SBRA · Sabra Health Care REIT, Inc.

Sabra Health Care REIT delivered a solid first quarter 2026, with results largely driven by robust performance in its Senior Housing - Managed portfolio. Same-store Cash NOI for this segment grew 14.4% year-over-year, contributing to a Normalized AFFO per share of $0.39, which represents a 5.4% increase from the prior year period. Total revenues rose to $221.8 million from $183.5 million, primarily fueled by a significant increase in resident fees and services within the managed senior housing portfolio, which expanded from 69 to 90 properties over the last year. The company continues to execute on its investment strategy, deploying $102 million in the first quarter and closing an additional $104.1 million in transactions subsequent to quarter end, with a focus on accretive yields averaging 8.0%. Management highlighted strong rent coverage metrics across its triple-net portfolio, with Skilled Nursing/Transitional Care coverage reaching 2.46x. The balance sheet remains resilient with a Net Debt to Adjusted EBITDA of 5.04x and ample liquidity of $1.2 billion. The reiteration of full-year guidance signals management's confidence in sustaining operational momentum despite a challenging macroeconomic environment.