Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events

Subsequent Events

16. Subsequent Events

The following events occurred subsequent to the balance sheet date.

Real Estate.  We entered into a JV to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919,000 of equity and we contributed $15,950,000 in cash. Our economic interest in the real estate JV will be approximately 95%.

Debt:  We borrowed $26,400,000, net under our unsecured revolving line of credit. Accordingly, we have $138,400,000 outstanding and $461,600,000 available for borrowing under our unsecured revolving line of credit. Additionally, we paid $4,167,000 in regular scheduled principal payments, accordingly we have $528,862,000 outstanding and $98,000,000 available under our senior unsecured notes.

Equity:  We declared a monthly cash dividend of $0.19 per share on our common stock for the months of January,  February and March 2019, payable on January 31,  February 28, and March 29, 2019, respectively, to stockholders of record on January 23,  February 20, and March 21, 2019, respectively. Also, we acquired 20,345 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we granted 139,112 shares of restricted common stock and performance-based stock units at $46.54 per share. Out of these shares, 78,276 vest ratably from the grant date over a three-year period and 60,836 vest based on achieving certain TSR targets in 4 years with acceleration opportunity in 3 years.