SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company evaluates subsequent events up until the date the consolidated financial statements are issued.

Enlivant Joint Venture

On January 2, 2018, the Company completed its transaction with affiliates of Enlivant and TPG Real Estate, the real estate platform of TPG, to acquire a 49% equity interest in an entity that collectively owns 172 senior housing communities managed by Enlivant (the “Enlivant Joint Venture”). The Company contributed $352.7 million for the 49% noncontrolling interest, which implies an aggregate portfolio value for the Enlivant Joint Venture of $1.49 billion. The Enlivant Joint Venture has outstanding indebtedness of $791.3 million for the portfolio and net working capital of $22.9 million. The joint venture agreement includes an option for the Company to acquire the remaining majority interest in the Enlivant Joint Venture which terminates on January 2, 2021. Sabra's partner in the Enlivant Joint Venture has the option to transfer its interest commencing on January 2, 2020 subject to the Company's right of first offer. In addition, Sabra has the right to designate three directors on the seven member boards of directors of the Enlivant Joint Venture and has other customary minority rights.

Additionally on January 2, 2018, the Company acquired 11 senior housing communities that are operated by Enlivant pursuant to property management agreements for $138.3 million, which includes net working capital of $14.1 million.

Dividend Declaration

On February 5, 2018, the Company announced that its board of directors declared a quarterly cash dividend of $0.45 per share of common stock. The dividend will be paid on February 28, 2018 to stockholders of record as of the close of business on February 15, 2018.

Also on February 5, 2018, the Company 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 February 28, 2018 to stockholders of record as of the close of business on February 15, 2018.