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Sabra Health Care REIT (SBRA) investor relations material

Sabra Health Care REIT Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Revenue for Q2 2025 was $189.2M, up 7% year-over-year, driven by higher resident fees, services, and interest income.

  • Net income for Q2 2025 was $65.5M, a significant increase from $24.0M in Q2 2024, reflecting higher revenues and gains on asset sales.

  • Transitioned 21 managed senior housing properties to new operators with minimal disruption, aiming for improved results and reduced operator concentration.

  • Positioned for long-term value creation through a resilient balance sheet, operational expertise, and strategic partnerships in healthcare real estate.

  • Corporate sustainability initiatives emphasize environmental stewardship, diversity, equity, inclusion, and strong governance.

Financial highlights

  • Normalized FFO per share was $0.37–$0.38 and normalized AFFO per share was $0.38, up 6% year-over-year.

  • Q2 2025 total revenues were $189.2M, up from $176.1M in Q2 2024; net income for Q2 2025 was $65.5M, up from $24.0M in Q2 2024.

  • FFO for Q2 2025 was $105.3M; normalized FFO $89.2M; AFFO $89.2M; normalized AFFO $91.6M.

  • Cash NOI from managed senior housing portfolio rose to $25.3M from $24.1M sequentially; same store managed senior housing Cash NOI up 17.1% year-over-year.

  • Quarterly cash dividend of $0.30 per share declared, representing a 79% payout of normalized AFFO.

Outlook and guidance

  • 2025 guidance: net income $0.77–$0.79, FFO $1.52–$1.54, normalized FFO $1.45–$1.47, AFFO $1.47–$1.49, normalized AFFO $1.49–$1.51 per share.

  • Midpoint of normalized FFO and AFFO guidance increased, now expecting 4–5% growth over 2024.

  • Low single-digit Cash NOI growth expected for triple-net portfolio; low to mid-teens for same-store managed senior housing.

  • Guidance assumes no further tenant revenue recognition changes, no additional acquisitions/dispositions, and no major capital markets activity post-June 30, 2025.

  • General and administrative expenses projected at ~$50M, including $11M stock-based compensation; cash interest expense estimated at ~$102M.

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Frequently asked questions

Sabra Health Care REIT, Inc. is a real estate investment trust (REIT) focused on owning and investing in healthcare-related properties. The company's portfolio includes skilled nursing facilities, senior housing communities, behavioral health facilities, and other healthcare properties. Sabra generates revenue by leasing its properties to healthcare operators and providers under long-term agreements. The company is headquartered in Irvine, California, and its shares are listed on the NASDAQ.

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