Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events

Subsequent Events

12.Subsequent Events

Subsequent to September 30, 2018 the following events occurred:

Real Estate:We sold a 60-bed SNF in Florida for $5,000,000 with a net book value of $1,526,000 and will recognize a gain of approximately $3,400,000 in the fourth quarter.

Lease Incentives: We entered into an amended master lease agreement with Senior Lifestyle. Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, subsequent to September 30, 2018, we will write-off the Senior Lifestyle contingent lease incentive of $6,219,000 and the related earn-out liability of $9,292,000 which will result in income of approximately $3,000,000.

Debt:  We paid down $20,000,000 under our unsecured revolving line of credit.  Accordingly, we have $100,000,000 outstanding under our unsecured revolving line of credit with $500,000,000 available for borrowing.

Equity: We declared a monthly cash dividend of $0.19 per share on our common stock for the months of October, November and December 2018, payable on October 31, November 30, and December 31, 2018, respectively to stockholders of record on October 23, November 21, and December 21, 2018, respectively.