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July 27, 2011 at 08:45 AM EDT
Sabra Health Care REIT Prices Public Offering of 10,200,000 Shares of Common Stock

IRVINE, Calif., July 27, 2011 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra") (Nasdaq:SBRA) today announced the pricing of an underwritten public offering of 10,200,000 shares of its common stock at a price to the public of $14.75 per share. Sabra has granted the underwriters a 30-day option to purchase up to 1,530,000 additional shares of its common stock to cover over-allotments, if any. Sabra expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $141.5 million from the offering, or $162.8 million if the underwriters exercise their over-allotment option in full. The offering is expected to close on August 1, 2011, subject to customary closing conditions.

Sabra intends to use a portion of the proceeds to it from this offering to fund the aggregate purchase price for four skilled nursing facilities—Broadmeadow Healthcare, Capitol Healthcare, Pike Creek Healthcare and Renaissance Healthcare (the "SNF Portfolio"). The remaining proceeds to Sabra, or if the acquisition of the SNF Portfolio is not consummated, all of the proceeds to Sabra from this offering, will be used to fund possible future acquisitions or for general corporate purposes.

Jefferies & Company, Inc. and Citi are the joint book-running managers for this offering. The offering may be made only by means of the prospectus relating to the offering, copies of which may be obtained by written request to Jefferies & Company, Inc., Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, or by telephone at (877) 547-6340, or by e-mail at Prospectus_Department@Jefferies.com; or Citi, Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, or by telephone at (800) 831-9146.

A registration statement on Form S-11 relating to these securities has been filed with the U.S. Securities and Exchange Commission and has been declared effective. This press release does not constitute an offer to sell or a solicitation of any offer to buy the shares of Sabra's common stock described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Sabra Health Care REIT, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8563

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