Sabra Health Care REIT, Inc. (SBRA) 10-Year Financial Performance & Capital Metrics

SBRA • • REIT / Real Estate

Real EstateHealthcare REITsSenior Housing & Skilled Nursing REITsSkilled Nursing Specialists

AboutAs of March 31, 2022, Sabra's investment portfolio included 416 real estate properties held for investment. This consists of (i) 279 Skilled Nursing/Transitional Care facilities, (ii) 59 Senior Housing communities (Senior Housing - Leased), (iii) 50 Senior Housing communities operated by third-party property managers pursuant to property management agreements (Senior Housing - Managed), (iv) 13 Behavioral Health facilities and (v) 15 Specialty Hospitals and Other facilities), one asset held for sale, one investment in a sales-type lease, 16 investments in loans receivable (consisting of (i) two mortgage loans, (ii) one construction loan and (iii) 13 other loans), seven preferred equity investments and one investment in an unconsolidated joint venture. As of March 31, 2022, Sabra's real estate properties held for investment included 41,445 beds/units, spread across the United States and Canada.Show more

Revenue $703M +8.6%
FFO $296M +50.5%
FFO/Share 1.26 +48.5%
FFO Payout 94.54% -32.9%
FFO per Share 1.26 +48.5%
NOI Margin 67.71% -3.1%
FFO Margin 42.14% +38.6%
ROE 4.57% +873.4%
ROA 2.37% +859.4%
Debt/Assets 46.09% +1.5%
Net Debt/EBITDA 5.59 -6.0%
Book Value/Share 11.61 -3.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 32.0% TTM
✓High NOI margin of 67.7%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 0.9%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.38%

