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"title": "Sabra Health Care REIT, Inc. (SBRA) Q1 2024 Earnings Call Transcript",
"description": "Sabra Health Care REIT, Inc. (NASDAQ:NASDAQ:SBRA) Q1 2024 Earnings Conference Call May 9, 2024 1:00 PM ETCompany ParticipantsLukas Hartwich - SVP,...",
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"snippet": "Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Q1 2024 Earnings Conference Call May 9, 2024 1:00 PM ET\n\nCompany Participants\n\nLukas Hartwich - SVP, Finance\n\nRick Ma...",
"url": "https://seekingalpha.com/article/4691564-sabra-health-care-reit-inc-sbra-q1-2024-earnings-call-transcript",
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"published_at": "2024-05-09T21:20:22.000000Z",
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"highlight": "<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em>, <em>Inc</em>.",
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"highlight": "(<em>NASDAQ:SBRA</em>) Q1 2024 Earnings Conference Call May 9, 2024 1:00 PM ET\n\nCompany Participants\n\nLukas Hartwich - SVP, Finance\n\nRick Matros - Chief Executive Officer, President & Chair of the Board\n\nTalya Nevo-Hacohen - Chief Investment Officer, Treasurer & Executive Vice President\n\nMichael Costa - Chief Financial Officer\n\nConference Call Participants",
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"highlight": "At this time, I would like to welcome everyone to the <em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> First Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]\n\nNow I would like to turn the call over to Lukas Hartwich, SVP Finance.",
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"highlight": "And with that, let me turn the call over to Rick Matros, CEO, President and Chair of <em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em>.\n\nRick Matros\n\nThanks Lukas. Thanks everybody for joining us. Hope you all have a good day. So this quarter is really just a continuation of the last couple of quarters. Our operating performance continues to improve.",
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"title": "Sabra Healthcare REIT: An Attractive Value Proposition With Moderate Leverage (SBRA)",
"description": "Sabra Health Care REIT has outperformed the VNQ in 2024. Find out why given industry tailwinds from an aging population, I feel SBRA stock is a buy.",
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"snippet": "porcorex/iStock via Getty Images\n\nIntroduction\n\nSabra Health Care REIT (NASDAQ:SBRA) has delivered a stellar performance so far in 2024, significantly outperfor...",
"url": "https://seekingalpha.com/article/4691401-sabra-healthcare-reit-an-attractive-value-proposition-with-moderate-leverage",
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"highlight": "porcorex/iStock via Getty Images\n\nIntroduction\n\n<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> (<em>NASDAQ:SBRA</em>) has delivered a stellar performance so far in 2024, significantly outperforming the Vanguard Real Estate Index Fund ETF (VNQ):\n\nSBRA vs VNQ in 2024 (Seeking Alpha)\n\nLooking ahead, I expect the outperformance to continue, with Sabra showing robust operating results,",
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"highlight": "From an asset class mix perspective, the company owns primarily Skilled Nursing facilities (53.9% of all investments), followed by Senior Housing (16.5%):\n\nAsset Class Concentration (<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> Q1 2024 Results Presentation)\n\nAside from the pure property investments, the company has 14 loan investments and five preferred equity investments",
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"highlight": "The main difference between Normalized FFO and FFO is the exclusion of write-offs of straight-line rents, while AFFO adds back stock-based compensation which I don't think is prudent:\n\nSabra Q1 2024 REIT metrics bridge (<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> Q1 2024 Results Press Release)\n\nIn Q1 2024, Sabra delivered a normalized FFO of $0.34/share, up 3% Y/Y, in line",
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"highlight": "perspective with no deals being announced, but the company noted that \"the pipeline has improved and with what we are working on, we expect to announce new investments on our second quarter call\".\n\n2024 Outlook Confirmed\n\nSabra Health Care confirmed its initial 2024 outlook, with normalized FFO expected at about $1.36/share, up 4.6% Y/Y:\n\n2024 Outlook (<em>Sabra</em>",
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"highlight": "<em>Health</em> <em>Care</em> <em>REIT</em> Q1 2024 Results Presentation)\n\nDebt position\n\n<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> ended Q1 2024 with a net debt of $2.4 billion, which implies that net debt accounts for 41% of the company's enterprise value.",
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"highlight": "The company has no significant maturities in 2024 and 2025, as shown in the debt maturity profile below:\n\nDebt maturity profile (<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> Form 10-Q for Q1 2024)\n\n94% of the company's debt is fixed rate, with interest on the small portion of floating rate debt currently at 6.51%.",
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"highlight": "Sabra has done an excellent job locking in low interest rates for its longer-term maturities, with the company set to benefit from low-rate unsecured notes for years to come ($350 million at 3.9% due in 2029 and $800 million at 3.2% due in 2031):\n\nDebt maturities with average interest rates (<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> Q1 2024 Results Presentation)\n\nOverall",
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"highlight": "Risks\n\n<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> has no exposure to recently bankrupt Steward Health. Nevertheless, tenant relationships remain a key point of concern for investors.",
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"highlight": "Conclusion\n\n<em>Sabra</em> <em>Health</em> <em>Care</em> <em>REIT</em> delivered Q1 2024 results in line with its outlook, with the company facing little financial headwinds in the coming years due to its layered debt maturity profile.",
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"title": "Sabra Health Care REIT, Inc. 2024 Q1 - Results - Earnings Call Presentation (NASDAQ:SBRA)",
"description": "The following slide deck was published by Sabra Health Care REIT, Inc.",
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"snippet": "To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.\n\nIf you have an ad-blocker enabled you may be blocked from ...",
"url": "https://seekingalpha.com/article/4691374-sabra-health-care-reit-inc-2024-q1-results-earnings-call-presentation",
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"published_at": "2024-05-09T17:03:51.000000Z",
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Sentiment
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