Financial Performance - For the three months ended December 31, 2024, net income was 46.7million,comparedto17.2 million for the same period in 2023, representing a 172% increase [7]. - The company reported FFO of 85.2millionforQ42024,upfrom70.2 million in Q4 2023, indicating a 21% year-over-year growth [7]. - The company recorded an AFFO of 87.6millionforQ42024,comparedto74.2 million in Q4 2023, marking a 17.5% increase [7]. - Net income rose significantly from 17,156millioninDecember2023to46,695 million in December 2024, marking an increase of about 172.5% [14]. - Total Net Operating Income (NOI) reached 488.612million,withcontributionsfromvarioussegmentsincluding261.289 million from skilled nursing and 74.565millionfromseniorhousing[20].−CashNetOperatingIncomefortheyearwas484.773 million, reflecting adjustments for non-cash revenues and expenses [20]. - Annualized Cash Net Operating Income was reported at 489.591million,indicatingastrongoperationalperformance[22].RevenueGrowth−CashrentalincomefortheyearendedDecember31,2024,was363.9 million, an increase from 352.3millionin2023,reflectingagrowthof3.761,256 million in December 2023 to 76,865millionbyDecember2024,representingagrowthofapproximately25.568,600 million by December 2024, up from 63,890millioninDecember2023,whichisanincreaseofapproximately7.50.67 to 0.70,withnormalizedFFOexpectedbetween1.43 and 1.46[3].−Thecompanyanticipateslow−single−digitCashNOIgrowthforthetriple−netportfolioandlow−to−midteensCashNOIgrowthforthesamestoreSeniorHousing−Managedportfolio[5].−TheweightedaveragesharecountforNormalizedFFOisprojectedtobeapproximately240millionshares[5].DebtandFinancialRatios−Thecompanyreportedanetdebtof2.38 billion with a net debt to adjusted EBITDA ratio of 5.27x as of December 31, 2024 [9]. - Net Debt is calculated as the principal balances of the Company's credit facilities and loans, net of cash and cash equivalents [35]. - Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, reflecting the Company's leverage relative to its earnings [36]. Operational Metrics - Adjusted EBITDA for the three months ended December 31, 2024, was 112.8million,withanannualizedfigureof451.2 million [9]. - Cash Net Operating Income for the three months ended December 31, 2024, was 123,931million,upfrom18,492 million in December 2023, demonstrating strong operational performance [17]. - The company reported a net operating income of 125,639millionforthethreemonthsendedDecember31,2024,comparedto18,492 million in December 2023, indicating substantial growth [17]. Expenses and Impairments - The company expects general and administrative expenses to be around 50million,whichincludes11 million of stock-based compensation expense [5]. - Interest expenses amounted to 115.272million,highlightingthecostoffinancing[20].−Impairmentofrealestatewasnotedat18.472 million, impacting overall profitability [20]. - The company experienced a net gain on sales of real estate amounting to (6,064)million,indicatingchallengesinthisarea[17].−Thecompanyreportedanetgainonsalesofrealestatetotaling(2.095) million, indicating challenges in asset disposals [20]. Definitions and Metrics - Funds From Operations (FFO) is defined as net income excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization, and is considered a useful measure for comparing operating performance [34]. - Adjusted Funds from Operations (AFFO) excludes stock-based compensation and other non-cash items, providing a clearer view of the Company's operating results [34]. - Cash Net Operating Income (NOI) is projected to grow from 18,492millioninDecember2023to24,148 million by December 2024, reflecting an increase of around 30.6% [14]. - Net Operating Income (NOI) is defined as total revenues less operating expenses, serving as a key measure for evaluating investment performance [37]. - Normalized FFO and Normalized AFFO adjust for certain income and expense items not indicative of ongoing results, aiding in performance comparison [40]. Business Segments - Senior Housing includes various community types such as independent living and assisted living, indicating the Company's focus on diverse healthcare services [41]. - Skilled Nursing/Transitional Care facilities encompass skilled nursing and mental health services, highlighting the Company's service offerings in healthcare [42].
Sabra(SBRA)2025-02-19 21:05