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SBRA

Sabra Health Care

$17.62

-0.57 (-3.13%)

19:42
12/19/18
12/19
19:42
12/19/18
19:42

Sabra Health Care enters management agreement with Holiday Retirement

Sabra Health Care REIT announced that it has entered into a non-binding letter of intent to terminate its master lease with affiliates of Holiday Retirement and concurrently enter into management agreements with Holiday. Sabra also provided an update on the status of its sales of facilities leased to Genesis Healthcare, Inc. On December 19, 2018, we entered into a non-binding letter of intent to terminate our triple net master lease with Holiday with respect to all 21 communities subject to the master lease and concurrently enter into one or more management agreements pursuant to which Holiday will manage the Holiday Communities. In exchange, we would receive $57.2 million of total consideration, including $15.1 million of retained security deposits and a $42.1 million termination fee that we can elect to receive in cash or in additional communities currently owned by Holiday or its affiliates. Should we elect to receive the termination fee in additional communities, those communities would be operated by Holiday pursuant to the Holiday Management Agreements. We expect to terminate the Holiday master lease and enter into the Holiday Management Agreements during the first quarter of 2019, though there can be no assurances that the transactions will be completed on the foregoing terms or timing or at all. On December 12, 2018, we completed the sale of four facilities leased to Genesis for gross sales proceeds of $38.6 million, and we expect to complete the sale of nine additional facilities this week for gross sales proceeds of $37.1 million, leaving three facilities leased to Genesis that we plan to sell. As a result of these sales, annual cash rents from Genesis will be reduced by $6.7 million. The remaining three facilities are being sold subject to HUD-insured debt and these sales will close upon approval by HUD, which we expect to occur in the first quarter of 2019. These remaining three facilities are expected to generate gross sales proceeds of $33.2 million and result in the elimination of $2.7 million of annual cash rents. Our agreement with Genesis provides for residual rents to be paid to Sabra for 4.28 years following the sale of each facility. Upon completion of these sales, we expect these residual rents to total $10.4 million per year. We expect to retain eight facilities leased to Genesis, which currently generate annual cash rents of $10.4 million.

SBRA Sabra Health Care
$17.62

-0.57 (-3.13%)

12/18/18
RHCO
12/18/18
DOWNGRADE
RHCO
Hold
Sabra Health Care downgraded to Hold from Buy at SunTrust
SunTrust analyst Michael Lewis assumes coverage of Sabra Health Care with a downgraded rating of Hold from Buy and contends that the consensus for its 2019 FFO is too high. The analyst notes that several of the company's tenants have an elevated EBITDAR coverage around 1.2-times, warning that "just one problem could further depress earnings and erode investor confidence." Lewis believes that Sabra will "need to de-lever and may find it challenging to grow out of its current predicament".
12/18/18
RHCO
12/18/18
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RHCO
Hold
Sabra Health Care downgraded to Hold from Buy at SunTrust
11/16/18
BOFA
11/16/18
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BOFA
Underperform
Sabra Health Care downgraded to Underperform at BofA/Merrill
As previously reported, BofA/Merrill downgraded Sabra Health Care to Underperform from Neutral and lowered its price target to $21 from $23. Analyst Juan Sanabria lowered estimates to reflect the Senior Care sale and Holiday conversion to RIDEA, and said it faces significant dilution from Senior Care defaulting on its lease.
11/16/18
11/16/18
DOWNGRADE

Market Perform
Sabra Health Care downgraded to Market Perform at Raymond James
As previously reported, Raymond James downgraded Sabra Health Care to Market Perform from Outperform. Analyst Jonathan Hughes expects a downward revision to estimates following disappointing Q3 results, sees uncertainty surrounding several large portfolio sales/repositioning transactions, and high leverage that will likely require a capital raise.

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RBS

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Hologic

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GLPG

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WATT

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TECD

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ASMB

Assembly Biosciences

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AVAV

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BOALY

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