olivLaw · US equity research
Sabra Health Care REIT, Inc. SBRA
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Sabra Health Care REIT is a real estate investment trust that owns and finances healthcare properties in the United States and Canada, mainly skilled nursing and transitional care facilities and senior housing communities. Demand linked to an aging population is supported by government projections, yet the company faces cost pressures and high leverage, with net debt to adjusted EBITDA at 4.61x as of June 30, 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Sabra Health Care REIT, Inc. (SBRA) stock was 20.89 USD (−0.95% on the day), with market capitalisation 5.5 bn USD, P/E 75.3 on diluted EPS of 0.28 USD over the last 12 months, dividend yield 5.74%, beta 0.06, 52-week range 17.67–22.39 USD. Latest reported quarter (Q3 2026): revenue of 249.6 m USD (+31.3% YoY), net income of 28.6 m USD (+26.9% YoY), diluted EPS 0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.8
- strong (55–70)
- Bollinger (20, 2)
- 18.43 – 20.73
- above the upper band · %B 1.07 · band width 11.7%
- SMA 50 / 200
- 19.88 / 20.00
- mixed trend
- MACD (12, 26, 9)
- 0.22 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.3% | −5.9% | +15.2 pp | — |
| 3 months | −0.1% | −4.6% | +4.5 pp | — |
| 6 months | +1.5% | +0.2% | +1.3 pp | — |
| Year to date | +10.3% | +7.4% | +2.9 pp | — |
| 1 year | +14.8% | +8.2% | +6.6 pp | +3.3% |
| 3 years | +49.5% | +68.4% | −18.9 pp | +10.3% |
| 5 years | +39.9% | +56.5% | −16.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 182.3 m | 183.5 m | 189.2 m | 190.0 m | 211.9 m | 221.8 m | 235.9 m | 249.6 m |
| Depreciation & amortisation | 42.3 m | 43.5 m | 43.6 m | 48.5 m | 51.4 m | 53.1 m | 56.4 m | 64.8 m |
| Interest expense | 28.1 m | 27.1 m | 27.5 m | 28.9 m | 28.9 m | 28.4 m | 29.8 m | 29.2 m |
| Pre-tax income | 47.2 m | 40.5 m | 65.2 m | 21.7 m | 26.0 m | 39.4 m | -26.8 m | 26.4 m |
| Income tax | 380.0 k | 413.0 k | 497.0 k | 436.0 k | 491.0 k | 526.0 k | 678.0 k | 71.0 k |
| Net income | 46.7 m | 40.3 m | 65.5 m | 22.5 m | 27.2 m | 40.9 m | -25.2 m | 28.6 m |
| Diluted EPS | 0.19 ≈ | 0.17 | 0.27 | 0.09 | 0.11 ≈ | 0.16 | -0.10 | 0.11 |
| Operating cash flow | 80.0 m | 80.3 m | 81.0 m ≈ | 100.0 m ≈ | 87.4 m | 98.4 m | 85.8 m ≈ | 129.0 m ≈ |
| Dividends paid | 71.0 m | 71.4 m | 71.4 m ≈ | 71.9 m ≈ | 74.8 m | 75.7 m | 75.7 m ≈ | 76.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 87 percentile of its own 31-quarter history (min 10.3, median 26.4, max 729.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 623.4 m | 661.7 m | 598.6 m | 569.5 m | 624.8 m | 647.5 m | 703.2 m | 774.6 m |
| Revenue YoY | +52.7% | +6.1% | −9.5% | −4.8% | +9.7% | +3.6% | +8.6% | +10.2% |
| Net income | 279.1 m | 69.0 m | 138.4 m | -113.3 m | -77.6 m | 13.8 m | 126.7 m | 155.6 m |
| Net income YoY | +76.2% | −75.3% | +100.6% | −181.8% | unavailable | unavailable | +821.1% | +22.8% |
| Diluted EPS | 1.51 | 0.37 | 0.67 | -0.52 | -0.34 | 0.06 | 0.54 | 0.64 |
| Diluted EPS YoY | +7.9% | −75.5% | +81.1% | −177.6% | unavailable | unavailable | +800.0% | +18.5% |
| net % | 44.8% | 10.4% | 23.1% | -19.9% | -12.4% | 2.1% | 18.0% | 20.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 71.5 m USD
- Financial debt
- 2.5 bn USD
- Net debt
- 2.5 bn USD
- Equity
- 2.8 bn USD
- Total assets
