Sabra Health Care Reit, Inc. (SBRA): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado World of Healthcare Real Estate Investment na Sabra Health Care Reit, Inc. (SBRA), uma empresa dinâmica que transforma o cenário de investimentos em propriedades médicas. Ao adquirir, gerenciar e arrendar estrategicamente propriedades de assistência médica, a SABRA criou um nicho único no complexo ecossistema de investimentos em cuidados sênior e de instalações médicas. Seu inovador modelo de negócios Canvas revela uma abordagem sofisticada que equilibra a perspicácia financeira com o desenvolvimento estratégico de infraestrutura de saúde, oferecendo aos investidores e operadores de saúde uma proposta de valor convincente que vai muito além das estratégias tradicionais de investimento imobiliário.

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: Parcerias -chave

Proprietários de saúde e operadores

A partir do quarto trimestre de 2023, a Sabra Health Care REIT gerencia um portfólio de 440 propriedades nos Estados Unidos e no Canadá. As principais parcerias de propriedades incluem:

Tipo de parceiro	Número de propriedades	Propagação geográfica
Instalações de enfermagem qualificadas	272	35 Estados dos EUA
Habitação sênior	112	15 estados dos EUA, 3 províncias canadenses
Hospitais especializados	56	22 estados dos EUA

Empresas de investimento imobiliário e desenvolvimento

A SABRA colabora com vários parceiros de desenvolvimento imobiliário para expandir seu portfólio de propriedades em saúde.

• Investimento total em novo desenvolvimento imobiliário: US $ 412 milhões em 2023
• Investimento médio por nova propriedade: US $ 18,7 milhões
• Aquisição de novas propriedades: 22 propriedades em 2023

Provedores de serviços de saúde

As parcerias do provedor de serviços de saúde primária incluem:

Tipo de provedor	Número de parcerias	Receita anual de arrendamento
Genesis Healthcare	89 instalações	US $ 187,3 milhões
Brookdale Senior Living	47 instalações	US $ 124,6 milhões
Hospitais Emerus	16 instalações	US $ 42,5 milhões

Instituições financeiras e parceiros de capital

Detalhes da parceria financeira para 2023:

• Linha de crédito total: US $ 1,2 bilhão
• Bancos de empréstimos primários: JPMorgan Chase, Bank of America
• Taxa de juros médios ponderados: 4,75%
• Taxa de dívida / capitalização: 47,3%

Empresas de gerenciamento de instalações médicas

Parcerias da empresa de gestão:

Empresa de gestão	Propriedades gerenciadas	Taxas de gerenciamento anuais
Gerenciamento de Ventas	76 propriedades	US $ 22,4 milhões
Gerenciamento de HCP	54 propriedades	US $ 16,9 milhões
Gerentes de saúde Omega	38 propriedades	US $ 11,3 milhões

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: Atividades -chave

Aquisição e arrendamento de propriedades de saúde

A partir do quarto trimestre de 2023, a Sabra Health Care REIT possuía 433 propriedades de saúde nos Estados Unidos e no Canadá. O total de investimentos imobiliários foi avaliado em US $ 3,3 bilhões.

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Instalações de enfermagem qualificadas	287	66.3%
Habitação sênior	98	22.6%
Outros cuidados de saúde	48	11.1%

Gerenciamento de portfólio e alocação de ativos estratégicos

A estratégia de gerenciamento de portfólio da Sabra se concentra:

• Diversificação geográfica em 41 estados e 2 províncias canadenses
• Manter as taxas de ocupação em torno de 81,5% em instalações de enfermagem qualificadas
• Implementando estratégias de otimização de portfólio ativo

Conduzindo a devida diligência em potenciais investimentos imobiliários em saúde

Os critérios de investimento incluem:

• Limite mínimo de investimento de US $ 10 milhões por propriedade
• Processo de triagem financeira e operacional rigorosa
• Focando em propriedades com fluxo de caixa estável

Manter e melhorando o portfólio de propriedades

As despesas de capital para melhorias na propriedade em 2023 foram de US $ 48,7 milhões, segmentando:

• Modernização da instalação
• Conformidade com os regulamentos de saúde
• Infraestrutura aprimorada de atendimento ao paciente

