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SUMMARIZED CONSOLIDATING INFORMATION
12 Months Ended
Dec. 31, 2019
Summarized Condensed Consolidating Information [Abstract]  
SUMMARIZED CONSOLIDATING INFORMATION
SUMMARIZED CONSOLIDATING INFORMATION
The 2024 Notes are issued by the Operating Partnership and fully and unconditionally guaranteed, jointly and severally, by the Company and one of the Company’s non-operating subsidiaries, subject to release under certain customary circumstances as described below. In connection with the Operating Partnership’s 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. The 2029 Notes are issued by the Operating Partnership and guaranteed, fully and unconditionally, by the Company.
These guarantees are subordinated to all existing and future senior debt and senior guarantees of the applicable 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 guarantee with respect to 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 the subsidiary guarantor with the Operating Partnership or the Company, provided that the surviving entity remains a guarantor;
The requirements for legal defeasance or covenant defeasance or to discharge the indenture governing the 2024 Notes have been satisfied;
A liquidation or dissolution, to the extent permitted under the indenture governing the 2024 Notes, of the 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
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.
The Company will be automatically and unconditionally released from its obligations under the guarantee 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 consolidating information is provided for the Company (the “Parent Company”), the Operating Partnership, Sabra Health Care, L.L.C. (the guarantor subsidiary of the 2024 Notes) and the Company’s non-guarantor subsidiaries with respect to the 2024 Notes. This summarized financial information has been prepared from the books and records maintained by the Company, the Operating Partnership, Sabra Health Care, L.L.C. 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 Health Care, L.L.C. 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. Intercompany activities between subsidiaries and the Parent Company are presented within operating activities on the consolidating statement of cash flows.
Consolidating financial statements for the Company and its subsidiaries, including the Parent Company only, the Operating Partnership only, Sabra Health Care, L.L.C. only and the combined non-guarantor subsidiaries, are as follows:
CONSOLIDATING BALANCE SHEET
December 31, 2019
(in thousands, except share and per share amounts)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net of accumulated depreciation
$
384

 
$

 
$

 
$
5,340,986

 
$

 
$
5,341,370

Loans receivable and other investments, net
(564
)
 

 

 
107,938

 

 
107,374

Investment in unconsolidated joint venture

 

 

 
319,460

 

 
319,460

Cash and cash equivalents
29,369

 

 

 
9,728

 

 
39,097

Restricted cash

 

 

 
10,046

 

 
10,046

Lease intangible assets, net

 

 

 
101,509

 

 
101,509

Accounts receivable, prepaid expenses and other assets, net
4,753

 
18,655

 

 
137,247

 
(10,212
)
 
150,443

Intercompany
2,126,198

 
1,728,096

 

 

 
(3,854,294
)
 

Investment in subsidiaries
1,359,702

 
1,823,897

 

 
35,150

 
(3,218,749
)
 

Total assets
$
3,519,842

 
$
3,570,648

 
$

 
$
6,062,064

 
$
(7,083,255
)
 
$
6,069,299

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Secured debt, net
$

 
$

 
$

 
$
113,070

 
$

 
$
113,070

Revolving credit facility

 

 

 

 

 

Term loans, net

 
945,393

 

 
94,865

 

 
1,040,258

Senior unsecured notes, net

 
1,248,773

 

 

 

 
1,248,773

Accounts payable and accrued liabilities
31,382

 
16,780

 

 
70,842

 
(10,212
)
 
108,792

Lease intangible liabilities, net

 

 

 
69,946

 

 
69,946

Intercompany

 

 

 
3,854,294

 
(3,854,294
)
 

Total liabilities
31,382

 
2,210,946

 

 
4,203,017

 
(3,864,506
)
 
2,580,839

Total equity
3,488,460

 
1,359,702

 

 
1,859,047

 
(3,218,749
)
 
3,488,460

Total liabilities and equity
$
3,519,842

 
$
3,570,648

 
$

 
$
6,062,064

 
$
(7,083,255
)
 
