Sabra Sells 12 Genesis Facilities, 8 Former CCP Buildings for $174M

Sabra Health Care REIT (Nasdaq: SBRA) on Monday announced the sale of 20 total buildings as its so-called “Genesis Exodus” nears completion. The Irvine, Calif.-based real estate investment trust (REIT) closed on the sale of 12 more properties operated by Genesis Healthcare (NYSE: GEN) last Friday, with a total price tag of $134 million. That […]

Sabra CEO: Signature Deal Likely, Genesis Model ‘Does Not Work’

The CEO of Sabra Health Care REIT (Nasdaq: SBRA) on Thursday indicated that a deal to restructure Signature HealthCARE could soon be in the cards. “We have an agreement with the other primary landlords on Signature,” Sabra CEO Rick Matros said on his company’s fourth-quarter earnings call with shareholders and analysts — though he added […]

Top 10 Skilled Nursing Stories of 2017

The skilled nursing industry faces an existential crisis over its future, and 2017 was a year filled with threats — financial and regulatory woes at top providers, plummeting occupancy, and continued reimbursement pressures. But it was also a year that saw promising research illustrating the utility of SNF care and successes in new payment models, […]

SNF Deals Strong in Third Quarter Amid Big Public-Buyer Appetite

Skilled nursing mergers and acquisitions (M&A) activity contributed to an overall strong third quarter, as as nursing care accounted for $3.5 billion of the total $5.0 billion in transactions volume for the quarter, according to a report by the National Investment Center for Seniors Housing and Care (NIC). Seniors housing accounted for the remainder ($1.5 […]

Sabra Touts $1 Billion Pipeline, ‘Flawless’ CCP Integration

It’s been a busy past few months for Sabra Health Care REIT (Nasdaq: SBRA), to say the least. In August, company shareholders approved its merger with Care Capital Properties (NYSE: CCP). Then, in early September, the Irvine, California-based real estate investment trust (REIT) announced it was purchasing the real estate associated with 24 skilled nursing facilities for […]

Why SNF Investment Risk Exists in the Eye of the Beholder

Among large swaths of the real estate investment community, reducing exposure to skilled nursing assets is considered a smart play at the moment. Given the uncertain regulatory landscape and shifting payment models, betting on SNFs may just not seem worth it. But several players in the SNF investment market believe that the asset class isn’t necessarily […]

Inside Sabra’s ‘Unusual’ $430 Million Skilled Nursing Buy

Sabra Healthcare REIT, Inc. (Nasdaq: SBRA) last week made its first major skilled-nursing deal since merging with Care Capital Properties, buying the real estate associated with 24 SNFs for a total of $430 million: $378 million for the 21 properties that have already closed, and $52 million for three more set to close by the end […]

Sabra to Buy 24 SNFs for $430M, Sell Whole Genesis Portfolio

Sabra Health Care REIT (Nasdaq: SBRA) on Monday announced a pair of major moves, revealing a plan to buy 24 skilled nursing and transitional care units on the West Coast — and taking concrete steps to sell off its remaining 43 properties operated by Genesis HealthCare (NYSE: GEN) by the end of next year. The […]

Skilled Nursing REIT Sabra Makes $371M Senior Housing Play

Sabra Health Care REIT (Nasdaq: SBRA) took a major step toward reducing its skilled nursing concentration on Tuesday, announcing the acquisition of a minority stake in a $1.6 billion assisted living portfolio. Sabra’s 49% stake in the deal, which includes 183 senior housing communities operated by the Chicago-based Enlivant, works out to about $371 million. […]

Despite Signature Troubles, Sabra Sees Bright Post-Merger Future

Fresh off the approval of its blockbuster merger with Care Capital Properties, Sabra Healthcare REIT, Inc. (Nasdaq: SBRA) on Friday trumpeted the better-than-estimated value of the deal — and predicted an orderly solution to one of its continuing problems. The company had been conservative in its pre-merger projections, CEO Rick Matros said on a conference […]

