Business
Sabra Reports Third 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 third quarter of 2022. In addition, the Company provided a business update.\n\nTHIRD QUARTER 2022 RESULTS AND RECENT EVENTS\n\n\nResults per diluted common share for the third quarter of 2022 were as follows:\n\n\nNet Loss: $(0.22)\n\n\nFFO: $0.28\n\n\nNormalized FFO: $0.36\n\n\nAFFO: $0.34\n\n\nNormalized AFFO: $0.35\n\n\n\n\nEBITDARM Coverage Summary:\n\n\nSkilled Nursing/Transitional Care:\n\n\n1.83x (pro forma for North American transition, Avamere lease amendment)\n\n\n1.60x (pro forma for North American transition, Avamere lease amendment, and excluding Provider Relief Funds)\n\n\n\n\nSenior Housing - Leased: 1.13x\n\n\nBehavioral Health: 1.72x\n\n\nSpecialty Hospitals & Other: 7.30x\n\n\n\n\nAs detailed in a separate press release, Sabra announced that it will transition the 24-property portfolio previously leased to North American Health Care, Inc. (“North American”) to two of Sabra’s existing tenants, 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 third quarter of 2022, we acquired two senior housing managed communities, including one through our proprietary development pipeline, for $71.7 million with an estimated blended stabilized cash yield of 7.2%.\n\n\nDuring the third quarter of 2022, we generated $23.1 million of gross proceeds from the disposition of three facilities. As previously disclosed, we continue to make progress on additional dispositions that are expected to generate gross proceeds of over $200 million. The sales under contract are expected to close by December 31, 2022, subject to customary closing and diligence conditions.\n\n\nOur Net Debt to Adjusted EBITDA ratio was 5.50x as of September 30, 2022, and we expect to reduce leverage closer to our 5.0x long-term leverage target by the end of the year with proceeds from our disposition activity described above. We remain committed to maintaining a strong balance sheet and strengthening our portfolio without accessing the capital markets.\n\n\nOn November 7, 2022, our Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on November 3...