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Sabra provides update on disposition activity and North American transition
The Fly

Sabra provides update on disposition activity and North American transition

Sabra Health Care REIT (SBRA) announced that since September 30 the Company has received roughly $185M of gross proceeds related to previously disclosed disposition activity. In addition, the 24 properties formerly leased to North American have been successfully transitioned to Ensign (ENSG) and the Avamere Family of Companies . The disposition activity was almost entirely comprised of skilled nursing investments, including a sizable portfolio which sold for over $200,000 per bed and a cash yield in the mid-single digit range for the twelve-month period ending September 30. In aggregate, the cash yield on this disposition activity was approximately 7% for the twelve-month period ending September 30. The net proceeds from the disposition activity were used to repay borrowings under the Company’s revolving credit facility. "We are pleased to announce the proceeds from this disposition activity as part of our previously communicated capital recycling strategy. We remain committed to thoughtfully allocating capital and prudently managing our balance sheet in this uncertain macro environment. We are also pleased to expand our relationship with Ensign and Avamere through the successful transition of the 24 properties formerly leased to North American," said Rick Matros, Sabra’s CEO and Chair.

Published first on TheFly

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