Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events. The Company evaluates subsequent events up until the date the condensed consolidated and combined financial statements are issued.

In July 2015, the Company acquired Bristol Court Assisted Living, a 70-unit/115-bed memory care facility located in St. Petersburg, Florida, for $8.5 million and intends to account for this investment as an asset acquisition. Also in July 2015, the Company acquired Shamrock Nursing and Rehabilitation Center, a 105-bed skilled nursing facility located in Dublin, Georgia, for $8.3 million and intends to account for this investment as an asset acquisition.

In July 2015, the Company paid off the $0.5 million mortgage note payable to Johnson Land Enterprises, LLC.

In August 2015, the Company and certain of its wholly owned subsidiaries entered into a credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender, and the lenders party thereto (the “New Credit Agreement”). The New Credit Agreement provides for an unsecured asset-based revolving credit facility (the “New Credit Facility”) with commitments in an aggregate principal amount of $300.0 million from a syndicate of banks and other financial institutions. A portion of the proceeds of the New Credit Facility were used to payoff and terminate the Company’s senior secured revolving credit facility.