Financial Data and Key Metrics Changes - Sabra's normalized FFO per share for Q4 2025 was $0.36, and normalized AFFO per share was $0.38, totaling $91.2 million and $95.2 million respectively for the quarter [12][15] - Cash NOI from the triple net portfolio decreased by $1.3 million sequentially, while cash NOI from the managed senior housing portfolio increased by $5.5 million, resulting in a net increase of $4.2 million [12][13] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a revenue growth of 15.8% and cash NOI growth of 18.4%, with margin expansion of 60 basis points [8] - The same-store managed senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [10] - The skilled nursing portfolio achieved an all-time high in rent coverage and increased occupancy [7] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [10] - The domestic portfolio occupancy increased by 80 basis points to 84.7% during the same period [10] Company Strategy and Development Direction - The company expects strong NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [5] - Sabra's investment activity is projected to exceed the volume of 2025 investments, with a robust pipeline and $240 million of awarded deals expected to close in Q1 and early Q2 2026 [6][9] - The company continues to focus on SHOP investments, which represent approximately 95% of the investment opportunities being pursued [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth prospects, citing industry tailwinds and a robust pipeline [10] - The regulatory environment remains stable, and management does not foresee significant changes impacting operations [7][82] - The company anticipates continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels [24] Other Important Information - The board declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of the fourth quarter normalized AFFO per share [20] - The company has ample liquidity of approximately $1.2 billion, consisting of cash and available borrowings [19] Q&A Session Summary Question: Can you provide insights on same-store growth and long-term prospects? - Management expects continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels, with potential for rate growth [24][25] Question: What is the status of the RCA loan and tenant health? - The RCA loan is being serviced appropriately, and discussions with the equity sponsor are ongoing, indicating tenant health is stable [27][30] Question: What are the expectations for maintenance CapEx in 2026? - Maintenance CapEx is expected to remain at similar levels, with non-maintenance CapEx projected in the $20-$30 million range [32] Question: How is the investment landscape changing? - The investment activity is significantly weighted towards SHOP, with continued competition but opportunities for high-quality assets at good yields [58] Question: What is the outlook for occupancy growth in Canada? - The Canadian portfolio is expected to continue its growth trajectory, with lower construction rates compared to the U.S. market [52] Question: How does the company view the complexity of operating in the SHOP space? - Management acknowledges the complexities of operating in the SHOP space, emphasizing the importance of experienced operators and continuous improvement in management practices [88][91]

Financial Data and Key Metrics Changes - Sabra reported normalized FFO per share of $0.36 and normalized AFFO per share of $0.38 for Q4 2025, totaling $91.2 million and $95.2 million respectively [12][14] - Cash NOI from the triple net portfolio decreased by $1.3 million sequentially, while cash NOI from the managed senior housing portfolio increased by $5.5 million, resulting in a net increase of $4.2 million [12][13] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a sequential revenue growth of 15.8% and cash NOI growth of 18.4%, with margin expansion of 60 basis points [7] - The same-store senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [9] - The skilled nursing portfolio achieved increased rent coverage and occupancy, reaching an all-time high [6] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [9] - The domestic portfolio occupancy increased by 80 basis points to 84.7% during the same period [10] - RevPOR in Q4 2025 rose by 4.2% year-over-year, with the Canadian portfolio increasing by 5.2% [10] Company Strategy and Development Direction - The company expects strong NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [4] - Sabra completed approximately $450 million in investments for 2025 and anticipates exceeding this volume in 2026 [5] - The company is focusing on maintaining a robust pipeline of investments, with $240 million of awarded deals expected to close in Q1 and early Q2 2026 [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth potential of the senior housing portfolio, citing industry tailwinds and a robust pipeline [10] - The regulatory environment remains stable, and the company expects to see continued occupancy growth in its same-store portfolio [6][15] - Management noted that the Canadian market is ahead of the U.S. market in recovery, with lower construction rates contributing to occupancy growth [10][50] Other Important Information - The board declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of the fourth quarter normalized AFFO per share [20] - The company has ample liquidity of approximately $1.2 billion, consisting of unrestricted cash and available borrowings [19] Q&A Session Summary Question: Can you provide insights on same-store growth and future prospects? - Management expects continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels [24] Question: What is the status of the RCA loan and its impact on guidance? - The RCA loan is being serviced appropriately, and guidance assumes the lease remains in place [28] Question: How is the investment landscape changing, particularly regarding skilled nursing? - The majority of the $240 million awarded transactions are focused on SHOP, with minimal skilled nursing investments expected [57] Question: What is the expected maintenance CapEx for 2026? - Maintenance CapEx is expected to remain at similar levels, with non-recurring CapEx projected in the $20-$30 million range [33] Question: How does the company view the competitive landscape in the SHOP sector? - The company acknowledges increased competition but continues to find high-quality assets at attractive yields [58]

