Sabra Health Care reports Q1 FFO 37c, consensus 36c

Reports Q1 revenue $183.5M, consensus $180.2M. Same store managed senior housing Cash NOI increased 16.9% on a year-over-year basis. Commenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “As expected, we are seeing real traction on deal flow of newer vintage assets with attractive yields as we continue to grow our senior housing managed portfolio. We are still not seeing much in the way of high-quality skilled nursing opportunities but remain focused on making skilled investments as opportunities arise. Our senior housing managed portfolio again showed robust year over year growth. Our triple-net skilled nursing and senior housing portfolios hit post-pandemic rent coverage highs. Leverage ticked down again and we have ample liquidity available. We are grateful for the resilience and hard work of our operators, which has positioned them to proactively invest in their businesses, and we are optimistic about what lies ahead.”