Authorization

Sabra Reports Fourth Quarter 2018 Results; Reports Strong Performance From Senior Housing - Managed Portfolio; Releases 2019 Earnings Guidance

IRVINE, Calif., Feb. 24, 2019 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. (a??Sabra,a?? the a??Companya?? or a??wea??) (Nasdaq: SBRA) today announced results of operations for the fourth quarter of 2018.
RECENT HIGHLIGHTS

For the fourth quarter of 2018, net loss attributable to common stockholders, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $(0.11), $0.27, $0.50, $0.43 and $0.47, respectively. These results were in-line with our expectations except for the $28.9 million ($0.16 per diluted common share) write-off of the straight-line rent receivable for Holiday, which was previously expected to be taken in the first quarter of 2019, and the acceleration of above market lease intangible amortization of $5.2 million ($0.03 per diluted common share) primarily related to facilities transitioned to new operators. These unexpected items impacted net loss attributable to common stockholders and FFO only.





Fourth quarter of 2018 Senior Housing - Managed portfolio results (dollars in millions):



A



A



A



Net Income (Loss) (1)



A



Cash NOI



A



Cash NOI Margin %



A A A A



A



A



4Q 2018



A



3Q 2018



A



% Change



A



4Q 2018



A



3Q 2018



A



% Change



A



4Q 2018



A



3Q 2018



A



Change



A



Wholly-Owned



A



$



2.8



A



A



$



2.1



A



A



33.3



%



A



$



5.2



A



A



$



4.8



A



A



8.3



%



A



29.4



%



A



27.5



%



A



1.9



%



A



Sabraa??s Share of Enlivant JV



A



(1.8



)



A



(1.7



)



A



(5.9



)%



A



9.9



A



A



8.7



A



A



13.8



%



A



25.5



%



A



23.7



%



A



1.8



%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Total



A



$



1.0



A



A



$



0.4



A



A



150.0



%



A



$



15.1



A



A



$



13.5



A



A



11.9



%



A



26.7



%



A



24.9



%



A



1.8



%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



(1) Includes depreciation expense of $7.7 million and $7.9 million in 4Q 2018 and 3Q 2018, respectively.



During the fourth quarter of 2018, we completed the sale of 18 facilities for aggregate sales proceeds of $91.6 million, bringing our total aggregate sale proceeds for the year ended December 31, 2018 to $382.6 million from the sale of 51 Skilled Nursing/Transitional Care facilities, six Senior Housing communities and one Senior Housing - Managed community. These sales resulted in an aggregate $128.2 million net gain on sale for the year ended December 31, 2018. Annualized Cash NOI attributed to these facilities was approximately $34.7 million, or $0.19 per diluted common share, and the 2018 Cash NOI lost from these sales totaled $18.8 million, or $0.10 per diluted common share. After giving effect to these sales, the portion of our annualized Cash NOI attributable to Genesis Healthcare, Inc. (a??Genesisa??) as of December 31, 2018 was 4.6%.





During theAfourth quarter of 2018, we made investments ofA$39.2 millionAwith a weighted average initial cash yield of 7.40%. These investments consisted of: (i)A$26.3 millionAof real estate acquisitions; (ii)A$5.4 millionAof real estate additions; and (iii) $7.5 millionAof investments in loans receivable. This brings our total investments made in 2018 to $673.7 million with a weighted average cash yield of 6.70%.





On February 5, 2019, our board of directors declared a quarterly cash dividend of $0.45 per share of common stock. The dividend will be paid on February 28, 2019 to common stockholders of record as of the close of business on February 15, 2019.





On February 15, 2019, we entered into a settlement agreement with Senior Care Centers pursuant to which we agreed to discharge our claims against Senior Care Centers in exchange for certain settlement payments, a portion of which would be applied to pay post-petition rent totaling $5.7 million. The effectiveness of this agreement is subject to bankruptcy court approval, with settlement payments expected to coincide with the sale of assets expected to close on April 1, 2019.





