Sabra Health Care REIT (SBRA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Sabra Health Care REIT published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Sabra Health Care REIT reports EPS two ways: GAAP, under the accounting rules every US filer follows, and FFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Sabra is a REIT. Revenue on this page is its total revenues line (rent from triple-net leases, resident fees from its senior housing operating portfolio, and interest and other income), and EPS is net income attributable to Sabra per diluted common share. Its own headline measures are FFO and normalized FFO per share; FFO is shown in the adjusted EPS row.
• In June 2026 Sabra accepted a $200.0 million payment in full satisfaction of its $300.0 million Recovery Centers of America mortgage loan, writing off $100.0 million. That loss sits in Q2 2026 and is why 2026 FFO guidance is far below normalized FFO guidance.

Source: Sabra Q3 2026 earnings release, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Sabra Health Care REIT splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Sabra Health Care REIT's Rental and related revenues revenue was $103 million in Q3 2026, up 21% from $85.4 million in Q3 2025, 41% of total revenue.
• Sabra Health Care REIT's Resident fees and services revenue was $143 million in Q3 2026, up 56% from $92.0 million in Q3 2025, 57% of total revenue.
• Sabra Health Care REIT's Interest and other income revenue was $3.2 million in Q3 2026, down 75% from $12.7 million in Q3 2025, 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Sabra gives 2026 guidance per diluted common share, attributable to Sabra Health Care REIT, Inc.

In its Q3 2026 release, Sabra Health Care REIT said:

“Net Income: $0.265-$0.275”

“FFO: $1.145-$1.155”

“Normalized FFO: $1.540-$1.550”

“Normalized AFFO: $1.600-$1.610”

Source: Sabra Q3 2026 earnings release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SBRA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and net income (loss) attributable to Sabra per diluted common share, each as first reported in that quarter's release. The Q2 2026 loss includes the $100.0 million write-off on the Recovery Centers of America loan.

We do not hold a confirmed date for Sabra Health Care REIT's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Sabra Health Care REIT now earns more from running senior housing than from leasing buildings. Of $249.6 million in total revenues in Q3 2026, resident fees and services from its senior housing operating portfolio (SHOP) were $143.2 million, up from $92.0 million, and rental and related revenues from triple-net leases were $103.2 million, up from $85.4 million. Interest and other income fell to $3.2 million from $12.7 million after the Recovery Centers of America mortgage loan was repaid in June. (Sabra Q3 2026 earnings release, Nov 2, 2026; Sabra Form 10-Q, Q3 2026, Nov 2, 2026)

At September 30, 2026 Sabra owned 364 properties held for investment: 207 skilled nursing/transitional care facilities, 32 leased senior housing communities, 24 specialty hospitals and other facilities, and 101 SHOP communities run by third-party managers, with 37,513 beds and units across the U.S. and Canada. By annualized cash NOI, skilled nursing is 48.0% of the portfolio and SHOP 33.9%. The largest tenant relationships are The Ensign Group at 8.4%, Cascadia Healthcare at 8.0% and Signature Healthcare at 7.0%. (Sabra Q3 2026 earnings release, Nov 2, 2026; Sabra Q3 2026 supplemental information (Exhibit 99.2), Nov 2, 2026)

Sabra keeps buying SHOP communities. It bought seven SHOP communities for $222.8 million in Q3 at an estimated 7.7% yield, bringing investments closed in 2026 to $747.2 million, and its consolidated SHOP portfolio grew to 101 properties from 83 a year earlier. Same property SHOP cash NOI also rose 14.6% year over year, and in the same-store pool REVPOR rose to $4,897 from $4,564 with occupancy at 89.2%, up from 87.5%. (Sabra Q3 2026 earnings release, Nov 2, 2026; Sabra Q3 2026 supplemental information (Exhibit 99.2), Nov 2, 2026)

Rental revenue includes a $10.2 million deferred rent payment related to a triple-net lease, which Sabra removes from normalized FFO, and $6.2 million of straight-line rent and lease intangible write-offs. On October 1, 2026 Sabra moved 26 properties formerly leased to Avamere to Cascadia Healthcare and the Ensign Group, raising annualized cash rent on them to $53 million from $48 million. (Sabra Q3 2026 earnings release, Nov 2, 2026)

Sabra Health Care REIT earned $28.6 million, or $0.11 per diluted share, in Q3 2026, against $22.5 million, or $0.09. FFO, which adds back $64.8 million of real estate depreciation and an $8.1 million net loss on property sales, was $102.8 million, or $0.40 per share, up from $0.33. Normalized FFO, which also strips out the deferred rent payment, write-offs and loan loss provisions, was $0.39, up from $0.36. (Sabra Q3 2026 earnings release, Nov 2, 2026)

The nine-month figures carry the Recovery Centers of America loan. Sabra accepted $200.0 million in June 2026 in full satisfaction of the $300.0 million mortgage, writing off $100.0 million, which is the bulk of the $104.6 million year-to-date provision for loan losses and other reserves. Nine-month FFO was $0.75 per share against normalized FFO of $1.15. (Sabra Form 10-Q, Q3 2026, Nov 2, 2026; Sabra Q3 2026 earnings release, Nov 2, 2026)

Sabra issues stock to fund growth. Diluted weighted average shares were 259,823,331, up from 243,558,449, and 15.0 million shares remained under forward sale agreements at September 30, 2026 at a weighted average $19.53 per share. Net debt to adjusted EBITDA was 4.54x. (Sabra Q3 2026 earnings release, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Sabra Health Care REIT gives full-year guidance per diluted share in each release. With Q3 2026 it updated 2026 guidance to net income of $0.265 to $0.275, FFO of $1.145 to $1.155, normalized FFO of $1.540 to $1.550, AFFO of $1.625 to $1.635 and normalized AFFO of $1.600 to $1.610. (Sabra Q3 2026 earnings release, Nov 2, 2026)

The guidance assumes low-single-digit cash NOI growth for the triple-net portfolio, mid-teens same store SHOP cash NOI growth, general and administrative expense of $63 million and cash interest expense of $106 million at the midpoint, and only investments and capital markets activity already completed. Sabra has a further $425 million of investments awarded, about $385 million of it SHOP, at an estimated 7.0% yield. (Sabra Q3 2026 earnings release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Sabra Health Care REIT, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Sabra Health Care REIT's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SBRA is on is SBRA a buy or a sell?, what analysts expect next is on the SBRA forecast, and what the company does is on the Sabra Health Care REIT (SBRA) stock page.

Every number on this page can be traced to a document Sabra Health Care REIT published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.