IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed roughly $185 million of sales related to previously disclosed disposition activity. In addition, the 24 properties formerly leased to North American have been successfully transitioned to Ensign Group (NASDAQ: ENSG) and the Avamere Family of Companies.
The disposition activity was almost entirely comprised of skilled nursing investments, including a sizable portfolio that sold for over $200,000 per bed. In aggregate, the cash yield on this disposition activity was approximately 7 percent for the 12-month period ending Sept. 30, 2022.
The net proceeds from the disposition activity were used to repay borrowings under the company’s revolving credit facility.
“We are pleased to announce the proceeds from this disposition activity as part of our previously communicated capital recycling strategy,” says Rick Matros, Sabra’s CEO and chair.