Jun 2026 (Q2 FY26) — Aug 4, 2026
Sabra Healthcare REIT Q2 FY26 — Strong SHOP Performance and Strategic Investments Drive Growth
Read the full callSabra Healthcare REIT (SBRA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Sabra Healthcare REIT earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 236 | +24.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | -25.2 | −138.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 9 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| RCA mortgage loan resolution/announcement timing | announcement possible before the Q2 FY26 earnings call | Mar 2026 | This is primarily related to the discounted payoff of the RCA mortgage loan discussed in our July 21 business update, and this charge was excluded from our normalized quarterly results. | Achieved |
| Full-year G&A expense guidance (including stock-based compensation) | approximately $52 million, including $12 million of stock-based compensation | Dec 2025 | one of the biggest drivers in the G&A increase, both primarily in our full year guidance numbers is performance-based compensation. | Diluted |
| Avamere/Cascadia annualized fixed cash rent (post-transition) | $53 million annualized fixed cash rent (up from $48 million reset rent) | Jun 2026 | we expect the transition to close sometime later on this year, at which point that $48 million goes to $53 million | New |
13 of Sabra Health Care REIT, Inc.'s 22 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Nearly $600 million in investments closed year-to-date, with an additional $100 million awarded and expected to close prior to year-end.
- Same-store managed senior housing cash NOI grew 13.7% year-over-year.
- Net debt to adjusted EBITDA ratio improved to 4.61x as of June 30, 2026, from 5.04x at March 31, 2026.
- Normalized FFO per share increased 3% year-over-year to $0.38, and normalized AFFO per share increased 5% year-over-year to $0.40.
- Total managed senior housing portfolio achieved sequential revenue growth of 9.6% and cash NOI growth of 14.4%, with margin expansion of 130 basis points.
Qualified
- Triple-net senior housing experienced a drop in occupancy and coverage due to the transition of a high-performing asset to SHOP.
- A $102.4 million provision for loan losses was recorded, primarily related to the discounted payoff of the RCA mortgage loan.
- Interest and other income decreased to $5.8 million for the quarter, down from $10 million in the prior quarter.
Price
$19.29 +0.63% · +$0.12
Performance +9.4% 1Y
1Y: $17.63 on 14 Oct 2025 → $19.29. High $22.39 (27 Jul 2026), low $17.23 (29 Oct 2025).
- Previous close
- $19.17
- 52-week range
- $17.23 – $22.39
- One year
- +9.60%
Overview
- Symbol
- SBRA
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 9 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| RCA mortgage loan resolution/announcement timing | announcement possible before the Q2 FY26 earnings call | Mar 2026 | This is primarily related to the discounted payoff of the RCA mortgage loan discussed in our July 21 business update, and this charge was excluded from our normalized quarterly results. | Achieved |
| Full-year G&A expense guidance (including stock-based compensation) | approximately $52 million, including $12 million of stock-based compensation | Dec 2025 | one of the biggest drivers in the G&A increase, both primarily in our full year guidance numbers is performance-based compensation. | Diluted |
| Avamere/Cascadia annualized fixed cash rent (post-transition) | $53 million annualized fixed cash rent (up from $48 million reset rent) | Jun 2026 | we expect the transition to close sometime later on this year, at which point that $48 million goes to $53 million | New |
Claimed
- Nearly $600 million in investments closed year-to-date, with an additional $100 million awarded and expected to close prior to year-end.
- Same-store managed senior housing cash NOI grew 13.7% year-over-year.
- Net debt to adjusted EBITDA ratio improved to 4.61x as of June 30, 2026, from 5.04x at March 31, 2026.
- Normalized FFO per share increased 3% year-over-year to $0.38, and normalized AFFO per share increased 5% year-over-year to $0.40.
- Total managed senior housing portfolio achieved sequential revenue growth of 9.6% and cash NOI growth of 14.4%, with margin expansion of 130 basis points.
Qualified
- Triple-net senior housing experienced a drop in occupancy and coverage due to the transition of a high-performing asset to SHOP.
- A $102.4 million provision for loan losses was recorded, primarily related to the discounted payoff of the RCA mortgage loan.
- Interest and other income decreased to $5.8 million for the quarter, down from $10 million in the prior quarter.