Core Insights - CareTrust REIT experienced significant growth in 2025, with a market cap increase of 61% to $8.2 billion and a total shareholder return of approximately 439% over ten years [1][3] - The company is focused on strategic expansion, including entering the UK care home market and enhancing its operational capabilities [2][5] - The skilled nursing and senior housing environments are stable, with expectations for continued growth in 2026 [5][20] Financial Performance - In Q4 2025, normalized FFO increased by 42.7% to $104.1 million, and normalized FAD rose by 38.7% to $103 million [13] - For the full year, normalized FFO per share increased by 17.3% to $1.76, while normalized FAD per share also increased by 14.3% to $1.76 [13][14] - The company anticipates normalized FFO per share for fiscal year 2026 to be between $1.90 and $1.95, representing a year-over-year increase of 9.4% [14] Investment Strategy - CareTrust REIT's investment pipeline is robust, currently estimated at approximately $500 million, with a focus on UK care homes and skilled nursing facilities [10][22] - The company completed $562 million in investments during Q4, including its first SHOP deal, and has closed an additional $215 million in investments since year-end [8][9] - The company maintains a disciplined underwriting framework and aims for low double-digit IRR on investments [12][38] Market Environment - The skilled nursing operating environment is stable, with improved labor conditions and regulatory support, leading to optimistic growth prospects [20] - Competition in the SHOP sector is increasing, with cap rates compressing as more investors seek exposure [12][23] - The company is leveraging its strong operator relationships to identify off-market opportunities and maintain a competitive edge [43]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO increased 42.7% over the prior quarter to $104.1 million, and normalized FAD increased 38.7% to $103 million [16] - On a per-share basis, normalized FFO increased $0.07, or 17.5%, to $0.47 per share, and normalized FAD increased $0.05, or 12.2%, to $0.46 per share [16] - For the full year, normalized FFO per share increased $0.26, or 17.3%, to $1.76 per share, and normalized FAD increased $0.22, or 14.3%, to $1.76 per share [16] Business Line Data and Key Metrics Changes - In Q4, approximately $562 million of investments were completed, including the first SHOP deal involving three communities in Texas with 270 assisted living and memory care units [12] - The blended stabilized yield on Q4 investments was 8.8% [12] - Since year-end, another approximately $215 million of investments were closed, including 6 skilled nursing facilities and 2 care homes in the UK [13] Market Data and Key Metrics Changes - The investment pipeline remains strong at approximately $500 million, with about half in UK care homes, a third in skilled nursing, and the remainder in a small SHOP deal and loans [14] - The competition in the SHOP segment is noted to be the most intense, with cap rates compressing as investors seek exposure to operating trends [14][35] Company Strategy and Development Direction - The company aims to be a unique healthcare REIT focused on disciplined investments in assets and operators that can significantly impact senior housing and care [11] - The strategic push into the UK care home market and the expansion of SHOP capabilities are key growth engines for the company [10][15] - The company is committed to maintaining a strong balance sheet while pursuing external growth opportunities [19][60] Management's Comments on Operating Environment and Future Outlook - The skilled nursing operating environment is described as stable and supportive, with operators eager to return to growth mode [9][25] - Management expresses confidence in achieving substantial growth in 2026, supported by a deeper and more capable team and new market opportunities [10][42] - The company anticipates a year-over-year increase in normalized FFO per share guidance for fiscal year 2026 of $1.90-$1.95, representing a 9.4% increase [18] Other Important Information - The company sold 6.5 million shares on a forward basis at an average price of $37.30, generating gross proceeds of approximately $242.5 million [17] - The company maintains low leverage with net debt to EBITDA of 0.7 times and a fixed charge coverage ratio of 10.5 times as of year-end [19] Q&A Session Summary Question: Guidance and expectations for the pipeline going forward - Management indicated that they are seeing consistent inbound interest in SHOP deals and are evaluating both large and small opportunities [22][23] Question: Sustainability of coverage levels