Subsequent Events	12 Months Ended
Dec. 31, 2014
Subsequent Events
Subsequent Events	16. Subsequent Events We had the following events occur subsequent to the balance sheet date. Real Estate—Owned Properties: We entered into a master lease agreement and committed to provide development commitments totaling $28,715,000. Under these development commitments, we purchased land and existing improvements for the purpose of completing a 56-unit memory care property currently under construction for $7,195,000 and land for the purpose of building an 89-unit combination assisted living and memory care property for $2,490,000. The master lease also provides for the payment of lease inducements of up to $3,952,000 which will be amortized as a yield adjustment over the lease term. We funded $4,711,000 under completed development, expansion and renovation commitments. Additionally, we funded $731,000 under ongoing real estate investments with remaining commitments of $15,791,000. See Note 6. Real Estate Investments for further discussion. Real Estate—Mortgage Loans: We originated an $11,000,000 mortgage loan secured by a 157-bed skilled nursing property in Michigan and funded $9,500,000 under this loan. We also purchased and equipped a newly constructed 106-bed replacement skilled nursing property for a total of $13,946,000 by exercising our purchase option under a $10,600,000 mortgage and construction loan. Additionally, we amended a mortgage loan secured by 15 skilled nursing properties with a total of 2,058 beds in Michigan to provide an additional $20,000,000 in loan proceeds for the redevelopment of two properties securing the loan. Concurrent with the loan amendment, the borrower forfeited their option to repay up to 50% of the outstanding loan balance and we agreed to convey two parcels of land held-for-use adjacent to the two properties to facilitate the expansion and renovation projects. We funded $770,000 under a $12,000,000 capital improvement commitment to an existing borrower and have a remaining commitment of $7,893,000. We received $2,285,000 plus accrued interest for the payoff of a mortgage loan secured by one range of care property. See Note 6. Real Estate Investments for further discussion. Notes Receivable: In January 2015, we committed to fund a $500,000 working capital loan with interest at 6.5% maturing in February 2019. We also advanced $500,000 of principal under our note commitments. See Note 7. Notes Receivable for further discussion. Major Operator: Our master leases with Extendicare and Enlivant expired on December 31, 2014. Effective January 1, 2015, we re-leased 20 assisted living properties to two separate operators. See Note 3. Major Operator for further discussion. Debt: We borrowed $18,000,000 under our unsecured revolving line of credit. Accordingly, we have $18,000,000 outstanding and $382,000,000 available for borrowing. Commitments and Contingencies: We committed to an existing operator under an amended master lease $600,000 for capital improvements at a 196-bed skilled nursing property in Texas. See Note 6. Real Estate Investments for further discussion. Equity: We declared a monthly cash dividend of $0.17 per share on our common stock for the months of January, February and March 2015, payable on January 30, February 27, and March 31, 2015, respectively, to stockholders of record on January 22, February 19, and March 23, 2015, respectively. We acquired 4,609 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we cancelled 640 shares of restricted stock. Additionally, we granted 65,750 shares of restricted common stock at $44.45 per share. These shares vest ratably from the grant date over a three-year period.

16. Subsequent Events

We had the following events occur subsequent to the balance sheet date.

Real Estate—Owned Properties: We entered into a master lease agreement and committed to provide development commitments totaling $28,715,000. Under these development commitments, we purchased land and existing improvements for the purpose of completing a 56-unit memory care property currently under construction for $7,195,000 and land for the purpose of building an 89-unit combination assisted living and memory care property for $2,490,000. The master lease also provides for the payment of lease inducements of up to $3,952,000 which will be amortized as a yield adjustment over the lease term. We funded $4,711,000 under completed development, expansion and renovation commitments. Additionally, we funded $731,000 under ongoing real estate investments with remaining commitments of $15,791,000. See Note 6. Real Estate Investments for further discussion.

Real Estate—Mortgage Loans: We originated an $11,000,000 mortgage loan secured by a 157-bed skilled nursing property in Michigan and funded $9,500,000 under this loan. We also purchased and equipped a newly constructed 106-bed replacement skilled nursing property for a total of $13,946,000 by exercising our purchase option under a $10,600,000 mortgage and construction loan. Additionally, we amended a mortgage loan secured by 15 skilled nursing properties with a total of 2,058 beds in Michigan to provide an additional $20,000,000 in loan proceeds for the redevelopment of two properties securing the loan. Concurrent with the loan amendment, the borrower forfeited their option to repay up to 50% of the outstanding loan balance and we agreed to convey two parcels of land held-for-use adjacent to the two properties to facilitate the expansion and renovation projects. We funded $770,000 under a $12,000,000 capital improvement commitment to an existing borrower and have a remaining commitment of $7,893,000. We received $2,285,000 plus accrued interest for the payoff of a mortgage loan secured by one range of care property. See Note 6. Real Estate Investments for further discussion.

Notes Receivable: In January 2015, we committed to fund a $500,000 working capital loan with interest at 6.5% maturing in February 2019. We also advanced $500,000 of principal under our note commitments. See Note 7. Notes Receivable for further discussion.

Major Operator: Our master leases with Extendicare and Enlivant expired on December 31, 2014. Effective January 1, 2015, we re-leased 20 assisted living properties to two separate operators. See Note 3. Major Operator for further discussion.

Debt: We borrowed $18,000,000 under our unsecured revolving line of credit. Accordingly, we have $18,000,000 outstanding and $382,000,000 available for borrowing.

Commitments and Contingencies: We committed to an existing operator under an amended master lease $600,000 for capital improvements at a 196-bed skilled nursing property in Texas. See Note 6. Real Estate Investments for further discussion.

Equity: We declared a monthly cash dividend of $0.17 per share on our common stock for the months of January, February and March 2015, payable on January 30, February 27, and March 31, 2015, respectively, to stockholders of record on January 22, February 19, and March 23, 2015, respectively. We acquired 4,609 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we cancelled 640 shares of restricted stock. Additionally, we granted 65,750 shares of restricted common stock at $44.45 per share. These shares vest ratably from the grant date over a three-year period.