Q3 2024 Sabra Health Care REIT Inc Earnings Call Transcript
Key Points
- Sabra Health Care REIT Inc (SBRA) reported several consecutive quarters of improvement in primary asset classes, distancing itself from pandemic impacts.
- Occupancy rates for the Skilled Nursing Facility (SNF) portfolio increased by 130 basis points sequentially, with skilled mix also rising by 110 basis points.
- The company's EBITDARM rent coverage for Skilled Nursing and triple-net senior housing portfolios reached 1.94 times and 1.37 times, respectively, higher than pre-pandemic levels.
- Sabra Health Care REIT Inc (SBRA) increased its earnings guidance at the midpoint, expecting strong growth of over 6% year-over-year.
- The company has ample liquidity of $947.8 million, including unrestricted cash and available borrowings, supporting its financial stability and growth plans.
- Avamere, one of Sabra Health Care REIT Inc (SBRA)'s top 10 tenants, experienced a decrease in performance due to percentage rents, although rent coverage remained strong.
- Coverage and occupancy in the behavioral and other categories were flat sequentially, partly due to a lower occupancy stabilized addiction treatment center.
- The company is seeing more portfolio opportunities but remains cautious about engaging in larger deals due to potential complexities and noise.
- Despite improvements, the skilled nursing opportunities have not been as robust as expected, limiting potential acquisitions in this area.
- The regulatory environment remains uncertain, with potential challenges from CMS regarding minimum staffing requirements, which could impact operations.
Good day, everyone. My name is Adam, and I'll be you conference operator today. At this time, I would like to welcome everyone to the Sabra third-quarter 2024 earnings call. (Operator Instructions)
I'd like to now turn the call over to Lukas Hartwich, SVP of Finance. Please go ahead, Mr. Hartwich.
Thank you and good morning. Before we begin, I want to remind you that we will be making forward-looking statements in our comments and in response to your questions concerning our expectations regarding our future financial position and results of operations, including our earnings guidance for 2024, and our expectations regarding our tenants and operators and our expectations regarding our acquisition, disposition and investment plans.
These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including the risks listed in our Form 10-K for the year ended
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