sbra-20240508
false000149229800014922982024-05-082024-05-08

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 8, 2024
SABRA HEALTH CARE REIT, INC.
(Exact name of registrant as specified in its charter)
 
Maryland 001-34950 27-2560479
(State of
Incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
 
1781 Flight Way
Tustin
CA
92782
(Address of principal executive offices)(Zip Code)
Registrant's telephone number including area code: (888) 393-8248  
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:  
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueSBRAThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition.
On May 8, 2024, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended March 31, 2024. The press release refers to the Reconciliations of Non-GAAP Financial Measures that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the press release and the Reconciliations of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are specifically incorporated by reference herein.
Item 7.01Regulation FD Disclosure.
The press release furnished herewith as Exhibit 99.1 refers to a supplemental information package that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the supplemental information package is furnished herewith as Exhibit 99.2 and is specifically incorporated by reference herein.
Sabra intends to present the materials attached to this report as Exhibit 99.4 in investor presentations. The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the presentation materials include material investor information that is not otherwise publicly available. In addition, Sabra does not assume any obligation to update such information in the future.
The information in Items 2.02 and 7.01 of this Form 8-K and the information in Exhibits 99.1, 99.2, 99.3 and 99.4 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of Sabra under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01Financial Statements and Exhibits.
 
(d)Exhibits.
99.1
99.2
99.3
99.4
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SABRA HEALTH CARE REIT, INC.
Date: May 8, 2024/S/    MICHAEL COSTA
Name: Michael Costa
Title: Chief Financial Officer, Secretary and Executive Vice President




Document




Exhibit 99.1

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FOR IMMEDIATE RELEASE

SABRA REPORTS FIRST QUARTER 2024 RESULTS; REITERATES 2024 GUIDANCE

TUSTIN, CA, May 8, 2024 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the first quarter of 2024.

FIRST QUARTER 2024 RESULTS AND RECENT EVENTS
•Results per diluted common share for the first quarter of 2024 were as follows:
•Net Income: $0.11
•FFO: $0.32
•Normalized FFO: $0.34
•AFFO: $0.35
•Normalized AFFO: $0.35
•EBITDARM Coverage Summary:
•Skilled Nursing/Transitional Care: 1.79x (1.79x excluding Provider Relief Funds)
•Senior Housing - Leased: 1.33x
•Behavioral Health, Specialty Hospitals and Other: 3.77x

•On May 8, 2024, Sabra’s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 31, 2024, to common stockholders of record as of the close of business on May 20, 2024.

2024 GUIDANCE
Sabra is reiterating 2024 earnings guidance ranges as follows (attributable to common stockholders, per diluted common share):
•Net Income: $0.53 - $0.57
•FFO: $1.33 - $1.37
•Normalized FFO: $1.34 - $1.38
•AFFO: $1.38 - $1.42
•Normalized AFFO: $1.39 - $1.43

Earnings guidance above assumes no 2024 acquisition or disposition activity.

Commenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “As has been evident for several quarters, Sabra’s portfolio continues to grow stronger, whether looking at coverage, occupancy, or NOI. Trailing-twelve-month SNF coverage saw a healthy 0.06x increase sequentially, to 1.79x, when excluding the impact of Provider Relief Funds. Our SHOP portfolio continues to improve, and this quarter’s results - which faced a challenging year-over-year comp - are in line with our expectations embedded in guidance. Our balance sheet remains strong and is poised to support future growth.
Although we have no new investments to discuss this quarter, the pipeline has improved and with what we are working on, we expect to announce new investments on our second quarter call.”

