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News Breaks | | | | September 24, 2012 | | 09:29 EDT |  | SBRA | Sabra Health Care acquires independent living facility in Michigan
Sabra Health Care REIT announced the acquisition on Sept. 21 of a 249-unit independent living facility located in Frankenmuth, Michigan for $26.5M. Concurrently with the purchase, we entered into a triple-net lease agreement with affiliates of Unified Acquisitions & Development, LLC, or UPG. The lease has an initial term of 10 years with two five-year renewal options and provides for annual rent escalators equal to the greater of the change in the Consumer Price Index or 3.0%, resulting in annual lease revenues determined in accordance with GAAP of $2.4M and an initial yield on cash rent of 8.0%. The purchase price was funded with available cash. | |
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