I am so pleased to be able to open our comments by saying we have successfully eliminated several ongoing operator challenges, executed on $46 million in new investments and have an active and healthy pipeline.
On the plus side, it has been reported recently that Texas, where we own 34 properties, passed a bill to support long-term care in the state.
The bill proposes $200 million in grants for skilled nursing and $178.3 million in grants for assisted living communities and other care-based providers to help fund staffing recruitment and retention.
There is about $17 billion available for distribution to healthcare providers through Phase four of the Provider Relief Fund and another $8.5 billion available for distribution to rural providers through the American Rescue Plan.
Rent and mortgage interest income collections, excluding Senior Care and Senior Lifestyle were 94%.
As I mentioned earlier, we recently completed 46 million in investments and have built a healthy pipeline.
We maintained our $0.19 per share monthly dividend by paying out $22.4 million in common dividends during the quarter to our shareholders.
The payout ratio on our dividend, excluding nonrecurring items was approximately 100% for the third quarter.
If we used pro forma performance, including recently completed investments, the third quarter FAD payout ratio excluding nonrecurring items would be approximately 96%.
Although this remains well above our preferred payout ratio of approximately 80% of FAD, we expect our 2022 FAD to improve with the additional revenue from the releasing of the Senior Care and Senior Lifestyle portfolios, which will help bring the payout ratio more in line with historical levels.
With respect to guidance, for the fourth quarter we expect FFO to increase approximately $0.02 to $0.03 per share, excluding nonrecurring items from third quarter results.
Total revenue decreased $701,000 compared with the third quarter of last year, resulting principally from unpaid rent from senior care and senior life, abated and deferred rent and the sale of a property in Washington.
The decrease was partially offset by the write-off of straight-line rent receivable balances in the prior-year quarter, rent received from releasing 18 properties in the Senior Lifestyle portfolio, completed development projects and increase in property tax revenue, annual rent escalation, capital improvement funding and higher payments from Anthem.
Interest expense decreased 751,000, mostly due to scheduled principal pay-downs on our senior unsecured notes and lower interest rates on our line of credit, partially offset by a higher outstanding balance on our line of credit.
During the 2021 third quarter, we recognized a gain on sale of real estate of $2.7 million related to the sale of a skilled nursing center in Washington.
In last year's third quarter, we recorded a $900,000 impairment charge related to a closed assisted living property in Florida, which was sold in the first quarter of 2021 and received 373,000 in insurance proceeds for damage related to a property sold in the first quarter of 2020.
Net income available to common shareholders decreased by $1.2 million, primarily due to the previously discussed revenue decline and settlement and related fees for senior care.
NAREIT FFO per diluted share was $0.45 this quarter compared with $0.58 in last year's third quarter.
Excluding non-recurring items, FFO per share was $0.55 this quarter compared with $0.71 in the third quarter of 2020.
The decrease excluding nonrecurring items with due to receiving 0 rent from Senior Care and Senior Lifestyle, abated and deferred rent and higher G&A expense.
These decreases were partially offset by higher revenues resulting from releasing 18 properties in the Senior Lifestyle portfolio, completed development projects, mezzanine loan funding and lower interest expense.
During the 2021 third quarter, we funded a $4.4 million mezzanine loan and a $1.8 million mortgage loan.
Additionally, we funded $2.8 million in capital improvement projects on properties we own.
Subsequent to the end of the quarter we funded two mortgage loans for a total of $39.5 million.
During the third quarter we borrowed $68.5 million under our unsecured revolving line of credit and paid $25.2 million in scheduled principal pay-downs on our senior unsecured notes.
Currently we have $5.9 million of cash on hand, $465.6 million available on our line of credit with $134.4 million outstanding and $200 million available under our ATM.
This leaves us with ample liquidity of $671.5 million.
At the end of the 2021 third quarter our credit metrics remain strong with a debt-to-annualize-adjusted EBITDA for real estate of 5.8 times, and annualized adjusted fixed charge coverage ratio of 4.3 times.
And a debt-to-enterprise value of 35.3%.
