Sabra Health Care REIT, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
SBRA$21.32-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $155,510 | $126,712 | $13,756 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 186,996 | 169,623 | 183,087 |
| Non-cash rental and related revenues | (1,020) | (3,856) | (8,699) |
| Non-cash interest income | 7 | 29 | (372) |
| Non-cash interest expense | 7,970 | 10,479 | 12,265 |
| Stock-based compensation expense | 11,360 | 8,987 | 7,917 |
| Loss on extinguishment of debt | 1,154 | — | 1,541 |
| (Recovery of) provision for loan losses | (1,047) | (571) | 191 |
| Net loss (gain) on sales of real estate | 3,519 | (2,095) | 76,625 |
| Impairment of real estate | 7,322 | 18,472 | 14,332 |
| (Income) loss from unconsolidated joint ventures | (3,928) | 397 | 2,897 |
| Distributions of earnings from unconsolidated joint ventures | 7,813 | 5,447 | 3,469 |
| Other non-cash items | (17,190) | (534) | (3,704) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, prepaid expenses and other assets, net | (11,449) | (15,462) | (11,078) |
| Accounts payable and accrued liabilities | 1,596 | (7,087) | 8,344 |
| Net cash provided by operating activities | 348,613 | 310,541 | 300,571 |
| Cash flows from investing activities: | |||
| Acquisition of real estate and lease intangibles | (452,933) | (136,430) | (78,530) |
| Origination and fundings of loans receivable | (6,910) | (21,645) | (11,418) |
| Origination and fundings of preferred equity investments | (9) | (2,832) | (11,023) |
| Additions to real estate | (41,521) | (54,712) | (84,855) |
| Repayments of loans receivable | 20,671 | 3,551 | 9,274 |
| Repayments of preferred equity investments | 2,533 | 5,944 | 5,460 |
| Investment in unconsolidated joint ventures | (1,241) | (1,258) | (5,235) |
| Net proceeds from the sales of real estate | 88,637 | 95,999 | 247,622 |
| Net proceeds from sales-type lease | — | — | 25,490 |
| Proceeds from net investment hedges | 4,462 | — | — |
| Insurance proceeds | 1,589 | 2,382 | 5,801 |
| Distributions in excess of earnings from unconsolidated joint ventures | 6,762 | — | 544 |
| Net cash (used in) provided by investing activities | (377,960) | (109,001) | 103,130 |
| Cash flows from financing activities: | |||
| Net borrowings from revolving credit facility | 109,805 | 14,595 | (104,338) |
| Principal payments on senior unsecured notes | (500,000) | — | — |
| Proceeds from term loans | 500,000 | — | 12,188 |
| Principal payments on secured debt | (2,089) | (2,033) | (1,979) |
| Payments of deferred financing costs | (4,405) | (94) | (18,142) |
| Payments related to extinguishment of debt | (2,884) | — | — |
| Contributions from noncontrolling interests | 2,046 | — | — |
| Payment of contingent consideration | — | — | (17,900) |
| Issuance of common stock, net | 227,781 | 86,121 | (2,682) |
| Dividends paid on common stock | (289,497) | (280,150) | (277,447) |
| Net cash provided by (used in) financing activities | 40,757 | (181,561) | (410,300) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 11,410 | 19,979 | (6,599) |
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 391 | (359) | (614) |
| Cash, cash equivalents and restricted cash, beginning of period | 66,339 | 46,719 | 53,932 |
| Cash, cash equivalents and restricted cash, end of period | $78,140 | $66,339 | $46,719 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | $110,957 | $105,200 | $102,409 |
| Income taxes paid | $1,496 | $1,389 | $1,670 |
| Supplemental disclosure of non-cash investing activities: | |||
| Decrease in loans receivable and other investments due to acquisition of real estate | $— | $— | $4,644 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.