in skilled nursing facilities - Management believes the skilled nursing environment is currently strong, with operators ready to grow and occupancy levels providing room for improvement [25] Question: Focus of data analytic hires - The data science team is primarily focused on enhancing SHOP capabilities but will impact the entire organization [30] Question: Details on the investment pipeline - The pipeline consists of approximately half UK care homes, a third US skilled nursing, and a mix of SHOP and other deals [34] Question: Competitive landscape in property types - SHOP is noted as the most competitive segment, with significant capital pursuing deals [35] Question: Future funding strategies - Management plans to balance between equity issuances and utilizing balance sheet capacity as opportunities arise [59]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO increased by 42.7% over the prior quarter to $104.1 million, while normalized FAD increased by 38.7% to $103 million [15] - On a per-share basis, normalized FFO increased by $0.07, or 17.5%, to $0.47 per share, and normalized FAD increased by $0.05, or 12.2%, to $0.46 per share [15] - For the full year, normalized FFO per share increased by $0.26, or 17.3%, to $1.76 per share, and normalized FAD increased by $0.22, or 14.3%, to $1.76 per share [15] Business Line Data and Key Metrics Changes - In Q4, the company completed approximately $562 million of investments, including its first SHOP deal, which involved three communities in Texas totaling 270 assisted living and memory care units [11] - The blended stabilized yield on Q4 investments was 8.8% [11] - Since year-end, the company has closed on approximately $215 million of investments, including six skilled nursing facilities and two care homes in the UK [12] Market Data and Key Metrics Changes - The investment pipeline remains strong at approximately $500 million, with about half in UK care homes, a third in skilled nursing, and the remainder in a combination of SHOP deals and loans [12][35] - The skilled nursing operating environment is stable and largely supportive across most states, with the senior housing environment in both the U.S. and U.K. also stable and gaining strength [8] Company Strategy and Development Direction - The company aims to be a unique healthcare REIT focused on disciplined investments in assets and operators that can significantly impact senior housing and care [10] - The company has doubled its team and added capabilities in areas like tax and data science to support long-term growth [6] - The strategic push into the UK care home market and the SHOP segment is seen as a significant growth opportunity [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the skilled nursing environment, noting improvements in labor conditions and regulatory frameworks [25] - The company anticipates a substantial year of external growth, supported by a strong balance sheet and access to capital [9][19] - Initial guidance for fiscal year 2026 indicates normalized FFO per share of $1.90-$1.95, representing a year-over-year increase of 9.4% [17] Other Important Information - The company sold 6.5 million shares on a forward basis at an average price of $37.30, generating gross proceeds of approximately $242.5 million [16] - The company maintains low leverage with net debt to EBITDA of 0.7 times and a fixed charge coverage ratio of 10.5 times [19] Q&A Session Summary Question: Guidance and expectations for the pipeline going forward - Management indicated that they are seeing consistent inbound interest in SHOP deals and are open to both large and small opportunities [22][23] Question: Sustainability of coverage levels in skilled nursing facilities - Management believes the skilled nursing environment is strong, with operators eager to grow and occupancy levels providing room for improvement [25][26] Question: Focus of data analytic hires - The data science team is primarily focused on enhancing SHOP capabilities but will impact the entire organization [31] Question: Details on the investment pipeline - The pipeline consists of approximately half UK care homes, a third US skilled nursing, and the remainder in SHOP and loans [35] Question: Competitive landscape in property types - SHOP is noted as the most competitive segment, with significant capital pursuing deals [36] Question: Future funding strategies - Management plans to balance between equity issuances and utilizing balance sheet capacity as opportunities arise [60][61] Question: Underwriting criteria within SHOP - The company continues to seek low double-digit IRR and evaluates each deal's path to achieving that, despite cap rate compression [59]

