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United States : Sabra Enters into Agreements to Acquire 49% Equity Interest in Senior Housing Joint Ventures Managed by Enlivant; Closing Expected Prior to Year End 2017; Places Sabra on Path to 100% Ownership of Portfolio.

Sabra Health Care REIT, Inc. ("Sabra" or the "Company"), Enlivant and TPG Real Estate, the real estate platform of TPG, jointly announced today that Sabra has entered into definitive agreements to acquire a 49% equity interest in entities that collectively own 183 senior housing communities managed by Enlivant (the Enlivant Joint Ventures). The transaction values the portfolio at $1.62 billion and Sabras 49% minority interest investment at $371.0 million.

Transaction Highlights

Large-scale national portfolio: The Enlivant Joint Ventures own 183 senior housing communities, totaling 8,280 units geographically diversified across 20 states. Enlivants communities are located in markets that exhibit stable demographics and limited new supply and are nearly 100% private pay. The properties are well maintained, and the majority of the portfolio consists of homogenous, purpose?built assets, which Sabra expects to drive operating efficiencies.

Significant embedded growth: The portfolio is currently 82% occupied, up from 60% in 2013 when Enlivant began managing the communities, and Sabra believes there are opportunities for additional NOI growth as the portfolio reaches full stabilization.

Strategic partnership with best-in-class management platform: The transaction creates a strategic partnership with a highly experienced and aligned management team with long track record of driving significant operational and financial growth. Enlivant has built an industry-leading brand with an outstanding and highly scalable national operating platform.

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Publication:Mena Report
Date:Sep 21, 2017
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