Sabra Reports Fourth Quarter 2022 Results

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 fourth quarter of 2022.\n\nFOURTH QUARTER 2022 RESULTS AND RECENT EVENTS\n\n\nResults per diluted common share for the fourth quarter of 2022 were as follows:\n\n\nNet Loss: $(0.37)\n\n\nFFO: $0.25\n\n\nNormalized FFO: $0.37\n\n\nAFFO: $0.34\n\n\nNormalized AFFO: $0.37\n\n\n\n\nEBITDARM Coverage Summary:\n\n\nSkilled Nursing/Transitional Care:\n\n\n1.77x (pro forma for North American transition, Avamere lease amendment)\n\n\n1.54x (pro forma for North American transition, Avamere lease amendment, and excluding Provider Relief Funds)\n\n\n\n\nSenior Housing - Leased: 1.19x\n\n\nBehavioral Health: 1.71x\n\n\nSpecialty Hospitals & Other: 6.95x\n\n\n\n\nOn February 1, 2023, Sabra completed the transition of the 24-property portfolio previously leased to North American Health Care, Inc. (“North American”) to The Ensign Group (“Ensign”) and the Avamere Family of Companies (“Avamere”), for a combined initial annual rent of $34.5 million.\n\n\nDuring the fourth quarter of 2022, we acquired an 85% interest in three Canadian senior housing managed communities through a newly formed joint venture for $52.1 million with an estimated stabilized cash yield of 7.6%. Additionally, we invested $13.1 million in a property being converted into an addiction treatment center, with Sabra’s total investment expected to be $16.3 million at an 8.5% yield.\n\n\nSubsequent to December 31, 2022, Sabra acquired a managed senior housing community from our proprietary development pipeline for a purchase price of $40.8 million, which includes $4.6 million previously funded through the Company’s preferred equity investment in the development. This investment has an estimated stabilized cash yield of 7.3%.\n\n\nDuring the fourth quarter of 2022, we generated $25.9 million of gross proceeds from the disposition of seven skilled nursing facilities. Subsequent to December 31, 2022, Sabra received $158.7 million of gross proceeds from previously disclosed disposition and repayment activity.\n\n\nAs previously announced, Sabra renewed and extended its credit facility, which improves our debt maturity profile by pushing our nearest material maturity to August 2026, while holding pricing in line with our prio...

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