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Sabra Reports First Quarter 2023 Results
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 2023.\n\n\nFIRST QUARTER 2023 RESULTS AND RECENT EVENTS\n\n\n\nResults per diluted common share for the first quarter of 2023 were as follows:\n\n\n\n\nNet Loss: $(0.04)\n\n\n\nFFO: $0.32\n\n\n\nNormalized FFO: $0.33\n\n\n\nAFFO: $0.33\n\n\n\nNormalized AFFO: $0.34\n\n\n\n\nEBITDARM Coverage Summary:\n\n\n\n\nSkilled Nursing/Transitional Care: 1.63x\n\n\n1.55x (excluding Provider Relief Funds “PRF”) - up from 1.48x in the prior quarter\n\n\n\n\n\n\nSenior Housing - Leased: 1.14x\n\n\n\nBehavioral Health: 1.71x\n\n\n\nSpecialty Hospitals & Other: 6.40x\n\n\n\n\nDuring the first quarter of 2023, we closed on the acquisition of one senior housing managed community for $48.0 million and one senior housing leased community for $3.3 million with estimated stabilized cash yields of 8.0%. Additionally, we acquired an 85% interest in one Canadian senior housing managed community for $18.9 million USD with an estimated stabilized cash yield of 8.0%.\n\n\n\n\nDuring the first quarter of 2023, we generated $190.0 million of gross proceeds from the disposition of seven skilled nursing facilities (including one leased to a tenant under a sales-type lease) and two senior housing communities.\n\n\n\n\nOn April 4, 2023, CMS issued a proposed rule regarding fiscal year 2024 Medicare rates for skilled nursing facilities providing an estimated net increase of 3.7% compared to fiscal year 2023. The proposed payment rates would become effective on October 1, 2023.\n\n\n\n\nOur Net Debt to Adjusted EBITDA ratio was 5.52x as of March 31, 2023. We expect leverage to decrease as our portfolio continues its operational recovery and through proceeds from any future disposition activity. We continue to be committed to maintaining a strong balance sheet without accessing the capital markets.\n\n\n\n\nOn May 3, 2023, 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, 2023 to common stockholders of record as of the close of business on May 16, 2023.\n\n\n\nCommenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “The recovery in our portfolio continues. Occupancy in our skilled nursing...