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Sabra Reports First Quarter 2025 Results; Reiterates 2025 Guidance
TUSTIN, Calif.--(BUSINESS WIRE)-- Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for
About this update from Sabra Health Care Reit, Inc.
[{"type":"text","content":" TUSTIN, Calif.--(BUSINESS WIRE)--\nSabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the first quarter of 2025.\n\nFIRST QUARTER 2025 RESULTS AND RECENT EVENTS\n\n\nResults per diluted common share for the first quarter of 2025 were as follows:\n\n\nNet Income: $0.17\n\n\nFFO: $0.36\n\n\nNormalized FFO: $0.35\n\n\nAFFO: $0.37\n\n\nNormalized AFFO: $0.37\n\n\n\n\n\nEBITDARM Coverage Summary:\n\n\nSkilled Nursing/Transitional Care: 2.19x\n\n\nSenior Housing - Leased: 1.41x\n\n\nBehavioral Health, Specialty Hospitals and Other: 3.77x\n\n\n\n\n\nSame store managed senior housing Cash NOI increased 16.9% on a year-over-year basis.\n\n\n\nDuring the first quarter of 2025, Sabra exercised its option to acquire the second phase of its Legacy Living Jasper senior housing campus for $7.8 million. The investment was added to the existing Legacy Living master lease with an initial cash yield of 7.5%.\n\n\n\nSabra has been awarded over $200 million of newer vintage senior housing acquisition opportunities with an estimated average initial cash yield in the high 7% range, and expects to close on these investments in the near term, pending satisfactory completion of due diligence. These investments are currently in the Letter of Intent or later stage and Sabra expects to fund these investments, if consummated, with available liquidity, including proceeds from the forward sales agreements under its at-the-market equity offering program (“ATM program”).\n\n\n\nDuring the first quarter of 2025, Sabra utilized the forward feature under the ATM program to allow for the sale of up to 4.9 million shares at an initial weighted average price of $17.32 per share, net of commissions. As of March 31, 2025, 6.4 million shares remained outstanding under the forward sale agreements, with an initial weighted average price of $17.32 per share, net of commissions.\n\n\n\nOn April 30, 2025, Fitch Ratings (“Fitch”) affirmed Sabra’s “BBB-” credit rating with a Stable Outlook, citing the Company’s adequate leverage, strong liquidity, continued growth in its senior housing managed portfolio, and improved portfolio-level lease coverage.\n\n\n\nAs of March 31, 2025, Net Debt to Adjusted EBITDA was 5.19x.\n\n\n\nOn May 5, 2025, Sabra’s Board of Directors declared a quarterly cash dividend of $0.3...