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Sabra Health Care REIT
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Latest analysis
Updated Nov 3, 2026
Sabra REIT grows Q3 FFO 8% YoY, raises FY26 guidance on $750M deployment, targets 50% SHOP by end-2027.
Sabra Health Care REIT reported normalized FFO per share of $0.39 in Q3 2026, up 8% year-over-year, and raised full-year 2026 guidance by $0.005 at the midpoint to reflect 7% FFO and 8% AFFO growth. The company has deployed $747 million year-to-date (all SHOP except $100M skilled nursing) with another $425 million awarded, and disclosed a strategic shift toward 50% SHOP exposure by end-2027 from the current 40%, driven by strong senior housing operating portfolio sequential NOI growth of 8.5% and same-store SHOP revenue growth of 9.3% YoY. Skilled nursing lease coverage ratios remain well above 2.0x, and management is actively negotiating two additional optimization opportunities—one similar to the Avamere transition and one involving a lease expiration—expected to contribute nearly a full year's impact to 2027 earnings.
Tone: bullishRevenue
$774.6M
SBRA 10-K · FY 2025
Employees
58
Revenue FY2024
$703.2M
Headquarters
Tustin, CA
Profile
SBRA 10-K Item 1 · Feb 12, 2026Sabra Health Care REIT is a self-administered, self-managed REIT that acquires, finances and owns healthcare real estate leased to third-party operators across the United States and Canada. Its portfolio spans skilled nursing and transitional care facilities, senior housing communities, behavioral health facilities, and specialty hospitals. Revenue is generated primarily through triple-net leases and property management agreements.
Read filing description ↓ Collapse description ↑
We operate as a self-administered, self-managed REIT that, through our subsidiaries, owns and invests in real estate serving the healthcare industry. Our primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. We primarily generate revenues by leasing properties to tenants and owning properties operated by third-party property managers throughout the United States and Canada. Our investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities ('Senior Housing - Leased'), behavioral health facilities, and specialty hospitals and other facilities, in each case leased to third-party operators; senior housing communities operated by third-party property managers pursuant to property management agreements ('Senior Housing - Managed'); investments in joint ventures; loans receivable; and preferred equity investments. We expect to grow our investment portfolio while diversifying our portfolio by tenant, facility type and geography within the healthcare sector. We plan to achieve these objectives primarily through making investments directly or indirectly in healthcare real estate, including the development of purpose-built healthcare facilities with select developers. We also intend to achieve our objective of diversifying our portfolio by tenant and facility type through select asset sales and other arrangements with our tenants. We employ a disciplined approach in our healthcare real estate investment strategy by investing in assets that provide attractive opportunities for dividend growth and appreciation of asset values, while maintaining balance sheet strength and liquidity, thereby creating long-term stockholder value.
Primary products
- Triple-net operating leases on healthcare real estate
- Senior Housing - Managed communities
- Mortgage loans receivable
- Other loans receivable
- Preferred equity investments
- Unconsolidated joint ventures
Business segments
End markets
Geographies
Named customers
For the year ended December 31, 2025, no tenant relationship represented 10% or more of our total revenues.
“We operate in a highly competitive industry and face competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, healthcare operators, lenders and other investors, some of whom are significantly larger than us and have greater resources and lower costs of capital than we do.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $703.2 million in 2024 to $774.6 million in 2025, driven primarily by growth in resident fees and services from the Senior Housing - Managed portfolio.
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