Sabra Health Care REIT Q3 2026 Earnings Call Transcript - Sabra Health Care REIT (NASDAQ:SBRA)

Sabra Health Care REIT (NASDAQ:SBRA) reported third-quarter results during a Tuesday earnings call, emphasizing strong SHOP performance and continued investment activity. Management highlighted a same-store SHOP cash NOI margin of 34.9% and RevPOR growth, while noting it closed on $750 million in investments year-to-date with a goal of reaching 50% SHOP exposure by the end of 2027. For Q3 2026, normalized FFO was $0.39 per share and normalized AFFO was $0.41, both up 8% year over year. The Senior Housing Operating Portfolio saw sequential revenue growth of 10.3% and NOI growth of 8.5%, supported by an investment pipeline above $1.17 billion. Guidance midpoint for 2026 was raised, and net debt to adjusted EBITDA fell slightly to 4.54 times.