NASDAQ$SBRA
Sabra Health Care REIT Inc · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
Sabra Health Care REIT's Q2 2021 results were announced, highlighting the intent to exit the Enlivant Joint Venture investment and providing a business update with 2021 guidance.
Sabra Health Care REIT reported a net loss of $(0.61) per diluted common share for the second quarter of 2021. The company announced its intention to exit the Enlivant Joint Venture and provided full-year 2021 guidance. The company's Net Debt to Adjusted EBITDA ratio improved to 4.75x.
- Net loss per diluted common share was $(0.61).
- EBITDARM Coverage for Aggregate Acute/Post Acute and Other facilities reported 2.27x, which represents an increase of 0.36x over the second quarter of 2020 and an increase of 0.02x over the first quarter of 2021.
- Collected 99.8% of forecasted rents from the beginning of the COVID-19 pandemic through July 2021.
- The company issued 4.9 million shares of common stock under our at-the-market offering program (“ATM Program”) for net proceeds of $85.0 million.
Headline financials
Revenue & EPS history
Sabra Health Care REIT · Revenue · Quarterly
$153M
Revenue by segment
Sabra Health Care REIT · $153M total across 3 segments · Q2 2021
- Rental and related revenues$111M-1.7%72.4%
- Resident fees and services$39.1M+1.4%25.6%
- Interest and other income$3.03M+16.3%2.0%
Forward guidance
Sabra expects the following amounts per diluted common share for the year ending December 31, 2021: Net loss: $(0.15) - $(0.13), FFO: $1.53 - $1.55, NFFO: $1.56 - $1.58, AFFO: $1.51 - $1.53, NAFFO: $1.53 - $1.55
Tailwinds
- Investments of $111.0 million with a weighted average initial cash yield of 8.2%.
- Normalization of the living and operating environment as vaccines are holding up well against the Delta variant.
- Balance sheet optionality Sabra has not had before.
- Operators continue to adhere to health and safety protocols regardless of the abandonment of those protocols in the outside communities.
- Exiting from Enlivant investment is accretive and de-levering.
Headwinds
- Senior Housing - Managed average quarterly occupancy: 76.8% - 78.9%.
- The estimated amounts above do not include any anticipated funds from the Provider Relief Fund for our Senior Housing - Managed communities.
- The estimated amounts above do not assume a sale of our 49% interest in the Enlivant Joint Venture in 2021.
- Dispositions and loan repayments of $95.6 million, with associated Annualized Cash NOI of $6.4 million.
- Capital expenditures in our Senior Housing- Managed portfolio of $11.7 million.
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 Q2 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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