SBRA Q3 2026 Normalized AFFO per diluted common share $0.41, Beat Guidance by +$0.01
SBRA beat prior Q3 2026 Normalized AFFO per diluted common share guidance by +$0.01. Normalized AFFO per diluted common share was raised by +$0.01 to $1.600 - $1.610 (midpoint $1.605). Total revenues increased 31.3% year-over-year to $249.6 million.
Published November 2, 2026 at 7:09 PM ESTSabra Health Care REIT, Inc.SEC filing
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Guidance comparison
Normalized AFFO per diluted common shareQ3 2026
$0.41Guide $0.40 (implied quarterly run rate from $1.60 FY midpoint) | beat | +$0.01 | +2.5%
Normalized FFO per diluted common shareQ3 2026
$0.39Guide $0.385 (implied quarterly run rate from $1.54 FY midpoint) | beat | +$0.01 | +1.3%
$63 million (including nearly $15 million of stock-based compensation expense)Prior $52 million (incl. $12 million stock-based comp) | raised | +$11.0M
Forward guidance
Net income per diluted common shareFY 2026
$0.265 - $0.275
FFO per diluted common shareFY 2026
$1.145 - $1.155
Normalized FFO per diluted common shareFY 2026
$1.540 - $1.550
AFFO per diluted common shareFY 2026
$1.625 - $1.635
Normalized AFFO per diluted common shareFY 2026
$1.600 - $1.610
General and administrative expensesFY 2026
$63 million (including nearly $15 million of stock-based compensation expense)
Cash interest expenseFY 2026
$106 million
Key takeaways
Q3 2026 Normalized AFFO of $0.41 beat the implied quarterly run rate from prior full-year 2026 guidance midpoint of $0.40.
Same-store SHOP Cash NOI increased 14.6% year-over-year in Q3 2026.
Full-year 2026 Normalized AFFO guidance raised to $1.60–$1.61 (midpoint $1.605) from $1.59–$1.61 (midpoint $1.60), a $0.005 raise at the midpoint.
Full-year 2026 AFFO guidance raised to $1.625–$1.635 (midpoint $1.63) from $1.58–$1.60 (midpoint $1.59), a $0.04 raise at the midpoint.
Full-year 2026 net income guidance lowered to $0.265–$0.275 (midpoint $0.27) from $0.37–$0.39 (midpoint $0.38), a $0.11 cut at the midpoint.
Acquired seven SHOP communities for $222.8 million in Q3 2026 with estimated yield of 7.7%.
Investments closed year-to-date total $747.2 million with estimated yield of 8.0%.
Key metrics
Total revenuesQ3 2026
$249.6 million+31.3%
Net income per diluted common shareQ3 2026
$0.11+22.2%
FFO per diluted common shareQ3 2026
$0.40+21.2%
Normalized FFO per diluted common shareQ3 2026
$0.39+8.3%
AFFO per diluted common shareQ3 2026
$0.45+21.6%
Normalized AFFO per diluted common shareQ3 2026
$0.41+7.9%
Same-store SHOP Cash NOI growthQ3 2026
+14.6%
Total revenuesNine months ended September 30, 2026
$707.2 million+25.7%
Primary source
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