XML 49 R20.htm IDEA: XBRL DOCUMENT v3.19.3
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION
 9 Months Ended
Sep. 30, 2019
Summarized Condensed Consolidating Information [Abstract]  
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION SUMMARIZED CONDENSED CONSOLIDATING INFORMATION
In connection with the offerings of the 2023 Notes and the 2024 Notes by the Issuers, the Company and certain 100% owned subsidiaries of the Company (the “Guarantors”), jointly and severally, fully and unconditionally guaranteed the 2023 Notes and the 2024 Notes, subject to release under certain customary circumstances as described below. In connection with the assumption of the 2026 Notes as a result of the CCP Merger, the Company has fully and unconditionally guaranteed the 2026 Notes, subject to release under certain circumstances as described below. These guarantees are subordinated to all existing and future senior debt and senior guarantees of the Guarantors and are unsecured. The Company conducts all of its business through and derives virtually all of its income from its subsidiaries. Therefore, the Company’s ability to make required payments with respect to its indebtedness (including the Senior Notes) and other obligations depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries.
A Guarantor will be automatically and unconditionally released from its obligations under the guarantees with respect to the 2023 Notes and the 2024 Notes in the event of:
•
Any sale of the subsidiary Guarantor or of all or substantially all of its assets;
•
A merger or consolidation of a subsidiary Guarantor with an issuer of the 2023 Notes or the 2024 Notes or another Guarantor, provided that the surviving entity remains a Guarantor;
•
With respect to the 2023 Notes, a subsidiary Guarantor is declared “unrestricted” for covenant purposes under the indenture governing the 2023 Notes;
•
The requirements for legal defeasance or covenant defeasance or to discharge the indentures governing the 2023 Notes or the 2024 Notes have been satisfied;
•
A liquidation or dissolution, to the extent permitted under the indentures governing the 2023 Notes or the 2024 Notes, of a subsidiary Guarantor;
•
The release or discharge of the guaranty that resulted in the creation of the subsidiary guaranty, except a discharge or release by or as a result of payment under such guaranty; or
•
With respect to the 2024 Notes, if the subsidiary Guarantor is not a guarantor or is not otherwise liable in respect of any obligations under any credit facility (as defined in the indenture governing the 2024 Notes) of the Company or any of its subsidiaries.
On October 7, 2019, the Issuers completed the offering of the 2029 Notes. Upon redemption of the 2023 Notes on October 27, 2019, Sabra Capital Corporation’s obligations as a co-issuer under the 2024 Notes and the 2029 Notes were automatically released and discharged. In addition, following the redemption of the 2023 Notes, substantially all of the subsidiary guarantors under the 2024 Notes were released; the 2024 Notes remain fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by the Company and one of its non-operating subsidiaries, subject to release under certain customary circumstances. The 2029 Notes are fully and unconditionally guaranteed, on an unsecured basis, by the Company, subject to release under certain customary circumstances.
The Company will be automatically and unconditionally released from its obligations under the guarantees with respect to the 2026 Notes in the event of:
•
A liquidation or dissolution, to the extent permitted under the indenture governing the 2026 Notes;
•
A merger or consolidation, provided that the surviving entity remains a Guarantor; or
•
The requirements for legal defeasance or covenant defeasance or to discharge the indenture governing the 2026 Notes have been satisfied.
Pursuant to Rule 3-10 of Regulation S-X, the following summarized condensed consolidating information is provided for the Company (the “Parent Company”), the Operating Partnership, Sabra Capital Corporation, the Guarantors, and the Company’s non-Guarantor subsidiaries with respect to the 2023 Notes and the 2024 Notes. This summarized financial information has been prepared from the books and records maintained by the Company, the Operating Partnership, Sabra Capital Corporation, the Guarantors and the non-Guarantor subsidiaries. The summarized financial information may not necessarily be indicative of the results of operations or financial position had the Operating Partnership, Sabra Capital Corporation, the Guarantors or non-Guarantor subsidiaries operated as independent entities. Sabra’s investments in its consolidated subsidiaries are presented based upon Sabra’s proportionate share of each subsidiary’s net assets. The Guarantor subsidiaries’ investments in the non-Guarantor subsidiaries and non-Guarantor subsidiaries’ investments in Guarantor subsidiaries are presented under the equity method of accounting. Intercompany activities between subsidiaries and the Parent Company are presented within operating activities on the condensed consolidating statement of cash flows.
Condensed consolidating financial statements for the Company and its subsidiaries, including the Parent Company only, the Operating Partnership only, Sabra Capital Corporation only, the combined Guarantor subsidiaries and the combined non-Guarantor subsidiaries, are as follows:
CONDENSED CONSOLIDATING BALANCE SHEET
September 30, 2019
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net of accumulated depreciation
$
390