Estratégias de financiamento e gerenciamento de capital

Métrica financeira	2023 valor
Dívida total	US $ 1,87 bilhão
Taxa de dívida / capitalização	44.3%
Taxa de juros médio ponderada	4.9%

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades habilidosas de enfermagem e habitação seniores

A partir do quarto trimestre de 2023, a Sabra Health Care REIT possui 440 propriedades de saúde nos Estados Unidos e no Canadá. A quebra do portfólio inclui:

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Instalações de enfermagem qualificadas	264	60%
Habitação sênior	136	31%
Outras propriedades de saúde	40	9%

Forte capital financeiro e capacidade de investimento

Recursos financeiros em 31 de dezembro de 2023:

• Total de ativos: US $ 3,8 bilhões
• Dívida total: US $ 1,9 bilhão
• Capitalização de mercado: US $ 1,2 bilhão
• Liquidez: US $ 250 milhões em linha de crédito disponível

Equipe de gerenciamento experiente

Composição da equipe de liderança -chave:

• Experiência em saúde média de saúde: 18 anos
• 5 executivos seniores com formação de investimento de REIT e saúde
• Tamanho total da equipe executiva: 12 profissionais

Rede extensa de relações de propriedade de saúde

Relacionamentos de inquilino e operador:

• Número total de parceiros operacionais: 36
• Os 5 principais operadores gerenciam aproximadamente 70% do portfólio
• Termo médio de arrendamento: 10,2 anos

Recursos avançados de investimento imobiliário e análise

Métricas de investimento e análise:

Métrica	Valor
Volume anual de revisão de investimentos	150+ Avaliações de propriedades
Tamanho da equipe de due diligence	8 profissionais dedicados
Cobertura geográfica	47 estados dos EUA e 2 províncias canadenses

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: proposições de valor

Geração de renda estável através de investimentos imobiliários de saúde

A partir do quarto trimestre de 2023, a SABRA Health Care REIT registrou um portfólio imobiliário total avaliado em US $ 3,2 bilhões, composto por 441 propriedades nos Estados Unidos e no Canadá.

Métricas de portfólio	Valor
Valor total do portfólio	US $ 3,2 bilhões
Número de propriedades	441
Disseminação geográfica	Estados Unidos e Canadá

Fornecendo soluções de capital para proprietários de propriedades de saúde

Em 2023, Sabra forneceu US $ 285 milhões em novos investimentos e soluções de capital para os proprietários de serviços de saúde.

• Termo médio de arrendamento: 11,4 anos
• Ponderado Média Restante Locação Termo: 9,1 anos
• Receita anual de aluguel: US $ 242,4 milhões

Portfólio de investimentos diversificado

Tipo de propriedade	Porcentagem de portfólio
Instalações de enfermagem qualificadas	62%
Habitação sênior	27%
Outras instalações de saúde	11%

Acordos de arrendamento de longo prazo

A estrutura de arrendamento de Sabra fornece fluxos de receita consistentes com escaladas contratuais de aluguel.

• Taxa de ocupação: 83,4%
• Escalada anual fixa de aluguel: 2-3%
• Estrutura de arrendamento de rede tripla

Apoio ao desenvolvimento de infraestrutura de saúde

Em 2023, a SABRA investiu US $ 112,5 milhões em novos projetos de desenvolvimento de infraestrutura de saúde.

Categoria de investimento	Valor do investimento
Novos projetos de desenvolvimento	US $ 112,5 milhões
Reconstrução e expansão	US $ 47,3 milhões

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: Relacionamentos do cliente

Acordos de arrendamento de longo prazo com operadores de saúde

A partir do quarto trimestre de 2023, a SABRA Health Care REIT mantém 436 propriedades totais com ativos 100% de saúde privados. O prazo médio do arrendamento é de 10,5 anos, com escadas rolantes anuais de aluguel, variando de 2% a 3%.

Tipo de propriedade	Número de propriedades	Duração do arrendamento
Instalações de enfermagem qualificadas	251	10,2 anos
Habitação sênior	138	11,1 anos
Specialty Healthcare	47	9,8 anos

Gerenciamento de ativos proativo e suporte de inquilino

A SABRA fornece suporte abrangente por meio de equipes de gerenciamento de ativos dedicadas que monitoram o desempenho dos inquilinos e as condições da propriedade.

