of record on July 23, August 22 and September 20, 2013, respectively.