Sabra Reports First Quarter 2019 Results; Reaffirms 2019 Guidance

2019 MAY 20 (NewsRx) -- By a News Reporter-Staff News Editor at Daily Real Estate News -- Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq:SBRA) announced results of operations for the first quarter of 2019. RECENT HIGHLIGHTS For the first quarter of 2019, net loss attributable to common stockholders, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $(0.44), $0.43, $0.48, $0.46 and $0.47, respectively. Included in net loss per diluted common share were impairments of real estate of $0.58, primarily associated with the Senior Care Centers facilities, write-off of lease intangibles of $0.03 and loss on sale of real estate of $0.01.

Our Senior Housing - Managed portfolio produced net income of $1.3 million and $2.8 million for the first quarter of 2019 and 2018, and on a same store basis, produced year-over-year revenue growth of 3.9%, Cash NOI growth of 2.4% and REVPOR growth of 4.6%.

On February 25, 2019, we entered into an equity distribution agreement with a consortium of banks acting as sales agents (the “Sales Agents”) to sell shares of our common stock having aggregate gross proceeds of up to $500.0 million from time to time through the Sales Agents (the “ATM Program”).

On April 1, 2019, we completed the sale of 28 facilities operated by Senior Care Centers and received gross sales proceeds of $282.5 million as well as a $5.0 million settlement payment from Senior Care Centers (with the remaining $4.5 million of settlement payments payable on or before July 1, 2019). Of the 10 remaining facilities operated by Senior Care Centers, we expect to re-tenant seven facilities to a current operator in the Sabra portfolio and to sell three facilities.

On April 1, 2019, we terminated our triple-net master lease with Holiday Retirement (“Holiday”) with respect to all 21 senior housing communities subject to the master lease (the “Holiday Communities”) and concurrently entered into management agreements pursuant to which Holiday will manage the Holiday Communities as part of our Senior Housing - Managed portfolio. In exchange for terminating the Holiday master lease, we received $57.2 million of total cash consideration.

On May 8, 2019, we announced that our board of directors declared a quarterly cash dividend of $0.45 per share of common stock. The dividend will be paid on May 31, 2019 to common stockholders of record as of the close of business on May 20, 2019.

We reaffirm our previously issued 2019 guidance.

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