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Jun 30, 2024
Sabra Health Care REIT Q2 2024 Earnings Report
Sabra Health Care REIT's Q2 2024 performance reflected increased earnings guidance and portfolio momentum.
Key Takeaways
Sabra Health Care REIT reported its Q2 2024 results, highlighting a net income of $0.10 per diluted common share, FFO of $0.35, normalized FFO of $0.35, AFFO of $0.36 and normalized AFFO of $0.36. The company increased its 2024 earnings guidance and experienced growth in its managed senior housing portfolio.
Net Income was reported at $0.10 per share.
FFO and Normalized FFO were $0.35 per share.
AFFO and Normalized AFFO were $0.36 per share.
Net Debt to Adjusted EBITDA was 5.45x.
Sabra Health Care REIT
Sabra Health Care REIT
Sabra Health Care REIT Revenue by Segment
Revenue by Segment
Rental and related revenues Revenue
CapyFin.comResident fees and services Revenue
CapyFin.comInterest and other income Revenue
CapyFin.com Forward Guidance
Sabra has increased its 2024 earnings guidance ranges as follows (attributable to common stockholders, per diluted common share): Net Income: $0.48 - $0.51, FFO: $1.33 - $1.36, Normalized FFO: $1.36 - $1.39, AFFO: $1.39 - $1.42, Normalized AFFO: $1.41 - $1.44
Positive Outlook
- Guidance ranges assume year-over-year same store Cash NOI growth in the mid-to-high teens for the managed senior housing portfolio.
- Guidance incorporates all announced investment and disposition activity.
- Guidance incorporates announced activity under the at-the-market equity offering program.
- Skilled nursing margins and rent coverage are higher than pre-pandemic levels.
- Medicaid rate increases are anticipated to be approximately 200 basis points higher than last year’s above-average rate increases as inflation continues to be captured.
Challenges Ahead
- Guidance does not assume additional investment, disposition, or capital transactions beyond those already disclosed.
- There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
- Increased labor costs and historically low unemployment.
- Increases in market interest rates and inflation.
- Pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and senior housing - managed communities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income