 
$
—

 
$
—

 
$
1,417,907

 
$
3,926,700

 
$
—

 
$
5,344,997

Loans receivable and other investments, net
(783
)
 
—

 
—

 
55,935

 
53,090

 
—

 
108,242

Investment in unconsolidated joint venture
—

 
—

 
—

 
—

 
324,324

 
—

 
324,324

Cash and cash equivalents
21,369

 
—

 
—

 
2,607

 
5,455

 
—

 
29,431

Restricted cash
—

 
—

 
—

 
1,860

 
8,371

 
—

 
10,231

Lease intangible assets, net
—

 
—

 
—

 
9,029

 
95,948

 
—

 
104,977

Accounts receivable, prepaid expenses and other assets, net
3,693

 
21,559

 
—

 
27,396

 
100,698

 
(7,545
)
 
145,801

Intercompany
1,992,202

 
1,946,790

 
—

 
—

 
—

 
(3,938,992
)
 
—

Investment in subsidiaries
1,298,119

 
1,748,807

 
—

 
33,358

 
—

 
(3,080,284
)
 
—

Total assets
$
3,314,990

 
$
3,717,156

 
$
—

 
$
1,548,092

 
$
4,514,586

 
$
(7,026,821
)
 
$
6,068,003

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured debt, net
$
—

 
$
—

 
$
—

 
$
—

 
$
113,644

 
$
—

 
$
113,644

Revolving credit facility
—

 
200,000

 
—

 
—

 
—

 
—

 
200,000

Term loans, net
—

 
1,089,805

 
—

 
93,178

 
—

 
—

 
1,182,983

Senior unsecured notes, net
—

 
1,106,484

 
—

 
—

 
—

 
—

 
1,106,484

Accounts payable and accrued liabilities
32,573

 
22,748

 
—

 
2,182

 
59,443

 
(7,545
)
 
109,401

Lease intangible liabilities, net
—

 
—

 
—

 
—

 
73,074

 
—

 
73,074

Intercompany
—

 
—

 
—

 
659,890

 
3,279,102

 
(3,938,992
)
 
—

Total liabilities
32,573

 
2,419,037

 
—

 
755,250

 
3,525,263

 
(3,946,537
)
 
2,785,586

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total equity
3,282,417

 
1,298,119

 
—

 
792,842

 
989,323

 
(3,080,284
)
 
3,282,417

Total liabilities and equity
$
3,314,990

 
$
3,717,156

 
$
—

 
$
1,548,092

 
$
4,514,586

 
$
(7,026,821
)
 
$
6,068,003

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2018
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net of accumulated depreciation
$
317

 
$
—

 
$
—

 
$
1,453,451

 
$
4,399,777

 
$
—

 
$
5,853,545

Loans receivable and other investments, net
(560
)
 
—

 
—

 
50,534

 
63,748

 
—

 
113,722

Investment in unconsolidated joint venture
—

 
—

 
—

 
—

 
340,120

 
—

 
340,120

Cash and cash equivalents
40,835

 
—

 
—

 
3,508

 
5,887

 
—

 
50,230

Restricted cash
—

 
—

 
—

 
1,820

 
7,608

 
—

 
9,428

Lease intangible assets, net
—

 
—

 
—

 
13,947

 
117,150

 
—

 
131,097

Accounts receivable, prepaid expenses and other assets, net
798

 
37,075

 
—

 
58,704

 
81,603

 
(11,019
)
 
167,161

Intercompany
1,972,059

 
2,646,669

 
—

 
—

 
—

 
(4,618,728
)
 
—

Investment in subsidiaries
1,258,715

 
1,629,795

 
—

 
33,083

 
—

 
(2,921,593
)
 
—

Total assets
$
3,272,164

 
$
4,313,539

 
$
—

 
$
1,615,047

 
$
5,015,893

 
$
(7,551,340
)
 
