Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events

Subsequent Events

NOTE 16. Subsequent Events

On January 31, 2017, the Company and Tandem Health Care, LLC, a tenant with an option to purchase the nine properties it leases from us at a favorable purchase price, entered into a lease amendment extending the option expiration date from February 28, 2017 to May 31, 2017 and increasing the purchase price. If exercised, the Company will forego approximately $7.5 million in annual rent in exchange for the approximate $78 million purchase price, which proceeds the Company would expect to use to repay outstanding debt.

On March 8, 2017, the Company, upon receiving the approval of the compensation committee of the board of directors, issued the 2017 performance-based stock awards to Messrs. Ordan, Neeb and Richards in the amounts of 107,642,  61,894 and 32,292 shares, respectively.

During the first quarter of 2017, the Company sold the seven remaining non‑strategic properties for an aggregate amount of $19.2 million.