Sabra Health Care REIT, Inc. announced today that on June 29, 2018, it completed the previously announced sale of nine facilities (seven skilled nursing facilities, one senior housing community and one continuing care retirement community) leased to Genesis Healthcare, Inc. (“Genesis”) for $81.4 million. Under the terms of Sabra’s memoranda of understanding with Genesis, Genesis’s annual rent obligations to Sabra were reduced by $7.4 million as a result of the sale of these facilities.
Also, on July 2, 2018, Sabra sold a skilled nursing facility leased to Signature HealthCARE (“Signature”) for $7.0 million. Annual rent obligations from Signature were reduced by $0.6 million as a result of the sale of this facility, consistent with previous expectations.
Sabra expects to use the proceeds from these sales to repay borrowings under its revolving credit facility.
The sales of the nine Genesis facilities and the Signature facility were contemplated in the Company’s recently updated 2018 earnings guidance.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Date: July 16, 2018
Source: CNBC
