Sabra Sees FY26 Net Income Of $0.37-$0.39, FFO Of $1.12-$1.14, Normalized FFO Of $1.53-$1.55, AFFO Of $1.58-$1.60 And Normalized AFFO Of $1.
Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (NASDAQ: SBRA ) today announced a business update detailed below. Portfolio Update Sabra has entered into letters of intent to re-tenant all of its 26 properties leased to Avamere ("Avamere"). Under the proposed transition, 22 properties would be transitioned to subsidiaries of Cascadia Healthcare ("Cascadia"), a leading diversified healthcare operator concentrated in the Pacific Northwest with approximately 80 facilities pro forma for this announcement. Founded in 2015 by CEO, Owen Hammond, who was previously the President of Signum Healthcare, a subsidiary of the Ensign Group ("Ensign") covering the entire state of California, Cascadia has established a strong reputation of operational excellence focused on empowering local leaders to drive superior clinical outcomes. The remaining four properties would be transitioned to...
Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (NASDAQ: SBRA ) today announced a business update detailed below.
Portfolio Update Sabra has entered into letters of intent to re-tenant all of its 26 properties leased to Avamere ("Avamere").
Under the proposed transition, 22 properties would be transitioned to subsidiaries of Cascadia Healthcare ("Cascadia"), a leading diversified healthcare operator concentrated in the Pacific Northwest with approximately 80 facilities pro forma for this announcement.
Founded in 2015 by CEO, Owen Hammond, who was previously the President of Signum Healthcare, a subsidiary of the Ensign Group ("Ensign") covering the entire state of California, Cascadia has established a strong reputation of operational excellence focused on empowering local leaders to drive superior clinical outcomes.
The remaining four properties would be transitioned to subsidiaries of an existing Sabra tenant, expanding a long-standing and valued partnership with a national leader in the skilled nursing and post-acute industry.
Upon closing, the combined annualized cash rent of this portfolio is expected to be $53 million, a nearly 30% increase compared to the $41 million of cash rent received from Avamere during the trailing-twelve-month period ending March 31, 2026.
The transition is expected to be completed during the second half of 2026.
In addition, Sabra has closed on, or entered into agreements for, several smaller portfolio initiatives (e.g., re-tenanting properties, rent resets, lease amendments) that will collectively increase cash NOI by over $9 million per year on a run-rate basis compared to the twelve-month period ending March 31, 2026.
Most of these transactions have closed as of the date of this announcement, and the remainder are expected to close in the second half of 2026.
RCA Mortgage Sabra and Recovery Centers of America ("RCA") have agreed to a reduced cash repayment of $200 million in full satisfaction of the $300 million mortgage, which had been scheduled to mature on November 1, 2026.
The repayment transaction closed on June 30, 2026, and proceeds were used to reduce the balance on Sabra’s revolving line of credit.
Pro forma for this announcement, as of March 31, 2026, Sabra’s Net Debt to EBITDA declined from 5.0x to 4.8x, while behavioral health concentration has declined from 13% of Annualized Cash NOI, to 9%, respectively.
Full-Year 2026 Guidance Increased Incorporating the events described above, as well as taking into consideration year-to-date operational performance and transaction activity, full-year 2026 guidance ranges have been updated as follows (attributable to Sabra Health Care REIT, Inc., per diluted common share): Net Income: $0.37 - $0.39 FFO: $1.12 - $1.14 Normalized FFO: $1.53 - $1.55 AFFO: $1.58 - $1.60 Normalized AFFO: $1.59 - $1.61