Sabra Health Care REIT Inc

Latest Results (22.11.2025):

Sabra Health Care REIT Inc. reported fourth quarter 2024 results: modest per-share earnings with positive operating trends in its managed senior housing portfolio and improving leverage and liquidity positions. The company posted FFO/AFFO in the mid‑$0.30s per diluted share, completed targeted portfolio transactions, and provided full‑year 2025 guidance ranges for Net Income, FFO and AFFO.

Quarterly results

For Q4 2024 Sabra reported Net Income of $0.19 per diluted common share, FFO $0.36, Normalized FFO $0.35, AFFO $0.36 and Normalized AFFO $0.36 per diluted common share.

Operating performance

Same-store managed senior housing Cash NOI rose 17.9% year‑over‑year in Q4 2024, reflecting strong operator performance; the company highlighted full‑year Normalized AFFO per share growth of over 7% in 2024.

EBITDARM coverage

EBITDARM coverage by segment in Q4 2024: Skilled Nursing/Transitional Care 2.09x, Senior Housing - Leased 1.36x, Behavioral Health/Specialty Hospitals/Other 3.66x.

Portfolio activity

In Q4 2024 Sabra acquired a managed senior housing community for $24.0 million (initial expected cash yield 8.6%) and sold nine skilled nursing facilities plus one behavioral health facility for gross proceeds of $56.5 million (cash yield 8.5%).

Liquidity and leverage

As of December 31, 2024 Sabra reported approximately $980.0 million of liquidity (cash $60.5M, available revolver $893.4M, $26.1M related to forward sale agreements) and $382.8M available under the ATM program; Net Debt to Adjusted EBITDA was 5.27x.

Capital markets and equity program

For 2024 Sabra used the forward feature of its ATM program to allow sale of up to 7.5 million shares at an initial weighted average price of $15.47 (net); 1.5 million shares remained outstanding under forward sale agreements with an initial weighted average price of $17.33 (net) as of year‑end.

Dividend

On February 3, 2025 the Board declared a quarterly cash dividend of $0.30 per common share payable February 28, 2025 to holders of record as of February 14, 2025.

2025 guidance

Sabra introduced 2025 guidance ranges (per diluted common share attributable to common stockholders): Net Income $0.67–$0.70; FFO $1.42–$1.45; Normalized FFO $1.43–$1.46; AFFO $1.47–$1.50; Normalized AFFO $1.48–$1.51. Guidance assumes low‑single‑digit Cash NOI growth for triple‑net, low‑to‑mid‑teens Cash NOI growth for same‑store managed senior housing, ~$50M G&A (including $11M stock‑based comp), and weighted average share counts ~240M–241M.

Management commentary

CEO Rick Matros highlighted execution of the company strategy, recovering industry fundamentals, improved occupancy and skilled mix in skilled nursing, strong same‑store managed portfolio NOI growth, and a decreasing leverage trend with an expanding investment pipeline.