Sabra Health Care REIT, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues reached $178.0 million, a 10.1% increase from $161.6 million in Q3 2023. Year-to-date revenues also rose to $520.9 million, up from $484.1 million in the prior year. The increase in revenue was driven by a 2% rise in rental and related revenues, totaling $94.6 million, and a substantial 23% increase in resident fees and services, which amounted to $73.7 million.
Net income for Q3 2024 was reported at $29.8 million, a significant turnaround from a net loss of $15.1 million in Q3 2023. Year-to-date net income also improved to $80.0 million, compared to a net loss of $3.4 million for the same period last year. Basic and diluted earnings per share for Q3 2024 were $0.13, compared to a loss of $0.07 per share in Q3 2023.
The company’s real estate investments as of September 30, 2024, totaled $4.6 billion, slightly down from $4.6 billion at the end of 2023. Loans receivable and other investments increased to $441.8 million from $420.6 million. Cash and cash equivalents rose to $63.0 million, up from $41.3 million at the end of 2023.
Strategically, Sabra acquired two Senior Housing - Managed communities and one Senior Housing - Leased community for a total of $112.2 million during the nine months ended September 30, 2024, compared to $51.5 million for two facilities acquired in the same period of 2023. The company also disposed of eight skilled nursing/transitional care facilities for a net consideration of $40.5 million, resulting in a net loss of $4.0 million, a significant improvement from a net loss of $75.9 million on 23 facilities sold in the same period of 2023.
Operating expenses increased, particularly in the Senior Housing - Managed portfolio, which saw a rise of 17% to $154.3 million year-to-date. General and administrative expenses also increased by 20% to $37.0 million. The company recognized real estate impairment of $18.5 million for the nine months ended September 30, 2024, compared to $7.1 million in the prior year.
As of September 30, 2024, Sabra's liquidity stood at approximately $947.8 million, with $63.0 million in cash and $847.4 million available under its revolving credit facility. The company declared a quarterly cash dividend of $0.30 per share, payable on November 29, 2024.
About Sabra Health Care REIT, Inc.
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