We have issued our 2019 earnings guidance ranges as follows, which include the impact of de-levering the balance sheet as described below (attributable to common stockholders, per diluted common share):





A



Net income



$0.24



-



$0.32



A



FFO



$2.02



-



$2.10



A



Normalized FFO



$1.86



-



$1.94



A



AFFO



$2.00



-



$2.08



A



Normalized AFFO



$1.81



-



$1.89

The following are significant assumptions made in determining our 2019 earnings guidance:

Sale of 28 facilities currently operated by Senior Care Centers for $282.5 million is completed April 1, 2019. Additionally, our 2019 earnings guidance assumes (i) that the settlement agreement with Senior Care Centers described above is effective, such that we recognize $5.7 million of post-petition rent from Senior Care Centers during the first quarter of 2019, and (ii) total impairment and transition costs of $69.3 million related to the sale and transition of facilities (the substantial majority of which we expect to be non-cash) which are excluded from Normalized FFO and Normalized AFFO.





Termination of our Holiday Retirement (a??Holidaya??) master lease and concurrent entry into one or more management agreements with Holiday effective April 1, 2019. Our 2019 earnings guidance assumes the receipt of $57.2 million of cash consideration on April 1, 2019 in connection with the lease termination, which is excluded from Normalized FFO and Normalized AFFO.





Other dispositions and loan repayments during 2019 for estimated aggregate proceeds of approximately $300 million, with associated annualized Cash NOI of $18.6 million. These dispositions are expected to result in a loss on sale of real estate of $84.9 million.





Investments during 2019 (primarily during the fourth quarter) of $142.4 million, primarily related to our proprietary development pipeline and with a weighted average initial cash yield of 7.6%. Our 2019 earnings guidance assumes no speculative investment activity in 2019.
Same store Cash NOI improvements in our wholly-owned Senior Housing - Managed portfolio of 3.0% to 6.0% and in our Enlivant joint venture of 6.0% to 12.0%, in each case as compared to 2018.





Reduction of Net Debt to Adjusted EBITDA (including our unconsolidated joint venture) to below 5.50x (below 5.0x excluding our unconsolidated joint venture) by December 31, 2019, reducing our 2019 earnings by approximately $0.05 to $0.08 per diluted common share.

For additional detail and information regarding these estimates, refer to the 2019 Outlook section of our corresponding Supplemental Report and the Reconciliation of Non-GAAP Financial Measures, both available in the Investor Relations section of our website atAhttps://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap.

Commenting on the fourth quarter results, Rick Matros, CEO and Chairman, said, a??We are pleased to report constructive results for year-end earnings. Our Senior Housing - Managed portfolio performed very well with Cash NOI margins from our wholly owned portfolio and our JV with Enlivant improving 190 basis points and 180 basis points, respectively, compared to the third quarter of 2018. Sabraa??s triple-net portfolio performance was uneventful with the Senior Housing portfolio occupancy and EBITDAR rent coverage essentially flat. On a sequential basis, our Skilled Nursing/Transitional Care portfolio occupancy was also flat, with Skilled Mix improving by 50 basis points. EBITDAR rent coverage was down sequentially, but this decline was driven primarily by one operator, North American Healthcare, which had experienced unforeseen changes in senior management. Those issues have since been addressed, and we remain confident in the performance of these facilities.a??We expect, as previously announced, to close the sale of the 28 Senior Care Centers facilities as well as the re-tenanting of the ten facilities we are retaining by April 1, 2019, subject to satisfaction of the remaining closing conditions. We expect the conversion of our Holiday portfolio from a triple-net lease structure to a managed structure to be completed around the same time. With the repositioning of our company close to completion, we look forward to growing from a stronger foundation than existed eighteen months ago. In addition to focusing on growth opportunities in 2019, we are also committed to de-levering the balance sheet as described in our 2019 guidance.a??

