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Sabra Health Care REIT, Inc. Makes Additional Investment Under First Phoenix Pipeline Agreement; Expands Relationship With New Dawn

New Dawn – Virginia Construction Loans

On October 31, 2013, we made two construction mortgage loan commitments with affiliates of New Dawn Holding Company ("New Dawn") totaling $17.1 million for the construction of two memory care facilities in Virginia (collectively, the "New Dawn Loans"), of which $2.0 million was funded at closing. The two memory care facilities, located in Henrico, Virginia, and Williamsburg, Virginia, will each have 48 units and will be operated by New Dawn. The Company currently leases one memory care facility to New Dawn and is the secured lender for another facility operated by New Dawn. The Company has an option to acquire the facility securing each of the New Dawn Loans upon stabilization of that facility. Each of the New Dawn Loans bears interest at a rate of 10.0% per annum and matures upon the earlier to occur of (i) Sabra exercising its purchase option on the facility securing that New Dawn Loan or (ii) October 31, 2018. The purchase price under the Company's purchase option agreement is formula-based and is expected to approximate market value at the time of exercise. Should we exercise our option to purchase these facilities, we expect to enter into a long-term triple net lease with New Dawn with an initial cash yield of at least 8.25% (subject to increase based on market conditions as of the time of exercise).

Commenting on these investments, Rick Matros, CEO and Chairman, said, "We are pleased to see some acceleration in our development projects. Although the First Phoenix pipeline contemplated only RIDEA projects, the Weston Loan is not included in a RIDEA-compliant joint venture because of the skilled rehabilitation unit that was put in place at the request of the adjacent hospital. We look forward to future investment activity with First Phoenix Group and New Dawn."

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