$
6,069,299


(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING BALANCE SHEET
December 31, 2018
(in thousands, except share and per share amounts)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net of accumulated depreciation
$
317

 
$

 
$

 
$
5,853,228

 
$

 
$
5,853,545

Loans receivable and other investments, net
(560
)
 

 

 
114,282

 

 
113,722

Investment in unconsolidated joint venture

 

 

 
340,120

 

 
340,120

Cash and cash equivalents
40,835

 

 

 
9,395

 

 
50,230

Restricted cash

 

 

 
9,428

 

 
9,428

Lease intangible assets, net

 

 

 
131,097

 

 
131,097

Accounts receivable, prepaid expenses and other assets, net
798

 
37,075

 

 
140,307

 
(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

 
$

 
$
6,630,940

 
$
(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

 

 
54,843

 
(11,019
)
 
94,827

Lease intangible liabilities, net

 

 

 
83,726

 

 
83,726

Intercompany

 

 

 
4,618,728

 
(4,618,728
)
 

Total liabilities
21,750

 
3,054,824

 

 
4,963,729

 
(4,629,747
)
 
3,410,556

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

 
1,258,715

 

 
1,662,878

 
(2,921,593
)
 
3,250,414

Noncontrolling interests

 

 

 
4,333

 

 
4,333

Total equity
3,250,414

 
1,258,715

 

 
1,667,211

 
(2,921,593
)
 
3,254,747

Total liabilities and equity
$
3,272,164

 
$
4,313,539

 
$

 
$
6,630,940

 
$
(7,551,340
)
 
$
6,665,303


(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 2019
(in thousands, except share and per share amounts)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$

 
$

 
$

 
$
485,138

 
$
(33,000
)
 
$
452,138

Interest and other income
255

 
5,655

 

 
81,285

 
(5,655
)
 
81,540

Resident fees and services

 

 

 
128,058

 

 
128,058

Total revenues
255

 
5,655

 

 
694,481

 
(38,655
)
 
661,736

Expenses:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
50

 

 

 
181,499

 

 
181,549

Interest

 
118,656

 

 
13,609

 
(5,655
)
 
126,610

Triple-net portfolio operating expenses

 

 

 
22,215

 

 
22,215

Senior housing - managed portfolio operating expenses

 

 

 
119,257

 
(33,000
)
 
86,257

General and administrative
28,486

 
175

 

 
1,801

 

 
30,462

Merger and acquisition costs
423

 

 

 
1

 

 
424

Provision for doubtful accounts, straight-line rental income and loan losses
4

 

 

 
1,234

 

 
1,238

Impairment of real estate

 

 

 
121,819

 

 
121,819

Total expenses
28,963

 
118,831

 

 
461,435

 
(38,655
)
 
570,574

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt

 
(16,296
)
 

 
(44
)
 

 
(16,340
)
Other (expense) income

 
(321
)
 

 
2,415

 

 
2,094

Net gain on sales of real estate

 

 

 
2,300

 

 
2,300

Total other (expense) income

 
(16,617
)
 

 
4,671

 

 
(11,946
)
Income in subsidiary
98,665

 
228,459

 

 
6,846

 
(333,970
)
 

Income before loss from unconsolidated joint venture and income tax expense
69,957

 
98,666

 

 
244,563

 
(333,970
)
 
79,216

Loss from unconsolidated joint venture

 

 

 
(6,796
)
 

 
(6,796
)
Income tax expense
(961
)
 
(1
)
 

 
(2,440
)
 

 
(3,402
)
Net income
68,996

 
98,665

 

 
235,327

 
(333,970
)
 
69,018

Net income attributable to noncontrolling interests

 

 

 
(22
)
 

 
(22
)
Net income attributable to common stockholders
$
68,996

 
$
98,665

 
$

 
$
235,305

 
$
(333,970
)
 
$
68,996

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
$
0.37

Diluted common share
 
 
 
 
 
 
 
 
 
