Sabra Health Care REIT (NASDAQ: SBRA) reported Q1 EPS of $0.17, $0.04 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $149.35 million versus the consensus estimate of $153.41 million.

Commenting on the impact of COVID-19, Rick Matros, CEO and Chairman, said, “We remain optimistic as we manage through the pandemic alongside our tenants. We’ve developed close and lasting relationships with our operators based on our industry experience and a shared passion for quality care. These enduring relationships, along with our ample liquidity and resilient balance sheet, make us well-positioned to support them during these unprecedented times. We anticipate that some of our tenants will require rent deferrals, which we will consider on a case-by-case basis. With regards to PDPM implementation, our operators’ proactive efforts have led to positive results, including better positioning them for addressing the current pandemic. I also would like to thank Peter Nyland, our Executive Vice President - Asset Management, and the rest of our team who continue to work tirelessly to support our operators. Most important, we at Sabra want to acknowledge our operators’ staffs at the facility level — they serve every day, putting patients and residents before themselves and their families. We are in awe and humble appreciation of them all.”

BUSINESS UPDATE

The COVID-19 pandemic has created challenges for our business. We are grateful to our operators, who have stepped up to this challenge in a multitude of ways and continue to demonstrate their commitment to the well-being of their staff and the people entrusted to their care. We have been and will continue to be in close contact with our operators to assess the impact of this pandemic and provide necessary and appropriate support moving forward. Our available liquidity of more than $950 million, together with a balance sheet strengthened by the actions we took in 2019, provide the strong foundation needed to withstand this pandemic and provide our operators with the financial support they need.

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