Sabra Health Care REIT (SBRA) 7 Nov 232023 Q3 Earnings call transcript

Good day, everyone. My name is Briana, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sabra's Third Quarter 2023 Earnings Call. [Operator Instructions]I would now like to turn the call over to Lukas Hartwich, SVP, Finance. Please go ahead, Mr. Hartwich.

morning. good and you, Thank

our Before could and current we measures as press XX.X that not to reflect we furnished today you circumstances, Form to no X-K cause make forward-looking the XX-K will and expectations our investment and SEC you we our expectations December expectations the subsequent forward-looking results addition, we to still to response of in disposition and operations, measures including obligation the yesterday.We and are quarter be I statements later making to forward-looking our plans.These want statements our regarding in website and as are well well uncertainties undertake or update release the valid.In comments on listed our risks and be concerning our XXXX, and included XX, comments our events materially, results call assume sabrahealth.com. your that are Exhibit and made remind during financial for differ statements earnings financial management's actual financial should the at position to subject our to Financials ended results tenants Investors risks that non-GAAP regarding including to acquisition, based Investors questions as as included begin, encouraged to page in these the future will the operators the the year to in in regarding Form comparable these reconciliation of on our non-GAAP our to of expectations are explanation review the section references results. this as GAAP of

Rick the of CEO, REIT. supplement President earnings Chair to accessed be Sabra website.And that, turn of and over the Investors XX-Q, release with can Care also Form me let Health Our Matros, section call our and in

Lukas. Thanks,

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our portfolio enhanced quality. Our transitions the quality and have and our dispositions of credit

skilled nursing, those material show our Senior portfolios significant growth, is X to Inspirit particular all triple-net continue Enlivant decision in to and American improve.Our asset to continue validating coverage to North classes. and EBITDARM Our Housing our in to Ensign Occupancy operators. those move to up SHOP transitions, portfolios

since down has no will drop revolver. portfolio.Our maturities, near-term to ticked exemplary with balance Our inception, And at our of is the is rate continues debt sheet and point concentration to nursing skilled improve. and now continue leverage diversity outside enhancing its floating lowest our no

and XXXX, net doubles classes. on As our our singles focusing acquirer of again capital forward cost all look to we a of in improvement, asset show continues in to being

comments comments, other the XXXX for yet, not the guidance final industry providing to the comments go submitted. these couple over on providing now comments. through early have far, we full guidance plan all There The XX,XXX required was of great rule. been goal XX,XXX The year to mandate timing. rule against and regarding original CMS. to is the we're submit one in CMS and do for majority, Although XXXX.A by

going segment. it's quite to a should before with the time notes rule, that some we Behavioral rule, line.In that, final down about our performing more some of So to believe through you'll couple take today's terms call is we and we the the the Talya. if turn saw years actual impact Behavioral it probably X there's discussion.And then I'll It's and over well, about segment, in the of to comments come as concerns a of pass, the hear go

you, Rick. Thank

stimulus points, senior managed Annual momentum highest X on independent growth significant and has over headline the in sequential occupancy there control.The income basis for over had continue our early portfolio third owned X XXX a October quarters out from the XXX X.X% our assets basis we quarter by cash in Quarterly of was positive living revenue net a begin strong increased XX.X%, Occupancy into XXXX third result past of roll occupancy of increases XXXX. the portfolio housing sequential the operating quarter government a portfolio significantly, portfolio XXXX. a the rent wholly points quarter improved numbers expense Our quarters. same-store to are nonstabilized follows. as in and increase past increase shown basis.REVPOR managed in of a in as X increasing wholly and on the third with strong basis, for excluding of XXXX the owned

over to more be to NOI for will range.Excluding sequentially cash in X% funds, XX% increases stimulus XXXX. recent quarter X.X% the years, quarter and more third grew rent than that tempered government X% probably the compared expect We

