Sabra Health Care REIT, Inc. (SBRA): Results of Operations and Financial Condition
Sabra Health Care REIT, Inc. (SBRA) filed an SEC Form 8-K — Results of Operations and Financial Condition. EX-99.3 4 sbraex9932026q2.htm Q2 2026 NON-GAAP RECONCILIATIONS Document Reconciliations of Non-GAAP Financial Measures June 30, 2026 (Unaudited) SABRA HEALTH CARE REIT, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES 2026 OUTLOOK FFO, Normalized FFO, AFFO and Normalized AFFO
How this was made
The 30-second read
Why it matters
Traders can use the disclosed 2026 per-share guidance ranges and the Q2 reconciliation to update models for normalized earnings power and the expected drag from loan-loss reserves, lease termination, and non-cash adjustments.
Market read
This filing is a direct update to 2026 outlook and includes the components behind Q2 normalized earnings, which can affect valuation multiples and near-term positioning in healthcare REITs.
What to watch
The excerpt highlights assumptions (same-store Senior Housing - Managed Cash NOI growth low to mid-teens, triple-net Cash NOI low-single-digit) and a specific share-count basis; deviations in tenant transitions or interest-rate/financing costs could matter more than the headline ranges.
Background
The SEC 8-K includes Item 2.02 results of operations and financial condition, with non-GAAP reconciliations and 2026 outlook for FFO, Normalized FFO, AFFO, and Normalized AFFO.
Ticker impact
Sabra Health Care REIT provided 2026 FFO and AFFO per-share guidance ranges and detailed Q2 2026 FFO/AFFO reconciliation items.
Near-term price reaction is likely modest unless the market had materially different expectations for 2026 Normalized FFO/AFFO or the reserve/termination dynamics.
This is an SEC 8-K with explicit guidance ranges (Normalized FFO $1.53-$1.55, Normalized AFFO $1.59-$1.61) plus Q2 reconciliation showing large swings in FFO vs net income, but the excerpt does not include consensus comparisons or a new discrete event beyond the filing itself.
Market effects
Guidance for a senior housing REIT with triple-net exposure can influence read-across assumptions for cash NOI growth and reserve intensity across the healthcare REIT group.
No specific regional exposure changes are disclosed in the excerpt.
Limited global relevance; primarily affects US healthcare REIT sentiment and credit spread expectations.
Counterpoint
Normalized metrics can mask underlying cash-flow stress if loan-loss reserves and lease termination costs remain elevated, so guidance may not fully de-risk credit risk.
Key entities
- issuerSabra Health Care REIT, Inc.
Provided Q2 2026 non-GAAP reconciliations and 2026 guidance ranges for FFO/Normalized FFO and AFFO/Normalized AFFO.
