9. Subsequent Events

On October 1, 2012, we borrowed $34.0 million, through certain of our wholly-owned subsidiaries, pursuant to a long-term note payable from KeyBank National Association, which is collateralized by security interests in seven of our properties. The note accrues interest at a fixed rate of 4.86% per year and has a maturity date of October 1, 2022. We used the proceeds of the note, along with existing cash on hand, to repay our $45.2 million mortgage, which, with extension options, was due October 1, 2013. We repaid the mortgage in full on October 1, 2012 without incurring any exit fees.

On October 5, 2012, we modified and extended the lease with the tenant occupying our property located in Concord Township, Ohio. The lease covering this property was extended for an additional six-year period, through August 2034, in exchange for a reduction in rent payable over the next two years. The lease was originally set to expire in March 2028. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of approximately $1.7 million. In connection with the extension of the lease and the modification of certain terms under the lease, we provided a tenant allowance of $0.2 million.

On October 10, 2012, our Board of Directors declared the following monthly distributions:

Senior Common Stock Distributions

On November 1, 2012, we amended our Open Market Sale Agreement, or the Open Market Agreement, with Jefferies & Company, Inc. The Open Market Agreement was amended to extend the term an additional two years, through November 2014, or the date on which we have sold the maximum program amount. There is approximately $21.6 million remaining to be sold under our Open Market Agreement.