$
6,665,303

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured debt, net
$
—

 
$
—

 
$
—

 
$
—

 
$
115,679

 
$
—

 
$
115,679

Revolving credit facility
—

 
624,000

 
—

 
—

 
—

 
—

 
624,000

Term loans, net
—

 
1,094,177

 
—

 
90,753

 
—

 
—

 
1,184,930

Senior unsecured notes, net
—

 
1,307,394

 
—

 
—

 
—

 
—

 
1,307,394

Accounts payable and accrued liabilities
21,750

 
29,253

 
—

 
2,570

 
52,273

 
(11,019
)
 
94,827

Lease intangible liabilities, net
—

 
—

 
—

 
—

 
83,726

 
—

 
83,726

Intercompany
—

 
—

 
—

 
810,394

 
3,808,334

 
(4,618,728
)
 
—

Total liabilities
21,750

 
3,054,824

 
—

 
903,717

 
4,060,012

 
(4,629,747
)
 
3,410,556

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Sabra Health Care REIT, Inc. stockholders’ equity
3,250,414

 
1,258,715

 
—

 
711,330

 
951,548

 
(2,921,593
)
 
3,250,414

Noncontrolling interests
—

 
—

 
—

 
—

 
4,333

 
—

 
4,333

Total equity
3,250,414

 
1,258,715

 
—

 
711,330

 
955,881

 
(2,921,593
)
 
3,254,747

Total liabilities and equity
$
3,272,164

 
$
4,313,539

 
$
—

 
$
1,615,047

 
$
5,015,893

 
$
(7,551,340
)
 
$
6,665,303


(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.

CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Three Months Ended September 30, 2019
(dollars in thousands, except per share amounts)
(unaudited) 
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
24,947

 
$
94,602

 
$
(9,445
)
 
$
110,104

Interest and other income
47

 
1,863

 
—

 
1,355

 
1,924

 
(1,864
)
 
3,325

Resident fees and services
—

 
—

 
—

 
—

 
36,405

 
—

 
36,405

Total revenues
47

 
1,863

 
—

 
26,302

 
132,931

 
(11,309
)
 
149,834

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
11

 
—

 
—

 
11,692

 
31,389

 
—

 
43,092

Interest
—

 
27,275

 
—

 
2,665

 
1,179

 
(1,864
)
 
29,255

Triple-net portfolio operating expenses
—

 
—

 
—

 
657

 
4,954

 
—

 
5,611

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
33,424

 
(9,445
)
 
23,979

General and administrative
8,010

 
91

 
—

 
274

 
334

 
—

 
8,709

Provision for doubtful accounts, straight-line rental income and loan losses
57

 
—

 
—

 
—

 
—

 
—

 
57

Impairment of real estate
—

 
—

 
—

 
10,835

 
3,131

 
—

 
13,966

Total expenses
8,078

 
27,366

 
—

 
26,123

 
74,411

 
(11,309
)
 
124,669

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
(598
)
 
(2
)
 
—

 
(44
)
 
—

 
—

 
(644
)
Other income (expense)
—

 
205

 
—

 
(167
)
 
177

 
—

 
215

Net loss on sales of real estate
—

 
—

 
—

 
—

 
(19
)
 
—

 
(19
)
Total other (expense) income
(598
)
 
203

 
—

 
(211
)
 
158

 
—

 
(448
)
Income in subsidiary
32,182

 
57,482

 
—

 
1,696

 
—

 
(91,360
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
23,553

 
32,182

 
—

 
1,664

 
58,678

 
(91,360
)
 
24,717

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(605
)
 
—

 
(605
)
Income tax expense
(271
)
 
—

 
—

 
(133
)
 
(422
)
 
—

 
(826
)
Net income
23,282

 
32,182

 
—

 
1,531

 
57,651

 
(91,360
)
 
23,286

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Net income attributable to common stockholders
$
23,282

 
$
32,182

 
$
—

 
$
1,531

 
$
57,647

 
$
(91,360
)
 
$
23,282

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.12

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.12

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
190,650,400

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
191,952,389

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Three Months Ended September 30, 2018
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
35,204

 
$
99,566

 
$
(4,303
)
 
$
130,467

Interest and other income
33

 
95

 
—

 
1,434

 
2,465

 
(95
)
 
