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Sabra Health Care REIT (SBRA) investor relations material
Sabra Health Care REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
SHOP portfolio now represents 26% of total NOI, with a target to reach 40% as part of a strategic shift toward managed senior housing and away from skilled nursing.
Portfolio consisted of 363–397 real estate properties, 14 loans receivable, 4 preferred equity investments, and 2 unconsolidated joint ventures as of September 30, 2025, with continued focus on diversification and capital recycling.
Acquired seven Senior Housing-Managed communities and 24 units for $283.1 million, and operations of four communities for $19.7 million; year-to-date managed senior housing investments surpassed $421.9 million.
Focus on quality care, deep industry experience, sustainability, diversity, and operator partnerships to enhance portfolio performance and community impact.
Moody’s upgraded credit rating to Baa3, with all three agencies now rating at investment grade.
Financial highlights
Q3 2025 net income attributable to stockholders was $22.5 million, down from $29.8 million in Q3 2024; nine-month net income was $128.4 million, up from $80.0 million year-over-year.
Q3 2025 total revenues were $190.0 million, up from $178.0 million in Q3 2024; nine-month revenues were $562.7 million, up from $520.9 million year-over-year.
Q3 2025 FFO per diluted share was $0.33; Normalized FFO $0.36; AFFO $0.37; Normalized AFFO $0.38.
Normalized AFFO midpoint for 2025 guidance implies 4% year-over-year growth.
Dividend declared at $0.30 per share, representing a 79% payout of normalized AFFO per share.
Outlook and guidance
2025 guidance midpoints: net income per diluted share $0.655–$0.665; FFO $1.465–$1.475; Normalized FFO $1.455–$1.465; AFFO $1.455–$1.465; Normalized AFFO $1.495–$1.505.
Full-year average same-store cash NOI growth for managed senior housing expected in the mid-teens; triple-net portfolio cash NOI growth expected in low single digits.
General and administrative expense projected at $50 million, including $11 million in stock-based compensation.
Cash interest expense for 2025 expected to be approximately $104 million; weighted average share count for 2025 guidance is about 245 million.
Sufficient liquidity for short- and long-term needs, with $1.1 billion in liquidity as of September 30, 2025.
Reasoning for increased managed senior housing target
How will awarded investments be funded?
Significance of triple-net EBITDARM coverage high
Key drivers of non-Holiday SHOP NOI growth
Sabra's SHOP acquisition strategy and differentiation
Future capital structure strategy post-Baa3 upgrade
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Next Sabra Health Care REIT earnings date
Q4 202525 Feb, 2026
Next Sabra Health Care REIT earnings date
Q4 202525 Feb, 2026
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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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