This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sabra Reports Fourth Quarter 2012 Results

IRVINE, Calif., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (Nasdaq:SBRA) today announced results of operations for the fourth quarter of 2012.

RECENT HIGHLIGHTS

  • For the fourth quarter of 2012, FFO, AFFO, Normalized AFFO and net income per diluted share were $0.38, $0.42, $0.41 and $0.11, respectively, compared to $0.39, $0.41, $0.37 and $0.19, respectively, for the fourth quarter of 2011.
  • During the fourth quarter, revenues increased 7.4% over the same period in 2011 from $26.3 million to $28.3 million. Excluding the $3.0 million additional interest income from the repayment of the Hillside Terrance Mortgage Note in December 2011, revenues in the fourth quarter increased 21.3% over the same period in 2011.
  • During the fourth quarter, we completed $97.4 million of acquisitions with a weighted average first year cash yield of 8.49%. Approximately 60% of our fourth quarter acquisitions were private-pay senior housing assets.
  • During the fourth quarter, we refinanced an existing $20.2 million HUD mortgage note, reducing the interest rate from 5.20% to 2.43% and increasing the outstanding principal amount by $0.6 million. This will result in annual interest savings of approximately $0.5 million, bringing our total annual interest savings on our mortgage notes, including previously announced refinancings, to $1.9 million.
  • On January 7, 2013, our board of directors declared a quarterly cash dividend of 0.34 per share of common stock. The dividend will be paid on February 28, 2013 to stockholders of record as of the close of business on February 15, 2013.
  • On January 31, 2013, we entered into a $12.8 million mortgage loan agreement with an option to purchase a memory care facility located in Arizona used as collateral for the note.
  • On February 1, 2013, we sold a skilled nursing/post-acute facility that we had classified as an asset held for sale for $2.2 million, resulting in no material gain or loss.

Commenting on the fourth quarter results, Rick Matros, CEO and Chairman, said, "We finished the year with a solid fourth quarter. Acquisition activity was strong, the Genesis acquisition of Sun Healthcare closed and our operating partners performed well as rent coverage has continued to improve, occupancy was stable for the quarter and skilled mix showed signs of stabilization as well. We were pleased to be able to raise our dividend and look forward to continued execution of the diversification of our asset base into senior housing."

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs