Shares of Irvine-based real estate investor Sabra Health Care REIT Inc. saw a strong public debut Tuesday.
Sabra’s shares closed up 13% in Tuesday trading on the Nasdaq exchange.
A market value for Sabra was unclear Tuesday, the stock’s first day of actual trading.
The company’s been projected to see an initial market value of $350 million to $400 million, according to Chief Executive Richard Matros and an analyst who follows Sun Healthcare Group Inc., which Sabra split off from on Monday.
Sabra owns 86 healthcare buildings that are leased to Sun, which operates nursing homes and other facilities.
The split of Sabra and Sun came about because Sun wanted to make money for its shareholders by spinning off its real estate.
It’s the second large corporate split in Orange County this year. Back in June, First American Corp. of Santa Ana broke into title insurer First American Financial Corp. and CoreLogic Inc., a real estate data provider.
