21 Skilled Nursing Facilities Acquired by Large Healthcare REIT for $378 million

9/28/17 — Sabra Health Care REIT has purchased 21 skilled nursing facilities in a sale leaseback deal for $378 million from an undisclosed west coast operator. The REIT plants to buy the operator’s three remaining facilities by the end of the year for $52 million, bringing the total purchase to $430 million.

Sabra has been busy this year, having completed several huge deals. Just this August, they purchased a skilled nursing owner and former Ventas spinoff Care Capital Properties. And, last week they announced that they will purchase a minority interest in a 183-property portfolio of senior housing communities for $371 million. Sabra intends to acquire the entire portfolio eventually.

With 74 communities and 7,624 units as of June 1st, Sabra was ranked the 21st largest owner of senior housing in the U.S. according to the American Seniors Housing Association. No word on if their ranking has changed since this latest deal.

Sabra also announced that they’ve begun marketing to sell off the remaining 43 facilities they leased to Genesis Healthcare Inc. Sabra expects the sales will range from $425 million to $475 million in 2018. Sabra’s goal in 2018, dubbed “Sabra 3.0”, is to scale and diversify their portfolio.