Sabra Health Care REIT, Inc. reported a total revenue of $374.1 million for the fiscal year ending December 31, 2025, a decrease of 2% from $381.5 million in the previous year. The decline in rental income, which fell by $7.4 million, was attributed to several factors, including a decrease in revenue from properties transitioned to Senior Housing - Managed communities and properties disposed of during the year. In contrast, resident fees and services saw a significant increase of 25%, rising to $356.9 million, driven by the acquisition of new communities and improved occupancy rates. The company also reported a 17% increase in interest and other income, totaling $43.6 million, primarily due to higher late fee income and lease termination income.
In terms of operational changes, Sabra acquired 11 Senior Housing - Managed communities and additional units on an existing campus for a total of $434.5 million during 2025. The company also transitioned four facilities from its triple-net portfolio to Senior Housing - Managed communities, which contributed to the increase in resident fees. However, the company faced challenges with the sale of 14 skilled nursing facilities and one behavioral health facility, resulting in a net loss of $3.5 million on these transactions. The overall portfolio consisted of 360 properties, with a total of 36,412 beds/units across the U.S. and Canada.
The company’s financial performance was impacted by increased operating expenses, which rose by 10% to $186.996 million, largely due to depreciation and amortization related to newly acquired properties. Senior housing managed portfolio operating expenses also increased by 22%, reflecting the costs associated with the newly acquired communities. Despite these challenges, Sabra maintained a strong liquidity position, reporting approximately $1.2 billion in liquidity as of December 31, 2025, which includes cash, available borrowings, and proceeds from equity offerings.
Looking ahead, Sabra Health Care REIT aims to continue diversifying its portfolio by tenant, facility type, and geography within the healthcare sector. The company plans to pursue additional acquisitions and investments in purpose-built healthcare facilities while maintaining a disciplined approach to capital management. The management team remains focused on enhancing operational efficiencies and exploring strategic development opportunities to support long-term growth. However, the company acknowledges potential risks, including market interest rate fluctuations, inflation, and regulatory changes that could impact its operations and financial performance.
About Sabra Health Care REIT, Inc.
Sabra Health Care REIT, Inc. is a real estate investment trust specializing in healthcare properties, including skilled nursing, senior housing, behavioral health, and specialty hospitals in the U.S. and Canada. It owns and leases income-producing facilities to third-party operators, focusing on diversification, long-term leases, and strategic acquisitions. The company leverages industry relationships, manages risk through disciplined investment strategies, and maintains a strong balance sheet to support growth.
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