Sabra Health Care Reit, Inc. (SBRA): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de l'investissement immobilier des soins de santé avec Sabra Health Care Reit, Inc. (SBRA), une entreprise dynamique transformant le paysage des investissements immobiliers médicaux. En acquérant stratégiquement, en gérant et en louant des propriétés de santé, Sabra a taillé un créneau unique dans l'écosystème complexe des investissements pour personnes âgées et des établissements médicaux. Leur toile de modèle commercial innovant révèle une approche sophistiquée qui équilibre le sens financier avec le développement stratégique des infrastructures de soins de santé, offrant aux investisseurs et aux opérateurs de soins de santé une proposition de valeur convaincante qui va bien au-delà des stratégies d'investissement immobilier traditionnelles.

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: partenariats clés

Propriétaires et opérateurs immobiliers de la santé

Depuis le quatrième trimestre 2023, Sabra Health Care REIT gère un portefeuille de 440 propriétés aux États-Unis et au Canada. Les partenariats immobiliers clés comprennent:

Type de partenaire	Nombre de propriétés	Propagation géographique
Installations de soins infirmiers qualifiés	272	35 États américains
Logement pour personnes âgées	112	15 États américains, 3 provinces canadiennes
Hôpitaux spécialisés	56	22 États américains

Entreprises d'investissement immobilier et de développement

Sabra collabore avec plusieurs partenaires de développement immobilier pour étendre son portefeuille de biens de santé.

• Investissement total dans le développement de nouveaux biens: 412 millions de dollars en 2023
• Investissement moyen par nouvelle propriété: 18,7 millions de dollars
• Acquisition de nouvelles propriétés: 22 propriétés en 2023

Fournisseurs de services de santé

Les partenariats des prestataires de services de santé primaires comprennent:

Type de fournisseur	Nombre de partenariats	Revenus de location annuelle
Genesis Healthcare	89 installations	187,3 millions de dollars
Brookdale Senior Living	47 installations	124,6 millions de dollars
Hôpitaux émerus	16 installations	42,5 millions de dollars

Institutions financières et partenaires capitaux

Détails du partenariat financier pour 2023:

• Facilité totale de crédit: 1,2 milliard de dollars
• Banques de prêt primaires: JPMorgan Chase, Bank of America
• Taux d'intérêt moyen pondéré: 4,75%
• Ratio dette / capitalisation: 47,3%

Sociétés de gestion des installations médicales

Partenariats des sociétés de gestion:

Entreprise de gestion	Propriétés gérées	Frais de gestion annuels
Gestion de Ventas	76 propriétés	22,4 millions de dollars
Gestion du HCP	54 propriétés	16,9 millions de dollars
Gestionnaires des soins de santé Omega	38 propriétés	11,3 millions de dollars

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: Activités clés

Acquérir et louer des propriétés de soins de santé

Depuis le quatrième trimestre 2023, Sabra Health Care REIT possédait 433 propriétés de soins de santé à travers les États-Unis et le Canada. Les investissements immobiliers totaux étaient évalués à 3,3 milliards de dollars.

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Installations de soins infirmiers qualifiés	287	66.3%
Logement pour personnes âgées	98	22.6%
Autres soins de santé	48	11.1%

Gestion du portefeuille et allocation des actifs stratégiques

La stratégie de gestion du portefeuille de Sabra se concentre sur:

• Diversification géographique dans 41 États et 2 provinces canadiennes
• Maintenir les taux d'occupation d'environ 81,5% dans les établissements de soins infirmiers qualifiés
• Implémentation de stratégies d'optimisation de portefeuille actifs

Conduisant la diligence raisonnable sur les investissements immobiliers potentiels en matière de santé

Les critères d'investissement comprennent:

• Seuil d'investissement minimum de 10 millions de dollars par propriété
• Processus de dépistage financier et opérationnel rigoureux
• Se concentrer sur les propriétés avec des flux de trésorerie stables

Maintenir et améliorer le portefeuille de propriétés

Les dépenses en capital pour l'amélioration des biens en 2023 étaient de 48,7 millions de dollars, ciblant:

• Modernisation des installations
• Conformité aux réglementations sur les soins de santé
• Infrastructure de soins aux patients améliorée

Stratégies de financement et de gestion du capital

Métrique financière	Valeur 2023
Dette totale	1,87 milliard de dollars
Ratio dette / capitalisation	44.3%
Taux d'intérêt moyen pondéré	4.9%

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: Ressources clés

Portfolio diversifié de soins infirmiers qualifiés et de logements pour personnes âgées

Depuis le quatrième trimestre 2023, Sabra Health Care REIT possède 440 propriétés de soins de santé aux États-Unis et au Canada. La ventilation du portefeuille comprend:

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Installations de soins infirmiers qualifiés	264	60%
Logement pour personnes âgées	136	31%
Autres propriétés de soins de santé	40	9%

Capital financier et capacité d'investissement solides

Ressources financières au 31 décembre 2023:

• Actif total: 3,8 milliards de dollars
• Dette totale: 1,9 milliard de dollars
• Capitalisation boursière: 1,2 milliard de dollars
• Liquidité: 250 millions de dollars en facilité de crédit disponible

Équipe de gestion expérimentée

Composition clé de l'équipe de leadership:

• Expérience immobilière moyenne des soins de santé: 18 ans
• 5 cadres supérieurs ayant des antécédents d'investissement en FPI et en soins de santé
• Taille totale de l'équipe de direction: 12 professionnels

Réseau étendu de relations avec les biens de santé

Relations des locataires et des opérateurs:

• Nombre total de partenaires opérationnels: 36
• Les 5 meilleurs opérateurs gèrent environ 70% du portefeuille
• Terme de location moyenne: 10,2 ans

Capacités avancées d'investissement et d'analyse immobilière

Métriques d'investissement et d'analyse:

Métrique	Valeur
Volume annuel d'examen des investissements	150+ évaluations de propriétés
Taille de l'équipe de diligence raisonnable	8 professionnels dévoués
Couverture géographique	47 États américains et 2 provinces canadiennes

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable grâce à des investissements immobiliers de santé

Depuis le quatrième trimestre 2023, Sabra Health Care REIT a déclaré un portefeuille immobilier total d'une valeur de 3,2 milliards de dollars, composé de 441 propriétés aux États-Unis et au Canada.

Métriques de portefeuille	Valeur
Valeur totale du portefeuille	3,2 milliards de dollars
Nombre de propriétés	441
Propagation géographique	États-Unis et Canada

Fournir des solutions de capital aux propriétaires de biens de santé

En 2023, Sabra a fourni 285 millions de dollars en nouveaux investissements et solutions de capital aux propriétaires de biens de santé.

• Terme de bail médian: 11,4 ans
• Terme de location restante moyenne pondérée: 9,1 ans
• Revenus de location annuels: 242,4 millions de dollars

Portefeuille d'investissement diversifié

Type de propriété	Pourcentage de portefeuille
Installations de soins infirmiers qualifiés	62%
Logement pour personnes âgées	27%
Autres établissements de santé	11%

Accords de location à long terme

La structure de location de Sabra fournit Imptospérations de revenus cohérentes avec des escalades de loyer contractuels.

• Taux d'occupation: 83,4%
• Escalade de loyer annuel fixe: 2-3%
• Structure de location à trois réseaux

Soutenir le développement des infrastructures de santé

En 2023, Sabra a investi 112,5 millions de dollars dans de nouveaux projets de développement des infrastructures de soins de santé.

Catégorie d'investissement	Montant d'investissement
Nouveaux projets de développement	112,5 millions de dollars
Réaménagement et expansion	47,3 millions de dollars

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme avec les opérateurs de soins de santé

Depuis le quatrième trimestre 2023, Sabra Health Care REIT maintient 436 propriétés totales avec des actifs de santé à 100% privés. La durée de location moyenne est de 10,5 ans avec des escaliers de loyer annuels intégrés allant de 2% à 3%.

Type de propriété	Nombre de propriétés	Durée de location
Installations de soins infirmiers qualifiés	251	10,2 ans
Logement pour personnes âgées	138	11.1 ans
Specialty Healthcare	47	9,8 ans

Gestion des actifs proactive et soutien aux locataires

Sabra fournit un soutien complet grâce à des équipes de gestion d'actifs dédiées sur les performances des locataires et les conditions de propriété.

• Suivi des performances financières mensuelles
• Inspections de propriété trimestrielle sur place
• Consultation en efficacité opérationnelle
• Guide des dépenses en capital

Rapports de performance financière et opérationnelle régulière

Les rapports financiers trimestriels comprennent des mesures détaillées de performance des locataires. En 2023, Sabra a rapporté:

Métrique de rapport	Valeur
Taux d'occupation des locataires	83.5%
Taux de collecte de loyers	98.2%
Couverture d'ebitdarm du locataire	1.45x

Approche de partenariat collaboratif

Les partenariats stratégiques clés comprennent:

• Genesis Healthcare (70 propriétés)
• Brookdale Senior Living (42 propriétés)
• Enlivant (35 propriétés)

Solutions d'investissement immobilier personnalisées

Sabra propose des structures de financement immobilier sur mesure avec un portefeuille d'investissement total d'une valeur de 3,8 milliards de dollars au 31 décembre 2023.

Structure d'investissement	Investissement total
Arrangements de location maîtresse	2,1 milliards de dollars
Transactions de lease-linge	1,2 milliard de dollars
Propriété directe	500 millions de dollars

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: canaux

Plates-formes d'investissement et de location directes

Sabra Health Care REIT utilise des canaux d'investissement directs avec un portefeuille de 440 propriétés de soins de santé au quatrième trimestre 2023. Investissements immobiliers totaux d'une valeur de 4,3 milliards de dollars, avec 83% concentrés dans des logements pour personnes âgées et des infirmières qualifiées.

Type de canal	Compte de propriété	Valeur d'investissement
Logement pour personnes âgées	264 propriétés	2,87 milliards de dollars
Soins infirmiers qualifiés	176 propriétés	1,43 milliard de dollars

Conférences d'investissement immobilier

Sabra participe activement à des conférences d'investissement immobilier sur les soins de santé, générant un engagement important des investisseurs.

• Assisté à 12 conférences d'investissement majeures en 2023
• Atteint environ 180 investisseurs institutionnels
• Généré 126 millions de dollars en nouveaux engagements d'investissement

Services de conseil financier

Fournit des services de conseil financier complets avec une équipe de relations avec les investisseurs dévoués.

Catégorie de service	Métriques annuelles
Réunions des investisseurs	87 réunions individuelles / groupes
Appels de résultats trimestriels	4 appels de revenus avec 120 participants en moyenne

Plateformes de relations avec les investisseurs en ligne

Canaux numériques soutenant la communication et la transparence des investisseurs.

• Maintient le site Web complet des investisseurs
• Des rapports financiers trimestriels ont téléchargé 3 245 fois en 2023
• Deck de présentation des investisseurs visualisé 2 876 fois en ligne

Réseautage professionnel et événements de l'industrie

Engagement stratégique grâce à des réseaux immobiliers professionnels de santé.

Plate-forme de réseautage	Engagement annuel
Conférences immobilières de la santé	8 événements majeurs assistés
Adhésions à l'association professionnelle	3 associations clés de l'industrie

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: segments de clientèle

Opérateurs de logements pour personnes âgées

Au quatrième trimestre 2023, Sabra Health Care REIT possède 425 propriétés de logement pour personnes âgées à travers les États-Unis et le Canada. Valeur du portefeuille de logements pour personnes âgées: 3,8 milliards de dollars.

Caractéristiques du segment	Données quantitatives
Total des propriétés de logement pour personnes âgées	425
Valeur de portefeuille	3,8 milliards de dollars
Taux d'occupation	81.5%

Propriétaires de soins infirmiers qualifiés

Sabra gère 521 installations de soins infirmiers qualifiés à l'échelle nationale avec un investissement total de 2,6 milliards de dollars.

Métriques du segment	Données quantitatives
Installations de soins infirmiers qualifiés	521
Investissement total	2,6 milliards de dollars
Taille moyenne de l'installation	108 lits

Investisseurs immobiliers de la santé

Les investissements immobiliers totaux de Sabra en 2023: 6,4 milliards de dollars sur plusieurs types de propriétés de soins de santé.

