EarningsQ2 2026 Earnings Report
MX:SBRA Q2 2026 EPS Results
Actual EPS-$1.82
Consensus EPS$3.11
Beat/MissMissed by -$4.92
One Year Ago EPS$4.90
MX:SBRA Q2 2026 Revenue Results
Actual Revenue$4.30B
Expected Revenue$3.98B
Beat/MissBeat by +$312.42M
YoY Revenue Growth+25.20%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:SBRA Upcoming Earnings
Sabra Healthcare REIT's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SBRA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated materially positive operating momentum driven by managed senior housing: strong sequential and year-over-year revenue, occupancy, RevPOR and cash NOI growth, a sizeable and active SHOP pipeline, proactive rent resets and portfolio management, improved leverage and substantial liquidity. Offsetting items were a significant one-time $102.4M provision related to the RCA mortgage payoff, reduced interest income, modestly higher cash interest expense, and some short-term accounting/transition noise. On balance, operational growth and balance-sheet improvements materially outweigh the one-time negatives.Company Guidance
Robust Investment Activity and Pipeline
Closed roughly $600M in investments during the quarter, with an additional $100M in SHOP investments closing soon; year-to-date closed and awarded investments of ~$700M and another ~$330M actively pursued. Management noted a pipeline in excess of $1B that is almost entirely SHOP.
Managed Senior Housing Operational Outperformance
Total managed senior housing (including non-stabilized and JV at share) showed sequential revenue growth of 9.6%, cash NOI growth of 14.4% and margin expansion of 130 bps. Year-over-year same-store managed senior housing revenue grew 8.6%, with cash NOI up 13.7%.
Occupancy and Pricing Momentum
Same-store occupancy increased 170 bps year-over-year to 88.2% (domestic 85.7%, Canada 93.2%). RevPOR rose 6.6% year-over-year (Canada +5.9%), and exPOR increased 4.1%, supporting outsized cash NOI growth.
FFO / AFFO Growth and Improved Cash NOI
Normalized FFO per share was $0.38 and normalized AFFO per share $0.40 in 2Q26, essentially flat sequentially but up year-over-year (+3% FFO, +5% AFFO). Total cash NOI improved to $144.3M from $138.7M in 1Q26 (+$5.6M), driven by SHOP and triple-net portfolio performance.
Proactive Triple-Net Portfolio Actions and Rent Reset
Executed a rent reset with Avamere increasing annualized fixed cash rent to $48M (retroactive to Feb 1, 2026) from $41M in 2025; this contributed ~$3.2M of rental revenue in the quarter (including $1.6M out-of-period). Other lease resets and amendments added ~$1.6M sequentially and recent triple-net acquisitions added ~$0.8M.
Stronger Balance Sheet, Liquidity and Dividend Coverage
Net debt to adjusted EBITDA improved to 4.61x from 5.04x sequentially. Liquidity totaled ~ $1.3B (including $231.6M cash, $682.5M available borrowings, $411.8M ATM forward proceeds). Board declared $0.30/shr dividend (paid Aug 31), covering 75% of 2Q normalized AFFO.
MX:SBRA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed