Sabra (SBRA) Q4 2025 Earnings Call Transcript | The Motley Fool

The Motley Fool

by newsfeedback@fool.com (Motley Fool Transcribing)

February 13, 2026

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Sabra Health Care REIT (SBRA) delivered strong financial results in its Q4 2025 earnings call, with key metrics showing growth and stability across its senior housing portfolios. The company reported normalized FFO per share of $0.36 for the quarter and AFFO per share of $0.38, reflecting a solid performance driven by same-store revenue gains and occupancy improvements. Sabra also provided 2026 guidance, forecasting normalized FFO per share between $1.49 and $1.53 and AFFO per share between $1.55 and $1.59—a nearly 5% increase at the midpoint—highlighting its confidence in future performance. The managed senior housing division demonstrated strong growth, with same-store revenue increasing by 6.4% year over year and cash NOI rising by 12.6%. Occupancy rates improved significantly, reaching 87.9%, up 160 basis points from the prior year, with Canadian communities leading the way at 94.2%. This performance underscores Sabra's ability to capitalize on demand in its core markets. Additionally, the company reported a robust investment pipeline of $240 million in awarded deals expected to close by early Q2 2026, signaling continued expansion. Sabra also maintained strong financial health with net debt to adjusted EBITDA at 5.00 times, down from the prior year-end and within target ranges. The company's liquidity position remained robust, with $1.2 billion in cash and available credit lines, providing ample capital to support its aggressive investment pipeline. Sabra reaffirmed its quarterly dividend of $0.30 per share, representing a conservative payout ratio of 79% of normalized AFFO. The earnings call highlighted Sabra's strategic focus on occupancy growth and rate increases, with targets for the managed senior housing portfolio to reach low single-digit revenue growth and push occupancy into the low 90% range. The

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Originally published on The Motley Fool on 2/13/2026