Sabra Q4 2021 net loss $0.11/diluted share; Avamere lease restructured; Canadian JV announced

Sabra Health Care REIT, Inc.

2021-FY EPS reported -$0.52 revenue$569,545,000

Q4 net loss of $(0.11) per diluted share; Normalized FFO $0.39; Normalized AFFO $0.37.
Avamere lease amended: annual base rent reduced ~30% to $30.7M; recapture opportunity as performance improves.
Formed 50/50 JV with Sienna to acquire 11 Canadian senior housing communities for C$307.5M (USD $243M); expected Q2 2022 close.
Skilled nursing occupancy declined sequentially due to Omicron; pro forma EBITDARM coverage 1.86x after Avamere rent cut.
Dividend of $0.30/share declared; 81% Normalized AFFO payout ratio; Net Debt/Adj. EBITDA 4.98x.

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