Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events

Subsequent Events

15. Subsequent Events

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

Real Estate—Owned Properties:  We purchased a newly constructed 126-bed skilled nursing center in Texas for $16,000,000. Additionally, we entered into a contingent purchase and sale agreement to sell a 36-unit closed assisted living community in Oregon for $1,500,000.  Simultaneously with the sale, we will enter into a mortgage loan agreement to provide a mortgage loan of up to $1,000,000 to the buyer. Accordingly, we expect to record a deferred gain on sale in the amount of approximately $120,000. Additionally, we entered into a contingent purchase and sale agreement to sell a 48-unit assisted living community in Florida for $1,750,000. See Note 5.Real Estate Investments for further discussion of the sale of the Florida assisted living community.

Debt:  We borrowed $32,000,000 under our unsecured revolving line of credit. Accordingly, we have $152,500,000 outstanding and $447,500,000 available for borrowing.

Equity:We filed an automatic shelf registration statement with the SEC on January 29, 2016. Also, we acquired 30,482 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Additionally, we declared a monthly cash dividend of $0.18 per share on our common stock for the months of January, February and March 2016, payable on January 29, February 29, and March 31, 2016, respectively, to stockholders of record on January 21, February 19, and March 23, 2016, respectively.