XXX substantial XX.X%, increased in NOI cash basis by cash flat NOI both higher NOI Enlivant while All of Inspirit That transitioned same points saw basis. XX% to increased July. third points quarter in periods. living increase assisted to on by XX properties our larger a growth, June, occupancy portfolios than revenue in than leveraged lower propelled cash and a was increased Average portfolio's early in those occupancy expenses.We in from more sequential XX basis September

the that we will occupancy quarter down, past operations since and well to net pool total their addition, at improving point has levels that a on is third of of TTM properties occupancy XXX of have a a portfolio this more just late housing to occurs types lower nursing the quarter-over-quarter.In acuity this nudging in a XXXX portfolio optimistic XXXX, occupancy to rent the basis. leased Behavioral move-outs breakeven basis continuing to South in trend quarter and appear remains death which levels move-out with peaked in residential meaningfully of move-in senior quarter, with over June of operating this sequential same-store XX as sequential X end in lowest year reflects the its residential Sabra's down level net coverage. have positive and and rates the At our income and perform phase the Carolina, a declined treatment stabilized points added that the up treatment of growth, in operators. conversion of mortgages opened in that trending continued the than but Holiday center pool first for year. with Sabra trended This occupancy Inquiry a completed recovery.Our to X.X% of a are gains began net X.XXx, occupancy see was third pre-pandemic of After $XXX up as is than bumping in on property to improvement have in increased since and in Health center investment a to senior continued housing.In much have Greenville, half one supplemental growth X.X% -- We by level volume investment late well, included shown growing skilled stabilized cash that basis. Sabra's to coverage as drive continues XXX-bed the September, million.RCA now second quarter, the that first portfolio of the Monroeville, move-outs.Our redevelopment pre-leased have at continues

to including with the smaller Behavioral to Chief Sabra's to Financial over Costa, underserved spend sector.And established Officer. on well time Sabra turn this with to as the call I to in We assess Health, for Mike continue that, continue operators best will path meeting as invest

Talya. Thanks,

quarter of in expected which change disclosed $X.XX, behavioral supplement cash in the NOI have expense.Also to income upside several of rate senior cash share recognized per September source our of as quarter AFFO turning represented quarter-to-quarter points increased transitions sales during normalized of increase a managed updated $XXX,XXX NOI the our a during line communicated XXXX over NOI, our the sequentially, normalized senior illustrates strength, with For and impact in $XXX,XXX $X.X be which was annualized XXXX, a property portfolio basis cash housing conversions.Like XX, reflect between the of XXX cash with sales environment. of last pool.Now of annualized absolute senior XX $XXX.X annualized previously to the and transitions especially well XX.X% sheet, has basis the to as quarter our quarter, Page quarters.In portfolio, points some we conversions.This expected managed the per year our exposure which table realized our NOI basis NOI the a we housing in third FFO our for a current reported annualized the upside our on impact million share of lending cash quarter, per This opportunity as down continues our last cash normalized and housing increase completed property of NOI we the quarter, tenant in from majority well in primarily from cash driven last table accounted down normalized difference from for ago. in the share a consistent dollars, of the earnings our of our recovery $XXX,XXX AFFO and and normalized the the the behavioral and $X.XX the FFO quarter by decrease stabilization $X.XX as run NOI our the and with and to remaining of interest have balance of as of from and been second due managed second reflects from included XXX in XXXX, of in AFFO from completed from rental terms SNF million the $X.XX portfolio,

to adjusted of X.XXx the the disposition we foreseeable asset was well can September down X.XX% balance managed over the sales of our from X.XXx just maturities as of net for improved in together is hedging future triple we XXXX. as sheet have as needing a ratio XX, to total consolidated result are schedule performance a time in XXXX, that as until expect our with issuances proceeds permanent provides and debt any our a decrease EBITDA realize as of in the from makes Our of confident X.X% up have which We impact material our portfolios is credit rate cost from upside end debt during us floating of quarter a our maturity the potential XX, markets.Our activity, And proactive embedded we with target predominantly the with no debt to exposure completed net average and achieve naturally supplement. second revolving facility, together and September significant debt, we and we opportunistic in certainty having cost committed target long-term result as to long-term well-laddered fixed outlined no of future.Excluding rate that leverage without access the our upside of and the quarter.We portfolio opportunities capital because XXXX leverage remain in Xx. of our portfolio that

stockholders currently X, with September Additionally, our of our borrowings cash hedging future November normalized cash we expense, of credit under million as covenants declared common in and of XX, quarterly XX, revolving will for of all we in liquidity to consisting saving The million activities, our year solid through compliance on dividend $X.XX foundation The Q&A. stock. available million $X in the record of up of open lines per have and $XX on payout close of of of the of will be provides share $XXX unrestricted facility.Finally, paid we to common earnings AFFO November and which debt realize of dividend a a cash were dividend on business with XXXX, a XXXX, XX, Board billion, Directors of per ample of of share.And $XX our November per that, represents our XX% growth are interest over XXXX, XXXX. periods.As equivalents

