Sabra Health Care REIT

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  • Thu, Feb. 4, 9:40 AM
    • Sabra Health Care (NASDAQ:SBRA) declares $0.41/share quarterly dividend, in line with previous.
    • Forward yield 9.21%
    • Payable Feb. 29; for shareholders of record Feb. 16; ex-div Feb. 11.
    | Thu, Feb. 4, 9:40 AM
  • Tue, Jan. 5, 10:51 AM
    • The amended and restated credit facility is expected to boosts Sabra's (NASDAQ:SBRA) revolving borrowing capacity to $500M from $450M, and increase U.S. dollar and Canadian dollar term loans to $245M and C$125M from $200M and C$90M.
    • Borrowings under the revolver are expected to have a base rate of Libor plus 180-240 basis points, plus another 80-40 basis points - a 20 basis point improvement from the current facility. Should Sabra get at least two investment grade ratings from the big agencies, further cuts would be in store.
    • Source: Press Release
    | Tue, Jan. 5, 10:51 AM
  • Dec. 1, 2015, 9:57 AM
    • The borrower under the Forest Park Dallas mortgage loan and the borrower under the Forest Park Fort Worth construction loan each filed for bankruptcy relief yesterday. As of now, Sabra (SBRA +1.2%) is not aware of either facility operator seeking bankruptcy protection.
    • Should the bankruptcy process not result in the timely sale of either asset to a good buyer, Sabra expects to request the court to allow a foreclosure sale.
    • The company will hold a dial-in conference call at 2 ET to discuss.
    • Source: Press Release
    • Previously: Sabra Health tenant files for bankruptcy protection (Sept. 24)
    | Dec. 1, 2015, 9:57 AM
  • Nov. 17, 2015, 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.
    | Nov. 17, 2015, 8:26 AM
  • Nov. 16, 2015, 10:02 AM
    | Nov. 16, 2015, 10:02 AM | 1 Comment
  • Nov. 9, 2015, 4:30 PM
    • Sabra Health Care (NASDAQ:SBRA): Q3 FFO of $0.58 beats by $0.01.
    • Rental income of $53.17M (+39.3% Y/Y) misses by $0.97M.
    | Nov. 9, 2015, 4:30 PM
  • Nov. 8, 2015, 5:35 PM
  • Nov. 2, 2015, 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.
    | Nov. 2, 2015, 9:48 AM
  • Oct. 8, 2015, 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.
    | Oct. 8, 2015, 9:45 AM | 5 Comments
  • Sep. 28, 2015, 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%.
    | Sep. 28, 2015, 10:58 AM
  • Sep. 24, 2015, 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.
    • Previously: Sabra Health Care -3.8%; reserves against doubtful accounts (Aug. 5)
    | Sep. 24, 2015, 7:56 AM
  • Aug. 27, 2015, 9:46 AM
    • After a near-30% decline since mid-March for Sabra Healthcare (NASDAQ:SBRA), JMP Securities has seen enough, and upgrades the stock to Market Perform from Market Underperform.
    • The stock's higher by 2% in early action today.
    | Aug. 27, 2015, 9:46 AM
  • Aug. 5, 2015, 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)
    | Aug. 5, 2015, 11:38 AM
  • Aug. 4, 2015, 4:10 PM
    • Sabra Health Care (NASDAQ:SBRA): Q2 Normalized FFO of $0.53 misses by $0.01.
    • Revenue of $56.59M (+31.7% Y/Y) beats by $4.94M.
    | Aug. 4, 2015, 4:10 PM
  • Jul. 15, 2015, 8:23 AM
    • Health Care REIT (NYSE:HCN), Omega Healthcare (NYSE:OHI), and Sabra Health Care (NASDAQ:SBRA) are all initiated with Buy ratings at SunTrust.
    • Each name in the trio is off about 10% YTD.
    | Jul. 15, 2015, 8:23 AM | 2 Comments
  • Jul. 8, 2015, 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%).
    | Jul. 8, 2015, 12:30 PM | 5 Comments
Company Description
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.