Sabra Health Care REIT, Inc 8-K, filed Nov 2, 2026

Sabra Health Care REIT, Inc. (SBRA)

8-K 2026-11-02 For: 2026-11-02

Added on November 02, 2026

About this 8-K

Sabra Health Care REIT, Inc filed this 8-K on November 2, 2026.

Sabra Health Care REIT, Inc. reported third-quarter 2026 Normalized AFFO of $0.41 per diluted common share, acquired seven SHOP communities for $222.8 million at a 7.7% estimated yield, and was awarded $425 million of investments at a 7.0% estimated yield. AI summary

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	SBRA	The Nasdaq Stock Market LLC


(d)						Exhibits.

99.1						Press Release of Sabra Health Care REIT, Inc., dated November 2, 2026.

99.2						Sabra Health Care REIT, Inc. Supplemental Information Package, dated September 30, 2026.

99.3						Reconciliations of Non-GAAP Financial Measures, dated September 30, 2026.

99.4						Investor Presentation.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


	SABRA HEALTH CARE REIT, INC.

Date: November 2, 2026	/S/ MICHAEL COSTA
	Name:	Michael Costa
	Title:	Chief Financial Officer, Treasurer and Executive Vice President


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Rental and related revenues (1)	$	103,178	$	85,354	$	299,536	$	281,214
Resident fees and services	143,164		92,017		388,651		248,449
Interest and other income	3,223		12,666		18,997		33,067
Total revenues	249,565		190,037		707,184		562,730
Expenses:
Depreciation and amortization	64,779		48,511		174,289		135,591
Interest	29,161		28,901		87,349		83,549
Triple-net portfolio operating expenses	3,658		3,708		11,087		10,885
Senior housing operating portfolio operating expenses	99,302		65,946		269,787		179,804
General and administrative	15,584		12,560		47,265		37,802
Provision for (recovery of) loan losses and other reserves	2,368		(240)		104,600		(640)
Impairment of real estate	—		2,571		440		6,674
Total expenses	214,852		161,957		694,817		453,665
Other (expense) income:
Loss on extinguishment of debt	—		(1,154)		—		(1,154)
Other (expense) income	(250)		(769)		(2,988)		13,978
Net (loss) gain on sales of real estate	(8,065)		(4,430)		29,652		5,544
Total other (expense) income	(8,315)		(6,353)		26,664		18,368
Income before income from unconsolidated joint ventures and income tax expense	26,398		21,727		39,031		127,433
Income from unconsolidated joint ventures	2,230		1,226		6,366		2,276
Income tax expense	(71)		(436)		(1,275)		(1,346)
Net income	28,557		22,517		44,122		128,363
Net loss attributable to noncontrolling interests	50		21		163		21
Net income attributable to Sabra Health Care REIT, Inc.	$	28,607	$	22,538	$	44,285	$	128,384



Net income attributable to Sabra Health Care REIT, Inc., per:
Basic common share	$	0.11	$	0.09	$	0.17	$	0.54
Diluted common share	$	0.11	$	0.09	$	0.17	$	0.53

Weighted average number of common shares outstanding, basic	255,604,032		239,896,059		253,348,731		238,595,147
Weighted average number of common shares outstanding, diluted	259,823,331		243,558,449		257,186,896		241,593,992


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cash rental income	$	93,540	$	88,946	$	277,383	$	271,414
Deferred cash rent payment	10,166		—		10,166		—
Straight-line rental income	894		1,027		2,609		3,683
Write-offs of straight-line rental income receivable and lease intangibles	(6,200)		(9,237)		(4,796)		(7,759)
Above/below market lease amortization	1,058		1,058		3,192		3,256
Operating expense recoveries	3,720		3,560		10,982		10,620
Rental and related revenues	$	103,178	$	85,354	$	299,536	$	281,214


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	September 30, 2026		December 31, 2025

