The following is a summary of the Sabra Health Care REIT, Inc. (SBRA) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Sabra Health Care REIT reported normalized FFO per share of $0.35 and normalized AFFO per share of $0.37, showing a year-over-year growth of 9%.

• Cash rental income from the triple-net portfolio totaled $91.8 million for the quarter, reflecting a better performance than anticipated.

• Net debt to adjusted EBITDA ratio was 5.3 times as of September 30, 2024, showing ongoing balance sheet strength and improvement.

Business Progress:

• Continued improvement across all primary asset classes, with sequential growth in occupancy and skilled mix in the SNF portfolio.

• Investments for the quarter totaled just under $100 million, with a focus on high-quality investments and good yields.

• The managed senior housing portfolio showed strong quarter results with significant increases in occupancy and cash NOI.

• Provided full-year 2024 guidance with an increase at the midpoint of normalized FFO per share and normalized AFFO per share.

Opportunities:

• Expected growth in 2025 driven by strong performance and strategic investments in senior housing and skilled nursing facilities.

• Growth in the investment pipeline with an uptick in skilled nursing opportunities and the pursuit of high-quality assets.

Risks:

• Variability in occupancy rates and the impact of economic factors on investment and operational performance.

• Regulatory risks including potential changes which could impact operational metrics and compliance costs negatively.

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