Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events

Subsequent Events

15. Subsequent Events

The following events occurred subsequent to the balance sheet date.

Real Estate: We entered into a contingent purchase and sale agreement to sell an 85-unit ROC community in Texas for $1,200,000. 

Debt:  We paid $4,167,000 in regular scheduled principal payments and amended our shelf agreement with Prudential to increase our shelf commitment to $337,500,000. Additionally, we sold 15-year senior unsecured notes in the aggregate amount of $100,000,000 to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual fixed rate of 4.5%, have scheduled principal payments and mature on February 16, 2032. Subsequent to this transaction, we have $36,667,000 available under our amended shelf agreement with Prudential. We used the proceeds from our private placement to repay the outstanding balance of our unsecured line of credit. Accordingly, we have no outstanding balance and $600,000,000 available for borrowing under our unsecured revolving line of credit.

Equity:  We declared a monthly cash dividend of $0.19 per share on our common stock for the months of January,  February and March 2017, payable on January 31,  February 28, and March 31, 2017, respectively, to stockholders of record on January 23,  February 17, and March 23, 2017, respectively. Additionally, we sold 312,881 shares of common stock for $14,578,000. Accordingly, we have $185,162,000 available under our Equity Distribution Agreement. Also, we acquired 23,691 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we granted 74,760 shares of restricted common stock at $45.76 per share. These shares vest ratably from the grant date over a three-year period.