Sabra Health Care REIT (SBRA) Q3 2026 Earnings
Normalized FFO per diluted share ($0.39) excludes a $10.2 million deferred rent payment related to a triple-net lease. GAAP diluted EPS of $0.11 includes an $8,065 thousand net loss on sales of real estate, $6,200 thousand of write-offs of straight-line rental income receivable and lease intangibles, and a $2,368 thousand provision for loan losses and other reserves.
How Did SBRA Stock React to Q3 2026 Earnings?
Did SBRA Beat Earnings? Q3 2026 Results
Yes. Sabra Health Care REIT reported Q3 2026 earnings of $0.39 a share on Nov 2, 2026, beating the $0.17 consensus estimate by 136.4%. Revenue was $249.6M against a $236.4M estimate.
Sabra Health Care REIT delivered a standout third quarter, posting adjusted Normalized FFO of $0.39 per diluted share against a consensus estimate of $0.17, a beat of 136.36%, while revenue of $249.56 million topped estimates by 5.58% and climbed 31.3% year over year. The primary engine behind those results was the continued build-out of Sabra's Senior Housing Operating Portfolio, which expanded to 101 communities and 10,540 units from 83 communities a year ago; same-property SHOP Cash NOI rose 14.6% year over year as same-store occupancy reached 89.2%. Investment activity reinforced the growth story, with $747.20 million in deals closed year to date at an estimated 8.0% yield and an additional $425.00 million of awarded investments in the pipeline. Analysts carrying a "Moderate Buy" consensus and an average price target near $21.50 will now weigh the company's raised full-year guidance, which calls for Normalized FFO of $1.54 to $1.55 per share, underpinned by mid-teens same-store SHOP Cash NOI growth and a targeted SHOP concentration of roughly 40% by year-end.
- Same property SHOP Cash NOI increased 14.6% year over year
- Same store SHOP occupancy of 89.2% and REVPOR of $4,897 in Q3 2026; same store Cash NOI margin of 34.9%
- Consolidated SHOP grew to 101 properties and 10,540 units, with occupancy of 86.5%
- Q3 2026 included a $10.2 million deferred rent payment related to a triple-net lease
- EBITDARM coverage of 2.52x for Skilled Nursing/Transitional Care, 1.58x for Senior Housing - Leased and 3.91x for Specialty Hospitals and Other
- Net Debt to Adjusted EBITDA declined to 4.54x
“Sabra delivered another strong quarter. Same store SHOP Cash NOI margins and REVPOR growth are among the best in the space accompanied by solid occupancy and cash NOI growth.”
Sabra Health Care REIT CEO, on the earnings call
What Is Sabra Health Care REIT's Outlook?
Sabra raised its 2026 guidance at the midpoint. Per diluted share, guidance is now: - Net income: $0.265–$0.275 - FFO: $1.145–$1.155 - Normalized FFO: $1.540–$1.550 - AFFO: $1.625–$1.635 - Normalized AFFO: $1.600–$1.610 The guidance assumes: - low-single-digit triple-net Cash NOI growth at the midpoint - mid-teens average full-year same-store SHOP Cash NOI growth - G&A of $63 million at the midpoint, including nearly $15 million of stock-based compensation - cash interest expense of $106 million - weighted average share counts of 260 million (Normalized FFO) and 261 million (Normalized AFFO) - only transactions completed as of November 2, 2026 Management expects more investment awards before year-end. It targets SHOP concentration of about 40% on a run-rate basis by year-end 2026 and 50% by the end of 2027.
SBRA YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $249.6M | $190.0M | +31.3% |
| Net Income | $28.6M | $22.5M | +26.9% |
SBRA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.