Irvine, CA-based Sabra Healthcare REIT has completed the transition of 24 properties formerly leased to North American as part of a previously announced disposition plan, the real estate investment trust announced Thursday.

Plans for the specific moves, to The Ensign Group and the Avamere Family of Companies, had been announced in November.

“We are also pleased to expand our relationship with Ensign and Avamere through the successful transition of the 24 properties formerly leased to North American,” Sabra CEO and Chair Rick Matros said in a statement.

Mission Viejo, CA-based North American Health Services in November began to transfer the properties in California and Washington, which it said were part of an “untenable” master lease agreement with Sabra, to different operators and refocus its footprint on its remaining 12 California facilities. Ensign and Avamere landed 20 and four facilities, respectively, from under the North American Health Care banner. 

With the completion of the disposition, Ensign becomes one of Sabra’s largest tenants, representing approximately 8% of annualized cash net operating income; Avamere will remain one of Sabra’s largest tenants, also accounting for approximately 8% of annualized cash NOI.

The REIT said Thursday that its disposition activity since Sept 30 has consisted almost entirely of skilled nursing facilities, including a sizable portfolio that sold for more than $200,000 per bed and a cash yield “in the mid-single digit range” for the 12 months ending Sept. 30. In aggregate, the cash yield on the disposition activity was approximately 7% for the 12 months ending Sept. 30, according to the company.

“We are pleased to announce the proceeds from this disposition activity as part of our previously communicated capital recycling strategy,” Matros said. “We remain committed to thoughtfully allocating capital and prudently managing our balance sheet in this uncertain macro environment.”

The net proceeds from the activities were used to repay borrowings under the company’s revolving credit facility, Sabra said.