Omega Healthcare Investors (NYSE: OHI) formed a $222.4 million property joint venture with affiliates of Saber Healthcare to own and lease 64 skilled nursing facilities previously wholly owned by Saber, the company announced in its third-quarter earnings release Thursday.

Omega received a 49% stake in exchange for 5.5 million equity units in its operating partnership subsidiary, convertible one-for-one into Omega common stock, while Saber affiliates retained 51%, the company’s press release noted.

The JV’s facilities generate $69.4 million in annual rent under triple-net leases and carry $448.6 million in non-recourse mortgage debt at a 6.1% average interest rate. Omega will receive 49% of monthly operating cash distributions and plans to pursue additional acquisitions with Saber through the JV.

Separately, Omega, which is based in Hunt Valley, Maryland, entered into an agreement to acquire a 9.9% equity interest in Saber’s operating company for $92.6 million in cash, expected to close January 1, 2026, and yielding a minimum annualized return of 8% through quarterly distributions.

“We again delivered strong quarterly results,” Taylor Pickett, Omega’s CEO, said in the press release. “The backdrop continues to be favorable. Operating metrics remain strong, with both occupancy and coverage further improving in the quarter. The pipeline is very active, and we have a strong balance sheet and cost of capital that should allow us to continue to accretively invest.”