NASDAQ$SBRA
Sabra Health Care REIT Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Sabra Health Care REIT reported third quarter results, provided a business update, and reaffirmed 2021 NFFO and NAFFO guidance.
Sabra Health Care REIT announced its Q3 2021 results, with net income per diluted common share at $0.05, FFO per diluted common share at $0.27, Normalized FFO per diluted common share at $0.38, AFFO per diluted common share at $0.38 and Normalized AFFO per diluted common share at $0.38. The company reaffirmed its full-year 2021 guidance for Normalized FFO and Normalized AFFO.
- Net income, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $0.05, $0.27, $0.38, $0.38 and $0.38, respectively.
- EBITDARM Coverage for Skilled Nursing/Transitional Care and Specialty Hospitals and Other portfolios were 1.78x and 3.86x, respectively.
- From the beginning of the COVID-19 pandemic through October 2021, Sabra collected 99.7% of forecasted rents.
- Year-to-date investment activity totals $396.7 million with a weighted average estimated stabilized cash yield of 7.55%.
Headline financials
Revenue & EPS history
Sabra Health Care REIT · Revenue · Quarterly
$129M
Revenue by segment
Sabra Health Care REIT · $129M total across 3 segments · Q3 2021
- Rental and related revenues$85.4M-15.2%66.4%
- Resident fees and services$39.8M+1.2%31.0%
- Interest and other income$3.41M+3.2%2.6%
Forward guidance
Sabra reaffirms its previously issued per diluted common share guidance for Normalized FFO and Normalized AFFO for the year ending December 31, 2021. Previously issued guidance did not include the impact of two matters that affect the full year 2021 per diluted common share guidance for net loss, FFO and AFFO.
Tailwinds
- The portfolio continues to recover from the COVID-19 pandemic.
- Vaccination uptake for the workforce continues to improve and the mandate should help that.
- The vaccines have been effective materially limiting the impact of the Delta variant on patients, residents and staff.
- With workforce vaccine uptake improving, there could effectively be a protective wall around the facilities as we expect that we will be living with some level of the virus in communities going forward.
- The investment pipeline is robust, and our acquisition team continues to source and close accretive investments.
Headwinds
- Workforce shortages continue to be one of the most significant impediments left to a more speedy operational recovery.
- There is not seeing a material impact on our tenants and operators, at this time, from supply chain issues.
- Avamere has experienced cash flow constraints over the past several months from census declines as a result of a spike in COVID-19 cases in Oregon, Colorado and Washington together with admissions limitations in these states, as well as from increased labor pressure.
- The lease with Avamere should no longer be accounted for on an accrual basis. We consequently wrote off $25.2 million of non-cash rent receivable balances related to this lease.
- Cash NOI and margin both decreased in the managed portfolio during the third quarter of 2021 despite an increase in revenue. This change is a result of the lack of federal grant income during the third quarter of 2021 as well as increased labor costs in our higher acuity properties.
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 Q3 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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