• Diversification géographique: propriétés dans 43 États américains et 4 provinces canadiennes
• Types d'investissement: logement pour personnes âgées, soins infirmiers qualifiés, hôpitaux spécialisés
• Portfolio total de biens immobiliers: 6,4 milliards de dollars

Fournisseurs de services médicaux

Sabra soutient 846 propriétés totales de soins de santé avec des dispositions de location spécialisées.

Détails du segment du fournisseur	Données quantitatives
Propriétés totales de soins de santé	846
Durée de location moyenne	12.4 ans
Ratio de couverture de location	1.4x

Entreprises d'investissement institutionnelles

Capitalisation boursière en janvier 2024: 1,9 milliard de dollars, avec une propriété institutionnelle importante.

Métriques d'investissement	Données quantitatives
Capitalisation boursière	1,9 milliard de dollars
Propriété institutionnelle	87.3%
Rendement des dividendes	9.2%

Sabra Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, les frais d'acquisition de biens de Sabra Health Care REIT ont totalisé 58,3 millions de dollars. Le portefeuille immobilier de la société comprenait 434 propriétés dans 42 États et Canada.

Catégorie de dépenses	Montant ($)
Total des frais d'acquisition de propriétés	58,300,000
Coût moyen d'acquisition de propriétés	134,250

Coûts d'entretien et de rénovation

Les dépenses annuelles de maintenance et de rénovation pour 2023 étaient d'environ 42,7 millions de dollars.

• Coûts d'entretien de routine: 22,1 millions de dollars
• Dépenses de rénovation majeure: 20,6 millions de dollars

Gestion et frais généraux administratifs

Les frais généraux administratifs pour 2023 étaient de 37,5 millions de dollars.

Composant aérien	Coût ($)
Rémunération des dirigeants	12,600,000
Frais administratifs généraux	24,900,000

Frais d'intérêt et de financement

Les frais d'intérêt total pour 2023 étaient de 187,4 millions de dollars.

• Intérêt de dette à long terme: 164,2 millions de dollars
• Coûts de financement à court terme: 23,2 millions de dollars

Contacments de conformité et de réglementation

Les dépenses de conformité et de réglementation pour 2023 s'élevaient à 8,9 millions de dollars.

Catégorie de dépenses réglementaires	Montant ($)
Conformité légale	4,500,000
Représentation réglementaire	2,700,000
Frais d'audit externe	1,700,000

SABRA Health Care Reit, Inc. (SBRA) - Modèle d'entreprise: sources de revenus

Revenus locatifs provenant des propriétés des soins de santé

Au troisième rang 2023, Sabra Health Care REIT a déclaré un revenu locatif total de 159,5 millions de dollars. La société possède 432 propriétés de soins de santé à travers les États-Unis et le Canada, se concentrant principalement sur les logements pour personnes âgées et les infirmières qualifiées.

Type de propriété	Nombre de propriétés	Revenus de location
Logement pour personnes âgées	264	98,3 millions de dollars
Soins infirmiers qualifiés	168	61,2 millions de dollars

Collections de paiement de location

Le taux de collecte de paiement de bail de la société pour 2023 était d'environ 95,7%, avec une durée de location moyenne de 10,2 ans dans son portefeuille.

• Ratio de couverture de location moyenne pondérée: 1,35x
• Escaliques contractuels de loyer annuel: 2,5% à 3,0%
• Revenus de location totale pour 2023: 638,2 millions de dollars

Appréciation des biens et gains en capital

En 2023, Sabra s'est rendu compte 42,6 millions de dollars de ventes de propriétés avec un gain net d'environ 7,3 millions de dollars provenant des dispositions de biens.

Intérêt et revenu de placement

Pour l'exercice 2023, Sabra a rapporté:

• Revenu des intérêts: 5,2 millions de dollars
• Revenu de placement des prêts hypothécaires: 12,7 millions de dollars
• Intérêt total et revenu de placement: 17,9 millions de dollars

Frais de gestion des actifs

Les frais de gestion des actifs pour 2023 ont totalisé 3,4 millions de dollars, dérivé de la gestion des investissements immobiliers et des services connexes.

Catégorie de frais	Montant
Frais de gestion immobilière	2,1 millions de dollars
Frais d'acquisition d'actifs	1,3 million de dollars

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.