Sabra Health Care REIT, Inc. (SBRA): Business Model Canvas [Dec-2025 Updated]

You're digging into the core engine of Sabra Health Care REIT, Inc. (SBRA), and honestly, it boils down to a smart balancing act that keeps investors interested. They secure stable, predictable cash flow-the bond-like income-from their long-term triple-net leases, while simultaneously chasing operational upside through their managed Senior Housing Operating Portfolio (SHOP). This dual approach powered a Q3 2025 revenue of $190.04 million and supported a recent $0.30 per share dividend declared in November 2025. To see how they manage this mix of stability and growth across their 364 properties, check out the full Business Model Canvas breakdown below.

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

You're looking at the core relationships that keep Sabra Health Care REIT, Inc. running and growing its real estate portfolio. These aren't just vendors; they are critical capital and operating allies.

Long-term relationships with third-party healthcare operators are foundational. Sabra actively cultivates these ties to diversify risk away from any single operator. As of December 31, 2024, Sabra Health Care REIT, Inc. had 60 established relationships with tenants and healthcare providers, a number they intend to grow. This strategy helps maintain a resilient portfolio mix.

The management of the Senior Housing Operating Portfolio (SHOP) relies on specific property management partners. As of June 30, 2025, Sabra Health Care REIT, Inc.'s investment portfolio included 73 senior housing communities operated by third-party property managers under management agreements. Sabra Health Care REIT, Inc. has a strategic goal to increase the SHOP portfolio concentration to 30% of annualized cash NOI.

Financing growth requires strong ties with financial institutions for debt and credit facilities. A key recent example is the new $500.0 million unsecured term loan that closed on July 30, 2025, which matures on July 30, 2030. After interest rate swaps, the effective interest rate over the five-year term is fixed at 4.64%. This facility also has an accordion feature allowing total borrowings up to $1.0 billion. Sabra Health Care REIT, Inc.'s Net Debt to Adjusted EBITDA stood at 4.96x as of September 30, 2025, following this financing activity, which also saw Moody's upgrade the senior unsecured notes rating to Baa3 on September 10, 2025.

Joint venture partners are essential for executing on larger, accretive acquisition opportunities. Sabra Health Care REIT, Inc. uses consolidated joint ventures to deploy capital strategically. For instance, in the third quarter of 2025, three of the six managed senior housing properties acquired were through a consolidated joint venture where Sabra holds a 95% equity interest. The total investment for those six properties was $217.5 million, carrying an estimated initial cash yield of 7.8%.

The table below summarizes key financial and operational partnership metrics as of late 2025 data points:

While direct financial figures for government entities like Medicare/Medicaid reimbursement rates are complex and subject to annual changes, the performance of the portfolio reflects this dependency. For example, the EBITDARM Coverage for Skilled Nursing/Transitional Care was 2.35x in the third quarter of 2025, indicating the operational health relative to those reimbursement streams.

The focus on managed assets shows a clear partnership direction:

• Same store managed senior housing Cash NOI increased 13.3% year-over-year in Q3 2025.
• Excluding Holiday properties, same store Cash NOI growth was 15.9% year-over-year in Q3 2025.
• The company is targeting growth in the managed senior housing concentration.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Sabra Health Care REIT, Inc. takes to keep that portfolio generating returns and growing, especially given the recent credit rating upgrade. Honestly, for a REIT, the key activities revolve around buying, managing, and keeping the books clean.

Strategic capital deployment is clearly front and center, focusing heavily on the managed senior housing sector. In the third quarter of 2025 alone, Sabra Health Care REIT, Inc. deployed capital for significant acquisitions.

• Acquired six managed senior housing properties for $217.5 million in Q3 2025, carrying an estimated initial cash yield of 7.8%.
• Purchased the operations of four managed senior housing properties from a triple-net lease tenant for $19.7 million during the same quarter.
• Closed on three more managed senior housing properties subsequent to quarter end for $124.0 million, with a 7.0% estimated initial cash yield.
• Total investments closed year-to-date (YTD) reached $421.9 million as of the end of Q3 2025.
• The company now expects to surpass its full-year 2025 investment target of $500 million.