 
$
0.37

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
187,172,210

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
188,127,092

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 2018
(in thousands, except share and per share amounts)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$

 
$

 
$

 
$
554,030

 
$
(17,425
)
 
$
536,605

Interest and other income
110

 
399

 

 
16,557

 
(399
)
 
16,667

Resident fees and services

 

 

 
70,137

 

 
70,137

Total revenues
110

 
399

 

 
640,724

 
(17,824
)
 
623,409

Expenses:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
887

 

 

 
190,492

 

 
191,379

Interest

 
134,096

 

 
13,409

 
(399
)
 
147,106

Senior housing - managed portfolio operating expenses

 

 

 
66,971

 
(17,425
)
 
49,546

General and administrative
26,801

 
71

 

 
9,586

 

 
36,458

Merger and acquisition costs
642

 

 

 
(6
)
 

 
636

Provision for doubtful accounts, straight-line rental income and loan losses
822

 

 

 
38,253

 

 
39,075

Impairment of real estate

 

 

 
1,413

 

 
1,413

Total expenses
29,152

 
134,167

 

 
320,118

 
(17,824
)
 
465,613

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt

 

 

 
(2,917
)
 

 
(2,917
)
Other income (expense)
1,977

 
(55
)
 

 
2,558

 

 
4,480

Net gain on sales of real estate

 

 

 
128,198

 

 
128,198

Total other income (expense)
1,977

 
(55
)
 

 
127,839

 

 
129,761

Income in subsidiary
307,736

 
441,560

 

 
24,316

 
(773,612
)
 

Income before loss from unconsolidated joint venture and income tax expense
280,671

 
307,737

 

 
472,761

 
(773,612
)
 
287,557

Loss from unconsolidated joint venture

 

 

 
(5,431
)
 

 
(5,431
)
Income tax expense
(1,589
)
 
(1
)
 

 
(1,421
)
 

 
(3,011
)
Net income
279,082

 
307,736

 

 
465,909

 
(773,612
)
 
279,115

Net loss attributable to noncontrolling interests

 

 

 
(33
)
 

 
(33
)
Net income attributable to Sabra Health Care REIT, Inc.
279,082

 
307,736

 

 
465,876

 
(773,612
)
 
279,082

Preferred stock dividends
(9,768
)
 

 

 

 

 
(9,768
)
Net income attributable to common stockholders
$
269,314

 
$
307,736

 
$

 
$
465,876

 
$
(773,612
)
 
$
269,314

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
$
1.51

Diluted common share
 
 
 
 
 
 
 
 
 
 
$
1.51

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
178,305,738

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
178,721,744

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 2017
(in thousands, except share and per share amounts)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$

 
$

 
$

 
$
371,704

 
$
(7,513
)
 
$
364,191

Interest and other income
2,673

 
143

 

 
15,005

 
(161
)
 
17,660

Resident fee and services

 

 

 
26,430

 

 
26,430

Total revenues
2,673

 
143

 

 
413,139

 
(7,674
)
 
408,281

Expenses:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
867

 

 

 
113,015

 

 
113,882

Interest

 
77,767

 

 
10,816

 
(143
)
 
88,440

Senior housing - managed portfolio operating expenses

 

 

 
25,391

 
(7,531
)
 
17,860

General and administrative
24,810

 
65

 

 
7,526

 

 
32,401

Merger and acquisition costs
30,208

 

 

 
47

 

 
30,255

Provision for doubtful accounts, straight-line rental income and loan losses
227

 

 

 
16,886

 

 
17,113

Impairment of real estate

 

 

 
1,326

 

 
1,326

Total expenses
56,112

 
77,832

 

 
175,007

 
(7,674
)
 
301,277

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt

 
(422
)
 

 
(131
)
 

 
(553
)
Other income (expense)

 
1,130

 

 
(594
)
 

 
536

Net gain on sales of real estate

 

 

 
52,029

 

 
52,029

Total other income

 
708

 

 
51,304

 