Assets
Real estate investments, net of accumulated depreciation of $1,322,145 and $1,224,663 as of September 30, 2026 and December 31, 2025, respectively	$	4,925,213	$	4,686,377
Loans receivable and other investments, net	120,295		434,100
Investment in unconsolidated joint ventures	114,631		118,166
Cash and cash equivalents	36,240		71,537
Restricted cash	6,842		6,603
Lease intangible assets, net	87,180		65,321
Accounts receivable, prepaid expenses and other assets, net	139,551		111,292
Total assets	$	5,429,952	$	5,493,396
Liabilities
Secured debt, net	$	41,706	$	43,275
Revolving credit facility	126,503		217,584
Term loans, net	1,030,224		1,032,311
Senior unsecured notes, net	1,237,543		1,235,726
Accounts payable and accrued liabilities	135,005		119,329
Lease intangible liabilities, net	17,696		21,383

Total liabilities	2,588,677		2,669,608
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2026 and December 31, 2025	—		—
Common stock, $0.01 par value; 500,000,000 shares authorized, 261,961,461 and 251,697,456 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	2,620		2,517
Additional paid-in capital	5,014,619		4,836,270
Cumulative distributions in excess of net income	(2,200,671)		(2,013,375)
Accumulated other comprehensive income (loss)	23,083		(3,571)
Total Sabra Health Care REIT, Inc. stockholders’ equity	2,839,651		2,821,841
Noncontrolling interests	1,624		1,947
Total equity	2,841,275		2,823,788
Total liabilities and equity	$	5,429,952	$	5,493,396


	Low		High
Net income attributable to Sabra Health Care REIT, Inc.	$	0.265	$	0.275
Add:
Depreciation and amortization of real estate assets	0.970		0.970
Depreciation and amortization of real estate assets related to unconsolidated joint ventures	0.020		0.020
Net gain on sales of real estate	(0.110)		(0.110)

FFO attributable to Sabra Health Care REIT, Inc.	$	1.145	$	1.155

Normalizing items	0.395		0.395
Normalized FFO attributable to Sabra Health Care REIT, Inc.	$	1.540	$	1.550

FFO attributable to Sabra Health Care REIT, Inc.	$	1.145	$	1.155
Stock-based compensation expense	0.055		0.055
Non-cash rental and related revenues	(0.015)		(0.015)

Non-cash interest expense	0.035		0.035


Other adjustments	0.405		0.405
AFFO attributable to Sabra Health Care REIT, Inc.	$	1.625	$	1.635

Normalizing items	(0.025)		(0.025)
Normalized AFFO attributable to Sabra Health Care REIT, Inc.	$	1.600	$	1.610


	Three Months Ended
	September 30, 2026


Net income	$	28,557
Interest	29,161
Income tax expense	71
Depreciation and amortization	64,779
EBITDA	122,568
Income from unconsolidated joint ventures	(2,230)

Distributions from unconsolidated joint ventures	1,607
Stock-based compensation expense	3,922
Acquisition and transaction costs	813

Write-offs of non-cash revenue and provision for loan losses	8,560


Other expense	184

Net loss on sales of real estate	8,065
Adjusted EBITDA	143,489
Adjustments for current period activity (1)	(10,312)
Adjusted EBITDA, as adjusted	$	133,177

Adjusted EBITDA, as adjusted, annualized	$	532,708








	September 30, 2026
Secured debt	$	42,416
Revolving credit facility	126,503
Term loans	1,035,615
Senior unsecured notes	1,250,000
Consolidated Debt	2,454,534
Cash and cash equivalents	(36,240)
Net Debt	$	2,418,294



	September 30, 2026
Net Debt	$	2,418,294
Adjusted EBITDA, as adjusted, annualized	$	532,708
Net Debt to Adjusted EBITDA	4.54x


	Three Months Ended
	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026
Revenues:
Resident fees and services	$	92,017	$	108,434	$	116,685	$	128,802	$	143,164
Resident fees and services attributable to noncontrolling interests	(117)		(312)		(317)		(336)		(351)
Resident fees and services - pro rata	$	91,900	$	108,122	$	116,368	$	128,466	$	142,813
Income from unconsolidated joint ventures:
Resident fees and services	11,524		11,611		11,978		12,206		12,310
Resident fees and services not included in same store (1)	(26,491)		(40,558)		(47,475)		(58,076)		(71,007)
Same store resident fees and services - pro rata	$	76,933	$	79,175	$	80,871	$	82,596	$	84,116


