Business
Sabra Reports First Quarter 2020 Results; Provides an Update on Its Business
IRVINE, Calif.--(BUSINESS WIRE)-- Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq:SBRA) today announced results of operations for the
About this update from Sabra Health Care Reit, Inc.
[{"type":"text","content":" IRVINE, Calif.--(BUSINESS WIRE)--\nSabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq:SBRA) today announced results of operations for the first quarter of 2020 and provided a business update.\n\n\nFIRST QUARTER 2020 RESULTS AND CERTAIN RECENT EVENTS\n\n\nFollowing are the highlights of our results for the first quarter of 2020 and certain recent events:\n\n\n\nFor the first quarter of 2020, net income attributable to common stockholders, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $0.17, $0.42, $0.45, $0.44 and $0.44, respectively.\n\n\nDuring the first quarter of 2020, we acquired two Senior Housing - Leased communities and one Senior Housing - Managed community through our proprietary development pipeline for $83.4 million (inclusive of $1.0 million of capitalized acquisition costs), which includes $16.0 million previously funded through the Company’s preferred equity investments in these developments. These investments have an estimated weighted average initial cash yield of 7.51%. On April 1, 2020, we acquired an additional Senior Housing - Leased community from our proprietary development pipeline for $30.3 million (inclusive of $0.1 million of capitalized acquisition costs), which includes $4.6 million previously funded through the Company’s preferred equity investment in the development. This investment has an estimated initial cash yield of 7.28%.\n\n\nDuring the first quarter of 2020, we completed the sale of three Skilled Nursing/Transitional Care facilities for aggregate net sales proceeds of $6.8 million. On April 1, 2020, we completed the sale of two Skilled Nursing/Transitional Care facilities leased to Genesis Healthcare, Inc. (“Genesis”) for an aggregate gross sales price of $14.4 million, inclusive of the assumption by the buyer of an aggregate $14.2 million of HUD-insured mortgage debt encumbering the facilities. As a result of this disposition, the total annual rental obligation from Genesis will decrease by approximately $1.1 million.\n\n\nOn May 6, 2020, our Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 29, 2020 to common stockholders of record as of the close of business on May 18, 2020.\n\n\nAs a result of PDPM taking effect on October 1, 2019, the annualized impact on EBITDARM c...