Sabra(US:SBRA)2026-02-12 21:05Financial Performance - Net income attributable to Sabra Health Care REIT, Inc. for Q4 2025 was $27.2 million, compared to $46.7 million in Q4 2024, reflecting a decrease of approximately 41% year-over-year[7] - Net income for the quarter ended December 31, 2025, was $27,147, compared to $46,695 in the same quarter of 2024, indicating a decrease of 41.6%[14] - Net income for the year ended December 31, 2025, was $155.510 million, with a net loss of $154.616 million attributed to corporate expenses[20] - Total net income for the year ended December 31, 2025, was $155.510 million, with a net loss of $(154.616) million in corporate[25] Cash Flow and Income - Cash rental income for Q4 2025 was $87.5 million, slightly down from $90.0 million in Q4 2024[12] - Cash Net Operating Income (NOI) for the year was $517.330 million, reflecting a pro rata Cash NOI of $312.318 million[25] - Cash Net Operating Income - pro rata for the quarter ended December 31, 2025, was $133,621, compared to $24,148 in the same quarter of 2024, showing significant growth[17] - Cash NOI growth for the triple-net portfolio is projected to be low-single-digit at the midpoint, while same-store Senior Housing - Managed portfolio is expected to grow in the low to mid-teens[5] Expenses and Adjustments - General and administrative expenses for 2026 are estimated at $52 million, which includes $12 million of stock-based compensation expense[5] - Stock-based compensation expense for Q4 2025 was $3.1 million, compared to $2.5 million in Q4 2024[7] - Depreciation and amortization for the quarter ended December 31, 2025, totaled $51,405, up from $12,538 in the same quarter of 2024[17] - Depreciation and amortization expenses totaled $186.996 million, with $81.358 million from skilled nursing and $71.745 million from senior housing[20] Operational Metrics - The company reported an Adjusted EBITDA of $123.9 million for Q4 2025, with an annualized figure of $495.6 million[9] - Adjusted EBITDA is a key performance measure, excluding merger-related costs and stock-based compensation, highlighting operational efficiency[28] - The company emphasizes the importance of Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) as indicators of ongoing operational results[34] - The weighted average share count for Normalized FFO and Normalized AFFO is projected to be 255 million and 256 million, respectively, for 2026[5] Debt and Liabilities - Net Debt as of December 31, 2025, was $2.48 billion, with a Net Debt to Adjusted EBITDA ratio of 5.00x[9] - Interest expenses amounted to $112.489 million, with $110.892 million attributed to corporate[20] - The company reported a loss on extinguishment of debt of $1.154 million, impacting overall financial performance[20] Joint Ventures and Other Income - Income from unconsolidated joint ventures for the quarter ended December 31, 2025, was $(1,652)[17] - The company’s share of unconsolidated joint ventures' Net Operating Income was $4,061 for the quarter ended December 31, 2025[17] - The company’s share of unconsolidated joint ventures' Net Operating Income was $15.010 million, contributing to overall performance metrics[25] Real Estate and Asset Management - The company reported a net loss on sales of real estate amounting to $9,063 for the quarter ended December 31, 2025[17] - Impairment of real estate was recorded at $7.322 million, indicating potential asset devaluation[20] - Non-cash revenue and expense adjustments resulted in a net adjustment of $(1.075) million, affecting the cash flow statement[22] - The annualized effect of acquisitions and lease modifications contributed to the adjustments needed for Cash Net Operating Income representation[23]