Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Monday, 08 May 2017

Sabra Health to Buy Care Capital in Stock Swap Valued at $3.8Bln

Sabra Health Care REIT Inc. has agreed to buy Care Capital Properties Inc., in a deal valued at $3.8 billion, including assumed debt. The merged company, according to Sabra, would have an equity market capitalization of roughly $4.3 billion and a total market cap of about $7.4 billion.

Commercial Real Estate Direct Staff Report

Sabra Health Care REIT Inc. has agreed to buy Care Capital Properties Inc., a Chicago owner of skilled-nursing, or what's referred to as post-acute healthcare facilities, in a deal valued at $3.8 billion, including assumed debt.

Sabra will exchange every Care Capital share for 1.123 of its shares. Given the shares' stock price today, that would put an equity value of $2.4 billion on Care Capital, which also carries $1.4 billion of senior notes and other debt on its balance sheet. The merged company, according to Sabra, would have an equity market capitalization of roughly $4.3 billion and a total market cap of about $7.4 billion.

Sabra, which was formed in 2010 through a spin-off from Sun Healthcare Group, was seeded with and now owns 183 skilled-nursing facilities, 14 assisted- and independent-living centers and eight mental-health centers. Its properties, like the 359 properties owned by Care Capital, are...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

REITCafe

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shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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