Sabra Health Care Q1 FFO Rises 9% to $0.38, AFFO Climbs 5% to $0.39
Normalized FFO per share rose 9% to $0.38 and normalized AFFO per share climbed 5% to $0.39 in Q1 2026, totaling $96.1 million and $100.6 million respectively. Same-store senior housing revenue grew 7.9% year-over-year with occupancy up 280 basis points to 88.4%, and liquidity reached $1.2 billion.
1. Q1 Financial Highlights
Sabra delivered normalized FFO of $96.1 million, or $0.38 per share, a 9% increase year-over-year, and normalized AFFO of $100.6 million, or $0.39 per share, up 5%. Cash NOI climbed 14.4% year-over-year, anchored by a 7.9% same-store revenue gain and occupancy rising to 88.4%.
2. Portfolio Growth and Liquidity
The managed senior housing portfolio generated $39 million in cash NOI, up from $35.6 million last quarter, and revPOR grew 4.6% year-over-year. With $400 million of investments closed or awarded year-to-date and liquidity of $1.2 billion, Sabra is on track to exceed last year’s total investments.
3. Operational Initiatives and Risks
Private pay concentration surpassed 50% of the portfolio for the first time, enhancing revenue stability, while AI initiatives are being pursued to streamline operations and decision-making. Leverage remained within target at a 5.04x net debt to adjusted EBITDA ratio, but cap rate pressure in senior housing and a slight occupancy dip in Canada present potential headwinds.