Sabra Health Care REIT (SBRA) said Tuesday it has signed letters of intent to re-tenant all of its 26 properties leased to healthcare company Avamere.

Under the deal, 22 properties will be transitioned to subsidiaries of healthcare operator Cascadia Healthcare, while the other four would be transitioned to subsidiaries of an existing Sabra tenant, the company said.

The combined annualized cash rent of the portfolio is expected to be $53 million, a nearly 30% increase from the $41 million received from Avamere during the trailing 12-month period ending March 31, the company said.

The transition is expected to be completed during the second half of the year.

The company also raised its 2026 guidance for adjusted funds from operations to a range of $1.59 to $1.61 per diluted share, from previous guidance of $1.55 to $1.59.

Sabra Health Care REIT shares were 5.5% higher in Tuesday trading.

Price: 20.91, Change: +0.91, Percent Change: +4.55