Sabra raises FY 2026 Normalized FFO guidance 7% YoY; re-tenants 26 Avamere properties

Sabra Health Care REIT, Inc.

Entered LOI to re-tenant all 26 Avamere properties; 22 to Cascadia, 4 to existing tenant; annual cash rent expected $53M (up ~30% from $41M).
RCA mortgage settled for $200M cash repayment (vs $300M face); closed June 30, 2026; proceeds used to reduce revolver.
Net Debt to EBITDA pro forma declines from 5.0x to 4.8x; behavioral health concentration drops from 13% to 9% of cash NOI.
Full-year 2026 Normalized FFO guidance raised to $1.53-$1.55 per share (7% YoY increase at midpoint); AFFO guidance $1.58-$1.60.
Smaller portfolio initiatives expected to add over $9M annual cash NOI on run-rate basis.

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