- 5.5 bn USD
- Debt / equity
- 0.90x
- Current ratio
- unavailable
- ROE
- 5.6%
- ROA
- 2.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 598.6 m | 569.5 m | 624.8 m | 647.5 m | 703.2 m | 774.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 176.7 m | 179.0 m | 187.8 m | 183.1 m | 169.6 m | 187.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Interest expense | 100.4 m | 98.6 m | 105.5 m | 113.0 m | 115.3 m | 112.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 155.7 m | 80.7 m | 21.7 m | 18.7 m | 128.1 m | 153.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 710.0 k | 1.8 m | 1.2 m | 2.0 m | 1.0 m | 1.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 138.4 m | -113.3 m | -77.6 m | 13.8 m | 126.7 m | 155.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 0.67 | -0.52 | -0.34 | 0.06 | 0.54 | 0.64 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 207.3 m | 219.1 m | 230.9 m | 232.8 m | 236.0 m | 244.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 1.35 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | SEC (XBRL)· 12 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 59.1 m | 112.0 m | 49.3 m | 41.3 m | 60.5 m | 71.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 82.8 m | 54.1 m | 40.1 m | 30.9 m | 27.5 m | 65.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 6.0 bn | 6.0 bn | 5.7 bn | 5.4 bn | 5.3 bn | 5.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 2.4 bn | 2.4 bn | 2.5 bn | 2.4 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 2.6 bn | 2.6 bn | 2.7 bn | 2.6 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 3.4 bn | 3.4 bn | 3.1 bn | 2.8 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 354.9 m | 356.4 m | 315.7 m | 300.6 m | 310.5 m | 348.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Investing cash flow | -136.5 m | -336.2 m | -216.2 m | 103.1 m | -109.0 m | -378.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -202.1 m | 30.1 m | -161.7 m | -410.3 m | -181.6 m | 40.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 278.3 m | 262.9 m | 277.2 m | 277.4 m | 280.2 m | 289.5 m | SEC (XBRL)· 12 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality22
- Returns54
- Growth74
- Valuation35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.53 – 28.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)15.77 – 21.21 (Mid 18.09)
- Peers: P/B9.53 – 28.34 (Mid 17.01)27 companies used · median multiple 1.6x · quartiles 0.9x – 2.6xALX, APLE, CMCT, CTO, DLR, ESS, EXR, HR, HST, ICR-PA, KIM, KRC, LTC, NNN, O, PLD, PSA, REXR, RITM, SEVN, SLG, STWD, VICI, VMRK, VTR, WELL, WHLR
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 2.5% | 22 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 7.4% | 74 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.9x | 45 (vs peers) | 31% |
| P/E (TTM) · Valuation | 75.3x | 13 (vs peers) | 14% |
| Dividend yield · Returns | 5.7% | 69 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 432.3% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth74/100 · 1/1 factors with a value
- Quality· partial22/100 · 1/2 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation35/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SABRA HEALTH CARE REIT, INC. (SBRA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 774.6 m USD in 2025; YoY growth 10.2%; net margin 7.8%; ROE 2.5%.
