Sabra Health Care REIT, Inc. reported a modest increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $703.2 million, up from $647.5 million in 2023, marking a 9% increase. The company’s net income also saw a significant rise, amounting to $126.7 million compared to $13.8 million in the previous year. This improvement in profitability was driven by a 21% increase in resident fees and services, which totaled $284.6 million, reflecting higher occupancy rates and increased service charges.
In terms of operational changes, Sabra's investment portfolio consisted of 364 properties as of December 31, 2024, a decrease from 378 properties in 2023. The company completed the acquisition of four facilities for $136.4 million during the year, while also selling 18 properties for $96 million, resulting in a net gain of $2.1 million. The occupancy rates for skilled nursing/transitional care facilities improved to 80.9%, up from 76.4% in 2023, indicating a recovery in demand post-pandemic.
The company continues to face challenges, particularly in labor costs and market conditions. Increased operating expenses were noted, particularly in the Senior Housing - Managed portfolio, which saw an 18% rise in operating costs to $210 million. Sabra's management indicated that while occupancy rates are improving, they remain below pre-pandemic levels, and the company is actively monitoring the financial health of its tenants to mitigate risks associated with potential defaults.
Looking ahead, Sabra Health Care REIT aims to diversify its portfolio further by expanding its investments in senior housing and skilled nursing facilities across the U.S. and Canada. The company maintains a strong liquidity position, with approximately $980 million available, which includes cash and credit facilities. This financial flexibility is expected to support future acquisitions and capital improvements, as well as to navigate the ongoing challenges posed by inflation and labor shortages in the healthcare sector.
About Sabra Health Care REIT, Inc.
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