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LIQUIDITY
As of March 31, 2024, we had approximately $913.8 million of liquidity, consisting of unrestricted cash and cash equivalents of $59.9 million and available borrowings of $853.9 million under our revolving credit facility. As of March 31, 2024, we also had $500.0 million available under the ATM program.
CONFERENCE CALL AND COMPANY INFORMATION
A conference call with a simultaneous webcast to discuss the 2024 first quarter results will be held on Thursday, May 9, 2024, at 10:00 am Pacific Time. The webcast URL is  https://events.q4inc.com/attendee/588244325. The dial-in number for U.S. participants is (888) 880-4448. For participants outside the U.S., the dial-in number is (646) 960-0572. The conference ID number is 1382596. A digital replay of the call will be available on the Company’s website at www.sabrahealth.com. The Company’s supplemental information package for the first quarter will also be available on the Company’s website in the “Investors” section.
ABOUT SABRA
As of March 31, 2024, Sabra’s investment portfolio included 374 real estate properties held for investment (consisting of (i) 237 Skilled Nursing/Transitional Care facilities, (ii) 38 senior housing communities (“Senior Housing - Leased”), (iii) 66 senior housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”), (iv) 18 Behavioral Health facilities and (v) 15 Specialty Hospitals and Other facilities), four assets held for sale, 14 investments in loans receivable (consisting of two mortgage loans and 12 other loans), five preferred equity investments and two investments in unconsolidated joint ventures. As of March 31, 2024, Sabra’s real estate properties held for investment included 37,750 beds/units, spread across the United States and Canada.

FORWARD-LOOKING STATEMENTS SAFE HARBOR
This release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our expectations regarding earnings growth; and our other expectations regarding our future financial position (including our earnings guidance for 2024, as well as the assumptions set forth therein), results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions, and plans and objectives for future operations and capital raising activity.
Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increased labor costs and historically low unemployment; increases in market interest rates and inflation; pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and Senior Housing - Managed communities; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’, borrowers’ or operators’ failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants’, borrowers’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets; risks associated with our
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ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws.
Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, unless required by law to do so.
TENANT AND BORROWER INFORMATION
This release includes information regarding certain of our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this release has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only.
NOTE REGARDING NON-GAAP FINANCIAL MEASURES
This release includes the following financial measures defined as non-GAAP financial measures by the SEC: funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share, Normalized AFFO per diluted common share and net operating income (“NOI”). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under “Reporting Definitions” in this release, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results.
CONTACT
Investor & Media Inquiries: (888) 393-8248 or investorinquiries@sabrahealth.com
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(dollars in thousands, except per share data)

Three Months Ended March 31,
 20242023
Revenues:
Rental and related revenues (1)
$91,776 $95,870 
Resident fees and services66,031 56,721 
Interest and other income8,940 8,733 
Total revenues166,747 161,324 
Expenses:
Depreciation and amortization42,914 52,827 
Interest28,408 28,540 
Triple-net portfolio operating expenses4,324 4,168 
Senior housing - managed portfolio operating expenses49,669 43,637 
General and administrative11,890 10,502 
Recovery of loan losses(137)(208)
Impairment of real estate3,137 7,064 
Total expenses140,205 146,530 
Other income (expense):
Loss on extinguishment of debt— (1,541)
Other income760 341 
Net loss on sales of real estate— (21,515)
Total other income (expense)760 (22,715)
Income (loss) before loss from unconsolidated joint ventures and income tax expense27,302 (7,921)
Loss from unconsolidated joint ventures(595)(838)
Income tax expense(453)(728)
Net income (loss)$26,254 $(9,487)
  
Net income (loss), per:
Basic common share$0.11 $(0.04)
Diluted common share$0.11 $(0.04)
  
Weighted average number of common shares outstanding, basic231,453,564 231,164,876 
Weighted average number of common shares outstanding, diluted233,365,031 231,164,876 













(1)    See page 5 for additional details regarding Rental and related revenues.
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - SUPPLEMENTAL INFORMATION
(in thousands)

Three Months Ended March 31,
 20242023
Cash rental income$89,036 $89,657 
Straight-line rental income1,152 1,347 
Write-offs of cash and straight-line rental income receivable and lease intangibles(2,954)(518)
Above/below market lease amortization1,211 1,568 
Operating expense recoveries3,331 3,816 
Rental and related revenues$91,776 $95,870 
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)  
 
March 31, 2024December 31, 2023
Assets
Real estate investments, net of accumulated depreciation of $1,059,405 and $1,021,086 as of March 31, 2024 and December 31, 2023, respectively
$4,577,318 $4,617,261 
Loans receivable and other investments, net422,472 420,624 
Investment in unconsolidated joint ventures132,022 136,843 
Cash and cash equivalents59,927 41,285 
Restricted cash6,003 5,434 
Lease intangible assets, net28,301 30,897 
Accounts receivable, prepaid expenses and other assets, net148,395 133,806 
Total assets$5,374,438 $5,386,150 
Liabilities
Secured debt, net$46,810 $47,301 
Revolving credit facility146,127 94,429 
Term loans, net534,993 537,120 
Senior unsecured notes, net1,735,455 1,735,253 
Accounts payable and accrued liabilities112,764 136,981 
Lease intangible liabilities, net31,115 32,532 
Total liabilities2,607,264 2,583,616 
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2024 and December 31, 2023
— — 
Common stock, $0.01 par value; 500,000,000 shares authorized, 231,494,286 and 231,266,020 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
2,315 2,313 
Additional paid-in capital4,495,663 4,494,755 
Cumulative distributions in excess of net income(1,761,999)(1,718,279)
Accumulated other comprehensive income31,195 23,745 
Total equity2,767,174 2,802,534 
Total liabilities and equity$5,374,438 $5,386,150 



 


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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 Three Months Ended March 31,
20242023
Cash flows from operating activities:
Net income (loss)$26,254 $(9,487)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization42,914 52,827 
Non-cash rental and related revenues591 (2,398)
Non-cash interest income7 (392)
Non-cash interest expense3,071 3,014 
Stock-based compensation expense2,521 2,229 
Loss on extinguishment of debt— 1,541 
Recovery of loan losses(137)(208)
Net loss on sales of real estate— 21,515 
Impairment of real estate3,137 7,064 
Loss from unconsolidated joint ventures595 838 
Distributions of earnings from unconsolidated joint ventures1,478 367 
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net(6,288)(2,782)
Accounts payable and accrued liabilities(21,348)(5,839)
Net cash provided by operating activities52,795 68,289 
Cash flows from investing activities:
Acquisition of real estate— (39,630)
Origination and fundings of loans receivable(102)(1,800)
Origination and fundings of preferred equity investments(1,007)(6,384)
Additions to real estate(12,935)(19,540)
Repayments of loans receivable391 6,144 
Repayments of preferred equity investments617 1,433 
Investment in unconsolidated joint ventures(188)(4,797)
Net proceeds from the sales of real estate— 152,259 
Net proceeds from sales-type lease— 25,490 
Net cash (used in) provided by investing activities(13,224)113,175 
Cash flows from financing activities:
Net borrowings from (repayments of) revolving credit facility52,404 (118,442)
Proceeds from term loans— 12,186 
Principal payments on secured debt(503)(490)
Payments of deferred financing costs(80)(18,127)
Issuance of common stock, net(2,606)(1,847)
Dividends paid on common stock(69,444)(69,351)
Net cash used in financing activities(20,229)(196,071)
Net increase (decrease) in cash, cash equivalents and restricted cash19,342 (14,607)
Effect of foreign currency translation on cash, cash equivalents and restricted cash(131)(641)
Cash, cash equivalents and restricted cash, beginning of period46,719 53,932 
Cash, cash equivalents and restricted cash, end of period$65,930 $38,684 
Supplemental disclosure of cash flow information:
Interest paid$20,495 $22,318 
Supplemental disclosure of non-cash investing activities:
Decrease in loans receivable and other investments due to acquisition of real estate$— $4,644 

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SABRA HEALTH CARE REIT, INC.
FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,
ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO
(dollars in thousands, except per share data)

