Sabra Health Care Q1 FFO beats consensus; no rent disruption yet

Sabra Health Care REIT (NASDAQ:SBRA) Q1 normalized FFO per share of 45 cents beats the 44-cent Visible Alpha consensus.

To date, the REIT hasn’t seen a material disruption from the COVID-19 pandemic in the monthly payment of rents and hasn’t utilized any deposits or other credit enhancements for payment of rent as a result of the COVID-19 pandemic.

As of April 30, SBRA hasn’t granted any rent deferrals or other rent relief related to the COVID-19 pandemic.

Its operators have received or expect to receive an aggregate of ~$320M in assistance under various provisions of the CARES Act and other state and federal assistance programs.

Based on data received from its operators, through the last week of April, Senior Housing – Managed occupancy declined 160 basis points from the February average.

Does not expect to make any material acquisitions or other investments in the near term, including the exercise of its option on the remaining 51% interest in the Enlivant joint venture.

Balance sheet has liquidity of $953.1M as of March 31, 2020 with no material debt maturities until 2024.

Conference call on May 7 at 1:00 PM ET.

Previously: Sabra Health Care EPS misses by $0.04, misses on revenue (May 6)

https://seekingalpha.com/news/3570790-sabra-health-care-q1-ffo-beats-consensus-no-rent-disruption-yet