| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 25 | 78.9x | 17.8x | Bottom tier | |
Growth | 58 | 17.3% | 7.1% | Around median | |
Quality | 56 | 1.9% | 4.5% | Around median | |
Safety | 38 | 6.7x | 2.6x | Bottom tier | |
Capital Return | 43 | 5.85% | 2.12% | Around median | |
Momentum | 67 | 9.5% | 2.9% | Top tier | |
Sentiment | 41 | 4 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Sabra Health Care REIT is a healthcare real estate investment company focused on managed senior housing, skilled nursing facilities, and properties leased under triple-net agreements. The company generates income from cash rents in its triple-net portfolio and its share of the net operating income of managed properties; in fiscal Q2 2026, cash net operating income from the managed senior housing portfolio was $44.6 million, while cash rental income from the triple-net portfolio was $94.1 million. The company is working to increase the weighting of its SHOP portfolio, after its net operating income exposure to this portfolio rose by 450 basis points compared with the previous quarter.
In fiscal Q2 2026, Sabra recorded revenue of $235.9 million and a net loss of $25.2 million, equivalent to a loss of $0.10 per share, compared with revenue of $221.8 million, net income of $40.9 million, and earnings of $0.16 per share in fiscal Q1 2026. The accounting result was affected by a $102.4 million provision for loan losses and other reserves, primarily related to the discounted payoff of the RCA loan, and was excluded from adjusted results. On an adjusted basis, FFO per share was $0.38 and AFFO per share was $0.40, representing year-over-year increases of 3% and 5%, respectively.
Total cash net operating income was $144.3 million in fiscal Q2 2026, up from $138.7 million in the previous quarter. The managed senior housing portfolio achieved sequential revenue growth of 9.6% and cash net operating income growth of 14.4%, with the margin expanding by 130 basis points. As for the same-store portfolio, revenue rose 8.6% year over year, occupancy increased by 170 basis points to 88.2%, and cash net operating income grew 13.7%.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on SBRA is Neutral, with an average price target of $22.5 and a target range of $21 to $25. The average target is very close to the upper end of the 52-week range of $22.77, while the highest target exceeds this peak by only $2.23. The targets therefore reflect a balanced assessment between expected adjusted AFFO growth of 8% at the midpoint of fiscal 2026 guidance and the risks of credit losses, acquisition execution, and financing.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Growth stems from improved operations in the managed senior housing portfolio and from new acquisitions. In fiscal Q2 2026, same-store portfolio revenue rose 8.6% year over year and cash net operating income grew 13.7%, with occupancy reaching 88.2%. Through August 3, 2026, closed investments totaled approximately $599 million at an estimated initial cash yield of 7.5%, with an additional $100 million of awarded investments.
The company recorded a net loss of $25.2 million and negative earnings of $0.10 per share in fiscal Q2 2026. The results included a $102.4 million provision for loan losses and other reserves, primarily related to the discounted payoff of the RCA loan. This item was excluded from adjusted results, and therefore adjusted FFO was $0.38 per share and adjusted AFFO was $0.40 per share.
Sabra added 21 assets to its managed senior housing portfolio during the twelve months ended fiscal Q2 2026, increasing the asset count by approximately 24% and the portfolio's net operating income by approximately 76%. In the same quarter, total portfolio revenue grew sequentially by 9.6% and cash net operating income by 14.4%, with the margin expanding by 130 basis points. Management said on August 3, 2026 that most of the opportunity pipeline exceeding $1 billion was concentrated in SHOP, indicating a continued increase in the weighting of this business.
On August 3, 2026, the board of directors declared a quarterly cash distribution of $0.30 per share, payable on August 31, 2026 to shareholders of record on August 14, 2026. Adjusted AFFO was $0.40 per share in fiscal Q2 2026, resulting in a 75% payout ratio. Management described the distribution as well covered based on this adjusted measure.
Sabra's liquidity was approximately $1.3 billion on June 30, 2026, including $231.6 million of unrestricted cash, $682.5 million available under the credit facility, and $411.8 million associated with outstanding shares under forward sale agreements. On the same date, 21.4 million shares remained under forward sale agreements at an initial average of $19.24 per share after commissions, in addition to $334.1 million of remaining capacity under the ATM program. These sources provide flexibility to fund transactions, but they combine a potential increase in interest expense when debt is used with shareholder ownership dilution when the forward shares are settled.
The value-add opportunities discussed by management on August 3, 2026 include six properties comprising approximately 713 assisted living and memory care units, with an average age of five years and occupancy of approximately 80%. The company is targeting a first-year yield of approximately 6% followed by a stabilized yield of approximately 9% within one or two years, with internal rates of return in the teens. Achieving these targets depends on increasing occupancy toward 90% and on the performance of existing operators with which the company has prior relationships.
