Every material Form 8-K Sabra Health Care REIT filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Sabra Health Care REIT reported third-quarter 2025 total revenues of $190.0 million, up from $178.0 million a year earlier, while diluted net income fell to $0.09 per share from $0.13. The company updated its 2025 earnings guidance and reported normalized FFO of $0.36 per diluted share, up from $0.35, which shows the mixed picture for shareholders.
Total revenues were $190.0 million for the quarter ended September 30, 2025, versus $178.0 million a year earlier.
Diluted net income was $0.09 per share versus $0.13 a year earlier; normalized FFO was $0.36 per share versus $0.35.
2025 guidance was updated to net income of $0.655 to $0.665 per diluted share and normalized FFO of $1.455 to $1.465 per diluted share.
Board declared a quarterly dividend of $0.30 per share, payable November 28, 2025, to holders of record on November 17, 2025.
Sabra Health Care REIT entered an equity distribution agreement allowing it to sell up to $750.0 million of common stock through agents and forward sale agreements, replacing a prior $500.0 million program from February 2023. The company intends to use net proceeds to repay debt, fund possible future investments and for general corporate purposes, which could dilute existing shareholders if shares are issued.
New at-the-market program covers up to $750.0 million in gross offering price, with agent compensation up to $11.25 million.
Prior 2023 program of $500.0 million was terminated on August 5, 2025; $109.3 million of unsold shares and $266.5 million under outstanding forward sale agreements remain.
Forward sale agreements can be settled within one year; the company may settle in shares, cash or net shares, and it will receive no proceeds from forward shares until settlement.
Sabra Health Care REIT reported second-quarter 2025 net income of $0.27 per diluted share, up from $0.10 a year earlier, on total revenues of $189.2 million versus $176.1 million. It also issued 2025 guidance ranges, including net income of $0.77 to $0.79 per share and normalized FFO of $1.45 to $1.47 per share. The filing does not state the prior guidance, so the direction of the update cannot be determined from it.
Q2 2025 net income was $0.27 per diluted share versus $0.10 in Q2 2024; total revenues were $189.2 million versus $176.1 million.
Normalized FFO was $0.37 per diluted share versus $0.35; normalized AFFO was $0.38 versus $0.36.
2025 guidance: net income $0.77 to $0.79 per share; normalized FFO $1.45 to $1.47 per share.
Board declared a quarterly dividend of $0.30 per share on August 4, 2025, payable August 29, 2025 to holders of record on August 15, 2025.
Sabra's operating partnership entered into a $500.0 million unsecured term loan on July 30, 2025, with an accordion feature that can raise total available borrowings to $1.0 billion. On July 31, 2025, the partnership redeemed all $500.0 million of its 5.125% Senior Notes due 2026, so the new loan refinances that debt.
Term loan of $500.0 million matures July 30, 2030; the accordion can increase total available borrowings to $1.0 billion, subject to terms.
Interest is SOFR-based or Base Rate plus a ratings-based margin of 0.800% to 1.600% for SOFR borrowings and 0.000% to 0.600% for Base Rate borrowings.
Interest rate swaps with $500.0 million notional fix the SOFR portion at a weighted average 3.44%, for an effective Term Loan rate of 4.64% through July 30, 2030.
The 2026 Notes were redeemed at 100.575% of principal plus accrued and unpaid interest.
Sabra Health Care REIT reported first quarter 2025 net income of $40.3 million, or $0.17 per diluted share, up from $26.3 million, or $0.11, a year earlier. Total revenues rose to $183.5 million from $166.7 million, and the company reiterated its 2025 guidance. The results show year-over-year growth in both revenue and profit, with normalized FFO per diluted share up slightly to $0.35 from $0.34.
Net income was $40.3 million ($0.17 per diluted share) for Q1 2025, versus $26.3 million ($0.11) in Q1 2024.
Total revenues were $183.5 million, versus $166.7 million in Q1 2024.
FFO per diluted share was $0.36, versus $0.32; normalized FFO per diluted share was $0.35, versus $0.34.
Board declared a quarterly cash dividend of $0.30 per share, payable May 30, 2025, to holders of record as of May 16, 2025.
Sabra Health Care REIT said Chief Investment Officer Talya Nevo-Hacohen will retire effective December 31, 2025, and Executive Vice President Darrin Smith is expected to take the CIO role effective January 1, 2026. Nevo-Hacohen will serve as an independent consultant through December 31, 2027, for an annual fee of $900,000, which the filing describes as a planned transition.
Talya Nevo-Hacohen retires as Chief Investment Officer and Treasurer effective December 31, 2025
Darrin Smith, Executive Vice President, Investments, expected to become Chief Investment Officer effective January 1, 2026
Consulting Agreement dated March 20, 2025 provides an annual consulting fee of $900,000 and runs through December 31, 2027
Filing contains no financial results or guidance; Chair and CEO Rick Matros signed the report
Sabra Health Care REIT reported fourth-quarter 2024 net income of $46.7 million, or $0.19 per diluted share, compared with $17.2 million, or $0.07, a year earlier, and total revenues of $182.3 million versus $163.4 million. The company also introduced 2025 per-share earnings guidance, with Normalized AFFO expected at $1.48 to $1.51, above its 2024 Normalized AFFO of $1.44.
Q4 2024 total revenues $182.3 million, up from $163.4 million; net income $46.7 million, up from $17.2 million
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
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