2024 GUIDANCE
Sabra is reiterating 2024 earnings guidance ranges as follows (attributable to common stockholders, per diluted common share):
- Net Income: $0.53 - $0.57
- FFO: $1.33 - $1.37
- Normalized FFO: $1.34 - $1.38
- AFFO: $1.38 - $1.42
- Normalized AFFO: $1.39 - $1.43
Earnings guidance above assumes no 2024 acquisition or disposition activity.
Commenting on the first quarter's results, Rick Matros, CEO and Chair, said, "As has been evident for several quarters, Sabra's portfolio continues to grow stronger, whether looking at coverage, occupancy, or NOI. Trailing-twelve-month SNF coverage saw a healthy 0.06x increase sequentially, to 1.79x, when excluding the impact of Provider Relief Funds. Our SHOP portfolio continues to improve, and this quarter's results - which faced a challenging year-over-year comp - are in line with our expectations embedded in guidance. Our balance sheet remains strong and is poised to support future growth.
Although we have no new investments to discuss this quarter, the pipeline has improved and with what we are working on, we expect to announce new investments on our second quarter call."