Healthcare real estate investment trust Sabra Health Care REIT Inc. completed the sale of 12 facilities leased to Genesis Healthcare Inc. in New Hampshire and Florida for $134.0 million, reducing Genesis' annual rent obligations by $12.0 million.
The company also sold eight skilled nursing facilities in Indiana, obtained in the Care Capital Properties Inc. merger, for $40.0 million.
Sabra intends to use the proceeds from the sales to settle borrowings under its revolving credit facility.
Sabra also completed the redemption of all its outstanding 7.125% series A cumulative redeemable preferred stock.
