Senior Care Centers Drags Down Sabra’s Q1, But Optimism Remains — With Addiction as Next Frontier

A sizable real estate impairment charge related to the bankrupt Senior Care Centers contributed to a $77.7 million first-quarter loss for Sabra Health Care REIT (Nasdaq: SBRA), but executives remain upbeat that the changes coming to skilled nursing this fall will boost fortunes industry-wide.

The real estate investment trust (REIT) took a $103 million impairment charge primarily associated with the Dallas-based SCC, which filed for bankruptcy last year, amid a larger push toward divesting almost all of its Senior Care Centers skilled nursing facilities.

That number was higher than the originally projected $69 million, in part due to the Irvine, Calif.-based Sabra’s decision to sell off more properties than anticipated. The charge also included the effects of lingering storm damage from Hurricane Harvey in the Houston region, CEO Rick Matros said on the company’s first-quarter earnings call Thursday.

Full story at Skilled Nursing News

LTC Properties: Senior Care Centers Won’t Survive Bankruptcy, Transfer Ongoing

“As you know, Senior Care declared bankruptcy in December, and we don’t believe they have the ability to emerge from the process as a viable, ongoing concern,” CEO Wendy Simpson said Friday during the company’s fourth quarter 2018 earnings call.

The Dallas-based Senior Care Centers left landlord LTC without $1.8 million in rent for the month of December in the wake of its filing, which the provider blamed on prohibitively expensive lease payments. At the time, Simpson announced plans to re-tenant the 11 properties in its portfolio with an operator that had overseen the facilities prior to Senior Care Centers — a process that remained ongoing as of Friday.

Full story at Skilled Nursing News