Sabra Raises 2026 Guidance on Senior Housing Growth
The healthcare REIT lifted its full-year funds from operations outlook after third-quarter senior housing cash income rose 14.6%.
Updated on Nov. 3, 2026 in Commercial
Sabra Health Care REIT raised its 2026 funds from operations guidance after reporting third-quarter results. Same-property cash net operating income in its Senior Housing Operating Portfolio rose 14.6% year over year.
Why it matters
The guidance increase signals that the company's senior housing operations are generating stronger cash income than previously projected. For investors tracking healthcare real estate, the results offer a measure of how senior living properties are performing in the current period.
Quarterly diluted earnings per share were $0.11 and FFO was $0.40 per diluted share, with normalized FFO at $0.39. Updated 2026 FFO guidance is $1.145 to $1.155 per share and AFFO guidance is $1.625 to $1.635 per share.
The players
Sabra Health Care REIT, Inc.
Sabra Health Care REIT is a real estate investment trust that owns and manages healthcare properties, including senior housing and skilled nursing facilities.
Cascadia Healthcare
Cascadia Healthcare is a healthcare operator that took over 22 properties from the Avamere transfer.
Ensign Group
The Ensign Group is a healthcare services company that took over four properties from the Avamere transfer.
The details
Sabra reported revenue of $249.565 million for the three months ended Sept. 30, up from $190.037 million a year earlier. The company also completed the transfer of 26 properties previously leased to Avamere on Oct. 1, with Cascadia Healthcare subsidiaries taking over 22 properties and Ensign Group subsidiaries taking four.
Timeline
Sept. 30: Third-quarter period ended with reported results.
Oct. 1: Transfer of 26 Avamere properties completed.
Nov. 2: Board declared a quarterly dividend of $0.30 per share.
Nov. 13: Dividend record date for shareholders.
Nov. 30: Dividend payment date.
Market Landscape
Sabra's guidance increase comes as healthcare REITs compete for senior housing assets and operators. The company's expansion through property transfers such as the Avamere deal places it alongside other large operators reshaping the sector.
Shareholders receive a $0.30 quarterly dividend with a Nov. 13 record date and Nov. 30 payment date. Investors comparing the company's normalized AFFO of $0.41 for the quarter can weigh it against the updated annual AFFO guidance.
The takeaway
Sabra's raised guidance and senior housing growth show that operators with occupancy-driven cash flow can outpace expectations. Investors should watch whether the same-property gains hold in coming quarters.
What happens next
Shareholders of record on Nov. 13 are scheduled to receive the $0.30 quarterly dividend on Nov. 30.
Further reading
Explore more on Commercial real estate trends affecting healthcare property investors.
