0001492298-26-000032
SEC filingSabra 第三季度业绩稳健，SHOP 同店 Cash NOI 同比增 14.6%，并上调全年 Normalized FFO 指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $249,565 thousand | $190,037 thousand | — |
| Rental and related revenues | $103,178 thousand | $85,354 thousand | — |
| Resident fees and services | $143,164 thousand | $92,017 thousand | — |
| Interest and other income | $3,223 thousand | $12,666 thousand | — |
| Depreciation and amortization | $64,779 thousand | $48,511 thousand | — |
| Interest | $29,161 thousand | $28,901 thousand | — |
| Net Income per diluted common share | $0.11 | — | — |
| FFO per diluted common share | $0.40 | — | — |
| Normalized FFO per diluted common share | $0.39 | — | — |
| AFFO per diluted common share | $0.45 | — | — |
| Normalized AFFO per diluted common share | $0.41 | — | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Full-Year 2026 | Net Income per diluted common share | $0.265 - $0.275 | GAAP |
| Full-Year 2026 | FFO per diluted common share | $1.145 - $1.155 | Non-GAAP |
| Full-Year 2026 | Normalized FFO per diluted common share | $1.540 - $1.550 | Non-GAAP |
| Full-Year 2026 | AFFO per diluted common share | $1.625 - $1.635 | Non-GAAP |
| Full-Year 2026 | Normalized AFFO per diluted common share | $1.600 - $1.610 | Non-GAAP |
第三季度总营收 $249.6 million，较上年同期 $190.0 million 明显增长，主要来自 Resident fees and services 由 $92.0 million 升至 $143.2 million，反映 SHOP 资产规模扩大及同店增长。同店 SHOP Cash NOI 同比增 14.6%，EBITDARM 覆盖率方面 Skilled Nursing/Transitional Care 为 2.52x、Senior Housing - Leased 为 1.58x、Specialty Hospitals and Other 为 3.91x，管理层称覆盖率再次提升。每股指标方面，Net Income $0.11、FFO $0.40、Normalized FFO $0.39、AFFO $0.45、Normalized AFFO $0.41。
投资端，第三季度完成七处 SHOP 社区收购，总价 $222.8 million，估计收益率 7.7%；年内已完成投资 $747.2 million，估计收益率 8.0%；另有 $425 million 已获授，估计收益率 7.0%，其中约 $385 million 为 SHOP。Avamere 26 处物业过渡于 10 月 1 日完成，年化现金租金由 $48 million 升至 $53 million。资产负债表方面，Net Debt to Adjusted EBITDA 为 4.54x，流动性约 $1.2 billion。公司上调全年 Normalized FFO 指引至 $1.540 - $1.550，Normalized AFFO 至 $1.600 - $1.610，并宣布季度股息 $0.30/股。CEO Rick Matros 表示 SHOP 占比预计 2026 年底约 40%、2027 年底达 50%，组合向 SHOP 倾斜的趋势延续。