Sabra Health Care REIT, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sabra Health Care REIT, Inc. has filed its 2023 10-K report detailing its financial performance and portfolio composition.</b>

AI Summary

Sabra Health Care REIT, Inc. (SBRA) filed a Annual Report (10-K) with the SEC on February 27, 2024. Sabra Health Care REIT, Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing includes financial data for the periods ending December 31, 2023, 2022, and 2021. Key financial statement items such as revenue, net income, and EPS are reported. The company's portfolio includes Triple Net and Senior Housing Facilities Managed segments. Sabra Health Care REIT, Inc. is incorporated in Maryland and headquartered in Irvine, California.

Why It Matters

For investors and stakeholders tracking Sabra Health Care REIT, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sabra's financial health and operational performance for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. The detailed financial statements and segment information allow stakeholders to understand the company's revenue streams, profitability, and asset allocation within its healthcare real estate portfolio.

Risk Assessment

Risk Level: medium — Sabra Health Care REIT, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of risks related to real estate investment trusts, including market, operational, and financial risks, without specific new high-risk disclosures in the provided header.

Analyst Insight

Review the detailed financial statements and risk factors in the full 10-K to assess Sabra's financial performance and identify potential investment risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Conformed submission as of date)
• 2023 — Fiscal Year (Reported fiscal year)

Key Players & Entities

• Sabra Health Care REIT, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• Irvine, CA (location) — Business address city and state
• MD (location) — State of incorporation

FAQ

Industry Context

Sabra Health Care REIT, Inc. operates within the real estate investment trusts sector, specifically focusing on healthcare-related properties.

Regulatory Implications

As a publicly traded company, Sabra Health Care REIT, Inc. is subject to SEC regulations and reporting requirements, including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements (revenue, net income, balance sheet items).
2. Examine the 'Risk Factors' section for potential threats to the company's operations and financial performance.
3. Review management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing; comparative data from the previous filing (2022 10-K) would be found within the full document.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value SBRA The Nasdaq Stock Market
• $194 billion — re projected to grow from approximately $194 billion in 2022 to approximately 4 $283 bill
• $283 billion — 4 billion in 2022 to approximately 4 $283 billion in 2031, representing a compounded annu
• $1.3 — re projected to grow from approximately $1.3 trillion in 2022 to approximately $2.3
• $2.3 — $1.3 trillion in 2022 to approximately $2.3 trillion in 2031, representing a compou

Filing Documents

• sbra-20231231.htm (10-K) — 5133KB
• sbraex1092023q4.htm (EX-10.9) — 17KB
• sbraex2112023q4.htm (EX-21.1) — 253KB
• sbraex2312023q4.htm (EX-23.1) — 2KB
• sbraex3112023q4.htm (EX-31.1) — 10KB
• sbraex3122023q4.htm (EX-31.2) — 10KB
• sbraex3212023q4.htm (EX-32.1) — 4KB
• sbraex3222023q4.htm (EX-32.2) — 5KB
• sbraex9712023q4.htm (EX-97.1) — 17KB
• sbra-20231231_g1.jpg (GRAPHIC) — 128KB
• 0001492298-24-000008.txt (&nbsp;) — 24919KB
• sbra-20231231.xsd (EX-101.SCH) — 151KB
• sbra-20231231_cal.xml (EX-101.CAL) — 118KB
• sbra-20231231_def.xml (EX-101.DEF) — 646KB
• sbra-20231231_lab.xml (EX-101.LAB) — 1526KB
• sbra-20231231_pre.xml (EX-101.PRE) — 946KB
• sbra-20231231_htm.xml (XML) — 4945KB

RISK FACTORS

ITEM 1A. RISK FACTORS 14

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 28

CYBERSECURITY

ITEM 1C. CYBERSECURITY 28

PROPERTIES

ITEM 2. PROPERTIES 29

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 30

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 30 PART II 31

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 31

RESERVED

ITEM 6. RESERVED 33

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 49

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 49

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 49

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 50

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 50 PART III 50

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 50

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 50

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 50

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 50

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 50 PART IV 51

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 51

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 54 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F- 1 1 References throughout this document to "Sabra," "we," "our," "ours" and "us" refer to Sabra Health Care REIT, Inc. and its direct and indirect consolidated subsidiaries and not any other person. Certain statements in this Annual Report on Form 10-K (this "10-K") contain "forward-looking" information as that term is defined by the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position, results of operations, cash flows, liquidity, financing plans, business strategy, tenants, borrowers and Senior Housing - Managed communities (as defined below), the expected amounts and timing of dividends and other distributions, projected expenses and capital expenditures, competitive position, growth opportunities, potential investments, potential dispositions, plans and objectives for future operations, and compliance with and changes in governmental regulations. You can identify some of the forward-looking statements by the use of forward-looking words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "should," "may" and other similar expressions, although not all forward-looking statements contain these identifying words. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increased labor costs and historically low unemployment; increases in market interest rates and inflation; pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed commu

BUSINESS

ITEM 1. BUSINESS Overview We operate as a self-administered, self-managed REIT that, through our subsidiaries, owns and invests in real estate serving the healthcare industry. Our primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. We primarily generate revenues by leasing properties to tenants and owning properties operated by third-party property managers throughout the United States ("U.S.") and Canada. Our investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities ("Senior Housing - Leased"), behavioral health facilities, and specialty hospitals and other facilities, in each case leased to third-party operators; senior housing communities operated by third-party property managers pursuant to property management agreements ("Senior Housing - Managed"); investments in joint ventures; loans receivable; and preferred equity investments. We expect to grow our investment portfolio while diversifying our portfolio by tenant, facility type and geography within the healthcare sector. We plan to achieve these objectives primarily through making investments directly or indirectly in healthcare real estate, including the development of purpose-built healthcare facilities with select developers. We also intend to achieve our objective of diversifying our portfolio by tenant and facility type through select asset sales and other arrangements with our tenants. We employ a disciplined approach in our healthcare real estate investment strategy by investing in assets that provide attractive opportunities for dividend growth and appreciation of asset values, while maintaining balance sheet strength and liquidity, thereby creating long-term stockholder value. We commenced operations on November 15, 2010, and we elected to be treated as a REIT with the filing of our U.S. federal income tax return for the taxable year beginnin

View Full Filing

View this 10-K filing on SEC EDGAR