Sabra Health Care REIT (SBRA)
Market Price (10/29/2026): $19.06 | Market Cap: $4.9 BilSector: Real Estate | Industry: Health Care REITs
Sabra Health Care REIT (SBRA)
Market Price (10/29/2026): $19.06Market Cap: $4.9 BilSector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 7.7% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43% Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. | Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -15% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 50% Key risksSBRA key risks include [1] significant tenant concentration, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 7.7% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -15% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 50% |
| Key risksSBRA key risks include [1] significant tenant concentration, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Sabra Health Care REIT (SBRA) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Positive Company-Specific Operational Improvements and Increased Guidance. Sabra Health Care REIT announced a significant business update on July 21, 2026, detailing the re-tenanting of all 26 Avamere properties. This transition is projected to increase combined annualized cash rent by nearly 30% to $53 million compared to the $41 million received from Avamere in the trailing-twelve-month period ending March 31, 2026. Additionally, Sabra closed on, or agreed to, other portfolio initiatives expected to add over $9 million in annual cash Net Operating Income (NOI). These operational enhancements led to an increase in full-year 2026 Normalized Funds From Operations (FFO) guidance by 7% and Normalized Adjusted Funds From Operations (AFFO) guidance by 8% at the midpoint over 2025.
2. Mixed Q2 2026 Earnings Performance. Sabra reported its fiscal Q2 2026 earnings on August 3, 2026, with mixed results that likely tempered the stock's movement. While quarterly revenue increased by 24.7% year-over-year to $230.11 million, surpassing analyst estimates, the company reported a net loss per diluted common share of $(0.10). This diluted EPS figure missed the consensus estimate of $0.17 by $0.27.
Show more
Sabra Health Care REIT (SBRA) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Positive Company-Specific Operational Improvements and Increased Guidance. Sabra Health Care REIT announced a significant business update on July 21, 2026, detailing the re-tenanting of all 26 Avamere properties. This transition is projected to increase combined annualized cash rent by nearly 30% to $53 million compared to the $41 million received from Avamere in the trailing-twelve-month period ending March 31, 2026. Additionally, Sabra closed on, or agreed to, other portfolio initiatives expected to add over $9 million in annual cash Net Operating Income (NOI). These operational enhancements led to an increase in full-year 2026 Normalized Funds From Operations (FFO) guidance by 7% and Normalized Adjusted Funds From Operations (AFFO) guidance by 8% at the midpoint over 2025.
2. Mixed Q2 2026 Earnings Performance. Sabra reported its fiscal Q2 2026 earnings on August 3, 2026, with mixed results that likely tempered the stock's movement. While quarterly revenue increased by 24.7% year-over-year to $230.11 million, surpassing analyst estimates, the company reported a net loss per diluted common share of $(0.10). This diluted EPS figure missed the consensus estimate of $0.17 by $0.27.
3. Macroeconomic Headwinds from Rising Interest Rates. The broader market environment for Real Estate Investment Trusts (REITs) faced headwinds during fiscal Q3 2026 due to rising interest rates. The Federal Reserve increased the federal funds target rate by 25 basis points to 4.0% on September 17, 2026, marking its first rate hike since 2023, in an effort to combat persistent inflation. Concurrently, long-term Treasury yields reached their highest levels in over two decades throughout August and September 2026, increasing competition for income-oriented capital and generally impacting the real estate sector.
4. Maintained Dividend and Strong Liquidity. The company's stable dividend and healthy financial position likely provided a floor for the stock. Sabra's Board of Directors declared a quarterly cash dividend of $0.30 per share on August 3, 2026, maintaining a dividend yield of 6.05% (trailing and forward). As of June 30, 2026, Sabra reported approximately $1.3 billion in liquidity and a Net Debt to Adjusted EBITDA ratio of 4.61x, indicating a solid balance sheet.
