$SBRA
Sabra Health Care REIT, Inc.

2012 Q4 Form 10-Q Financial Statement

#000149229812000049 Filed on October 30, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $28.30M $26.04M $21.47M
YoY Change 7.6% 21.28%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.500M $3.800M $4.700M
YoY Change 7.14% -19.15%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.900M $7.496M $6.850M
YoY Change 6.76% 9.43%
% of Gross Profit
Operating Expenses $12.40M $11.30M $11.50M
YoY Change 6.9% -1.74%
Operating Profit
YoY Change
Interest Expense -$9.700M -$9.500M -$7.600M
YoY Change 27.63% 25.0%
% of Operating Profit
Other Income/Expense, Net $2.200M
YoY Change
Pretax Income $4.000M $5.200M $2.300M
YoY Change -44.44% 126.09%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $4.000M $5.226M $2.344M
YoY Change -44.44% 122.95%
Net Earnings / Revenue 14.13% 20.07% 10.92%
Basic Earnings Per Share $0.14 $0.07
Diluted Earnings Per Share $106.4K $0.14 $0.07
COMMON SHARES
Basic Shares Outstanding 37.05M shares 37.18M shares 32.99M shares
Diluted Shares Outstanding 37.47M shares 33.05M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.10M $30.50M $56.40M
YoY Change -59.57% -45.92% -13.23%
Cash & Equivalents $17.10M $30.48M $56.42M
Short-Term Investments
Other Short-Term Assets $29.60M $26.70M $19.80M
YoY Change 73.1% 34.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $46.70M $57.20M $76.20M
YoY Change -21.38% -24.93% -86.18%
LONG-TERM ASSETS
Property, Plant & Equipment $827.1M $733.1M $649.3M
YoY Change 26.58% 12.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.00M $30.70M $32.60M
YoY Change -15.99% -5.83% 3522.22%
Total Long-Term Assets $870.2M $785.8M $681.8M
YoY Change 26.07% 15.25% 6393.76%
TOTAL ASSETS
Total Short-Term Assets $46.70M $57.20M $76.20M
Total Long-Term Assets $870.2M $785.8M $681.8M
Total Assets $916.9M $843.0M $758.0M
YoY Change 22.31% 11.21% 34.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.70M $17.80M $17.60M
YoY Change -17.02% 1.14%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.90M $43.30M $43.90M
YoY Change -9.34% -1.37% 4777.78%
LONG-TERM LIABILITIES
Long-Term Debt $575.5M $488.4M $384.2M
YoY Change 51.89% 27.12% -0.77%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $575.5M $488.4M $384.2M
YoY Change 50.1% 27.12% -12.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.90M $43.30M $43.90M
Total Long-Term Liabilities $575.5M $488.4M $384.2M
Total Liabilities $611.4M $531.7M $428.1M
YoY Change 44.51% 24.19% -2.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $371.0K $371.0K $369.0K
YoY Change 0.54% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $305.5M $311.3M $329.9M
YoY Change
Total Liabilities & Shareholders Equity $916.9M $843.0M $758.0M
YoY Change 22.31% 11.21% 34.96%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $4.000M $5.226M $2.344M
YoY Change -44.44% 122.95%
Depreciation, Depletion And Amortization $7.900M $7.496M $6.850M
YoY Change 6.76% 9.43%
Cash From Operating Activities $8.400M $23.80M $16.60M
YoY Change -17.65% 43.37%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$97.50M -$43.70M -$113.7M
YoY Change 747.83% -61.57%
Cash From Investing Activities -$97.50M -$43.70M -$113.7M
YoY Change 747.83% -61.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.70M 47.30M 150.1M
YoY Change -686.82% -68.49%
NET CHANGE
Cash From Operating Activities 8.400M 23.80M 16.60M
Cash From Investing Activities -97.50M -43.70M -113.7M
Cash From Financing Activities 75.70M 47.30M 150.1M
Net Change In Cash -13.40M 27.40M 53.00M
YoY Change -5.63% -48.3%
FREE CASH FLOW
Cash From Operating Activities $8.400M $23.80M $16.60M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Revenue Recognition Interest
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interest Income</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's loans receivable are recorded at amortized cost on the accompanying consolidated balance sheets. The amortized cost of a real estate loan receivable is the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reviews on a quarterly basis credit quality indicators such as payment status, changes affecting the underlying real estate collateral (for collateral dependent loans), changes affecting the operations of the facilities securing the loans, and national and regional economic factors. The Company's loans receivable are evaluated for impairment at each balance sheet date. &#160;The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement resulting from the borrower's failure to repay contractual amounts due, the granting of a concession by the Company or the Company's expectation that it will receive assets with fair values less than the carrying value of the loan in satisfaction of the loan. If a loan is considered to be impaired, a reserve is established when the present value of payments expected to be received, observable market prices, the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) or amounts expected to be received in satisfaction of a loan are lower than the carrying value of that loan. As of September 30, 2012, all of the Company's loans are performing and none are considered to be impaired.</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income on the Company&#8217;s loans receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination costs are amortized over the term of the loan as an adjustment to interest income. When concerns exist as to the ultimate collection of principal or interest due under a loan, the loan is placed on nonaccrual status and the Company will not recognize interest income until the cash is received, or the loan returns to accrual status. If the Company determines the collection of interest according to the contractual terms of the loan is probable, the Company will resume the accrual of interest.</font></div></div>