Net income	$	22,517	$	27,147	$	40,813	$	(25,248)	$	28,557
Adjustments:
Net income not related to SHOP	(14,590)		(17,533)		(30,050)		30,760		(17,879)
Depreciation and amortization	19,989		23,730		25,965		29,391		35,306
Interest	—		—		—		38		114
Other income	(619)		(73)		—		(29)		—
Net loss (gain) on sale of real estate	—		—		—		7,498		(6)
Income from unconsolidated joint ventures	(1,226)		(1,652)		(1,912)		(2,224)		(2,230)
Net Operating Income attributable to noncontrolling interests	(39)		(92)		(99)		(120)		(120)
Sabra's share of unconsolidated joint ventures' Net Operating Income	4,034		4,061		4,262		4,511		4,604
Net Operating Income - pro rata	$	30,066	$	35,588	$	38,979	$	44,577	$	48,346
Non-cash revenue and expense adjustments	5		4		4		4		4
Cash Net Operating Income - pro rata	$	30,071	$	35,592	$	38,983	$	44,581	$	48,350
Cash Net Operating Income not included in same store (1)	(4,454)		(9,010)		(11,728)		(15,751)		(18,981)
Same store Cash Net Operating Income - pro rata	$	25,617	$	26,582	$	27,255	$	28,830	$	29,369


	Nine Months Ended September 30, 2026
	Skilled Nursing/ Transitional Care		Senior Housing								Specialty Hospitals and Other
			Senior Housing - Leased		SHOP - Consolidated		SHOP - Unconsolidated		Total Senior Housing				Other		Corporate		Total
Net income (loss)	$	197,885	$	16,445	$	20,587	$	6,366	$	43,398	$	26,415	$	18,997	$	(242,573)	$	44,122
Adjustments:
Depreciation and amortization	60,712		8,209		90,662		—		98,871		14,485		—		221		174,289
Interest	564		438		152		—		590		—		—		86,195		87,349
General and administrative	—		—		—		—		—		—		—		47,265		47,265
Provision for loan losses	—		—		—		—		—		—		—		104,600		104,600
Impairment of real estate	440		—		—		—		—		—		—		—		440

Other (income) expense	—		—		(29)		—		(29)		—		—		3,017		2,988
Net (gain) loss on sales of real estate	(45,209)		—		7,492		—		7,492		8,065		—		—		(29,652)
Income from unconsolidated joint ventures	—		—		—		(6,366)		(6,366)		—		—		—		(6,366)
Income tax expense	—		—		—		—		—		—		—		1,275		1,275
Net Operating Income attributable to noncontrolling interests	—		—		(339)		—		(339)		—		—		—		(339)
Sabra’s share of unconsolidated joint ventures’ Net Operating Income	—		—		—		13,376		13,376		—		—		—		13,376
Net Operating Income - pro rata	$	214,392	$	25,092	$	118,525	$	13,376	$	156,993	$	48,965	$	18,997	$	—	$	439,347
Non-cash revenue and expense adjustments	(2,335)		967		—		13		980		374		1		—		(980)
Cash Net Operating Income - pro rata	$	212,057	$	26,059	$	118,525	$	13,389	$	157,973	$	49,339	$	18,998	$	—	$	438,367




Annualizing adjustments (1)	66,594		7,064		60,146		5,042		72,252		9,831		(6,168)		—		142,509
Annualized Cash Net Operating Income - pro rata	$	278,651	$	33,123	$	178,671	$	18,431	$	230,225	$	59,170	$	12,830	$	—	$	580,876
Reallocation adjustments (2)	—		7,756		—		—		7,756		3,354		(11,110)		—		—
Annualized Cash Net Operating Income, as adjusted - pro rata	$	278,651	$	40,879	$	178,671	$	18,431	$	237,981	$	62,524	$	1,720	$	—	$	580,876


Emerging growth company			☐


Item 2.02			Results of Operations and Financial Condition.


Item 7.01			Regulation FD Disclosure.


Item 9.01			Financial Statements and Exhibits.