Sabra Health Care REIT, Inc. (SBRA) has reported 40.29 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $25.34 million, or $0.35 a share in the quarter, compared with $18.06 million, or $0.24 a share for the same period last year. Revenue during the quarter grew 3.33 percent to $61.93 million from $59.93 million in the previous year period.
Total expenses were $41.01 million for the quarter, up 8.03 percent or $3.05 million from year-ago period. Operating margin for the quarter contracted 289 basis points over the previous year period to 33.78 percent.
Operating income for the quarter was $20.92 million, compared with $21.97 million in the previous year period.
Commenting on the third quarter results and recent investments, Rick Matros, chief executive officer and chairman, said, "Sabra posted another solid quarter with a particularly strong showing in its Skilled Nursing/Transitional Care portfolio. Occupancy in that portfolio was slightly up, while skilled mix hit a new high of 43.7%. EBITDAR Coverage increased to 1.49x from 1.28x in the third quarter of 2015, while Genesiss Fixed Charge Coverage Ratio was steady at 1.24x as expected. We expect Genesis's Fixed Charge Coverage Ratio to be in that range for the foreseeable future and start ticking up in the latter part of 2017.
Operating cash flow improves significantly
Sabra Health Care REIT, Inc. has generated cash of $133.82 million from operating activities during the nine month period, up 69.14 percent or $54.70 million, when compared with the last year period. Cash flow from investing activities was $173.55 million for the nine month period as against cash outgo of $402.68 million in the last year period.
The company has spent $295.90 million cash to carry out financing activities during the nine month period as against cash inflow of $293.48 million in the last year period.
Cash and cash equivalents stood at $19.67 million as on Sep. 30, 2016, down 37.49 percent or $11.80 million from $31.47 million on Sep. 30, 2015.
Receivables remain almost stable
Net receivables stood at $94.47 million as on Sep. 30, 2016.
Total assets declined 7.67 percent or $186.03 million to $2,239.42 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,225.53 million as on Sep. 30, 2016, down 10.30 percent or $140.67 million from year-ago.
Return on assets moved down 24 basis points to 1.13 percent in the quarter. At the same time, return on equity moved up 78 basis points to 2.25 percent in the quarter.
Debt comes down
Total debt was at $1,187.38 million as on Sep. 30, 2016, down 11.33 percent or $151.69 million from year-ago. Shareholders equity stood at $1,013.89 million as on Sep. 30, 2016, down 4.28 percent or $45.36 million from year-ago. As a result, debt to equity ratio went down 9 basis points to 1.17 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
