Operator and tenant credit risk
Sabra depends on third-party operators to pay rent and manage facilities.
- Scope
- Lease portfolio, loans receivable, and managed communities
- Materiality
- high
Sabra Health Care REIT, Inc.
Sabra Health Care REIT, Inc. is a U.S.-based healthcare real estate investment trust that owns and invests in properties serving the healthcare industry. Its portfolio includes skilled nursing and transitional care facilities, senior housing communities, behavioral health facilities, specialty hospitals, and related healthcare real estate in the United States and Canada.
20,1 %
+10,2 %
| % | |
|---|---|
| Triple-net leased healthcare properties | 55% Healthcare facilities leased to third-party operators under long-term arrangements. |
| Senior Housing - Managed | 15% Senior housing communities operated by third-party property managers. |
| Skilled nursing and transitional care | 20% Facilities serving post-acute and long-term care residents. |
| Other healthcare real estate | 5% Behavioral health facilities, specialty hospitals, and related assets. |
| Loans, preferred equity, and joint ventures | 5% Structured investments and equity interests in healthcare real estate. |
Sabra’s customers are the healthcare operators, property managers, and development partners that use its real estate...
- Healthcare operatorsprimary
Lease skilled nursing, senior housing, behavioral health, and specialty hospital assets and pay rent under property agreements.
- Senior housing managersprimary
Operate senior housing communities under management contracts and generate fees tied to occupancy and operations.
- Development and joint-venture partnerssecondary
Partner on new healthcare developments, renovations, and structured investments.
- Borrowers and structured finance counterpartiessecondary
Use loans receivable and preferred equity capital for healthcare real estate financing.
Sabra’s portfolio is concentrated in the United States and Canada, with properties spread across both countries rather...
- •Properties are diversified across the United States and Canada
- •U.S. healthcare reimbursement and labor conditions affect operator performance
- •Canadian assets add cross-border diversification within healthcare real estate
- •Geographic spread reduces dependence on any single local market
- •Regional regulation and licensing can affect senior housing and care facilities
Sabra’s strategy is to grow and diversify its healthcare real estate portfolio across tenant types, facility types, and...
01
Portfolio diversificationmedium-term
Reduces dependence on any single operator, facility type, or market.
02
Development and redevelopmentmedium-term
Creates purpose-built facilities and refreshes less competitive assets.
03
Structured healthcare investmentsmedium-term
Adds flexibility beyond pure property ownership and leasing.
Sabra is exposed to operator credit risk, reimbursement pressure, and occupancy volatility because its cash flows...
Skilled nursing reimbursement risk
A meaningful portion of revenue is tied directly or indirectly to skilled nursing facilities, which depend on Medicare/Medicaid reimbursement.
- Scope
- Skilled nursing/transitional care facilities
- Materiality
- high
Senior housing operating risk
Managed communities are exposed to occupancy, private-pay rates, staffing, and local competition.
- Scope
- Senior Housing - Managed
- Materiality
- medium
Cybersecurity risk
A breach could disrupt systems, expose sensitive information, or impair tenant/operator relationships.
- Scope
- Corporate systems and third-party vendors
- Materiality
- medium
Pandemic and public health disruption
Healthcare facilities can face sudden occupancy, staffing, and operating shocks during outbreaks.
- Scope
- Senior housing and post-acute care assets
- Materiality
- medium
FFO and AFFO reconciliation
Helps investors assess recurring cash generation from healthcare properties
Real estate impairment
Can create volatile charges and signal asset-level stress
Loan loss reserves
Affects earnings and balance-sheet carrying values
Non-cash rental and interest items
Important for comparing GAAP results with cash flow
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: 29.4.2026