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SBRABullishCorporate Developmentsnews

High materiality8/10

Sabra re-tenanting Avamere portfolio, elevates 2026 guidance, lowers leverage

Jul 21, 2026, 9:08 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Material rent uplift and NOI improvements, debt reduction, and raised guidance are likely to lift the stock on positive fundamentals in the near term, particularly as 2H2026 closings occur. Historically, REITs respond favorably to portfolio optimization and debt reduction when paired with earnings upgrades.

AI summary

What happened, with direct paths to the underlying reporting

Sabra announced LOIs to re-tenant 26 Avamere properties, with 22 transitioning to Cascadia and 4 to Sabra’s existing tenant, closing expected in 2H2026 and lifting annualized rent to about $53 million. The RCA mortgage payoff reduces leverage to 4.8x and cuts behavioral health concentration to 9% of cash NOI, supporting stronger FFO/AFFO guidance for 2026.

26 Avamere properties LOIs signed to re-tenant.
22 properties to Cascadia; 4 to Sabra's existing tenant.
Annualized rent to $53M; trailing was $41M (as of 3/31/2026).
RCA mortgage payoff reduces debt; Net Debt/EBITDA to 4.8x.

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