This Day On The Street
Continue to site
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 Second Quarter 2014 Results; Reports Increases In Normalized FFO And Normalized AFFO Per Share Of 39% And 29%, Respectively, Over Second Quarter 2013; Announces Over $500.0 Million Of Commitments For New Unsecured Revolver

IRVINE, Calif., July 30, 2014 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (Nasdaq:SBRA) today announced results of operations for the second quarter of 2014 and over $500.0 million of commitments for new unsecured revolving credit facility.

  • For the second quarter of 2014, Normalized FFO, Normalized AFFO and net income (loss) attributable to common stockholders per diluted common share were $0.57, $0.53 and $0.28, respectively, compared to $0.41, $0.41 and $(0.09), respectively, for the second quarter of 2013.  
  • During the second quarter of 2014, revenues increased 33% over the same period in 2013, from $32.3 million to $43.0 million.  
  • During the second quarter of 2014, we purchased an assisted living facility with a total of 140 beds/units for a total of $23.8 million, which included the assumption of $14.1 million of HUD-insured mortgage indebtedness.  
  • During the second quarter of 2014, we funded three preferred equity investments for a total of $6.4 million. These investments are for the development and completion of two memory care facilities and one senior housing facility with a total of 267 beds/units.  
  • During the second quarter of 2014, we repaid $29.8 million of existing variable rate mortgage indebtedness, having an interest rate of 5.0% per annum, with borrowings on our revolving credit facility.  
  • During the second quarter of 2014, we completed an underwritten public offering of 8.1 million newly issued shares of common stock at a price to the public of $28.35 per share, providing net proceeds, before expenses, of $219.1 million. The proceeds of this offering were used to repay outstanding borrowings on our revolving credit facility and for general corporate purposes.  
  • On July 7, 2014, we funded a preferred equity investment for the completion of a memory care facility located outside of San Antonio, Texas for $4.5 million.  
  • On July 11, 2014, we agreed to terms on a $15.5 million mezzanine loan with affiliates of Meridian ALZ Investors, LLC ("Meridian") in connection with our previously announced pipeline agreement with Meridian. The proceeds of the mezzanine loan will be used to repay our existing preferred equity investment in an affiliate of Meridian totaling $8.3 million (including accrued and unpaid preferred returns), resulting in a net investment by us of $7.2 million.  
  • On July 17, 2014, we funded an additional $2.2 million under the Forest Park Medical Center-Fort Worth construction loan, bringing our total investment for calendar year 2014 for this construction loan to $49.9 million.  
  • As of July 30, 2014 we have received lender commitments totaling over $500.0 million for a new unsecured revolving credit facility. The total availability under the agreement is expected to be $500.0 million with an accordion feature for up to $250.0 million of additional capacity. The terms will include a four year term with a 1 year extension option and improvements in pricing across the pricing matrix including an improvement of 90 basis points based on our leverage as of June 30, 2014.  
  • On July 30, 2014, our board of directors declared a quarterly cash dividend of $0.38 per share of common stock. The dividend will be paid on August 29, 2014 to common stockholders of record as of the close of business on August 15, 2014.  
  • Also on July 30, 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 August 29, 2014 to preferred stockholders of record as of the close of business on August 15, 2014.

Commenting on the second quarter results and recent acquisitions, Rick Matros, CEO and Chairman, said, "We saw strong quarter over quarter growth which we expect to continue given our investment activity to date. Investment activity projected for the year is on target and we reaffirm guidance for 2014. We remain focused on improving our private pay percentage pushing toward 50% over time. Rent coverage, occupancy, and skilled mix for our skilled portfolio was negatively impacted in the first quarter by weather, with the primary impact being on therapy services, as difficulty in getting to the centers disrupted therapist schedules. Despite weather issues, Genesis fixed charge coverage was stable at 1.24x. Our senior housing portfolio experienced good occupancy improvement with stable rent coverage."

1 of 4

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs