Sabra Health Care REIT, Inc. (SBRA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en la intrincada inversión inmobiliaria de la salud con Sabra Health Care Reit, Inc. (SBRA), una compañía dinámica que transforma el panorama de las inversiones de propiedades médicas. Al adquirir, administrar y arrendar estratégicamente las propiedades de atención médica, SABRA ha forjado un nicho único en el complejo ecosistema de las inversiones de atención médica e instalaciones médicas. Their innovative Business Model Canvas reveals a sophisticated approach that balances financial acumen with strategic healthcare infrastructure development, offering investors and healthcare operators a compelling value proposition that goes far beyond traditional real estate investment strategies.

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocios: asociaciones clave

Propietarios de propiedades de salud y operadores

A partir del cuarto trimestre de 2023, Sabra Health Care REIT administra una cartera de 440 propiedades en los Estados Unidos y Canadá. Las asociaciones de propiedad clave incluyen:

Tipo de socio	Número de propiedades	Extensión geográfica
Instalaciones de enfermería especializada	272	35 estados de EE. UU.
Vivienda para personas mayores	112	15 estados de EE. UU., 3 provincias canadienses
Hospitales especializados	56	22 estados de EE. UU.

Empresas de inversión y desarrollo inmobiliario

Sabra colabora con múltiples socios de desarrollo inmobiliario para expandir su cartera de propiedades de salud.

• Inversión total en el desarrollo de una nueva propiedad: $ 412 millones en 2023
• Inversión promedio por nueva propiedad: $ 18.7 millones
• Adquisición de nuevas propiedades: 22 propiedades en 2023

Proveedores de servicios de salud

Las asociaciones de proveedores de servicios de atención médica primaria incluyen:

Tipo de proveedor	Número de asociaciones	Ingresos anuales de arrendamiento
Genesis Healthcare	89 instalaciones	$ 187.3 millones
Brookdale Senior Living	47 instalaciones	$ 124.6 millones
Hospitales emerus	16 instalaciones	$ 42.5 millones

Instituciones financieras y socios de capital

Detalles de la asociación financiera para 2023:

• Facilidad de crédito total: $ 1.2 mil millones
• Bancos de préstamos primarios: JPMorgan Chase, Bank of America
• Tasa de interés promedio ponderada: 4.75%
• Relación de deuda / capitalización: 47.3%

Empresas de gestión de instalaciones médicas

Asociaciones de la empresa de gestión:

Empresa de gestión	Propiedades administradas	Tarifas de gestión anuales
Gestión de ventas	76 propiedades	$ 22.4 millones
Gestión de HCP	54 propiedades	$ 16.9 millones
Gerentes de atención médica de Omega	38 propiedades	$ 11.3 millones

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocio: actividades clave

Adquirir y arrendar propiedades de atención médica

A partir del cuarto trimestre de 2023, Sabra Health Care REIT poseía 433 propiedades de atención médica en los Estados Unidos y Canadá. Las inversiones inmobiliarias totales se valoraron en $ 3.3 mil millones.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Instalaciones de enfermería especializada	287	66.3%
Vivienda para personas mayores	98	22.6%
Otras atención médica	48	11.1%

Gestión de cartera y asignación de activos estratégicos

La estrategia de gestión de cartera de Sabra se centra en:

• Diversificación geográfica en 41 estados y 2 provincias canadienses
• Mantener las tasas de ocupación alrededor del 81.5% en los centros de enfermería especializada
• Implementación de estrategias activas de optimización de cartera

Realización de la debida diligencia sobre posibles inversiones inmobiliarias en salud

Los criterios de inversión incluyen:

• Umbral de inversión mínimo de $ 10 millones por propiedad
• Proceso riguroso de detección financiera y operativa
• Centrarse en propiedades con flujo de caja estable

Mantener y mejorar la cartera de propiedades

El gasto de capital para las mejoras de la propiedad en 2023 fue de $ 48.7 millones, dirigido:

• Modernización de las instalaciones
• Cumplimiento de las regulaciones de atención médica
• Infraestructura mejorada de atención al paciente

Estrategias de financiamiento y gestión de capital

Métrica financiera	Valor 2023
Deuda total	$ 1.87 mil millones
Relación deuda / capitalización	44.3%
Tasa de interés promedio ponderada	4.9%

