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Sabra Reports Fourth Quarter 2012 Results

Stocks in this article: SBRA

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.


  • 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."

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