Annualized adjusted EBITDA for real estate was 5.7 times.
The annualized adjusted fixed charge coverage ratio was 4.3 times, and debt-to-enterprise value was 32.9%.
As Wendy mentioned, excluding Senior Care and Senior Lifestyle, we collected 94% of third quarter rent and mortgage interest income.
During the quarter we provided $1.3 million in rent deferrals and $970,000 in rent abatements.
In October, we provided rent deferrals totaling $438,000 and rent abatements totaling $240,000.
We have agreed to provide rent deferrals of up to $441,000 and abatements of up to $240,000 for each of November and December 2021.
In total, we have transitioned 18 of the Senior Lifestyle buildings with the 19th expected shortly.
For these 19 buildings, occupancy for the month of December 2020 was 71%, increasing to 75% for the month of September 2021.
At June 30, EBITDAR, excluding stimulus, on a trailing 12-month basis for these six properties was $870,000.
On a trailing three-month annualized basis, EBITDAR excluding stimulus was $150,000.
Occupancy for the month of December 2020 for these six buildings was 60%, growing to 65% for the month of September 2021.
With respect to the 11 properties in Senior Care portfolio, in late August we reached a settlement with Senior Care and Aubrey Health Services under which LTC made a one-time payment of $3.25 million in exchange for cooperation and assistance in facilitating an orderly transition of the portfolio.
As of October 1, the entire 11 property portfolio was leased to an affiliate of HMG Healthcare under a one-year master lease with rent based on cash flows.
This assumed liability is capped at $3.7 million.
It is our intention to add the 11 properties to a master lease currently existing between LTC and HMG after establishing a stabilized rent rate during the first lease year.
We also agreed to provide HMG a $25 million secured working capital loan maturing on September 30, 2022.
And as Wendy mentioned earlier, the state recently announced an additional $200 million in support for SNFs.
Weatherly Court in Oregon, which is operated by Fields Senior Living saw occupancy rise to 45% at September 30, up from 36% at June 30.
While Ignite Medical Resort in Blue Springs, Missouri grew occupancy to 90% at September 30, up from 83% at June 30.
Q2 trailing 12 month EBITDARM and EBITDAR coverage as reported using a 5% management fee was 1.06 times and 0.86 times respectively for our assisted living portfolio.
Excluding stimulus funds received by operators, coverage was 0.87 times and 0.68 times respectively.
For our skilled nursing portfolio, as-reported EBITDARM and EBITDAR coverage was 2.08 times and 1.61 times respectively.
Excluding stimulus funds, coverage is 1.44 times and 0.99 times respectively.
As our partners have given the data to us on a voluntary and expedited basis, the information we are providing includes approximately 98% of our total same-store, private-pay units, and approximately 90% of our same-store skilled nursing beds.
Private-pay occupancy was 77% at September 30, 75% at June 30, and 73% at March 31.
For our skilled portfolio, average monthly occupancy was 71% in September, 70% in June, and 69% in March.
As Wendy mentioned, we recently closed approximately $46 million in investments.
The first investment was a $27 million mortgage loan for the purchase of a skilled nursing center in Louisiana by a regional operator new to LTC.
The second investment was a $12.5 million mortgage loan for the purchase of an assisted living and memory care community in Florida, to be operated by a regional operator new to LTC.
The loan term is for approximately four years and includes an additional $4.2 million loan commitment to be funded at a later date subject to satisfaction of various conditions for the construction of a memory care addition to the property.
The third investment was a $1.8 million loan secured by a parcel land in Missouri for the future development of a post-acute skilled nursing center.
The final investment was a $4.4 million mezzanine loan for the refinancing of a independent living community in Oregon operated by a regional operator new to LTC.
In total, the combined weighted average term of the loans is 3.2 years and the investments are expected to generate an annual interest income of approximately $3.5 million.
In total, our near-term pipeline is valued at more than 100 million.

Summary:
NAREIT FFO per diluted share was $0.45 this quarter compared with $0.58 in last year's third quarter.