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Sabra Reports First Quarter 2024 Results; Reiterates 2024 Guidance
TUSTIN, 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":" TUSTIN, 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 2024.\n\n\nFIRST QUARTER 2024 RESULTS AND RECENT EVENTS\n\n\n\nResults per diluted common share for the first quarter of 2024 were as follows:\n\n\nNet Income: $0.11\n\n\n\nFFO: $0.32\n\n\n\nNormalized FFO: $0.34\n\n\n\nAFFO: $0.35\n\n\n\nNormalized AFFO: $0.35\n\n\n\n\n\n\nEBITDARM Coverage Summary:\n\n\nSkilled Nursing/Transitional Care: 1.79x (1.79x excluding Provider Relief Funds)\n\n\n\nSenior Housing - Leased: 1.33x\n\n\n\nBehavioral Health, Specialty Hospitals and Other: 3.77x\n\n\n\n\n\n\nOn May 8, 2024, Sabra’s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 31, 2024, to common stockholders of record as of the close of business on May 20, 2024.\n\n\n\n2024 GUIDANCE\n\n\nSabra is reiterating 2024 earnings guidance ranges as follows (attributable to common stockholders, per diluted common share):\n\n\n\nNet Income: $0.53 - $0.57\n\n\n\nFFO: $1.33 - $1.37\n\n\n\nNormalized FFO: $1.34 - $1.38\n\n\n\nAFFO: $1.38 - $1.42\n\n\n\nNormalized AFFO: $1.39 - $1.43\n\n\n\nEarnings guidance above assumes no 2024 acquisition or disposition activity.\n\n\nCommenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “As has been evident for several quarters, Sabra’s portfolio continues to grow stronger, whether looking at coverage, occupancy, or NOI. Trailing-twelve-month SNF coverage saw a healthy 0.06x increase sequentially, to 1.79x, when excluding the impact of Provider Relief Funds. Our SHOP portfolio continues to improve, and this quarter’s results - which faced a challenging year-over-year comp - are in line with our expectations embedded in guidance. Our balance sheet remains strong and is poised to support future growth.\n\n\nAlthough we have no new investments to discuss this quarter, the pipeline has improved and with what we are working on, we expect to announce new investments on our second quarter call.”\n\n\nLIQUIDITY\n\n\nAs of March 31, 2024, we had approximately $913.8 million of liquidity, consisting of unrestricted cash and cash equivalents of $59.9 million and available borrowings of $853.9 million under our revolving credit facility. As of March 31,...