Short answer
Sabra Health Care REIT, Inc. (SBRA) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $357M (+25.4% year over year) and net income of $156M.
- Top risk flagged: Regulatory risk: heightened enforcement of Medicare and Medicaid rules increasing inspections, citations, and penalties affecting tenants' operations and reimbursement
FY2025 key financial metrics · XBRL
- Revenue
- $357M
- +25.4% YoY
- Net income
- $156M
- +22.8% YoY
- EPS (diluted)
- $0.64
- +18.5% YoY
- ROE
- 5.5%
- +0.9 pp YoY
- Operating cash flow
- $349M
- +12.3% YoY
Source: XBRL data from the Sabra Health Care REIT, Inc. (SBRA) FY2025 10-K on SEC EDGAR. USD.
Sabra Health Care REIT, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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