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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Real estate investments, net of accumulated depreciation of $1,224,663 and $1,102,030 as of December 31, 2025 and 2024, respectively $ 4,686,377 $ 4,513,734
Loans receivable and other investments, net 434,100 442,584
Investment in unconsolidated joint ventures 118,166 121,803
Cash and cash equivalents 71,537 60,468
Restricted cash 6,603 5,871
Lease intangible assets, net 65,321 27,464
Accounts receivable, prepaid expenses and other assets, net 111,292 131,755
Total assets 5,493,396 5,303,679
Liabilities    
Secured debt, net 43,275 45,316
Revolving credit facility 217,584 106,554
Term loans, net 1,032,311 529,753
Senior unsecured notes, net 1,235,726 1,736,025
Accounts payable and accrued liabilities 119,329 117,896
Lease intangible liabilities, net 21,383 26,847
Total liabilities 2,669,608 2,562,391
Commitments and contingencies (Note 16)
Equity    
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and 2024 0 0
Common stock, $0.01 par value; 500,000,000 shares authorized, 251,697,456 and 237,586,882 shares issued and outstanding as of December 31, 2025 and 2024, respectively 2,517 2,376
Additional paid-in capital 4,836,270 4,592,605
Cumulative distributions in excess of net income (2,013,375) (1,874,633)
Accumulated other comprehensive (loss) income (3,571) 20,940
Total Sabra Health Care REIT, Inc. stockholders’ equity 2,821,841 2,741,288
Noncontrolling interests 1,947 0
Total equity 2,823,788 2,741,288
Total liabilities and equity $ 5,493,396 $ 5,303,679