Sabra Health Care REIT
Market Cap
US$4.2b
Last Updated
2019/12/14 01:03 UTC
Data Sources
Company Financials +
Executive Summary
As of September 30, 2019, Sabra’s investment portfolio included 434 real estate properties held for investment (consisting of (i) 304 Skilled Nursing/Transitional Care facilities, (ii) 62 Senior Housing communities (“Senior Housing - Leased”), (iii) 44 Senior Housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”) and (iv) 24 Specialty Hospitals and Other facilities), 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 170 Senior Housing - Managed communities.
Rewards
Risk Analysis
Snowflake Analysis
Average dividend payer and fair value.
Similar Companies
Share Price & News
How has Sabra Health Care REIT's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: SBRA has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-6.8%
SBRA
-3.0%
US REITs
0.6%
US Market
1 Year Return
9.8%
SBRA
11.0%
US REITs
20.8%
US Market
Return vs Industry: SBRA underperformed the US REITs industry which returned 11% over the past year.
Return vs Market: SBRA underperformed the US Market which returned 20.8% over the past year.
Shareholder returns
| SBRA | Industry | Market | |
|---|---|---|---|
| 7 Day | -6.8% | -3.0% | 0.6% |
| 30 Day | -7.8% | -2.2% | 2.5% |
| 90 Day | -6.8% | -1.7% | 4.9% |
| 1 Year | 19.7%9.8% | 15.7%11.0% | 23.5%20.8% |
| 3 Year | 12.6%-13.0% | 32.0%15.4% | 46.5%37.0% |
| 5 Year | 4.4%-30.3% | 49.0%18.1% | 64.6%46.5% |
Price Volatility Vs. Market
How volatile is Sabra Health Care REIT's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
Should You Worry About Sabra Health Care REIT, Inc.'s (NASDAQ:SBRA) CEO Salary Level?1 month ago | Simply Wall St
Is Sabra Health Care REIT, Inc. (NASDAQ:SBRA) An Attractive Dividend Stock?2 months ago | Simply Wall St
What Kind Of Share Price Volatility Should You Expect For Sabra Health Care REIT, Inc. (NASDAQ:SBRA)?Valuation
Is Sabra Health Care REIT undervalued compared to its fair value and its price relative to the market?
49.4%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: SBRA ($20.56) is trading below our estimate of fair value ($40.59)
Significantly Below Fair Value: SBRA is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: SBRA is poor value based on its PE Ratio (380x) compared to the REITs industry average (36.8x).
PE vs Market: SBRA is poor value based on its PE Ratio (380x) compared to the US market (18.6x).
Price to Earnings Growth Ratio
PEG Ratio: SBRA is poor value based on its PEG Ratio (14.4x)
Price to Book Ratio
PB vs Industry: SBRA is good value based on its PB Ratio (1.2x) compared to the US REITs industry average (1.9x).
Next Steps
Future Growth
How is Sabra Health Care REIT forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
26.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SBRA's forecast earnings growth (26.4% per year) is above the savings rate (1.7%).
Earnings vs Market: SBRA's earnings (26.4% per year) are forecast to grow faster than the US market (14.4% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: SBRA's revenue (0.8% per year) is forecast to grow slower than the US market (7.4% per year).
High Growth Revenue: SBRA's revenue (0.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SBRA's Return on Equity is forecast to be low in 3 years time (5%).
Next Steps
Past Performance
How has Sabra Health Care REIT performed over the past 5 years?
28.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SBRA has a large one-off loss of $93.5M impacting its September 30 2019 financial results.
Growing Profit Margin: SBRA's current net profit margins (1.7%) are lower than last year (60.3%).
Past Earnings Growth Analysis
Earnings Trend: SBRA's earnings have grown significantly by 28.5% per year over the past 5 years.
Accelerating Growth: SBRA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: SBRA had negative earnings growth (-97.5%) over the past year, making it difficult to compare to the REITs industry average (8.3%).
Return on Equity
High ROE: SBRA's Return on Equity (0.3%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Sabra Health Care REIT's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: SBRA has a high level of physical assets or inventory.
Debt Coverage by Assets: SBRA's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: SBRA's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if SBRA has a sufficient allowance for bad loans.
Low Risk Liabilities: SBRA reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if SBRA has an acceptable proportion of non-loan assets held.
Low Risk Deposits: SBRA has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if SBRA has an appropriate level of bad loans.
