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News Breaks
May 13, 2014
09:10 EDTSBRASabra Health Care backs FY14 Normalized FFO, Normalized AFFO guidance
Sabra Health Care reaffirmed its guidance ranges for Normalized FFO and Normalized AFFO per diluted common share for FY14. The reaffirmed guidance includes the impact of all investing and financing activity through May 12 and assumes that the remaining $30.1M commitment under the Forest Park Medical Center - Fort Worth construction loan is funded with the proceeds remaining from our recently completed equity offering and available cash. No other investment or financing activities are assumed in the guidance. Commenting on the reaffirmed 2014 guidance, Rick Matros, CEO and chairman, said, "We were able, from a timing perspective, to have the equity offering coincide with our investment activity to date, so that the dilution from the offering is effectively offset by the $166M in investment activity to date. We also assume we'll finish out the construction financing for the Fort Worth hospital which is $30.1M. The guidance does not include any other investment activity for the year despite our belief that our total investment activity for the year will still be in the $350M-$400M range. Additionally, the equity offering allowed us to very quickly achieve our leverage ratio goal with that ratio dropping from 5.29x to 4.14x. Our capital available for investments currently stands at over $340M inclusive of the availability under our revolving credit facility and availability under our ATM program should we choose to use that."
News For SBRA From The Last 14 Days
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July 2, 2015
10:00 EDTSBRAOn The Fly: Analyst Initiation Summary
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06:01 EDTSBRASabra Health Care initiated with a Neutral at Mizuho
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June 25, 2015
07:58 EDTSBRASabra Health Care 5.9M share Spot Secondary priced at $25.25
The deal size was increased to 5.9M shares from 5M shares and priced at the bottom of the $25.25-$25.65 range. Wells Fargo and JPMorgan acted as joint book running managers for the offering. For complete deal analysis visit The Fly's Syndicate section
June 24, 2015
19:01 EDTSBRAOn The Fly: After Hours Movers
UP AFTER EARNINGS: Herman Miller (MLHR), up 5.1%. ALSO HIGHER: Turtle Beach (HEAR), up 3.6% after partnering with AuDConnex for direct audio hearing solution. DOWN AFTER EARNINGS: Bed Bath & Beyond (BBBY), down 2.6%. ALSO LOWER: Cree (CREE), down 5.1% after lowering fourth quarter revenue outlook... Sabra Health Care (SBRA), down 2.7% after filing to sell 5M shares of common stock at a price range of $25.25-$25.65.
16:19 EDTSBRASabra Health Care 5M share Spot Secondary; price range $25.25-$25.65
Sabra Health Care's 5M share Spot Secondary is being offered in the range of $25.25-$25.65 in a deal that is expected to price before tomorrow's open. Wells Fargo and JPMorgan are acting as joint book running managers for the offering. For complete deal analysis visit The Fly's Syndicate section. TSYN on Bloomberg.
16:14 EDTSBRASabra Health Care files to sell 5M shares of common stock
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16:12 EDTSBRASabra agrees to acquire skilled nursing/transitional care portfolio for $234M
Sabra Health Care announced that it has agreed to purchase a portfolio of four transitional care facilities located in Maryland. On June 22, Sabra agreed to acquire four skilled nursing facilities that specialize in transitional care and medically complex post-surgical, ventilator and dialysis patients with a total of 678 licensed beds located in Maryland for $234M. Upon completion of the acquisition, Sabra and the current operator will enter into a triple-net master lease agreement on three of the facilities and enter into a triple-net lease agreement on the fourth facility which is encumbered by a HUD loan. Each of the master lease and the lease for the fourth facility will have an initial term of 15 years with two 10-year renewal options and annual rent escalators equal to the greater of 2.50% or CPI, but not to exceed 2.75%. The leases are collectively expected to generate annual lease revenues determined in accordance with GAAP of $24.5M and an initial yield on cash rent of 8.75%. Closing on the acquisition of three of the facilities, with an allocated purchase price of $175.2M, is expected to occur on or before June 30. The fourth facility is expected to close upon the assumption of an existing $10.8M HUD loan having an interest rate of 5.60% per annum. The closing of the acquisition of the NMS Portfolio is subject to customary conditions, including the satisfactory completion by Sabra of its due diligence and, as to the fourth facility, the HUD loan assumption. In addition to the HUD loan assumption, Sabra expects to fund the remainder of the acquisition with available cash and proceeds from their revolving credit facility. After giving effect to the completion of the NMS Portfolio acquisition, Sabra's total investments year to date for 2015 would be $406.5M, with a blended cash yield of 7.89%.

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