Sabra Health Care REIT, Inc. (SBRA) Earnings Call Transcripts

Sabra Health Care REIT, Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Sabra Health Care REIT, Inc. (SBRA) reported normalized FFO per share of $0.38 and normalized AFFO per share of $0.39, reflecting increases of 9% and 5% year-over-year, respectively. Revenue from the managed senior housing portfolio grew by 7.9% year-over-year, indicating strong operational performance. Management reaffirmed its 2026 earnings guidance, citing ongoing positive trends in occupancy and investment opportunities, while also indicating a potential reevaluation of guidance in Q2 2026.

Reported metrics

Guidance from management

Management reaffirmed its 2026 earnings guidance, indicating that current trends support their outlook. They plan to revisit guidance in Q2 2026 based on ongoing performance metrics.

What management said

So yes, we are typically conservative this early in the year, but all the trends are obviously going in the right direction. You see the yields that we're investing in. So that looks good for us as well. So it's really just kind of as simple as that. We'll reevaluate earnings guidance rather for the second quarter.

Yes. So with respect to the $690 million, these are investment opportunities that we are actively pursuing. These include opportunities where we have submitted an initial LOI and are moving forward in the process. As far as the probability of success, it's hard to tell because it is a bit of a competitive environment, but we would expect to close on a fair number of that investment opportunity.

What analysts pressed on

Analysts expressed concerns regarding the conservatism in management's guidance, questioning what would be needed to reach the lower midpoint. There were also inquiries about the potential impact of the skilled nursing market's competitive environment on future growth.

Main topics on the call

• Strong Investment Pipeline — Sabra has closed or been awarded $400 million in investments year-to-date, with an additional $690 million in managed senior housing investments being actively pursued. CEO Rick Matros stated, "Our deal flow continues to...
• Occupancy Growth — The same-store managed senior housing portfolio saw occupancy increase by 280 basis points year-over-year to 88.4%. Darrin Smith noted, "Our Canadian portfolio grew 270 basis points to 93.4% in the same period," highligh...
• AI Initiatives — Management is advancing AI initiatives to enhance operational efficiency and decision-making. CFO Michael Costa mentioned, "We've been leaning into automation and AI over the last several quarters," which is expected to ...
• Reaffirmed Guidance — Management reaffirmed its 2026 earnings guidance, stating that current trends support their outlook. CFO Costa indicated, "We still feel... reaffirming where we stand... makes sense," despite some analysts questioning th...

Read the full Sabra Health Care REIT, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 28 Sabra Health Care REIT, Inc. earnings call transcripts on record, spanning February 24, 2020 to August 4, 2026. Based on this history, Sabra Health Care REIT, Inc. reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SBRA

Exchange

NasdaqGS

Country

US

Sector

Real Estate

Industry

Health Care REITs

Calls on record

28

First call

February 24, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly