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Sabra Health Care REIT, Inc. Announces 2014 Guidance; Increases Quarterly Dividend On Common Stock; Completes HUD Refinancings Of $44.8 Million

Stocks in this article: SBRA

IRVINE, Calif., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (Nasdaq:SBRA) announced its outlook for the year ending December 31, 2014, Sabra's board of directors declared quarterly cash dividends of $0.36 per share of common stock and $0.4453125 per share of Series A Preferred Stock, and Sabra announced the completion of $44.8 million of mortgage debt refinancing with HUD.

2014 Outlook

The Company expects FFO to range between $1.64 and $1.68 per diluted common share and Normalized FFO, after adjusting for prepayment penalties, write-off of related deferred financing costs and issuance premiums associated with the repayment of $211.5 million of its senior unsecured notes and its completed and anticipated refinancings of secured mortgage debt ("Normalizing Items"), of between $2.19 and $2.23 per diluted common share. The Company expects AFFO to range between $1.58 and $1.62 per diluted common share and Normalized AFFO, after adjusting for Normalizing Items, of between $2.12 and $2.16 per diluted common share. The Company expects net income attributable to common stockholders to range between $0.62 and $0.66 per diluted common share.

The table below sets forth Sabra's 2014 full year guidance:

  Low High
Net income attributable to common stockholders  $ 0.62  $ 0.66
     
Add:    
Depreciation and amortization 1.02 1.02
     
FFO 1.64 1.68
Normalizing items 0.55 0.55
Normalized FFO  $ 2.19  $ 2.23
     
FFO  $ 1.64  $ 1.68
Straight-line rental income adjustments (0.36) (0.36)
Stock-based compensation expense 0.16 0.16
Amortization of deferred financing costs 0.10 0.10
Acquisition pursuit costs 0.02 0.02
Non-cash loss on extinguishment of debt 0.02 0.02
     
AFFO 1.58 1.62
Normalizing items 0.54 0.54
Normalized AFFO  $ 2.12  $ 2.16

The Company's guidance excludes the impact of investments that may be made during 2014. The Company expects to make investments in 2014 totaling between $350.0 million and $400.0 million, which includes approximately $106.0 million of identified Forest Park Medical Center acute care hospital investments. The Company has identified and expects to close $170.0 million of investments during the first half of 2014. The Company expects to make between $180.0 million and $230.0 million of investments principally during the latter part of the second half of 2014. The expected investment amounts for 2014 are comprised of approximately 50% senior housing and memory care, 30% acute care hospitals (with Forest Park Medical Center) and 20% skilled nursing/post acute. Investments in 2014 are expected to be funded with existing cash, borrowings available under the revolving credit facility or the proceeds from additional issuances of common stock (through our At-the-Market common equity offering program or through other equity issuances), debt or other securities.

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