Sabra Health Care REIT, Inc. announced that Sabra, pursuant to its joint venture with Sienna Senior Living, has completed the previously announced acquisition of a high-quality Canadian senior housing portfolio for a total consideration of CAD 307.5 million (USD 236.5 million). As previously disclosed, the portfolio consists of 11 high-quality senior housing communities strategically positioned across the provinces of Ontario and Saskatchewan. Sabra and Sienna acquired the portfolio through a newly formed 50/50 joint venture, with Sienna also acting as the operator.

The predominantly independent living portfolio consists of mostly newer construction with an average age of six years, which positions it well to capture demand growth across the senior housing industry as Canada's 75+ population is expected to double over the next 20 years. Sabra funded its portion of the acquisition using cash on hand and its credit facility. The Company plans to use proceeds from in-process capital recycling activity to keep leverage in line with its long-term target of approximately 5.0x net debt to adjusted EBITDA.