Subsequent Events

3 Months Ended

Mar. 31, 2013

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On May 1, 2013, the Company completed its acquisition of five skilled nursing centers in Kansas with Cumberland & Ohio Co. of Texas, as receiver of the assets of SeniorTrust of Florida, Inc. The completed transaction resulted in the acquisition of certain land, improvements, furniture, fixtures and equipment, personal property and intangible property all located in Kansas for an aggregate purchase price of $15,500,000. See further disclosure of the acquisition in Note 10 above. The Facilities are expected to be accretive to earnings early in the Company’s tenure as the operator of the facilities.

Additionally, in conjunction with the acquisition, the Company executed an Amended and Restated Credit Agreement (the "Credit Agreement") with a syndicate of financial institutions and banks, including The PrivateBank as the Administering Agent, in order to finance the consummation of the transaction contemplated by the Purchase Agreement. The Credit Agreement increases the Company's borrowing capacity to $65,000,000 allocated between a $45,000,000 term loan (the "Term Loan") and a $20,000,000 revolving credit facility. The Term Loan is structured under a 5-year term with a 25-year amortization.