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocio: recursos clave

Diversas cartera de propiedades calificadas de enfermería y vivienda para personas mayores

A partir del cuarto trimestre de 2023, Sabra Health Care REIT posee 440 propiedades de atención médica en los Estados Unidos y Canadá. El desglose de la cartera incluye:

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Instalaciones de enfermería especializada	264	60%
Vivienda para personas mayores	136	31%
Otras propiedades de atención médica	40	9%

Fuerte capital financiero y capacidad de inversión

Recursos financieros al 31 de diciembre de 2023:

• Activos totales: $ 3.8 mil millones
• Deuda total: $ 1.9 mil millones
• Capitalización de mercado: $ 1.2 mil millones
• Liquidez: $ 250 millones en la facilidad de crédito disponible

Equipo de gestión experimentado

Composición clave del equipo de liderazgo:

• Experiencia inmobiliaria promedio de la salud: 18 años
• 5 ejecutivos senior con antecedentes de inversión en REIT y atención médica
• Tamaño total del equipo ejecutivo: 12 profesionales

Extensa red de relaciones con la propiedad de la salud

Relaciones de inquilino y operador:

• Número total de socios operativos: 36
• Los 5 operadores principales administran aproximadamente el 70% de la cartera
• Término de arrendamiento promedio: 10.2 años

Capacidades avanzadas de inversión inmobiliaria y análisis

Métricas de inversión y análisis:

Métrico	Valor
Volumen anual de revisión de inversiones	Más de 150 evaluaciones de propiedades
Tamaño del equipo de diligencia debida	8 profesionales dedicados
Cobertura geográfica	47 estados de EE. UU. Y 2 provincias canadienses

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocio: propuestas de valor

Generación de ingresos estables a través de inversiones inmobiliarias de atención médica

A partir del cuarto trimestre de 2023, Sabra Health Care REIT informó una cartera de bienes raíces totales valorada en $ 3.2 mil millones, que consta de 441 propiedades en los Estados Unidos y Canadá.

Métricas de cartera	Valor
Valor total de la cartera	$ 3.2 mil millones
Número de propiedades	441
Extensión geográfica	Estados Unidos y Canadá

Proporcionar soluciones de capital para los propietarios de atención médica

En 2023, Sabra proporcionó $ 285 millones en nuevas inversiones y soluciones de capital a los propietarios de la salud.

• Medio de arrendamiento mediano: 11.4 años
• Término de arrendamiento promedio ponderado restante: 9.1 años
• Ingresos anuales de alquiler: $ 242.4 millones

Cartera de inversiones diversificada

Tipo de propiedad	Porcentaje de cartera
Instalaciones de enfermería especializada	62%
Vivienda para personas mayores	27%
Otras instalaciones de atención médica	11%

Contratos de arrendamiento a largo plazo

La estructura de arrendamiento de Sabra proporciona flujos de ingresos consistentes con escaladas de alquiler contractual.

• Tasa de ocupación: 83.4%
• Escalaciones de alquiler anuales fijas: 2-3%
• Estructura de arrendamiento de triple red

Apoyo al desarrollo de la infraestructura de atención médica

En 2023, Sabra invirtió $ 112.5 millones en nuevos proyectos de desarrollo de infraestructura de salud.

Categoría de inversión	Monto de la inversión
Nuevos proyectos de desarrollo	$ 112.5 millones
Reurbanización y expansión	$ 47.3 millones

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con operadores de atención médica

A partir del cuarto trimestre de 2023, SABRA Health Care REIT mantiene 436 propiedades totales con activos de atención médica de pago privado 100%. El plazo promedio de arrendamiento es de 10.5 años con escaleras mecánicas anuales de alquiler integradas que van del 2% al 3%.

Tipo de propiedad	Número de propiedades	Duración del arrendamiento
Instalaciones de enfermería especializada	251	10.2 años
Vivienda para personas mayores	138	11.1 años
Atención médica especializada	47	9.8 años

Gestión de activos proactivos y apoyo para inquilinos

SABRA brinda apoyo integral a través de equipos dedicados de gestión de activos que monitorean el rendimiento de los inquilinos y las condiciones de propiedad.

