2024 GUIDANCE
Sabra is updating its 2024 earnings guidance ranges as follows (attributable to common stockholders, per diluted common share):
Updated Guidance
- Net Income: $0.48 - $0.49
- FFO: $1.35 - $1.36
- Normalized FFO: $1.39 - $1.40
- AFFO: $1.41 - $1.42
- Normalized AFFO: $1.43 - $1.44
Previous Guidance
- Net Income: $0.48 - $0.51
- FFO: $1.33 - $1.36
- Normalized FFO: $1.36 - $1.39
- AFFO: $1.39 - $1.42
- Normalized AFFO: $1.41 - $1.44
Guidance ranges assume year-over-year same store Cash NOI growth in the mid-to-high teens for the managed senior housing portfolio. Guidance also incorporates all announced investment and disposition activity, as well as announced activity under the at-the-market equity offering program. Guidance does not assume additional investment, disposition or capital transactions beyond those already disclosed.
The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.
Commenting on the third quarter's results, Rick Matros, CEO and Chair, said, "It feels good to be providing essentially the same update as the last several quarters. Skilled nursing and managed senior housing continue to see higher occupancy and margins. EBITDARM coverage for our skilled nursing portfolio has surpassed 2019 levels, while our triple net senior housing portfolio is approaching that milestone. Among our key triple-net relationships, the only tenant that saw a sequential coverage decline was Avamere, but that was specifically due to the percentage rent we have been collecting as performance improves. Avamere's coverage remains healthy, and the lease restructure has worked out exactly as anticipated.
Leverage continues to tick down. Investments for the quarter and subsequent to quarter end totaled roughly $100 million, including those previously announced. Our investment pipeline has seen increased activity, and we are currently reviewing more potential investments than we have seen all year.
Additionally, we have increased the midpoint of our guidance, which implies year-over-year earnings growth of more than 6% for the full year."
