Sabra Raises 2026 Guidance to $1.550 per Share as Third-Quarter Revenue Grows
Key Facts
Sabra Health Care REIT said on November 2, 2026, that it raised its full-year guidance range, alongside third-quarter results showing revenue of $249.565 million, compared with $190.037 million a year earlier. The company said updated guidance puts Normalized FFO at $1.540 to $1.550 per diluted share, and AFFO at $1.625 to $1.635. Diluted FFO also rose to $0.40 per share from $0.33 in the year-earlier quarter. Normalized FFO increased to $0.39 from $0.36. The company did not link the guidance update in its statement to revenue exceeding expectations.
Net income attributable to Sabra was $28.607 million in the third quarter, compared with $22.538 million in the same period of 2025. This coincided with revenue growth and year-over-year increases in both FFO measures. FFO and Normalized FFO present real estate operating performance from two different perspectives, and the company reported both in its quarterly results. The adjusted measure rose from $0.36 to $0.39 per share. FFO increased from $0.33 to $0.40 per share.
Growth in the comparable Senior Housing Operating Portfolio was among the company’s key operating indicators: Cash NOI rose 14.6% year over year in the quarter. Chief Executive Officer and Chairman Rick Matros said Sabra delivered "another strong quarter," citing growth in comparable-portfolio Cash NOI margins and revenue per occupied unit, along with solid occupancy. Guidance assumptions included mid-teens annual growth in Cash NOI for the comparable SHOP portfolio during the year. The company also assumed low-single-digit growth for its triple-net lease portfolio at the midpoint of guidance. These assumptions provide operating context for the new outlook, without the statement attributing the update to revenue exceeding analyst estimates.
Investments in the SHOP portfolio supported business expansion during the quarter, as Sabra acquired 7 communities for $222.8 million, at an estimated yield of 7.7%. Investments closed by the company since the start of the year totaled $747.2 million through November 2, at an estimated yield of 8.0%. It also said an additional $425 million in investments had reached letter-of-intent or more advanced stages. These figures reflect the investment activity reported alongside the period’s results, while execution of the additional investments remains subject to later stages. Management expects the SHOP portfolio to represent about 40% of the portfolio on a run-rate basis by the end of 2026, and 50% by the end of 2027.
In another operating development, 26 facilities previously leased to Avamere transitioned effective October 1, 2026. The company said annual cash rent for the facilities rose to $53 million from $48 million after the transition. The change adds the rent increase to the portfolio details Sabra reported, alongside growth in Cash NOI in the SHOP portfolio. The figures come as management targets a higher SHOP share on a run-rate basis through the end of 2026 and 2027. The statement did not provide a separate estimate of the facilities’ transition impact on third-quarter results.
Sabra had about $1.2 billion in liquidity on September 30, 2026, according to its statement. This comprised $36.2 million in unrestricted cash and cash equivalents, $873.5 million of available borrowing capacity under its revolving credit facility, and $292.5 million related to shares outstanding under forward sale agreements. The company declared a quarterly cash dividend of $0.30 per share on November 2. The dividend is payable on November 30 to shareholders of record on November 13. The company is scheduled to hold a conference call to discuss results on November 3, 2026, at 10 a.m. Pacific time.