OPERATING STATISTICS TRIPLE-NET PORTFOLIO (1)



A



A



Coverage



A



A



A



A



A



A



A



A



A



A



EBITDAR



A



EBITDARM



A



Occupancy Percentage



A



Skilled Mix



Property Type



A



4Q 2018



A



3Q 2018



A



4Q 2018



A



3Q 2018



A



4Q 2018



A



3Q 2018



A



4Q 2018



A



3Q 2018



Skilled Nursing/Transitional Care



A



1.28x



A



1.32x



A



1.76x



A



1.80x



A



82.8%



A



82.8%



A



39.4%



A



38.9%



Senior Housing - Leased



A



1.06x



A



1.07x



A



1.24x



A



1.25x



A



86.7%



A



86.7%



A



NA



A



NA



Specialty Hospitals and Other



A



2.94x



A



3.05x



A



3.22x



A



3.34x



A



89.6%



A



88.9%



A



NA



A



NA

(1)AEBITDAR Coverage, EBITDARM Coverage, Occupancy Percentage and Skilled Mix (collectively, a??Operating Statisticsa??) for each period presented include only facilities owned by the Company as of the end of the current period for the duration that such facilities were classified as Stabilized Facilities. Operating Statistics are only included in periods subsequent to our acquisition except for (i) the legacy CCP tenants, which are presented as if these real estate investments were owned by Sabra during the entire period presented and reflect the previously announced rent repositioning program for certain of our tenants who were legacy tenants of CCP and (ii) EBITDAR Coverage and EBITDARM Coverage for the North American Healthcare portfolio is presented on a trailing twelve month basis and consists of the EBITDAR Coverage and EBITDARM Coverage, respectively, for facilities owned by Sabra in periods subsequent to our acquisition and underwritten stabilized EBITDAR Coverage and EBITDARM Coverage, respectively, for periods preceding our acquisition. In addition, Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears. As such, Operating Statistics exclude assets acquired after SeptemberA30, 2018.

SENIOR HOUSING - MANAGED PORTFOLIO OPERATING RESULTS (1)



Dollars in thousands, except REVPOR



A



Revenues



A



Cash NOI



A



Cash NOI Margin %



A



REVPOR



A



Occupancy Percentage



A



A



4Q 2018



A



A



3Q 2018



A



A



4Q 2018



A



A



3Q 2018



A



A



4Q 2018



A



3Q 2018



A



4Q 2018



A



A



3Q 2018



A



A



4Q 2018



A



3Q 2018



Wholly-Owned



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



AL



A



$



12,659



A



A



$



12,422



A



A



$



3,242



A



A



$



3,016



A



A



25.6



%



A



24.3



%



A



$



5,534



A



A



$



5,126



A



A



90.7%



A



92.9%



IL



A



5,052



A



A



4,907



A



A



1,957



A



A



1,753



A



A



38.7



%



A



35.7



%



A



2,193



A



A



2,171



A



A



92.4%



A



90.3%



A



A



17,711



A



A



17,329



A



A



5,199



A



A



4,769



A



A



29.4



%



A



27.5



%



A



3,776



A



A



3,605



A



A



91.5%



A



91.6%



Sabraa??s Share ofA
Unconsolidated JV (2)



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



AL



A



38,820



A



A



36,940



A



A



9,918



A



A



8,747



A



A



25.5



%



A



23.7



%



A



4,230



A



A



4,017



A



A



81.7%



A



81.8%



Total



A



$



56,531



A



A



$



54,269



A



A



$



15,117



A



A



$



13,516



A



A



26.7



%



A



24.9



%



A



$



4,083



A



A



$



3,884



A



A



84.5%



A



84.6%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Less: Disposition (AL)