• Seguimiento mensual de desempeño financiero
• Inspecciones trimestrales de propiedad en el sitio
• Consulta de eficiencia operativa
• Guía de gastos de capital

Informes regulares de desempeño financiero y operativo

La información financiera trimestral incluye métricas detalladas de rendimiento del inquilino. En 2023, Sabra informó:

Métrica de informes	Valor
Tasa de ocupación del inquilino	83.5%
Tarifa de recaudación de alquiler	98.2%
Cobertura de inquilino EbitDarm	1.45x

Enfoque de asociación colaborativa

Las asociaciones estratégicas clave incluyen:

• Genesis Healthcare (70 propiedades)
• Brookdale Senior Living (42 propiedades)
• Rivente (35 propiedades)

Soluciones de inversión inmobiliaria personalizadas

Sabra ofrece estructuras de financiación inmobiliaria personalizada con una cartera de inversiones totales valoradas en $ 3.8 mil millones al 31 de diciembre de 2023.

Estructura de inversión	Inversión total
Arreglos de arrendamiento maestro	$ 2.1 mil millones
Transacciones de venta de arrendamiento	$ 1.2 mil millones
Propiedad directa	$ 500 millones

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocios: canales

Plataformas directas de inversión y arrendamiento

SABRA Health Care REIT utiliza canales de inversión directa con una cartera de 440 propiedades de atención médica a partir del cuarto trimestre de 2023. Inversiones inmobiliarias totales valoradas en $ 4.3 mil millones, con un 83% concentrado en viviendas para personas mayores y instalaciones de enfermería especializada.

Tipo de canal	Conteo de propiedades	Valor de inversión
Vivienda para personas mayores	264 propiedades	$ 2.87 mil millones
Enfermería especializada	176 propiedades	$ 1.43 mil millones

Conferencias de inversión inmobiliaria

Sabra participa activamente en conferencias de inversión inmobiliaria de la salud, generando una importante participación de los inversores.

• Asistió a 12 conferencias de inversión importantes en 2023
• Alcanzó aproximadamente 180 inversores institucionales
• Generó $ 126 millones en nuevos compromisos de inversión

Servicios de asesoramiento financiero

Proporciona servicios de asesoramiento financiero integrales con un equipo dedicado de relaciones con inversores.

Categoría de servicio	Métricas anuales
Reuniones de inversores	87 reuniones individuales/grupales
Llamadas de ganancias trimestrales	4 llamadas de ganancias con un promedio de 120 participantes

Plataformas de relaciones con inversores en línea

Canales digitales que apoyan la comunicación y la transparencia de los inversores.

• Mantiene el sitio web integral de inversores
• Informes financieros trimestrales descargados 3,245 veces en 2023
• Deck de presentación de inversores visto 2,876 veces en línea

Redes profesionales y eventos de la industria

Participación estratégica a través de redes inmobiliarias profesionales de salud.

Plataforma de redes	Compromiso anual
Conferencias inmobiliarias de la salud	8 eventos importantes asistieron
Membresías de la Asociación Profesional	3 asociaciones clave de la industria

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocios: segmentos de clientes

Operadores de vivienda para personas mayores

A partir del cuarto trimestre de 2023, Sabra Health Care REIT posee 425 propiedades de vivienda para personas mayores en los Estados Unidos y Canadá. Valor total de la cartera de viviendas para personas mayores: $ 3.8 mil millones.

Características de segmento	Datos cuantitativos
Total de propiedades de vivienda para personas mayores	425
Valor de cartera	$ 3.8 mil millones
Tasa de ocupación	81.5%

Propietarios de instalaciones de enfermería especializada

Sabra administra 521 instalaciones de enfermería especializada en todo el país con una inversión total de $ 2.6 mil millones.

Métricas de segmento	Datos cuantitativos
Instalaciones totales de enfermería especializada	521
Inversión total	$ 2.6 mil millones
Tamaño promedio de la instalación	108 camas

Inversores de propiedades de atención médica

Las inversiones inmobiliarias totales de SABRA a partir de 2023: $ 6.4 mil millones en múltiples tipos de propiedades de salud.