 
52,012

Income in subsidiary
212,432

 
289,414

 

 
7,199

 
(509,045
)
 

Income before income tax expense
158,993

 
212,433

 

 
296,635

 
(509,045
)
 
159,016

Income tax expense
(610
)
 
(1
)
 

 
(40
)
 

 
(651
)
Net income
158,383

 
212,432

 

 
296,595

 
(509,045
)
 
158,365

Net loss attributable to noncontrolling interests

 

 

 
18

 

 
18

Net income attributable to Sabra Health Care REIT, Inc.
158,383

 
212,432

 

 
296,613

 
(509,045
)
 
158,383

Preferred stock dividends
(10,242
)
 

 

 

 

 
(10,242
)
Net income attributable to common stockholders
$
148,141

 
$
212,432

 
$

 
$
296,613

 
$
(509,045
)
 
$
148,141

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
     Basic common share
 
 
 
 
 
 
 
 
 
 
$
1.40

     Diluted common share
 
 
 
 
 
 
 
 
 
 
$
1.40

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
105,621,242

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
105,842,434


(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended December 31, 2019
(in thousands)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Net income
$
68,996

 
$
98,665

 
$

 
$
235,327

 
$
(333,970
)
 
$
69,018

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

 
(1,276
)
 

 
1,955

 

 
679

Unrealized (loss) gain on cash flow hedge

 
(25,416
)
 

 
48

 

 
(25,368
)
Total other comprehensive (loss) income

 
(26,692
)
 

 
2,003

 

 
(24,689
)
Comprehensive income
68,996

 
71,973

 

 
237,330

 
(333,970
)
 
44,329

Comprehensive income attributable to noncontrolling interests

 

 

 
(22
)
 

 
(22
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
68,996

 
$
71,973

 
$

 
$
237,308

 
$
(333,970
)
 
$
44,307

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended December 31, 2018
(in thousands)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Net income
$
279,082

 
$
307,736

 
$

 
$
465,909

 
$
(773,612
)
 
$
279,115

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

 
4,329

 

 
(3,609
)
 

 
720

Unrealized gain on cash flow hedge

 
244

 

 
48

 

 
292

Total other comprehensive income (loss)

 
4,573

 

 
(3,561
)
 

 
1,012

Comprehensive income
279,082

 
312,309

 

 
462,348

 
(773,612
)
 
280,127

Comprehensive income attributable to noncontrolling interests

 

 

 
(33
)
 

 
(33
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
279,082

 
$
312,309

 
$

 
$
462,315

 
$
(773,612
)
 
$
280,094

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.


CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended December 31, 2017
(in thousands)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Net income
$
158,383

 
$
212,432

 
$

 
$
296,595

 
$
(509,045
)
 
$
158,365

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

 
(2,821
)
 

 
2,975

 

 
154

Unrealized gain (loss) on cash flow hedges

 
13,078

 

 
(145
)
 

 
12,933

Total other comprehensive income

 
10,257

 

 
2,830

 

 
13,087

Comprehensive income
158,383

 
222,689

 

 
299,425

 
(509,045
)
 
171,452

Comprehensive loss attributable to noncontrolling interests

 

 

 
18

 

 
18

Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
158,383

 
$
222,689

 
$

 
$
299,443

 
$
(509,045
)
 
$
171,470

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2019
(in thousands)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Net cash provided by operating activities
$
359,681

 
$

 
$

 
$
12,794

 
$

 
$
372,475

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisition of real estate

 

 

 
(51,136
)
 

 
(51,136
)
Origination and fundings of loans receivable

 

 

 
(13,065
)
 

 
(13,065
)
Additions to real estate
(115
)
 

 

 
(25,336
)
 

 
(25,451
)
Repayment of loans receivable

 

 

 
18,367

 

 
18,367

Repayment of preferred equity investments

 

 

 
5,079

 

 
5,079

Net proceeds from sales of real estate

 

 

 
329,050

 

 
329,050

Distribution from subsidiaries
5,248

 
5,248

 