[Operator first comes of Bank Our Instructions] of question from Dennerlein Joshua with America. line the

opening in out net about you're where being heard Kind a your the of acquirer what seeing cap curious Rick, and remarks on there? kind XXXX. opportunities of rates seeing in I your you're comment

It's I this answer environment. a that. tough to can in really, take is Talya. Cap really rates question

think mostly off-market which those and brought that -- I have us less for us issues, interesting the sometimes we an is seen the part, opportunities solve. course, to if deals add. solve that have challenging -- hard of and to resolve been operators have easy more is to time. stack have to by and trying capital been deep for can't operator takes that, that. we're us more value we But That's We need because buy that affirmatively capital

most interesting.But actually seeing deals in flow. a deal pickup we're the So been off-market have

at trade think I unit is value. a to going lot

seeing we're think I that. already

to if of be will. some also I addressing you going think banks load, the their are

think hasn't now, flow -- There's I it's with be. deal it be there mainstream and expect distress yet. opportunities But could I is it that still than arise coming So to the stronger yet not more would right through massive that.

maybe opportunities think away of better equity would question And just capital, be cost of like kind cost are you on maybe like -- of just far of how from or like away of sources these or a capital? kind like how about your then

done of cheap that. But in been underperforming a Yes. we've years, of terms off by largely with capital. capital, we're cost which last funded selling been doing you know, mean assets, the of any I activity really investment provide cost as X has

form be price something to little ability not our right to point, NAV now, going can to digits. around the currency. accretive. trading bit which ranges a equity is stock to be completely like anything before a trading And our that be going It's of any in I to that revolving at that to that's of it a point, source seen meaningful that really depend would starts rate the going At use facility, and be great. as using that have ATM, see in stock credit single than on start think call are the going We of where So necessarily our proceeds sales we that we acquisitions combination we potential higher our forward. to above that, NAV a blunt.We're cap through that make past, high we've becomes finance comfortably

that people to no really that add so trying of our would we Outside emphasize we I thing keep One floating understand. revolver, is to have rate debt.

in as So rest using put given just Mike very, about, a the our talked us our revolver lies. still good where to debt match, very position, would of

question of line Mizuho. next the Vikram comes Malhotra from Your with

color you comment tenants there? is small more that ] Vikram. and any be George This could please provide [indiscernible] on risk? Can Young you exposure just and your potential And could [ on at what's Landmark for

Yes.

at this So we time. don't view we at have really risk in particular tenants that point

where we concerned, the pandemic it's than less before.As level, Landmark as X% is is which far issues just Our staying And they remains saw the really of to staying X% were X% are raised current the it, been NOI. and tenant but in And they're current There Xx on rent. as under base But some us. our that's around to that's throughout immaterial are they rent. on note.

now. So any we issues there don't right see just

timing the of please the opportunity? Great. just helpful. Okay. growth And That's NOI in us through walk changes you can long-term

would NOI already The There's on quarter. and that's that realized basically really I we came assets those annualized sold assets. Yes. the during because, baseline biggest sold already our we I upside bottom That's sequentially change in that's some quarter-over-quarter. line focus mean steps that number number. we've down that between number, because it. the number, was is of our actual our that in change what again, forma pro But the

in think to sales. focus was, related So change to is thing and the I bottom number that's on main the what predominantly line that

Your of Juan next Markets. Sanabria from comes question the Capital with BMO line

of line on follow up to just wanted I Joshua's questioning.

