Sabra Health Care REIT (SBRA) Company Report

Sabra Health Care REIT reported Q3 2025 normalized FFO per share of $0.36 and normalized AFFO per share of $0.38. Year-to-date through September 30, normalized FFO per share increased 5% and normalized AFFO per share increased 4% over the same period in 2024.
The managed senior housing (SHOP) portfolio showed strong performance in Q3 2025, with same-store cash NOI growth of 15.9% (excluding 16 ex-Holiday properties) and 13.3% (including them). Same store occupancy increased 110 basis points to 86%. The company raised its target for SHOP exposure from 26% to 40% of its portfolio.
Investment activity in Q3 2025 included $237 million in managed senior housing, with an additional $124 million awarded that closed post-quarter. Total closed and awarded deals for 2025 exceed $550 million, surpassing the original target. The current pipeline is heavily weighted towards SHOP, comprising 90-95% of opportunities.
Sabra reaffirmed its 2025 earnings guidance, maintaining the implied midpoint for normalized FFO at $1.46 per share and normalized AFFO at $1.50 per share. The full-year average same-store cash NOI growth for the managed senior housing portfolio is now expected to be in the mid-teens.
The company's net debt-to-adjusted EBITDA ratio improved to 4.96 times as of September 30, 2025. Moody's upgraded Sabra's credit rating to Baa3 during the quarter. A quarterly cash dividend of $0.30 per share was declared, representing a payout of 79% of Q3 normalized AFFO per share.

Nov 6, 2025, 6:00 PM

Transcript

Sabra Health Care REIT Updates 2025 Full-Year Guidance and Reports Q3 2025 Financials

SBRA

Earnings

Guidance Update

New Projects/Investments

Sabra Health Care REIT, Inc. (SBRA) updated its 2025 full-year guidance, projecting Normalized AFFO between $1.495 and $1.505 per diluted common share, which implies 4% year-over-year growth at the midpoint.
As of September 30, 2025, the company reported a strong financial position with approximately $1.1 billion in liquidity, a weighted average debt maturity of approximately 4 years (with no material maturities until 2028), and 98% of borrowings unsecured.
The portfolio, as of September 30, 2025, comprises 49% Skilled Nursing, 17% Senior Housing, and 34% Other based on Annualized Cash NOI. It includes 397 investments across 60 relationships , with SNF EBITDARM Coverage of 2.35x and SH EBITDARM Coverage of 1.52x.

Nov 6, 2025, 6:00 PM

Presentation

Sabra Health Care REIT, Inc. Reports Q3 2025 Results and Updates 2025 Guidance

SBRA

Earnings

Guidance Update

New Projects/Investments

Sabra Health Care REIT, Inc. reported Q3 2025 results including Net Income of $0.09, FFO of $0.33, and Normalized AFFO of $0.38 per diluted common share.
The company updated its 2025 earnings guidance, with Normalized AFFO now projected to be between $1.495 and $1.505 per diluted common share.
Same store managed senior housing Cash NOI increased 13.3% on a year-over-year basis in Q3 2025, and Net Debt to Adjusted EBITDA was 4.96x as of September 30, 2025.
Sabra acquired six managed senior housing properties for $217.5 million in Q3 2025, bringing total investments closed year-to-date to $421.9 million.
Moody's upgraded Sabra's senior unsecured notes rating to "Baa3" from "Ba1" on September 10, 2025, and assigned a "Baa3" issuer rating with a Stable outlook.

Nov 5, 2025, 9:06 PM

8-K

Sabra Health Care REIT Reports Q3 2025 Results and Updates 2025 Guidance

SBRA

Earnings

Guidance Update

New Projects/Investments

Sabra Health Care REIT reported Q3 2025 results including Net Income of $0.09, FFO of $0.33, Normalized FFO of $0.36, AFFO of $0.37, and Normalized AFFO of $0.38 per diluted common share.
The company updated its 2025 earnings guidance, projecting Normalized FFO between $1.455 and $1.465 and Normalized AFFO between $1.495 and $1.505 per diluted common share.
Same store managed senior housing Cash NOI increased 13.3% on a year-over-year basis in Q3 2025, with total investments closed year-to-date reaching $421.9 million.
As of September 30, 2025, Sabra reported approximately $1.1 billion of liquidity and a Net Debt to Adjusted EBITDA of 4.96x.
Moody's Ratings upgraded Sabra's senior unsecured notes rating to "Baa3" from "Ba1" on September 10, 2025, and a quarterly cash dividend of $0.30 per share was declared on November 5, 2025.

Nov 5, 2025, 9:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Sabra Health Care REIT.

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