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Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events

Note 14 – Subsequent Events

During October 2011, the Company closed on 10 of the Acquisition Properties and certain Home Related Assets associated with such 10 Acquisition Properties for a stated purchase price of approximately $267 million. The Company funded the purchase price of these closings with (i) the issuance of 497,538 shares of Series B Preferred Stock to the seller with an aggregate stated value of approximately $29 million, (ii) the assumption of approximately $132 million of mortgage debt secured by the 10 Acquisition Properties and (iii) approximately $106 million in cash. The cash was primarily obtained from the $200 million of financings originated during the three months ended September 30, 2011 (See Note 8 in the Notes to the Consolidated Financial Statements contained in this Form 10-Q for details regarding these financings).

On October 24, 2011, the Company, on behalf of a selling stockholder, closed on a public offering of 3,162,069 shares of common stock. The 3,162,069 shares of common stock sold included 1,453,793 shares of common stock issued by the Company upon redemption of 1,453,793 shares of Series B Preferred Stock, par value $0.01 per share. The Company did not receive any proceeds from the offering.