Sabra Health Care REIT reported first‑quarter 2026 results that included a net income of $0.16 per diluted share, matching the consensus estimate of $0.16. Revenue reached $221.75 million, surpassing the $205.29 million estimate by $16.46 million, an 8% beat that reflects stronger demand in its senior‑housing portfolio.
Cash‑generating metrics were solid: funds from operations (FFO) were $0.37 per share, normalized FFO $0.38, adjusted operating cash flow (AFFO) $0.39, and normalized AFFO $0.39. The AFFO figure comfortably covers the quarterly dividend of $0.30 per share, and the company’s liquidity of roughly $1.2 billion and a Net Debt to Adjusted EBITDA ratio of 5.04x support its financial flexibility.
Management reiterated its 2026 guidance and confirmed that the dividend will remain at $0.30 per share. The company’s investment pipeline exceeds $1 billion, with more than $400 million in investments closed or awarded year‑to‑date, and it has increased its private‑pay concentration to 50% as part of a strategic shift toward managed senior housing.
Revenue growth was driven by a 14.4% year‑over‑year increase in same‑property managed senior housing cash NOI, driven by higher occupancy and rent growth. Rent coverage for all triple‑net asset classes hit new highs, and the company is executing off‑market skilled nursing deals with existing operators. Sabra is also advancing AI‑driven initiatives to support scalable, data‑centric operations and aims to become an “AI‑enabled REIT.”
CEO Rick Matros said the company was pleased with the results, highlighted the NOI growth, the robust investment pipeline, and reaffirmed its full‑year guidance. He emphasized the mission‑driven culture of the organization and the dedication of its field teams.
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