On September 19, 2017, a privately-held group of real property holding companies for skilled-nursing facilities (collectively the "Company") completed a $378 million real property (together with limited personal property assets) sale transaction with Sabra Health Care REIT, Inc. (NasdaqGS: SBRA). The sale consisted of 21 facilities with a leaseback to existing operators (collectively the "Operators") and was completed at an 8.0% cap rate. The transaction was conducted to achieve liquidity for multi-generational owners. The price equaled $194,000 per licensed bed. With the sale/leaseback of three additional facilities for $52 million, which is expected to close by the end of 2017, the transaction will total $430 million.
Duff & Phelps served as exclusive financial advisor to the Company in relation to the sale/leaseback.
About the Operators
The Operators constitute a premier, privately-held group of affiliated long-term care companies operating with 30+ skilled-nursing facilities located in two Western states. The Operators have a long history of delivering a top-notch quality of care in skilled nursing and post-acute rehabilitation settings since 1989. The vast majority of their facilities are Five-Star rated by the Centers for Medicare and Medicaid Services – the highest level achievable.
About Sabra Health Care REIT, Inc.
Sabra is a publicly-traded real estate investment trust ("REIT"), investing in the healthcare industry. In August 2017, Sabra merged with Care Capital Properties (formerly NYSE: CCP) to create a premier healthcare REIT. Sabra has more than 500 skilled nursing, senior housing, hospitals, and other healthcare assets, operated by 70 regional and local care providers. It leases properties to tenants throughout the United States and Canada.
Elyse Bluth
Managing Director, Transaction Opinions
ESOP and ERISA Advisory
Chicago
