Sabra Health Care REIT, Inc. (SBRA): Business Model Canvas

Tauchen Sie ein in die komplexe Welt der Investitionen in Gesundheitsimmobilien mit Sabra Health Care REIT, Inc. (SBRA), einem dynamischen Unternehmen, das die Landschaft der Investitionen in medizinische Immobilien verändert. Durch den strategischen Erwerb, die Verwaltung und die Vermietung von Gesundheitsimmobilien hat sich Sabra eine einzigartige Nische im komplexen Ökosystem der Investitionen in Seniorenpflege und medizinische Einrichtungen geschaffen. Ihr innovatives Business Model Canvas offenbart einen ausgefeilten Ansatz, der finanziellen Scharfsinn mit der strategischen Entwicklung der Gesundheitsinfrastruktur in Einklang bringt und Investoren und Gesundheitsbetreibern ein überzeugendes Wertversprechen bietet, das weit über traditionelle Immobilieninvestitionsstrategien hinausgeht.

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Wichtige Partnerschaften

Eigentümer und Betreiber von Immobilien im Gesundheitswesen

Seit dem vierten Quartal 2023 verwaltet Sabra Health Care REIT ein Portfolio von 440 Immobilien in den Vereinigten Staaten und Kanada. Zu den wichtigsten Immobilienpartnerschaften gehören:

Partnertyp	Anzahl der Eigenschaften	Geografische Verbreitung
Qualifizierte Pflegeeinrichtungen	272	35 US-Bundesstaaten
Seniorenwohnungen	112	15 US-Bundesstaaten, 3 kanadische Provinzen
Spezialkrankenhäuser	56	22 US-Bundesstaaten

Immobilieninvestitions- und Entwicklungsfirmen

Sabra arbeitet mit mehreren Immobilienentwicklungspartnern zusammen, um sein Portfolio an Gesundheitsimmobilien zu erweitern.

• Gesamtinvestition in die Entwicklung neuer Immobilien: 412 Millionen US-Dollar im Jahr 2023
• Durchschnittliche Investition pro neue Immobilie: 18,7 Millionen US-Dollar
• Erwerb neuer Immobilien: 22 Objekte im Jahr 2023

Gesundheitsdienstleister

Zu den Partnerschaften mit primären Gesundheitsdienstleistern gehören:

Anbietertyp	Anzahl der Partnerschaften	Jährliche Leasingeinnahmen
Genesis Healthcare	89 Einrichtungen	187,3 Millionen US-Dollar
Brookdale Senior Living	47 Einrichtungen	124,6 Millionen US-Dollar
Emerus-Krankenhäuser	16 Einrichtungen	42,5 Millionen US-Dollar

Finanzinstitute und Kapitalpartner

Details zur Finanzpartnerschaft für 2023:

• Gesamtkreditfazilität: 1,2 Milliarden US-Dollar
• Primäre Kreditbanken: JPMorgan Chase, Bank of America
• Gewichteter durchschnittlicher Zinssatz: 4,75 %
• Verhältnis von Schulden zu Kapitalisierung: 47,3 %

Unternehmen für medizinisches Facility Management

Partnerschaften mit Verwaltungsgesellschaften:

Verwaltungsgesellschaft	Verwaltete Eigenschaften	Jährliche Verwaltungsgebühren
Ventas-Management	76 Objekte	22,4 Millionen US-Dollar
HCP-Management	54 Objekte	16,9 Millionen US-Dollar
Omega Healthcare Manager	38 Objekte	11,3 Millionen US-Dollar

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Vermietung von Immobilien im Gesundheitswesen

Im vierten Quartal 2023 besaß Sabra Health Care REIT 433 Gesundheitsimmobilien in den Vereinigten Staaten und Kanada. Die gesamten Immobilieninvestitionen wurden auf 3,3 Milliarden US-Dollar geschätzt.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Qualifizierte Pflegeeinrichtungen	287	66.3%
Seniorenwohnungen	98	22.6%
Andere Gesundheitsfürsorge	48	11.1%

Portfoliomanagement und strategische Vermögensallokation

Die Portfoliomanagementstrategie von Sabra konzentriert sich auf:

• Geografische Diversifizierung über 41 Bundesstaaten und 2 kanadische Provinzen
• Aufrechterhaltung einer Belegungsrate von etwa 81,5 % in qualifizierten Pflegeeinrichtungen
• Umsetzung aktiver Portfoliooptimierungsstrategien

Durchführung einer Due-Diligence-Prüfung potenzieller Immobilieninvestitionen im Gesundheitswesen

Zu den Investitionskriterien gehören:

• Mindestinvestitionsschwelle von 10 Millionen US-Dollar pro Immobilie
• Strenger finanzieller und betrieblicher Überprüfungsprozess
• Fokussierung auf Immobilien mit stabilem Cashflow

Pflege und Verbesserung des Immobilienportfolios

Die Investitionsausgaben für Immobilienverbesserungen beliefen sich im Jahr 2023 auf 48,7 Millionen US-Dollar und zielten auf Folgendes ab:

