Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

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

During July 2018, the Company sold 1.9 million shares of common stock pursuant to the ATM program at an average price of $17.11 per share for $32.0 million in gross proceeds. At July 31, 2018, the Company had approximately $155.9 million available for future issuances under the ATM Program. The Company used the proceeds to fund an acquisition noted below and pay down the Revolving Facility by $20.0 million to an outstanding balance as of July 31, 2018 of $130.0 million.

On July 18, 2018, the Company acquired a skilled nursing facility in Aberdeen, South Dakota, for $9.7 million, inclusive of transaction costs. In connection with the acquisition, the Company amended its master lease with Eduro. The initial increase in annual cash rent under Eduro’s amended master lease following this acquisition will be approximately $870,000.