Maryland Lease Termination
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IRVINE, Calif., June 4, 2014 (GLOBE NEWSWIRE) — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq:SBRA) (Nasdaq:SBRAP) appear today that it has adapted its charter acceding with Texas Regional Medical Center (“TRMC”) in affiliation with the accretion of a authoritative absorption in TRMC by a accessory of Tenet Healthcare Association (“Tenet”). The adapted charter acceding has an antecedent appellation of 15.5 years with the advantage for TRMC to extend the charter for four added acceding of bristles years anniversary and provides for an anniversary hire escalator according to the bottom of 2.5% and the absolute CPI access as of the date of determination, not to be beneath than 1%. This after-effects in anniversary charter revenues, bent in accordance with GAAP, of $5.5 million. The adapted charter acceding additionally provides TRMC with a fair bazaar value-based acquirement advantage accountable to a $62.7 actor attic alpha in November 2024. TRMC’s obligations beneath the adapted charter acceding are partially affirmed (subject to a 51% floor) by Tenet.

Lease revenues beneath the adapted charter will initially be lower than those beneath the charter above-mentioned to the amendment, but will access at an accelerated bulk over time. In accession to the revised charter revenues, the beneath charter appellation will appulse the bulk of straight-line rental revenues recorded beneath GAAP by $1.1 actor annually. As a aftereffect of this amendment, we will admit a ancient write-off of ahead recorded straight-line rental revenues of $2.4 million. Based on our abounding boilerplate shares outstanding as of March 31, 2014 (after giving aftereffect to our arising of 8,050,000 shares of accustomed banal in May 2014), the aggregate of the write-off in ahead recorded straight-line rental revenues and abatement in anniversary charter revenues will abate our Funds From Operations (“FFO”) and Normalized FFO for 2014 by $0.07 and $0.02, respectively, per adulterated accustomed allotment and by $0.03 per adulterated accustomed allotment for 2015. Adjusted FFO (“AFFO”) and Normalized AFFO will be bargain by $0.03 and $0.02 per adulterated accustomed allotment in 2014 and 2015, respectively. 

Commenting on the adapted lease, Rick Matros, CEO and Chairman, said, “We are absolute admiring to accept Tenet accomplish an advance in and ascendancy the operations of TRMC. We accept bringing Tenet’s calibration and all-inclusive operational adeptness to the hospital will accommodate for the best abiding achievement at the hospital and enhance the bulk of our investment. The acclaim backbone that Tenet brings added than offsets the basal hit to our Normalized FFO and Normalized AFFO. In addition, our advice ranges for Normalized FFO and Normalized AFFO per adulterated accustomed allotment for the abounding year 2014 abide unchanged.”

Sabra Health Care REIT, Inc. (Nasdaq:SBRA), a Maryland corporation, operates as a self-administered, self-managed absolute acreage advance assurance (a “REIT”) that, through its subsidiaries, owns and invests in absolute acreage confined the healthcare industry. Sabra leases backdrop to tenants and operators throughout the United States.

FORWARD-LOOKING STATEMENTS SAFE HARBOR

This absolution contains “forward-looking” statements as authentic in the Private Securities Action Reform Act of 1995. These statements may be identified, after limitation, by the use of “expects,” “believes,” “intends,” “should” or commensurable acceding or the abrogating thereof. Advanced statements in this absolution accommodate all statements apropos (i) our expectations apropos the charter alteration with TRMC and accompanying agreement by Tenet, including the appulse on FFO, Normalized FFO, AFFO and Normalized AFFO for 2014 and 2015, and (ii) our reaffirmation of advice ranges for Normalized FFO per adulterated accustomed allotment and Normalized AFFO per adulterated accustomed allotment for the abounding year 2014. FFO per adulterated accustomed share, Normalized FFO per adulterated accustomed share, AFFO per adulterated accustomed allotment and Normalized AFFO per adulterated accustomed allotment are authentic as non-GAAP banking measures by the Securities and Exchange Commission (“SEC”). These measures may be altered than non-GAAP banking measures acclimated by added companies, and the advertence to these measures is not advised to be advised in a or as a acting for banking advice able and presented in accordance with U.S. about accustomed accounting principles.

Our absolute after-effects may alter materially from those projected or advised by our advanced statements as a aftereffect of assorted factors, including, amid others, the following: our assurance on Genesis HealthCare LLC (“Genesis”), the ancestor aggregation of Sun Healthcare Group, Inc., until we are able to added alter our portfolio; our assurance on the operating success of our tenants; changes in accepted bread-and-er altitude and animation in banking and acclaim markets; the assurance of our tenants on agreement from authoritative and added third-party payors; the cogent bulk of and our adeptness to account our indebtedness; covenants in our debt agreements that may bind our adeptness to accomplish acquisitions, acquire added acknowledgment and refinance acknowledgment on favorable terms; increases in bazaar absorption rates; our adeptness to accession basic through disinterestedness financings; the almost illiquid attributes of absolute acreage investments; aggressive altitude in our industry; the accident of key administration cadre or added employees; the appulse of action and ascent allowance costs on the business of our tenants; uninsured or underinsured losses affecting our backdrop and the achievability of ecology acquiescence costs and liabilities; our adeptness to advance our cachet as a REIT; acquiescence with REIT requirements and assertive tax affairs accompanying to our cachet as a REIT; and added factors discussed from time to time in our account releases, accessible statements and/or filings with the Securities and Exchange Commission (the “SEC”), abnormally the “Risk Factors” sections of our Anniversary and Quarterly Reports on Forms 10-K and 10-Q. Advanced statements fabricated in this columnist absolution are not guarantees of approaching performance, contest or results, and you should not abode disproportionate assurance on these advanced statements, which allege alone as of the date hereof.  We accept no, and hereby abandon any, obligation to amend any of the above or any added advanced statements as a aftereffect of new advice or new or approaching developments, except as contrarily appropriate by law.

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