Sabra Health Care REIT (SBRA) Misses Q3 EPS by 5c

Sabra Health Care REIT (NASDAQ: SBRA) reported Q3 EPS of $0.12, $0.05 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $149.83 million versus the consensus estimate of $149.39 million.

Commenting on the third quarter results, Rick Matros, CEO and Chairman, said, “We continued to execute our strategy and make meaningful improvements to our balance sheet this quarter. We look forward to hitting our target leverage of 5.50x Net Debt to Adjusted EBITDA or better by year end. That will position us to enter 2020 with all balance sheet initiatives completed and positions us with the strongest balance sheet since the Company’s inception.

“Operationally, our portfolio was stable. Senior Housing - Managed growth was quite strong. Skilled Nursing/Transitional Care and Senior Housing EBITDAR coverages were flat, while hospital coverage was up. Same store Skilled Nursing/Transitional Care and Senior Housing occupancy ticked up. Although hospital occupancy was down, this population remains more dynamic with shorter and less predictable lengths of stays.

“The one Skilled Nursing/Transitional Care tenant that was down most noticeably was Avamere. This was a function of Avamere’s ancillary companies, which had gone through a major software conversion. The facility performance was stable, and we expect the ancillary businesses to recover over the next couple of quarters.

“Our Skilled Nursing/Transitional Care tenants reported a smooth transition to PDPM. While it is still too early to accurately gauge the benefits, our tenants’ perspective remains universally positive.”

For earnings history and earnings-related data on Sabra Health Care REIT (SBRA) click here.

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