Show less
Stock Movement Drivers
Fundamental Drivers
The -0.8% change in SBRA stock from 6/30/2026 to 10/28/2026 was primarily driven by a -60.4% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.22 | 19.07 | -0.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 813 | 860 | 5.7% |
| Net Income Margin (%) | 19.2% | 7.6% | -60.4% |
| P/E Multiple | 31.0 | 73.5 | 136.9% |
| Shares Outstanding (Mil) | 252 | 252 | -0.1% |
| Cumulative Contribution | -0.8% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| SBRA | -0.8% | |
| Market (SPY) | 3.4% | -10.8% |
| Sector (XLRE) | -4.3% | 46.4% |
Fundamental Drivers
The 2.1% change in SBRA stock from 3/31/2026 to 10/28/2026 was primarily driven by a 145.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.68 | 19.07 | 2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 775 | 860 | 11.0% |
| Net Income Margin (%) | 20.1% | 7.6% | -62.1% |
| P/E Multiple | 29.9 | 73.5 | 145.5% |
| Shares Outstanding (Mil) | 249 | 252 | -1.1% |
| Cumulative Contribution | 2.1% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| SBRA | 2.1% | |
| Market (SPY) | 19.1% | -12.7% |
| Sector (XLRE) | 4.1% | 47.7% |
Fundamental Drivers
The 8.7% change in SBRA stock from 9/30/2025 to 10/28/2026 was primarily driven by a 221.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.55 | 19.07 | 8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 733 | 860 | 17.3% |
| Net Income Margin (%) | 24.9% | 7.6% | -69.4% |
| P/E Multiple | 22.9 | 73.5 | 221.0% |
| Shares Outstanding (Mil) | 238 | 252 | -5.7% |
| Cumulative Contribution | 8.7% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| SBRA | 8.7% | |
| Market (SPY) | 16.9% | -11.9% |
| Sector (XLRE) | 2.7% | 42.7% |
Fundamental Drivers
The 68.9% change in SBRA stock from 9/30/2023 to 10/28/2026 was primarily driven by a 36.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.29 | 19.07 | 68.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 628 | 860 | 36.8% |
| P/S Multiple | 4.2 | 5.6 | 34.7% |
| Shares Outstanding (Mil) | 231 | 252 | -8.3% |
| Cumulative Contribution | 68.9% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| SBRA | 68.9% | |
| Market (SPY) | 86.9% | 10.8% |
| Sector (XLRE) | 35.9% | 48.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SBRA Return | -16% | 0% | 26% | 31% | 17% | 7% | 75% |
| Peers Return | 6% | -9% | 24% | 31% | 33% | 7% | 123% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| SBRA Win Rate | 50% | 50% | 50% | 67% | 50% | 30% | |
| Peers Win Rate | 53% | 50% | 62% | 70% | 60% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SBRA Max Drawdown | -31% | -27% | -25% | -14% | -12% | -16% | |
| Peers Max Drawdown | -22% | -31% | -17% | -15% | -10% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WELL, VTR, OHI, NHI, CTRE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)
How Low Can It Go
| Event | SBRA | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.2% | 7.1% |
| Time to Breakeven | 119 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.9% | -24.5% |
| % Gain to Breakeven | 16.1% | 32.4% |
| Time to Breakeven | 3 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -72.9% | -33.7% |
| % Gain to Breakeven | 269.4% | 50.9% |
| Time to Breakeven | 1563 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.3% | -19.2% |
| % Gain to Breakeven | 35.6% | 23.8% |
| Time to Breakeven | 198 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -18.7% | -3.7% |
| % Gain to Breakeven | 23.0% | 3.9% |
| Time to Breakeven | 29 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.3% | -12.2% |
| % Gain to Breakeven | 67.5% | 13.9% |
| Time to Breakeven | 177 days | 62 days |
In The Past
Sabra Health Care REIT's stock fell -4.0% during the 2025 US Tariff Shock. Such a loss loss requires a 4.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | SBRA | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.2% | 7.1% |
| Time to Breakeven | 119 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -72.9% | -33.7% |
| % Gain to Breakeven | 269.4% | 50.9% |
| Time to Breakeven | 1563 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.3% | -19.2% |
| % Gain to Breakeven | 35.6% | 23.8% |
| Time to Breakeven | 198 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.3% | -12.2% |
| % Gain to Breakeven | 67.5% | 13.9% |
| Time to Breakeven | 177 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -41.5% | -6.8% |
| % Gain to Breakeven | 71.0% | 7.3% |
| Time to Breakeven | 184 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -24.7% | -0.2% |
| % Gain to Breakeven | 32.8% | 0.2% |
| Time to Breakeven | 145 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -42.4% | -17.9% |
| % Gain to Breakeven | 73.6% | 21.8% |
| Time to Breakeven | 127 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -57.3% | -53.4% |
| % Gain to Breakeven | 134.2% | 114.4% |
| Time to Breakeven | 2187 days | 1085 days |
In The Past
Sabra Health Care REIT's stock fell -4.0% during the 2025 US Tariff Shock. Such a loss loss requires a 4.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sabra Health Care REIT (SBRA)
Sabra Health Care REIT (SBRA) operates as a real estate investment trust (REIT) focused on the healthcare sector. The company primarily invests in, owns, and finances a diverse portfolio of healthcare-related real estate properties, allowing investors to gain exposure to the physical infrastructure underlying various healthcare services. As of September 2020, its portfolio included 425 real estate properties and an interest in an unconsolidated joint venture.
