Sabra Health Care REIT owns a portfolio of 360 healthcare properties across the U.S. and Canada, leased to or managed by third-party healthcare operators. The portfolio is anchored by two core property types: skilled nursing and transitional care facilities (SNFs), which account for roughly 47% of real estate investment value, and senior housing communities (assisted living, independent living, and memory care), which account for roughly 41% combined. Sabra does not operate any of these facilities itself. Instead, it either leases properties to operators under long-term triple-net leases — where the tenant bears all operating costs and Sabra collects predictable rent with low-single-digit annual escalators — or it owns and directly bears the operating risk of senior housing communities managed by third parties under the SHOP structure. SHOP properties generate revenue from resident fees, and NOI grows as occupancy and rates rise, with strong operating leverage as properties approach full capacity. SHOP same-store cash NOI has been growing in the mid-to-high teens year-over-year recently, and management targets growing SHOP from roughly 26% of the portfolio today to 40% over time, requiring approximately $1B in additional acquisitions. Sabra funds acquisitions through ATM equity issuances, credit facilities, and debt, targeting leverage of roughly 5x net debt to EBITDA and going-in acquisition yields of 7% to 8%. As a REIT, Sabra distributes at least 90% of taxable income as dividends.