• Rastreamento mensal de desempenho financeiro
• Inspeções trimestrais de propriedades no local
• Consulta de eficiência operacional
• Orientação de despesa de capital

Relatórios regulares de desempenho financeiro e operacional

Os relatórios financeiros trimestrais incluem métricas detalhadas de desempenho de inquilinos. Em 2023, Sabra informou:

Métrica de relatório	Valor
Taxa de ocupação do inquilino	83.5%
Taxa de cobrança de aluguel	98.2%
Cobertura de EBITDARM do inquilino	1.45x

Abordagem de parceria colaborativa

As principais parcerias estratégicas incluem:

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

Soluções de investimento imobiliário personalizado

A SABRA oferece estruturas de financiamento imobiliário personalizado com portfólio total de investimentos, avaliados em US $ 3,8 bilhões em 31 de dezembro de 2023.

Estrutura de investimento	Investimento total
Arranjos de arrendamento mestre	US $ 2,1 bilhões
Transações de venda-leaseback	US $ 1,2 bilhão
Propriedade direta da propriedade	US $ 500 milhões

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: canais

Plataformas diretas de investimento e leasing

A SABRA Health Care REIT utiliza canais de investimento direto com um portfólio de 440 propriedades de saúde a partir do quarto trimestre 2023. Investimentos imobiliários totais avaliados em US $ 4,3 bilhões, com 83% concentrados em moradias sênior e instalações de enfermagem qualificadas.

Tipo de canal	Contagem de propriedades	Valor de investimento
Habitação sênior	264 propriedades	US $ 2,87 bilhões
Enfermagem qualificada	176 propriedades	US $ 1,43 bilhão

Conferências de investimento imobiliário

A SABRA participa ativamente de conferências de investimentos imobiliários em saúde, gerando um envolvimento significativo dos investidores.

• Participou de 12 grandes conferências de investimento em 2023
• Atingiu aproximadamente 180 investidores institucionais
• Gerou US $ 126 milhões em novos compromissos de investimento

Serviços de Consultoria Financeira

Fornece serviços de consultoria financeira abrangentes com a equipe dedicada de relações com investidores.

Categoria de serviço	Métricas anuais
Reuniões de investidores	87 reuniões individuais/em grupo
Chamadas de ganhos trimestrais	4 chamadas de ganhos com média 120 participantes

Plataformas de relações com investidores online

Canais digitais que suportam comunicação e transparência dos investidores.

• Mantém o site abrangente do investidor
• Relatórios financeiros trimestrais baixados 3.245 vezes em 2023
• Deck de apresentação do investidor visualizado 2.876 vezes online

Eventos profissionais de networking e indústria

Engajamento estratégico por meio de redes imobiliárias profissionais de saúde.

Plataforma de rede	Engajamento anual
Conferências imobiliárias de saúde	8 grandes eventos participaram
Associações de associação profissional	3 associações principais da indústria

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

Operadores habitacionais seniores

A partir do quarto trimestre de 2023, a Sabra Health Care REIT possui 425 propriedades habitacionais seniores nos Estados Unidos e no Canadá. Valor total do portfólio de habitação sênior: US $ 3,8 bilhões.

Características do segmento	Dados quantitativos
Total de propriedades habitacionais seniores	425
Valor do portfólio	US $ 3,8 bilhões
Taxa de ocupação	81.5%

Proprietários de instalações de enfermagem qualificadas

Sabra gerencia 521 instalações de enfermagem qualificadas em todo o país com um investimento total de US $ 2,6 bilhões.

Métricas de segmento	Dados quantitativos
Instalações de enfermagem total qualificadas	521
Investimento total	US $ 2,6 bilhões
Tamanho médio da instalação	108 camas

Investidores de propriedades em saúde

O total de investimentos imobiliários da Sabra a partir de 2023: US $ 6,4 bilhões em vários tipos de propriedades de saúde.

