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Sabra Health Care closes on purchase of 21 property portfolio; sells stock to finance

Sep. 29, 2014 11:23 AM ETSabra Health Care REIT, Inc. (SBRA) StockBy: Stephen Alpher, SA News Editor
  • The 21 independent living facilities from Holiday Acquisition Holdings are located in 15 states and were purchased for $550M in cash. Concurrently, Sabra (NASDAQ:SBRA -4.7%) enters into a triple-net master lease deal with subsidiaries of Holiday for management of the properties for 15 years (with two five-year renewal options). The lease is expected to generate an initial yield on cash rent of 5.5%.
  • Sabra expects to close another $100M in sale/leaseback deals over the next 60 days.
  • The company announces a 6M share secondary offering, with proceeds to be used to pay down amounts drawn ($560M) on its credit line to make the purchase.

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