SBRA
Sabra Health Care REIT, Inc.18.85
-0.34-1.8%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
SHOP occupancy, transition upside detailed
Q&A reinforces prepared optimism on SHOP momentum and $240M awarded deals, detailing same-store NOI drivers: occupancy ramping to low 90s, low-single-digit RevPOR, inflationary expenses beyond 90%. Holiday transitions lag the portfolio but promise catch-up uplift. Canada leads US recovery with superior occupancy and pricing power. Mid-90s signals effectively full. Competition compresses caps yet 7% yields endure; preferred equity on developments adds double-digit optionality. Steady tone; watch transition execution and pipeline conversion.
Key Stats
Market Cap
4.70BP/E (TTM)
25.82Basic EPS (TTM)
0.73Dividend Yield
0.06%Recent Filings
10-K
FY2025 results
Sabra Health Care REIT closed FY2025 ended December 31, 2025 with 360 properties (36,412 beds/units), up from 364 in 2024 after acquiring 11 Senior Housing-Managed communities for $434.5M while selling 15 underperformers for $88.5M net. Revenues rose 10% y/y to $774.6M, driven by 25% growth in resident fees/services to $356.9M from Senior Housing-Managed expansion and occupancy gains (85.9% portfolio-wide). AFFO climbed 7% to $1.47/share, but net income fell to $155.6M amid $187.0M depreciation and $7.3M impairments. Q4 momentum shone in occupancy jumps—Skilled Nursing to 83.4% (up 2.5pp y/y), Senior Housing-Managed to 85.9% (up 1.2pp)—yet rising op-ex squeezed margins. Debt stands at $2.6B ($1.2B liquidity); $1.20/share dividend held. Tenant bankruptcies threaten rent streams.
8-K
Q4 results, 2026 guidance issued
8-K
Sabra names new CIO
Sabra Health Care REIT appointed Darrin Smith, its current Executive VP Investments, as Chief Investment Officer, Secretary, and Executive VP effective January 1, 2026, succeeding Talya Nevo-Hacohen who retired December 31, 2025 after announcing in March. Smith brings deep REIT experience from HCP and GE Capital. Smooth transition preserves investment team strength. His deal sets base salary at $470,000.
10-Q
Q3 FY2025 results
Sabra's Q3 revenues jumped 6.7% y/y to $190M, driven by resident fees up 24.8% y/y from Senior Housing - Managed expansion, yet rental revenues dipped 9.8% y/y amid lease transitions. Net income fell to $22.5M from $29.8M, with diluted EPS at $0.09 (reconciles to 243.6M shares). Acquisitions totaled $283M in seven communities; sold eight for $42.9M net gain. Cash swelled to $200.6M, revolver $717.8M available; refinanced $500M notes into term loan at lower effective rate. Operating cash flow hit $261M YTD. Portfolio recycling sharpens quality. Tenant bankruptcies threaten rents.
8-K
Sabra Q3 beats, raises guidance
Sabra reported Q3 net income of $0.09 per share, with Normalized AFFO at $0.38; same-store managed senior housing Cash NOI surged 13.3% year-over-year. Acquisitions totaled $421.9M YTD at 7.5% average yield, fueled by senior housing demand, while Moody's upgraded to Baa3. Updated 2025 Normalized AFFO guidance: $1.495-$1.505. Investments exceed prior targets.
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