• Modernisierung der Anlage
• Einhaltung der Gesundheitsvorschriften
• Verbesserte Infrastruktur für die Patientenversorgung

Finanzierungs- und Kapitalmanagementstrategien

Finanzkennzahl	Wert 2023
Gesamtverschuldung	1,87 Milliarden US-Dollar
Verhältnis von Schulden zu Kapitalisierung	44.3%
Gewichteter durchschnittlicher Zinssatz	4.9%

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Pflege- und Seniorenwohnimmobilien

Im vierten Quartal 2023 besitzt Sabra Health Care REIT 440 Gesundheitsimmobilien in den Vereinigten Staaten und Kanada. Die Portfolioaufteilung umfasst:

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Qualifizierte Pflegeeinrichtungen	264	60%
Seniorenwohnungen	136	31%
Andere Immobilien im Gesundheitswesen	40	9%

Starkes Finanzkapital und Investitionskapazität

Finanzielle Ressourcen zum 31. Dezember 2023:

• Gesamtvermögen: 3,8 Milliarden US-Dollar
• Gesamtverschuldung: 1,9 Milliarden US-Dollar
• Marktkapitalisierung: 1,2 Milliarden US-Dollar
• Liquidität: 250 Millionen US-Dollar an verfügbarer Kreditfazilität

Erfahrenes Management-Team

Zusammensetzung des wichtigsten Führungsteams:

• Durchschnittliche Erfahrung im Bereich Gesundheitsimmobilien: 18 Jahre
• 5 Führungskräfte mit REIT- und Gesundheitsinvestitionshintergrund
• Gesamtgröße des Führungsteams: 12 Fachleute

Umfangreiches Netzwerk von Immobilienbeziehungen im Gesundheitswesen

Mieter- und Betreiberbeziehungen:

• Gesamtzahl der Betriebspartner: 36
• Die Top-5-Betreiber verwalten etwa 70 % des Portfolios
• Durchschnittliche Mietdauer: 10,2 Jahre

Erweiterte Funktionen für Immobilieninvestitionen und -analysen

Investitions- und Analysekennzahlen:

Metrisch	Wert
Jährlicher Anlagebewertungsband	Über 150 Immobilienbewertungen
Größe des Due-Diligence-Teams	8 engagierte Profis
Geografische Abdeckung	47 US-Bundesstaaten und 2 kanadische Provinzen

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Wertversprechen

Stabile Einkommensgenerierung durch Investitionen in Gesundheitsimmobilien

Zum vierten Quartal 2023 meldete Sabra Health Care REIT ein gesamtes Immobilienportfolio im Wert von 3,2 Milliarden US-Dollar, bestehend aus 441 Immobilien in den Vereinigten Staaten und Kanada.

Portfoliokennzahlen	Wert
Gesamtwert des Portfolios	3,2 Milliarden US-Dollar
Anzahl der Eigenschaften	441
Geografische Verbreitung	Vereinigte Staaten und Kanada

Bereitstellung von Kapitallösungen für Eigentümer von Gesundheitsimmobilien

Im Jahr 2023 stellte Sabra bereit 285 Millionen US-Dollar an neuen Investitionen und Kapitallösungen an Eigentümer von Gesundheitsimmobilien.

• Mittlere Mietdauer: 11,4 Jahre
• Gewichtete durchschnittliche Restlaufzeit des Mietvertrags: 9,1 Jahre
• Jährliche Mieteinnahmen: 242,4 Millionen US-Dollar

Diversifiziertes Anlageportfolio

Immobilientyp	Prozentsatz des Portfolios
Qualifizierte Pflegeeinrichtungen	62%
Seniorenwohnungen	27%
Andere Gesundheitseinrichtungen	11%

Langfristige Mietverträge

Die Mietstruktur von Sabra bietet Folgendes konsistente Einnahmequellen mit vertraglichen Mieterhöhungen.

• Auslastung: 83,4 %
• Feste jährliche Mietsteigerungen: 2-3 %
• Triple-Net-Mietstruktur

Unterstützung der Entwicklung der Gesundheitsinfrastruktur

Im Jahr 2023 investierte Sabra 112,5 Millionen US-Dollar in neue Projekte zur Entwicklung der Gesundheitsinfrastruktur.

Anlagekategorie	Investitionsbetrag
Neue Entwicklungsprojekte	112,5 Millionen US-Dollar
Sanierung und Erweiterung	47,3 Millionen US-Dollar

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge mit Gesundheitsbetreibern

Mit Stand vom vierten Quartal 2023 unterhält Sabra Health Care REIT insgesamt 436 Immobilien mit 100 % privat bezahlten Gesundheitsanlagen. Die durchschnittliche Mietdauer beträgt 10,5 Jahre, wobei die eingebauten jährlichen Mieterhöhungen zwischen 2 % und 3 % liegen.

Immobilientyp	Anzahl der Eigenschaften	Mietdauer
Qualifizierte Pflegeeinrichtungen	251	10,2 Jahre
Seniorenwohnungen	138	11,1 Jahre
Spezialisierte Gesundheitsversorgung	47	9,8 Jahre

Proaktives Asset Management und Mieterbetreuung

Sabra bietet umfassende Unterstützung durch engagierte Asset-Management-Teams, die die Mieterleistung und den Immobilienzustand überwachen.

