Subsequent Events

3 Months Ended

Mar. 31, 2020

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 financial statements are issued.

Amended Agreements

In April 2020, the Company amended its loan agreement secured by mortgages on the three skilled nursing facilities sold to CommuniCare, as discussed in Note 4, Other Real Estate Investments, Net. The amended agreement has a new maturity date of May 29, 2020.

In April 2020, the mortgage loan provided to subsidiaries of Cascade in the amount of $32.4 million was settled in connection with a new mortgage loan transaction engaged in by the Company and a third-party institutional lender as co-

lenders, pursuant to which the Company received $18.9 million in cash and a new promissory note in the amount of $13.9 million. The new mortgage loan with Cascade is secured by the six skilled nursing facilities purchased by Cascade (as discussed in Note 3, Real Estate Investments, Net) and is for a combined principal amount of $33.9 million, with the Company’s $13.9 million portion of the indebtedness initially bearing interest at an interest rate equal to LIBOR plus 4.00%, subject to a LIBOR floor of 1.75%. The new mortgage loan has a maturity date of April 29, 2022 and includes two six-month extension options.