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Stock Market & Financial Investment News

News Breaks
December 17, 2012
09:04 EDTSBRASabra acquires Michigan senior housing portfolio in sale/leaseback transaction
Sabra Health Care REIT announced the acquisition on December 14 of a nine-facility senior housing portfolio with a total of 322 units located throughout the State of Michigan for $49.0M. Concurrently with the purchase, we entered into a triple-net master lease agreement with affiliates of Retirement Living Management. 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 $4.5M and an initial yield on cash rent of 8%. The purchase price was funded with available cash and proceeds from our secured revolving credit facility. In addition, Sabra will have a right of first refusal to acquire an additional facility operated by Retirement Living and add such facility to the master lease.
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August 18, 2014
16:34 EDTSBRASabra comments on Genesis HealthCare's combination with Skilled Healthcare
Sabra Health Care's (SBRA) tenant, Genesis HealthCare announced that it has signed a definitive agreement to combine with Skilled Healthcare Group (SKH). According to Genesis's announcement, Skilled shareholders will collectively own 25.75% of the vote and value of the fully-diluted equity of the combined company and Genesis shareholders will own the other 74.25%. After completion of the transaction, the new company will operate under the Genesis HealthCare name and will be traded on the NYSE. The closing of the transaction is subject to regulatory approvals, expiration of the waiting period under the Hart-Scott-Rodino, or HSR, Antitrust Improvements Act of 1976, as well as other conditions. According to Genesis's announcement, the closing of the combination is expected to occur in early 2015. Commenting on the proposed transaction, Rick Matros, CEO and Chairman, said "We believe the quality of our tenant base, including our existing parent guaranty from Genesis, is only strengthened by this transaction and our shareholders will benefit by the enhanced transparency of Genesis being a publicly-traded company. Genesis is a leading operator in the sector and we view this transaction favorably."
August 7, 2014
07:22 EDTSBRASabra Health Care management to meet with RBC Capital
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