Sabra Healthcare REIT Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.23%.
Did SBRA Beat Earnings? Q2 2026 Results
Sabra Health Care REIT, Inc. delivered a mixed second quarter for fiscal 2026, posting a GAAP loss of $0.10 per diluted share against a consensus estimate of $0.17, a miss of roughly 160%, while simultaneously reporting revenue of $235.87 million that cleared Wall Street's $219.46 million forecast by 7.48% and grew 24.7% year-over-year. The headline loss, a sharp reversal from net income of $65.54 million in the year-ago quarter, was driven almost entirely by a $102.44 million non-cash provision for loan losses, which overwhelmed otherwise improving operating fundamentals including Normalized FFO of $0.38 per diluted share and same-store managed senior housing Cash NOI growth of 13.7%. Revenue momentum was powered by a 63% surge in resident fees as Sabra expanded its consolidated managed senior housing portfolio from 73 to 94 properties, a transformation that has drawn notable institutional interest in recent months. Management reiterated full-year 2026 guidance, including Normalized FFO of $1.53 to $1.55 per share, supported by an active investment pipeline with roughly $100 million in additional closings expected before year-end.
- Same-store managed senior housing Cash NOI grew 13.7% year-over-year in Q2 2026
- Managed portfolio Cash NOI margin expanded to 31.2% from 27.3% year-over-year
- Managed portfolio occupancy increased to 85.4% from 82.8% year-over-year
- Skilled Nursing EBITDARM coverage increased to 2.49x
- Behavioral Health EBITDARM coverage increased to 4.14x
- Resident fees and services surged to $128.8 million from $79.0 million year-over-year driven by portfolio expansion
- Avamere rent reset increased annualized fixed cash rent to $48 million from $41 million
“Sabra delivered another solid quarter. Our same-store managed portfolio cash NOI growth continued to be healthy. Both our consolidated and unconsolidated managed portfolio came in with strong margin growth as well as increased occupancy. Our triple-net skilled nursing portfolio rent coverage increased yet again. The triple-net senior housing portfolio saw drops in occupancy and coverage simply due to the conversion of a high-performing triple-net asset to the managed portfolio. Otherwise, it would have been flat. In aggregate, our top ten tenants again showed increased coverage.”
Sabra Health Care REIT CEO, on the earnings call
Forward Guidance & Outlook
Sabra reiterated its full-year 2026 guidance: Net income per diluted share of $0.37–$0.39; FFO of $1.12–$1.14; Normalized FFO of $1.53–$1.55; AFFO of $1.58–$1.60; and Normalized AFFO of $1.59–$1.61. Guidance assumptions include low-single-digit Cash NOI growth for the triple-net portfolio, low-to-mid-teens average full-year same-store managed senior housing Cash NOI growth, G&A at midpoint of $61 million, cash interest expense of $104 million at midpoint, and weighted average share count of 258 million (Normalized FFO) and 259 million (Normalized AFFO). Guidance reflects only investments, dispositions, and capital markets activity completed as of July 21, 2026. Additionally, approximately $100 million of awarded managed senior housing and skilled nursing investments at an estimated 7.7% initial cash yield are expected to close by year end.
SBRA YoY Financials
SBRA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.