IRVINE, Calif., Feb. 26, 2014 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (Nasdaq:SBRA) (Nasdaq:SBRAP) today announced results of operations for the fourth quarter of 2013.
- For the fourth quarter of 2013, Normalized FFO, Normalized AFFO and net income attributable to common stockholders per diluted common share were $0.49, $0.50 and $0.27, respectively, compared to $0.43, $0.41 and $0.11, respectively, for the fourth quarter of 2012.
- During the fourth quarter, revenues increased 32.8% over the same period in 2012, from $28.3 million to $37.6 million.
- On January 23, 2014, our board of directors declared a quarterly cash dividend of $0.36 per share of common stock. The dividend will be paid on February 28, 2014 to common stockholders of record as of the close of business on February 14, 2014.
- On January 23, 2014, our board of directors declared a quarterly cash dividend of $0.4453125 per share of Series A preferred stock. The dividend will be paid on February 28, 2014 to preferred stockholders of record as of the close of business on February 14, 2014.
- On February 14, 2014, we acquired six senior housing campuses with a total of 673 beds/units, covering the spectrum of care (292 skilled nursing beds, 213 independent living units and 168 assisted living units) for $90.0 million (the "Nye Portfolio Acquisition"). All six facilities are located within approximately 100 miles of Omaha, Nebraska. Concurrently with the purchase, we entered into a triple-net master lease agreement with affiliates of Nye Senior Services, LLC. The lease has an initial term of 10 years with four renewal options of five years each and provides for an annual rent escalator of 3.0%, resulting in annual lease revenues, determined in accordance with GAAP, of $8.0 million and an initial yield on cash rent of 7.78%. The purchase price was funded with available cash.
Commenting on the fourth quarter results, Rick Matros, CEO and Chairman, said, "2013 was Sabra's strongest year to date driven by a productive fourth quarter. The quarter was highlighted by the Forest Park investments as well as the additional senior housing investments in development deals with our partners at First Phoenix and New Dawn. Our operating partners experienced a stable quarter despite the third quarter seasonality that regularly impacts our skilled nursing operators. Additionally, specific to Genesis, the final stages of synergies with the Sun portfolio included migration to all the Genesis operating platforms, causing disruption for the quarter. This affected Genesis's fixed charge coverage for the quarter as anticipated. Also as expected, we saw that fixed charge coverage ratio bounce back during the fourth quarter. Our first quarter of 2014 has gotten off to a good start with our announcement of the $90 million Nye Portfolio Acquisition and successful high yield debt offering. Our pipeline is strong with quality prospects, and we look forward to achieving our stated goals for the year. We also reaffirm our previously announced 2014 guidance."