The full ledger
Open Sabra Health Care REIT, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Sabra Health Care REIT Q1 FY26 — Strong SHOP Performance and Robust Investment Pipeline
Read the full callEvery analysed call
Sabra Healthcare REIT earnings calls (SBRA)
Financials
What the filings say
Net profit, year on year: −138% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 178 | 182 | 184 | 189 | 190 | 212 | 222 | 236 |
| Profit before tax | 29 | 47 | 40 | 65 | 22 | 26 | 39 | -27 |
| Tax rate | −0.9% | 0.8% | 1.0% | 0.8% | 2.0% | 1.9% | 1.3% | −2.5% |
| Net profit | 30 | 47 | 40 | 66 | 23 | 27 | 41 | -25 |
| EPS ($ per share) | 0.13 | — | 0.17 | 0.28 | 0.09 | — | 0.16 | -0.10 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 |
| Total liabilities | 3,411 | 2,581 | 2,576 | 2,587 | 2,691 | 2,584 | 2,562 | 2,670 |
| Total assets | 6,665 | 6,069 | 5,986 | 5,967 | 5,748 | 5,386 | 5,304 | 5,493 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 361 | 372 | 355 | 356 | 316 | 301 | 311 | 349 |
| Cash from investing | -258 | 263 | -136 | -336 | -216 | 103 | -109 | -378 |
| Cash from financing | -629 | -646 | -202 | 30 | -162 | -410 | -182 | 41 |
| Capital expenditure | -262 | -51 | -93 | -99 | -92 | -79 | -136 | -453 |
| Free cash flow | 99 | 321 | 262 | 257 | 224 | 222 | 174 | -104 |
SBRA revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Health Care Resident Service Ancillary Service | 1% | 2% | 2% | 1% | 1% | 1% | 1% | 1% | +45.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SBRA operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Occupancy rate Same-store managed senior housing | 88.4%First quarter occupancy in our same-store portfolio was up 280 basis points to 88.4% year-over-year.Source: earnings call transcript | 88.2%Second quarter occupancy in our same-store portfolio was up 170 basis points to 88.2% year-over-year.Source: earnings call transcript | -0.2 pt |
| Occupancy rate Domestic same-store managed senior housing | 85.6%Notably, our domestic portfolio occupancy increased 280 basis points to 85.6% during that period, while our Canadian portfolio grew 270 basis points to 93.4% in the same period, marking the eighth consecutive quarter where occupancy was over 90%.Source: earnings call transcript | 85.7%Notably, our domestic portfolio occupancy increased 170 basis points to 85.7% during that period, while our Canadian portfolio grew 160 basis points to 93.2% in the same period, marking the ninth consecutive quarter where occupancy was over 90%.Source: earnings call transcript | +0.1 pt |
| Occupancy rate Canada same-store managed senior housing | 93.4%Notably, our domestic portfolio occupancy increased 280 basis points to 85.6% during that period, while our Canadian portfolio grew 270 basis points to 93.4% in the same period, marking the eighth consecutive quarter where occupancy was over 90%.Source: earnings call transcript | 93.2%Notably, our domestic portfolio occupancy increased 170 basis points to 85.7% during that period, while our Canadian portfolio grew 160 basis points to 93.2% in the same period, marking the ninth consecutive quarter where occupancy was over 90%.Source: earnings call transcript | -0.2 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
74 filings between Nov 28, 2025 and Sep 8, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$4.47M
2 sales by 2 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 58
- Award — granted as compensation
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MATROS RICHARD K | — | $4.17M | Sep 8, 2026 |
| FLORES JESSICA | — | $302.5K | Mar 25, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 8, 2026 | MATROS RICHARD K Chair, CEO and President | Sale 10b5-1 plan | 200,000 | $4.17M |
