Sabra Health Care REIT Q3 2026: Senior Housing Bet Pays Off Big
As seen on the 24/7 Wall St. homepage on November 2, 2026.
Sabra's pivot into operating senior housing is paying off faster than Wall Street modeled: same-property SHOP cash NOI rose 14.6% year over year. Management raised full-year normalized FFO guidance to $1.54 to $1.55 a share.
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Sabra Health Care REIT posted third-quarter 2026 adjusted Normalized FFO of $0.39 per diluted share, beating expectations on the strength of its expanding Senior Housing Operating Portfolio.
Sabra grew that portfolio to 101 communities, up from 83 a year ago, and same-property SHOP Cash NOI rose year over year.
Sabra has closed $747.2 million in deals year to date and holds additional awarded investments in the pipeline, most of it SHOP. CEO Rick Matros said the company does not foresee any barriers that would slow the shift in portfolio mix toward SHOP.
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Management raised full-year Normalized FFO guidance to $1.54 to $1.55 per share and is targeting SHOP concentration near 40% of the portfolio by year-end 2026, rising to 50% by the end of 2027.
Net Debt to Adjusted EBITDA declined to 4.54x, signaling that the triple-net book underpinning the SHOP transition remains on solid footing. Investors keeping an eye on the stock will want to track whether the awarded pipeline converts to closed deals before year-end.
Mentioned: SBRA