3,932

Resident fees and services
—

 
—

 
—

 
—

 
17,403

 
—

 
17,403

Total revenues
33

 
95

 
—

 
36,638

 
119,434

 
(4,398
)
 
151,802

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
221

 
—

 
—

 
12,634

 
35,613

 
—

 
48,468

Interest
—

 
33,892

 
—

 
846

 
2,662

 
(95
)
 
37,305

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
16,914

 
(4,303
)
 
12,611

General and administrative
7,084

 
24

 
—

 
636

 
429

 
—

 
8,173

(Recovery of) provision for doubtful accounts, straight-line rental income and loan losses
(1,699
)
 
—

 
—

 
4,315

 
6,294

 
—

 
8,910

Total expenses
5,606

 
33,916

 
—

 
18,431

 
61,912

 
(4,398
)
 
115,467

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Other (expense) income
—

 
(11
)
 
—

 
(70
)
 
1,417

 
—

 
1,336

Net (loss) gain on sales of real estate
—

 
—

 
—

 
(1,136
)
 
1,150

 
—

 
14

Total other (expense) income
—

 
(11
)
 
—

 
(1,206
)
 
2,567

 
—

 
1,350

Income in subsidiary
41,283

 
75,115

 
—

 
1,924

 
—

 
(118,322
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
35,710

 
41,283

 
—

 
18,925

 
60,089

 
(118,322
)
 
37,685

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(1,725
)
 
—

 
(1,725
)
Income tax expense
(492
)
 
—

 
—

 
(200
)
 
(40
)
 
—

 
(732
)
Net income
35,218

 
41,283

 
—

 
18,725

 
58,324

 
(118,322
)
 
35,228

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Net income attributable to common stockholders
$
35,218

 
$
41,283

 
$
—

 
$
18,725

 
$
58,314

 
$
(118,322
)
 
$
35,218

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.20

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.20

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
178,317,769

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
178,941,213


(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Nine Months Ended September 30, 2019
(dollars in thousands, except per share amounts)
(unaudited) 
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
84,344

 
$
278,138

 
$
(23,191
)
 
$
339,291

Interest and other income
167

 
3,855

 
—

 
70,784

 
6,194

 
(3,855
)
 
77,145

Resident fees and services
—

 
—

 
—

 
—

 
89,537

 
—

 
89,537

Total revenues
167

 
3,855

 
—

 
155,128

 
373,869

 
(27,046
)
 
505,973

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
35

 
—

 
—

 
38,934

 
98,548

 
—

 
137,517

Interest
—

 
93,165

 
—

 
6,234

 
3,637

 
(3,855
)
 
99,181

Triple-net portfolio operating expenses
—

 
—

 
—

 
1,827

 
15,313

 
—

 
17,140

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
83,449

 
(23,191
)
 
60,258

General and administrative
23,247

 
153

 
—

 
550

 
1,002

 
—

 
24,952

Provision for doubtful accounts, straight-line rental income and loan losses
223

 
—

 
—

 
—

 
1,234

 
—

 
1,457

Impairment of real estate
—

 
—

 
—

 
10,835

 
108,267

 
—

 
119,102

Total expenses
23,505

 
93,318

 
—

 
58,380

 
311,450

 
(27,046
)
 
459,607

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
(598
)
 
(10,121
)
 
—

 
(44
)
 
—

 
—

 
(10,763
)
Other (expense) income
—

 
(403
)
 
—

 
434

 
354

 
—

 
385

Net (loss) gain on sales of real estate
—

 
—

 
—

 
(179
)
 
1,395

 
—

 
1,216

Total other (expense) income
(598
)
 
(10,524
)
 
—

 
211

 
1,749

 
—

 
(9,162
)
Income in subsidiary
53,810

 
153,798

 
—

 
5,056

 
—

 
(212,664
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
29,874

 
53,811

 
—

 
102,015

 
64,168

 
(212,664
)
 
37,204

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(5,635
)
 
—

 
(5,635
)
Income tax expense
(619
)
 
(1
)
 
—

 
(780
)
 
(892
)
 
—

 
(2,292
)
Net income
29,255

 
53,810

 
—

 
101,235

 
57,641

 
(212,664
)
 
29,277

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(22
)
 
—

 
(22
)
Net income attributable to common stockholders
$
29,255

 
$
53,810

 
$
—

 
$
101,235

 
$
57,619

 
$
(212,664
)
 
