Citi analyst, Smedes Rose, reiterated his Neutral rating on shares of Sabra Healthcare REIT Inc. (NASDAQ: SBRA) after the company provided an update regarding Signature (6% Net Operating Income) where cash rents have been reduced by $15m to $35m and rents will decline in conjunction with the sale of 4 non-core properties. In conjunction with Omega (OHI), and other interested parties, the analyst believes Signature will essentially be recapitalized.

The analyst stated "We believe full-year FFO guidance at $2.48-2.56 (AFFO $2.28-2.36) incorporates both the $15m reduction at Signature, as well as an additional $1.9m based on asset sales (proceeds expected at $22m, or an implied 8.6% cap rate)".

The company reports 1Q earnings on Wednesday (5/9).

For an analyst ratings summary and ratings history on Sabra Healthcare REIT Inc. click here. For more ratings news on Sabra Healthcare REIT Inc. click here.

Shares of Sabra Healthcare REIT Inc. closed at $19.57 yesterday.