Sabra Health Care REIT, Inc. (NASDAQ: SBRA) is a self-administered, self-managed real estate investment trust focused on the healthcare sector in the United States and Canada. Founded in 2010 as a spin-off from Sun Healthcare Group, the company specializes in acquiring, financing, and owning a diverse array of healthcare-related real estate assets. Sabra's business model revolves around generating rental income and operating revenues from its extensive property portfolio. The company's real estate holdings are primarily segmented into skilled nursing and transitional care facilities, which make up the majority of its annualized cash net operating income (NOI). The remainder of the portfolio includes senior housing communities—both leased under triple-net agreements and operated by third-party property managers—as well as behavioral health facilities and specialty hospitals. By utilizing triple-net leases, Sabra shifts the responsibility for real estate taxes, building insurance, and maintenance to its tenants, ensuring a stable and predictable cash flow. Geographically, Sabra's footprint spans across North America, providing critical infrastructure to healthcare operators who deliver essential services to aging populations and individuals requiring specialized care. The company's competitive position is bolstered by its strategic focus on diversifying its asset base and operator relationships, mitigating concentration risk. Sabra actively recycles capital through strategic dispositions of non-core assets to fund new investments in high-growth areas like behavioral health and premium senior housing, maintaining a robust balance sheet and liquidity profile to support long-term growth.
