Sabra Health Care REIT, Inc. Increases Quarterly Dividend on Common Stock Payable on February 28, 2014; Declares a Quarterly Cash Dividend on Series A Preferred Stock, Payable on February 28, 2014; Completes Hud Refinancings of $44.8 Million; Provides Earnings Guidance for the Year Ending December 31, 2014
January 23, 2014 at 04:05 pm
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On January 23, 2014, Sabra Health Care REIT, Inc.'s board of directors declared a quarterly cash dividend of $0.36 per share of common stock, which represents a 6% increase over the previously declared dividend. The dividend will be paid on February 28, 2014 to common stockholders of record as of the close of business on February 14, 2014.
Also on January 23, 2014, the board of directors declared a quarterly cash dividend of $0.4453125 per share of Series A Preferred Stock. The dividend will be paid on February 28, 2014 to preferred stockholders of record as of the close of business on February 14, 2014.
On January 21, 2014, the company refinanced $44.8 million of existing variable rate mortgage indebtedness due August 2015 with mortgages guaranteed by the United States Department of Housing and Urban Development at a rate of 4.25% with maturities between 2038 and 2043. As a result of these refinancings and recently announced bond refinancing, the company reduced its weighted-average interest rate for all of its borrowings, excluding borrowings under the revolving credit facility, to 5.11% per annum from 6.04% per annum as of September 30, 2013.
The company provided earnings guidance for the year ending December 31, 2014. The company expects net income attributable to common stockholders to range between $0.62 and $0.66 per diluted common share. The company expects depreciation and amortization between $1.02 and $1.02 and normalized FFO between $2.19 and $2.23. The company expects FFO to range between $1.64 and $1.68 per diluted common share. The company also expects AFFO to range between $1.58 and $1.62 per diluted common share and Normalized AFFO, after adjusting for Normalizing Items, of between $2.12 and $2.16 per diluted common share.
Sabra Health Care REIT, Inc. operates as a self-administered, self-managed real estate investment trust (REIT) that, through its subsidiaries, owns and invests in real estate serving the healthcare industry. The Company's primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. Its investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities (Senior Housing - Leased), behavioral health facilities, and specialty hospitals and other facilities, in each case leased to third-party operators; senior housing communities operated by third-party property managers pursuant to property management agreements (Senior Housing - Managed); investments in joint ventures; loans receivable, and preferred equity investments. Its real estate properties held for investment include approximately 37,834 beds/units, spread across the United States and Canada.
Sabra Health Care REIT, Inc. Increases Quarterly Dividend on Common Stock Payable on February 28, 2014; Declares a Quarterly Cash Dividend on Series A Preferred Stock, Payable on February 28, 2014; Completes Hud Refinancings of $44.8 Million; Provides Earnings Guidance for the Year Ending December 31, 2014
SABRA HEALTH CARE REIT, INC. 