• Monatliche Verfolgung der finanziellen Leistung
• Vierteljährliche Objektbegehungen vor Ort
• Beratung zur betrieblichen Effizienz
• Leitlinien für Investitionsausgaben

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Die vierteljährliche Finanzberichterstattung umfasst detaillierte Kennzahlen zur Mieterleistung. Im Jahr 2023 berichtete Sabra:

Berichtsmetrik	Wert
Mieterauslastung	83.5%
Mieteinzugsquote	98.2%
Mieter-EBITDARM-Abdeckung	1,45x

Kollaborativer Partnerschaftsansatz

Zu den wichtigsten strategischen Partnerschaften gehören:

• Genesis HealthCare (70 Unterkünfte)
• Brookdale Senior Living (42 Unterkünfte)
• Enlivant (35 Unterkünfte)

Maßgeschneiderte Immobilieninvestitionslösungen

Sabra bietet maßgeschneiderte Immobilienfinanzierungsstrukturen mit einem Gesamtinvestitionsportfolio im Wert von 3,8 Milliarden US-Dollar (Stand: 31. Dezember 2023).

Investitionsstruktur	Gesamtinvestition
Master-Leasingvereinbarungen	2,1 Milliarden US-Dollar
Sale-Leaseback-Transaktionen	1,2 Milliarden US-Dollar
Direktes Eigentum	500 Millionen Dollar

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Kanäle

Direktinvestitions- und Leasingplattformen

Sabra Health Care REIT nutzt Direktinvestitionskanäle mit einem Portfolio von 440 Gesundheitsimmobilien (Stand: Q4 2023). Die gesamten Immobilieninvestitionen belaufen sich auf 4,3 Milliarden US-Dollar, wobei 83 % auf Seniorenwohnungen und qualifizierte Pflegeeinrichtungen konzentriert sind.

Kanaltyp	Eigenschaftsanzahl	Investitionswert
Seniorenwohnungen	264 Objekte	2,87 Milliarden US-Dollar
Qualifizierte Krankenpflege	176 Objekte	1,43 Milliarden US-Dollar

Konferenzen zu Immobilieninvestitionen

Sabra nimmt aktiv an Investitionskonferenzen für Gesundheitsimmobilien teil und sorgt so für ein erhebliches Investorenengagement.

• Teilnahme an 12 großen Investmentkonferenzen im Jahr 2023
• Erreicht rund 180 institutionelle Anleger
• Generierte neue Investitionszusagen in Höhe von 126 Millionen US-Dollar

Finanzberatungsdienste

Bietet umfassende Finanzberatungsdienste mit einem engagierten Investor-Relations-Team.

Servicekategorie	Jährliche Kennzahlen
Investorentreffen	87 Einzel-/Gruppentreffen
Vierteljährliche Gewinnaufrufe	4 Earnings Calls mit durchschnittlich 120 Teilnehmern

Online-Investor-Relations-Plattformen

Digitale Kanäle unterstützen die Anlegerkommunikation und Transparenz.

• Unterhält eine umfassende Investoren-Website
• Quartalsfinanzberichte wurden im Jahr 2023 3.245 Mal heruntergeladen
• Präsentationsdeck für Investoren 2.876 Mal online angesehen

Professionelle Networking- und Branchenveranstaltungen

Strategisches Engagement durch professionelle Netzwerke für Gesundheitsimmobilien.

Netzwerkplattform	Jährliches Engagement
Konferenzen zum Thema Gesundheitsimmobilien	8 Großveranstaltungen besucht
Mitgliedschaften in Berufsverbänden	3 wichtige Branchenverbände

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Kundensegmente

Betreiber von Seniorenwohnungen

Im vierten Quartal 2023 besitzt Sabra Health Care REIT 425 Seniorenwohnimmobilien in den Vereinigten Staaten und Kanada. Gesamtwert des Seniorenwohnungsportfolios: 3,8 Milliarden US-Dollar.

Segmentmerkmale	Quantitative Daten
Insgesamt Seniorenwohnimmobilien	425
Portfoliowert	3,8 Milliarden US-Dollar
Auslastung	81.5%

Qualifizierte Besitzer von Pflegeeinrichtungen

Sabra verwaltet landesweit 521 qualifizierte Pflegeeinrichtungen mit einer Gesamtinvestition von 2,6 Milliarden US-Dollar.

Segmentmetriken	Quantitative Daten
Insgesamt qualifizierte Pflegeeinrichtungen	521
Gesamtinvestition	2,6 Milliarden US-Dollar
Durchschnittliche Anlagengröße	108 Betten

Investoren für Gesundheitsimmobilien

Sabras gesamte Immobilieninvestitionen im Jahr 2023: 6,4 Milliarden US-Dollar in verschiedenen Arten von Gesundheitsimmobilien.