A



143



A



A



446



A



A



28



A



A



82



A



A



19.6



%



A



18.4



%



A



A



A



A



A



A



A



A



Total, net of Disposition



A



$



56,388



A



A



53,823



A



A



$



15,089



A



A



13,434



A



A



26.8



%



A



25.0



%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Operator



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Enlivant



A



$



48,355



A



A



$



45,906



A



A



$



12,982



A



A



$



11,222



A



A



26.8



%



A



24.4



%



A



$



4,424



A



A



$



4,172



A



A



83.2%



A



83.8%



Sienna



A



5,195



A



A



5,353



A



A



1,985



A



A



1,835



A



A



38.2



%



A



34.3



%



A



2,193



A



A



2,171



A



A



92.4%



A



90.3%



Other



A



2,981



A



A



3,010



A



A



150



A



A



459



A



A



5.0



%



A



15.2



%



A



6,040



A



A



6,088



A



A



81.5%



A



80.0%



Total



A



$



56,531



A



A



$



54,269



A



A



$



15,117



A



A



$



13,516



A



A



26.7



%



A



24.9



%



A



$



4,083



A



A



$



3,884



A



A



84.5%



A



84.6%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Less: Disposition (Sienna)



A



143



A



A



446



A



A



28



A



A



82



A



A



19.6



%



A



18.4



%



A



A



A



A



A



A



A



A



Total, net of Disposition



A



$



56,388



A



A



$



53,823



A



A



$



15,089



A



A



$



13,434



A



A



26.8



%



A



25.0



%



A



A



A



A



A



A



A



A

(1)AREVPOR and Occupancy Percentage include only facilities owned by the Company as of the end of the current period for the duration that such facilities were classified as Stabilized Facilities. In addition, revenues, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable.
(2)AReflects Sabraa??s 49% pro rata share of applicable amounts related to its unconsolidated joint venture with Enlivant.

PRO FORMA TOP 10 RELATIONSHIPS (1)



A



A



A



A



A



A



A



A



A



A



A



A



As of December 31, 2018



A



Twelve Months Ended



Tenant



A



Primary Facility Type



A



Number of Sabra
Properties (2)



A



% of Annualized
Cash NOI (1)



A



December 31, 2018
Lease Coverage (3)



A



September 30, 2018
Lease Coverage (3)



Enlivant



A



Assisted Living



A



183



A



9.4%



A



NA



A



NA



Avamere Family of Companies (4)



A



Skilled Nursing



A



29



A



7.9%



A



1.26x



A



1.24x



Signature Healthcare



A



Skilled Nursing



A



45



A



7.0%



A



1.43x



A



1.45x



North American Healthcare (5)



A



Skilled Nursing



A



24



A



7.0%



A



1.09x



A



1.21x



Holiday AL Holdings LP (6)



A



Independent Living



A



21



A



6.7%



A



1.14x



A



1.15x



Signature Behavioral (7)



A



Behavioral Hospitals



A



6



A



6.1%



A



1.49x



A



1.55x



Cadia Healthcare (8)



A



Skilled Nursing



A



9



A



5.6%



A



1.41x



A



1.44x



Genesis Healthcare, Inc. (4)



A



Skilled Nursing



A



11



A



4.6%



A



1.18x



A



1.20x



Healthmark Group (9)



