Sabra Health Care REIT Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
SBRA$21.32-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $13,756 | $(77,605) | $(113,256) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 183,087 | 187,782 | 178,991 |
| Non-cash rental and related revenues | (8,699) | 2,183 | 25,823 |
| Non-cash interest income | (372) | (2,285) | (1,988) |
| Non-cash interest expense | 12,265 | 11,094 | 8,368 |
| Stock-based compensation expense | 7,917 | 7,453 | 7,914 |
| Loss on extinguishment of debt | 1,541 | 411 | 34,622 |
| Provision for loan losses and other reserves | 191 | 141 | 3,935 |
| Net loss (gain) on sales of real estate | 76,625 | 12,011 | (12,301) |
| Impairment of real estate | 14,332 | 94,042 | 9,499 |
| Other-than-temporary impairment of unconsolidated joint ventures | — | 57,778 | 164,126 |
| Loss from unconsolidated joint ventures | 2,897 | 40,254 | 27,955 |
| Distributions of earnings from unconsolidated joint ventures | 3,469 | — | — |
| Other non-cash items | (3,704) | 2,167 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, prepaid expenses and other assets, net | (11,078) | (6,443) | 8,223 |
| Accounts payable and accrued liabilities | 8,344 | (13,250) | 14,479 |
| Net cash provided by operating activities | 300,571 | 315,733 | 356,390 |
| Cash flows from investing activities: | |||
| Acquisition of real estate | (78,530) | (92,204) | (99,448) |
| Origination and fundings of loans receivable | (11,418) | (23,812) | (290,000) |
| Origination and fundings of preferred equity investments | (11,023) | (8,021) | (9,061) |
| Additions to real estate | (84,855) | (54,473) | (42,651) |
| Escrow deposits for potential investments | — | (780) | — |
| Repayments of loans receivable | 9,274 | 5,272 | 2,949 |
| Repayments of preferred equity investments | 5,460 | 5,376 | 1,292 |
| Investment in unconsolidated joint ventures | (5,235) | (142,910) | — |
| Net proceeds from the sales of real estate | 247,622 | 87,304 | 100,723 |
| Deposits for potential sale of real estate | — | 8,000 | — |
| Net proceeds from sales-type lease | 25,490 | — | — |
| Insurance proceeds | 5,801 | — | — |
| Distributions in excess of earnings from unconsolidated joint ventures | 544 | — | — |
| Net cash provided by (used in) investing activities | 103,130 | (216,248) | (336,196) |
| Cash flows from financing activities: | |||
| Net (repayments of) borrowings from revolving credit facility | (104,338) | 204,046 | — |
| Proceeds from term loans | 12,188 | — | — |
| Proceeds from issuance of senior unsecured notes | — | — | 791,520 |
| Principal payments on senior unsecured notes | — | — | (300,000) |
| Principal payments on term loans | — | (63,750) | (455,000) |
| Principal payments on secured debt | (1,979) | (17,516) | (12,661) |
| Payments of deferred financing costs | (18,142) | (20) | (9,317) |
| Payments related to extinguishment of debt | — | — | (30,196) |
| Payment of contingent consideration | (17,900) | (2,500) | — |
| Issuance of common stock, net | (2,682) | (4,810) | 308,713 |
| Dividends paid on common stock | (277,447) | (277,157) | (262,919) |
| Net cash (used in) provided by financing activities | (410,300) | (161,707) | 30,140 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (6,599) | (62,222) | 50,334 |
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | (614) | 268 | 29 |
| Cash, cash equivalents and restricted cash, beginning of period | 53,932 | 115,886 | 65,523 |
| Cash, cash equivalents and restricted cash, end of period | $46,719 | $53,932 | $115,886 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | $102,409 | $97,723 | $85,464 |
| Income taxes paid | $1,670 | $1,657 | $1,839 |
| Supplemental disclosure of non-cash investing activities: | |||
| Decrease in loans receivable and other investments due to acquisition of real estate | $4,644 | $14,311 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.