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Sabra Health Care REIT

Nasdaq:SBRA
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SBRA
Nasdaq
$4B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

As of March 31, 2019, Sabra’s investment portfolio included 437 real estate properties held for investment (consisting of (i) 304 Skilled Nursing/Transitional Care facilities, (ii) 88 Senior Housing communities (“Senior Housing – Leased”), (iii) 23 Senior Housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing – Managed”) and (iv) 22 Specialty Hospitals and Other facilities), 30 assets held for sale, one investment in a direct financing lease, 20 investments in loans receivable (consisting of (i) one mortgage loan, (ii) two construction loans and (iii) 17 other loans), nine preferred equity investments and one investment in an unconsolidated joint venture that owns 172 Senior Housing – Managed communities. The last earnings update was 17 days ago. More info.


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SBRA Share Price and Events
7 Day Returns
0.2%
NasdaqGS:SBRA
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
-2.8%
NasdaqGS:SBRA
13.8%
US REITs
1.3%
US Market
SBRA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sabra Health Care REIT (SBRA) 0.2% 2.1% 0.9% -2.8% -2.7% -32.5%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • SBRA underperformed the REITs industry which returned 13.8% over the past year.
  • SBRA underperformed the Market in United States of America which returned 1.3% over the past year.
Price Volatility
SBRA
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Sabra Health Care REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sabra Health Care REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sabra Health Care REIT.

NasdaqGS:SBRA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:SBRA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (91.74%))
0.942
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.94
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.942 * 5.96%)
8.34%

Discounted Cash Flow Calculation for NasdaqGS:SBRA using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Sabra Health Care REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Sabra Health Care REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NasdaqGS:SBRA DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.34%)
2019 325.59 Analyst x7 300.53
2020 350.40 Analyst x5 298.51
2021 343.05 Analyst x1 269.76
2022 358.19 Analyst x1 259.97
2023 362.27 Analyst x1 242.69
2024 368.88 Est @ 1.83% 228.09
2025 376.62 Est @ 2.1% 214.94
2026 385.23 Est @ 2.29% 202.93
2027 394.55 Est @ 2.42% 191.84
2028 404.47 Est @ 2.51% 181.52
Present value of next 10 years cash flows $2,390.78
NasdaqGS:SBRA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $404.47 × (1 + 2.73%) ÷ (8.34% – 2.73%)
$7,404.01
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $7,404.01 ÷ (1 + 8.34%)10
$3,322.78
NasdaqGS:SBRA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,390.78 + $3,322.78
$5,713.56
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,713.56 / 179.50
$31.83
NasdaqGS:SBRA Discount to Share Price
Calculation Result
Value per share (USD) From above. $31.83
Current discount Discount to share price of $19.75
= -1 x ($19.75 - $31.83) / $31.83
38%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Sabra Health Care REIT is available for.
Intrinsic value
38%
Share price is $19.75 vs Future cash flow value of $31.83
Current Discount Checks
For Sabra Health Care REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sabra Health Care REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sabra Health Care REIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sabra Health Care REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sabra Health Care REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:SBRA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.74
NasdaqGS:SBRA Share Price ** NasdaqGS (2019-05-24) in USD $19.75
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sabra Health Care REIT.

NasdaqGS:SBRA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:SBRA Share Price ÷ EPS (both in USD)

= 19.75 ÷ 0.74

26.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sabra Health Care REIT is good value based on earnings compared to the US REITs industry average.
  • Sabra Health Care REIT is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Sabra Health Care REIT's expected growth come at a high price?
Raw Data
NasdaqGS:SBRA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 26.74x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
18.1%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NasdaqGS:SBRA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 26.74x ÷ 18.1%

1.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sabra Health Care REIT is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Sabra Health Care REIT's assets?
Raw Data
NasdaqGS:SBRA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $17.07
NasdaqGS:SBRA Share Price * NasdaqGS (2019-05-24) in USD $19.75
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NasdaqGS:SBRA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:SBRA Share Price ÷ Book Value per Share (both in USD)

= 19.75 ÷ 17.07

1.16x

* Primary Listing of Sabra Health Care REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sabra Health Care REIT is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Sabra Health Care REIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Sabra Health Care REIT has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Sabra Health Care REIT expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sabra Health Care REIT expected to grow at an attractive rate?
  • Sabra Health Care REIT's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Sabra Health Care REIT's earnings growth is expected to exceed the United States of America market average.
  • Sabra Health Care REIT's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:SBRA Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:SBRA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 18.1%
NasdaqGS:SBRA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -0.1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:SBRA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:SBRA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 570 190 1
2022-12-31 576 185 1
2021-12-31 567 168 1
2020-12-31 553 171 2
2019-12-31 564 66 4
NasdaqGS:SBRA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 598 311 132
2018-12-31 628 359 269
2018-09-30 649 366 390
2018-06-30 608 293 367
2018-03-31 511 206 192
2017-12-31 406 136 148
2017-09-30 301 96 67
2017-06-30 251 137 78
2017-03-31 261 184 95
2016-12-31 261 176 60
2016-09-30 266 176 62
2016-06-30 264 164 55