Active asset management ties directly into this deployment, particularly as Sabra Health Care REIT, Inc. shifts its portfolio mix. The performance of the existing managed assets shows this activity is paying off, with same store managed senior housing Cash Net Operating Income (NOI) increasing 13.3% year-over-year for Q3 2025. If you exclude the 16 properties formerly operated by Holiday, that same store Cash NOI growth was even stronger at 15.9% year-over-year. The company is actively managing the performance improvement of those transition assets, which improved every month during the third quarter of 2025.

Portfolio diversification remains a constant activity, balancing risk across different healthcare real estate segments. As of September 30, 2025, the portfolio structure looked like this:

The strategic goal here is clear: managed senior housing is growing quickly and is now roughly 26% of total NOI, leading Sabra Health Care REIT, Inc. to update its target concentration in this area from 30% to 40%.

Sourcing and underwriting new healthcare real estate investments is the pipeline activity that fuels future growth. Beyond what was closed in Q3 2025, Sabra Health Care REIT, Inc. has been awarded approximately $120 million of additional senior housing investments, which carry an estimated initial cash yield of nearly 8%. These are currently in the Letter of Intent or later stage.

Managing the transition of properties to new, high-quality operators is a critical, hands-on activity. The improvement in the same store managed senior housing Cash NOI by 13.3% year-over-year demonstrates success in this area, especially with the performance of the Holiday transition assets improving monthly through Q3 2025.

Finally, maintaining a resilient balance sheet and favorable credit metrics is the foundation that allows for all this activity. On September 10, 2025, Moody's upgraded Sabra Health Care REIT, Inc.'s senior unsecured notes rating to Baa3 from Ba1, citing sound operating performance and improved debt metrics. As of September 30, 2025, the Net Debt to Adjusted EBITDA stood at 4.96x. This focus on fundamentals supports the declared quarterly cash dividend of $0.30 per share in November 2025.

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

You're looking at the core assets Sabra Health Care REIT, Inc. (SBRA) relies on to execute its strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their real estate investment trust (REIT) model in the healthcare sector.

The physical foundation of Sabra Health Care REIT, Inc.'s business is its real estate portfolio. As of Q1 2025, this portfolio consisted of 364 real estate properties held for investment across the United States and Canada. This scale provides significant operational breadth and diversification within the healthcare real estate space. The composition of these properties is detailed below:

The total portfolio as of March 31, 2025, spanned 37,075 beds/units. Furthermore, Sabra Health Care REIT, Inc. is actively growing this base, having closed on $421.9 million in total investments year-to-date as of Q3 2025, with approximately $120 million more in senior housing investments in the Letter of Intent or later stage.

Liquidity management is a critical resource, especially for funding growth and managing obligations. Sabra Health Care REIT, Inc. established a new $750 million At-The-Market (ATM) Program on August 5, 2025. This program is a source of substantial, flexible capital. For instance, during the third quarter of 2025, the company settled forward sale agreements under this program, resulting in net proceeds of $165.0 million at a weighted average price of $17.26 per share, net of commissions. As of March 31, 2025, the company had $297.7 million available under the ATM Program.

The strength of Sabra Health Care REIT, Inc.'s balance sheet is formalized by its credit standing. On September 10, 2025, Moody's Ratings upgraded Sabra Health Care REIT, Inc.'s issuer rating to investment grade at Baa3 from Ba1, with a Stable outlook. This upgrade reflects sound operating performance and a diversified portfolio. A key metric supporting this financial strength as of September 30, 2025, was the Net Debt to Adjusted EBITDA ratio, reported at 4.96x.

Intangible assets include the human capital and the data advantage management brings. Sabra Health Care REIT, Inc. emphasizes that its management team is uniquely positioned because they are former operators in the healthcare space. This operational background translates into a resource that provides more than just capital; it includes:

• Industry metric intelligence.
• Purchasing leverage.
• An important healthcare perspective.

This combination of financial capacity, a large and diversified asset base, and deep operational insight forms the core resources for Sabra Health Care REIT, Inc. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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.