Sabra Health Care REIT (SBRA) Q1 2026 earnings summary

Executive summary

• Over $400 million in investments closed or awarded year-to-date, expected to materially exceed 2025's total investments, with continued portfolio diversification and acquisitions in senior housing and skilled nursing.

• SHOP and skilled nursing portfolios showed continued occupancy and margin growth, with private pay concentration surpassing 50% and same property managed senior housing Cash NOI up 14.4% year-over-year.

• Affirmed 2026 earnings guidance, with plans to revisit in Q2 as trends evolve, reflecting confidence in ongoing performance.

• AI and automation initiatives are underway to enhance operational efficiency and scalability, alongside corporate sustainability efforts in environmental stewardship and DEI.

• Focus on quality care, deep industry experience, and strategic alignment with skilled operators and mission-driven workforce supports long-term value creation and positive societal impact.

Financial highlights

• Q1 2026 total revenues were $221.8 million, up from $183.5 million in Q1 2025, driven by higher resident fees and services.

• Net income attributable to stockholders was $40.9 million, with net income per diluted share at $0.16.

• Normalized FFO per share was $0.38 and normalized AFFO per share was $0.39, up year-over-year.

• Cash NOI from the triple net portfolio increased $2.2 million sequentially; managed senior housing cash NOI rose to $39 million from $35.6 million last quarter.

• Quarterly cash dividend of $0.30 per share declared, representing a 77% payout of normalized AFFO per share.

Outlook and guidance

• 2026 earnings guidance reaffirmed, with current quarter results in line with assumptions and guidance to be reevaluated in Q2 as SHOP NOI growth and investment pipeline progress.

• Over $200 million in additional investments expected to close in Q2 2026, with an estimated initial cash yield of 8.2%.

• Expect continued strong portfolio growth supported by a robust investment pipeline, industry tailwinds, and favorable demographics.

• Virtually no new supply anticipated in senior housing or skilled nursing in the near future.