secwatch.observer — SEC 8-K summary
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Issuer:     Sabra Health Care REIT, Inc. (SBRA)
CIK:        0001492298
Form:       8-K
Filed at:   2026-07-21T13:05:09+00:00
Accession:  0001492298-26-000023
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1492298/000149229826000023/0001492298-26-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1492298/000149229826000023/sbra-20260721.htm
  HTML page:      https://secwatch.observer/filing/0001492298-26-000023

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