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sabra Health Care REIT's earnings are expected to grow by 18.1% yearly, however this is not considered high growth (20% yearly).
  • Sabra Health Care REIT's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:SBRA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Sabra Health Care REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:SBRA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.91 0.91 0.90 2.00
2019-12-31 0.43 0.56 0.25 3.00
NasdaqGS:SBRA Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.74
2018-12-31 1.51
2018-09-30 2.19
2018-06-30 2.27
2018-03-31 1.43
2017-12-31 1.40
2017-09-30 0.87
2017-06-30 1.19
2017-03-31 1.45
2016-12-31 0.92
2016-09-30 0.95
2016-06-30 0.84

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Sabra Health Care REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Sabra Health Care REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sabra Health Care REIT has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Sabra Health Care REIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sabra Health Care REIT's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sabra Health Care REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Sabra Health Care REIT's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Sabra Health Care REIT's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Sabra Health Care REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sabra Health Care REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:SBRA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 598.14 131.70 74.84
2018-12-31 628.48 269.31 74.03
2018-09-30 648.85 390.09 50.11
2018-06-30 607.96 367.41 47.27
2018-03-31 511.33 191.79 44.63
2017-12-31 405.65 148.14 44.01
2017-09-30 300.97 67.37 33.73
2017-06-30 251.10 77.61 24.84
2017-03-31 260.62 94.57 23.84
2016-12-31 260.53 60.03 23.22
2016-09-30 265.51 61.93 26.63
2016-06-30 263.51 54.65 27.16
2016-03-31 245.85 34.01 29.44
2015-12-31 238.86 69.17 28.94
2015-09-30 227.80 66.35 25.08
2015-06-30 211.85 65.50 23.27
2015-03-31 198.24 63.46 24.26
2014-12-31 183.52 36.71 24.31
2014-09-30 165.36 27.46 21.13
2014-06-30 154.31 22.06 20.56
2014-03-31 143.61 6.63 16.06
2013-12-31 134.78 25.75 14.92
2013-09-30 125.51 19.27 14.01
2013-06-30 118.62 15.25 15.63
2013-03-31 111.47 24.36 14.80
2012-12-31 103.17 19.51 14.40
2012-09-30 101.23 22.72 15.62
2012-06-30 96.66 19.84 12.89

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sabra Health Care REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sabra Health Care REIT used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Sabra Health Care REIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sabra Health Care REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sabra Health Care REIT has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Sabra Health Care REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Sabra Health Care REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sabra Health Care REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sabra Health Care REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sabra Health Care REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sabra Health Care REIT Company Filings, last reported 1 month ago.

NasdaqGS:SBRA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,050.78 3,252.16 56.81
2018-12-31 3,254.75 3,236.53 79.64
2018-09-30 3,367.26 3,368.59 74.48
2018-06-30 3,407.93 3,423.81 76.67
2018-03-31 3,426.57 3,361.11 81.00
2017-12-31 3,437.25 3,394.49 544.53
2017-09-30 3,371.83 3,005.45 50.66
2017-06-30 996.72 1,220.31 23.01
2017-03-31 1,004.35 1,203.12 23.51
2016-12-31 1,015.61 1,211.39 36.90
2016-09-30 1,013.89 1,189.10 23.30
2016-06-30 1,016.91 1,201.78 107.25
2016-03-31 1,007.50 1,400.00 12.64
2015-12-31 1,053.88 1,381.25 14.52
2015-09-30 1,059.24 1,340.61 37.56
2015-06-30 1,070.81 1,237.72 9.11
2015-03-31 932.15 1,048.62 7.27
2014-12-31 941.82 1,091.29 66.41
2014-09-30 663.72 1,288.71 25.48
2014-06-30 655.82 675.40 15.09
2014-03-31 438.72 842.11 4.29
2013-12-31 460.16 691.23 4.31
2013-09-30 423.19 556.78 96.64
2013-06-30 425.57 557.80 92.77
2013-03-31 440.14 481.80 53.57
2012-12-31 305.49 575.49 17.10
2012-09-30 311.32 488.37 30.48
2012-06-30 316.43 425.37 3.11
  • Sabra Health Care REIT's level of debt (106.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (190.5% vs 106.6% today).
  • Debt is not well covered by operating cash flow (9.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Sabra Health Care REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sabra Health Care REIT has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Sabra Health Care REIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.11%
Current annual income from Sabra Health Care REIT dividends. Estimated to be 9.14% next year.
If you bought $2,000 of Sabra Health Care REIT shares you are expected to receive $182 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sabra Health Care REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Sabra Health Care REIT's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:SBRA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:SBRA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.81 2.00
2022-12-31 1.81 2.00
2021-12-31 1.81 3.00
2020-12-31 1.81 7.00
2019-12-31 1.80 7.00
NasdaqGS:SBRA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-05 1.800 9.366
2018-08-08 1.800 8.757
2018-05-09 1.800 8.477
2018-02-05 1.800 10.263
2017-11-02 1.800 9.585
2017-11-01 1.720 8.653
2017-08-02 1.720 7.889
2017-05-08 1.720 7.272
2017-02-03 1.680 6.220
2016-11-02 1.680 7.175
2016-08-01 1.680 6.906
2016-05-03 1.680 7.815
2016-05-02 1.680 7.771
2016-02-04 1.640 8.462
2015-11-10 1.640 8.386
2015-11-09 1.640 8.319
2015-08-04 1.640 6.906
2015-01-12 1.560 5.292
2014-11-04 1.560 5.385
2014-11-03 1.560 5.469
2014-07-30 1.520 5.676
2014-05-05 1.520 5.307
2014-01-23 1.440 5.087
2013-10-23 1.360 5.136
2013-07-31 1.360 5.770
2013-05-01 1.360 4.879
2013-01-07 1.360 5.068
2012-10-31 1.320 6.069
2012-08-01 1.320 6.649
2012-04-24 1.320 8.164
2012-03-01 1.320 8.233
2012-02-29 1.320 9.068
2011-08-02 1.280 11.278
2011-05-04 1.280 7.935

