Tue, Nov. 17, 8:26 AM
- What separates players like Sabra (NASDAQ:SBRA) from the "Big 3" (Welltower, HCP, Ventas) in terms of acquiring an investment grade rating from the credit agencies? Size and diversification, says Sabra.
- Presentation slides
- The company's net debt to adjusted EBITDA, interest coverage ratio, fixed charge coverage ratio, and secured debt to gross asset value are all within the range of what the Big 3 have. Sabra's credit rating, however, remains below that of investment grade, while the larger players enjoy BBB+ ratings.
- The company takes note of its diversification efforts, with 55.1% of revenue today coming from skilled nursing/transitional care vs. 94.6% five years ago. Private pay sources make up 53.4% of revenue vs. 23.7% five years ago.
Mon, Nov. 16, 10:02 AM
- A tough run for Sabra Health Care REIT (SBRA -1.9%) continues, with Stifel Nicolaus downgrading to Hold from Buy.
- With today's decline, Sabra is lower by about 40% YTD.
- Previously: Sabra Health tenant files for bankruptcy protection (Sept. 24)
Mon, Nov. 9, 4:30 PM
Sun, Nov. 8, 5:35 PM
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Mon, Nov. 2, 9:48 AM
- It's pretty thin volume, but Sabra Health Care REIT (SBRA -6.3%) tumbles in opening action after a downgrade to Underperform from Sector Perform at RBC Capital. The new $22 price target (from $26) compares to Friday's close of $22.68.
- The stock has been under pressure for a good part of the year, a combination of generally tough action in REITs and more recently the bankruptcy filing of one of the company's tenants.
Thu, Oct. 8, 9:45 AM
- FBR launches coverage on Physicians Realty Trust (DOC +1.5%) and Sabra Health Care REIT (SBRA -0.7%) with Outperform ratings. The $18 price target on DOC is about 16% above last night's close, and the $28 PT on SBRA reflects the same percentage gain.
- The team also initiates coverage on Senior Housing Properties (SNH -0.5%), but it rates just a Market Perform. The $18 PT stands against the current price of $17.06.
Mon, Sep. 28, 10:58 AM
- Hoping to move the conversation away from the bankruptcy of one of its tenants, Sabra Health Care REIT (SBRA -1.5%) announces two acquisition deals - one portfolio of five senior housing facilities, and one portfolio of four.
- The first deal for $19.7M closed on Sept 1, and the facilities totaling 140 beds are located in Illinois. The company then entered a triple-net master lease with Life's Journey Senior Living for 10 years. The initial cash yield is 7.5%.
- The second deal closed on Sept. 17, and totaled 196 assisted living units in Oregon and Washington. The price was $65M. The triple-net master lease with Radiant Senior Living has an initial term of 10 years. The initial cash yield is 6.75%.
- Source: Press Release
Thu, Sep. 24, 7:56 AM
- The tenant of the Forest Park Medical Center-Frisco has been unable to obtain further financing and earlier this weed filed Chapter 11. Frisco has retained an agent to sell the hospital assets, which may or may not include Sabra's (NASDAQ:SBRA) investment in the hospital real estate.
- Another option would obviously be to get a new viable tenant.
- Source: Press Release
- Previously: Sabra Health Care -3.8%; reserves against doubtful accounts (Aug. 5)
Thu, Aug. 27, 9:46 AM
Wed, Aug. 5, 11:38 AM
- Q2 normalized AFFO of $30.79M or $0.52 per share vs. $23.6M and $0.53 one year ago. This year's result includes a $0.03 provision related to the Forest Park-Frisco hospital.
- As of yesterday, the tenant had been unable to secure additional financing, and Sabra (SBRA -3.8%) recorded reserves totaling $4.6M, and a $3M provision for doubtful accounts.
- Full-year normalized AFFO per share guidance of $2.12-$2.15.
- Conference call (dial-in) at 1 ET
- Previously: Sabra Health Care misses by $0.01, beats on revenue (Aug. 4)
Tue, Aug. 4, 4:10 PM
Wed, Jul. 15, 8:23 AM
Wed, Jul. 8, 12:30 PM
- "With interest rate fears driving the sector down 21% from its January [level], fundamental drivers remain strong and we see healthcare REIT valuations at their best entry point in 18 months," says Canaccord, initiating coverage on a number of sector names.
- Started at Buy are Caretrust REIT (CTRE -2.7%), Health Care REIT (HCN +0.6%), New Senior Investment (SNR -1%), and Physicians Realty Trust (DOC +0.3%).
- Started at Hold are Sabra Health Care REIT (SBRA +0.5%), and BioMed Realty (BMR -0.1%).
Thu, Jul. 2, 3:01 PM
- Even as public market valuations have pulled back, says Citi's Michael Bilerman, private market pricing has remained strong, widening the gap between price and value.
- While fund flows are a negative, Bilerman notes an uptick in interest from market generalists, suggesting they're beginning to spot value in the sector.
- Healthcare: The REITs here are particularly sensitive to rising rates given high external growth expectations and accretive "spread" investing. Bilerman has Overweights in large-cap Ventas (NYSE:VTR) and small-cap Sabra Health Care (NASDAQ:SBRA).
- Lodging: Supply is largely intact and demand continues to improve, hopefully setting up a strong H2. He continues to favor C-corps like Hilton Worldwide (NYSE:HLT), but also has Overweight positions on Host Hotels (NYSE:HST) and LaSalle Hotel (NYSE:LHO).
- Office/Industrial: This sector offers particular opportunity for outperformance, and he prefers urban names, Boston Property (NYSE:BXP), SL Green (NYSE:SLG), and Vornado (NYSE:VNO), and only select suburban names Parkway (NYSE:PKY) and Mack Cali (NYSE:CLI). In industrial, he's Overweight EastGroup (NYSE:EGP), Prologis (NYSE:PLD), and DCT Industrial (NYSE:DCT).
- Apartments: Growth remains strong and valuations attractive. He's Overweight large caps AvalonBay (NYSE:AVB), Equity Residential (NYSE:EQR), and UDR, as well as value name Camden Property Trust (NYSE:CPT).
- Retail: He's still Overweight Class A mall REITs, but is getting more bullish on strip mall names, with Kimco (NYSE:KIM), Acadia (NYSE:AKR), and Weingarten (NYSE:WRI) upgraded to Buy. Other top picks are General Growth (NYSE:GGP), Simon Property (NYSE:SPG), Kite Realty (NYSE:KRG), and Forest City (NYSE:FCE.A).
- Previously: Citi spots value in beaten-up REIT sector (July 2)
Thu, Jun. 25, 7:30 AM
- The 5.9M share offering (upsized from 5M) resulted in expected gross proceeds of roughly $149M, suggesting a price of $25.24. The offering comes alongside the acquisition of four SNFs for $234M.
- Source: Press Release
- SBRA -3.8% premarket to $25.30.
- Previously: Sabra buying nursing facilities for $234M, launching 5M-share offering (June 24)
Wed, Jun. 24, 5:36 PM
Sabra Health Care REIT Inc operates as a self-administered & self-managed REIT. The Company through its subsidiaries is engaged in acquiring, financing and owning real estate property to be leased to third party tenants in the healthcare sector.
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