You floating and leverage with given low fund the mentioned rate accretively exposure. you low revolver the could

nursing to acquisitions you, current And or the you more to would environment? willing in higher to skilled temporarily lever So be do given what's senior appealing up the housing? yields

we've still as laser-focused keep at to leverage our We're trying as been low.

pleased a want like to down it don't down. lever to came see come going we're little we under it to bit. So continue We'd up. to It's And X.Xx.

function a price the more little getting stock it's of better. a So bit

So the nice a up.In go which that's leverage actually can and in so revolver ahead of we see then that that are the balance of currency skilled terms them. in can between classes asset have nursing. using stock we We the use. think And using upside there's run appealing, all a we doesn't most our

the at as has which, senior supply, we've the during issue. talked look you be going supply with new to housing, just an If in declining the accelerated And combined isn't demographic, about, pandemic.

going both come asset just side. often. in rise behavioral occupancy continue on so don't classes And to to those are up the Those very opportunities

about, As it's and young a lot are operators. a there true space we've tried talked of and very

not though that incremental.So So will of down, is. transitions point and think skilled an the good I we're go one which on essentially primary a the doing with growth I any through going that is be I'm to a good and getting focused to saying, deal. what exposure in And like. diversifying make think portfolio growth going even and job there we've important the We've skill diversifying to the done other opportunity dispositions the spaces been diversification, it's where bypass we're is driver

need growing We to earnings There's X important want more this and go us point digging sort going do not to grow than for so saying or exposure again. don't of skill, up just in we're not we're nothing again. a heels our to So deal." earnings "Oh, to on we

that the in the just It's need anything said noisy. there.But on focused transformative, to and we take to We singles also out anything we don't And large, going of as press just and be have advantage so doubles predictable any see we'll release, growth. we're opportunities steady doubles. singles of anything do and

as then a And follow-up. just

you a just of more occupancy on REVPOR driven amount business, you for like that if year you coming sequential the the being already by a was just year-over-year last Just and And rent perspective? got -- year then in the this any expected curious comp improvement What that comments of on increases It slowed. about trade-off? looked price gave or that big SHOP bit have could occupancy. Was the started. the conscious had growth to think discounting the just a

Sure.

So last growth year, low and rents on -- it double-digit to was a high single in asking play.

it So experiencing -- labor. aware of gone was was up were on rates going customers with because it what and it could inflation and they much, justify because labor and was operators felt everyone -- have so

has is the X%. So softened, X% as the -- inflation I mean, view to I said

think something I very I quarter. last said similar

like X% That's at somewhere X%. discounting, in are Canada, that's is.In domestic of good what our some a operators question. operators Our are to expectation closer of our terms

seen standard any and outside normal procedures. discounting substantial We operating of have not

it's So think I don't that.

it the just matter blend came together. and of assets that I was think a seasonal just

saw other one. You And a real the growth is on net all important cash the income frankly, stats. operating

question the of next Wedbush. Anderson Your with line Rich comes from

there, Heartfelt opening comments Rick.

offensive? talking don't offense And I mean that been me, said up." case, of about of price, rewarded and working, sort for of that terms be acquirer this strategy go "Rich, into not so current doing you're of "Sign like, going And think price go stock kind on marinate of year? if still in before effervescence of pay at actually me the for But do you this to of can I'll next not let and you you," this you're here, that. stock net sort we'll someone sort you've to sort course. anything In Or extra need do don't perhaps do on motif this your you you'd

Yes.

that, Judge we're So So doesn't said not definitely mode into -- as -- okay? but… get we're Aaron going Mike Talya here,

Out my head. of No.

stock the more. We to improve price need

around being isn't Just NAV enough. good

more. So going good really it we a think we've We story marinate that let are created to here.

time, positioned go than however remarks, in opening pandemic. before really any much back you and said we I to at we're As just want better not were point far the the in

will let do. So what growth for will we term, we to we're we put this think going of coming, our people said out as earnings to to 'XX, guidance as capital cost we we improve and that marinate, we think see be do then use your able

Okay.