A



Skilled Nursing



A



18



A



3.1%



A



1.17x



A



1.23x



The McGuire Group



A



Skilled Nursing



A



7



A



2.9%



A



1.76x



A



1.74x



A



A



A



A



353



A



60.3%



A



A



A



A

(1)APro forma top 10 relationships and Annualized Cash NOI assume that the sale of 26 Skilled Nursing/Transitional Care facilities and two Senior Housing communities from the Senior Care Centers portfolio that are currently under contract to sell and the transition of the remaining 10 facilities currently operated by Senior Care Centers were completed at the beginning of the period presented.
(2) Consists of properties directly owned by us and properties owned through our joint venture with Enlivant.
(3)ALease Coverage for tenants is defined as the EBITDAR Coverage for Stabilized Facilities operated by the applicable tenant, unless there is a corporate guarantee and the guarantor level fixed charge coverage is a more meaningful indicator of the tenanta??s ability to make rent payments. Lease Coverage is presented one quarter in arrears. Lease Coverage for legacy CCP tenants reflects the previously announced rent repositioning program for certain of our tenants who were legacy tenants of CCP.
(4) Lease Coverage reflects guarantor level fixed charge coverage for these relationships.
(5)ALease Coverage for the twelve months ended September 30, 2018 reflects the EBITDAR Coverage for facilities owned by Sabra in periods subsequent to our acquisition and underwritten stabilized EBITDAR Coverage for periods preceding our acquisition.
(6)ALease Coverage reflects guarantor level fixed charge coverage, pro forma for Holiday AL Holdings LPa??s recently announced termination agreement on facilities leased from New Senior Investment Group, Inc. The Holiday AL Holdings LP portfolio consists of 21 independent living communities that the Company underwrote at a 1.10x EBITDAR Coverage.
(7)ALease Coverage reflects EBITDAR Coverage for five Stabilized Facilities and excludes one pre-stabilized facility representing 0.8% of Annualized Cash NOI.
(8) Lease Coverage reflects EBITDAR Coverage for four Stabilized Facilities and excludes five pre-stabilized facilities that were transitioned to Cadia Healthcare representing 3.5% of Annualized Cash NOI.
(9)ALease Coverage reflects EBITDAR Coverage for 13 Stabilized Facilities and excludes five pre-stabilized facilities that were transitioned to Healthmark Group representing 0.9% of Annualized Cash NOI.LIQUIDITYAs of DecemberA31, 2018, we had approximatelyA$426.0 millionAof liquidity, consisting of unrestricted cash and cash equivalents ofA$50.0 millionA(excluding joint venture cash and cash equivalents) and available borrowings of $376.0 millionAunder our revolving credit facility.CONFERENCE CALL AND COMPANY INFORMATIONA conference call with a simultaneous webcast to discuss the 2018 fourth quarter earnings will be held on Monday, February 25, 2019 at 10:00 a.m. Pacific Time. The dial-in number for U.S. participants is (844) 862-3710.A For participants outside the U.S., the dial-in number is (612) 979-9902. The conference ID number is 2758908. The webcast URL is https://edge.media-server.com/m6/p/gfy3ywbv. A digital replay of the call will be available on our website at www.sabrahealth.com. The Companya??s supplemental information package for the fourth quarter will also be available on our website in the a??Investorsa?? section.ABOUT SABRAAs of DecemberA31, 2018, Sabraa??s investment portfolio included 470 real estate properties held for investment (consisting of (i)A335 Skilled Nursing/Transitional Care facilities, (ii)A90 Senior Housing communities (a??Senior Housing - Leaseda??), (iii) 23 Senior Housing communities operated by third-party property managers pursuant to property management agreements (a??Senior Housing - Manageda??) and (iv) 22 Specialty Hospitals and Other facilities), one investment in a direct financing lease, 22 investments in loans receivable (consisting of (i) one mortgage loan, (ii) two construction loans, (iii) one mezzanine loan and (iv) 18 other loans), nine preferred equity investments and one investment in an unconsolidated joint venture that owns 172 Senior Housing - Managed communities. As of DecemberA31, 2018, Sabraa??s real estate properties held for investment included 47,648 beds/units and its unconsolidated joint venture included 7,652 beds/units, spread across the United States and Canada.FORWARD-LOOKING STATEMENTS SAFE HARBORThis release contains a??forward-lookinga?? statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified, without limitation, by the use of a??expects,a?? a??believes,a?? a??intends,a?? a??shoulda?? or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding (i) our pending transactions with Senior Care Centers and Holiday, including the timing, terms and receipt of necessary approvals (and satisfaction of the other closing conditions) for those transactions, (ii) our expectations with respect to the performance of our facilities leased to North American Healthcare (and that the issues they had experienced have been resolved), and (iii) our expected future financial position, results of operations (including our 2019 earnings guidance, as well as the assumptions set forth therein), business strategy, and plans and objectives for future operations.Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including among others, the following: our dependence on the operating success of our tenants; operational risks with respect to our Senior Housing - Managed communities; the effect of our tenants declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; our ability to implement the previously announced rent repositioning program for certain of our tenants who were legacy tenants of Care Capital Properties, Inc. on the timing or terms we have previously disclosed; our ability to dispose of or transition facilities currently operated by Senior Care Centers on the timing or terms we have previously disclosed; the possibility that Sabra may not acquire the remaining majority interest in the Enlivant joint venture; our ability to transition the facilities currently leased to Holiday Retirement (a??Holidaya??) to Senior Housing - Managed communities operated by Holiday on the timing or terms we have previously disclosed; risks associated with our investments in joint ventures; changes in healthcare regulation and political or economic conditions; the impact of required regulatory approvals of transfers of healthcare properties; competitive conditions in our industry; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; increases in market interest rates; our ability to raise capital through equity and debt financings; changes in foreign currency exchange rates; the relatively illiquid nature of real estate investments; the loss of key management personnel; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; the impact of a failure or security breach of information technology in our operations; our ability to maintain our status as a real estate investment trust (a??REITa??); changes in tax laws and regulations affecting REITs (including the potential effects of the Tax Cuts and Jobs Act); compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; and the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities.Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the a??SECa??), including Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, unless required by law to do so.TENANT AND BORROWER INFORMATIONThis release includes information regarding certain of our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this release has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only.NOTE REGARDING NON-GAAP FINANCIAL MEASURESThis release includes the following financial measures defined as non-GAAP financial measures by the SEC: net operating income (a??NOIa??), Cash NOI, funds from operations attributable to common stockholders (a??FFOa??), Normalized FFO, Adjusted FFO (a??AFFOa??), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share and Normalized AFFO per diluted common share. These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under a??Reporting Definitionsa?? in this release, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap.CONTACTInvestorA& Media Inquiries: (888)A393-8248 or investorinquiries@sabrahealth.com
SABRA HEALTH CARE REIT, INC.OVERVIEW

