Sabra Health Care REIT Inc., an Irvine owner of nursing homes and other healthcare buildings, on Wednesday reported its first financial results since its November spinoff from Sun Healthcare Group Inc.
Sabra spun off from Sun, an Irvine nursing home operator, and became an independent company on Nov. 15.
The company, which owns 86 healthcare buildings with 9,603 beds in 19 states, reported results for the seven weeks from Nov. 15 to Dec. 31.
Sabra’s funds from operations after adjustments for the period totaled $4.5 million, in line with analysts’ expectations.
Funds from operations are considered a good measure of a real estate investment trust’s strength as it gives a more accurate picture of cash performance.
The real estate’s revenue during the period came in at $8.8 million, which was also in line with Wall Street forecasts.
Profit for the period was $7,000.
Sabra did not give a 2011 forecast in its earnings release.
Analysts expect the company’s funds from operations to come in at $34.5 million on revenue of $71.3 million in 2011.
