SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued.

Dividend Declaration

On May 2, 2016, the Company announced that its board of directors declared a quarterly cash dividend of $0.42 per share of common stock. The dividend will be paid on May 31, 2016 to common stockholders of record as of the close of business on May 16, 2016.

On May 2, 2016, the Company also announced that its board of directors declared a quarterly cash dividend of $0.4453125 per share of Series A Preferred Stock. The dividend will be paid on May 31, 2016 to preferred stockholders of record as of the close of business on May 16, 2016.

Sale of Forest Park - Frisco

On April 1, 2016, the Company, along with the Forest Park Medical Center at Frisco, LLC (“Frisco Operator”) completed the sale of the Forest Park Medical Center - Frisco hospital (“Frisco Hospital”) to Columbia Medical Center of Plano Subsidiary, L.P., a subsidiary of HCA Holdings, Inc. for a total cash purchase price of $96.3 million, less the assumption of certain capital lease obligations of approximately $7.3 million. The Company received net cash proceeds of $86.6 million and expects to receive an additional $3.5 million from the collection of outstanding accounts receivable and cash held by the Frisco Hospital. Accordingly, during the three months ended March 31, 2016, the Company recognized a $29.8 million impairment charge on its investment in the Frisco Hospital and increased its loan loss reserve by $3.1 million based on what it expects to collect in connection with the Frisco Operator's debtor-in-possession loan from Sabra. These amounts are before consideration of the approximately $21.3 million in guarantees from the owners of the Frisco Operator.