Sabra Health Care REIT Earnings Call Transcripts
Fiscal Year 2026
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Strong Q1 results with robust investment activity, sequential and year-over-year growth in managed senior housing, and continued margin expansion. Guidance for 2026 was reaffirmed, with a focus on SHOP growth, AI initiatives, and a healthy balance sheet supporting future investments.
Fiscal Year 2025
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Strong Q4 results driven by SHOP and senior housing, with robust investment activity and a positive 2026 outlook. Guidance calls for ~5% growth in normalized FFO/AFFO per share, supported by high liquidity and stable leverage.
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SHOP portfolio growth and strong managed senior housing performance drove double-digit NOI gains, with robust acquisition activity and a stable regulatory environment. Guidance for 2025 remains unchanged, supported by improved leverage, ample liquidity, and an upgraded credit rating.
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Q2 2025 saw strong sequential and year-over-year growth in senior housing and triple-net portfolios, with raised guidance for normalized FFO and AFFO. Liquidity remains robust, leverage improved, and a major portfolio transition is expected to drive further gains.
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First quarter results showed strong year-over-year growth in FFO, AFFO, and managed senior housing performance, with occupancy and margins improving across key segments. Over $200 million in awarded deals are expected to close, and 2025 guidance is reaffirmed, with robust liquidity and prudent capital allocation.
Fiscal Year 2024
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Strong Q4 results featured 7% year-over-year normalized AFFO growth, robust SHOP and skilled nursing performance, and improved leverage. 2025 guidance calls for continued growth, with a focus on SHOP expansion and disciplined capital allocation amid a favorable transaction market.
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Q3 2024 saw strong sequential and year-over-year growth in occupancy, margins, and cash NOI, especially in managed senior housing and skilled nursing. Guidance was raised, balance sheet metrics improved, and Moody’s upgraded the outlook to positive, reflecting robust industry and company performance.
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Second quarter 2024 saw strong growth in senior housing and skilled nursing, with SHOP cash NOI up 17.7% year-over-year and improved occupancy and margins. Guidance for 2024 was raised, and liquidity remains robust at $906 million.