Irvine-based Sabra Health Care REIT Inc. (Nasdaq: SBRA) completed the previously announced sale of 12 facilities leased to Genesis Healthcare Inc. (NYSE: GEN) for $134 million. The 11 skilled nursing facilities and one senior housing community are in New Hampshire and Florida.
Last week Sabra sold eight skilled nursing facilities in Indiana for $40 million. The senior housing-focused real estate investment trust became owner of the assets in August when it merged with Care Capital Properties Inc., a pure-play skilled nursing REIT.
The transactions are in line with Sabra’s strategy this year, involving lowering exposure to skilled nursing assets and properties operated by Genesis, one of the country’s largest nursing homes and senior living community operators, which has had a rocky ride following its 2015 merger with Skilled Nursing Healthcare Group.
Sabra plans to use the proceeds from the sales to repay borrowings under its revolving credit facility.
Shares of the company recently traded at nearly $21 each for a $3.7 billion market cap.