| Aug 31, 2026 | Smith Darrin Executive VP, CIO & Secretary | Award | 495 | $0 |
| Aug 31, 2026 | FLORES JESSICA Executive VP & CAO | Award | 382 | $0 |
| Aug 31, 2026 | Cusack Catherine Director | Award | 791 | $0 |
| Aug 31, 2026 | Malehorn Jeffrey A. Director | Award | 791 | $0 |
| Aug 31, 2026 | Barbarosh Craig A. Director | Award | 791 | $0 |
| Aug 31, 2026 | Kono Ann Director | Award | 791 | $0 |
| Aug 31, 2026 | KATZMANN LYNNE S Director | Award | 791 | $0 |
| Aug 31, 2026 | FOSTER MICHAEL J Director | Award | 791 | $0 |
| Aug 31, 2026 | MATROS RICHARD K Chair, CEO and President | Award | 13,867 | $0 |
| Aug 31, 2026 | Costa Michael Lourenco Executive VP, CFO & Treasurer | Award | 4,158 | $0 |
| Jun 17, 2026 | Malehorn Jeffrey A. Director | Award | 8,310 | $0 |
| Jun 17, 2026 | FOSTER MICHAEL J Director | Award | 8,310 | $0 |
| Jun 17, 2026 | Cusack Catherine Director | Award | 8,310 | $0 |
| Jun 17, 2026 | Kono Ann Director | Award | 8,310 | $0 |
| Jun 17, 2026 | Barbarosh Craig A. Director | Award | 8,310 | $0 |
| Jun 17, 2026 | KATZMANN LYNNE S Director | Award | 8,310 | $0 |
| May 29, 2026 | Cusack Catherine Director | Award | 817 | $0 |
| May 29, 2026 | Costa Michael Lourenco Executive VP, CFO & Treasurer | Award | 4,200 | $0 |
| May 29, 2026 | Kono Ann Director | Award | 817 | $0 |
| May 29, 2026 | KATZMANN LYNNE S Director | Award | 817 | $0 |
| May 29, 2026 | Malehorn Jeffrey A. Director | Award | 817 | $0 |
| May 29, 2026 | Barbarosh Craig A. Director | Award | 817 | $0 |
| May 29, 2026 | MATROS RICHARD K Chair, CEO and President | Award | 14,003 | $0 |
| May 29, 2026 | FOSTER MICHAEL J Director | Gift | 500 | $0 |
| May 29, 2026 | Smith Darrin Executive VP, CIO & Secretary | Award | 501 | $0 |
| May 29, 2026 | FLORES JESSICA Executive VP & CAO | Award | 385 | $0 |
| May 29, 2026 | FOSTER MICHAEL J Director | Award | 817 | $0 |
| May 27, 2026 | FOSTER MICHAEL J Director | Gift | 490 | $0 |
| May 22, 2026 | FOSTER MICHAEL J Director | Gift | 813 | $0 |
| Mar 25, 2026 | FLORES JESSICA Executive VP & CAO | Sale | 15,231 | $302.5K |
| Feb 27, 2026 | Smith Darrin Executive VP, CIO & Secretary | Award | 478 | $0 |
| Feb 27, 2026 | Cusack Catherine Director | Award | 781 | $0 |
| Feb 27, 2026 | FLORES JESSICA Executive VP & CAO | Award | 368 | $0 |
| Feb 27, 2026 | Malehorn Jeffrey A. Director | Award | 781 | $0 |
| Feb 27, 2026 | Costa Michael Lourenco Executive VP, CFO & Treasurer | Award | 4,005 | $0 |
| Feb 27, 2026 | Kono Ann Director | Award | 781 | $0 |
| Feb 27, 2026 | FOSTER MICHAEL J Director | Award | 781 | $0 |
| Feb 27, 2026 | KATZMANN LYNNE S Director | Award | 781 | $0 |
| Feb 27, 2026 | Barbarosh Craig A. Director | Award | 781 | $0 |
| Feb 27, 2026 | MATROS RICHARD K Chair, CEO and President | Award | 13,358 | $0 |
| Feb 10, 2026 | MATROS RICHARD K Chair, CEO and President | Award | 85,160 | $0 |
| Feb 10, 2026 | Smith Darrin Executive VP, CIO & Secretary | Tax withheld | 6,390 | $122.4K |
| Feb 10, 2026 | Smith Darrin Executive VP, CIO & Secretary | Tax withheld | 2,927 | $56.1K |
| Feb 10, 2026 | Smith Darrin Executive VP, CIO & Secretary | Award | 14,088 | $0 |
| Feb 10, 2026 | FLORES JESSICA Executive VP & CAO | Award | 3,198 | $0 |
| Feb 10, 2026 | Smith Darrin Executive VP, CIO & Secretary | Award | 5,483 | $0 |
| Feb 10, 2026 | FLORES JESSICA Executive VP & CAO | Tax withheld | 1,172 | $22.4K |
| Feb 10, 2026 | Costa Michael Lourenco Executive VP, CFO & Treasurer | Award | 22,848 | $0 |
| Jan 8, 2026 | Smith Darrin Executive VP, CIO & Secretary | Tax withheld | 4,963 | $97.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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