Next Steps
Dividend
What is Sabra Health Care REIT's current dividend yield, its reliability and sustainability?
8.75%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: SBRA's dividend (8.75%) is higher than the bottom 25% of dividend payers in the US market (1.43%).
High Dividend: SBRA's dividend (8.75%) is in the top 25% of dividend payers in the US market (3.71%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, SBRA has been paying a dividend for less than 10 years.
Growing Dividend: SBRA's dividend payments have increased, but the company has only paid a dividend for 9 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (93.4%), SBRA's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: SBRA's dividends in 3 years are forecast to be thoroughly covered by earnings (0.5% payout ratio).
Next Steps
Management
What is the CEO of Sabra Health Care REIT's salary, the management and board of directors tenure and is there insider trading?
9.1yrs
Average management tenure
CEO
Rick Matros (65yo)
9.6yrs
Tenure
US$4,675,510
Compensation
Mr. Richard K. Matros, also known as Rick, has been President and Chief Executive Officer and Director at Baylor Scott & White Medical Center - Sunnyvale since May 2010 and has been its Chairman of the Boa ...
CEO Compensation Analysis
Compensation vs Market: Rick's total compensation ($USD4.68M) is about average for companies of similar size in the US market ($USD5.10M).
Compensation vs Earnings: Rick's compensation has been consistent with company performance over the past year.
Management Age and Tenure
9.1yrs
Average Tenure
57yo
Average Age
Experienced Management: SBRA's management team is seasoned and experienced (9.1 years average tenure).
Board Age and Tenure
5.7yrs
Average Tenure
62yo
Average Age
Experienced Board: SBRA's board of directors are considered experienced (5.7 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 58,000 |
| Max Price | US$21.47 |
| Entity | Individual |
| Role | Lead Director Lead Independent Director |
| Shares | 15,000 |
| Max Price | US$20.78 |
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.1%.
Management Team
Rick Matros (65yo)
Chairman
- Tenure: 9.6yrs
- Compensation: US$4.68m
Talya Nevo-Hacohen (59yo)
Executive VP
- Tenure: 9.1yrs
- Compensation: US$2.01m
Harold Andrews (55yo)
Executive VP
- Tenure: 9.1yrs
- Compensation: US$2.01m
Pete Nyland
Executive Vice President of Asset Management
- Tenure: 0yrs
Brent Chappell (54yo)
Executive VP & Portfolio Manager
- Tenure: 2.4yrs
Michael Costa
Executive Vice President of Finance
- Tenure: 0yrs
Board Members
Michael Foster (66yo)
Lead Independent Director
- Tenure: 0yrs
- Compensation: US$186.50k
Ronald Geary (72yo)
Independent Director
- Tenure: 2.3yrs
- Compensation: US$164.00k
Rick Matros (65yo)
Chairman
- Tenure: 9.6yrs
- Compensation: US$4.68m
Ray Lewis (55yo)
Independent Director
- Tenure: 2.3yrs
- Compensation: US$160.00k
Milton Walters (77yo)
Director
- Tenure: 9.1yrs
- Compensation: US$170.00k
Jeff Malehorn (57yo)
Independent Director
- Tenure: 2.3yrs
- Compensation: US$162.00k
Bob Ettl (59yo)
Independent Director
- Tenure: 9.1yrs
- Compensation: US$188.00k
Lynne Katzmann
Independent Director
- Tenure: 0.8yrs
Craig Barbarosh (51yo)
Independent Director
- Tenure: 9.1yrs
- Compensation: US$194.00k
Company Information
Sabra Health Care REIT, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Sabra Health Care REIT, Inc.
- Ticker: SBRA
- Exchange: NasdaqGS
- Founded: 2010
- Industry: Health Care REITs
- Sector: Real Estate
- Market Cap: US$4.160b
- Shares outstanding: 202.32m
- Website: https://www.sabrahealth.com
Number of Employees
Location
- Sabra Health Care REIT, Inc.
- 18500 Von Karman Avenue
- Suite 550
- Irvine
- California
- 92612
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| SBRA | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Nov 2010 |
| SBC | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Nov 2010 |
Biography
As of September 30, 2019, Sabra’s investment portfolio included 434 real estate properties held for investment (consisting of (i) 304 Skilled Nursing/Transitional Care facilities, (ii) 62 Senior Housing co ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/14 01:03 |
| End of Day Share Price | 2019/12/13 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.