5Y1.03%

3Y7.28%

TTM8.88%

Profit (Net Income) CAGR

10Y10.44%

5Y12.93%

3Y-

TTM80.17%

EPS CAGR

10Y-3.61%

5Y7.85%

3Y-

TTM52.32%

ROCE

10Y Avg5.3%

5Y Avg4.25%

3Y Avg4.47%

Latest5.02%

Peer Comparison

Skilled Nursing Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SBRASabra Health Care REIT, Inc.	4.75B	19.05	35.28	8.61%	23.5%	6.19%	6.54%	0.89
OHIOmega Healthcare Investors, Inc.	13.15B	44.48	28.70	10.7%	46.83%	10.27%	5.7%	1.02
STRWStrawberry Fields REIT LLC	175.02M	13.34	23.40	17.29%	4.83%	11.22%	20.19%	8.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	238.86M	260.53M	405.65M	623.41M	668.18M	598.57M	569.54M	624.81M	647.51M	703.24M
Revenue Growth %	0.3%	0.09%	0.56%	0.54%	0.07%	-0.1%	-0.05%	0.1%	0.04%	0.09%
Property Operating Expenses	2.58M	5.7M	17.86M	49.55M	109.71M	131.55M	141.2M	162.61M	195.25M	227.09M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	99.79M	93.93M	163.4M	266.91M	30.89M	467.02M	217.59M	227.36M	230.56M	219.12M
G&A Expenses	23.86M	19.92M	32.4M	36.46M	30.89M	32.76M	34.67M	39.57M	47.47M	50.07M
EBITDA+	199.58M	253.85M	387.82M	613.14M	708.63M	416.29M	389.74M	422.62M	404.8M	426.65M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	63.08M	92.96M	163.43M	306.19M	181.04M	176.74M	178.99M	187.78M	183.09M	169.62M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	136.5M	160.89M	224.39M	306.95M	527.59M	0	210.75M	234.84M	221.71M	257.03M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	59.22M	64.87M	88.44M	147.11M	126.61M	100.42M	98.63M	105.47M	112.96M	115.27M
Interest Coverage	2.31x	2.48x	2.54x	2.09x	4.17x	-	2.14x	2.23x	1.96x	2.23x
Non-Operating Income	4.92M	27.01M	-14.93M	-122.92M	181.55M	-239.55M	223.53M	205.73M	92.99M	14.04M
Pretax Income+	79.38M	70.2M	159.02M	282.13M	72.42M	139.13M	-111.41M	-76.36M	15.76M	127.72M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	61.45M	75.48M	651K	3.01M	3.4M	710K	1.84M	1.24M	2M	1M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	79.41M	70.28M	158.38M	279.08M	69M	138.42M	-113.26M	-77.61M	13.76M	126.71M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.69%	-0.12%	1.25%	0.76%	-0.75%	1.01%	-1.82%	0.31%	1.18%	8.21%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.58%	0.15%	0.97%	0.82%	-0.57%	0.26%	-0.79%	0.68%	0.79%	0.51%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.11	0.92	1.40	1.56	0.37	0.67	-0.52	-0.34	0.06	0.54
EPS Growth %	0.42%	-0.17%	0.52%	0.11%	-0.76%	0.81%	-1.78%	0.35%	1.17%	8.14%
EPS (Basic)	1.11	0.92	1.40	1.57	0.37	0.67	-0.52	-0.34	0.06	0.54
Diluted Shares Outstanding	62.46M	65.52M	105.84M	178.72M	188.13M	207.25M	219.07M	230.95M	232.79M	236.05M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.49B	2.27B	7.03B	6.67B	6.07B	5.99B	5.97B	5.75B	5.39B	5.3B
Asset Growth %	0.2%	-0.09%	2.1%	-0.05%	-0.09%	-0.01%	-0%	-0.04%	-0.06%	-0.02%
Real Estate & Other Assets+	-29.99M	-2.34B	-7.08B	-6.67B	-110.81M	-82.8M	5.5B	5.32B	4.98B	4.9B
PP&E (Net)	2.04B	2.01B	5.99B	5.85B	9.3M	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	0	0	1000K	1000K	1000K	1000K
Total Current Assets+	446.56M	255.98M	870.73M	340.54M	0	0	253.99M	201.84M	180.53M	198.09M
Cash & Equivalents	7.43M	25.66M	518.63M	50.23M	49.14M	65.52M	112M	49.31M	41.28M	60.47M
Receivables	1000K	0	1000K	1000K	0	0	1000K	1000K	1000K	1000K
Other Current Assets	9.81M	0	68.82M	9.43M	-49.14M	-65.52M	3.89M	4.62M	5.43M	5.87M
Intangible Assets	0	26.25M	167.12M	131.1M	0	0	54.06M	40.13M	30.9M	27.46M
Total Liabilities	1.43B	1.25B	3.6B	3.41B	2.58B	2.58B	2.59B	2.69B	2.58B	2.56B
Total Debt+	1.4B	1.21B	3.39B	3.23B	2.48B	2.43B	2.44B	2.55B	2.45B	2.44B
Net Debt	1.39B	1.19B	2.88B	3.18B	2.43B	2.36B	2.33B	2.5B	2.41B	2.38B
Long-Term Debt	1.4B	1.21B	3.39B	3.23B	2.4B	2.35B	2.39B	2.31B	2.32B	2.31B
Short-Term Borrowings	0	1000K	0	1000K	1000K	1000K	0	1000K	1000K	1000K
Capital Lease Obligations	0	58K	98.02M	83.73M	79.75M	57.73M	49.71M	42.24M	32.53M	26.85M
Total Current Liabilities+	35.18M	39.64M	102.52M	94.83M	0	0	142.99M	339.24M	231.41M	224.45M
Accounts Payable	35.18M	39.64M	102.52M	94.83M	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	-15.87M	-644.48M	0	-1.29B	-2.48B	-2.41B	0	0	0	0
Total Equity+	1.05B	1.02B	3.44B	3.25B	3.49B	3.41B	3.38B	3.06B	2.8B	2.74B
Equity Growth %	0.12%	-0.04%	2.38%	-0.05%	0.07%	-0.02%	-0.01%	-0.1%	-0.08%	-0.02%
Shareholders Equity	1.05B	1.02B	3.43B	3.25B	3.49B	3.41B	3.38B	3.06B	2.8B	2.74B
Minority Interest	106K	35K	4.44M	4.33M	0	0	0	0	0	0
Common Stock	652K	653K	1.78M	1.78M	2.05M	2.11M	2.3M	2.31M	2.31M	2.38M
Additional Paid-in Capital	1.2B	1.21B	3.64B	3.51B	4.07B	4.16B	4.48B	4.49B	4.49B	4.59B
Retained Earnings	-142.15M	-192.2M	-217.24M	-271.6M	-573.28M	-716.2M	-1.1B	-1.45B	-1.72B	-1.87B
Preferred Stock	58K	58K	58K	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.04%	0.01%	0.02%	-0.02%	-0.01%	0%	0.02%
Return on Equity (ROE)	0.08%	0.07%	0.07%	0.08%	0.02%	0.04%	-0.03%	-0.02%	0%	0.05%
Debt / Assets	0.56%	0.53%	0.48%	0.48%	0.41%	0.41%	0.41%	0.44%	0.45%	0.46%
Debt / Equity	1.33x	1.19x	0.99x	0.99x	0.71x	0.71x	0.72x	0.83x	0.87x	0.89x
Net Debt / EBITDA	6.96x	4.67x	7.42x	5.19x	3.43x	5.68x	5.98x	5.91x	5.94x	5.59x
Book Value per Share	16.87	15.50	32.48	18.21	18.54	16.45	15.43	13.23	12.04	11.61

