Sabra Health Care REIT, Inc.

Listed Company

SBRACIK 0001492298NasdaqLarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$774.63M

Net Income

$155.61M

Total Assets

$5.49B

Equity

$2.82B

Shares Out

252.19M

Op. Cash Flow

$348.61M

Business

Sabra Health Care REIT, Inc. operates as a self-administered, self-managed real estate investment trust that acquires, finances and owns healthcare real estate leased to third-party operators. It primarily provides income-producing properties and related real estate investments, loans receivable and preferred equity for skilled nursing/transitional care facilities, senior housing (leased and managed), behavioral health facilities and specialty hospitals. Key business segments include triple-net leased properties, Senior Housing - Managed communities, loans and preferred equity investments, and investments in joint ventures. Its assets are distributed across the United States and Canada, leased or managed by third-party operators and property managers.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and related revenues	374	381	376	401	397
Resident fees and services	357	285	236	187	156
Interest and other income	44	37	35	38	17
Total revenues	775	703	648	625	570
Depreciation and amortization	187	170	183	188	179
Interest	113	115	113	106	99
General and administrative	54	50	47	40	35
(Recovery of) provision for loan losses	−1	−571,000	191,000	141,000	4
Impairment of real estate	7	18	14	94	10
Total expenses	631	580	553	590	467
Loss on extinguishment of debt	−1	0	−2	−411,000	−35
Other income	14	3	3	−1	373,000
Net (loss) gain on sales of real estate	−4	2	−77	−12	12
Total other income (expense)	9	5	−76	−14	−22
Income before income (loss) from unconsolidated joint ventures and income tax expense	153	128	19	22	81
Income (loss) from unconsolidated joint ventures	4	−397,000	−3	−98	−192
Income tax expense	−2	−1	−2	−1	−2
Net income	156	127	14	—	−113
Net loss attributable to noncontrolling interests	99,000	0	0	—	0
Net income attributable to Sabra Health Care REIT, Inc.	156	127	14	−78	−113
Basic common share (in dollars per share)	0.64	0.54	0.06	−0.34	−0.52
Diluted common share (in dollars per share)	0.64	0.54	0.06	−0.34	−0.52
Weighted-average number of common shares outstanding, basic (in shares)	241	233	231	231	219
Weighted-average number of common shares outstanding, diluted (in shares)	244	236	233	231	219

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate investments, net of accumulated depreciation of $1,224,663 and $1,102,030 as of December 31, 2025 and 2024, respectively	4,686	4,514	4,617	4,959	5,163
Loans receivable and other investments, net	434	443	421	411	399
Investment in unconsolidated joint ventures	118	122	137	135	97
Cash and cash equivalents	72	60	41	49	112
Restricted cash	7	6	5	5	4
Lease intangible assets, net	65	27	31	40	54
Accounts receivable, prepaid expenses and other assets, net	111	132	134	148	138
Total assets	5,493	5,304	5,386	5,748	5,967
Secured debt, net	43	45	47	49	67
Revolving credit facility	218	107	94	197	0
Term loans, net	1,032	530	537	526	594
Senior unsecured notes, net	1,236	1,736	1,735	1,734	1,734
Accounts payable and accrued liabilities	119	118	137	142	143
Lease intangible liabilities, net	21	27	33	42	50
Total liabilities	2,670	2,562	2,584	2,691	2,587
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 251,697,456 and 237,586,882 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3	2	2	2	2
Additional paid-in capital	4,836	4,593	4,495	4,487	4,482
Cumulative distributions in excess of net income	−2,013	−1,875	−1,718	−1,452	−1,095
Accumulated other comprehensive (loss) income	−4	21	24	19	−10
Total Sabra Health Care REIT, Inc. stockholders equity	2,822	2,741	2,803	3,056	3,380
Noncontrolling interests	2	0	—	—	—
Total equity	2,824	2,741	2,803	3,056	—
Total liabilities and equity	5,493	5,304	5,386	5,748	5,967

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash rental and related revenues	−1	−4	−9	2	26
Non-cash interest income	7,000	29,000	−372,000	−2	−2
Non-cash interest expense	8	11	12	11	8
Stock-based compensation expense	11	9	8	8	8
(Income) loss from unconsolidated joint ventures	−4	397,000	3	40	28
Distributions of earnings from unconsolidated joint ventures	8	5	3	0	0
Other non-cash items	−17	−534,000	−4	2	0
Accounts receivable, prepaid expenses and other assets, net	−11	−15	−11	−6	8
Accounts payable and accrued liabilities	2	−7	8	−13	14
Net cash provided by operating activities	349	311	301	316	356
Acquisition of real estate and lease intangibles	−453	−136	−79	−92	−99
Origination and fundings of loans receivable	−7	−22	−11	−24	−290
Origination and fundings of preferred equity investments	−9,000	−3	−11	−8	−9
Additions to real estate	−42	−55	−85	−54	−43
Repayments of loans receivable	21	4	9	5	3
Repayments of preferred equity investments	3	6	5	5	1
Investment in unconsolidated joint ventures	−1	−1	−5	−143	0
Net proceeds from the sales of real estate	89	96	248	87	101
Net proceeds from sales-type lease	0	0	25	0	0
Proceeds from net investment hedges	4	0	0	—	—
Insurance proceeds	2	2	6	0	0
Distributions in excess of earnings from unconsolidated joint ventures	7	0	544,000	0	0
Net cash (used in) provided by investing activities	−378	−109	103	−216	−336
Net borrowings from revolving credit facility	110	15	−104	204	0
Principal payments on senior unsecured notes	−500	0	0	0	−300
Proceeds from term loans	500	0	12	0	0
Principal payments on secured debt	−2	−2	−2	−18	−13
Payments of deferred financing costs	−4	−94,000	−18	−20,000	−9
Payments related to extinguishment of debt	−3	0	0	0	−30
Contributions from noncontrolling interests	2	0	0	—	—
Payment of contingent consideration	0	0	−18	−3	0
Issuance of common stock, net	228	86	−3	−5	309
Dividends paid on common stock	−289	−280	−277	−277	−263
Net cash provided by (used in) financing activities	41	−182	−410	−162	30
Net increase (decrease) in cash, cash equivalents and restricted cash	11	20	−7	−62	50
Effect of foreign currency translation on cash, cash equivalents and restricted cash	391,000	−359,000	−614,000	268,000	29,000
Interest paid	111	105	102	98	85
Income taxes paid	1	1	2	2	2
Decrease in loans receivable and other investments due to acquisition of real estate	0	0	5	14	0

Filings

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