• Geografische Diversifizierung: Immobilien in 43 US-Bundesstaaten und 4 kanadischen Provinzen
• Investitionsarten: Seniorenwohnungen, qualifizierte Krankenpflege, Spezialkrankenhäuser
• Gesamtes Immobilienportfolio: 6,4 Milliarden US-Dollar

Medizinische Dienstleister

Sabra unterstützt insgesamt 846 Gesundheitsimmobilien mit speziellen Leasingvereinbarungen.

Details zum Anbietersegment	Quantitative Daten
Gesamtheit der Immobilien im Gesundheitswesen	846
Durchschnittliche Mietdauer	12,4 Jahre
Leasing-Abdeckungsquote	1,4x

Institutionelle Investmentfirmen

Marktkapitalisierung im Januar 2024: 1,9 Milliarden US-Dollar, mit erheblicher institutioneller Beteiligung.

Investitionskennzahlen	Quantitative Daten
Marktkapitalisierung	1,9 Milliarden US-Dollar
Institutionelles Eigentum	87.3%
Dividendenrendite	9.2%

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 beliefen sich die Immobilienerwerbskosten des Sabra Health Care REIT auf insgesamt 58,3 Millionen US-Dollar. Das Immobilienportfolio des Unternehmens umfasste 434 Immobilien in 42 Bundesstaaten und Kanada.

Ausgabenkategorie	Betrag ($)
Gesamtkosten für den Immobilienerwerb	58,300,000
Durchschnittliche Immobilienerwerbskosten	134,250

Wartungs- und Renovierungskosten

Die jährlichen Wartungs- und Renovierungsausgaben für 2023 beliefen sich auf etwa 42,7 Millionen US-Dollar.

• Kosten für routinemäßige Wartung: 22,1 Millionen US-Dollar
• Große Renovierungskosten: 20,6 Millionen US-Dollar

Management- und Verwaltungsaufwand

Der Verwaltungsaufwand für 2023 betrug 37,5 Millionen US-Dollar.

Overhead-Komponente	Kosten ($)
Vergütung von Führungskräften	12,600,000
Allgemeine Verwaltungskosten	24,900,000

Zins- und Finanzierungskosten

Die gesamten Zinsaufwendungen für 2023 beliefen sich auf 187,4 Millionen US-Dollar.

• Langfristige Schuldenzinsen: 164,2 Millionen US-Dollar
• Kurzfristige Finanzierungskosten: 23,2 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance- und Regulierungskosten für 2023 beliefen sich auf 8,9 Millionen US-Dollar.

Kategorie der regulatorischen Ausgaben	Betrag ($)
Einhaltung gesetzlicher Vorschriften	4,500,000
Regulatorische Berichterstattung	2,700,000
Gebühren für externe Prüfungen	1,700,000

Sabra Health Care REIT, Inc. (SBRA) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gesundheitsimmobilien

Im dritten Quartal 2023 meldete Sabra Health Care REIT Gesamtmieteinnahmen von 159,5 Millionen US-Dollar. Das Unternehmen besitzt 432 Gesundheitsimmobilien in den Vereinigten Staaten und Kanada und konzentriert sich hauptsächlich auf Seniorenunterkünfte und qualifizierte Pflegeeinrichtungen.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen
Seniorenwohnungen	264	98,3 Millionen US-Dollar
Qualifizierte Krankenpflege	168	61,2 Millionen US-Dollar

Inkasso von Leasingzahlungen

Die Einziehungsquote der Leasingzahlungen des Unternehmens für 2023 lag bei etwa 95,7 %, bei einer durchschnittlichen Leasinglaufzeit von 10,2 Jahren im gesamten Portfolio.

• Gewichtete durchschnittliche Mietdeckungsquote: 1,35x
• Vertragliche Jahresmiete Rolltreppen: 2,5 % bis 3,0 %
• Gesamtmieteinnahmen für 2023: 638,2 Millionen US-Dollar

Immobilienwertsteigerung und Kapitalgewinne

Im Jahr 2023 erkannte Sabra Immobilienverkäufe im Wert von 42,6 Millionen US-Dollar mit einem Nettogewinn von rund 7,3 Millionen US-Dollar aus Immobilienveräußerungen.

Zins- und Kapitalerträge

Für das Geschäftsjahr 2023 berichtete Sabra:

• Zinsertrag: 5,2 Millionen US-Dollar
• Kapitalertrag aus Hypothekendarlehen: 12,7 Millionen US-Dollar
• Gesamter Zins- und Kapitalertrag: 17,9 Millionen US-Dollar

Vermögensverwaltungsgebühren

Die Vermögensverwaltungsgebühren beliefen sich im Jahr 2023 auf insgesamt 3,4 Millionen US-Dollar und stammen aus der Verwaltung von Investitionen in Gesundheitsimmobilien und den damit verbundenen Dienstleistungen.

Gebührenkategorie	Betrag
Gebühren für die Hausverwaltung	2,1 Millionen US-Dollar
Gebühren für den Erwerb von Vermögenswerten	1,3 Millionen US-Dollar

Sabra Health Care REIT, Inc. (SBRA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why operators and investors choose Sabra Health Care REIT, Inc. (SBRA). It's about stability mixed with targeted growth potential, grounded in hard numbers from late 2025.