The company's main properties and services include skilled nursing and transitional care facilities, senior housing communities (both leased to operators and managed by third parties), and specialty hospitals. These facilities cater to a broad market, serving individuals who require post-acute care, rehabilitation, or various levels of senior living accommodations. Sabra generates its income through lease rentals from its properties, as well as revenue from its managed communities and other financial investments.
In addition to direct property ownership, Sabra diversifies its investments through loans receivable, including mortgage and construction loans, and preferred equity investments. The company's significant portfolio, totaling over 42,000 beds/units directly and thousands more through its joint venture, is geographically spread across the United States and Canada, highlighting its substantial presence in the North American healthcare real estate market.
AI Analysis | Feedback
1. The Simon Property Group for healthcare facilities.
2. Prologis for hospitals and senior living communities.
3. A hotel REIT like Host Hotels & Resorts, but for healthcare facilities.
AI Analysis | Feedback
- Skilled Nursing and Transitional Care Facilities: Sabra leases real estate properties specifically designed for skilled nursing and transitional care services.
- Senior Housing Communities (Leased): Sabra leases its senior housing real estate properties to third-party operators.
- Senior Housing Communities (Managed): Sabra owns senior housing properties that are operated by third-party property managers.
- Specialty Hospitals and Other Facilities: Sabra leases various other healthcare-related real estate properties, including specialty hospitals.
- Real Estate-Backed Loans: Sabra provides financing through mortgage loans, construction loans, and other loans secured by real estate.
- Preferred Equity Investments: Sabra makes preferred equity investments in entities involved in healthcare real estate.
- Direct Financing Leases: Sabra offers financing through direct financing lease arrangements for healthcare properties.
AI Analysis | Feedback
Major Customers of Sabra Health Care REIT (SBRA)
Sabra Health Care REIT (SBRA) is a real estate investment trust that primarily leases and finances healthcare properties. Therefore, its major customers are other companies that operate these facilities or are the recipients of Sabra's financial investments, rather than individuals.
Based on the provided information, Sabra's major customer categories are:
- Companies that operate Skilled Nursing/Transitional Care facilities under lease agreements with Sabra.
- Companies that operate Senior Housing communities, either leasing the properties directly from Sabra ("Senior Housing - Leased") or managing properties for Sabra ("Senior Housing - Managed").
- Companies that operate Specialty Hospitals and Other facilities under lease agreements with Sabra.
- Companies that are borrowers for Sabra's various loans receivable (mortgage, construction, and other loans) or recipients of preferred equity investments.
The provided background information does not list the specific names of these operating companies or borrowers, nor does it indicate if any are public companies with associated symbols.
AI Analysis | Feedback
- Enlivant
- Atria Senior Living
AI Analysis | Feedback
Richard K. Matros, Chairman of the Board, President and Chief Executive Officer
Richard K. Matros has served as Sabra's President and Chief Executive Officer since May 2010, and as Chairman of the Board since November 2010. Before Sabra, he was Chairman of the Board and Chief Executive Officer of Sun Healthcare Group, Inc. from 2001 until Sabra's inception in November 2010, successfully leading Sun Healthcare out of bankruptcy in 2002. Mr. Matros founded and served as Chief Executive Officer and President of Bright Now! Dental from 1998 to 2000, continuing as a Director until its sale in December 2010. His extensive experience in long-term care includes senior roles at Regency Health Services, Inc. and Care Enterprises, Inc. He was also involved with CareMeridian, LLC, and is the Executive Producer of Sabra Films, LLC. In 2023, he co-executive produced "Legacy: The True Story of the LA Lakers," which earned an Emmy in the Sports Documentary category.
Michael L. Costa, Executive Vice President, Chief Financial Officer and Treasurer
Michael L. Costa has served as Sabra's Chief Financial Officer since January 2022. His career at Sabra began at the company's inception in 2010 as Controller, and he progressively advanced through roles including Vice President – Finance and Controller, Executive Vice President – Finance, and Chief Accounting Officer. Mr. Costa possesses over 20 years of experience in commercial real estate finance and accounting, with prior experience at KBS Realty Advisors and Ernst & Young's Real Estate Assurance practice. He is a Certified Public Accountant (inactive) and a licensed California real estate broker.
Darrin Smith, Chief Investment Officer, Secretary and Executive Vice President
Darrin Smith was appointed Sabra's Chief Investment Officer, Secretary and Executive Vice President, effective January 1, 2026. He joined Sabra in March 2020, serving as Executive Vice President, Investments prior to his current role. Earlier in his career, he held senior leadership positions at HCP, Inc. (now Healthpeak Properties, Inc.), a healthcare REIT, from 2005 to 2018, where he was Senior Vice President-Senior Housing Investments. He also gained six years of experience in acquisitions and portfolio management at GE Capital Real Estate, reaching the position of Senior Director of Portfolio Management. Mr. Smith also spent over five years in the real estate group of Ernst & Young, LLP. He is a Certified Public Accountant (inactive status).
Peter Nyland, Executive Vice President, Asset Management
Peter Nyland has been with Sabra since January 2013, serving as Executive Vice President, Asset Management. Before joining Sabra, he held roles at Sun Healthcare Group as Senior Vice President Purchasing, Asset Development and Real Estate, and as President of its subsidiary, Americare Health Services, starting in 2002. From 1983 to 2002, Mr. Nyland accumulated experience at Beverly Enterprises in various senior-level capacities, including Vice President of Strategic Development.
AI Analysis | Feedback
Here are the key risks to Sabra Health Care REIT (SBRA):
- Increased Operational Risks from Senior Housing Operating Portfolio (SHOP) Exposure: Sabra's strategic initiative to increase its exposure to Senior Housing Operating Portfolio (SHOP) assets, while presenting growth opportunities, introduces additional operational risks. SHOP assets are more susceptible to market fluctuations and necessitate more hands-on management compared to triple-net leased properties. This heightened exposure could lead to greater volatility in Sabra's earnings and cash flows, especially if economic conditions or senior housing market dynamics shift unfavorably. The company also faces challenges from unpredictable operator performance, with some operators struggling to meet rent obligations in an inflationary cost environment.
- Sector Concentration and Regulatory/Reimbursement Risks: Sabra's significant concentration in healthcare properties, particularly skilled nursing and senior housing, makes it vulnerable to industry-specific downturns. Changes in healthcare regulations, including those affecting Medicare and Medicaid reimbursement rates, could disproportionately impact Sabra's financial performance and the stability of its revenue streams.
- Interest Rate Fluctuations and Debt Levels: An increase in market interest rates poses a significant risk as it could raise Sabra's interest costs on borrowings under its revolving credit facility and any future debt. Rising interest rates could also limit the company's ability to refinance existing debt when it matures or result in higher interest rates upon refinancing. Sabra's significant debt obligations are also identified as a weakness that could constrain its financial flexibility.
AI Analysis | Feedback
The clear emerging threat for Sabra Health Care REIT is the accelerating shift towards home-based care models and the increased adoption of telehealth and remote patient monitoring technologies. These advancements enable care to be delivered more effectively and conveniently in a patient's home, potentially reducing the demand for and length of stays in facility-based settings like skilled nursing facilities and senior housing communities, which constitute a significant portion of Sabra's investment portfolio.
AI Analysis | Feedback
Sabra Health Care REIT (symbol: SBRA) operates in the healthcare real estate sector, primarily focusing on skilled nursing/transitional care facilities and senior housing communities in the United States and Canada.
Addressable Markets for Main Products/Services:
- Skilled Nursing Facilities (U.S.): The U.S. market for skilled nursing facilities is estimated to be approximately USD 202.4 billion in 2025. This market is anticipated to grow to USD 279.9 billion by 2035, at a compound annual growth rate (CAGR) of 3.3% from 2025 to 2035. Other estimates place the market size at USD 199.72 billion in 2024, expected to reach USD 205.62 billion in 2025, and USD 290.02 billion by 2033, growing at a CAGR of 4.39% from 2025 to 2033.
- Senior Housing (U.S.): The U.S. senior living market size was valued at USD 943.90 billion in 2025 and is projected to reach USD 1.33 trillion by 2033, demonstrating a CAGR of 4.47% from 2026 to 2033. Another source valued the U.S. senior living market at USD 923.20 billion in 2023, with a projection to reach approximately USD 1.22 trillion by 2030, growing at a CAGR of 4.16%.
- Nursing Care Facilities (Canada): The market size of Nursing Care Facilities in Canada was USD 10.3 billion in 2024 and is projected to reach USD 10.6 billion in 2025. This market experienced a CAGR of 2.6% between 2020 and 2025.
- Long-Term Care (Canada) - including Senior Housing/Assisted Living: The broader Canada long-term care market, which includes nursing care, hospice, and assisted living facilities, generated a revenue of USD 29,123.0 million (approximately USD 29.1 billion) in 2023. It is expected to grow to USD 41,876.4 million by 2030, at a CAGR of 5.2% from 2024 to 2030. While specific standalone market sizes for "Senior Housing" in Canada vary significantly across different reports, this long-term care market provides a more comprehensive overview of services relevant to Sabra's Canadian senior-focused portfolio.
- Specialty Hospitals and Other facilities: Null
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Sabra Health Care REIT (SBRA)
- Strong Performance and Expansion of the Senior Housing Operating Portfolio (SHOP): Sabra's managed senior housing portfolio has demonstrated robust growth, with sequential revenue growth of 15.8% and cash Net Operating Income (NOI) growth of 18.4% in Q4 2025. The company's same-store managed senior housing saw revenue increase by 6.4% year-over-year in Q4 2025, and occupancy rose by 160 basis points to 87.9%. Management anticipates low to mid-teens NOI growth for its SHOP portfolio in 2026. Sabra is also strategically increasing its target for the SHOP portfolio to 40% of its total assets, highlighting its focus on this segment for significant future growth.
- Favorable Demographic Trends and Supply Constraints: The aging population serves as a significant tailwind for Sabra. The population aged 80 and older is projected to grow by 4% annually through 2040, driving sustained demand for senior care services. Concurrently, there is a persistent constraint on new supply for both senior housing and skilled nursing facilities. This widening gap between increasing demand and limited supply supports sustained occupancy strength and pricing power across Sabra's portfolio.
- Strategic Acquisitions and Robust Investment Pipeline: Sabra is actively pursuing growth through strategic acquisitions, particularly in the senior housing sector. The company completed approximately $450 million in investments for 2025 and expects to materially exceed that volume in 2026, with $240 million in awarded deals already progressing. The acquisition pipeline remains robust and is heavily weighted toward SHOP assets, indicating a continued focus on expanding this high-growth segment of its portfolio.
- Occupancy Recovery and Enhanced Pricing Power: Sabra anticipates continued occupancy improvements across its properties, including both its managed senior housing and skilled nursing portfolios. In Q4 2025, RevPOR (revenue per occupied room) for the same-store managed senior housing portfolio increased by 4.2% year-over-year. Management expects the U.S. portfolio to reach low-to-mid 90s occupancy over time, which will further enhance pricing power and contribute to organic revenue growth. This operational momentum is expected to result in low single-digit cash NOI growth for the triple-net portfolio and low to mid-teens growth for the same-store senior housing managed portfolio in 2026.
AI Analysis | Feedback
Share Issuance
- In the fourth quarter of 2025, Sabra issued 2.3 million shares, settling outstanding forward sale agreements, which resulted in net proceeds of $40.0 million.
- As of December 31, 2025, 17.4 million shares remained outstanding under forward sale agreements at a weighted average price of $18.60 per share.
- Sabra's shares outstanding increased from 0.233 billion in 2023 to 0.244 billion in 2025.
Outbound Investments
- Sabra completed approximately $450 million in investments during 2025, with an estimated average initial cash yield of 7.5% on property acquisitions, primarily focused on managed senior housing.
- In the fourth quarter of 2025, Sabra acquired four managed senior housing properties for $150.5 million.
- The company anticipates materially exceeding its 2025 investment volume in 2026, with an additional $240 million of primarily managed senior housing and some skilled nursing investments expected to close in Q1 and early Q2 2026.
- During the fourth quarter of 2025, Sabra disposed of seven skilled nursing facilities for gross proceeds of $51.0 million.
Capital Expenditures
- Normalized FFO and Normalized AFFO calculations by Sabra do not consider the costs associated with capital expenditures related to the company's real estate assets.
Peer Outperformance in Health Care REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SBRA | Sabra Health Care REIT | 11.1% | 73.5x | 14.1% | 75.6% | 90.0% | — |
| OHI | Omega Healthcare Investors | 14.6% | 15.9x | 21.0% | 71.1% | 122.2% | +32pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs ← | 15 | 14.1% | 61.9% | 55.4% | WELL 210% · OHI 122% · CTRE 110% |
| Retail REITs | 22 | 9.9% | 41.9% | 23.6% | SKT 160% · SPG 87% · MAC 64% |
| Real Estate Development | 6 | -10.0% | 21.7% | 14.3% | JOE 50% |
| Other Specialized REITs | 11 | 0.9% | 26.4% | 13.4% | IRM 201% · LAMR 77% · OUT 74% |
| Hotel & Resort REITs | 16 | 61.7% | 61.2% | 13.3% | HST 92% · RHP 86% · DRH 75% |
| Industrial REITs | 11 | 2.7% | 37.7% | -7.3% | EGP 13% · FR 6% · TRNO 0% |
| Diversified REITs | 13 | 0.8% | 29.6% | -22.1% | EPRT 8% · WPC 7% · LXP 6% |
| Single-Family Residential REITs | 4 | -1.1% | 7.2% | -22.3% | AMH -11% · ELS -21% · INVH -23% |
| Multi-Family Residential REITs | 12 | -4.4% | 24.7% | -27.0% | ESS -9% · VMRK -15% · UDR -25% |
| Office REITs | 18 | -9.1% | 37.0% | -32.6% | CDP 51% · SLG -3% · HIW -8% |
| Real Estate Services | 27 | -26.1% | -10.0% | -36.0% | JLL 26% · CBRE 18% · NMRK -14% |
| Telecom Tower REITs | 3 | -2.0% | 14.7% | -38.2% | AMT -24% · CCI -38% · SBAC -43% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 55.63 |
| Mkt Cap | 11.0 |
| Rev LTM | 1,071 |
| Op Inc LTM | 533 |
| FCF LTM | 661 |
| FCF 3Y Avg | 567 |
| CFO LTM | 669 |
| CFO 3Y Avg | 567 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.7% |
| Rev Chg 3Y Avg | 14.7% |
| Rev Chg Q | 29.3% |
| QoQ Delta Rev Chg LTM | 6.7% |
| Op Inc Chg LTM | 9.0% |
| Op Inc Chg 3Y Avg | 18.0% |
| Op Mgn LTM | 32.0% |
| Op Mgn 3Y Avg | 41.3% |
| QoQ Delta Op Mgn LTM | -1.1% |
| CFO/Rev LTM | 50.4% |
| CFO/Rev 3Y Avg | 52.5% |
| FCF/Rev LTM | 50.4% |
| FCF/Rev 3Y Avg | 52.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.0 |
| P/S | 9.0 |
| P/Op Inc | 31.1 |
| P/EBIT | 23.1 |
| P/E | 48.4 |
| P/CFO | 16.9 |
| Total Yield | 7.8% |
| Dividend Yield | 4.6% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Price Behavior
| Market Price | $19.07 | |
| Market Cap ($ Bil) | 4.8 | |
| First Trading Date | 04/02/2002 | |
| Distance from 52W High | -13.5% | |
| 50 Days | 200 Days | |
| DMA Price | $19.90 | $19.60 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -4.2% | -2.7% |
| 3M | 1YR | |
| Volatility | 21.6% | 24.8% |
| Downside Capture | 1.82 | -40.51 |
| Upside Capture | -49.90 | -22.56 |
| Correlation (S&P 500) | -15.6% | -13.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.08 | -0.08 | -0.16 | -0.24 | -0.20 | 0.18 |
| Up Beta | 0.79 | -0.86 | -0.89 | -0.21 | -0.03 | 0.23 |
| Down Beta | -1.57 | -1.03 | -0.17 | -0.43 | -0.28 | 0.09 |
| Up Capture | -3% | 8% | 11% | -7% | -8% | 8% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 18 | 27 | 63 | 127 | 395 |
| Down Capture | 67% | 68% | -3% | -40% | -53% | 23% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 24 | 37 | 63 | 124 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBRA | |
|---|---|---|---|---|
| SBRA | 10.5% | 24.8% | 0.34 | - |
| Sector ETF (XLRE) | 1.2% | 14.4% | -0.15 | 42.8% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | -13.2% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | -2.3% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -5.6% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 45.7% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | -8.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBRA | |
|---|---|---|---|---|
| SBRA | 12.9% | 27.2% | 0.44 | - |
| Sector ETF (XLRE) | 1.0% | 19.1% | -0.06 | 50.8% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 27.2% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | 7.7% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 6.9% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 53.7% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 10.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBRA | |
|---|---|---|---|---|
| SBRA | 5.9% | 36.4% | 0.26 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 58.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 42.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 6.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 19.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 64.9% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 0.2% | 0.3% | 3.1% |
| 4/29/2026 | 1.5% | 0.7% | -0.9% |
| 2/12/2026 | 1.1% | -0.1% | 4.8% |
| 11/5/2025 | 3.6% | 3.7% | 7.4% |
| 8/4/2025 | -1.2% | 1.2% | 4.9% |
| 5/5/2025 | 3.5% | 3.6% | 3.8% |
| 2/19/2025 | -1.0% | -1.0% | 4.7% |
| 10/31/2024 | -3.9% | -0.4% | -3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 11 | 15 |
| # Negative | 17 | 13 | 9 |
| Median Positive | 1.5% | 1.5% | 4.7% |
| Median Negative | -1.8% | -1.5% | -4.1% |
| Max Positive | 8.5% | 11.9% | 27.5% |
| Max Negative | -13.3% | -8.0% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 0.2% | 0.3% | 3.1% |
| 4/29/2026 | 1.5% | 0.7% | -0.9% |
| 2/12/2026 | 1.1% | -0.1% | 4.8% |
| 11/5/2025 | 3.6% | 3.7% | 7.4% |
| 8/4/2025 | -1.2% | 1.2% | 4.9% |
| 5/5/2025 | 3.5% | 3.6% | 3.8% |
| 2/19/2025 | -1.0% | -1.0% | 4.7% |
| 10/31/2024 | -3.9% | -0.4% | -3.7% |
| 8/7/2024 | -1.2% | -1.4% | 5.5% |
| 5/8/2024 | -2.6% | -2.4% | -3.9% |
| 2/27/2024 | -0.2% | -0.7% | 3.9% |
| 11/6/2023 | -0.1% | 1.5% | 2.9% |
| 8/7/2023 | -0.1% | -2.2% | 0.4% |
| 5/3/2023 | -2.1% | 1.3% | 2.8% |
| 2/21/2023 | -1.8% | -6.2% | -18.4% |
| 11/7/2022 | -13.3% | -8.0% | -5.0% |
| 8/3/2022 | -0.7% | 4.4% | -2.8% |
| 5/4/2022 | 8.5% | 1.5% | 11.2% |
| 2/22/2022 | -2.4% | -0.7% | 4.7% |
| 11/3/2021 | -2.4% | 1.1% | -9.6% |
| 8/4/2021 | -2.6% | -4.4% | -7.0% |
| 5/5/2021 | 1.1% | -1.5% | 3.8% |
| 2/22/2021 | -1.4% | -4.8% | -4.1% |
| 11/5/2020 | -4.1% | 11.9% | 27.5% |
| SUMMARY STATS | |||
| # Positive | 7 | 11 | 15 |
| # Negative | 17 | 13 | 9 |
| Median Positive | 1.5% | 1.5% | 4.7% |
| Median Negative | -1.8% | -1.5% | -4.1% |
| Max Positive | 8.5% | 11.9% | 27.5% |
| Max Negative | -13.3% | -8.0% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 10/26/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Investments | Reported | 100.00 Mil | ||||||
Investor Activity (13F)
Updated Oct 29, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.