Sabra(SBRA)2025-02-19 21:07Portfolio and Investments - As of December 31, 2024, the company had a diverse portfolio of 364 properties, with no single state or province accounting for more than 16% of total beds/units[55] - The company plans to grow its investment portfolio by acquiring assisted living, independent living, and memory care communities in the U.S. and Canada[64] - As of December 31, 2024, the company had 60 relationships with operators, aiming to reduce dependence on any single tenant or operator[70] - The company expects to continue to pursue strategic development opportunities, including replacing, renovating, or expanding less competitive facilities[73] - The company intends to support tenants with capital for modernization and facility improvements, structuring these investments as lease amendments or loans[72] - As of December 31, 2024, the company owned eight healthcare facilities, including five senior housing communities and three skilled nursing facilities[84] Financial Position and Liquidity - The company maintained approximately 60.5 million in unrestricted cash and 1.8 billion in Senior Notes, 106.6 million under the Revolving Credit Facility[290] - The company has 893.4 million available for borrowing under the Revolving Credit Facility[290] - Interest rate swaps have been established for 1.1 million increase or decrease in interest expense from a 100 basis point change in the index underlying variable rate debt[294] - The company has CAD 0.5 million[295] Regulatory and Compliance Challenges - The company is subject to extensive healthcare regulations, which could affect reimbursement levels from Medicare and Medicaid[83] - Compliance with minimum staffing requirements is mandatory, with potential fines for non-compliance[82] - The company faces significant legal expenses and management attention related to compliance challenges with healthcare regulations[81] Management and Experience - The management team has over 100 years of combined experience in the healthcare and real estate sectors, enhancing the company's competitive advantage[74] - The company utilizes its management team's industry insight to identify financially strong operators in need of capital funding for growth[71] Lease and Debt Structure - The weighted-average remaining term of the triple-net leases was seven years, with expirations ranging from less than one year to 19 years[56] - The company has filed a shelf registration statement with the SEC, allowing for continuous or delayed offerings of various securities until November 2025[68]