XML 57 R24.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
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.