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Mar 31, 2025
Sabra Health Care REIT Q1 2025 Earnings Report
Announced results of operations for the first quarter of 2025 and reiterated 2025 guidance
Key Takeaways
Sabra Health Care REIT reported strong first quarter 2025 results with significant growth in senior housing managed portfolio and improved lease coverage across portfolios. The company maintained ample liquidity and a stable credit rating while continuing to focus on strategic investments.
Net Income per diluted common share was $0.17 for Q1 2025.
Normalized AFFO per diluted common share was $0.37 for Q1 2025.
Same store managed senior housing Cash NOI increased 16.9% year-over-year.
Net Debt to Adjusted EBITDA was 5.19x as of March 31, 2025.
Revenue by Segment
Forward Guidance
Sabra Health Care REIT reiterated its 2025 guidance.
Positive Outlook
- Seeing traction on deal flow of newer vintage assets with attractive yields.
- Continued growth in the senior housing managed portfolio.
- Triple-net skilled nursing and senior housing portfolios hit post-pandemic rent coverage highs.
- Leverage ticked down again.
- Ample liquidity available.
Challenges Ahead
- Still not seeing much in the way of high-quality skilled nursing opportunities.
- Ability to reach a definitive agreement for awarded investments and close acquisitions on expected terms or at all.
- Increased labor costs and labor shortages.
- Increases in market interest rates and inflation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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