Sabra Health Care REIT (SBRA) Q1 2025 Earnings
Reported May 5, 2025 at 4:05 PM ET · SEC Source
Q1 25 EPS
$0.17
BEAT +0.00%
Est. $0.17
Q1 25 Revenue
$183.5M
BEAT +1.84%
Est. $180.2M
vs S&P Since Q1 25
-9.5%
TRAILING MARKET
SBRA +23.8% vs S&P +33.3%
Market Reaction
Did SBRA Beat Earnings? Q1 2025 Results
Sabra Health Care REIT delivered a steady first quarter for 2025, matching the Wall Street consensus of $0.17 in earnings per share while nudging revenue ahead of expectations, with $183.54 million in total revenues coming in 1.84% above the $180.23 … Read more Sabra Health Care REIT delivered a steady first quarter for 2025, matching the Wall Street consensus of $0.17 in earnings per share while nudging revenue ahead of expectations, with $183.54 million in total revenues coming in 1.84% above the $180.23 million estimate and rising 10.1% from a year ago. The standout driver behind the results was the company's senior housing managed portfolio, where same-store Cash NOI expanded 16.9% year-over-year and same-store occupancy climbed to 85.4% from 82.6%, reflecting continued demand recovery across the segment. Net income rose to $40.30 million from $26.25 million in Q1 2024, helped in part by the absence of real estate impairment charges that had weighed on the prior-year period. Looking ahead, Sabra reiterated its full-year 2025 guidance and disclosed more than $200 million in newer vintage senior housing acquisitions at estimated initial cash yields in the high 7% range, consistent with the company's deliberate strategy of pursuing smaller, growth-oriented deals rather than large skilled nursing portfolios.
Key Takeaways
- • Same store managed senior housing Cash NOI increased 16.9% year-over-year
- • Skilled nursing/transitional care EBITDARM coverage reached 2.19x, a post-pandemic high
- • Senior housing leased EBITDARM coverage reached 1.41x, a post-pandemic high
- • Same store senior housing managed occupancy of 85.4%, up from 82.6% year-over-year
- • Resident fees and services grew to $77.4 million from $66.0 million year-over-year
- • Rental and related revenues increased to $96.0 million from $91.8 million year-over-year
- • Interest expense declined to $27.1 million from $28.4 million year-over-year
- • No real estate impairment charges compared to $3.1 million in Q1 2024
SBRA YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
SBRA Revenue by Segment
With YoY comparisons, source: SEC Filings
“As expected, we are seeing real traction on deal flow of newer vintage assets with attractive yields as we continue to grow our senior housing managed portfolio. We are still not seeing much in the way of high-quality skilled nursing opportunities but remain focused on making skilled investments as opportunities arise. Our senior housing managed portfolio again showed robust year over year growth. Our triple-net skilled nursing and senior housing portfolios hit post-pandemic rent coverage highs. Leverage ticked down again and we have ample liquidity available. We are grateful for the resilience and hard work of our operators, which has positioned them to proactively invest in their businesses, and we are optimistic about what lies ahead.”
— Rick Matros, Q1 2025 Earnings Press Release
SBRA Earnings Trends
SBRA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SBRA EPS Trend
Earnings per share: estimate vs actual
SBRA Revenue Trend
Quarterly revenue: estimate vs actual
SBRA Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.16 | $0.11 | -31.25% | $211.9M | +4.92% |
| FY Full Year | $0.70 | $0.64 | -8.32% | $774.6M | +3.08% |
| Q3 25 MISS | $0.18 | $0.09 | -49.07% | $190.0M | +0.74% |
| Q2 25 BEAT | $0.17 | $0.27 | +58.82% | $189.2M | +3.48% |
| Q1 25 BEAT | $0.17 | $0.17 | +0.00% | $183.5M | +1.84% |