Sabra Health Care REIT

Sabra buys healthcare buildings and rents them to patient care companies. This helps medical providers focus on health while Sabra owns the property. The company owns nursing homes and senior living sites in North America.

The Property Portfolio

• Skilled Nursing Facilities: Buildings providing medical care for patients who need nursing or rehabilitation.
• Senior Housing - Leased: Living communities for older adults where tenants pay rent for their units.
• Senior Housing - Managed: Communities operated by outside managers while Sabra receives the resident fees.
• Behavioral Health Centers: Sites designed for specialized mental health treatment and wellness programs.
• Specialty Hospitals: Facilities dedicated to specific medical needs like intensive physical therapy.

Shifting the Strategy

• Acquired three Senior Housing - Managed communities and one skilled nursing site in early 2026 for $96.1 million.
• Partnered with Sienna in a joint venture to manage 12 senior housing properties.
• Invests with Marlin Spring in a joint venture that owns four managed living communities.
• Sold three skilled nursing facilities for $79.4 million after March 31, 2026.

How the Business Works

Sabra uses triple-net leases, meaning tenants pay for taxes, insurance, and building maintenance. This structure reduces the company's exposure to rising property operating costs.

Key Financial Figures

• Total revenue was $221.8 million in Q1 2026, up 20.8% from $183.5 million in Q1 2025.
• Operating cash flow reached $98.4 million in Q1 2026, up 22.5% year-over-year.
• Net income was $40.9 million for the quarter ended March 31, 2026, up 1.4% from 2025.
• Operating income hit $39.5 million in Q1 2026, down 41.4% from $67.4 million in Q1 2025.

Bottom Line

Sabra has evolved from a traditional landlord into a diverse owner of specialized medical and senior living properties. Its strategy now focuses on managed housing to participate more directly in the senior care market.