Sabra Health Care REIT Business Summary

Sabra Health Care REIT, Inc. (SBRA) operates as a self-administered real estate investment trust that generates revenue through a diversified portfolio of healthcare-related properties across the United States and Canada. Its primary revenue streams are derived from triple-net lease agreements, where tenants cover all operating expenses, and a growing Senior Housing Operating Portfolio (SHOP) segment where Sabra captures the upside of facility performance through third-party management agreements. As of early 2026, the company’s portfolio is strategically segmented into skilled nursing and transitional care facilities (approximately 52%), managed and leased senior housing communities (20%), and behavioral health facilities (14%), with the remainder in specialty hospitals and joint venture investments. Sabra competes directly with major healthcare REITs such as Omega Healthcare Investors (OHI), CareTrust REIT (CTRE), and National Health Investors (NHI). Positioned as a mid-cap specialist, Sabra distinguishes itself through a high-density focus on the behavioral health sector and an aggressive 2026 expansion strategy into the managed senior housing market to capitalize on aging demographic tailwinds. The leadership team is anchored by Rick Matros, who has served as Chairman, President, and CEO since the company’s inception in 2010 following its spin-off from Sun Healthcare Group. Matros is supported by Michael Costa, the Executive Vice President and Chief Financial Officer, and Darrin Smith, who was appointed Chief Investment Officer in January 2026 after a successful tenure as EVP of Investments and a prior leadership background at Healthpeak Properties and GE Capital Real Estate. The executive suite also includes Jessica Flores as Chief Accounting Officer and Peter Nyland as EVP of Strategic Initiatives. Sabra’s governance is overseen by an experienced board featuring Lead Independent Director Michael Foster and Audit Chair Craig Barbarosh. The company maintains a high institutional ownership profile, with nearly 97% of shares held by major investment firms, reflecting strong market confidence in the team’s disciplined capital allocation and 15-year track record of consistent dividend distributions.