Sabra Health Care REIT, Inc (SBRAP) has reported 7.55 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $23.18 million, or $0.31 a share in the quarter, compared with $25.07 million, or $0.34 a share for the same period last year. Revenue during the quarter dropped 7.46 percent to $61.79 million from $66.77 million in the previous year period.
Total expenses were $41.03 million for the quarter, down 11.19 percent or $5.17 million from year-ago period. Operating margin for the quarter expanded 279 basis points over the previous year period to 33.59 percent.
Operating income for the quarter was $20.76 million, compared with $20.57 million in the previous year period.
Commenting on the fourth quarter results, Rick Matros, Chief executive officer and Chairman, said, “Sabra had another strong operational quarter. Skilled/Transitional EBITDAR coverage improved sequentially to a new high of 1.52x. Senior Housing EBITDAR coverage improved sequentially to 1.22x. Skilled/Transitional occupancy improved sequentially 90 basis points to 88.2%. Skilled mix was essentially flat at 43.8%. Senior Housing occupancy was essentially flat sequentially at 89.4%. Genesis fixed charge coverage was flat at 1.24x, Holiday AL Holdings LP was flat at 1.17x and Tenet Health Care Corporation came in at 2.19x.
Operating cash flow improves significantly
Sabra Health Care REIT, Inc has generated cash of $176.74 million from operating activities during the year, up 45.94 percent or $55.64 million, when compared with the last year. Cash flow from investing activities was $142.36 million from investing activities during the year as against cash outgo of $489.23 million in the last year.
The company has spent $300.90 million cash to carry out financing activities during the year as against cash inflow of $314.08 million in the last year period.
Cash and cash equivalents stood at $25.66 million as on Dec. 31, 2016, up 245.21 percent or $18.23 million from $7.43 million on Dec. 31, 2015.
Net receivables were at $96.04 million as on Dec. 31, 2016, down 68.01 percent or $204.14 million from year-ago.
Total assets declined 8.86 percent or $220.26 million to $2,265.92 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,250.31 million as on Dec. 31, 2016, down 12.71 percent or $181.99 million from year-ago.
Return on assets moved down 237 basis points to 1.02 percent in the quarter. At the same time, return on equity moved down 11 basis points to 2.03 percent in the quarter.
Debt comes downTotal debt was at $1,210.67 million as on Dec. 31, 2016, down 12.26 percent or $169.11 million from year-ago. Shareholders equity stood at $1,015.61 million as on Dec. 31, 2016, down 3.63 percent or $38.27 million from year-ago. As a result, debt to equity ratio went down 12 basis points to 1.19 percent in the quarter.
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