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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
SUBSEQUENT EVENTS


The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued.
Cadia Portfolio Acquisition
On August 1, 2011, the Company closed the purchase of four skilled nursing facilities—Broadmeadow Healthcare, Capitol Healthcare, Pike Creek Healthcare and Renaissance Healthcare (the “Cadia Portfolio”). The four skilled nursing facilities are located in Delaware, range in age from 2 to 15 years and have a combined total of 500 beds. In connection with the acquisition, the Company, through an indirect wholly owned subsidiary, entered into a new 15-year triple-net master lease agreement (the “Lease”) with the sellers.
The purchase price for the Cadia Portfolio was $97.5 million, funded with available cash and a portion of the proceeds from the Company's August 2011 equity offering, as described below.
Equity Offering
On August 1, 2011, the Company completed an underwritten public offering of 11.7 million newly issued shares of its common stock pursuant to a registration statement filed with the SEC, which became effective on July 26, 2011.  The Company received net proceeds, before expenses, of $163.9 million from the offering, after giving effect to the issuance and sale of all 11.7 million shares of common stock which includes 1.5 million shares sold to the underwriters upon exercise of their option to purchase additional shares to cover over-allotments, at a price to the public of $14.75 per share. The Company used a portion of the proceeds from the offering to fund the purchase price for the SNF Portfolio. The remaining proceeds to the Company will be used to fund possible future acquisitions or for general corporate purposes.
Dividend Declaration
On August 2, 2011, the Company’s board of directors declared a quarterly cash dividend of $0.32 per share of common stock. The dividend will be paid on September 2, 2011 to stockholders of record as of August 15, 2011.