Imminent Capital Gains With Sabra
Tue, Apr. 12, 10:05 AM
- A longtime bull on Sabra Health Care REIT (SBRA -1.7%), Raymond James uses the recent bounce in the roughed-up stock to get out, downgrading to Market Perform from Outperform.
- The shares are down nearly 40% Y/Y, in part thanks to the bankruptcy of a sizable tenant.
- Now read: Sabra Is An Oversold REIT That's Putting Its Issues Behind It
Mon, Feb. 22, 11:25 AM
- Q4 normalized FFO of $41.86M or $0.64 per share vs. $32M and $0.57 one year ago. Adjusted FFO of $38.2M or $0.58 per share vs. $28.8M and $0.51 one year ago. Full-year normalized FFO per share of $2.33 vs. $2.20 in 2014. Full-year AFFO of $2.14 per share vs. $2.12 in 2014.
- The company earlier this month agreed to the sale of its interests in Forest Park Medical Center, with net proceeds to be in the area of $90M and a net loss to be booked in Q1 of $30M-$35M.
- Previously: Sabra Health Care beats by $0.09, beats on revenue (Feb. 22)
- Conference call at 2 ET (dial-in)
- SBRA +4.9%
Wed, Feb. 10, 6:12 PM
- Sabra Health Care REIT (SBRA +2.3%) has a deal to sell its Forest Park Medical Center Frisco Hospital to a unit of HCA, closing a chapter on a bankruptcy filing.
- The deal is for $96.25M in cash, less assumption of capital lease obligations of about $7.3M. Columbia Medical Center of Plano, a subsidiary of HCA Holdings (HCA +1.2%), is taking on the Frisco Hospital pending a bankruptcy court hearing Feb. 18 to approve the sale.
- Sabra's expecting to see net proceeds of $89.1M-$94.1M, and thus take a loss in Q1 of $30M-$35M on its intersts in Frisco Hospital and a debtor-in-possession loan issued to the Frisco operators.
- HCA is up 1.6% after hours.
Tue, Feb. 9, 12:05 PM
- Healthcare facility owners are seeing steep losses after HCP (HCP -14.8%), Brookdale Senior Living (BKD -16%), and Medical Properties Trust (MPW -3.8%) issued soft 2016 guidance with their Q4 beats.
- HCP reported Q4 FFO/share of $0.80 (beat by $0.02), but guided for 2016 FFO/share of $2.74-$2.80 vs. a $3.16 consensus. Brookdale reported Q4 CFFO/share of $0.58 (beat by $0.12), but guided for 2016 CFFO of $2.45-$2.55 vs. a $2.62 consensus. MPW reported Q4 FFO/share of $0.35 (beat by $0.01), but guided for 2016 FFO/share of $1.29-$1.33 vs. a $1.33 consensus.
- In addition to HCP/Brookdale/MPW, the casualty list includes Omega Healthcare Investors (OHI -9.6%), Capital Senior Living (CSU -6.2%), Five Star Quality Care (FVE -7%), Welltower (HCN -9%), Genesis Healthcare (GEN -9.6%), , Sabra Health Care REIT (SBRA -6.3%), National Health Investors (NHI -4.6%), Ventas (VTR -5.9%), and Physicians Realty Trust (DOC -3.9%).
Nov. 16, 2015, 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)
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.
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)
Jun. 25, 2015, 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.
- SBRA -3.8% premarket to $25.30.
- Previously: Sabra buying nursing facilities for $234M, launching 5M-share offering (June 24)
Jun. 24, 2015, 5:36 PM
Oct. 31, 2014, 9:44 AM
Sep. 30, 2014, 7:56 AM
- Sabra (NASDAQ:SBRA) prices its 6M share secondary at $24.25 each. Excluding possible exercise of the 900K share greenshoe, the company expects net proceeds of $138.9M.
- Shares +1.25% to $24.55 premarket, after yesterday's 5.25% decline.
- Previously: Sabra Health Care closes on purchase of 21 property portfolio; sells stock to finance
Sep. 29, 2014, 11:23 AM
- The 21 independent living facilities from Holiday Acquisition Holdings are located in 15 states and were purchased for $550M in cash. Concurrently, Sabra (SBRA -4.7%) enters into a triple-net master lease deal with subsidiaries of Holiday for management of the properties for 15 years (with two five-year renewal options). The lease is expected to generate an initial yield on cash rent of 5.5%.
- Sabra expects to close another $100M in sale/leaseback deals over the next 60 days.
- The company announces a 6M share secondary offering, with proceeds to be used to pay down amounts drawn ($560M) on its credit line to make the purchase.
Sabra Health Care REIT, Inc. operates as a real estate investment trust. The company is a self administered, self-managed realty company that, through its subsidiaries, owns and invests in real estate serving the healthcare industry. It leases properties to tenants and operators throughout the... More
Industry: REIT - Healthcare Facilities
Country: United States
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