Question-and-Answer Session
Operator
Thank you. (Operator Instructions). We'll go first today to Christian Brown of Deutsche Bank.
Christian Brown – Deutsche Bank
Hi, good morning guys I just have a couple of questions. I guess the first is on the purchase option, is there a timeframe for the purchase option or how does that work exactly?
Taylor Pickett
Are you talking about Haven?
Christian Brown – Deutsche Bank
Haven, yes.
Taylor Pickett
The purchase option is exercisable at the end of the mortgage term in 2012 or in the event of default. Haven is currently in an event of default, so it is exercisable currently. And there is a possibility we'll exercise it. The exercise is the amount of mortgage, so there wouldn't be any additional cash consideration from Omega.
Christian Brown – Deutsche Bank
Okay, and then on the SNF that you purchased in January recently. Do you think the pricing was the difference than it would have been, may be six months ago?
Dan Booth
No, I don’t think that the pricing has changed dramatically. If there was any difference, it would be very modest.
Christian Brown – Deutsche Bank
And what is the purchase process for their other bidders?
Dan Booth
No, actually, the facility had been managed by the now current operator. So, it was that they really just had an option to purchase it which they exercised.
Christian Brown – Deutsche Bank
Okay, and the property that you are planning to sell during Q1, what prompted the sale?
Taylor Pickett
That was a property that was closed during the third quarter and it has been closed and it is on an agreement to be sold.
Christian Brown – Deutsche Bank
Okay, that's it, thanks.
Tom Peterson
Thank you.
Operator
And we'll take our next question today from Jerry Doctrow of Stifel Nicolaus.
Jerry Doctrow - Stifel Nicolaus
Good morning.
Taylor Pickett
Good morning Jerry.
Jerry Doctrow -Stifel Nicolaus
You touched on this little bit, but I wanted, may be from Dan and may be Taylor as well, just get a little bit more kind of color context on acquisition environment. Dan, I think you were to say it in response to the prior question; you don't see yields or cap rates sort of moving much in skilled space. I was wondering if you could just elaborate on that or may be I am inferring the wrong thing and then if you just can give me a little color on kind of what you are seeing out there, how competitive, where you see yields going, all that stuff?
- To read the full transcript on Seeking Alpha, click here »
