Business
Sabra Reports First Quarter 2022 Results; Provides Business Update
IRVINE, Calif.--(BUSINESS WIRE)-- Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for
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 its results of operations for the first quarter of 2022. In addition, the Company provided a business update.\n\nFIRST QUARTER 2022 RESULTS AND RECENT EVENTS\n\n\nResults per diluted common share for the first quarter of 2022 were as follows:\n\n\nNet Income: $0.18\n\n\nFFO: $0.39\n\n\nNormalized FFO: $0.38\n\n\nAFFO: $0.39\n\n\nNormalized AFFO: $0.38\n\n\n\n\n\nEBITDARM Coverage Summary:\n\n\nSkilled Nursing/Transitional Care: 1.87x (pro forma for Avamere lease amendment)\n\n\nSenior Housing - Leased: 1.02x\n\n\nBehavioral Health: 1.98x\n\n\nSpecialty Hospitals & Other: 7.52x\n\n\n\n\n\nWe have collected 99.5% of our forecasted rents from the beginning of the COVID-19 pandemic through April 2022, including 100% of Avamere’s rent under its previous and amended leases.\n\n\n\nDuring the first quarter of 2022, we acquired a managed senior housing community from our proprietary development pipeline for $26.0 million with an initial cash yield of 6.7%.\n\n\n\nWe continue to maintain a strong Net Debt to Adjusted EBITDA ratio of 5.11x as of March 31, 2022.\n\n\n\nOn May 4, 2022, our Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 31, 2022 to common stockholders of record as of the close of business on May 16, 2022. The dividend represents a payout of 79% of our Normalized AFFO per share of $0.38.\n\n\nBUSINESS UPDATE\n\nBehavioral Health\n\nSabra’s behavioral health portfolio has grown considerably in recent years with a total investment of approximately $730 million currently yielding 8.3%, which accounts for roughly 13% of the Company’s Annualized Cash NOI. As previously announced, the Company is in the process of redeveloping a former hotel in Greenville, SC into an addiction treatment center, with an expected total investment of $33.4 million. This property has been added to the master lease of Sabra’s existing tenant, Recovery Centers of America. In total, six properties have been converted or are in the process of being converted to addiction treatment centers, and we are negotiating several additional conversion opportunities for existing wholly owned assets. New disclosure has been added to Sabra’s financial filings to highli...