Sabra Health Care REIT, Inc. Q3 2026 Earnings Recap

Sabra’s shares rose 3.2% after earnings. Investors appeared to respond positively to 8% year-over-year growth in normalized FFO and AFFO per share, alongside accelerating SHOP cash NOI and occupancy gains.

Key Takeaways

• Third-quarter normalized FFO was $0.39 per share and normalized AFFO was $0.41, each up 8% year over year.
• Same-store SHOP cash NOI grew 14.6% year over year; revenue rose 9.3%, while expenses increased 4.7%.
• Same-store occupancy increased 160 basis points to 89.2%; RevPAR grew 7.3%.
• Sabra reported more than $747 million of year-to-date investments at an estimated 8% yield, with another $125 million of awarded investments.
• SHOP cash NOI margins were 34.9%, while cash rental income from the triple-net portfolio was $93.5 million, excluding $10.2 million of deferred rent received during the quarter.