Sabra Takes Steps to Improve Underperforming CCP Properties

Sabra Health Care REIT (Nasdaq: SBRA) is pursuing a multi-pronged repositioning strategy to improve the performance of certain new additions to its portfolio, following the mega-merger with Care Capital Properties. The merger with real estate investment trust CCP added 359 properties, mostly skilled nursing, to Sabra’s existing portfolio of 205 skilled nursing, private-pay senior housing, […]

Fitch Upgrades Sabra Rating After CCP Acquisition

Sabra Health Care REIT (Nasdaq: SBRA) is in a positive place following its recently approved merger with Care Capital Properties (CCP), according to several ratings agencies. Fitch Ratings on Wednesday increased Sabra’s rating from BB+ to BBB-, an investment-grade rating, while Standard & Poor’s boosted its corporate credit rating on the Irvine, Calif.-based real estate […]

Sabra Shareholders Approve Merger with SNF-Heavy CCP

Shareholders of Sabra Health Care REIT, Inc. (NASDAQ: SBRA) on Tuesday approved the company’s merger with Care Capital Properties (NYSE: CCP), ending a public battle involving dissident hedge funds and several lawsuits. About two-thirds of the shares controlled by attendees at a special stockholder meeting in Irvine, Calif. were voted in favor of the deal, […]

Another Proxy Firm Gives Thumbs Up to Sabra-CCP Deal

A second proxy advisory firm has come out in favor of the impending merger of Sabra Health Care REIT, Inc. (NASDAQ: SBRA) and Care Capital Properties, Inc. (NYSE: CCP), bringing the current count to two in favor and one against. Egan-Jones Ratings Company issued a report late Tuesday recommending that Sabra shareholders vote for the […]

Sabra CEO Rebukes Activists, Sees Skilled Nursing Upsides

Sabra Health Care REIT, Inc. (Nasdaq: SBRA) came out swinging against activist shareholders on the company’s quarterly earnings call Thursday afternoon, trumpeting the potential of skilled nursing facilities in the future and questioning the credentials of those who have criticized its impending merger with Care Capital Properties (NYSE: CCP). A nearly “pure play” SNF real estate […]

Independent Proxy Firm Calls for Sabra-CCP Merger Veto

Another player has spoken out against the proposed $7.4 billion merger of Sabra Health Care REIT, Inc. (Nasdaq: SBRA) and Care Capital Properties (NYSE: CCP) — and this time, it’s an independent third party. Institutional Shareholder Services (ISS), an independent proxy advisory firm, added its voice to the chorus rejecting the merger, including shareholders Hudson Bay […]

Long-Term Care Leads Other Sectors in M&A Volume

Long-term care (LTC) deals played a key role in an overall increase in “megadeals” in the health services industry, according to a new analysis from Pricewaterhouse Coopers (PwC). Overall, 219 deals occurred throughout the health services industry, totaling to $49.6 billion, signifying a year-over-year increase of more than 201%, and a 514% jump from the first quarter of […]

Hudson Bay Doubles Down Against $7.4 Billion Sabra-CCP Merger

An activist shareholder is once again coming out strong against the proposed $7.4 billion merger of Care Capital Properties, Inc. (NYSE: CCP) and Sabra Health Care REIT, Inc. (Nasdaq: SBRA) — now describing the August 15 vote on the matter as essentially “a shareholder referendum on whether Sabra should continue with the prior strategy of steadily diversifying its […]

Can Activist Shareholders Scuttle Sabra-CCP Deal?

Sabra Health Care REIT, Inc.’s (NASDAQ: SBRA) impending merger with Care Capital Properties (NYSE: CCP) has been met with resistance from two shareholders, and while the aggrieved parties control only a small percentage of the Irvine, Calif.-based real estate investment trust (REIT), one commentator says they can still make closing the deal difficult. Shareholders Eminence and Hudson […]