The sole condition to the closing of the transactions contemplated by the MTA is the receipt of all necessary healthcare regulatory approvals in Massachusetts, New Hampshire, Rhode Island and West Virginia to the transfer of the operating licenses from FC/SCH to Genesis. If not received as of the closing, the facilities located in Vermont will be added to the new master lease when the regulatory approvals for Vermont are received.
As a result of the MTA, during the second quarter of 2011, the Company evaluated the recoverability of the straight-line rent and lease inducements associated with FC/SCH and recorded a $4.1 million provision for uncollectible accounts associated with straight-line receivables and lease inducements.
Common Dividends – On October 13, 2011, the Company’s Board of Directors announced a common stock dividend of $0.40 per share. The common dividends are to be paid November 15, 2011 to common stockholders of record on October 31, 2011. At the date of this release, the Company has approximately 103 million common shares outstanding.2011 ADJUSTED FFO GUIDANCE The Company modified its guidance for 2011 Adjusted FFO available to common stockholders to be between $1.86 and $1.88 per diluted share. In August 2011, the Company issued its guidance indicating 2011 Adjusted FFO available to common stockholders would be between $1.82 and $1.86 per diluted share. The Company’s Adjusted FFO guidance for 2011 excludes the impact of gains and losses from the sale of assets, additional divestitures, impairment of assets, certain revenue and expense items, capital transactions and restricted stock amortization expense. A reconciliation of the Adjusted FFO guidance to the Company’s projected GAAP earnings is provided on a schedule attached to this press release. The Company may, from time to time, update its publicly announced Adjusted FFO guidance, but it is not obligated to do so.