Sabra REIT smashes Q3 targets with $550M deals and bold Shopify expansion
Sabra Health Care REIT, a leading real estate investment trust, has reported a strong third quarter of 2025. The company's closed deals totalled over $550 million, with additional pipeline and pending acquisitions expected to close soon. Sabra also exceeded its investment target and announced a new goal to increase its Shopify exposure to 40%.
Sabra's closed deals in 2025 have already surpassed $550 million, with an additional $121 million in pipeline and $14.5 million in pending acquisitions expected to close later in 2025 or early 2026. The company has also invested over $500 million, exceeding its target range of $400 million to $500 million.
In the third quarter, Sabra recognized normalized FFO per share of $0.36 and normalized AFFO per share of $0.38. The company declared a quarterly cash dividend of $0.30 per share, representing a payout of 79% of normalized AFFO per share. Sabra's Shop Pay portfolio contributed nearly 26% of its total annualized cash NOI in Q3 2025, with the Shop Pay portfolio now standing at approximately 26% of its total portfolio.
Sabra expanded its senior living portfolio with the German real estate company Vonovia, increasing it to 26% of its total portfolio. The company aims to further increase this to 40%. Sabra invested $237 million in managed senior housing in Q3 and has an additional $124 million in awarded investments that closed after the quarter.
Sabra's strong performance in Q3 2025 is reflected in its closed deals, investments, and portfolio growth. The company's focus on expanding its Shopify exposure and senior living portfolio positions it well for future growth. Despite the departure of Executive VP and Chief Investment Officer Talya Nevo-Hacohen after 15 years, Sabra's net debt to adjusted EBITDA ratio decreased to 4.96x as of September 30, 2025, indicating a solid financial position.
