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Sabra Reports Third Quarter 2025 Results; Updates 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 third quarter of 2025.\n\nTHIRD QUARTER 2025 RESULTS AND RECENT EVENTS\n\n\nResults per diluted common share for the third quarter of 2025 were as follows:\n\n\nNet Income: $0.09\n\n\nFFO: $0.33\n\n\nNormalized FFO: $0.36\n\n\nAFFO: $0.37\n\n\nNormalized AFFO: $0.38\n\n\n\n\nEBITDARM Coverage Summary:\n\n\nSkilled Nursing/Transitional Care: 2.35x\n\n\nSenior Housing - Leased: 1.52x\n\n\nBehavioral Health, Specialty Hospitals and Other: 3.90x\n\n\n\n\nSame store managed senior housing Cash NOI increased 13.3% on a year-over-year basis. Excluding the 16 properties formerly operated by Holiday that remain in Sabra’s same store pool, same store Cash NOI growth was 15.9% on a year-over-year basis.\n\n\nIn the third quarter of 2025, Sabra acquired six managed senior housing properties for $217.5 million with an estimated initial cash yield of 7.8%, three of which were acquired through a consolidated joint venture in which Sabra has a 95% equity interest. Additionally, during the quarter, Sabra purchased the operations of four managed senior housing properties previously leased to a tenant under triple-net operating leases for $19.7 million. Subsequent to quarter end, Sabra closed on three additional managed senior housing properties for $124.0 million with an estimated initial cash yield of 7.0%, bringing total investments closed year-to-date to $421.9 million.\n\n\nSabra has been awarded approximately $120 million of additional senior housing investments with an estimated initial cash yield of nearly 8%. 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 at-the-market equity offering program (“ATM program”).\n\n\nDuring the third quarter of 2025, Sabra issued 9.6 million shares in settlement of outstanding forward sale agreements at a weighted average price of $17.26 per share, net of commissions, resulting in net proceeds of $165.0 million. On August 5, 2025, Sabra entered into a new $750 million ATM Program and utilized the forward feature to allow for the sale of up to 3.2 million shares at an i...