CY2012Q3 us-gaap Revenues
Revenues
26038000 USD
us-gaap Revenues
Revenues
74882000 USD
CY2011Q3 us-gaap Revenues
Revenues
21470000 USD
us-gaap Revenues
Revenues
57876000 USD
CY2011Q4 us-gaap Secured Debt
SecuredDebt
158398000 USD
CY2012Q3 us-gaap Secured Debt
SecuredDebt
157513000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3249000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5749000 USD
CY2011Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
1500000 shares
CY2011Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11700000 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
163342000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
144000 USD
CY2011Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
163900000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
326573000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
311319000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
329924000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
177533000 USD
us-gaap Straight Line Rent
StraightLineRent
720000 USD
us-gaap Straight Line Rent
StraightLineRent
2857000 USD
CY2012Q3 us-gaap Unsecured Debt
UnsecuredDebt
330861000 USD
CY2011Q4 us-gaap Unsecured Debt
UnsecuredDebt
225000000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
sbra Income Loss From Subsidiaries
IncomeLossFromSubsidiaries
0 USD
CY2011Q3 sbra Income Loss From Subsidiaries
IncomeLossFromSubsidiaries
0 USD
sbra Income Loss From Subsidiaries
IncomeLossFromSubsidiaries
0 USD
CY2011Q3 sbra Interest Income
InterestIncome
176000 USD
CY2012Q3 sbra Interest Income
InterestIncome
618000 USD
sbra Interest Income
InterestIncome
979000 USD
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33049621 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37276013 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37465114 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27891690 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37178162 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37121384 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32986657 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27797411 shares
sbra Amortization Of Premium On Senior Unsecured Notes
AmortizationOfPremiumOnSeniorUnsecuredNotes
0 USD
sbra Amortization Of Premium On Senior Unsecured Notes
AmortizationOfPremiumOnSeniorUnsecuredNotes
-139000 USD
sbra Interest Income
InterestIncome
393000 USD
CY2012Q3 sbra Liability For Uncertain Tax Positions
LiabilityForUncertainTaxPositions
25540000 USD
CY2011Q4 sbra Liability For Uncertain Tax Positions
LiabilityForUncertainTaxPositions
25540000 USD
CY2012Q3 sbra Loan Receivable Face Value
LoanReceivableFaceValue
21897000 USD
CY2011Q4 sbra Loan Receivable Face Value
LoanReceivableFaceValue
0 USD
CY2012Q3 sbra Operating Leases Weighted Average Lease Expiration Period
OperatingLeasesWeightedAverageLeaseExpirationPeriod
P11Y
sbra Payments For Proceeds From Intercompany Financing Investing Activities
PaymentsForProceedsFromIntercompanyFinancingInvestingActivities
0 USD
sbra Payments For Proceeds From Intercompany Financing Investing Activities
PaymentsForProceedsFromIntercompanyFinancingInvestingActivities
0 USD
sbra Payments Of Distributions To Parent
PaymentsOfDistributionsToParent
0 USD
sbra Payments Of Distributions To Parent
PaymentsOfDistributionsToParent
0 USD
CY2012Q3 sbra Prepaid Expenses Deferred Financing Costs And Other Assets
PrepaidExpensesDeferredFinancingCostsAndOtherAssets
26651000 USD
CY2011Q4 sbra Prepaid Expenses Deferred Financing Costs And Other Assets
PrepaidExpensesDeferredFinancingCostsAndOtherAssets
17390000 USD
sbra Proceeds From Distributions To Parent Investing Activities
ProceedsFromDistributionsToParentInvestingActivities
0 USD
sbra Proceeds From Distributions To Parent Investing Activities
ProceedsFromDistributionsToParentInvestingActivities
0 USD
CY2011Q3 sbra Stock Issued During Period Price Per Share
StockIssuedDuringPeriodPricePerShare
14.75
CY2011Q3 sbra Total Expenses
TotalExpenses
19126000 USD
sbra Total Expenses
TotalExpenses
59328000 USD
sbra Total Expenses
TotalExpenses
52198000 USD
CY2012Q3 sbra Total Expenses
TotalExpenses
20812000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001492298
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
37051242 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Sabra Health Care REIT, Inc.

Files In Submission

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0001492298-12-000049.txt Edgar Link pending
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report.css Edgar Link pending
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