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- **SHOP Portfolio Expansion**: 26% of total cash NOI (vs. 20% prior) with 2026 target of 40%+ exposure to SHOP
- **Financial Strength**: 4.96x debt-to-EBITDA, $1.1 billion liquidity, 5-year term loan refinancing
- **Growth Drivers**: Canadian SHOP cash NOI +20.2% YoY, U.S. SHOP +13.3% QoQ
- **Credit Upgrade**: Moody's Baa3 reflects improved balance sheet discipline
- **Expense Efficiency**: 1-2% quarterly expense growth driven by operating leverage

**【CEO Opening Remarks】**
- Sabra Health Care REIT's managed senior housing (SHOP) portfolio now represents 26% of total cash NOI, up from 20% previously, with a new target of 40% by year-end 2026.
- The company exceeded its $400-500 million investment target for 2025, closing $550 million in transactions year-to-date.
- Canadian SHOP portfolio occupancy reached 93.1% (up 150 bps QoQ), driving 20.2% year-over-year cash NOI growth.

**【CFO Financial Commentary】**
- Normalized FFO per share: $0.36 (Q3) / $1.09 (YTD), up 5% vs. 2024
- SHOP portfolio cash NOI growth: 13.3% (Q3) / 16% (YTD)
- Debt-to-EBITDA ratio improved to 4.96x, below 5x leverage target
- $750 million ATM program utilized to fund acquisitions on a leverage-neutral basis

**【Q&A Highlights】**
- **SHOP Pipeline**: 90-95% of 2026 investments expected to be in SHOP
- **Occupancy Trends**: Domestic SHOP occupancy 86.8% (up 60 bps QoQ), Canadian 93.1% (up 150 bps QoQ)
- **Expense Growth**: 1-2% quarterly expense growth sustainable due to operating leverage
- **Debt Pricing**: Investment-grade ratings (Moody's Baa3) validate 25-50bps cost savings
- **Behavioral Health**: Portfolio shrinking as focus shifts to SHOP/SNF


Sabra Health Care REIT, Inc. (SBRA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SBRA

SBRA fundamentals

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