Core Insights - CareTrust REIT (NASDAQ: CTRE) focuses on acquiring, financing, and managing healthcare-related properties, primarily investing in skilled nursing, assisted living, and independent living facilities [1] - BMO Capital has set a price target of $43 for CTRE, indicating a potential upside of 16.44% from its current trading price of $36.93 [1][5] Institutional Investment Activity - Asset Management One Co. Ltd. increased its stake in CareTrust REIT by 6.9% during the third quarter, now holding 437,249 shares valued at $15.2 million, reflecting a positive outlook on CTRE's future performance [2] - Invesco Ltd. significantly increased its holdings in CTRE by 201.8%, now owning 3,772,350 shares valued at $115.4 million [2] - Daiwa Securities Group Inc. expanded its position in CareTrust REIT by an impressive 2,245.5% in the second quarter, indicating growing interest and confidence in CTRE's potential for growth [3] Stock Performance and Market Position - CareTrust REIT's stock has traded between a low of $36.35 and a high of $37.50 today, with a yearly range of $24.79 to $38.32, indicating volatility [4] - The company's market capitalization is approximately $7.14 billion, with a trading volume of 1,060,757 shares on the NYSE, suggesting it is a significant player in the healthcare REIT sector [4]

Core Viewpoint - CareTrust REIT, Inc. announced the acquisition of six skilled nursing facilities in the Mid-Atlantic for approximately $142 million, effective January 1, 2026 [1] Group 1: Acquisition Details - The acquisition includes a portfolio of 532 licensed beds [1] - The facilities will be operated by a new tenant under a long-term triple net lease [1] - The lease features annual inflation-based rent escalators and multiple renewal options [1]

Core Insights - American Healthcare REIT, Inc. (NYSE:AHR) is recognized as one of the 14 best up-and-coming dividend stocks to buy [1] - Morgan Stanley has increased its price target for AHR to $55 from $52, maintaining an Overweight rating, indicating growing confidence in the company's performance in the senior housing sector [2] - For Q3 2025, AHR reported a GAAP net income of $55.9 million, or $0.33 per diluted share, with same-store NOI increasing by 16.4% [3] - The company has been active in acquisitions, closing approximately $210.8 million in deals during the quarter and over $575 million year-to-date [3] - AHR has partnered with WellQuest Living and has a development pipeline projected to cost around $177 million [4] - The company raised its full-year 2025 normalized FFO guidance to a range of $1.69 to $1.72 per diluted share, up from a previous range of $1.64 to $1.68, reflecting better-than-expected organic growth [4] - AHR focuses on healthcare real estate, particularly in senior housing, skilled nursing facilities, and outpatient medical properties across the US, UK, and Isle of Man [5]

Core Viewpoint - Strawberry Fields REIT, Inc. reported strong operating results for Q3 2025, highlighting significant growth in rental revenues and funds from operations, driven by strategic acquisitions and lease renewals [1][3][5]. Financial Highlights - Total rental revenues increased by $10.3 million or 35% compared to Q3 2024, primarily due to the acquisition of 27 additional properties and a new master lease in Kentucky [5][10]. - Funds from Operations (FFO) for Q3 2025 was $20.7 million, up from $15.2 million in Q3 2024, while Adjusted Funds from Operations (AFFO) rose to $18.1 million from $14.3 million [5][23]. - Net income increased to $8.9 million in Q3 2025 from $6.9 million in Q3 2024, attributed to higher rental income and property acquisitions [9][13]. Acquisitions and Growth Strategy - The company completed several key acquisitions, including nine skilled nursing facilities in Missouri for $59 million, which are expected to generate an additional $5.5 million in annual rents [7]. - Additional acquisitions included a skilled nursing facility in Oklahoma for $4.25 million and a healthcare facility in Missouri for $5.3 million, both contributing to increased rental income [7]. Expense Overview - Depreciation and amortization expenses increased by $3.5 million or 42% due to new property acquisitions, partially offset by reduced depreciation from fully depreciated assets [6][11]. - Interest expense rose by $4.4 million or 51%, primarily due to new commercial bank loans and bond issuances [8][12]. Year-to-Date Performance - For the nine months ended September 30, 2025, total rental revenues increased by $28.3 million or 33% compared to the same period in 2024 [10]. - Year-to-date FFO was $58.9 million, up from $44.6 million in the previous year, with AFFO increasing to $53.4 million from $41.6 million [23].

Core Insights - CareTrust REIT, Inc. announced the closing of transactions totaling approximately $437 million [1] - The company acquired 12 skilled nursing facilities and one skilled nursing campus located in the Southeast and Mid-Atlantic regions [1] - The combined portfolio includes around 1,760 licensed skilled nursing beds and assisted living units [1]