Company Overview

Sabra Health Care REIT, Inc. is a publicly traded real estate investment trust specializing in health care real estate. The company operates within the healthcare REIT industry, with a primary focus on skilled nursing facilities, senior housing, and select behavioral health and specialty hospital assets. Sabra generates revenue primarily through long-term triple-net leases, mortgage loans, and structured investments with healthcare operators, positioning itself as a capital partner rather than an operator of facilities.

Founded in 2010 through the spin-off of a healthcare real estate portfolio from Ventas, Inc., Sabra was established to create a dedicated platform focused on post-acute and senior care real estate. Over time, the company expanded and diversified its portfolio, most notably through the acquisition of Care Capital Properties in 2017, which materially increased scale and tenant diversification. Sabra’s strategy emphasizes stable cash flows, contractual rent escalators, and exposure to demographic-driven demand for senior care services.

Business Operations

Sabra conducts its operations through two primary business segments: Skilled Nursing Facilities and Senior Housing and Other. The skilled nursing segment represents the largest portion of revenue and consists mainly of triple-net leased properties operated by third-party tenants. The senior housing and other segment includes independent living, assisted living, memory care, behavioral health facilities, and specialty hospitals, structured through both triple-net leases and RIDEA-style arrangements.

The company owns and finances properties across the United States and has limited international exposure through investments in Canada. Sabra does not directly operate healthcare facilities; instead, it relies on regional and national operators under long-term contractual agreements. Revenue is generated from fixed and variable rent, interest income from mortgage loans, and, to a lesser extent, participation in operating cash flows from managed senior housing assets.

Strategic Position & Investments

Sabra’s strategic direction centers on portfolio diversification, balance sheet strength, and disciplined capital allocation. Growth initiatives include selective acquisitions, development funding, and structured investments with existing and new operators, while also recycling capital through asset sales to reduce tenant concentration and enhance credit quality. The company has actively reduced exposure to underperforming operators in recent years to improve earnings stability.

Notable investments include its expanded footprint in behavioral health and specialty hospital facilities, which management views as complementary to its core senior care focus. Sabra’s portfolio is held through various subsidiaries and property-level entities, with no single tenant accounting for a majority of revenue, reflecting an intentional diversification strategy. Data inconclusive based on available public sources regarding material joint ventures beyond customary property-level ownership structures.

Geographic Footprint

Sabra’s operations are primarily concentrated in the United States, with properties spanning more than half of U.S. states. Key concentrations are in California, Texas, Florida, Ohio, and Pennsylvania, reflecting large senior populations and established healthcare markets. The company is headquartered in Irvine, California, which serves as its central administrative and strategic base.

International exposure is limited but includes investments in Canada, providing some geographic diversification outside the U.S. healthcare regulatory environment. Sabra does not maintain operating facilities or corporate offices outside North America, and its international influence is primarily financial rather than operational.

Leadership & Governance

Sabra is led by an executive team with extensive experience in healthcare real estate, finance, and capital markets. Leadership emphasizes conservative leverage, long-term partnerships with operators, and disciplined risk management aligned with REIT governance standards. The board of directors includes members with backgrounds in real estate, healthcare operations, and public company oversight.

Key executives include:

• Richard A. Carson – Chairman of the Board
• Rick Matros – Chief Executive Officer
• Michael J. Costa – Chief Financial Officer
• Talya Nevo-Hacohen – Executive Vice President, Chief Investment Officer
• Lynn A. Tetrault – Executive Vice President, General Counsel & Secretary

Management’s stated strategic vision focuses on sustaining dividend coverage, maintaining liquidity through market cycles, and positioning the portfolio to benefit from long-term demographic trends associated with aging populations.