Principal RE and Global Investors Report 20.56M Shares of SBRA

Rhea-AI Filing Summary

Principal Real Estate Investors LLC and Principal Global Investors jointly report ownership of 20,564,483 shares of Sabra Health Care REIT common stock, representing 8.7% of the class. The filing breaks the position into 19,714,543 shares associated with Principal Real Estate Investors LLC and 849,940 shares associated with Principal Global Investors, with both reporting shared voting and dispositive power and no sole voting or dispositive power.

The disclosure is a joint Schedule 13G/A and includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control; a Joint Filing Agreement is referenced as Exhibit 99.1.

Positive

• Combined 20,564,483-share stake disclosed, representing 8.7% of SBRA
• Majority of the position (19,714,543 shares) held by Principal Real Estate Investors LLC
• Both filers report shared voting and dispositive power, clarifying coordination
• Certification states holdings are in the ordinary course and not held to influence control
• Joint Filing Agreement (Exhibit 99.1) is referenced, supporting the joint disclosure

Negative

• None.

Insights

Financial Analyst

TL;DR: Combined Principal entities disclose an 8.7% SBRA stake (20.56M shares), a material passive ownership disclosure above 5%.

The combined 20,564,483-share position represents a material disclosure under SEC rules because it exceeds the 5% threshold; the breakdown shows the majority held by Principal Real Estate Investors LLC with 19,714,543 shares and a smaller allocation to Principal Global Investors with 849,940 shares. Reported shared voting and dispositive power suggests coordination in reporting, while the certification that holdings are in the ordinary course and not to influence control frames this as a passive disclosure rather than an activist stake.

Corporate Governance Expert

TL;DR: Joint Schedule 13G/A filing documents coordinated ownership and shared voting/dispositive power, with explicit certification against intent to influence control.

The schedule documents a joint filing and references an Exhibit 99.1 Joint Filing Agreement, indicating the reporting persons coordinated their disclosure. Both reporting entities state no sole voting or dispositive power and certify that the securities are held in the ordinary course and not to change control. For governance review, the presence of shared power and a single signatory for both entities is notable for shareholder composition, but the filing presents the position as passive under the applicable rules.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Sabra Health Care REIT, Inc.

(Name of Issuer)

Common stock, $0.01 par value

(Title of Class of Securities)

78573L106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 78573L106

1

Names of Reporting Persons

PRINCIPAL REAL ESTATE INVESTORS LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 19,714,543.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 19,714,543.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,714,543.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 78573L106

1

Names of Reporting Persons

PRINCIPAL GLOBAL INVESTORS

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 849,940.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 849,940.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

849,940.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sabra Health Care REIT, Inc.
(b)	Address of issuer's principal executive offices: 1781 FLIGHT WAY, TUSTIN, CALIFORNIA 92782
Item 2.
(a)	Name of person filing: PRINCIPAL REAL ESTATE INVESTORS LLC PRINCIPAL GLOBAL INVESTORS
(b)	Address or principal business office or, if none, residence: PRINCIPAL REAL ESTATE INVESTORS, LLC 711 HIGH STREET DES MOINES, Iowa 50392-0300 PRINCIPAL GLOBAL INVESTORS 711 HIGH STREET DES MOINES, Iowa 50392-0300
(c)	Citizenship: PRINCIPAL REAL ESTATE INVESTORS LLC - DELAWARE PRINCIPAL GLOBAL INVESTORS - DELAWARE
(d)	Title of class of securities: Common stock, $0.01 par value
(e)	CUSIP No.: 78573L106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 20,564,483
(b)	Percent of class: 8.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS LLC - 0 PRINCIPAL GLOBAL INVESTORS - 0
	(ii) Shared power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS LLC - 19,714,543 PRINCIPAL GLOBAL INVESTORS - 849,940
	(iii) Sole power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS LLC - 0 PRINCIPAL GLOBAL INVESTORS - 0
	(iv) Shared power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS LLC - 19,714,543 PRINCIPAL GLOBAL INVESTORS - 849,940
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRINCIPAL REAL ESTATE INVESTORS LLC

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

PRINCIPAL GLOBAL INVESTORS

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

Exhibit Information

This statement is filed by Principal Real Estate Investors LLC and Principal Global Investors LLC jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.

FAQ

How many SBRA shares do Principal entities report owning?

They report a combined 20,564,483 shares of Sabra Health Care REIT common stock.

What percent of SBRA does this combined holding represent?

The combined position represents 8.7% of the class of common stock.

Do the reporting persons have sole voting or dispositive power over the SBRA shares?

No. Both entities report 0 sole voting power and 0 sole dispositive power; all reported power is shared.

Is the filing a joint disclosure for SBRA?

Yes. The statement is a joint Schedule 13G/A filing by Principal Real Estate Investors LLC and Principal Global Investors, and a Joint Filing Agreement (Exhibit 99.1) is referenced.

Were the shares reported as being acquired to influence control of SBRA?

No. The filing includes a certification that the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.