Sabra Health Care REIT Reports Strong Q1 2026 Results, Reiterates Full-Year Guidance
Event summary
- Sabra reported Q1 2026 net income of $0.16 per diluted share, with FFO at $0.37 and AFFO at $0.39.
- Same-property managed senior housing Cash NOI increased 14.4% year-over-year.
- Acquired four properties totaling $102 million during Q1, with an average initial cash yield of 8.3%.
- Subsequent to Q1, closed on two additional properties and committed to redevelopment for $104.1 million.
- Disposed of three skilled nursing facilities for gross proceeds of $79.4 million.
The big picture
Sabra's Q1 results highlight robust activity in the healthcare real estate sector, particularly in senior housing. The company's ability to secure high-yield investments and maintain strong rent coverage ratios underscores its strategic focus on managed properties. With $1.2 billion in liquidity as of March 31, 2026, Sabra is well-positioned to capitalize on further opportunities in a competitive market.
What we're watching
- Investment Pipeline
- Whether Sabra can close on the additional $200 million in managed senior housing and skilled nursing investments awarded during Q1.
- Debt Management
- The impact of maintaining a Net Debt to Adjusted EBITDA ratio of 5.04x on future financing flexibility.
- Operational Performance
- How sustained same-property NOI growth will affect full-year guidance and investor confidence.