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Sabra Health Care REIT

Sabra Health Care REIT (SBRA) Q3 2025 Earnings

Reported Nov 5, 2025 at 4:06 PM ET · SEC Source

Q3 25 EPS

$0.09

MISS 49.07%

Est. $0.18

Q3 25 Revenue

$190.0M

BEAT +0.74%

Est. $188.6M

vs S&P Since Q3 25

+4.5%

BEATING MARKET

SBRA +15.6% vs S&P +11.1%

Market Reaction

Did SBRA Beat Earnings? Q3 2025 Results

Sabra Health Care REIT delivered a mixed third quarter, with revenue edging past expectations while GAAP earnings fell well short of the consensus. The healthcare REIT posted revenue of $190.04 million, up 6.8% year-over-year and slightly ahead of th… Read more Sabra Health Care REIT delivered a mixed third quarter, with revenue edging past expectations while GAAP earnings fell well short of the consensus. The healthcare REIT posted revenue of $190.04 million, up 6.8% year-over-year and slightly ahead of the $188.64 million analysts had anticipated, but GAAP earnings per diluted share came in at $0.09, missing the $0.18 consensus by 49.07%, weighed down by a cluster of non-cash and one-time charges including a $9.24 million write-off of rental income receivables, a $4.43 million net loss on real estate sales, and a real estate impairment charge. Beneath the headline noise, the company's managed senior housing segment posted same-store Cash NOI growth of 13.3% year-over-year, reinforcing management's decision to raise its senior housing concentration target from 30% to 40% of total NOI. With year-to-date investments reaching $421.90 million and full-year deployment expected to exceed $500 million, Sabra guided for Normalized FFO of $1.46 to $1.47 per share for the full year.

Key Takeaways

  • • Same store managed senior housing Cash NOI increased 13.3% year-over-year (15.9% excluding 16 former Holiday properties)
  • • Skilled Nursing/Transitional Care EBITDARM coverage hit post-pandemic high of 2.35x
  • • Skilled nursing occupancy increased to 83.0% and skilled mix to 38.3%
  • • Senior Housing - Managed Cash NOI margin expanded to 28.3% from 26.5% a year ago
  • • Managed senior housing now represents approximately 26% of total NOI
  • • Resident fees and services grew to $92.0 million from $73.7 million year-over-year
24/7 Wall St

SBRA YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

SBRA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“Sabra delivered another strong quarter. Same store managed senior housing NOI growth was solid even considering the transition of the properties formerly operated by Holiday, and importantly, the performance of that group of transition assets improved every month during the quarter. Managed senior housing is growing more quickly than anticipated as a percentage of total NOI, and is now roughly 26%. As a result, we are updating our managed senior housing target concentration from 30% to 40%. Additionally, we now expect that investments for the year will exceed the high end of our previous target, which was $500 million. For Sabra's triple net portfolio, EBITDARM rent coverage hit another post-pandemic high, with healthy coverage across our top ten tenants. Skilled nursing occupancy and skilled mix continue to increase. All in all, our portfolio's progress is exceeding internal expectations.”

— Rick Matros, Q3 2025 Earnings Press Release

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