NASDAQ$SBRA
Sabra Health Care REIT Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Sabra Health Care REIT reported fourth quarter 2020 results and provided a business update and 1Q 2021 guidance.
Sabra Health Care REIT announced its Q4 2020 results, with key highlights including net income attributable to common stockholders of $0.18 per diluted common share, FFO of $0.42 per diluted common share, Normalized FFO of $0.42 per diluted common share, AFFO of $0.42 per diluted common share, and Normalized AFFO of $0.41 per diluted common share. The company also reported that EBITDARM Coverage for their Skilled Nursing/Transitional Care portfolio increased to 1.93x.
- Net income attributable to common stockholders was $0.18 per diluted common share.
- FFO was $0.42 per diluted common share.
- EBITDARM Coverage for the Skilled Nursing/Transitional Care portfolio increased to 1.93x.
- Collected 99.9% of forecasted rents since the beginning of the COVID-19 pandemic.
Headline financials
Revenue & EPS history
Sabra Health Care REIT · Revenue · Quarterly
$152M
Revenue by segment
Sabra Health Care REIT · $162M total across 3 segments · Q3 2023
- Rental and related revenues$93.1M+10.5%57.6%
- Resident fees and services$59.7M+25.5%37.0%
- Interest and other income$8.79M-1.6%5.4%
Forward guidance
Sabra Health Care REIT provided limited guidance for the first quarter of 2021 due to the financial effects of the COVID-19 pandemic, expecting net income per diluted common share of $0.16 - $0.17, FFO per diluted common share of $0.39 - $0.40, and AFFO per diluted common share of $0.38 - $0.39.
Tailwinds
- Expect investments of $39.0 million with a weighted average initial cash yield of 8.2%.
- Expect dispositions and loan repayments of $6.2 million, with associated annualized Cash NOI of $0.4 million.
- Will maintain Net Debt to Annualized Adjusted EBITDA (including unconsolidated joint venture) below 5.50x on expected Annualized Adjusted EBITDA between $479 million and $481 million as of March 31, 2021.
- Will utilize availability under the revolver.
- Will issue between $100 million and $110 million of equity under our ATM Program to fund acquisitions and meet our goal of maintaining leverage below 5.50x.
Headwinds
- Senior Housing - Managed Portfolio Average Quarterly Occupancy is expected to be lower than prior periods.
- Occupancy declines continue to put pressure on NOI generated from these investments.
- The potential for rent relief remains as tenants within the leased portfolios continue to experience occupancy declines.
- Uncertainty remains, and accuracy in projecting the pace of recovery remains difficult beyond the very near term.
- The estimated amounts do not include any anticipated funds from the Provider Relief Fund for our Senior Housing - Managed communities.
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 Q4 2020
-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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