Stable, predictable cash flow for shareholders via triple-net leases

The foundation of the value proposition for shareholders is the predictable income stream derived from the triple-net lease structure. This structure puts the responsibility for property taxes, insurance, and maintenance onto the tenant operator, which helps stabilize Sabra Health Care REIT, Inc.'s cash flow. As of September 30, 2025, the weighted average remaining lease term across the portfolio stood at 7 years. This duration offers a solid runway for consistent rent collection. Furthermore, the financial health of these triple-net tenants is demonstrated by their coverage ratios; for instance, the EBITDARM coverage for Skilled Nursing/Transitional Care was 2.35x as of the third quarter of 2025.

Operational upside and growth potential from the Senior Housing Operating Portfolio (SHOP)

Sabra Health Care REIT, Inc. is actively pivoting capital toward its Senior Housing Operating (SHOP) portfolio for growth. This segment offers operational upside that the triple-net leases do not. The strategic shift is clear: the SHOP concentration target was raised to 40%. As of the third quarter of 2025, the SHOP segment represented about 26% of total assets. The operational momentum in this area is strong, with same-store Cash NOI growth for the managed senior housing portfolio hitting 13.3% year-over-year in Q3 2025 (or 15.9% excluding the Holiday properties). Sabra Health Care REIT, Inc. expects to exceed its $500 million investment target for 2025, with 90-95% of the pipeline focused on SHOP.

Strategic capital and purchasing leverage for healthcare operators

Sabra Health Care REIT, Inc. provides operators with significant capital access and balance sheet support. The company's liquidity was reported at $1.2 billion as of June 30, 2025. This financial strength allows for strategic deployment, such as the $217.5 million acquisition of managed senior housing properties in Q3 2025, carrying an estimated initial cash yield of 7.8%. The overall leverage profile is considered strong, with Net Debt to Adjusted EBITDA at 4.96x as of September 30, 2025, which contributed to a Moody's upgrade of Sabra Health Care REIT, Inc.'s senior unsecured notes rating to "Baa3" from "Ba1".

Quarterly cash dividend of $0.30 per share

The commitment to shareholder returns is concrete. Sabra Health Care REIT, Inc.'s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock on November 5, 2025. This results in an annualized distribution of $1.2 per share. Based on recent trading, this translates to a current dividend yield of 6.2%.

Diversification across skilled nursing, senior housing, and behavioral health

The portfolio is intentionally structured to balance different healthcare real estate segments. While the strategy is shifting toward senior housing, the existing mix provides broad exposure to needs-based care. Here is the asset class concentration as of March 31, 2025, which informs the current value proposition:

Asset Class	Percentage of Portfolio (as of March 31, 2025)	Q3 2025 Occupancy Rate
Skilled Nursing and Transitional Care Facilities	51.6%	82% (SNF/TC) or 83%
Senior Housing - Managed Properties	19.6%	N/A (SHOP is the growth focus)
Behavioral Health Facilities	13.5%	78% (BH/Hospitals/Other) or 76%
Senior Housing - Leased Properties	10.6%	90%

The company also holds investments in loans receivable and preferred equity, further diversifying the income base. Sabra Health Care REIT, Inc. emphasizes that no single operator exceeds 8% concentration in the portfolio as of September 30, 2025.

You should review the latest Q4 2025 investor deck when it releases to see the updated asset mix reflecting the heavy Q3 SHOP acquisitions.

Sabra Health Care REIT, Inc. (SBRA) - Canvas Business Model: Customer Relationships

You're looking at how Sabra Health Care REIT, Inc. (SBRA) manages its operator relationships, which is central to its real estate investment trust (REIT) model. It's a mix of stable, long-term contracts and more involved, growth-oriented management agreements. This dual approach helps manage risk while chasing higher returns.

Long-term, contractual Triple-Net (NNN) leases with operators

The foundation of many Sabra Health Care REIT, Inc. relationships involves long-term, contractual Triple-Net (NNN) leases. Under this structure, the tenant operator is responsible for nearly all property operating expenses, including taxes, insurance, and maintenance. This provides a very predictable, stable income stream for Sabra Health Care REIT, Inc. As of March 31, 2025, Sabra Health Care REIT, Inc.'s portfolio included investments across 59 relationships, with a weighted average remaining lease term of 7 years. The company actively recycles capital from mature assets to enhance portfolio quality.

Collaborative, risk-sharing management agreements in the SHOP model

A key relationship evolution for Sabra Health Care REIT, Inc. is the growth of its Senior Housing Operating (SHOP) segment. This model involves a more collaborative, risk-sharing approach where Sabra Health Care REIT, Inc. often owns the property and contracts with a third-party manager. Sabra Health Care REIT, Inc. is actively increasing its exposure here, planning to grow the SHOP segment to represent 40% of its total portfolio by unit count in the future, up from approximately 26% as of the third quarter of 2025. In the third quarter of 2025 alone, Sabra Health Care REIT, Inc. added 10 senior living properties to its SHOP portfolio, bringing the total to 83 properties spanning 8,282 units. This shift reflects a belief that SHOP assets are a "much stronger driver of earnings growth" compared to the triple-net lease portfolio. Sabra Health Care REIT, Inc. even converted four communities from triple-net lease structures to the SHOP segment in Q3 2025 by purchasing operations and terminating leases in lieu of management agreements.

