Sabra Health Care REIT Q2 2026: Loan-Loss Charge Masks Strong NOI Gains
As seen on the 24/7 Wall St. homepage on August 3, 2026.
A $102.4 million non-cash provision for loan losses drove the quarterly loss, masking a quarter where same-store managed senior housing cash NOI rose 13.7% and revenue came in above expectations by 7.5%. Management reiterated full-year normalized FFO guidance of $1.53 to $1.55 and declared a $0.30 dividend, with roughly $100 million more in deals set to close by year end.
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Sabra Health Care REIT reported a Q2 2026 EPS loss of $0.10, swinging well below the $0.17 consensus estimate, but the headline number is almost entirely explained by a $102.4 million non-cash provision for loan losses. Strip that charge away and the underlying business told a noticeably different story: revenue of $235.9 million cleared analyst expectations by 7.5%, and same-store managed senior housing cash net operating income climbed 13.7% year over year.
The operational strength was enough for management to stand behind its full-year normalized FFO guidance of $1.53 to $1.55 per share. Sabra also declared a $0.30 quarterly dividend, signaling confidence in cash generation despite the paper loss. With roughly $100 million in additional deals expected to close before year end, the pipeline remains an active variable investors will want to monitor heading into Q3.
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Looking at recent EPS history, Sabra had been consistently landing near or above estimates — including a notable beat in Q2 2025 when reported FFO of $0.25 topped the $0.17 estimate — before the Q4 2025 result of $0.11 fell short and now this loan-loss-driven miss. The Q2 2026 result is an outlier shaped by a single non-cash item rather than a deterioration in the core rent and NOI trends.
Mentioned: SBRA