IRVINE, Calif., June 20, 2016 (GLOBE NEWSWIRE) — Sabra Health Care REIT, Inc. (NASDAQ:SBRA) (NASDAQ:SBRAP) announced that on June 17, 2016, the borrowers under our Forest Park Medical Center – Dallas (“Dallas”) mortgage loan completed the previously announced sale of the Dallas real estate to an affiliate of HCA Holdings, Inc. (“HCA”) and have repaid our mortgage loan in full.
In connection with the sale of the Dallas real estate to HCA, we received $125.4 million, consisting of the outstanding principal balance on the Dallas mortgage loan of $110.0 million and $15.4 million of accrued and unpaid interest and fees. We expect to use the proceeds to make additional payments on our revolving credit facility and to finance future investments.
Sabra Health Care REIT, Inc. (NASDAQ:SBRA) (NASDAQ:SBRAP), a Maryland corporation, operates as a self-administered, self-managed real estate investment trust (a “REIT”) that, through its subsidiaries, owns and invests in real estate serving the healthcare industry. Sabra leases properties to tenants and operators throughout the United States and Canada.
FORWARD-LOOKING STATEMENTS SAFE HARBOR
This release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Forward-looking statements in this release include all statements regarding our expectations concerning our use of net proceeds from the Dallas mortgage repayment sale.
Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including the possibility that the closing conditions to the purchase and sale agreement may not be satisfied, including that the bankruptcy court may not approve the purchase and sale agreement; any delay in closing the sale or the possibility of non-consummation of the sale; or the possibility of the consummation of the sale on terms that are less favorable than those currently contemplated. In addition, other potential risks and uncertainties include, among others, the following: our dependence on Genesis Healthcare, Inc. and certain wholly owned subsidiaries of Holiday AL Holdings LP until we are able to further diversify our portfolio; our dependence on the operating success of our tenants; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; increases in market interest rates; changes in foreign currency exchange rates; our ability to raise capital through equity and debt financings; the impact of required regulatory approvals of transfers of healthcare properties; the effect of increasing healthcare regulation and enforcement on our tenants and the dependence of our tenants on reimbursement from governmental and other third-party payors; the relatively illiquid nature of real estate investments; competitive conditions in our industry; the loss of key management personnel or other employees; the impact of litigation and rising insurance costs on the business of our tenants; the effect of our tenants declaring bankruptcy or becoming insolvent; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; the ownership limits and anti-takeover defenses in our governing documents and Maryland law, which may restrict change of control or business combination opportunities; the impact of a failure or security breach of information technology in our operations; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; our ability to maintain our status as a REIT; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; and other factors discussed from time to time in our news releases, public statements and/or filings with the Securities and Exchange Commission (the “SEC”), especially the “Risk Factors” sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, unless required by law to do so.
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