SBRA

EX-99.1

2 sbraex9912026q1.htm

Q1 2026 EARNINGS RELEASE

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

SABRA REPORTS FIRST QUARTER 2026 RESULTS; REITERATES 2026 GUIDANCE

TUSTIN, CA, April 29, 2026 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the first quarter of 2026.

FIRST QUARTER 2026 RESULTS AND RECENT EVENTS

•Results per diluted common share for the first quarter of 2026 were as follows:

•Net Income: $0.16

•FFO: $0.37

•Normalized FFO: $0.38

•AFFO: $0.39

•Normalized AFFO: $0.39

•EBITDARM Coverage Summary:

•Skilled Nursing/Transitional Care: 2.46x

•Senior Housing - Leased: 1.58x

•Behavioral Health, Specialty Hospitals and Other: 4.00x

•On a year-over-year basis, same property managed senior housing Cash NOI increased 14.4% for the first quarter of 2026.

•In the first quarter of 2026, Sabra acquired three managed senior housing properties and one skilled nursing facility, and committed to funding a preferred equity investment in the development of one senior housing community for a total of $102.0 million with an average initial cash yield of 8.3%, with $96.0 million invested as of March 31, 2026. Subsequent to quarter end, Sabra closed on two additional managed senior housing properties and committed to funding the redevelopment of a senior housing community, which is subject to a triple-net lease with an existing relationship, for an aggregate consideration of $104.1 million with an average initial cash yield of 7.7%. Investments closed year to date total $206.1 million, with an estimated initial cash yield of 8.0%.

•Sabra has been awarded an additional $200 million of managed senior housing and skilled nursing investments with an estimated initial cash yield of approximately 8.2%, most of which is expected to close during the second quarter. These investments are currently in the Letter of Intent or later stage, and Sabra expects to fund these investments, if consummated, with available liquidity, including proceeds from outstanding forward sales agreements under its current and prior at-the-market equity offering programs (“ATM programs”).

•Subsequent to quarter end, Sabra completed the disposition of three skilled nursing facilities for gross proceeds of $79.4 million, equating to a 6.8% lease yield.

•During the first quarter of 2026, Sabra utilized the forward feature of the ATM program to allow for the sale of up to 6.4 million shares of the Company’s common stock at an initial weighted average price of $20.19 per share. As of March 31, 2026, 23.7 million shares remained outstanding under forward sale agreements at a weighted average price of $19.03 per share, net of commissions.

•As of March 31, 2026, Net Debt to Adjusted EBITDA was 5.04x.

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•On April 29, 2026, Sabra’s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 29, 2026, to common stockholders of record as of the close of business on May 15, 2026.

Commenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “Sabra is pleased to report another quarter with outstanding results. Our year-over-year same-store managed senior housing NOI growth exceeded the two previous quarters as we saw NOI margin growth in our consolidated, unconsolidated and same-store portfolios. Our pipeline remains robust as we closed or have been awarded over $400 million in investments to date, closing in on our investment total for all of 2025. We are also executing on off-market skilled nursing deals with existing operators. Our rent coverage for all triple net asset classes hit new highs, and we are reiterating our full-year guidance.

We appreciate the amazing work happening in the field by all the teams in the facilities. It is a mission-driven business, and their dedication exemplifies that.”

LIQUIDITY

As of March 31, 2026, we had approximately $1.2 billion of liquidity, consisting of unrestricted cash and cash equivalents of $116.5 million, available borrowings under our revolving credit facility of $645.0 million and $451.0 million related to shares outstanding under forward sale agreements under the ATM programs. As of March 31, 2026, we also had $353.4 million available under our current ATM program.

CONFERENCE CALL AND COMPANY INFORMATION

A conference call with a simultaneous webcast to discuss the 2026 first quarter results will be held on Thursday, April 30, 2026, at 10:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/961345479. The dial-in number for U.S. participants is (888) 880-4448. For participants outside the U.S., the dial-in number is (646) 960-0572. The conference ID number is 1382596. A digital replay of the call will be available on the Company’s website at www.sabrahealth.com. The Company’s supplemental information package for the first quarter will also be available on the Company’s website in the “Investors” section.

ABOUT SABRA

sbra-20260212false000149229800014922982026-02-122026-02-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 12, 2026

SABRA HEALTH CARE REIT, INC.

(Exact name of registrant as specified in its charter)

Maryland 001-34950 27-2560479 (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

1781 Flight WayTustin CA 92782 (Address of principal executive offices)(Zip Code)

Registrant's telephone number including area code: (888) 393-8248 (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered Common stock, $0.01 par valueSBRAThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On February 12, 2026, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended December 31, 2025. The press release refers to the Reconciliations of Non-GAAP Financial Measures that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the press release and the Reconciliations of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are specifically incorporated by reference herein.

Item 7.01Regulation FD Disclosure.

The press release furnished herewith as Exhibit 99.1 refers to a supplemental information package that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the supplemental information package is furnished herewith as Exhibit 99.2 and is specifically incorporated by reference herein. Sabra intends to present the materials attached to this report as Exhibit 99.4 in investor presentations. The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the presentation materials include material investor information that is not otherwise publicly available. In addition, Sabra does not assume any obligation to update such information in the future. The information in Items 2.02 and 7.01 of this Form 8-K and the information in Exhibits 99.1, 99.2, 99.3 and 99.4 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of Sabra under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.

99.1Press Release of Sabra Health Care REIT, Inc., dated February 12, 2026.

99.2Sabra Health Care REIT, Inc. Supplemental Information Package, dated December 31, 2025.

99.3Reconciliations of Non-GAAP Financial Measures, dated December 31, 2025.

99.4Investor Presentation.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SABRA HEALTH CARE REIT, INC.

Date: February 12, 2026/S/    MICHAEL COSTA Name: Michael Costa Title: Chief Financial Officer, Treasurer and Executive Vice President

sbra-20251105false000149229800014922982025-11-052025-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 5, 2025

SABRA HEALTH CARE REIT, INC.

(Exact name of registrant as specified in its charter)

Maryland 001-34950 27-2560479 (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

1781 Flight WayTustin CA 92782 (Address of principal executive offices)(Zip Code)

Registrant's telephone number including area code: (888) 393-8248 (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered Common stock, $0.01 par valueSBRAThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On November 5, 2025, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended September 30, 2025. The press release refers to the Reconciliations of Non-GAAP Financial Measures that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the press release and the Reconciliations of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are specifically incorporated by reference herein.

Item 7.01Regulation FD Disclosure.

The press release furnished herewith as Exhibit 99.1 refers to a supplemental information package that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the supplemental information package is furnished herewith as Exhibit 99.2 and is specifically incorporated by reference herein. Sabra intends to present the materials attached to this report as Exhibit 99.4 in investor presentations. The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the presentation materials include material investor information that is not otherwise publicly available. In addition, Sabra does not assume any obligation to update such information in the future. The information in Items 2.02 and 7.01 of this Form 8-K and the information in Exhibits 99.1, 99.2, 99.3 and 99.4 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of Sabra under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.

99.1Press Release of Sabra Health Care REIT, Inc., dated November 5, 2025.

99.2Sabra Health Care REIT, Inc. Supplemental Information Package, dated September 30, 2025.

99.3Reconciliations of Non-GAAP Financial Measures, dated September 30, 2025.

99.4Investor Presentation.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SABRA HEALTH CARE REIT, INC.

Date: November 5, 2025/S/    MICHAEL COSTA Name: Michael Costa Title: Chief Financial Officer, Secretary and Executive Vice President