Financial Metrics



Three Months Ended December 31,



A



Year Ended December 31,



2018



A



2017



A



2018



A



2017



Dollars in thousands, except per share data



Revenues



$



139,209



A



A



$



166,472



A



A



$



623,409



A



A



$



405,647



A



Net (loss) income attributable to common stockholders



(19,394



)



A



101,385



A



A



269,314



A



A



148,141



A



Diluted per share data attributable to common stockholders:



A



A



A



A



A



A



A



EPS



$



(0.11



)



A



$



0.57



A



A



$



1.51



A



A



$



1.40



A



FFO



0.27



A



A



0.60



A



A



1.99



A



A



2.00



A



Normalized FFO



0.50



A



A



0.66



A



A



2.29



A



A



2.43



A



AFFO



0.43



A



A



0.60



A



A



2.11



A



A



2.28



A



Normalized AFFO



0.47



A



A



0.60



A



A



2.16



A



A



2.31



A



Dividends per common share



0.45



A



A



0.52



A



A



1.80



A



A



1.73



A




Capitalization and Market Facts



December 31, 2018



A



A



A



Key Credit Metrics



December 31, 2018



Common shares outstanding



178.3million



A



A



A



Net Debt to Adjusted EBITDA (2)(3)



5.66x



Common equity Market Capitalization



$2.9 billion



A



A



A



A Including unconsolidated joint venture (2)(3)



6.12x



Total Debt (1)



$3.6 billion



A



A



A



Interest Coverage (2)



4.14x



Total Enterprise Value (1)



$6.5 billion



A



A



A



Fixed Charge Coverage Ratio (2)



3.70x



A



A



A



A



A



Total Debt/Asset Value



49%



Common stock closing price



$16.48



A



A



A



Secured Debt/Asset Value



7%



Common stock 52-week range



$15.70 - $23.83



A



A



A



Unencumbered Assets/Unsecured Debt



222%



A



A



A



A



A



A



A



Common stock ticker symbol



SBRA



A



A



A



A



A




Portfolio



A



A



A



A



A



A



Occupancy
Percentage (4)



