Sabra Health Care Reit Stock Price, News & Analysis

Sabra Health Care REIT, Inc. (Nasdaq: SBRA) is a Maryland corporation that operates as a self-administered, self-managed real estate investment trust (REIT). Through its subsidiaries, Sabra owns and invests in real estate serving the healthcare industry throughout the United States and Canada. The company is classified in the Finance and Insurance sector under Other Financial Vehicles and focuses its activities on healthcare-related properties.

According to company disclosures, Sabra’s investment portfolio consists of real estate properties and related investments tied to healthcare operations. As of mid and late 2025, the portfolio included hundreds of properties and tens of thousands of beds and units across the United States and Canada. These properties span multiple healthcare and senior living categories, reflecting Sabra’s emphasis on facilities that support seniors and patients across a range of care needs.

Business Model and Portfolio Focus

Sabra operates a single reportable segment that owns and invests in healthcare real estate. The company’s operations, as described in its public communications, include:

• Skilled nursing and transitional care facilities, which provide services to patients requiring nursing care and rehabilitation.
• Senior housing communities, which are structured as both leased properties and communities operated by third-party property managers under property management agreements.
• Behavioral health facilities, supporting mental and behavioral healthcare services.
• Specialty hospitals and other healthcare facilities, expanding its exposure across the healthcare continuum.

Sabra’s revenues are derived from rental and related revenues, resident fees and services, and interest and other income, as reflected in its consolidated statements of income. The company also holds investments in loans receivable, preferred equity investments and interests in unconsolidated joint ventures, all of which are tied to healthcare real estate and related activities.

Geographic Footprint

Sabra states that it owns and invests in real estate serving the healthcare industry throughout the United States and Canada. Its real estate properties held for investment include tens of thousands of beds and units spread across these two countries, indicating a diversified geographic presence within North American healthcare and senior housing markets.

Property Types and Segments

Company reports describe Sabra’s portfolio composition in detail. The main categories of real estate properties held for investment include:

• Skilled nursing/transitional care facilities – a significant portion of the portfolio, focused on post-acute and long-term care.
• Senior housing – leased – senior housing communities leased to operators under triple-net or similar lease structures.
• Senior housing – managed – senior housing communities operated by third-party property managers pursuant to property management agreements, where Sabra’s returns are tied to property-level performance.
• Behavioral health facilities – properties supporting behavioral health services.
• Specialty hospitals and other facilities – additional healthcare-related properties that diversify the portfolio.

Beyond direct property ownership, Sabra also reports investments in mortgage loans and other loans, preferred equity positions and unconsolidated joint ventures, all of which are associated with healthcare and senior housing assets.

Capital Structure and REIT Status

Sabra’s common stock trades on The Nasdaq Stock Market LLC under the symbol SBRA. As a REIT, the company is subject to federal tax laws and requirements applicable to real estate investment trusts. Its public filings reference matters such as maintaining REIT status, compliance with REIT requirements and tax and regulatory considerations related to that status.

The company uses a variety of capital sources, including unsecured senior notes, term loans, revolving credit facilities and at-the-market equity offering programs (ATM programs). For example, Sabra has disclosed an equity distribution agreement supporting an ATM program for the issuance and sale of common stock, as well as the use of forward sale agreements. It has also described the redemption of outstanding senior notes funded by a new term loan, illustrating how it manages its debt profile over time.

Financial Reporting and Performance Metrics

Sabra reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP) and also presents several non-GAAP financial measures. In its quarterly results releases, the company highlights:

• Net income
• Funds from operations (FFO) and Normalized FFO
• Adjusted funds from operations (AFFO) and Normalized AFFO
• Net operating income (NOI) and Cash NOI
• Net Debt to Adjusted EBITDA

Sabra provides reconciliations of these non-GAAP measures to the most comparable GAAP measures in supplemental information packages and on its investor relations materials referenced in its SEC filings and press releases. The company also discloses portfolio-level operating metrics such as EBITDARM coverage for its triple-net portfolio segments and same-store Cash NOI growth for its managed senior housing portfolio.

Portfolio Management and Investment Activity

Public disclosures show that Sabra actively manages and adjusts its portfolio through acquisitions, transitions of operators and capital allocation decisions. Examples from company releases include:

• Acquisitions of managed senior housing properties with stated estimated initial cash yields.
• Transitions of senior housing properties from one operator to multiple operators selected for regional expertise and operating capabilities.
• Additional senior housing investments awarded and expected to be funded with available liquidity, including proceeds from forward sale agreements under ATM programs.

Sabra also reports on liquidity, including unrestricted cash and cash equivalents, available borrowings under its revolving credit facility and capacity under its ATM program and forward sale agreements. These disclosures illustrate how the company approaches funding for investments, debt repayment and general corporate purposes.

Risk Factors and Operating Environment

In its forward-looking statements and risk factor discussions, Sabra identifies a range of factors that can affect its business, including labor costs and labor shortages, changes in interest rates and inflation, healthcare regulation and enforcement, reimbursement from governmental and other third-party payor programs, macroeconomic conditions, credit ratings, access to capital and the relatively illiquid nature of real estate investments. The company also notes risks associated with its concentration in healthcare property sectors such as skilled nursing/transitional care facilities and senior housing communities, as well as risks tied to ownership of property outside the United States, including currency fluctuations.

Corporate Governance and Listings

Sabra is incorporated in Maryland and files reports with the U.S. Securities and Exchange Commission under Commission File Number 001-34950. Its common stock, with a par value of $0.01 per share, is registered under Section 12(b) of the Securities Exchange Act of 1934 and listed on The Nasdaq Stock Market LLC under the trading symbol SBRA.

Summary

According to its public statements and SEC filings, Sabra Health Care REIT, Inc. is a self-administered, self-managed REIT focused on owning and investing in healthcare-related real estate throughout the United States and Canada. Its portfolio spans skilled nursing and transitional care facilities, senior housing communities under both leased and managed structures, behavioral health facilities, specialty hospitals and other healthcare properties, as well as related loans and equity investments. The company emphasizes portfolio diversification within healthcare, uses a mix of debt and equity financing tools and reports a range of GAAP and non-GAAP performance metrics to describe its operating and financial results.