• Diversificação geográfica: propriedades em 43 estados dos EUA e 4 províncias canadenses
• Tipos de investimento: moradia sênior, enfermagem qualificada, hospitais especializados
• Portfólio imobiliário total: US $ 6,4 bilhões

Provedores de serviços médicos

A SABRA suporta 846 propriedades totais de saúde com acordos especializados de leasing.

Detalhes do segmento de provedores	Dados quantitativos
Total de propriedades de saúde	846
Duração média do arrendamento	12,4 anos
Índice de cobrança de arrendamento	1.4x

Empresas de investimento institucional

Capitalização de mercado em janeiro de 2024: US $ 1,9 bilhão, com uma propriedade institucional significativa.

Métricas de investimento	Dados quantitativos
Capitalização de mercado	US $ 1,9 bilhão
Propriedade institucional	87.3%
Rendimento de dividendos	9.2%

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir do quarto trimestre de 2023, as despesas de aquisição de propriedades da Sabra Health Care REIT totalizaram US $ 58,3 milhões. O portfólio imobiliário da empresa consistia em 434 propriedades em 42 estados e no Canadá.

Categoria de despesa	Valor ($)
Custos totais de aquisição de propriedades	58,300,000
Custo médio de aquisição de propriedades	134,250

Custos de manutenção e renovação

As despesas anuais de manutenção e renovação para 2023 foram de aproximadamente US $ 42,7 milhões.

• Custos de manutenção de rotina: US $ 22,1 milhões
• Principais despesas de renovação: US $ 20,6 milhões

Gestão e sobrecarga administrativa

A sobrecarga administrativa para 2023 foi de US $ 37,5 milhões.

Componente aéreo	Custo ($)
Compensação executiva	12,600,000
Despesas administrativas gerais	24,900,000

Despesas de juros e financiamento

As despesas totais de juros para 2023 foram de US $ 187,4 milhões.

• Juros de dívida de longo prazo: US $ 164,2 milhões
• Custos de financiamento de curto prazo: US $ 23,2 milhões

Conformidade e custos regulatórios

A conformidade e as despesas regulatórias de 2023 totalizaram US $ 8,9 milhões.

Categoria de despesa regulatória	Valor ($)
Conformidade legal	4,500,000
Relatórios regulatórios	2,700,000
Taxas de auditoria externas	1,700,000

Sabra Health Care Reit, Inc. (SBRA) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades de saúde

A partir do terceiro trimestre de 2023, a SABRA Health Care REIT registrou uma receita total de aluguel de US $ 159,5 milhões. A empresa possui 432 propriedades de saúde nos Estados Unidos e no Canadá, concentrando -se principalmente em instalações de habitação e enfermagem qualificadas.

Tipo de propriedade	Número de propriedades	Renda de aluguel
Habitação sênior	264	US $ 98,3 milhões
Enfermagem qualificada	168	US $ 61,2 milhões

Arrendamento de cobrança de pagamento

A taxa de cobrança de pagamento de arrendamento da empresa para 2023 foi de aproximadamente 95,7%, com um prazo médio de arrendamento de 10,2 anos em seu portfólio.

• Taxa de cobertura média ponderada de arrendamento: 1,35x
• Escadas rolantes do aluguel anual contratual: 2,5% a 3,0%
• Receita total de arrendamento para 2023: US $ 638,2 milhões

Apreciação de propriedades e ganhos de capital

Em 2023, Sabra percebeu US $ 42,6 milhões em vendas de propriedades com um ganho líquido de aproximadamente US $ 7,3 milhões em disposições de propriedades.

Juros e receita de investimento

Para o ano fiscal de 2023, Sabra informou:

• Receita de juros: US $ 5,2 milhões
• Receita de investimento de empréstimos hipotecários: US $ 12,7 milhões
• Juros totais e receita de investimento: US $ 17,9 milhões

Taxas de gerenciamento de ativos

As taxas de gerenciamento de ativos para 2023 totalizaram US $ 3,4 milhões, derivadas do gerenciamento de investimentos em propriedades e serviços relacionados.

Categoria de taxa	Quantia
Taxas de gerenciamento de propriedades	US $ 2,1 milhões
Taxas de aquisição de ativos	US $ 1,3 milhão

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.