 

 
(10,496
)
 

Intercompany financing
(590,173
)
 
266,148

 

 

 
324,025

 

Net cash (used in) provided by investing activities
(585,040
)
 
271,396

 

 
262,959

 
313,529

 
262,844

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Net repayments of revolving credit facility

 
(624,000
)
 

 

 

 
(624,000
)
Proceeds from issuance of senior unsecured notes

 
638,779

 

 

 

 
638,779

Principal payments on senior unsecured notes

 
(700,000
)
 

 

 

 
(700,000
)
Principal payments on term loans

 
(145,000
)
 

 

 

 
(145,000
)
Principal payments on secured debt

 

 

 
(3,436
)
 

 
(3,436
)
Payments of deferred financing costs

 
(15,598
)
 

 

 

 
(15,598
)
Payments related to extinguishment of debt

 
(10,502
)
 

 

 

 
(10,502
)
Distributions to noncontrolling interests

 

 

 
(316
)
 

 
(316
)
Issuance of common stock, net
549,328

 

 

 

 

 
549,328

Dividends paid on common stock
(335,435
)
 

 

 

 

 
(335,435
)
Distribution to parent

 
(5,248
)
 

 
(5,248
)
 
10,496

 

Intercompany financing

 
590,173

 

 
(266,148
)
 
(324,025
)
 

Net cash provided by (used in) financing activities
213,893

 
(271,396
)
 

 
(275,148
)
 
(313,529
)
 
(646,180
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(11,466
)
 

 

 
605

 

 
(10,861
)
Effect of foreign currency translation on cash, cash equivalents and restricted cash

 

 

 
346

 

 
346

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

 

 

 
18,823

 

 
59,658

Cash, cash equivalents and restricted cash, end of period
$
29,369

 
$

 
$

 
$
19,774

 
$

 
$
49,143

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2018
(in thousands)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Net cash provided by operating activities
$
312,485

 
$

 
$

 
$
48,101

 
$

 
$
360,586

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisition of real estate

 

 

 
(261,511
)
 

 
(261,511
)
Origination and fundings of loans receivable

 

 

 
(50,731
)
 

 
(50,731
)
Origination and fundings of preferred equity investments

 

 

 
(5,313
)
 

 
(5,313
)
Additions to real estate
(40
)
 

 

 
(27,657
)
 

 
(27,697
)
Repayment of loans receivable

 

 

 
51,789

 

 
51,789

Repayment of preferred equity investments

 

 

 
6,870

 

 
6,870

Investment in unconsolidated JV

 

 

 
(354,461
)
 

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

 

 

 
382,560

 

 
382,560

Distribution from subsidiaries
5,457

 
5,457

 

 

 
(10,914
)
 

Intercompany financing
(319,268
)
 
(299,873
)
 

 

 
619,141

 

Net cash used in investing activities
(313,851
)
 
(294,416
)
 

 
(258,454
)
 
608,227

 
(258,494
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net repayments of revolving credit facility

 
(17,000
)
 

 

 

 
(17,000
)
Principal payments on secured debt

 

 

 
(140,338
)
 

 
(140,338
)
Payments of deferred financing costs

 
(352
)
 

 

 

 
(352
)
Payments related to extinguishment of debt

 
(2,043
)
 

 

 

 
(2,043
)
Distributions to noncontrolling interests

 

 

 
(142
)
 

 
(142
)
Preferred stock redemption
(143,750
)
 

 

 

 

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

 

 

 

 
(499
)
Dividends paid on common and preferred stock
(325,220
)
 

 

 

 

 
(325,220
)
Distribution to parent

 
(5,457
)
 

 
(5,457
)
 
10,914

 

Intercompany financing

 
319,268

 

 
299,873

 
(619,141
)
 

Net cash (used in) provided by financing activities
(469,469
)
 
294,416

 

 
153,936

 
(608,227
)
 
(629,344
)
Net decrease in cash, cash equivalents and restricted cash
(470,835
)
 

