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Sabra Health Care REIT (SBRA) FY2025 results: revenue $775 million, up 10.2% on the year

Sabra Health Care REIT, Inc. (SBRA) reported revenue of $775 million for fiscal 2025, the year ended 31 December 2025, up 10.2% on the year before. Net income was $156 million, up 22.8%, and diluted earnings per share $0.64. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$775 million
+10.2% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$156 million
+22.8% on the year
FY2018FY2025
Diluted EPS
$0.64
+18.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new, 1 kept.

  • Quarter per-share results reported: Q4 2025 per-share results: net income $0.11, FFO $0.36, Normalized FFO $0.36, AFFO $0.37 and Normalized AFFO $0.38, all per diluted share.
  • Managed same-store Cash NOI up 12.6%: Same-property managed senior housing Cash NOI rose 12.6% year over year in Q4 2025. The 2025 quarterly average increase was 15.0%, inclusive of stabilized facilities formerly operated by Holiday.
  • Skilled nursing coverage rose: EBITDARM coverage in Q4 2025: skilled nursing/transitional care 2.38x (Q3 2.35x), senior housing leased 1.52x (unchanged), behavioral health, specialty hospitals and other 3.99x (Q3 3.90x).
  • Q4 managed acquisitions at 7.0%: Sabra acquired four managed senior housing properties in Q4 2025 for $150.5 million at an estimated initial cash yield of 7.0%; full-year 2025 investments were roughly $450 million at a 7.5% average initial yield.
  • $240 million of investments awarded: Sabra was awarded $240 million of primarily managed senior housing and some skilled nursing investments, at an estimated initial cash yield of about 8.0%, in Letter of Intent or later stage.
Read the Q4 FY2025 earnings call summary

From this 10-K

Sabra Health Care REIT is a self-administered, self-managed real estate investment trust that owns and invests in real estate serving the healthcare industry in the U.S. and Canada. It acquires, finances and owns properties that it leases to third-party healthcare operators, and it also owns senior housing communities run by third-party property managers. It elected REIT status starting with its taxable year beginning January 1, 2011, and it holds substantially all of its properties through Sabra Health Care Limited Partnership, of which it is the sole general partner.

Sabra Health Care REIT, Inc., the 10-K for 2025

Sabra Health Care REIT is a self-administered, self-managed real estate investment trust that owns and invests in real estate serving the healthcare industry in the U.S. and Canada. It acquires, finances and owns properties that it leases to third-party healthcare operators, and it also owns senior housing communities run by third-party property managers. It elected REIT status starting with its taxable year beginning January 1, 2011, and it holds substantially all of its properties through Sabra Health Care Limited Partnership, of which it is the sole general partner.

The portfolio

As of December 31, 2025 its investments consisted of 360 real estate properties held for investment, 13 loans receivable, four preferred equity investments and two unconsolidated joint ventures. Of the 360 properties, 210 were skilled nursing and transitional care facilities, 32 were leased senior housing communities, 87 were managed senior housing communities, 16 were behavioral health facilities and 15 were specialty hospitals and other facilities. It owned fee title to 356 of the properties and held four under ground leases. Texas had the most properties, 56, followed by California with 29 and Kentucky with 28, and the rest were spread across other states and Canada.

What the buildings do

Skilled nursing facilities provide daily nursing, rehabilitation and help with daily living, and transitional care units give short, intensive care, typically 30 days or less, for patients with cardiac, neurological, pulmonary, orthopedic and renal conditions. Its senior housing includes independent living, assisted living, memory care for people with Alzheimer's disease and other forms of dementia, and continuing care retirement communities. Its behavioral health properties include addiction treatment centers and behavioral hospitals, and its specialty hospitals include acute care, long-term acute care and rehabilitation hospitals.

How it earns

At the end of 2025, 273 of its facilities were leased under triple-net operating leases, under which tenants pay for maintenance, insurance, taxes and utilities. These leases ran from less than one year to 18 years, with a weighted-average remaining term of seven years. Its managed senior housing communities are operated by third-party property managers under property management agreements.

People

As of December 31, 2025 it employed 58 full-time employees, including its executive officers, none of them subject to a collective bargaining agreement.

From Sabra Health Care REIT's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue775703648+10.2%
Interest expense112115113-2.4%
Pre-tax income15312818.7+19.8%
Income tax1.81.02.0+82.8%
Effective tax rate1.2%0.8%10.7%
Net income15612713.8+22.8%
Net margin20.1%18.0%2.1%
Diluted EPS$0.64$0.54$0.06+18.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow349311301+12.3%
Cash from investing-378-109103
Cash from financing40.8-182-410
Depreciation and amortisation187170183+10.2%
Share-based compensation11.49.07.9+26.4%
Dividends paid289280277+3.3%
Dividend per share$1.20$1.20$1.200.0%
Diluted shares, weighted244m236m233m+3.6%
Shares outstanding at period end252m238m231m+5.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,8222,7412,803+2.9%
Non-controlling interest1.90.0n/a
Debt2,5292,4182,414+4.6%
Other liabilities141145170-2.8%
Total liabilities and equity5,4935,3045,386+3.6%
Intangible assets65.327.530.9+137.8%
Cash and equivalents71.560.541.3+18.3%
Other assets5,3575,2165,314+2.7%
Total assets5,4935,3045,386+3.6%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.