Care Capital Properties Inc.'s board declared a to-be-determined prorated common stock dividend, subject to the closing of the company's proposed merger with Sabra Health Care REIT Inc.

The company will pay the prorated dividend in cash to stockholders of record at the close of business on the last business day before the merger becomes effective.

Care Capital said it expects the amount of the prorated dividend to be 29.11957 cents per share if the merger effective date occurs Aug. 17. However, if the merger effective date takes place after Aug. 17, the dividend amount will be increased for each calendar day that such effective date occurs later than Aug. 17, and the record date and payment date for the dividend will be delayed accordingly.

Pending shareholder approval and other customary conditions, the merger is slated to close on or about Aug. 17. The deal is scheduled for an Aug. 15 vote by Care Capital's and Sabra's stockholders.