The following is a summary of the Sabra Health Care REIT, Inc. (SBRA) Q4 2023 Earnings Call Transcript:
Financial Performance:
Sabra Health Care REIT reported normalized FFO per share of $0.32 and normalized AFFO per share of $0.33 for Q4 2023.
There was an $800,000 decrease in cash rents due to the sale of a portfolio of assets.
The projected ranges for the full-year 2024 per share performance are: net income, $0.53 to $0.57, FFO $1.33 to $1.37, normalized FFO, $1.34 to $1.38, normalized FFO $1.38 to $1.42, and normalized adjusted FFO of $1.39 to $1.43.
The company foresees year-over-year growth of approximately 5% and 6% for normalized FFO and normalized AFFO, respectively.
Sabra also declared a quarterly cash dividend of $0.30 per share.
Business Progress:
The company observed a year-over-year increase in occupancy by 290 basis points in their skilled portfolio, and their EBITDARM rent coverage also grew sequentially.
Continued improvements were reported in the Senior Housing lease portfolio, with a sequential increase in occupancy by 130 basis points.
For skilled and Senior Housing portfolios, they expect occupancy to exceed pre-pandemic levels due to demographic shifts and a limited supply.
They have started to identify more investment opportunities in the skilled nursing and Senior Housing and behavioral asset classes for diversifying their portfolio.
The company aspires to be a net acquirer in all their asset classes in the coming year and aims to diversify their portfolio by actively seeking skilled deals, focusing on earning growth.
Even though the operating landscape remains uncertain due to the pandemic, the company enters 2024 with a clearer expectancy of its portfolio's performance.
More details: Sabra Health Care REIT Inc IR
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