Sabra Health Care REIT, Inc. 8K

Sabra Health Care REIT, Inc. issued a business update detailing the re-tenanting of its Avamere portfolio, a discounted payoff of its RCA mortgage, multiple NOI-accretive portfolio actions, and an increase to its full-year 2026 financial guidance.

Sabra Health Care REIT, Inc. announced a comprehensive business update including the planned re-tenanting of all 26 properties currently leased to Avamere, with 22 facilities to be transitioned to subsidiaries of Cascadia Healthcare and four to an existing Sabra tenant, which is expected to raise combined annualized cash rent for this portfolio to approximately $53 million, nearly 30% above the trailing-twelve-month rent from Avamere, with transitions targeted for completion in the second half of 2026. The company also reported that it has closed or agreed to several smaller portfolio actions such as re-tenantings, rent resets and lease amendments that are projected to collectively increase annual run-rate cash NOI by more than $9 million versus the twelve-month period ended March 31, 2026. Additionally, Sabra and Recovery Centers of America agreed to a reduced cash repayment of $200 million, received June 30, 2026, in full satisfaction of a $300 million mortgage maturing November 1, 2026, with proceeds used to pay down Sabra’s revolving credit facility, lowering pro forma Net Debt to EBITDA from 5.0x to 4.8x and reducing behavioral health concentration from 13% to 9% of annualized cash NOI. Incorporating these developments and year-to-date performance, Sabra raised its full-year 2026 per-share guidance, now expecting net income of $0.37–$0.39, FFO of $1.12–$1.14, normalized FFO of $1.53–$1.55, AFFO of $1.58–$1.60 and normalized AFFO of $1.59–$1.61, underpinned by assumed low-single-digit cash NOI growth in the triple-net portfolio, low-to-mid-teens cash NOI growth in the same-store Senior Housing – Managed portfolio, $61 million of G&A (including $13 million stock-based compensation), $104 million of cash interest expense and a weighted average share count of 258–259 million.

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1492298

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Form

8K

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sec

Accession

0001492298-26-000023

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7