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Dec 31, 2020
Sabra Health Care REIT Q4 2020 Earnings Report
Sabra Health Care REIT reported fourth quarter 2020 results and provided a business update and 1Q 2021 guidance.
Key Takeaways
Sabra Health Care REIT announced its Q4 2020 results, with key highlights including net income attributable to common stockholders of $0.18 per diluted common share, FFO of $0.42 per diluted common share, Normalized FFO of $0.42 per diluted common share, AFFO of $0.42 per diluted common share, and Normalized AFFO of $0.41 per diluted common share. The company also reported that EBITDARM Coverage for their Skilled Nursing/Transitional Care portfolio increased to 1.93x.
Net income attributable to common stockholders was $0.18 per diluted common share.
FFO was $0.42 per diluted common share.
EBITDARM Coverage for the Skilled Nursing/Transitional Care portfolio increased to 1.93x.
Collected 99.9% of forecasted rents since the beginning of the COVID-19 pandemic.
Forward Guidance
Sabra Health Care REIT provided limited guidance for the first quarter of 2021 due to the financial effects of the COVID-19 pandemic, expecting net income per diluted common share of $0.16 - $0.17, FFO per diluted common share of $0.39 - $0.40, and AFFO per diluted common share of $0.38 - $0.39.
Positive Outlook
- Expect investments of $39.0 million with a weighted average initial cash yield of 8.2%.
- Expect dispositions and loan repayments of $6.2 million, with associated annualized Cash NOI of $0.4 million.
- Will maintain Net Debt to Annualized Adjusted EBITDA (including unconsolidated joint venture) below 5.50x on expected Annualized Adjusted EBITDA between $479 million and $481 million as of March 31, 2021.
- Will utilize availability under the revolver.
- Will issue between $100 million and $110 million of equity under our ATM Program to fund acquisitions and meet our goal of maintaining leverage below 5.50x.
Challenges Ahead
- Senior Housing - Managed Portfolio Average Quarterly Occupancy is expected to be lower than prior periods.
- Occupancy declines continue to put pressure on NOI generated from these investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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