The estimated value range is 12.65–24.77 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 17.55 USD, the price of 20.89 USD leaves a potential of -16.0% (value / price − 1) and a margin of safety of -19.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 7.4%
What contradicts it
- ROE: 2.5%
- P/E (TTM): 75.3x
- Payout ratio (EPS): 432.3%
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 180.0 bn | 105.1 | 4.0% | 12.7% | +35.6% | +18% / +175% |
| PLDPrologis, Inc. | 119.9 bn | 32.4 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 98.7 bn | 59.9 | 11.5% | 16.4% | +5.4% | +32% / +22% |
| AMTAmerican Tower Corporation | 90.0 bn | 27.2 | 90.6% | 30.7% | +5.1% | +7% / −7% |
| PSAPublic Storage | 63.6 bn | 34.6 | 16.0% | 37.8% | +2.7% | +24% / +32% |
| DLRDigital Realty Trust, Inc. | 61.4 bn | 45.6 | 6.2% | 21.7% | +10.0% | +9% / +26% |
| ORealty Income Corporation | 56.6 bn | 41.0 | 3.6% | 22.9% | +9.1% | +3% / +10% |
| VTRVentas, Inc. | 47.1 bn | 167.5 | 1.9% | 4.0% | +18.5% | +10% / +94% |
| CCICrown Castle Inc. | 38.7 bn | 47.9 | — | 20.1% | −4.4% | −0% / −22% |
| EXRExtra Space Storage Inc. | 33.4 bn | 32.6 | 7.9% | 29.9% | +3.7% | +20% / +23% |
| IRMIron Mountain Inc | 31.4 bn | 68.4 | — | 6.1% | +12.2% | +22% / +64% |
| VICIVICI Properties Inc. | 27.8 bn | 11.6 | 8.3% | 56.5% | +4.1% | −13% / −16% |
| VMRKVivmark Residential | 24.5 bn | 28.6 | 8.1% | — | +4.8% | +6% / +15% |
| SBACSba Communications Corporation | 20.2 bn | 20.8 | — | 34.5% | +5.1% | −1% / −22% |
| ESSEssex Property Trust, Inc. | 17.4 bn | 41.7 | 8.0% | 22.7% | +6.4% | +3% / +27% |
| KIMKimco Realty Corporation | 17.2 bn | 28.3 | 5.8% | 27.8% | +5.1% | +24% / +33% |
| HSTHost Hotels & Resorts, Inc. | 16.9 bn | 16.5 | 15.8% | 16.5% | +7.6% | +40% / +41% |
| RHPRyman Hospitality Properties, Inc. | 9.1 bn | 31.9 | 26.0% | 9.9% | +10.2% | +38% / +31% |
| REXRRexford Industrial Realty, Inc. | 8.1 bn | — | -5.8% | -47.1% | +7.1% | −8% / −22% |
| NNNNnn REIT, Inc. | 8.0 bn | 20.2 | 8.9% | 40.9% | +6.6% | +0% / +2% |
| HRHealthcare Realty Trust Incorporated | 6.5 bn | — | -1.0% | -4.0% | −6.9% | +5% / +25% |
| OUTOUTFRONT Media Inc. | 5.6 bn | 22.8 | 39.7% | 12.7% | +0.0% | +36% / +155% |
| SBRASabra Health Care REIT, Inc. | 5.5 bn | 75.3 | 2.5% | 7.8% | +10.2% | +15% / +50% |
| RITMRithm Capital Corp. | 5.3 bn | 13.7 | 5.8% | 8.7% | −6.7% | −18% / −9% |
| STWDStarwood Property Trust, Inc. | 4.8 bn | 21.7 | 3.5% | 11.4% | −5.3% | −30% / −35% |
1- and 3-year price returns: for SBRA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.50 Total return -39% · Per year -39% | 22.07 Total return 7% · Per year 7% | 33.20 Total return 61% · Per year 61% |
| 3 years | 12.86 Total return -35% · Per year -13% | 25.47 Total return 26% · Per year 8% | 41.97 Total return 107% · Per year 27% |
| 5 years | 13.22 Total return -31% · Per year -7% | 29.40 Total return 49% · Per year 8% | 53.05 Total return 165% · Per year 21% |
- Exit P/E± 6.37
- Net margin± 4.46
- Annual revenue growth± 3.56
- Annual dilution± 0.37
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Sabra Health Care REIT is a real estate investment trust that owns and finances healthcare properties in the United States and Canada, mainly skilled nursing and transitional care facilities and senior housing communities. Demand linked to an aging population is supported by government projections, yet the company faces cost pressures and high leverage, with net debt to adjusted EBITDA at 4.61x as of June 30, 2026 3.
