Business
Sabra Reports Second Quarter 2022 Results; Provides Business Update
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 second quarter of 2022. In addition, the Company provided a business update.\n\nSECOND QUARTER 2022 RESULTS AND RECENT EVENTS\n\n\nResults per diluted common share for the second quarter of 2022 were as follows:\n\n\nNet Income: $0.07\n\n\nFFO: $0.36\n\n\nNormalized FFO: $0.39\n\n\nAFFO: $0.36\n\n\nNormalized AFFO: $0.38\n\n\n\n\nEBITDARM Coverage Summary:\n\n\nSkilled Nursing/Transitional Care: 1.88x (pro forma for Avamere lease amendment), and 1.66x (pro forma for Avamere lease amendment and excluding Provider Relief Funds)\n\n\nSenior Housing - Leased: 1.09x\n\n\nBehavioral Health: 1.83x\n\n\nSpecialty Hospitals & Other: 7.07x\n\n\n\n\nDuring the second quarter of 2022, we acquired 12 Canadian senior housing communities with our newly formed — and previously announced — 50/50 joint venture with Sienna for $147.4 million with an estimated stabilized cash yield of 6.5%. Subsequent to the quarter, we closed on the acquisition of two additional managed senior housing communities for $71.7 million with a weighted average initial cash yield of 7.2%. Our year-to-date investment activity totals $264.9 million with a weighted average initial cash yield of 6.9%.\n\n\nDuring the second quarter of 2022, we generated $40.2 million of gross proceeds from the disposition of eight facilities. In addition, subsequent to June 30, 2022, we completed the sale of two facilities and have six facilities under contract for sale, which, collectively, are anticipated to generate gross proceeds of over $210 million. We expect the sales under contract to close by the end of the year, subject to customary closing and diligence conditions. We continue to evaluate additional assets for sale as part of our initiative to recycle capital and further improve our portfolio quality.\n\n\nYear to date, we have transitioned, or are in the process of transitioning, 25 triple-net leased assets to existing — as well as one new — operators, including growing our relationship with the Ensign Group from three to nine properties. We have also identified four wholly-owned assets for conversion to addiction treatment centers.\n\n\nOur Net Debt to Adjusted EBITDA ratio was 5.44x as of June 30, 2022, and we expect ...