Providing industry metric intelligence and operational support to tenants

Because Sabra Health Care REIT, Inc. has former operators on its team, it offers more than just capital. Operators report that Sabra Health Care REIT, Inc. provides tangible support that helps them run better businesses. This support includes:

• Industry metric intelligence to benchmark performance.
• Purchasing leverage opportunities.
• A critical healthcare perspective on operations.

This operational insight is particularly valuable in the SHOP segment, where Sabra Health Care REIT, Inc. is directly invested in the property's operational success.

Active communication with operators to ensure strong EBITDARM coverage

To monitor the financial health of its tenants-a critical indicator for both lease and management agreements-Sabra Health Care REIT, Inc. closely tracks EBITDARM (Earnings Before Interest, Taxes, Depreciation, Amortization, Rent, and Management Fees) to rent coverage. The communication is active to ensure these metrics remain strong. As of the third quarter of 2025, the coverage levels demonstrated solid performance across the portfolio:

Asset Class	EBITDARM Coverage Ratio (Q3 2025)
Skilled Nursing/Transitional Care	2.35x
Senior Housing - Leased	1.52x
Behavioral Health, Specialty Hospitals and Other	3.90x

This focus on coverage is a direct measure of the relationship's sustainability. For instance, in Q2 2025, the coverage for the top 10 relationships was up sequentially, with no concerns raised about any of these key operators.

Relationship-focused approach to drive long-term asset value

Sabra Health Care REIT, Inc. emphasizes developing long-term relationships with operators who are nimble and poised for success. The strategy involves pruning underperforming assets and partnering with stronger operators to create a more resilient core portfolio. The company maintains a diversified base of operators; as of September 30, 2025, the maximum relationship concentration was only 0.4%. This low concentration risk shows a deliberate strategy to avoid over-reliance on any single operator, which helps drive long-term asset value by ensuring operational diversity and stability. The company expects to exceed $500 million in 2025 acquisitions, with an estimated 90% to 95% weighted towards SHOP assets, indicating where future relationship growth will be focused. Finance: draft 13-week cash view by Friday.

Sabra Health Care REIT, Inc. (SBRA) - Canvas Business Model: Channels

You're looking at how Sabra Health Care REIT, Inc. gets its properties in front of operators and its stock in front of investors. The channels they use are a mix of direct real estate relationships and sophisticated capital market access.

Direct leasing and management agreements with healthcare providers

Sabra Health Care REIT, Inc. primarily channels its value through two main real estate relationship types: net leases and property management agreements. The triple-net lease structure means the tenant handles most operating expenses, providing Sabra with predictable rental income. The managed relationships allow Sabra to participate more directly in operational upside, which is a growing focus. As of September 30, 2025, Sabra's investment portfolio held 363 real estate properties. This portfolio is segmented across different operational channels, which you can see here:

Property Type/Channel	Count (as of 09.30.2025)	Portfolio Beds/Units (Approximate)
Skilled Nursing/Transitional Care (Leased)	217 facilities	Data not specified for this segment alone
Senior Housing - Leased	32 communities	Data not specified for this segment alone
Senior Housing - Managed	83 communities	Data not specified for this segment alone
Behavioral Health	16 facilities	Data not specified for this segment alone
Specialty Hospitals and Other	15 facilities	Data not specified for this segment alone

The focus on the managed segment is clear; same store managed senior housing Cash Net Operating Income (NOI) grew by 13.3% year-over-year in the third quarter of 2025. Also, in Q3 2025, Sabra Health Care REIT, Inc. purchased the operations of four managed senior housing properties previously under triple-net leases for $19.7 million. That's a direct shift in channel engagement. It's about getting closer to the operations.

Capital markets for equity issuance, like the 9.6 million shares issued in Q3 2025

Accessing capital markets is a critical channel for funding new investments. Sabra Health Care REIT, Inc. actively uses its At-The-Market (ATM) equity offering program to raise funds efficiently. You saw this in action during the third quarter of 2025. Here are the hard numbers from that period:

Capital Market Activity Metric	Value (Q3 2025 / As of 09.30.2025)
Shares Issued in Q3 2025 Settlement	9.6 million shares
Net Proceeds from Q3 2025 Settlement	$165.0 million
Weighted Average Price per Share (Q3 Settlement)	$17.26 per share
New ATM Equity Offering Program Size	$750 million
Outstanding Under Forward Contracts (09.30.2025)	$157.3 million
Net Debt to Adjusted EBITDA (09.30.2025)	4.96x

They also entered a new $750 million ATM equity offering program during the quarter, giving them more capacity to finance opportunities. This is how they keep the investment pipeline funded on a leverage-neutral basis.

