Sabra Health Care REIT (NASDAQ:SBRA) (SBRA - $21.73 – NASDAQ) is a Healthcare REIT focused on Skilled Nursing facilities (SNF) and Assisted Living and Independent Living facilities. Sabra got off to a rough start to the year, but shares rebounded nicely this quarter. Management continues to make progress on the portfolio repositioning of recently acquired Care Capital Properties (CCP) and struggling operator Genesis Healthcare (GEN). The worry about excessive rent cuts has passed, which benefitted the stock in the quarter. We believe that the company has ample liquidity, a solid investment pipeline, and it seems like the underlying sentiment on Healthcare REITs is improving.
From Keeley Management's Mid Cap Dividend Value Fund second quarter 2018 shareholder letter.