• Diversificación geográfica: propiedades en 43 estados de EE. UU. Y 4 provincias canadienses
• Tipos de inversión: vivienda para personas mayores, enfermería especializada, hospitales especializados
• Portafolio de bienes raíces totales: $ 6.4 mil millones

Proveedores de servicios médicos

Sabra admite 846 propiedades de atención médica total con arreglos de arrendamiento especializados.

Detalles del segmento del proveedor	Datos cuantitativos
Propiedades de atención médica total	846
Duración promedio de arrendamiento	12.4 años
Relación de cobertura de arrendamiento	1.4x

Empresas de inversión institucional

Capitalización de mercado a partir de enero de 2024: $ 1.9 mil millones, con una importante propiedad institucional.

Métricas de inversión	Datos cuantitativos
Capitalización de mercado	$ 1.9 mil millones
Propiedad institucional	87.3%
Rendimiento de dividendos	9.2%

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, los gastos de adquisición de propiedades de Sabra Health Care Reit totalizaron $ 58.3 millones. La cartera de bienes raíces de la compañía consistió en 434 propiedades en 42 estados y Canadá.

Categoría de gastos	Monto ($)
Costos totales de adquisición de propiedades	58,300,000
Costo promedio de adquisición de propiedades	134,250

Costos de mantenimiento y renovación

Los gastos anuales de mantenimiento y renovación para 2023 fueron de aproximadamente $ 42.7 millones.

• Costos de mantenimiento de rutina: $ 22.1 millones
• Gastos importantes de renovación: $ 20.6 millones

Gestión y gastos generales administrativos

La sobrecarga administrativa para 2023 fue de $ 37.5 millones.

Componente superior	Costo ($)
Compensación ejecutiva	12,600,000
Gastos administrativos generales	24,900,000

Gastos de intereses y financiamiento

Los gastos de intereses totales para 2023 fueron de $ 187.4 millones.

• Intereses de la deuda a largo plazo: $ 164.2 millones
• Costos de financiación a corto plazo: $ 23.2 millones

Cumplimiento y costos regulatorios

El cumplimiento y los gastos regulatorios para 2023 ascendieron a $ 8.9 millones.

Categoría de gastos regulatorios	Monto ($)
Cumplimiento legal	4,500,000
Informes regulatorios	2,700,000
Tarifas de auditoría externa	1,700,000

SABRA Health Care Reit, Inc. (SBRA) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades de atención médica

A partir del tercer trimestre de 2023, Sabra Health Care REIT reportó ingresos por alquiler totales de $ 159.5 millones. La compañía posee 432 propiedades de atención médica en los Estados Unidos y Canadá, centrándose principalmente en viviendas para personas mayores y centros de enfermería especializada.

Tipo de propiedad	Número de propiedades	Ingreso de alquiler
Vivienda para personas mayores	264	$ 98.3 millones
Enfermería especializada	168	$ 61.2 millones

Cobros de pago de arrendamiento

La tasa de cobro de pago de arrendamiento de la compañía para 2023 fue de aproximadamente el 95.7%, con un plazo de arrendamiento promedio de 10.2 años en su cartera.

• Relación de cobertura de arrendamiento promedio ponderada: 1.35x
• Escaladoras de alquiler anuales contractuales: 2.5% a 3.0%
• Ingresos totales de arrendamiento para 2023: $ 638.2 millones

Apreciación de la propiedad y ganancias de capital

En 2023, Sabra se dio cuenta $ 42.6 millones en ventas de propiedades con una ganancia neta de aproximadamente $ 7.3 millones de las disposiciones de la propiedad.

Ingresos de intereses e inversiones

Para el año fiscal 2023, Sabra informó:

• Ingresos de intereses: $ 5.2 millones
• Ingresos de inversión de préstamos hipotecarios: $ 12.7 millones
• Intereses totales e ingresos por inversiones: $ 17.9 millones

Tarifas de gestión de activos

Las tarifas de gestión de activos para 2023 totalizaron $ 3.4 millones, derivadas de la gestión de inversiones de propiedades en salud y servicios relacionados.

Categoría de tarifa	Cantidad
Tarifas de administración de propiedades	$ 2.1 millones
Tarifas de adquisición de activos	$ 1.3 millones

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.