Sabra Health Care REIT (SBRA) Q1 2026 Earnings
Includes $0.4 million real estate impairment charge in Q1 2026
How Did SBRA Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +5.69%.
Did SBRA Beat Earnings? Q1 2026 Results
Yes. Sabra Health Care REIT reported Q1 2026 earnings of $0.16 a share on Apr 29, 2026, beating the $0.16 consensus estimate by 0.0%. Revenue was $221.8M against a $216.4M estimate.
Sabra Health Care REIT delivered a solid first quarter in 2026, matching Wall Street's GAAP EPS consensus of $0.16 per diluted share on revenues of $221.75 million that came in 2.46% ahead of the $216.44 million estimate, with total revenues climbing 20.8% from the year-ago quarter. The GAAP diluted EPS figure of $0.16 includes a $0.4 million real estate impairment charge recorded in the period. The primary engine behind the revenue acceleration was a 50.7% surge in resident fees and services to $116.69 million, reflecting the company's rapidly expanding managed senior housing portfolio, which grew from 69 to 90 consolidated properties over the past year; same-property managed senior housing Cash NOI rose 14.4% year-over-year, with consolidated NOI margins widening to 29.8% from 27.1%. Sabra also deployed $96 million in Q1 acquisitions and has awarded an additional $200 million investment pipeline at roughly 8.2% initial yields expected to close mostly in Q2, pushing year-to-date activity above $400 million, even as the company reiterated its full-year 2026 guidance, drawing raised price targets from at least one Wall Street analyst following the results.
- Same-property managed senior housing Cash NOI increased 14.4% year-over-year in Q1 2026
- Managed senior housing consolidated Cash NOI margin expanded to 29.8% from 27.1% a year ago
- Skilled Nursing/Transitional Care EBITDARM Coverage improved to 2.46x
- Senior Housing - Leased EBITDARM Coverage improved to 1.58x
- Behavioral Health, Specialty Hospitals and Other EBITDARM Coverage reached 4.00x
- Skilled Nursing/Transitional Care occupancy increased to 83.9%
- Consolidated managed senior housing occupancy at 84.5% with 90 properties
- Same-store managed senior housing REVPOR increased to $4,755 from $4,547 year-over-year
“Sabra is pleased to report another quarter with outstanding results. Our year-over-year same-store managed senior housing NOI growth exceeded the two previous quarters as we saw NOI margin growth in our consolidated, unconsolidated and same-store portfolios. Our pipeline remains robust as we closed or have been awarded over $400 million in investments to date, closing in on our investment total for all of 2025. We are also executing on off-market skilled nursing deals with existing operators. Our rent coverage for all triple net asset classes hit new highs, and we are reiterating our full-year guidance.”
Sabra Health Care REIT CEO, on the earnings call
What Was Sabra Health Care REIT's Outlook in Q1 2026?
Sabra reiterated its full-year 2026 guidance. The company has been awarded an additional $200 million of managed senior housing and skilled nursing investments with an estimated initial cash yield of approximately 8.2%, most of which is expected to close during Q2 2026. Year-to-date investments closed total $206.1 million with an estimated initial cash yield of 8.0%. The pipeline of closed and awarded investments exceeds $400 million, approaching the company's total investment volume for all of 2025.
SBRA YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $221.8M | $183.5M | +20.8% |
| Net Income | $40.8M | $40.3M | +1.3% |
| Operating Income | $39.5M | $67.4M | −41.4% |
SBRA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.