Property Count



A



Investment



A



Beds/Units



A



As of December 31, 2018



Dollars in thousands



Investment in Real Estate Properties, gross



A



A



A



A



A



A



A



Triple-Net Portfolio:



A



A



A



A



A



A



A



Skilled Nursing / Transitional Care



335



A



$



4,094,484



A



A



37,628



A



82.8



%



Senior Housing - Leased



90



A



1,237,790



A



A



7,332



A



86.7



A



Specialty Hospitals and Other



22



A



621,236



A



A



1,085



A



89.6



A



Total Triple-Net Portfolio



447



A



5,953,510



A



A



46,045



A



A



Senior Housing - Managed



23



A



301,739



A



A



1,603



A



91.5



A



Consolidated Equity Investments



470



A



6,255,249



A



A



47,648



A



A



Unconsolidated Joint Venture Senior Housing - Managed



172



A



734,813



A



A



7,652



A



81.7



A



Total Equity Investments



642



A



6,990,062



A



A



55,300



A



A



Investment in Direct Financing Lease, net



1



A



23,427



A



A



A



A



A



Investments in Loans Receivable, gross (5)



22



A



68,517



A



A



A



A



A



Preferred Equity Investments, gross (6)



9



A



44,262



A



A



Includes 70 relationships in 44
U.S. states and Canada



Total Investments



674



A



$



7,126,268



A



A

(1)AIncludes Sabraa??s 49% pro rata share of the debt of its unconsolidated joint venture.
(2)ABased on the trailing twelve month period ended as of the date indicated. Includes the impact of lost Annualized Adjusted EBITDA from Senior Care Centers of $20.9 million due to non-payment of rent.
(3)ANet Debt to Adjusted EBITDA is calculated based on Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Debt to Adjusted EBITDA - Including Unconsolidated Joint Venture is calculated based on Annualized Adjusted EBITDA, as adjusted, which includes Annualized Adjusted EBITDA and is further adjusted to include the Companya??s share of the unconsolidated joint venture interest expense. See a??Reconciliations of Non-GAAP Financial Measuresa?? on our website at https://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap for additional information.
(4)AOccupancy Percentage is presented for the trailing twelve month period and one quarter in arrears, except for Senior Housing - Managed, which is presented for the trailing three month period.
(5)ATwo of our investments in loans receivable contain purchase options on two Senior Housing developments with 42 units.
(6)AOur preferred equity investments include investments in entities owning eight Senior Housing developments with 950 units and one Skilled Nursing/Transitional Care development with 120 beds.
SABRA HEALTH CARE REIT, INC.CONSOLIDATED STATEMENTS OF INCOME(dollars in thousands, except per share data)

A



Three Months Ended December 31,



A



Year Ended December 31,



A



2018



A



2017



A



2018



A



2017



Revenues:



A



A



A



A



A



A



A



Rental income



$



117,654



A



A



$



150,918



A



A



$



536,605



A



A



$



364,191



A



Interest and other income



3,844



A



A



6,964



A



A



16,667



A



A



15,026



A



Resident fees and services



17,711



A



A



8,590



A



A



70,137



A



A



26,430



A



A



A



A



A



A



A



A



A



Total revenues



139,209



A



A



166,472



A



A



623,409



A



A



405,647



A



A



A



A



A



A



A



A



A



Expenses:



A



A



A



A



A



A



A



Depreciation and amortization



48,078



A



A



51,592



A



A



191,379



A



A



113,882



A



Interest



37,226



A



A



32,222



A



A



147,106



A



A



88,440



A



Operating expenses



12,512



A



A



5,931



A



A



49,546



A



A



17,860



A



General and administrative



11,298



A



A



8,242



A



A



36,458



A



A

See also:
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