Sabra Health Care Reit, Inc. · NASDAQ:SBRA
Sabra Health Care Reit — FY2017 Earnings Presentation
12 slides from Sabra Health Care Reit's earnings presentation, Feb 21, 2018
Slide 1: Reconciliations of Non-GAAP Financial Measures December 31, 2017 (Unaudited)
Reconciliations of Non-GAAP Financial Measures December 31, 2017 (Unaudited)
Slide 2: Net Income to FFO, Normalized FFO, AFFO Reconciliation
2 2017 2016 2017 2016 Net income attributable to common stockholders $ 101,385 $ 20,615 $ 148,141 $ 60,034 Add: Depreciation of real estate assets 51,592 17,199 113,882 68,472 Depreciation and amortization of real estate assets related to noncontrolling interests (45) - (53) - Net (gain) loss on sal
Slide 3: Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA Reconciliation
3 Year Ended December 31, 2017 Net Income attributable to Sabra Health Care REIT, Inc. 158,383$ Interest 88,440 Income tax expense 651 Depreciation and amortization 113,882 EBTIDA 361,356$ Stock-based compensation expense 7,017 Merger and acquisition costs 30,255 CCP transition costs 5,005 Provision
Slide 4: Net Operating Income Reconciliation by Tenant Relationship, 2017
4 Senior Care Centers Enlivant Genesis Healthcare, Inc. Avamere Family of Companies Signature Healthcare Holiday AL Holdings LP North American Healthcare Signature Behavioral Cadia Healthcare The McGuire Group All Other Relationships Corporate Total Net Income (loss) 19,211$ -$ 113,956$ 13,248$ 8,66
Slide 5: Net Operating Income Reconciliation by Tenant Relationship, 2016
5 Genesis Holiday AL Holdings LP NMS Healthcare Canadian Portfolio Cadia Healthcare All Other Relationships Corporate Total Net Income (loss) 52,211$ 24,066$ 19,356$ 5,634$ 7,956$ 34,823$ (73,841)$ 70,205$ Adjustments: Depreciation and amortization 17,056 15,184 7,110 4,389 2,622 21,295 816 68,472 I
Slide 6: Net Operating Income by Property Type, Q4 2017
6 Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Total Senior Housing Specialty Hospitals and Other Interest and Other Income Corporate Total Net Income (loss) 120,147$ 15,225$ 1,236$ 16,461$ 9,292$ 6,964$ (48,895)$ 103,969$ Adjustments: Depreciation and amortiza
Slide 7: Net Operating Income by Property Type, Q4 2016
7 Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Total Senior Housing Specialty Hospitals and Other Interest and Other Income Corporate Total Net Income (loss) 21,967$ 13,682$ 259$ 13,941$ 898$ 1,981$ (15,617)$ 23,170$ Adjustments: Depreciation and amortization 8
Slide 8: Net Operating Income by Property Type, Year 2017
8 Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Total Senior Housing Specialty Hospitals and Other Interest and Other Income Corporate Total Net Income (loss) 230,358$ 51,539$ 4,253$ 55,792$ 16,615$ 15,026$ (159,426)$ 158,365$ Adjustments: Depreciation and amort
Slide 9: Net Operating Income by Property Type, Year 2016
9 Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Total Senior Housing Specialty Hospitals and Other Interest and Other Income Corporate Total Net Income (loss) 91,702$ 51,574$ 997$ 52,571$ (27,690)$ 27,463$ (73,841)$ 70,205$ Adjustments: Depreciation and amortiza
Slide 10: Net Operating Income by Payor Type, 2017
10 Private Payors Non-Private Payors Corporate Total Net Income (loss) 111,187$ 206,604$ (159,426)$ 158,365$ Adjustments: Depreciation and amortization 52,301 60,714 867 113,882 Interest 2,882 4,802 80,756 88,440 General and administrative - - 32,401 32,401 Merger and acquisition costs - - 30,255 30
Slide 11: Net Operating Income by Payor Type, 2016
11 Private Payors Non-Private Payors Corporate Total Net Income (loss) 62,339$ 81,707$ (73,841)$ 70,205$ Adjustments: Depreciation and amortization 38,960 28,696 816 68,472 Interest 2,542 4,646 57,685 64,873 General and administrative - - 17,671 17,671 Merger and acquisition costs - - 1,197 1,197 Pr
Slide 12: Non-GAAP Financial Measures Definitions
12 NON-GAAP FINANCIAL MEASURES DEFINITIONS Adjusted EBITDA. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, an
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