NASDAQ$SBRA
Sabra Health Care REIT Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Sabra Health Care REIT's Q1 2021 results were announced, featuring updates and guidance for Q2 2021.
Sabra Health Care REIT reported a net income of $0.16 per diluted common share for Q1 2021. The company has collected 99.9% of forecasted rents since the pandemic's start and is seeing occupancy recovery with increased vaccine uptake and decreased infection rates.
- Net income, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $0.16, $0.39, $0.40, $0.39 and $0.39, respectively.
- EBITDARM Coverage for the Skilled Nursing/Transitional Care portfolio increased 0.06x over the fourth quarter of 2020 to 1.99x, with Skilled Mix improving 10 basis points to 39.6%.
- 99.9% of forecasted rents have been collected from the beginning of the COVID-19 pandemic through April 2021.
- Average occupancy in the portfolio has begun its recovery as vaccine uptake has increased and COVID-19 infection rates have decreased.
Headline financials
Revenue & EPS history
Sabra Health Care REIT · Revenue · Quarterly
$152M
Revenue by segment
Sabra Health Care REIT · $152M total across 3 segments · Q1 2021
- Rental and related revenues$113M+6.5%74.4%
- Resident fees and services$36M-9.9%23.7%
- Interest and other income$2.94M+3.2%1.9%
Forward guidance
The company provided guidance for the second quarter of 2021, expecting net income per diluted common share of $0.13 - $0.14, FFO per diluted common share of $0.38 - $0.39, and AFFO per diluted common share of $0.37 - $0.38.
Tailwinds
- Senior Housing - Managed Portfolio Average Quarterly Occupancy: Wholly-owned: 77.0% - 79.0%
- Senior Housing - Managed Portfolio Average Quarterly Occupancy: Unconsolidated Joint Venture: 68.0% - 70.0%
- Investments of $86 million with a weighted average initial cash yield of 9.0%, including the 116-unit Senior Housing - Managed community acquired May 1, 2021 for $32.5 million.
- Dispositions and loan repayments of $9.4 million, with associated Annualized Cash NOI of $0.5 million.
- Maintain Net Debt to Annualized Adjusted EBITDA (including unconsolidated joint venture) below 5.50x on expected Annualized Adjusted EBITDA between $470 million and $472 million as of June 30, 2021.
Headwinds
- Financial effects of the COVID-19 pandemic have made it more difficult to accurately forecast future earnings, primarily within the Senior Housing - Managed portfolio.
- Guidance is limited to the second quarter of 2021.
- The estimated amounts above do not include any anticipated funds from the Provider Relief Fund for our Senior Housing - Managed communities.
- Capital expenditures in our wholly-owned Senior Housing- Managed portfolio of $4.6 million.
- There are no additional negatives provided.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
-0.5%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-0.4%
Avg return
30 days after
45%
27 / 60 earnings
Positive
+10.4%
Q1 2022
Best reaction
-13.1%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.5% | +0.1% | -2.3% | |
| Q3 2025 | +2.3% | +4.2% | +11.7% | |
| Q1 2025 | +1.2% | +0.1% | -0.2% | |
| Q4 2024 | -1.0% | -0.8% | +4.3% | |
| Q3 2024 | -4.8% | -4.1% | -4.3% | |
| Q2 2024 | -0.1% | -1.1% | +4.7% | |
| Q1 2024 | -1.7% | -1.7% | -5.1% | |
| Q4 2023 | +0.4% | +0.4% | +6.0% | |
| Q3 2023 | +0.7% | +2.0% | +1.6% | |
| Q2 2023 | +0.8% | -0.9% | -1.2% | |
| Q1 2023 | -0.5% | +1.7% | +1.7% | |
| Q4 2022 | -4.2% | -6.3% | -22.0% | |
| Q3 2022 | -13.1% | -3.5% | -7.1% | |
| Q2 2022 | +0.0% | +2.9% | -4.0% | |
| Q1 2022 | +10.4% | +6.0% | +10.4% | |
| Q4 2021 | -3.9% | -0.7% | +5.6% | |
| Q3 2021 | -2.1% | -0.1% | -11.2% | |
| Q2 2021 | -3.7% | -4.7% | -8.7% | |
| Q1 2021 | -2.2% | +0.0% | -1.3% | |
| Q4 2020 | +1.7% | -3.6% | -0.8% | |
| Q3 2020 | -4.0% | +15.7% | +27.6% | |
| Q2 2020 | +4.4% | +7.7% | +5.9% | |
| Q1 2020 | -5.7% | -1.6% | +35.6% | |
| Q4 2019 | -3.5% | -11.1% | -50.1% | |
| Q3 2019 | +3.3% | +0.6% | -6.4% | |
| Q2 2019 | +5.5% | +4.5% | +8.5% | |
| Q1 2019 | -1.6% | +0.5% | -0.5% | |
| Q4 2018 | -2.7% | -9.6% | -2.0% | |
| Q3 2018 | -0.6% | -1.4% | -12.9% | |
| Q2 2018 | -0.3% | -0.3% | +3.4% | |
| Q1 2018 | +3.3% | +2.9% | +7.6% | |
| Q4 2017 | +2.8% | +4.8% | +0.2% | |
| Q3 2017 | -1.5% | -2.7% | -2.7% | |
| Q2 2017 | +1.6% | +0.9% | -4.1% | |
| Q1 2017 | -10.2% | -8.8% | -14.2% | |
| Q4 2016 | +0.6% | +5.4% | +6.7% | |
| Q3 2016 | -8.9% | -7.2% | -0.4% | |
| Q2 2016 | +1.6% | +2.4% | +6.6% | |
| Q1 2016 | +4.4% | — | — | |
| Q4 2015 | +8.3% | — | — | |
| Q3 2015 | -2.9% | — | — | |
| Q2 2015 | -4.6% | — | — | |
| Q1 2015 | -6.0% | — | — | |
| Q4 2014 | -0.9% | — | — | |
| Q3 2014 | -0.9% | — | — | |
| Q2 2014 | -2.0% | — | — | |
| Q1 2014 | -2.6% | — | — | |
| Q4 2013 | +0.8% | — | — | |
| Q3 2013 | +4.1% | — | — | |
| Q2 2013 | -7.3% | — | — | |
| Q1 2013 | +2.4% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q3 2012 | +2.6% | — | — | |
| Q2 2012 | +3.0% | — | — | |
| Q1 2011 | -4.6% | — | — | |
| Q1 2012 | +2.4% | — | — | |
| Q4 2011 | +5.1% | — | — | |
| Q3 2011 | +7.5% | — | — | |
| Q2 2011 | +3.9% | — | — | |
| Q4 2010 | -6.5% | — | — |
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