IRVINE, Calif. — Sabra Health Care REIT (NASDAQ: SBRA) has completed the previously announced sale of nine facilities leased to Genesis Healthcare for $81.4 million, and one leased to Signature HealthCARE for $7 million.
The Genesis communities included seven skilled nursing facilities and one continuing care retirement community, while the Signature property was a skilled nursing facility. The specific names, locations and buyers of the communities were not disclosed.
The deals will reduce Genesis’ annual rent obligations to Sabra by $7.4 million, and Signature’s by approximately $600,000.
Sabra plans to use the proceeds from these sales to repay borrowings under its revolving credit facility.