Form 4: Sabra Health Care REIT CFO Increases Stake Through Dividend Equivalent Payments

Sabra Health Care REIT's Executive VP, CFO & Secretary, Michael Lourenco Costa, has increased his beneficial ownership in the company by acquiring 3,736 common stock units through dividend equivalent payments.

Summary

• Michael Lourenco Costa, Executive VP, CFO & Secretary of Sabra Health Care REIT, Inc. (SBRA), reported a change in beneficial ownership.
• On May 30, 2025, Mr. Costa acquired 3,736 common stock units.
• These units were credited as dividend equivalent payments on previously granted stock units under the Issuer's 2009 Performance Incentive Plan.
• The acquisition price for these units was $0, as they represent accrued dividends.
• These units will vest and become payable on the same terms as the original stock units to which they relate.
• Following this transaction, Mr. Costa's direct beneficial ownership of common stock is 348,349 units, which includes 221,307 stock units that will settle one-for-one in common stock shares.
• He also holds indirect beneficial ownership of 784 common stock units via his IRA and 207 common stock units via his spouse's IRA.

Sentiment

Score: 7

Explanation: The acquisition of additional stock units by a key executive, even if through dividend equivalents, generally signals continued confidence and alignment with shareholder interests. It's a positive, albeit not a direct cash purchase.

Positives

• Increased beneficial ownership by a key executive (CFO), signaling continued alignment with shareholder interests.
• The acquisition of stock units through dividend equivalents demonstrates the ongoing value accrual from existing incentive plans.

Negatives

• No direct cash purchase of shares, which would indicate a stronger conviction buy.

Risks

• The acquired stock units are subject to vesting conditions, meaning they are not immediately available for sale and their value is tied to future company performance and continued employment.

Future Outlook

NA

Industry Context

This is a routine insider transaction filing for a healthcare REIT executive. It doesn't provide broad industry context, but it is common for executives in publicly traded companies to receive equity compensation and dividend equivalents.

Related Party Transactions

• The transaction involves an executive of Sabra Health Care REIT, Inc. acquiring stock units from the company, which is a standard related-party transaction for executive compensation.

Stakeholder Impact

• Shareholders: May view the increased insider ownership positively as it suggests management's continued commitment and alignment with long-term company performance.

Next Steps

• The acquired stock units will vest and become payable on the same terms as the original stock units.

Key Dates

Recommendation

Keywords

Sabra Health Care REIT, SBRA, Form 4, insider transaction, beneficial ownership, stock units, dividend equivalents, executive compensation, Michael Lourenco Costa, CFO