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Genesis Healthcare Closes $103M Sale
Sabra Health Care REIT Inc. closed on 20 facilities in Kentucky, Ohio and Indiana, collecting $103.3 million in the process. The seniors facilities are leased to the buyer, Genesis Healthcare Inc. Under terms of the sales, Genesis’ annual rent obligations to Sabra will be reduced by $9.3 million
The sale represents part of a 35-seniors-facility portfolio being marketed for sale under the Irvine, CA-based REIT’s memorandum of understanding with Genesis, which is headquartered in Lake Forest, CA.
The dispositions are part of Sabra’s plan to sell its entire portfolio of Genesis-operated skilled nursing facilities. The approximate sales proceeds from the overall sale will range from $425 million-$475 million.
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- ◦Sale/Acquisition