 

 
(56,417
)
 

 
(527,252
)
Effect of foreign currency translation on cash, cash equivalents and restricted cash

 

 

 
(539
)
 

 
(539
)
Cash, cash equivalents and restricted cash, beginning of period
511,670

 

 

 
75,779

 

 
587,449

Cash, cash equivalents and restricted cash, end of period
$
40,835

 
$

 
$

 
$
18,823

 
$

 
$
59,658

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2017
(in thousands)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes and 2029 Notes(5)
 
 
 
 
 
Parent
Company
(1)
 
Operating
Partnership
(2)
 
Sabra Health Care, L.L.C.(3)
 
Combined
Non-Guarantor
Subsidiaries of
2024 Notes
(4)
 
Elimination
 
Consolidated
Net cash provided by operating activities
$
59,640

 
$

 
$

 
$
76,149

 
$

 
$
135,789

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisition of real estate

 

 

 
(419,905
)
 

 
(419,905
)
Cash received in CCP Merger
77,859

 

 

 

 

 
77,859

Origination and fundings of loans receivable

 

 

 
(17,239
)
 

 
(17,239
)
Origination and fundings of preferred equity investments

 

 

 
(2,749
)
 

 
(2,749
)
Additions to real estate
(181
)
 

 

 
(6,773
)
 

 
(6,954
)
Repayment of loans receivable

 

 

 
32,430

 

 
32,430

Repayment of preferred equity investments

 

 

 
3,755

 

 
3,755

Net proceeds from the sales of real estate

 

 

 
150,243

 

 
150,243

Distribution from subsidiaries
2,474

 
2,474

 

 

 
(4,948
)
 

Intercompany financing
168,999

 
(249,664
)
 

 

 
80,665

 

Net cash provided by (used in) investing activities
249,151

 
(247,190
)
 

 
(260,238
)
 
75,717

 
(182,560
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net borrowings from revolving credit facility

 
253,000

 

 

 

 
253,000

Proceeds from term loans

 
181,000

 

 

 

 
181,000

Principal payments on secured debt

 

 

 
(4,145
)
 

 
(4,145
)
Payments of deferred financing costs

 
(15,337
)
 

 

 

 
(15,337
)
Payment of contingent consideration

 

 

 
(382
)
 

 
(382
)
Distributions to noncontrolling interests

 

 

 
(30
)
 

 
(30
)
Issuance of common stock, net
366,800

 

 

 

 

 
366,800

Dividends paid on common and preferred stock
(182,089
)
 

 

 

 

 
(182,089
)
Distribution to parent

 
(2,474
)
 

 
(2,474
)
 
4,948

 

Intercompany financing

 
(168,999
)
 

 
249,664

 
(80,665
)
 

Net cash provided by financing activities
184,711

 
247,190

 

 
242,633

 
(75,717
)
 
598,817

Net increase in cash, cash equivalents and restricted cash
493,502

 

 

 
58,544

 

 
552,046

Effect of foreign currency translation on cash, cash equivalents and restricted cash

 

 

 
738

 

 
738

Cash, cash equivalents and restricted cash, beginning of period
18,168

 

 

 
16,497

 

 
34,665

Cash, cash equivalents and restricted cash, end of period
$
511,670

 
$

 
$

 
$
75,779

 
$

 
$
587,449

(1) 
The Parent Company guarantees the 2024 Notes, the 2026 Notes and the 2029 Notes.
(2) 
The Operating Partnership is the issuer of the 2024 Notes, the 2026 Notes and the 2029 Notes.
(3) 
Sabra Health Care, L.L.C. guarantees the 2024 Notes.
(4) 
The Combined Non-Guarantor Subsidiaries of the 2024 Notes consist of the subsidiaries that do not guarantee the 2024 Notes.
(5) 
None of Sabra Health Care, L.L.C. nor the Combined Non-Guarantor Subsidiaries of the 2024 Notes guarantee the 2026 Notes or the 2029 Notes.