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Sabra Health Care REIT has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Sabra Health Care REIT only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Sabra Health Care REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (210.1x coverage).
X
Income/ dividend checks
We assess Sabra Health Care REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sabra Health Care REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sabra Health Care REIT has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Sabra Health Care REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rick Matros
COMPENSATION $4,675,510
AGE 64
TENURE AS CEO 9 years
CEO Bio

Mr. Richard K. Matros has been President and Chief Executive Officer and Director at Sabra Health Care REIT, Inc. since May 2010 and has been its Chairman of the Board since November 2010. He was Chairman of the Board of Directors and Chief Executive Officer of Old Sun from 2001 to 2010. Mr. Matros served as Chief Executive Officer and President of Bright Now! Dental from 1998 to 2000 and as a Director from 1998 until its sale in December 2010. From 1998 until the sale of its operations in 2006, Mr. Matros was also a member of, and a member of the management committee of, CareMeridian, LLC (“CareMeridian”). Previously, from 1994 to 1997, he served Regency Health Services, Inc., a publicly held long-term care operator, holding positions as Chief Executive Officer, President, Director and Chief Operating Officer. Prior to that time, from 1988 to 1994, he served Care Enterprises, Inc., holding positions as Chief Executive Officer, President, Chief Operating Officer, Director and Executive Vice President—Operations. Mr. Matros currently serves on the Executive Board for RFE Investment Partners and is the Executive Producer of Sabra Films, LLC.

CEO Compensation
  • Rick's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Rick's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Sabra Health Care REIT management team in years:

8.5
Average Tenure
56
Average Age
  • The average tenure for the Sabra Health Care REIT management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rick Matros

TITLE
Chairman
COMPENSATION
$5M
AGE
64
TENURE
9 yrs

Harold Andrews

TITLE
Executive VP
COMPENSATION
$2M
AGE
54
TENURE
8.5 yrs

Talya Nevo-Hacohen

TITLE
Executive VP
COMPENSATION
$2M
AGE
58
TENURE
8.5 yrs

Brent Chappell

TITLE
Executive VP & Portfolio Manager
AGE
53
TENURE
1.8 yrs

Michael Costa

TITLE
Executive Vice President of Finance

Pete Nyland

TITLE
Executive Vice President of Asset Management
Board of Directors Tenure

Average tenure and age of the Sabra Health Care REIT board of directors in years:

5.1
Average Tenure
61
Average Age
  • The tenure for the Sabra Health Care REIT board of directors is about average.
Board of Directors

Bob Ettl

TITLE
Director
COMPENSATION
$188K
AGE
58
TENURE
8.5 yrs

Rick Matros

TITLE
Chairman
COMPENSATION
$5M
AGE
64
TENURE
8.5 yrs

Craig Barbarosh

TITLE
Director
COMPENSATION
$194K
AGE
50
TENURE
8.5 yrs

Michael Foster

TITLE
Lead Independent Director
COMPENSATION
$186K
AGE
65

Milton Walters

TITLE
Director
COMPENSATION
$170K
AGE
76
TENURE
8.5 yrs

Ray Lewis

TITLE
Director
COMPENSATION
$160K
AGE
54
TENURE
1.8 yrs

Ronald Geary

TITLE
Director
COMPENSATION
$164K
AGE
71
TENURE
1.8 yrs

Jeff Malehorn

TITLE
Director
COMPENSATION
$162K
AGE
56
TENURE
1.8 yrs

Lynne Katzmann

TITLE
Director
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Sabra Health Care REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sabra Health Care REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Investigate Sabra Health Care REIT, Inc. (NASDAQ:SBRA) At US$20.02?

