Business
Sabra Reports Third Quarter 2020 Results; Provides 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 third quarter of 2020 and provided a business update.\n\nTHIRD QUARTER 2020 RESULTS AND RECENT EVENTS\n\nFollowing are the highlights of our results for the third quarter of 2020 and recent events:\n\n\nFor the third quarter of 2020, net income attributable to common stockholders, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $0.18, $0.41, $0.48, $0.46 and $0.46, respectively. Beginning with the third quarter of 2020, we are no longer normalizing COVID-19 related expenses and government grant income from FFO and AFFO.\n\n\nEBITDARM Coverage for our Skilled Nursing/Transitional Care portfolio increased 0.18x over the second quarter of 2020 to 1.84x, and Skilled Mix remained stable at 39.0%. The improvement in trailing twelve-month EBITDARM Coverage (presented one quarter in arrears) is due to our tenants receiving financial support from the government during the second quarter of 2020. See further discussion on EBITDARM Coverage and Occupancy Percentage trends under “Portfolio Impact.”\n\n\nCash NOI margins for our Senior Housing - Managed portfolio increased 410 basis points over the second quarter of 2020 to 26.7% primarily due to recognizing $4.2 million of government grant income during the third quarter of 2020. See further discussion on our Senior Housing - Managed performance under “Portfolio Impact.”\n\n\nDuring the third quarter of 2020, we funded $20.0 million for a new preferred equity investment in a 186-unit senior housing community with an initial cash yield of 10.0%, bringing our year to date investment activity to over $154.5 million at a blended initial cash yield of 7.88%. Even during these challenging times for our industry, we continue to work diligently to identify investments that offer long-term value to our stockholders and strong yields.\n\n\nDuring the third quarter of 2020, we issued 1.4 million shares of common stock under our at-the-market offering program (“ATM Program”) for net proceeds of $21.1 million, match funding the $27.5 million of investing activity during the quarter and maintaining our strong net debt to adjusted EBITDA of 4.91x (5.48x including the unconsolidated joint venture).\n\n\nDuring the three mon...