Investor relations and public filings (SEC, 10-Q) for capital access

Public filings are the official channel to maintain investor trust and regulatory compliance, which directly impacts capital access. Sabra Health Care REIT, Inc. reported its third quarter 2025 results on November 5, 2025, via a press release and subsequent filing, likely a Form 10-Q. Maintaining a strong credit profile is key here; Moody's upgraded Sabra's senior unsecured notes rating to Baa3 during the quarter. Furthermore, the company channels shareholder return directly via dividends, declaring a quarterly cash dividend of $0.30 per share on November 5, 2025. This dividend represented a payout of 79% of the third quarter normalized Adjusted Funds From Operations (AFFO) per share.

Industry conferences (AHCA/NCAL) to connect with operators and partners

Industry conferences serve as a vital, though less quantifiable, channel for face-to-face networking. These events allow Sabra Health Care REIT, Inc. to connect directly with current and prospective operators, which is crucial for sourcing deals in the Senior Housing - Managed segment and strengthening existing triple-net relationships. While I don't have the specific 2025 attendance roster for AHCA/NCAL, this is where the relationship-building that underpins the 83 managed communities happens. You need to be in the room.

Unconsolidated joint ventures for specific property investments

Joint ventures (JVs) are a specific channel for co-investing, allowing Sabra Health Care REIT, Inc. to pursue larger or more complex deals while sharing risk. As of September 30, 2025, Sabra held two investments in unconsolidated joint ventures. This channel was used for recent acquisitions; specifically, three of the six managed senior housing properties acquired in Q3 2025 were bought through a consolidated joint venture where Sabra holds a 95% equity interest. The income generated through this channel in Q3 2025 was $1,226 thousand (in thousands).

Sabra Health Care REIT, Inc. (SBRA) - Canvas Business Model: Customer Segments

You're looking at the core relationships Sabra Health Care REIT, Inc. (SBRA) has built its real estate empire upon. These are the operators who use Sabra's properties to deliver essential healthcare services, and the investors who fund that enterprise.

The customer base is segmented by the type of healthcare facility they operate, which directly influences the risk and return profile of the underlying real estate investment. As of the May 2025 presentation, the portfolio composition by Annualized Cash NOI was heavily weighted toward post-acute care, but with a clear strategic pivot toward managed senior housing.

Here is the breakdown of the operator segments based on recent portfolio metrics:

Customer Segment (Operator Type)	Portfolio Concentration (by Annualized Cash NOI)	Tenant Health Metric (EBITDARM Coverage)	Relevant Revenue Exposure (6M Ended 6/30/2025)
Skilled Nursing/Transitional Care facility operators	51.6%	2.19x	37.8% of revenues derived directly or indirectly from this segment
Senior Housing operators (Managed)	19.6%	1.41x	Same-store managed senior housing Cash NOI increased 13.3% YoY in Q3 2025
Senior Housing operators (Leased)	10.6%	1.41x	N/A
Behavioral Health providers	13.5%	3.77x (Combined with Specialty)	N/A
Specialty Hospital providers	3.7% (Specialty Hospital and Other)	3.77x (Combined with Behavioral Health)	N/A

You'll notice that the combined Senior Housing categories (Leased at 10.6% and Managed at 19.6%) represent a significant and growing portion of the portfolio, reflecting Sabra Health Care REIT, Inc.'s stated goal to accelerate the Senior Housing - Operator (SHOP) concentration.

A key aspect of Sabra Health Care REIT, Inc.'s risk management is its tenant base diversity. Honestly, this is a critical point for any REIT investor.

• For the three months ended March 31, 2025, no tenant relationship represented 10% or more of total revenues.
• This lack of single-tenant dependency was also true for the six months ended June 30, 2025.

The other major customer segment involves the capital markets participants, specifically institutional and retail investors. These folks are looking for predictable income streams from essential real estate assets. Sabra Health Care REIT, Inc. caters to this by maintaining a dividend focus. For instance, the Board declared a quarterly cash dividend of $0.30 per share in November 2025. The company's 2025 guidance projected Normalized AFFO per diluted common share to be in the range of $1.49 to $1.51. At the time of the May 2025 presentation, the stock was trading with a robust dividend yield of 6.8%.

If you're tracking the financial health of the operators, keep an eye on the coverage ratios. For the Skilled Nursing/Transitional Care segment, the EBITDARM coverage was 2.19x as of the May 2025 data, showing solid cash flow relative to the rent obligations.

Finance: draft the Q4 2025 tenant concentration report by January 15, 2026.

Sabra Health Care REIT, Inc. (SBRA) - Canvas Business Model: Cost Structure

You're looking at the core outflows that drive Sabra Health Care REIT, Inc.'s operations as of late 2025. These are the necessary costs to keep the portfolio running and the debt serviced.

