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Sep 30, 2022
Sabra Health Care REIT Q3 2022 Earnings Report
Sabra Health Care REIT's Q3 2022 results were announced, featuring a net loss, but also highlighting normalized FFO and AFFO. The company also provided a business update.
Key Takeaways
Sabra Health Care REIT reported a net loss for Q3 2022, but also reported positive normalized FFO and AFFO. The company is transitioning the North American portfolio to Ensign and Avamere, and is making progress on additional dispositions.
Net Loss: $(0.22) per share
FFO: $0.28 per share
Normalized FFO: $0.36 per share
AFFO: $0.34 per share
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 expects to reduce leverage closer to its 5.0x long-term leverage target by the end of the year with proceeds from disposition activity. The transition of facilities to Ensign and Avamere is expected to be completed by February 1, 2023.
Positive Outlook
- The transition of the North American portfolio should enhance the durability of Sabra’s earnings stream going forward.
- Sabra appreciates the extension of the Public Health Emergency.
- The company is heartened by the continued, albeit slow, improvement in the labor market.
- The asset sales are proceeding as expected.
- The company continues to receive interest in acquiring additional skilled nursing assets.
Challenges Ahead
- The recovery in both the skilled and senior housing asset classes has been slower than expected.
- The healthcare industry continues to navigate the challenging operating environment.
- The labor market has been a major barrier to a quicker recovery.
- Net Loss: $(0.22) per share
- The transition of these facilities to Ensign operating companies and Avamere is expected to be completed by February 1, 2023 and remains subject to the completion of certain regulatory approvals and other closing conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income