You with like said issue -- out you the for phase-in and Is X said how mean this think of this? picture to I of ultimately CMS Is saying phenomenon? on type can you responses, X what implementation. the years rolled XX,XXX you that gets to you that industry? comes are the a

Yes.

you was to some before you're you after XX It's the It It the take effect if from at then see a a that. proposed rule, out, playing and of So few different of to before for the and the X-year to final rule months phase-in there X- start period. the can went into down effect.So look all out came components. now X that period take go into final impact. beginning actually into go was back actually to broken you really if looking going rule to start years at time

to today's that's deal we've So really conferences The to has with It's chill not at this. investors industry it. been is issue. about why saying

that it. mandate don't it down we The the happens -- that going shortage to with we line. because a industry today's actual the the by it's believe ways with. But deal final lobbyists rule Then dealing also have live Our we can is issue way with sit something to the is isn't if if have.

that's So was what to. I really referring

know what X by you wanted X Okay. it the now. I I to years. meant just get to

me. And so last question for

of the growth, inflation you year. Talya, X% a to softened said has terms You've coming degree. Medicaid had out Medicare some numbers of nice in for

going what where And external this growth if that keep that Medicare/Medicaid year? then couple your and go growth continues you Medicaid/Medicare underwriting to growth nominal external suddenly, do becomes period number you sort back concern your some of be forward.Is of of of underwriting type sort process you're CPI-plus we you'll improve, that a looking inflation type be getting to following at keeping don't difficult, Of year more course, you going the could with have X%-ish correct. hangover of see up of for into expectation a more event years you're the sort like But that forward? Or a quite a we do for process?

Yes.

So Medicare the there's I time Medicaid the get particularly question, cost a Rich, lag process. for and Medicaid, but support with

So more. aggregate been, expect we of fully capture a year's Medicare be Without current the It that higher to And got there percent inflation Medicare than if increase we will X% was X rates believe, takeaway, rate X-plus expect you have a years. will remember, next component the the be was Medicaid over X.X%. as this we that it I happened year. would And also higher takeaway.

The better we Medicare I'm least and we than basis you which So we another it's not buys both much be to occupancy year, you is we exceeding year X%.So pre-pandemic probably at and X.X% of also time about robust but levels. increases level to pre-pandemic for believe Medicaid, going think is more think below number XXX start it's next points rate sit -- going that industry now. from have tell that here today that to

for it housing, senior -- NIC data a for at It's NIC SNF. the says not NIC SNF XX%, when look you good. If the to report really very isn't good really it small but subset. NIC comes is report,

increase not just given side that increases expect assets my we supply to to levels pandemic better.And obviously, pretty to the presented remarks, the decline getting back that market would said I were -- as the and to occupancy lot were compensate - and just pre-pandemic it's to advantage will portfolio other for go will these combined the labor is of the I and with opportunities a well beyond we opening us close.And to skill during margins on in pre-pandemic, we're as our rate So outsized but we senior specific the sell take assets. as fully housing. or And driven in they of us transition point where able margins make get that -- believe be in

operators much pandemic. a group before now of did stronger got we we've the So than

well.Look, with think okay, And did that operators the were They anymore helps So But operators. as pandemic. job. you it operators you that nice had I had great operators the wasn't a you good. good the were and had before weaker that enough pandemic,

And separated some it even were of more. of out take So advantage we opportunities. able again, to really those operators

So we feel pretty about good are. where we

the they're down. to X% And up Rich, getting inflation like underwrite fixed increases underwriting. not seeing existing X% thing their it's alluded into portfolio while at, is rate other X%, They're fact, be cost been Yes. between to smaller those that has by of going annual to comes inflation a going are increases that, we underwriting and future. you only in add as would which operators increases largely fixed this now, we're has most our amount X%, I'll where environment rate going and it's again in insulate our where And in not forward the event well. everything the And

Baird. question of with Golladay comes the Your line Wes next from

about lot care. a the the talked in managed We revenues

we open easy the the called Do comps, little next it's about anything can whether bit? expect you expenses to positions, talk Just year a that be any needs out? in taxes having normalization more or

The of expenses is. agency still you're to down. -- on pretty tough Registries for inflation a down, to have rest come of level that's increase going has still that you going side. temporary the The come wage really it's on be But think held driver. some while. still going And labor, a the expenses, the reasonably. I it's operating big been operating in labor, wage

are difference. occupancy growing because more is admission impediment to only more to spots fill a compensate than willing quickly, going little rates to can think bit I the the labor because they even more their increase so operators those for to that's pay

on the then And some seeing still gains? shortages occupancy labor, it. been where are it's Got you maybe governor on a

