Sabra Health Care REIT (SBRA) Earnings Date & Reports

Key Takeaways

• Sabra Health Care REIT (SBRA) is expected to report third-quarter 2026 results on or about November 4, 2026, after the market close.
• Wall Street consensus points to normalized funds from operations (FFO) of roughly $0.39 per share, up from $0.36 in the same quarter last year.
• Consensus revenue is estimated near $234 million to $236 million, a meaningful step up from roughly $190 million a year earlier.
• The managed senior housing portfolio (SHOP) remains the primary growth engine, with same-store cash net operating income (NOI) up 13.7% year over year in the second quarter.
• Investors will be watching occupancy trends, full-year 2026 guidance, the acquisition pipeline, and dividend coverage.

Earnings Context and Why It Matters

Sabra Health Care REIT (SBRA) is a real estate investment trust (REIT) focused on skilled nursing, senior housing, and behavioral health properties across the United States and Canada. Its quarterly results offer a direct read on the health of the senior living sector, which has been riding a multiyear recovery in occupancy and pricing. The upcoming report matters because managed senior housing has become Sabra's fastest-growing segment, and management has signaled that investment activity is running ahead of earlier targets. For investors, the print will clarify whether strong operating momentum, improving rent coverage, and an expanding acquisition pipeline can sustain the company's earnings trajectory into 2027.

Earnings Expectations

Analysts expect Sabra to deliver normalized FFO (funds from operations, a standard REIT earnings measure that adds back depreciation) of approximately $0.39 per share for the third quarter of 2026, compared with $0.36 reported in the third quarter of 2025. Consensus revenue estimates cluster near $234 million to $236 million, up from roughly $190 million a year earlier.

The company's second-quarter 2026 results set the tone for these expectations. Normalized FFO came in at $0.38 per share and normalized adjusted funds from operations (AFFO, which further adjusts for recurring capital expenditures) reached $0.40 per share. Notably, reported net income swung to a loss of $0.10 per share in that quarter, driven by a large loan-loss provision rather than a deterioration in core operations.

Beyond the headline figures, investors will focus on same-store managed senior housing cash NOI growth, occupancy and revenue per available room (RevPAR), tenant EBITDARM coverage (earnings before interest, taxes, depreciation, amortization, rent, and management fees), and progress on the company's roughly $1 billion-plus investment pipeline. Full-year 2026 guidance, which management reaffirmed in the second quarter and which implies mid-to-high single-digit growth in normalized FFO and AFFO per share, will also be closely scrutinized.

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Market Reaction and Investor Sentiment

Sentiment heading into the print remains broadly constructive, reflecting the senior housing sector's steady occupancy gains and Sabra's accelerating managed-portfolio growth. The stock has historically shown relatively modest post-earnings moves, and its track record against consensus has been mixed, with earnings beats in only a portion of recent quarters. The key risk to watch is any sign that same-store NOI growth is decelerating or that the pace of new acquisitions is pressuring leverage. Because a large portion of the growth story now depends on the managed senior housing segment, any shortfall in occupancy, RevPAR, or expense control there could weigh on the stock more heavily than a miss in the legacy triple-net portfolio.

Forward Outlook and Key Factors to Monitor

Following the report, investors should watch several forward-looking drivers. First is guidance: any update to full-year 2026 normalized FFO and AFFO expectations will signal how much of the recent momentum management expects to carry into the fourth quarter and beyond.

Second, the managed senior housing segment deserves continued attention. Occupancy, RevPAR growth, and operating expense trends will indicate whether the company can sustain mid-teens same-store cash NOI growth while integrating newly acquired communities. The transition of properties formerly operated by a prior manager remains a factor to monitor.

Third, the investment pipeline is central to the growth narrative. Sabra has reported closing and awarding investments at a faster pace than initially guided, and investors will look for updates on yields, funding sources, and how new acquisitions affect leverage metrics such as net debt to adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization).

Finally, balance-sheet and capital-market items, including interest-rate exposure, refinancing activity, and the coverage and safety of the $0.30 quarterly dividend, will remain key for income-oriented REIT investors. None of this constitutes a price forecast or investment recommendation; rather, it frames the metrics most likely to drive the next chapter of Sabra's performance.

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