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	121.1M	176.74M	133.49M	358.54M	372.48M	354.85M	356.39M	315.73M	300.57M	310.54M
Operating CF Growth %	0.42%	0.46%	-0.24%	1.69%	0.04%	-0.05%	0%	-0.11%	-0.05%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	79.38M	70.2M	158.37M	279.12M	69.02M	138.42M	-113.26M	-77.61M	13.76M	126.71M
Depreciation & Amortization	63.08M	68.47M	112.97M	199.08M	181.55M	176.74M	178.99M	187.78M	183.09M	169.62M
Stock-Based Compensation	6.12M	7.5M	8.36M	7.65M	9.82M	7.91M	7.91M	7.45M	7.92M	8.99M
Other Non-Cash Items	-20.71M	-17.78M	-22.86M	-36.31M	-22.16M	1.61M	32.2M	217.8M	98.55M	27.77M
Working Capital Changes	-19.78M	6.31M	-90.31M	-18.5M	-23.51M	-2.74M	22.7M	-19.69M	-2.73M	-22.55M
Cash from Investing+	-489.23M	142.36M	-240.07M	-258.49M	262.84M	-136.45M	-336.2M	-216.25M	103.13M	-109M
Acquisitions (Net)	-12.8M	-7.35M	77.86M	-354.46M	0	-16.65M	-7.77M	-142.91M	-5.24M	0
Purchase of Investments	-12.8M	-7.35M	-2.75M	-5.31M	-89.65M	-20.07M	-9.06M	-8.02M	-11.02M	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-463.62M	157.06M	15.19M	1.06M	347.42M	2.44M	-287.05M	-70.69M	119.39M	-109M
Cash from Financing+	314.08M	-300.9M	598.82M	-629.34M	-646.18M	-202.11M	30.14M	-161.71M	-410.3M	-181.56M
Dividends Paid	-109.9M	-119.26M	-182.09M	-325.22M	-335.44M	-278.3M	-262.92M	-277.16M	-277.45M	-280.15M
Common Dividends	-109.9M	-119.26M	-182.09M	-325.22M	-335.44M	-278.3M	-262.92M	-277.16M	-277.45M	-280.15M
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K
Share Repurchases	0	0	0	-143.75M	0	0	0	-4.81M	-2.68M	0
Other Financing	-1.27M	-5.94M	-15.75M	-2.54M	-10.82M	-830K	-39.51M	-2.52M	-36.04M	-94K
Net Change in Cash+	-54.36M	18.23M	492.97M	-527.79M	-10.52M	16.38M	50.36M	-61.95M	-7.21M	19.62M
Exchange Rate Effect	-312K	25K	738K	-539K	346K	88K	29K	268K	-614K	-359K
Cash at Beginning	61.79M	7.43M	25.66M	587.45M	59.66M	49.14M	65.52M	115.89M	53.93M	46.72M
Cash at End	7.43M	25.66M	518.63M	59.66M	49.14M	65.52M	115.89M	53.93M	46.72M	66.34M
Free Cash Flow+	121.1M	176.74M	-200.64M	451.89M	372.48M	249.26M	322.78M	315.73M	300.57M	310.54M
FCF Growth %	0.42%	0.46%	-2.14%	3.25%	-0.18%	-0.33%	0.29%	-0.02%	-0.05%	0.03%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.28	2.49	3.04	3.27	1.33	1.52	0.3	0.48	0.85	1.26
FFO Payout Ratio	77.13%	73.06%	56.58%	55.57%	134.15%	88.31%	399.97%	251.56%	140.95%	94.54%
NOI Margin	98.92%	97.81%	95.6%	92.05%	83.58%	78.02%	75.21%	73.97%	69.85%	67.71%
Net Debt / EBITDA	6.96x	4.67x	7.42x	5.19x	3.43x	5.68x	5.98x	5.91x	5.94x	5.59x
Debt / Assets	56.2%	53.43%	48.27%	48.49%	40.89%	40.6%	40.96%	44.35%	45.42%	46.09%
Interest Coverage	2.31x	2.48x	2.54x	2.09x	4.17x	-	2.14x	2.23x	1.96x	2.23x
Book Value / Share	16.87	15.5	32.48	18.21	18.54	16.45	15.43	13.23	12.04	11.61
Revenue Growth	30.16%	9.07%	55.7%	53.68%	7.18%	-10.42%	-4.85%	9.7%	3.63%	8.61%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Health Care, Resident Service, Ancillary Service	-	-	1.3M	1.5M	2M	3.9M
Health Care, Resident Service, Ancillary Service Growth	-	-	-	15.38%	33.33%	95.00%
Ancillary Services	800K	900K	-	-	-	-
Ancillary Services Growth	-	12.50%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Sabra Health Care REIT, Inc. (SBRA) has a price-to-earnings (P/E) ratio of 35.3x. This suggests investors expect higher future growth.

Growth & Financials

Sabra Health Care REIT, Inc. (SBRA) reported $745.1M in revenue for fiscal year 2024. This represents a 785% increase from $84.2M in 2011.

Sabra Health Care REIT, Inc. (SBRA) grew revenue by 8.6% over the past year. This is steady growth.

Yes, Sabra Health Care REIT, Inc. (SBRA) is profitable, generating $175.1M in net income for fiscal year 2024 (18.0% net margin).

Dividend & Returns

Yes, Sabra Health Care REIT, Inc. (SBRA) pays a dividend with a yield of 6.23%. This makes it attractive for income-focused investors.

Sabra Health Care REIT, Inc. (SBRA) has a return on equity (ROE) of 4.6%. This is below average, suggesting room for improvement.

Industry Metrics

Sabra Health Care REIT, Inc. (SBRA) generated Funds From Operations (FFO) of $353.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Sabra Health Care REIT, Inc. (SBRA) offers a 6.23% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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