Sabra Health Care REIT (NASDAQ: SBRA) is the balanced diet of healthcare income: skilled nursing net lease plus a growing managed senior housing portfolio riding the same demand wave as the giants, at a small-cap price and a 6%-range yield.
| Sabra Health Care REIT (SBRA) Snapshot | |
|---|---|
| Share Price (delayed) | $20.66 +0.24% |
| Market Cap | $5.3B |
| Annualized Dividend | $1.20 (Quarterly) |
| Dividend Yield | 5.81% |
| AFFO Payout Ratio | 77% |
| Sector | Healthcare ยท Skilled Nursing & Senior Housing |
Market data updates automatically several times daily. Last price refresh: Aug 04, 2026.
Business Model and Current State
The portfolio splits between a 271-property triple-net book (208 skilled nursing facilities plus senior housing, behavioral health, and specialty hospitals) and 106 managed senior housing communities that capture operating upside directly. 2026 guidance: normalized AFFO of $1.55 to $1.59 (+5.4%), with managed senior housing same-store NOI guided to low-to-mid-teens growth, the growth engine, while the triple-net book grinds out low single digits. Net debt to EBITDA of 5.0x with 4.5x fixed-charge coverage is solid mid-pack footing.
Dividend Safety Analysis
The $0.30 quarterly dividend ($1.20 annualized) against $0.39 of quarterly normalized AFFO is a 77% payout, comfortably covered with room that did not exist during the operator crisis. A roughly 6% yield with mid-single-digit growth and improving coverage is the whole pitch.
The Honest Risk Section
Same reimbursement exposure as Omega with less scale, plus operating risk in the managed senior housing book. Behavioral health, a differentiated niche, carries its own operator concentration. Sabra also cut its dividend in 2020, so the market prices the payout with a memory discount that only years of coverage erase.
Frequently Asked Questions
Is Sabra’s dividend safe?
Currently yes: 77% of normalized AFFO with 5.0x leverage and rising senior housing NOI. The 2020 cut is history, not current math.
What does Sabra own?
208 skilled nursing facilities plus senior housing (both leased and managed), behavioral health, and specialty hospitals: 377 properties across 62 operator relationships.
Analysis based on Q1 2026 supplemental and 2026 guidance (SEC filings). Live market data updates automatically. Independent research, not investment advice.