Sabra Health Care REIT, Inc. (SBRA) SEC Filings & Earnings Calls

Large provision for loan losses indicates credit quality deterioration in portfolio.

“Provision for (recovery of) loan losses and other reserves $102,445 vs ($227) prior year.” · word for word

Net loss driven by non-cash charges; core FFO growth positive.

“Net loss of $25.2M but Normalized FFO increased to $98.2M.”

Large credit loss on mortgage loan

“On June 30, 2026, the Company received a reduced cash payment of $200.0 million in full satisfaction of the $300.0 million Recovery Centers of America mortgage loan, resulting in a write-off of $100.0 million.” · word for word

Elevated provision for loan losses

“Provision for (recovery of) loan losses and other reserves $ 102,445 $ (227)”

Net loss in Q2 2026

“Net (loss) income attributable to Sabra Health Care REIT, Inc. $ (25,202) $ 65,542” · word for word

Avamere transition execution risk; tenant transitions may face delays or operational issues.

“Transition is expected to be completed during the second half of 2026.” · word for word

Interest rate exposure

“Interest expense increased to $28.4M from $27.1M YoY; significant variable-rate debt on revolving credit facility.”

Operating cost inflation in managed portfolio

“Senior housing - managed portfolio operating expenses increased to $81.9M from $56.5M YoY, outpacing revenue growth.”

No material risk signals identified in this earnings release.

Key person succession risk mitigated

“Ms. Nevo-Hacohen retired effective December 31, 2025, and currently serves in a consulting role for Sabra to ensure her many years of expertise provide ongoing continuity for the investment function.” · word for word

Interest Rate Sensitivity

“An increase in market interest rates could increase our interest costs on borrowings on our Revolving Credit Facility and future debt and could adversely affect our stock price.” · word for word

Labor Cost and Shortage

“A shortage of caregivers or other trained personnel, minimum staffing requirements or general inflationary pressures on wages has and may continue to force tenants, borrowers and Senior Housing - Managed communities to enhance pay and benefits packages to compete effectively for skilled personnel” · word for word

Reimbursement Risk

“The reduction in reimbursement rates from third-party payors, including insurance companies and the Medicare and Medicaid programs, or other measures reducing reimbursements for services provided by our tenants and borrowers, may result in a reduction in our tenants’ and borrowers’ revenues and operating margins.” · word for word

Guidance assumes no tenants placed on cash-basis or moved to accrual-basis after Dec 31, 2025

“no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after December 31, 2025” · word for word

Tenant credit risk from potential cash-basis revenue recognition changes.

“Guidance assumes no tenants are placed on cash-basis or moved to accrual-basis after September 30, 2025.”

Impairment risk from portfolio repositioning

“The Company continues to evaluate additional assets for sale as part of its initiative to recycle capital and further improve its portfolio quality. This could lead to a shorter hold period for such assets and could result in the determination that the full amount of the Company's investment in such assets is not recoverable, resulting in an impairment charg” · word for word

Interest rate exposure

“Unrealized loss on cash flow hedges of $28.9 million for the nine months ended September 30, 2025.”