Sabra Health Care REIT, Inc. Q1 2026 Earnings Recap

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.