Interest Expense on Debt

Interest on debt is a primary cost for any REIT, including Sabra Health Care REIT, Inc. The full-year projection for Cash Interest Expense for 2025 is approximately $104 million. This compares to a forecasted interest paid of -$105.5 million for the 2025 fiscal year in one estimate. For context, the cash interest expense in Q1 2025 was $25.4 million, and in Q2 2025 it was $25.8 million. Sabra Health Care REIT, Inc. recently refinanced debt, replacing unsecured senior notes due in 2026 (carrying a 5.125% rate) with a new 5-year unsecured term loan with an effective fixed interest rate of 4.64% after swaps. The new term loan amount was $500.0 million.

The major debt-related costs are detailed below:

Cost Component	Projected Full Year 2025 Amount	Most Recent Quarterly Figure (Q3 2025)
Projected Cash Interest Expense	$104 million	N/A
Cash Interest Expense (Q1 2025)	N/A	$25.4 million
Cash Interest Expense (Q2 2025)	N/A	$25.8 million

The company's Net Debt to Adjusted EBITDA improved to 4.96x as of September 30, 2025.

General and Administrative (G&A) Expenses

General and Administrative expenses are projected at approximately $50 million for the full 2025 fiscal year. This projection includes $11 million specifically for stock-based compensation expense. For quarterly comparison, Recurring Cash General & Administrative (G&A) Expenses were $10 million in Q1 2025 and $9.4 million in Q2 2025.

Property-Level Operating Expenses for the Managed SHOP Portfolio

Operating expenses for the Senior Housing - Managed Portfolio were reported as $179,804 for the six months ended June 30, 2025. For the triple-net portfolio, operating expenses recognized for the three months ended June 30, 2025, were $3.7 million. Sabra Health Care REIT, Inc. is seeing strong growth in its managed portfolio, with same-store Cash NOI growth expected in the mid-teens for 2025.

Costs Associated with Capital Raising

Sabra Health Care REIT, Inc. actively uses its At-the-Market (ATM) program to raise equity, and the associated costs are the commissions deducted from the gross proceeds. In Q3 2025, the company issued 9.6 million shares in settlement of forward sale agreements at a weighted average price of $17.26 per share, net of commissions, yielding net proceeds of $165.0 million. In Q1 2025, $84.3 million was issued on a forward basis at an average price of $17.32 per share, net of commissions. As of September 30, 2025, $157.3 million related to shares outstanding under forward sale agreements under the prior ATM program and ATM program was part of their $1.1 billion in liquidity.

Real Estate Taxes, Insurance, and Maintenance for Non-NNN Properties

For properties where Sabra Health Care REIT, Inc. may be responsible for certain costs, tenant deposits are held to cover these items. As of June 30, 2025, tenants had deposited $11.8 million with the Company for future real estate taxes, insurance expenditures, and tenant improvements. This compares to $11.3 million held as of March 31, 2025.

• Tenants deposited $11.8 million as of June 30, 2025, for future real estate taxes, insurance, and tenant improvements.
• This liability is included in accounts payable and accrued liabilities on the consolidated balance sheets.

Sabra Health Care REIT, Inc. (SBRA) - Canvas Business Model: Revenue Streams

You see Sabra Health Care REIT, Inc.'s revenue generation built on two primary pillars. The first is the predictable, bond-like stream from Rental income from Triple-Net (NNN) leases, where the tenant handles operating expenses. The second, offering higher growth potential, comes from the Net Operating Income (NOI) from the managed Senior Housing Operating Portfolio (SHOP), where Sabra Health Care REIT, Inc. directly participates in property performance. This strategic shift is clear in the performance metrics.

Looking at the top line, the total trailing twelve-month (TTM) revenue was approximately $747.06 million. For the third quarter of 2025 specifically, Sabra Health Care REIT, Inc. reported total revenue of $190.04 million. You should also note the forward-looking guidance; the projected 2025 Normalized AFFO per share is in the range of $1.495 to $1.505.

Here's a look at how the Net Operating Income (NOI) was split between these two major components based on Q2 2025 data, which informs the current revenue mix:

Revenue Stream Component	NOI Percentage (Approximate as of Q2 2025)	Key Performance Indicator (Q3 2025)
Rental income from Triple-Net (NNN) leases	79.1%	EBITDARM rent coverage hit another post-pandemic high across triple-net assets.
Net Operating Income (NOI) from SHOP	20.9%	Same store managed senior housing Cash NOI increased 13.3% year-over-year.

The SHOP segment's growth is a key focus area for Sabra Health Care REIT, Inc. as they accelerate this part of the portfolio. You can track its performance through these recent figures:

• Cash NOI from the managed senior housing portfolio in Q3 2025 totaled $30.1 million.
• Same store Cash NOI growth for the SHOP portfolio was 15.9% year-over-year, excluding 16 specific properties.
• The company raised its SHOP concentration target to 40%.
• EBITDARM Coverage for Senior Housing - Leased was 1.52x in Q3 2025.

For the NNN side, which provides the stable base, the EBITDARM coverage for Skilled Nursing/Transitional Care was 2.35x in Q3 2025. Also, Behavioral Health, Specialty Hospitals and Other EBITDARM Coverage stood at 3.90x for the same period. Finance: draft 13-week cash view by Friday.