Sabra Health Care REIT,
Inc. ("Sabra," the "Company" or "we") SBRA announced the acquisition
on September 21, 2012 of a 249-unit independent living facility located in
Frankenmuth, Michigan for $26.5 million. Concurrently with the purchase, we
entered into a triple-net lease agreement with affiliates of Unified
Acquisitions & Development, LLC ("UPG"). The lease has an initial term of 10
years with two five-year renewal options and provides for annual rent
escalators equal to the greater of the change in the Consumer Price Index or
3.0%, resulting in annual lease revenues determined in accordance with GAAP of
$2.4 million and an initial yield on cash rent of 8.0%. The purchase price was
funded with available cash.
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