SWOT
Strengths
- The portfolio is geographically diversified, and no single state or province accounts for a large share of total beds and units, which limits the impact of a regional downturn 1.
- The company has shown the ability to reset lease rents and sell assets to improve its portfolio, which points to operational flexibility 12.
- Liquidity available as of June 30, 2026 was reported at a substantial level, offering a cushion for investment spending 3.
Weaknesses
- Leverage remains high, with net debt to adjusted EBITDA above four times, which could limit financial flexibility if earnings decline 3.
- The company lacks direct control over day-to-day operations of leased properties, since third-party operators run them and can affect results 1.
- The second quarter of 2026 showed a GAAP net loss while adjusted measures were positive, which shows reliance on adjustments in performance reporting 3.
Opportunities
- The investment pipeline the company describes is dominated by senior housing, a segment that could benefit from long-term demographic demand 3.
- Selling non-core assets and reinvesting capital in better-yielding properties could improve portfolio quality over time 12.
- If operators improve rent coverage, rental income could become more secure, and the company has already reported progress on this 3.
Threats
- Rising interest rates and inflation could raise financing costs and weaken operators' ability to pay rent 1.
- A future pandemic could hurt occupancy, tenant revenues and the company's ability to sustain its dividend 1.
- Changes in government reimbursement and healthcare regulation could reduce operators' revenues and their capacity to pay rent 13.
Risks
- High leveragehigh
Net debt to adjusted EBITDA is elevated, and loan covenants can restrict dividend payments and new investment 3. If revenues fall, servicing the debt could become harder.
- Dependence on third-party operatorshigh
Properties are run by independent operators, and their failure to manage operations could affect rents and asset values 1. The risk grows if a major tenant faces financial difficulty.
- Labor costsmedium
Shortages of qualified staff and wage increases could compress operator margins, and operators may not pass full costs to residents 1. The effect on the company would be indirect, through rent levels.
- Impairments and credit lossesmedium
Assets and loans can be subject to impairment, and an important mortgage loan was settled for a reduced payment, causing an accounting loss 12. Repetition of such events could weigh on reported results.
- Natural disasters and climatelow
Some properties sit in areas exposed to hurricanes, fires or floods, and damage could exceed insurance limits 1. Rising insurance costs could also weigh on profitability.
Investment thesis
What would need to be true (bull case)
- Long-term demographic demand for care and senior housing could support the company's revenues, and cited projections point to growing spending in this sector 1.
- Growth in same-store managed cash NOI and improved rent coverage at some tenants could signal an operating recovery 3.
- If recent investments with attractive initial yields hold up, they could contribute to revenue growth over the medium term 3.
What would break the thesis
- High leverage and more expensive financing could limit the company's ability to invest and maintain its dividend 13.
- Dependence on third-party operators and labor pressures could affect rents and occupancy, especially in managed housing 1.
- Accounting losses from impairments and asset sales may indicate that some investments did not perform as initially expected 2.
What to watch
- Trend in rent coverage and occupancy at senior housing propertiesQ3 2026
- Completion of the Avamere transition and its effect on revenues2026
- Net debt to adjusted EBITDA level and covenant headroomQ3 2026
- Closing of pending investments and their realized yields2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Sabra operates as a self-administered, self-managed REIT that, through its subsidiaries, owns and leases healthcare real estate to third-party tenants across the United States and Canada 1. The portfolio includes skilled nursing and transitional care facilities, leased senior housing, behavioral health facilities and specialty hospitals, and as of December 31, 2025 it held 360 properties for investment 1. Revenue comes mainly from tenant rents, but the company also owns properties run by third-party managers, so part of its income depends on those operators' results 12.
