IRVINE, Calif., April 3, 2012 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra," a "Company" or "we") (Nasdaq:SBRA - News) today announced a merger of dual learned nursing comforts as well as a appropriation of a mezzanine loan investment.Pennsylvania Subacute PortfolioOn Mar 30, 2012, you sealed a squeeze of dual specialized learned nursing comforts (the "Pennsylvania Subacute Portfolio") in a sale-leaseback transaction with affiliates of a sellers for $29.9 million. Each facility has 60 licensed beds as well as a single facility was most recently renovated in 1990, whilst a other facility was most recently renovated in 2008. In connection with a acquisition, we, through an indirect wholly owned subsidiary, entered into a single 15-year triple-net master lease agreement with a sellers with dual five-year renewal options. The Pennsylvania Subacute Portfolio lease provides for annual lease escalators next to to a greater of a change in a Consumer Price Index or 2.5%, resulting in annual lease revenues dynamic in accordance with GAAP of $3.4 million as well as an initial produce upon cash lease of 9.50%. The squeeze price was saved with available cash.Commenting upon a Pennsylvania Subacute Portfolio acquisition, Rick Matros, CEO as well as Chairman, said, "These dual subacute comforts have been unique in a number of ways. They have been learned nursing comforts in name only. These have been subacute ventilator facilities. The population in a single is primarily young adult whilst a other is center elderly to elderly. They do a immaterial amount of Medicare commercial operation as well as therefore a CMS final rule did not stroke this business. The primary source of revenue is state-funded Medicaid as well as Managed Care through specialized rates for ventilator as well as other complex conditions. States have been recognizing that there needs to be an alternative to a acute-care setting for these patients as well as a price is appreciably less in a learned nursing setting than in any other institutional setting. Most importantly, this government team takes a programmatic approach to provide quality outcomes to a population it serves which is what truly is important to both a state as well as a managed care companies. These comforts also treat other diseases such as MS as well as ACLS although a patient population consists primarily of ventilator dependent individuals. Now that Medicare has augmenting payment for these types of patients these comforts might see augmenting Medicare revenues over time. We have been gratified to be associated with such a brazen looking government team. Their commercial operation model is ahead of a bend but clearly where a industry is headed. We appreciate a opportunity to be aligned with them."Meridian Mezzanine LoanOn Mar 15, 2012, you entered into a $10.0 million mezzanine loan agreement ("Meridian Mezzanine Loan") with affiliates of Meridian Equity Investors, L.P. (the "Borrowers"), with an choice to squeeze three learned nursing comforts as well as a single assisted vital facility located in Texas as well as owned by a Borrowers (the "Meridian Facilities") before Mar 31, 2013 for up to an aggregate squeeze price of $43.0 million as well as augmenting by 2.5% for each of a dual years thereafter. The Meridian Mezzanine Loan is secured by a Borrowers' equity interests in four entities that own as well as operate a Meridian Facilities. The Meridian Mezzanine Loan has a five year term as well as bears interest at a fixed rate of 11.0% per annum. Upon execution of a squeeze choice you would design to enter into a new 15 year master lease having 2 five-year renewal options at an initial cash produce of a greater of 9.25% or fair marketplace lease as dynamic at a start of a lease. The comforts operation in age from 9 to 17 years as well as have a total of 394 licensed beds. Commenting upon a transaction, Mr. Matros said, "The Meridian Mezzanine Loan is an opportunistic investment that should generate an attractive produce for a shareholders whilst providing us with a flexibility to squeeze a properties as well as add to a augmenting list of operator relationships. We have been excited to begin a relationship with a Meridian team. They have a strong track jot down in a industry as well as this investment gives us an opportunity to fund their collateral needs and, in time, expand a portfolio with quality learned nursing as well as assisted vital assets."ABOUT SABRASabra Health Care REIT, Inc. (Nasdaq:SBRA - News), a Maryland corporation, is a self-administered, self-managed real estate investment trust (a "REIT") that, through its subsidiaries, owns as well as invests in real estate portion a healthcare industry. Sabra leases properties to tenants as well as operators via a United States. As of Mar 30, 2012, as well as after giving outcome to Sabra's merger of a Pennsylvania Subacute Portfolio, Sabra's investment portfolio consisted of 99 properties ((i) 78 learned nursing facilities, (ii) ten combined learned nursing, assisted vital as well as eccentric vital facilities, (iii) six assisted vital facilities, (iv) dual mental illness facilities, (v) a single eccentric vital facility, (vi) a single stability care retirement community, as well as (vii) a single acute care hospital) as well as 1 mezzanine loan investment. As of Mar 30, 2012, Sabra's properties were located in twenty-four states as well as included 10,997 licensed beds.The Sabra Health Care REIT, Inc. trademark is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8563FORWARD-LOOKING STATEMENTS SAFE HARBORStatements done in this release that have been not historical or current facts have been "forward-looking" statements (as tangible in a Private Securities Litigation Reform Act of 1995 as well as a federal bonds laws). These statements might be identified, without limitation, by a use of "expects," "believes," "intends," "should" or comparable terms or a negative thereof. Forward-looking statements in this release embody all statements per a expectations concerning (i) a merger of a Pennsylvania Subacute Portfolio as well as a destiny performance of those facilities, as well as (ii) a Meridian Mezzanine Loan that you done as well as a choice to squeeze a Meridian Facilities, including a expectations per a destiny performance of those comforts should you determine to exercise a squeeze option.Our actual formula might differ materially from those projected or contemplated by a forward-looking statements as a result of assorted factors, including, among others, a following: a coherence upon Sun Healthcare Group, Inc. until you have been able to serve diversify a portfolio; a coherence upon a operating success of a tenants; changes in general mercantile conditions as well as volatility in financial as well as credit markets; a coherence of a tenants upon payment from governmental as well as other third-party payors; a significant amount of as well as a capability to use a indebtedness; covenants in a debt agreements that might restrict a capability to make acquisitions, incur additional high regard as well as refinance high regard upon auspicious terms; increases in marketplace interest rates; a capability to raise collateral through equity financings; a relatively illiquid inlet of real estate investments; rival conditions in a industry; a detriment of key government personnel or other employees; a stroke of litigation as well as rising insurance costs upon a commercial operation of a tenants; uninsured or underinsured losses affecting a properties as well as a probability of environmental correspondence costs as well as liabilities; a capability to validate as well as maintain a standing as a REIT; correspondence with REIT requirements as well as sure tax matters related to standing as a REIT; as well as other factors discussed from time to time in a news releases, public statements and/or filings with a Securities as well as Exchange Commission, especially a "Risk Factors" sections of a Annual as well as Quarterly Reports upon Forms 10-K as well as 10-Q. We assume no, as well as hereby disclaim any, obligation to update any of a foregoing or any other forward-looking statements as a result of new information or new or destiny developments, except as otherwise required by law.Powered By iWebRSS.co.cc
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