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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.
News For SBRA From The Last 14 Days
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July 2, 2015
10:00 EDTSBRAOn The Fly: Analyst Initiation Summary
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06:01 EDTSBRASabra Health Care initiated with a Neutral at Mizuho
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June 25, 2015
07:58 EDTSBRASabra Health Care 5.9M share Spot Secondary priced at $25.25
The deal size was increased to 5.9M shares from 5M shares and priced at the bottom of the $25.25-$25.65 range. Wells Fargo and JPMorgan acted as joint book running managers for the offering. For complete deal analysis visit The Fly's Syndicate section
June 24, 2015
19:01 EDTSBRAOn The Fly: After Hours Movers
UP AFTER EARNINGS: Herman Miller (MLHR), up 5.1%. ALSO HIGHER: Turtle Beach (HEAR), up 3.6% after partnering with AuDConnex for direct audio hearing solution. DOWN AFTER EARNINGS: Bed Bath & Beyond (BBBY), down 2.6%. ALSO LOWER: Cree (CREE), down 5.1% after lowering fourth quarter revenue outlook... Sabra Health Care (SBRA), down 2.7% after filing to sell 5M shares of common stock at a price range of $25.25-$25.65.
16:19 EDTSBRASabra Health Care 5M share Spot Secondary; price range $25.25-$25.65
Sabra Health Care's 5M share Spot Secondary is being offered in the range of $25.25-$25.65 in a deal that is expected to price before tomorrow's open. Wells Fargo and JPMorgan are acting as joint book running managers for the offering. For complete deal analysis visit The Fly's Syndicate section. TSYN on Bloomberg.
16:14 EDTSBRASabra Health Care files to sell 5M shares of common stock
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16:12 EDTSBRASabra agrees to acquire skilled nursing/transitional care portfolio for $234M
Sabra Health Care announced that it has agreed to purchase a portfolio of four transitional care facilities located in Maryland. On June 22, Sabra agreed to acquire four skilled nursing facilities that specialize in transitional care and medically complex post-surgical, ventilator and dialysis patients with a total of 678 licensed beds located in Maryland for $234M. Upon completion of the acquisition, Sabra and the current operator will enter into a triple-net master lease agreement on three of the facilities and enter into a triple-net lease agreement on the fourth facility which is encumbered by a HUD loan. Each of the master lease and the lease for the fourth facility will have an initial term of 15 years with two 10-year renewal options and annual rent escalators equal to the greater of 2.50% or CPI, but not to exceed 2.75%. The leases are collectively expected to generate annual lease revenues determined in accordance with GAAP of $24.5M and an initial yield on cash rent of 8.75%. Closing on the acquisition of three of the facilities, with an allocated purchase price of $175.2M, is expected to occur on or before June 30. The fourth facility is expected to close upon the assumption of an existing $10.8M HUD loan having an interest rate of 5.60% per annum. The closing of the acquisition of the NMS Portfolio is subject to customary conditions, including the satisfactory completion by Sabra of its due diligence and, as to the fourth facility, the HUD loan assumption. In addition to the HUD loan assumption, Sabra expects to fund the remainder of the acquisition with available cash and proceeds from their revolving credit facility. After giving effect to the completion of the NMS Portfolio acquisition, Sabra's total investments year to date for 2015 would be $406.5M, with a blended cash yield of 7.89%.

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