Business
Sabra Reports First Quarter 2026 Results; Reiterates 2026 Guidance
TUSTIN, Calif.--(BUSINESS WIRE)--Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the
About this update from Sabra Health Care Reit, Inc.
[{"type":"text","content":" TUSTIN, Calif.--(BUSINESS WIRE)--Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the first quarter of 2026.Sabra is pleased to report another quarter with outstanding results.Share FIRST QUARTER 2026 RESULTS AND RECENT EVENTS Results per diluted common share for the first quarter of 2026 were as follows: Net Income: $0.16 FFO: $0.37 Normalized FFO: $0.38 AFFO: $0.39 Normalized AFFO: $0.39 EBITDARM Coverage Summary: Skilled Nursing/Transitional Care: 2.46x Senior Housing - Leased: 1.58x Behavioral Health, Specialty Hospitals and Other: 4.00x On a year-over-year basis, same property managed senior housing Cash NOI increased 14.4% for the first quarter of 2026. In the first quarter of 2026, Sabra acquired three managed senior housing properties and one skilled nursing facility, and committed to funding a preferred equity investment in the development of one senior housing community for a total of $102.0 million with an average initial cash yield of 8.3%, with $96.0 million invested as of March 31, 2026. Subsequent to quarter end, Sabra closed on two additional managed senior housing properties and committed to funding the redevelopment of a senior housing community, which is subject to a triple-net lease with an existing relationship, for an aggregate consideration of $104.1 million with an average initial cash yield of 7.7%. Investments closed year to date total $206.1 million, with an estimated initial cash yield of 8.0%. Sabra has been awarded an additional $200 million of managed senior housing and skilled nursing investments with an estimated initial cash yield of approximately 8.2%, most of which is expected to close during the second quarter. 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 outstanding forward sales agreements under its current and prior at-the-market equity offering programs (“ATM programs”). Subsequent to quarter end, Sabra completed the disposition of three skilled nursing facilities for gross proceeds of $79.4 million, equating to a 6.8% lease yield. During the first quarter of 2026, Sabra utilized the forward feature of the ATM program to allow for the sale of up to 6.4 million shares of the Compa...