Sabra Health Care reports Q1 AFFO 34c, consensus 34c

Reports Q1 revenue $161.3M, consensus $159.1M. Rick Matros, CEO and Chair, said, "The recovery in our portfolio continues. Occupancy in our skilled nursing and triple-net senior housing portfolios grew sequentially over the prior quarter. Labor challenges still hamper the speed of recovery, however we are seeing improved labor trends, albeit slowly. EBITDARM coverage excluding PRF in our skilled nursing portfolio improved sequentially over the prior quarter, both on a trailing twelve-month and a trailing three-month basis and was actually higher on a trailing three-month basis. We continue to expect investment activity to be light in the near term, but remain optimistic that we will return to earnings growth in 2024, irrespective of the level of our investment activity for the remainder of the year. Effective May 1, we withdrew and resigned our membership in the Enlivant Joint Venture. At the appropriate time, we expect to transition the 11 senior housing properties we own that are currently operated by Enlivant to a new operator. All in all, we anticipate a relatively quiet year, positioning us to constructively move forward as the industry continues to recover from the pandemic. We believe the continued diversification of our portfolio over the course of this year with our skilled nursing exposure at new lows, will be an additional factor in creating long-term value."