$
29,255

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.16

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.16

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
183,578,254

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
184,698,411

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Nine Months Ended September 30, 2018
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
106,773

 
$
325,034

 
$
(12,856
)
 
$
418,951

Interest and other income
83

 
303

 
—

 
3,847

 
8,893

 
(303
)
 
12,823

Resident fees and services
—

 
—

 
—

 
—

 
52,426

 
—

 
52,426

Total revenues
83

 
303

 
—

 
110,620

 
386,353

 
(13,159
)
 
484,200

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
665

 
—

 
—

 
36,765

 
105,871

 
—

 
143,301

Interest
—

 
99,873

 
—

 
2,446

 
7,864

 
(303
)
 
109,880

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
49,890

 
(12,856
)
 
37,034

General and administrative
21,363

 
52

 
—

 
1,419

 
2,919

 
—

 
25,753

Provision for doubtful accounts, straight-line rental income and loan losses
793

 
—

 
—

 
2,359

 
6,297

 
—

 
9,449

Impairment of real estate
—

 
—

 
—

 
1,413

 
—

 
—

 
1,413

Total expenses
22,821

 
99,925

 
—

 
44,402

 
172,841

 
(13,159
)
 
326,830

Other income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income
1,977

 
222

 
—

 
308

 
1,649

 
—

 
4,156

Net gain on sales of real estate
—

 
—

 
—

 
40,384

 
102,061

 
—

 
142,445

Total other income
1,977

 
222

 
—

 
40,692

 
103,710

 
—

 
146,601

Income in subsidiary
320,082

 
419,483

 
—

 
5,649

 
—

 
(745,214
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
299,321

 
320,083

 
—

 
112,559

 
317,222

 
(745,214
)
 
303,971

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(3,626
)
 
—

 
(3,626
)
Income tax expense
(845
)
 
(1
)
 
—

 
(742
)
 
(259
)
 
—

 
(1,847
)
Net income
298,476

 
320,082

 
—

 
111,817

 
313,337

 
(745,214
)
 
298,498

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(22
)
 
—

 
(22
)
Net income attributable to Sabra Health Care REIT, Inc.
298,476

 
320,082

 
—

 
111,817

 
313,315

 
(745,214
)
 
298,476

Preferred stock dividends
(9,768
)
 
—

 
—

 
—

 
—

 
—

 
(9,768
)
Net income attributable to common stockholders
$
288,708

 
$
320,082

 
$
—

 
$
111,817

 
$
313,315

 
$
(745,214
)
 
$
288,708

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
1.62

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
1.62

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
178,309,127

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
178,729,853

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME
For the Three Months Ended September 30, 2019
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
23,282

 
$
32,182

 
$
—

 
$
1,531

 
$
57,651

 
$
(91,360
)
 
$
23,286

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation gain (loss)
—

 
1,403

 
—

 
(206
)
 
(280
)
 
—

 
917

Unrealized loss on cash flow hedges
—

 
(9,375
)
 
—

 
(1
)
 
—

 
—

 
(9,376
)
Total other comprehensive loss
—

 
(7,972
)
 
—

 
(207
)
 
(280
)
 
—

 
(8,459
)
Comprehensive income
23,282

 
24,210

 
—

 
1,324

 
57,371

 
(91,360
)
 
14,827

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(4
)
 
—

 
(4
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
23,282

 
$
24,210

 
$
—

 
$
1,324

 
$
57,367

 
$
(91,360
)
 
$
14,823

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Three Months Ended September 30, 2018
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
35,218

 
$
41,283

 
$
—

 
$
18,725

 
$
58,324

 
$
(118,322
)
 
$
35,228

Other comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation (loss) gain
—

 
(857
)
 
—

 
610

 
182

 
—

 
(65
)
Unrealized gain on cash flow hedges
—

 
2,000

 
—

 
10

 
—

 
—

 
2,010

Total other comprehensive income
—

 
1,143

 
—

 
620

 
182

 
—

 
1,945

Comprehensive income
35,218

 
42,426

 
—

 
19,345

 
58,506

 
(118,322
)
 
37,173

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(10
)
 
—

 
(10
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
35,218

 
$
42,426

 
$
—

 
$
19,345

 
$
58,496

 
$
(118,322
)
 
$
37,163

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.





























CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME
For the Nine Months Ended September 30, 2019
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
29,255

 
$
53,810

 
$
—

 
$
101,235

 
$
57,641

 
$
(212,664
)
 
$
29,277

Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation (loss) gain
—

 
(298
)
 
—

 
1,101

 
121

 
—

 
924

Unrealized (loss) gain on cash flow hedges
—

 
(32,669
)
 
—

 
49

 
—

 
—

 
(32,620
)
Total other comprehensive (loss) income
—

 
(32,967
)
 
—

 
1,150

 
121

 
—

 
(31,696
)
Comprehensive income
29,255

 
20,843

 
—

 
102,385

 
57,762

 
(212,664
)
 
(2,419
)
Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(22
)
 
—

 
(22
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
29,255

 
$
20,843

 
$
—

 
$
102,385

 
$
57,740

 
$
(212,664
)
 
$
(2,441
)
(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Nine Months Ended September 30, 2018
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
298,476

 
$
320,082

 
$
—

 
$
111,817

 
$
313,337

 
$
(745,214
)
 
$
298,498

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation gain (loss)
—

 
1,048

 
—

 
(926
)
 
(300
)
 
—

 
(178
)
Unrealized gain on cash flow hedges
—

 
15,238

 
—

 
8

 
—

 
—

 
15,246

Total other comprehensive income (loss)
—

 
16,286

 
—

 
(918
)
 
(300
)
 
—

 
15,068

Comprehensive income
298,476

 
336,368

 
—

 
110,899

 
313,037

 
(745,214
)
 
313,566

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(22
)
 
—

 
(22
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
298,476

 
$
336,368

 
$
—

 
$
110,899

 
$
313,015

 
$
(745,214
)
 
$
313,544

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2019
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net cash provided by operating activities
$
267,509

 
$
—

 
$
—

 
$
487

 
$
8,985

 
$
—

 
$
276,981

Cash flows from investing activities:

 

 

 

 

 

 

Acquisition of real estate
—

 
—

 
—

 
(14,977
)
 
—

 
—

 
(14,977
)
Origination and fundings of loans receivable
—

 
—

 
—

 
(6,018
)
 
(3,423
)
 
—

 
(9,441
)
Additions to real estate
(107
)
 
—

 
—

 
(8,314
)
 
(7,564
)
 
—

 
(15,985
)
Repayments of loans receivable
—

 
—

 
—

 
124

 
13,637

 
—

 
13,761

Repayments of preferred equity investments
—

 
—

 
—

 
3,672

 
—

 
—

 
3,672

Net proceeds from the sales of real estate
—

 
—

 
—

 
21,586

 
300,129

 
—

 
321,715

Buyout of noncontrolling interests
—

 
—

 
—

 
(200
)
 
—

 
—

 
(200
)
Distribution from subsidiaries
5,139

 
5,139

 
—

 
—

 
—

 
(10,278
)
 
—

Intercompany financing
(346,815
)
 
301,044

 
—

 
—

 
—

 
45,771

 
—

Net cash (used in) provided by investing activities
(341,783
)
 
306,183

 
—

 
(4,127
)
 
302,779

 
35,493

 
298,545

Cash flows from financing activities:

 

 

 

 

 

 

Net repayments of revolving credit facility
—

 
(424,000
)
 
—

 
—

 
—

 
—

 
(424,000
)
Proceeds from issuance of senior unsecured notes
—

 
297,039

 
—

 
—

 
—

 
—

 
297,039

Principal payments on senior unsecured notes
—

 
(500,000
)
 


 
—

 
—

 
—

 
(500,000
)
Principal payments on secured debt
—

 
—

 
—

 
—

 
(2,566
)
 
—

 
(2,566
)
Payments of deferred financing costs
—

 
(14,001
)
 
—

 
—

 
—

 
—

 
(14,001
)
Payments related to extinguishment of debt
—

 
(6,897
)
 
—

 
—

 
—

 
—

 
(6,897
)
Distributions to noncontrolling interest
—

 
—

 
—

 
—

 
(116
)
 
—

 
(116
)
Issuance of common stock, net
302,030

 
—

 
—

 
—

 
—

 
—

 
302,030

Dividends paid on common stock
(247,222
)
 
—

 
—

 
—

 
—

 
—

 
(247,222
)
Distribution to parent
—

 
(5,139
)
 