The UPREIT structure, in which properties are held through Sabra Health Care Limited Partnership, allows the company to maintain REIT status, and its strategy aims to diversify by tenant, facility type and geography 1. In the second quarter of 2026 it reported a net loss of $(0.10) per diluted share, while normalized FFO was $0.38, showing the gap between accounting and cash-flow measures 3. Those figures can be affected by asset sales and impairments, so results may vary from one quarter to the next.
In 2026 the company kept investing, mainly in managed senior housing, while also selling non-core assets, including six skilled nursing/transitional care facilities in the first half 23. One mortgage loan was settled for a reduced cash payment, producing a write-off of $100.0 million 2. These operations show an active capital recycling process, but also the risk of losses linked to tenants or problem loans 2.
Segments
Senior housing
Senior housing is split between leased and third-party managed communities, and managed properties have a significant share of recent investment 13. In the second quarter of 2026, same-store managed senior housing cash NOI rose 13.7% year over year, a favorable operating trend, although results depend on occupancy and labor costs 3.
Market context
The company's core market is long-term care and senior housing, which benefits from an aging US population. Cited projections suggest nursing home expenditure could grow from about $229 billion in 2024 to $386 billion in 2033, a compounded annual growth rate of 6.0% 1. Hospital care spending is projected to rise from about $1.7 trillion in 2024 to $2.7 trillion in 2033 1.
The market is competitive, and the ability to find assets at reasonable prices depends on the cost of capital and interest rate trends. The company cites an estimated initial cash yield of 7.5% on 2026 year-to-date investments as attractive, but this does not guarantee similar returns in future 3.
Trends
- Aging populationtailwind
The number of Americans aged 75 and older could grow at a compounded annual rate of 10.1% between 2022 and 2035, supporting demand for senior housing and care 1. If this demand materializes, it could support occupancy and asset values.
- Labor costs and inflationheadwind
Rising staff costs and labor shortages can pressure operators, who may struggle to pass costs on to residents 1. If operators cannot recover these costs, their ability to pay rent could weaken.
- Interest rates and access to financingmixed
Higher interest rates could raise the cost of existing and future debt and make refinancing harder 1. The company has an at-the-market equity program, which points to a diversified funding approach 3.
- Asset recyclingmixed
Selling non-core facilities and moving some properties to direct management can improve portfolio quality, but also brings irregular gains or losses, as seen in the first half of 2026 2. The final effect depends on sale prices and timing.
Competitive position
Sabra competes for acquisitions with other REITs, investment companies, private equity and hedge fund investors, and sovereign funds, some of which are much larger and have lower costs of capital 1. Competition also exists among operators for residents and patients in local and regional markets, which could affect the rents the company can charge 1.
The company notes that its managed senior housing may offer stronger growth potential but also a higher operating risk profile than leased properties, which could affect how it compares with rivals 13. The sources provided do not name specific competitors, so comparisons should be treated with caution.
- Other healthcare REITs
The sources generally refer to REITs as rivals for acquisitions without naming them, so no specific competitor can be identified from these texts.
- Investment and private equity funds
These investors compete for the same real estate assets and may have greater financial resources and a lower cost of capital.
- Healthcare operators
Operators are both tenants of the company and rivals for patients and residents, creating a dual dependence.
- Sovereign funds
Sovereign funds are cited as participants in property acquisitions, with access to long-term capital.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Gaza holds mass funeral for 112 people killed in Israel’s 2023 Sabra attackAl Jazeera English · 04 Aug 2026 · EN
The latest news item in our archive is from 04 Aug 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote
- Current report28 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sabra Health Care REIT, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sabra Health Care REIT, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sabra Health Care REIT, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.