Sabra REIT CEO Sells $4.2M Day Before Investor Roadshow
Sabra CEO Richard Matros sold 200,000 shares at $20.83 on September 8, a day before presenting at the BofA Securities investor conference. The stock has since fallen to $19.20, and no other executives
Sabra REIT CEO Sells $4.2M Day Before Investor Roadshow
NEW YORK, October 13 —
Sabra Health Care REIT, Inc. (SBRA) CEO Richard Matros sold 200,000 shares at $20.83 on September 8, 2026, one day before the company issued a business update and sent Matros alongside three other executives to the BofA Securities 2026 Global Real Estate Conference. The stock trades at $19.20 today, below his exit price.
- CEO sold 200,000 shares at $20.83 on September 8; no other insider made an open-market transaction in the 90-day window.
- EPS missed in 3 of 4 recent quarters; the most recent 12% shortfall was the steepest in the window.
- $2.63 billion in debt against $0.25 billion cash; free cash flow of $155 million trailing twelve months.
The Day-Before Sequence
The timing is precise. Matros received a grant of 13,867 shares on August 31, then executed an open-market sale one week later, raising $4.17 million per SEC filings. The next day, Sabra issued a business update timed to upcoming investor meetings, and Matros, joined by CFO Michael Costa, CIO Darrin Smith, and EVP Finance Lukas Hartwich, presented at the BofA Securities 2026 Global Real Estate Conference. CFO Costa received his own August 31 equity grant of 4,158 shares and made no open-market sales. The gap between the CEO's transaction and the rest of the executive suite is the sequence investors are parsing.
What the Roadshow Pitch Had to Carry
The operating backdrop gives investors something to weigh against management's investor-day enthusiasm. Sabra Health Care REIT owns and leases healthcare real estate across the U.S. and Canada rather than operating facilities directly, a structure whose distributions depend on tenant health and occupancy. Revenue grew 25.3% to $0.86 billion on a trailing basis, and the company generated $372 million in operating cash flow. The most recent quarter's EPS landed 12% below the estimate, and $2.63 billion in debt against $0.25 billion in cash keeps refinancing exposure central to any distribution conversation.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| SBRA | $4.9B | 23.7x | +8.9% |
| OHI | $14.2B | 22.3x | +13.9% |
| NHI | $3.2B | 19.6x | -9.5% |
| CTRE | $8.7B | 20.8x | +10.3% |
| DOC | $13.4B | 135.4x | +4.5% |
| LTC | $2.3B | 27.3x | +26.7% |
What Changes the Read
At $19.20, the stock trades below both the $20.83 at which Matros exited and the Wall Street consensus target of $22.57. Short interest at 10.7% of float signals real disagreement; institutional ownership reported at 105.3% of float points to crowded positioning on the long side. The next EPS print is the clearest test: another significant miss confirms a deteriorating trend, while a result near estimate challenges the short thesis. Investors can benchmark the 23.7x forward P/E with the P/E calculator, or go deeper: Run the free Sabra Health Care REIT, Inc. deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
When did Sabra REIT CEO sell stock?
CEO Richard Matros sold 200,000 shares at $20.83 on September 8, 2026, one day before Sabra issued a business update and Matros presented at the BofA Securities 2026 Global Real Estate Conference.
Why did Sabra CEO sell before roadshow?
Matros sold shares the day before presenting to investors, while CFO Costa received an equity grant on the same day but made no open-market sales. The asymmetry between the CEO's transaction and other executives is what investors are analyzing.
What is Sabra REIT's stock price now?
Sabra trades at $19.20, below both Matros's $20.83 exit price and Wall Street's $22.57 consensus target. The stock has declined since the CEO's sale.
Did Sabra REIT miss earnings?
Yes. EPS missed in 3 of 4 recent quarters, with the most recent quarter's $0.1496 EPS landing 12% below the $0.16667 estimate, the steepest shortfall in the window.
What is Sabra REIT's debt position?
Sabra carries $2.63 billion in debt against $0.25 billion in cash, with trailing twelve-month free cash flow of $155 million. This debt-to-cash ratio keeps refinancing exposure central to the distribution conversation.
Sabra Health Care REIT CEO Richard Matros sold 200,000 shares for $4.17 million on September 8, 2026 — one day before the company issued a business update and dispatched four executives, Matros included, to the BofA Securities 2026 Global Real Estate Conference. The stock now trades at $19.20, below his $20.83 sale price, while analysts hold a $22.57 consensus target.