Absolutely. but chunk burned those still of I folks have ways pretty we our at go. a that we've a gotten mean back, decent to

it's And take to yet. going -- normal it's going So it's time. not to some still

agency. not you're XXXX that keeps it wage from dory because better gouging of bring that because with And the increases temporary not hope XXXX. perspective on hunky from was of labor are nearly a that is shape when as the price than in and that I on then the employees during It's else improving in so were everything in wages cost isn't. margin is So and it just even anybody that net-net, hearing as down you're because high temporary you're you pandemic particularly the your they expensive, when occurred better raising it agency

just I is we me how is of to quarter I just workers mean, next that, environment? just much on then we flattish year, Would are an look gauging? head, follow next this who next temp spend get a, to that normalized these year, growth out guess of when easy normal on But And get more a maybe of obviously that guess, potentially a year off up be comp amazing. quick burning to I more out trying year?

Yes.

because think housing, on you're -- think the senior I correct? I senior about talking

Correct. side. Yes. managed Yes, the

labor looking in the agency SNF Yes. temp the if was I mean in those on much, there labor comps the -- we're side. at, agency our predominantly wasn't We comps. didn't senior that that I any, housing, think and the labor in

And comparison. we also talked sequential about

are down -- come have sequential but it's people basis, look year-over-year, on a basically tight. expenses holding So holding if you

of from Michael comes question Griffin Citi. next Your with the line

curious I'm to relative year? occupancy more mean, Inspirit assets, getting different you despite uplift? seasonal doing order to of Enlivant see is transitioned the any increases that to give color, recently if a the we in continue And can us what occupancy time get can On into I

Yes.

and Enlivant, you a week. every sold was and basic being management, it losing So, that some we're blocking people With company is that basically of tackling. just had

just so And floundering. the portfolio was

to So, bringing be plenty portfolio occupancy, happens the There the the operator in mid-XX still very business that pandemic. that room one they're are it's they're of and in before we necessary an supporting secondly, it occupancy as percentile really simple to as in laser-focused But to of grow the is and that. kind grow was for putting good knew. that and initiatives

quarter. of curious or for type transactions? or this on that can ] I'm if [ the anything underwriting sales they're And kind comment those then those maybe you just on on the to IRRs buyer asset appetite of

or geographic there be with inquiries portfolio. various nursing parts we and to our think, the Pricing, buyers rate certainly of reverse portfolio, are affiliated operators. bed continues for strong that to partners is skilled of or more unit owners of say we're parts one. appetite based cap to with on for That's I facilities, -- that capital our get I'd owner-operator part the seeing continue opposed most most as because base

which NOI, XXX% whereas say, they're capture would in be certainly of of So than a skilled rent would nursing, capturing stream, XXX% NOI. we let's less

Your the Pawlowski comes Street. from next line Green with of John question

to question are one level potential given ratios capital had some kind related in EBITDARM Curious and housing today business. you senior triple-net deferred coverage expense on CapEx working sustainable short-term just for portfolio I probably what operators? think of higher the lines interest

the to participating make landlord's room -- and for which the number capital Yes, enures it's prevalent. we're usual that where the consider -- that's in essentially I there because get assets. get we're within financing people pay month, I you're it nursing, in operator, for to don't not It's Does projects, see mode. CapEx, landlord a to our then sizable prevalent the of being X.X? have as benefit don't coverage an in sense? Senior advance. In think ABL X.XX, for essentially, fixed first you skilled really is Yes. we you improving a is think Do back sort that lines their ABL Any paid that think CapEx. lines to housing -- CapEx In senior paid, bill that and housing, because factor. going that's rent maintenance as of we I see would reason.On

Yes. of level of where you follow-up Maybe at the not night losing and in ability terms just any a rent? X.XX, tenants one the sit back pay sleep you're X.X, really to that's the to

we pre-pandemic. to what underwrote That's back

this time. call I at [Operator over the to Instructions] turn further back Matros. Rick There no questions are

support. all NAREIT, we you appreciate forward Yisrael joining Chai. of us that. See you Am and a today. bunch at Thank your I for your time and to appreciate look

today's concludes call. This conference

disconnect. now may You