Sabra(US:SBRA)2025-11-05 21:06Financial Performance - The company reported a net income attributable to Sabra Health Care REIT, Inc. of $22.538 million for the three months ended September 30, 2025, compared to $29.788 million in the same period of 2024[7]. - Net income for the three months ended September 30, 2025, was $22,517, a decrease from $65,542 in the previous quarter, reflecting a decline of 65.6%[14]. - Net income for the nine months ended September 30, 2025, was $128.363 million, with a loss of $109.972 million attributed to corporate expenses[20]. - Net income for the nine months ended September 30, 2025, was $128.363 million, with a loss of $109.972 million in corporate adjustments[25]. Cash Flow and Income Metrics - FFO attributable to Sabra Health Care REIT, Inc. for the nine months ended September 30, 2025, was $271.010 million, an increase from $236.453 million in the same period of 2024[7]. - Cash rental income for the three months ended September 30, 2025, was $88.946 million, a decrease from $91.829 million in the same period of 2024[12]. - Cash Net Operating Income - pro rata for the three months ended September 30, 2025, was $22,271, a decrease from $22,806 in the previous quarter, showing a decline of 2.3%[14]. - Cash Net Operating Income - pro rata reached $383.709 million, reflecting adjustments for non-cash revenue and expenses[22]. - Cash Net Operating Income (Cash NOI) for the nine months was $383.709 million, reflecting a pro rata Cash NOI of $229.601 million[25]. - Annualized Cash Net Operating Income (Annualized Cash NOI) reached $521.999 million, with annualizing adjustments totaling $138.290 million[25]. Operational Metrics - The company’s Adjusted EBITDA for the three months ended September 30, 2025, was $121.672 million, with an annualized figure of $486.688 million[9]. - Total Net Operating Income (NOI) consolidated was $382.990 million, with $154.444 million from private payors and $195.479 million from non-private payors[22]. - Net Operating Income - consolidated for the three months ended September 30, 2025, was $30,105, an increase from $25,294 in the previous quarter, representing a growth of 19.0%[14]. - Total Net Operating Income (NOI) for the period was $382.990 million, with a pro rata NOI of $382.951 million[25]. Expenses and Costs - The company anticipates general and administrative expenses of approximately $50 million for 2025, which includes $11 million of stock-based compensation expense[5]. - Depreciation and amortization for the three months ended September 30, 2025, was $19,989, an increase from $14,372 in the previous quarter, representing a growth of 39.4%[14]. - Depreciation and amortization expenses totaled $135.591 million, impacting overall net income[20]. - Interest expenses totaled $83.549 million, contributing to the overall financial burden[20]. - General and administrative expenses were reported at $37.802 million, highlighting operational costs[20]. Future Projections - The company expects 2025 net income per diluted common share to be between $0.655 and $0.665, with normalized FFO attributable to common stockholders projected between $1.455 and $1.465[3]. - The company anticipates full-year average same-store Cash NOI growth in the mid-teens percentage range for the Senior Housing - Managed portfolio[5]. - The weighted average share count for Normalized FFO is expected to be approximately 244.7 million shares[5]. Joint Ventures and Other Income - Income from unconsolidated joint ventures for the three months ended September 30, 2025, was $4,034, an increase from $3,713 in the previous quarter, reflecting a growth of 8.6%[17]. - The company’s share of unconsolidated joint ventures' net operating income was $10.949 million, contributing to overall performance metrics[20]. - The company’s share of unconsolidated joint ventures' Net Operating Income was $10.949 million, contributing to overall performance[25]. Real Estate and Market Challenges - The company recorded a net gain on sales of real estate amounting to $(5.544) million, reflecting challenges in the real estate market[20]. - Impairment of real estate was noted at $6.674 million, indicating potential asset value concerns[20]. - Adjustments for net income not related to Senior Housing - Managed for the three months ended September 30, 2025, totaled $(14,590), a decrease from $(56,463) in the previous quarter, indicating an improvement of 74.1%[14].