—

 
—

 
(5,139
)
 
10,278

 
—

Intercompany financing
—

 
346,815

 
—

 
2,637

 
(303,681
)
 
(45,771
)
 
—

Net cash provided by (used in) financing activities
54,808

 
(306,183
)
 
—

 
2,637

 
(311,502
)
 
(35,493
)
 
(595,733
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(19,466
)
 
—

 
—

 
(1,003
)
 
262

 
—

 
(20,207
)
Effect of foreign currency translation on cash, cash equivalents and restricted cash
—

 
—

 
—

 
142

 
69

 
—

 
211

Cash, cash equivalents and restricted cash, beginning of period
40,835

 
—

 
—

 
5,328

 
13,495

 
—

 
59,658

Cash, cash equivalents and restricted cash, end of period
$
21,369

 
$
—

 
$
—

 
$
4,467

 
$
13,826

 
$
—

 
$
39,662

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2018
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net cash provided by operating activities
$
271,511

 
$
—

 
$
—

 
$
1,038

 
$
10,475

 
$
—

 
$
283,024

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of real estate
—

 
—

 
—

 
(54,715
)
 
(184,286
)
 
—

 
(239,001
)
Origination and fundings of loans receivable
—

 
—

 
—

 
(2,650
)
 
(38,798
)
 
—

 
(41,448
)
Origination and fundings of preferred equity investments
—

 
—

 
—

 
(5,285
)
 
—

 
—

 
(5,285
)
Additions to real estate
(40
)
 
—

 
—

 
(5,763
)
 
(15,892
)
 
—

 
(21,695
)
Repayments of loans receivable
—

 
—

 
—

 
6,534

 
41,748

 
—

 
48,282

Repayments of preferred equity investments
—

 
—

 
—

 
6,491

 
—

 
—

 
6,491

Investment in unconsolidated JV
—

 
—

 
—

 
—

 
(354,461
)
 
—

 
(354,461
)
Net proceeds from the sales of real estate
—

 
—

 
—

 
79,738

 
211,126

 
—

 
290,864

Distribution from subsidiaries
5,421

 
5,421

 
—

 
—

 
—

 
(10,842
)
 
—

Intercompany financing
(369,732
)
 
(347,720
)
 
—

 
—

 
—

 
717,452

 
—

Net cash (used in) provided by investing activities
(364,351
)
 
(342,299
)
 
—

 
24,350

 
(340,563
)
 
706,610

 
(316,253
)
Cash flows from financing activities:

 

 
 
 

 

 

 

Net repayments of revolving credit facility
—

 
(22,000
)
 
—

 
—

 
—

 
—

 
(22,000
)
Principal payments on secured debt
—

 
—

 
—

 
—

 
(3,202
)
 
—

 
(3,202
)
Payments of deferred financing costs
—

 
(12
)
 
—

 
—

 
—

 
—

 
(12
)
Distributions to noncontrolling interest
—

 
—

 
—

 
—

 
(107
)
 
—

 
(107
)
Preferred stock redemption
(143,750
)
 
—

 
—

 
—

 
—

 
—

 
(143,750
)
Issuance of common stock, net
(499
)
 
—

 
—

 
—

 
—

 
—

 
(499
)
Dividends paid on common and preferred stock
(244,978
)
 
—

 
—

 
—

 
—

 
—

 
(244,978
)
Distribution to parent
—

 
(5,421
)
 
—

 
—

 
(5,421
)
 
10,842

 
—

Intercompany financing
—

 
369,732

 
—

 
(28,697
)
 
376,417

 
(717,452
)
 
—

Net cash (used in) provided by financing activities
(389,227
)
 
342,299

 
—

 
(28,697
)
 
367,687

 
(706,610
)
 
(414,548
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(482,067
)
 
—

 
—

 
(3,309
)
 
37,599

 
—

 
(447,777
)
Effect of foreign currency translation on cash, cash equivalents and restricted cash
—

 
—

 
—

 
(82
)
 
(74
)
 
—

 
(156
)
Cash, cash equivalents and restricted cash, beginning of period
511,670

 
—

 
—

 
6,761

 
69,018

 
—

 
587,449

Cash, cash equivalents and restricted cash, end of period
$
29,603

 
$
—

 
$
—

 
$
3,370

 
$
106,543

 
$
—

 
$
139,516


(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.