Let’s take a look at Sabra Health Care REIT’s outlook and value based on the most recent financial data to see if the opportunity still exists. … What’s more interesting is that, Sabra Health Care REIT’s share price is theoretically quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value. … Can we expect growth from Sabra Health Care REIT?

Simply Wall St -

Sabra Health Care REIT, Inc. (NASDAQ:SBRA): What Does Its Beta Value Mean For Your Portfolio?

(NASDAQ:SBRA), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … The first thing to understand about beta is that the beta of the overall market is one.

Simply Wall St -

Is Now The Time To Put Sabra Health Care REIT (NASDAQ:SBRA) On Your Watchlist?

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Sabra Health Care REIT (NASDAQ:SBRA). … Not all of Sabra Health Care REIT's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. … While Sabra Health Care REIT did well to grow revenue over the last year, EBIT margins were dampened at the same time.

Simply Wall St -

What You Need To Know Before Investing In Sabra Health Care REIT, Inc. (NASDAQ:SBRA)

Sabra Health Care REIT, Inc. … real estate investment trust (REIT) based in Irvine, United States. … See our latest analysis for Sabra Health Care REIT

Simply Wall St -

Why Fundamental Investors Might Love Sabra Health Care REIT, Inc. (NASDAQ:SBRA)

Attractive stocks have exceptional fundamentals. … In the case of Sabra Health Care REIT, Inc. … (NASDAQ:SBRA), there's

Simply Wall St -

Is It Too Late To Consider Buying Sabra Health Care REIT, Inc. (NASDAQ:SBRA)?

Sabra Health Care REIT, Inc. … As a well-established company, which tends to be well-covered by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at Sabra Health Care REIT’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Delivered A Better ROE Than Its Industry

To keep the lesson grounded in practicality, we'll use ROE to better understand Sabra Health Care REIT, Inc. … Over the last twelve months Sabra Health Care REIT has recorded a ROE of 12%. … View our latest analysis for Sabra Health Care REIT?

Simply Wall St -

Is Sabra Health Care REIT Inc's (NASDAQ:SBRA) CEO Pay Justified?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Rick Matros's Compensation Compare With Similar Sized Companies. … Our data indicates that Sabra Health Care REIT Inc is worth US$3.4b, and total annual CEO compensation is US$4.8m.

Simply Wall St -

An Examination Of Sabra Health Care REIT Inc (NASDAQ:SBRA)

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Sabra Health Care REIT Inc (NASDAQ:SBRA) due to its excellent fundamentals in more than one area.

Simply Wall St -

Should You Invest In Sabra Health Care REIT Inc (NASDAQ:SBRA)?

Sabra Health Care REIT Inc is a US$4.19b. … real estate investment trust (REIT) based in Irvine, United States. … Check out our latest analysis for Sabra Health Care REIT

Simply Wall St -

Company Info

Description

As of March 31, 2019, Sabra’s investment portfolio included 437 real estate properties held for investment (consisting of (i) 304 Skilled Nursing/Transitional Care facilities, (ii) 88 Senior Housing communities (“Senior Housing – Leased”), (iii) 23 Senior Housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing – Managed”) and (iv) 22 Specialty Hospitals and Other facilities), 30 assets held for sale, one investment in a direct financing lease, 20 investments in loans receivable (consisting of (i) one mortgage loan, (ii) two construction loans and (iii) 17 other loans), nine preferred equity investments and one investment in an unconsolidated joint venture that owns 172 Senior Housing – Managed communities. As of March 31, 2019, Sabra’s real estate properties held for investment included 43,884 beds/units and its unconsolidated joint venture included 7,652 beds/units, spread across the United States and Canada.

Details
Name: Sabra Health Care REIT, Inc.
SBRA
Exchange: NasdaqGS
Founded: 2010
$3,545,145,599
179,501,043
Website: http://www.sabrahealth.com
Address: Sabra Health Care REIT, Inc.
18500 Von Karman Avenue,
Suite 550,
Irvine,
California, 92612,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS SBRA Common Stock Nasdaq Global Select US USD 08. Nov 2010
DB SBC Common Stock Deutsche Boerse AG DE EUR 08. Nov 2010
Number of employees
Current staff
Staff numbers
31
Sabra Health Care REIT employees.
Industry
Health Care REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:23
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.