XML 98 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUBSEQUENT EVENTS (Notes)
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS

The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued.
Dividend Declaration
On July 31, 2013, the Company announced that its board of directors declared a quarterly cash dividend of $0.34 per share of common stock. The dividend will be paid on August 30, 2013 to stockholders of record as of the close of business on August 15, 2013.
On July 31, 2013, the Company also announced that its board of directors declared a quarterly cash dividend of $0.4453125 per share of Series A Preferred Stock. The dividend will be paid on August 30, 2013 to preferred stockholders of record as of the close of business on August 15, 2013.
Meridian Pipeline Agreement
On July 29, 2013, the Company agreed to terms on a non-binding term sheet (the "Term Sheet") on a forward purchase program with Meridian (the "Meridian Pipeline Agreement"), to acquire newly constructed senior housing, memory care and skilled nursing properties to be developed by affiliates of Meridian. The Term Sheet provides for the acquisition of, as well as certain interim capital commitments for, up to ten facilities with an estimated aggregate cost of $100.0 million through 2015, consisting of senior housing, memory care and skilled nursing facilities. Under the Term Sheet, Meridian will identify and develop the properties, affiliates of Sabra will contribute preferred equity capital and Sabra will have the option to purchase the facilities upon stabilization. The preferred equity investments will earn an annual 15% preferred rate of return, which will accrue on a quarterly compounding basis with payment of the preferred return deferred until the earlier of the closing under the applicable purchase option, the exercise of Meridian's applicable call option, the exercise of Sabra's applicable put option or the sale of the applicable property. Should Sabra exercise its purchase option on a facility, Sabra would expect to lease the facility to Meridian under a long-term, triple net lease. The Term Sheet is non-binding and is subject to the parties' negotiation of final terms, which is expected to be completed during the third quarter of 2013.