Sabra Health Care REIT, Inc. Earnings Recaps
Q1 2026
May 1, 2026
Sabra Health Care REIT reported first quarter results that were largely in line with expectations, with no significant market reaction post-earnings (stock change: +0.0%). Continued growth in managed senior housing and a robust investment pipeline were offset by only modest changes in overall portfolio occupancy and limited updates to guidance.
Key takeaways
- Managed senior housing portfolio delivered sequential revenue growth of 7.2% and cash NOI growth of 9.5%, with a 60 basis point margin expansion.
- Same-store managed senior housing portfolio saw revenue grow 7.9% year-over-year and same-store cash NOI increase by 14.4% year-over-year.
- Occupancy for the same-store managed senior housing portfolio rose by 280 basis points to 88.4% year-over-year, with Canadian assets at 93.4% occupancy.
- Total year-to-date investments reached $206 million, with over $400 million in closed and awarded deals and an active pipeline.
- Full-year earnings guidance was affirmed; management indicated guidance will be revisited in Q2 reflecting current trends.
Q3 2025
Nov 6, 2025
Sabra Health Care REIT delivered strong third-quarter results, with cash NOI growth of 15.9% and a strategic increase in its managed senior housing portfolio to 26%.
Key takeaways
- SABRA exceeded its investment target of $400-$500 million, with closed and awarded deals totaling over $550 million in 2025.
- Cash NOI for the managed senior housing portfolio surged 18.6% sequentially, underscoring the effectiveness of recent acquisitions.
- Skilled nursing exposure dropped below 50% for the first time, indicating a shift towards a more balanced portfolio focused on senior housing.
- Same-store cash NOI grew by 13.3% year-over-year, reflecting strong operational performance across core properties.