Business
Sabra Reports Fourth Quarter 2019 Results Highlighting a Strong Balance Sheet With Net Debt to Adjusted EBITDA of 5.38x; Solidifies Strong Foundation for Growth With 2020 Earnings Guidance
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 fourth quarter of 2019.\n\n\nRECENT HIGHLIGHTS\n\n\n\nFor the fourth quarter of 2019, net income attributable to common stockholders, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $0.20, $0.46, $0.48, $0.45 and $0.47, respectively.\n\n\nIn our managed portfolio:\n\n\nOur wholly-owned Senior Housing - Managed portfolio produced net income of $5.5 million and $2.8 million for the fourth quarter of 2019 and 2018, respectively, and same store year-over-year Cash NOI growth of 5.8%. The portfolio achieved full year same store Cash NOI growth of 2.4%.\n\n\nOur unconsolidated joint venture produced a net loss of $1.2 million and $1.8 million for the fourth quarter of 2019 and 2018, respectively, and same store year-over-year Cash NOI growth of 1.4%. The joint venture achieved full year same store Cash NOI growth of 7.0%.\n\n\n\n\nDuring and subsequent to the fourth quarter of 2019, we completed real estate acquisitions of $118.1 million with a weighted average cash yield of 7.40%. Our acquisitions consisted of: (i) five Senior Housing communities (including three from our development pipeline) for $114.3 million and (ii) one addiction treatment center for $3.8 million. $35.7 million was completed during the fourth quarter, and $82.4 million was completed subsequent to year-end.\n\n\nDuring the fourth quarter of 2019, we completed the sale of eight facilities for aggregate sales proceeds of $7.3 million, bringing our total aggregate sales proceeds for the year ended December 31, 2019 to $323.6 million from the sale of 39 Skilled Nursing/Transitional Care facilities and seven Senior Housing communities, and further strengthening the remaining portfolio.\n\n\nAs of December 31, 2019, we have exceeded our stated goal of lowering our Net Debt to Adjusted EBITDA (including our unconsolidated joint venture) below 5.50x, to 5.38x, down from 6.12x at the end of 2018:\n\n\nDuring the fourth quarter of 2019, we sold 11.5 million shares of common stock under our ATM programs, generating gross proceeds of $251.5 million, before $3.1 million of commissions. These proceeds were primarily used to repay all outstanding balances under our revolving credit facility and...