📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Peer Medians

About

Sabra Health Care REIT, Inc. operates as a self-administered, self-managed real estate investment trust that, through its subsidiaries, owns and invests in real estate serving the healthcare industry throughout the United States and Canada. Sabra Health Care REIT, Inc. is incorporated on May 10th, 2010 and is based in Tustin, United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding SBRA

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	560.2K	$10.8M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used phrases like 'another really strong quarter', 'everything's really trending in the right direction', and 'feel really good about our target'. They provided specific numbers (e.g., same-store NOI growth 17.1%, occupancy up to 86%) and concrete guidance updates.

Q3 2025

Confident Specific

Management consistently used precise numbers (15.9% cash NOI growth, $550M closed+awarded, 26% SHOP exposure) and repeatedly affirmed exceeding targets. No hedging or defensive language; they proactively raised SHOP target from 30% to 40%.

Q4 2025

Confident Specific

Management consistently used strong, precise language: 'sturdy growth', 'impressive operational results', 'robust pipeline', specific dollar amounts ($450M investments, $240M awarded), and quantitative guidance (4.9%-5.4% growth). No hedging or uncertainty in the tone.

Q1 2026 latest

Confident Specific

Management repeatedly used precise figures ('$400 million closed or awarded year to date', 'same-store NOI growth of 14.4%', 'private pay concentration now over 50%') and explicit forward-looking statements ('fully expect to materially exceed 2025 investment total', 'reaffirming guidance but will revisit in Q2'). The language is positive and data-rich.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis strengthens after this call. The company is executing well on its SHOP growth strategy with a large pipeline, improving margins, and record rent coverage in skilled nursing. The shift to over 50% private-pay reduces regulatory risk. Balance sheet is solid with low-cost debt and ample liquidity. The main disappointment is the lack of a guidance raise, even though Q1 results appear to run ahead of the midpoint. Management defers to Q2, possibly wanting more time to assess the pace of SHOP NOI growth and deal closings. Next quarter, watch for an upward guidance revision, the closing rate on the $690 million pipeline, and progress on the RCA loan resolution.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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3-Statement Financial Model

Bear / Base / Bull projections · DCF fair value · Reverse-DCF

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Sabra Health Care REIT reports normalized FFO of $0.38 per share, investments $400M YTD.

Revenue & Profitability

Normalized FFO per share was $0.38 and normalized AFFO per share was $0.39, representing 9% and 5% increases over Q1 2025, respectively. In absolute dollars, normalized FFO totaled $96.1 million and normalized AFFO $100.6 million. Cash NOI from the triple-net portfolio increased $2.2 million sequentially to $39 million. Cash interest expense was $26 million. The net debt to adjusted EBITDA ratio was 5.04x. The quarterly dividend was $0.30 per share, representing a 77% payout ratio.

Outlook

Management views the regulatory environment as stable, with the Medicare market basket proposal and expected Medicaid rate increases both within its expectations. The company expects to materially exceed 2025's total investments, driven by robust deal flow in senior housing. Same-store SHOP NOI growth was 14.4% year-over-year, and trends point to continued occupancy and margin improvement.

Growth Drivers

Key growth drivers include the managed senior housing (SHOP) portfolio, where year-to-date investments total $206 million at an 8% initial cash yield, with an additional $690 million actively pursued. Skilled nursing investments are sourced off-market through existing operators. Occupancy continues to rise in both skilled and senior housing triple net. The private pay mix now exceeds 50%, supporting revenue quality.

Balance Sheet & CapEx

Sabra invested $102 million in Q1 2026 and $104.1 million post-quarter, adding SHOP and skilled nursing properties and a preferred equity investment. Year-to-date investments total $206 million. The company has $451 million outstanding under forward contracts (average price $19.03) to fund awarded investments on a leverage-neutral basis. AI initiatives are underway to improve scalability, and development/redevelopment opportunities are selectively pursued (about 10% of development deals pencil).

Margins

In the same-store managed senior housing portfolio, revenue grew 7.9% year-over-year while expenses (ExpPOR) increased only 1.8%, driving 14.4% cash NOI growth and 60 basis points of sequential margin expansion. Occupancy increased 280 basis points year-over-year to 88.4%. Skilled nursing rent coverages reached new highs. Management expects expense growth to remain low, supported by operating leverage.

Key Risks

Risks include potential missteps by peers entering SHOP without adequate infrastructure (mentioned as a concern). Landmark operators faced regulatory shutdowns due to resident deaths, leading to asset sales. The RCA loan talks are ongoing but constructive, with a possible announcement before Q2 call. The company has no floating-rate debt exposure (except revolver) and no material debt maturities until 2028. Leverage ticked up slightly but remains on target.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Q2 saw strong investment activity and robust growth in managed senior housing, with sequential and year-over-year gains in revenue, NOI, and occupancy. Guidance for 2026 was reaffirmed, projecting 7–8% earnings growth, and leverage improved to 4.61x. Dividend payout remains well covered.

Q1 2026 Q1 2026 2026-04-30

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.

Q4 2025 Q4 2025 2026-02-13

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.

Q3 2025 Q3 2025 2025-11-06

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.

Q2 2025 Q2 2025 2025-08-05

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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