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Sabra Health Care REIT
🇺🇸 NASDAQ:SBRA
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Jun 30, 2021

Sabra Health Care REIT Q2 2021 Earnings Report

Sabra Health Care REIT's Q2 2021 results were announced, highlighting the intent to exit the Enlivant Joint Venture investment and providing a business update with 2021 guidance.

Key Takeaways

Sabra Health Care REIT reported a net loss of $(0.61) per diluted common share for the second quarter of 2021. The company announced its intention to exit the Enlivant Joint Venture and provided full-year 2021 guidance. The company's Net Debt to Adjusted EBITDA ratio improved to 4.75x.

Net loss per diluted common share was $(0.61).

EBITDARM Coverage for Aggregate Acute/Post Acute and Other facilities reported 2.27x, which represents an increase of 0.36x over the second quarter of 2020 and an increase of 0.02x over the first quarter of 2021.

Collected 99.8% of forecasted rents from the beginning of the COVID-19 pandemic through July 2021.

The company issued 4.9 million shares of common stock under our at-the-market offering program (“ATM Program”) for net proceeds of $85.0 million.

Total Revenue
$153M
Previous year: $154M
-0.6%
EPS
$0.41
Previous year: $0.45
-8.9%
Normalized FFO per diluted share
$0.41
AFFO per diluted share
$0.39
Previous year: $0.42
-7.1%
Gross Profit
$119M
Previous year: $121M
-1.3%
Cash and Equivalents
$69.3M
Previous year: $28.3M
+145.5%
Total Assets
$5.82B
Previous year: $6.02B
-3.3%

Sabra Health Care REIT

Sabra Health Care REIT

Sabra Health Care REIT Revenue by Segment

Forward Guidance

Sabra expects the following amounts per diluted common share for the year ending December 31, 2021: Net loss: $(0.15) - $(0.13), FFO: $1.53 - $1.55, NFFO: $1.56 - $1.58, AFFO: $1.51 - $1.53, NAFFO: $1.53 - $1.55

Positive Outlook

  • Investments of $111.0 million with a weighted average initial cash yield of 8.2%.
  • Normalization of the living and operating environment as vaccines are holding up well against the Delta variant.
  • Balance sheet optionality Sabra has not had before.
  • Operators continue to adhere to health and safety protocols regardless of the abandonment of those protocols in the outside communities.
  • Exiting from Enlivant investment is accretive and de-levering.

Challenges Ahead

  • Senior Housing - Managed average quarterly occupancy: 76.8% - 78.9%.
  • The estimated amounts above do not include any anticipated funds from the Provider Relief Fund for our Senior Housing - Managed communities.
  • The estimated amounts above do not assume a sale of our 49% interest in the Enlivant Joint Venture in 2021.
  • Dispositions and loan repayments of $95.6 million, with associated Annualized Cash NOI of $6.4 million.
  • Capital expenditures in our Senior Housing- Managed portfolio of $11.7 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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