Sabra Health Care REIT Inc. Completes Sale-Leaseback with Legacy Living, Transitions Three Other Communities to Ensign Group

by Jeff Shaw

IRVINE, Calif. — Sabra Health Care REIT (NASDAQ: SBRA) has completed the $23.6 million acquisition of a 113-unit seniors housing property in Jasper, Indiana.

The deal is a sale-leaseback transaction with the seller and operator, Legacy Living. The asset opened in 2019 and features 18 independent living cottages, 70 assisted living units and 25 memory care units. The lease has an initial term of 15 years with two five-year extension options.

In a simultaneous, but unrelated, transaction, Sabra also transitioned three of its skilled nursing facilities to a new operator. Ensign Group will now manage the three properties, totaling 348 beds, under a triple-net master lease. The properties are located in Boise, Idaho, and Desoto and Trinity, Texas.

The master lease has an initial term of 20 years with two five-year extension options. Initial rent is $1.9 million with annual escalators based on CPI with a ceiling of 2.5 percent. This marks Sabra’s initial investment with The Ensign Group-affiliated operations.

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