Sabra Health Care REIT: A 6% Yield Backed By Powerful Demographic Tailwinds

Sabra Health Care REIT is a 'Buy' with a near 6% yield and 13x forward P/FFO, supported by favorable demographics and industry supply constraints. SBRA's Q1 2026 normalized FFO grew 9% YoY, driven by 14.4% same-store SHOP NOI growth and robust occupancy gains. Management is aggressively deploying capital into SHOP-focused acquisitions at 8% initial cash yields, with a strong pipeline and mostly fixed operating expenses enabling positive operating leverage.