Sabra Health Care REIT Q3 2024 Filing

TL;DR

**Sabra Health Care REIT Q3 2024 10-Q filed. Financials updated.**

AI Summary

Sabra Health Care REIT, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance and position, including details on its real estate assets and liabilities. Key financial figures and operational updates are presented in this quarterly report.

Why It Matters

This filing provides investors with an update on Sabra Health Care REIT's financial health and operational performance for the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a REIT, Sabra is subject to real estate market fluctuations, interest rate sensitivity, and tenant-specific risks, which are inherent to the sector.

Key Numbers

• Q3 2024 — Reporting Period (Indicates the specific quarter for which financial data is reported.)

Key Players & Entities

• Sabra Health Care REIT, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241031 (date) — Filing date
• 18500 VON KARMAN STREET SUITE 550 (address) — Company's business and mailing address
• IRVINE, CA (location) — City and State of company's address
• 888-393-8248 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.01 — 236,586,805 shares of the registrant's $0.01 par value Common Stock outstanding. T

Filing Documents

• sbra-20240930.htm (10-Q) — 1469KB
• sbraex3112024q3.htm (EX-31.1) — 10KB
• sbraex3122024q3.htm (EX-31.2) — 10KB
• sbraex3212024q3.htm (EX-32.1) — 4KB
• sbraex3222024q3.htm (EX-32.2) — 5KB
• 0001492298-24-000031.txt ( ) — 8408KB
• sbra-20240930.xsd (EX-101.SCH) — 59KB
• sbra-20240930_cal.xml (EX-101.CAL) — 91KB
• sbra-20240930_def.xml (EX-101.DEF) — 326KB
• sbra-20240930_lab.xml (EX-101.LAB) — 647KB
• sbra-20240930_pre.xml (EX-101.PRE) — 496KB
• sbra-20240930_htm.xml (XML) — 1319KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Consolidated Balance Sheets 4 Consolidated Statements of Income (Loss) 5 Consolidated Statements of Comprehensive Income (Loss) 6 Consolidated Statements of Equity 7 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 43 1 Table of Contents References throughout this document to "Sabra," "we," "our," "ours" and "us" refer to Sabra Health Care REIT, Inc. and its direct and indirect consolidated subsidiaries and not any other person. Certain statements in this Quarterly Report on Form 10-Q (this "10-Q") contain "forward-looking" information as that term is defined by the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position, results of operations, cash flows, liquidity, financing plans, business strategy, tenants, borrowers and Senior Housing - Managed communities (as defined below), the expected amounts and timing of dividends and other distributions, projected expenses and capital expenditures, competitive position, growth opportunities, potential investments, potential dispositions, plans and objectives for future operations, and compliance with and changes in governmental regulations. You can identify some of the forward-looking statements by the use of forward-looking words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "should," "may" and other similar expressions, although not all forward-looking statements contain these identifying words. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increased labor costs and historically low unemployment; increases in market interest rates and inflation; pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our indus

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SABRA HEALTH CARE REIT, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) September 30, 2024 December 31, 2023 (unaudited) Assets Real estate investments, net of accumulated depreciation of $ 1,125,470 and $ 1,021,086 as of September 30, 2024 and December 31, 2023, respectively $ 4,574,268 $ 4,617,261 Loans receivable and other investments, net 441,825 420,624 Investment in unconsolidated joint ventures 130,811 136,843 Cash and cash equivalents 63,004 41,285 Restricted cash 5,972 5,434 Lease intangible assets, net 28,790 30,897 Accounts receivable, prepaid expenses and other assets, net 121,456 133,806 Total assets $ 5,366,126 $ 5,386,150 Liabilities Secured debt, net $ 45,817 $ 47,301 Revolving credit facility 152,558 94,429 Term loans, net 535,984 537,120 Senior unsecured notes, net 1,735,848 1,735,253 Accounts payable and accrued liabilities 122,805 136,981 Lease intangible liabilities, net 28,270 32,532 Total liabilities 2,621,282 2,583,616 Commitments and contingencies (Note 13) Equity Preferred stock, $ 0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 500,000,000 shares authorized, 236,586,805 and 231,266,020 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 2,366 2,313 Additional paid-in capital 4,574,707 4,494,755 Cumulative distributions in excess of net income ( 1,849,168 ) ( 1,718,279 ) Accumulated other comprehensive income 16,939 23,745 Total equity 2,744,844 2,802,534 Total liabilities and equity $ 5,366,126 $ 5,386,150 See accompanying notes to consolidated financial statements. 4 Table of Contents SABRA HEALTH CARE REIT, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (dollars in thousands, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 202

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. BUSINESS Overview Sabra Health Care REIT, Inc. ("Sabra" or the "Company") was incorporated on May 10, 2010 as a wholly owned subsidiary of Sun Healthcare Group, Inc. ("Sun") and commenced operations on November 15, 2010 following Sabra's separation from Sun. Sabra elected to be treated as a real estate investment trust ("REIT") with the filing of its United States ("U.S.") federal income tax return for the taxable year beginning January 1, 2011. Sabra believes that it has been organized and operated, and it intends to continue to operate, in a manner to qualify as a REIT. Sabra's primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. Sabra primarily generates revenues by leasing properties to tenants throughout the U.S. and Canada. Sabra owns substantially all of its assets and properties and conducts its operations through Sabra Health Care Limited Partnership, a Delaware limited partnership (the "Operating Partnership"), of which Sabra is the sole general partner and a wholly owned subsidiary of Sabra is currently the only limited partner, or by subsidiaries of the Operating Partnership. The Company's investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities ("Senior Housing - Leased"), behavioral health facilities and specialty hospitals and other facilities, in each case leased to tenants who are responsible for the operations of these facilities; senior housing communities operated by third-party property managers pursuant to property management agreements ("Senior Housing - Managed"); investments in joint ventures; investments in loans receivable; and preferred equity investments. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accou

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