Sabra Health Care REIT, Inc. (SBRA) FY2025 10-K Annual Report
Sabra Health Care REIT, Inc. (SBRA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Sabra Health Care REIT, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Real estate investment trust focusing on healthcare properties with skilled nursing, senior housing, and specialty hospitals
- • Emphasis on occupancy trends with skilled nursing occupancy increasing to 83.4% in 2025 from 76.4% in 2023
- • Senior Housing - Leased occupancy stable near 89%, while Behavioral Health occupancy declined to 76.5% in 2025 from 80.7% in 2023
- • Facility financial data derived solely from tenants/operators, no independent verification by Sabra
- • Occupancy data used cautiously, excluding non-stabilized properties and reflecting only facilities owned at each period end
Management Discussion & Analysis
- • Revenue $774.6M in 2025, up 8% YoY from $703.1M; rental revenues down $7.4M, resident fees up $72.3M, interest income up $6.5M
- • Operating margin not explicitly stated; depreciation up 10% to $187.0M, interest expense down 2% to $112.5M, senior housing operating expenses up 22% to $256.6M
- • Best segment: Senior Housing - Managed revenue $356.9M, +25% YoY; Worst segment: triple-net rental revenues $374.1M, -2% YoY
- • Net cash provided by operating activities $348.6M; investing cash outflows $378.0M for acquisitions and additions; financing cash inflows $40.8M including $500M term loan proceeds; dividends paid $289.5M
- • $1.2B liquidity as of Dec 31, 2025 including $71.5M cash and $782.4M available revolver; management expects sufficient cash flow and credit availability for next 12 months; redeemed $500M 2026 notes in July 2025
Risk Factors
- • Regulatory risk: heightened enforcement of Medicare and Medicaid rules increasing inspections, citations, and penalties affecting tenants' operations and reimbursement
- • Macroeconomic threat: inflation increasing operating and capital expenses faster than rental income, pressuring profitability of Senior Housing - Managed communities
- • Supply chain vulnerability: labor shortages and wage inflation forcing tenants and operators to raise pay or use costly contract staff, impacting cash flows
- • Competitive risk: competition from larger REITs, private equity, hedge funds, and alternatives like home health services reducing occupancy and rents
- • Financial risk: dependency on CEO Mr. Matros, loss of whom could impair management and strategic execution
Sabra Health Care REIT, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$357M
▲ +25.4% YoY
Net Income
$156M
▲ +22.8% YoY
Net Margin
43.6%
▼ -92bp YoY
ROE
5.5%
▲ +89bp YoY
Total Assets
$5.5B
▲ +3.6% YoY
EPS (Diluted)
$0.64
▲ +18.5% YoY
Operating Cash Flow
$349M
▲ +12.3% YoY
Source: XBRL data from Sabra Health Care REIT, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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