Sabra Q3 normalized AFFO $0.38; Avamere write-off $25.2M; reaffirms guidance

Sabra Health Care REIT, Inc.

2021-Q3 EPS reported -$0.41 revenue$433,888,000

Q3 2021 normalized AFFO $0.38/diluted share; net income $0.05 includes $25.2M Avamere straight-line rent write-off.
Avamere lease annual rent $44.1M; drew $7.9M from LC; wrote off $25.2M non-cash rent; occupancy recovered to 71%.
Issued $800M 3.20% notes due 2031; redeemed $300M 4.80% notes; completed 7.8M-share equity offering for $112.6M net.
YTD investments $396.7M at 7.55% yield; closed first $290M tranche of $325M RCA mortgage loan on addiction centers.
Reaffirmed 2021 normalized FFO/AFFO guidance; declared $0.30 dividend (79% payout); net debt/EBITDA 4.81x.

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