Business
Sabra Reports Second Quarter 2020 Results; Provides a Business Update
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 second quarter of 2020 and provided a business update.\n\n\nSECOND QUARTER 2020 RESULTS AND CERTAIN RECENT EVENTS\n\n\nFollowing are the highlights of our results for the second quarter of 2020 and certain recent events:\n\n\n\nFor the second quarter of 2020, net income attributable to common stockholders, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $0.14, $0.43, $0.45, $0.42 and $0.44, respectively. Normalized FFO and Normalized AFFO exclude COVID-19 related expenses incurred in our Senior Housing - Managed portfolio of $3.9 million, or $0.02 per diluted common share. These expenses include the cost of implementation of additional safety protocols and procedures, purchases of personal protective equipment (“PPE”), increased staffing, premium pay and incentive pay for the staff.\n\n\nEBITDARM coverage, occupancy and Skilled Mix for our leased portfolio were stable sequentially.\n\n\nDuring the second quarter of 2020, we acquired one Senior Housing - Leased community from our proprietary development pipeline for $30.3 million (inclusive of $0.1 million of capitalized acquisition costs), which includes $4.6 million previously funded through the Company’s preferred equity investment in the development. This investment has an estimated initial cash yield of 7.28%. On July 31, 2020, we funded $20.0 million in a new preferred equity investment in a 186-unit senior housing community with an initial cash yield of 10.0%.\n\n\nDuring the second quarter of 2020, we completed the sale of three Skilled Nursing/Transitional Care facilities, two of which were leased to Genesis Healthcare, Inc. (“Genesis”), for aggregate gross sales proceeds of $17.9 million, inclusive of the assumption by the buyer of the former Genesis facilities of an aggregate $14.2 million of HUD-insured mortgage debt encumbering the facilities. On August 1, 2020, we completed the sale of an additional Skilled Nursing/Transitional Care facility leased to Genesis for gross sales proceeds of $18.4 million, inclusive of the assumption by the buyer of $17.6 million of HUD-insured mortgage debt encumbering the facility. This sale marks the completion of the dispositions identified in our 201...