Three Months Ended March 31,
 20242023
Net income (loss)$26,254 $(9,487)
Add:
Depreciation and amortization of real estate assets42,914 52,827 
Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures2,229 2,048 
Net loss on sales of real estate— 21,515 
Impairment of real estate3,137 7,064 
FFO$74,534 $73,967 
Write-offs of cash and straight-line rental income receivable and lease intangibles2,921 540 
Loss on extinguishment of debt— 1,541 
Recovery of loan losses(137)(208)
Other normalizing items (1)
1,121 1,037 
Normalized FFO$78,439 $76,877 
FFO$74,534 $73,967 
Stock-based compensation expense2,521 2,229 
Non-cash rental and related revenues591 (2,398)
Non-cash interest income7 (392)
Non-cash interest expense3,071 3,014 
Non-cash portion of loss on extinguishment of debt— 1,541 
Recovery of loan losses(137)(208)
Other adjustments related to unconsolidated joint ventures153 69 
Other adjustments410 403 
AFFO$81,150 $78,225 
Other normalizing items (1)
1,106 1,021 
Normalized AFFO$82,256 $79,246 
Amounts per diluted common share:
Net income (loss)$0.11 $(0.04)
FFO$0.32 $0.32 
Normalized FFO$0.34 $0.33 
AFFO$0.35 $0.34 
Normalized AFFO$0.35 $0.34 
Weighted average number of common shares outstanding, diluted:
Net income (loss)233,365,031 231,164,876 
FFO and Normalized FFO 233,365,031 231,892,769 
AFFO and Normalized AFFO 234,671,379 233,168,932 










(1)    Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries.
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REPORTING DEFINITIONS
Behavioral Health
Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling.

EBITDARM 
Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company.

EBITDARM Coverage 
Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful.

Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)* 
The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO
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REPORTING DEFINITIONS
and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.

Net Operating Income (“NOI”)*
The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.

Normalized FFO and Normalized AFFO*
Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does.

Senior Housing 
Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities.

Senior Housing - Managed
Senior Housing communities operated by third-party property managers pursuant to property management agreements.

Skilled Nursing/Transitional Care 
Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities.

Specialty Hospitals and Other
Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health.

Stabilized Facility
At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented.

*Non-GAAP Financial Measures
Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this release can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.
http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.78926371.0001492298-24-000013logoa.jpg.ashx            10

sbraex9922024q1-final
Exhibit 99.2

 
2 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Senior Housing - Managed Portfolio Loans and Other Investments NOI Concentrations Geographic Concentrations - Consolidated Portfolio Triple-Net Lease Expirations 12 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 16 FINANCIAL INFORMATION Consolidated Financial Statements - Statements of Income (Loss) Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 22 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results

 
3 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 SENIOR MANAGEMENT Rick Matros Michael Costa Talya Nevo-Hacohen Chief Executive Officer, President Chief Financial Officer, Secretary Chief Investment Officer, Treasurer and Chair and Executive Vice President and Executive Vice President Jessica Flores Chief Accounting Officer and Executive Vice President BOARD OF DIRECTORS Rick Matros Michael Foster Jeffrey Malehorn Chief Executive Officer, President Lead Independent Director Director and Chair Craig Barbarosh Lynne Katzmann Clifton Porter II Director Director Director Katie Cusack Ann Kono Director Director CONTACT INFORMATION Sabra Health Care REIT, Inc. Transfer Agent 1781 Flight Way Equiniti Trust Company, LLC Tustin, CA 92782 P.O. Box 500 888.393.8248 Newark, NJ 07101 sabrahealth.com 800.937.5449 equiniti.com COMPANY INFORMATION

 
4 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 Financial Metrics Dollars in thousands, except per share data Three Months Ended March 31, 2024 Revenues $ 166,747 Net operating income 115,444 Cash net operating income 116,073 Diluted per share data: EPS $ 0.11 FFO 0.32 Normalized FFO 0.34 AFFO 0.35 Normalized AFFO 0.35 Dividends per common share 0.30 Capitalization and Market Facts Key Credit Metrics (1) March 31, 2024 March 31, 2024 Common shares outstanding 231.5 million Net Debt to Adjusted EBITDA 5.55x Common equity Market Capitalization $3.4 billion Interest Coverage 4.06x Consolidated Debt $2.5 billion Fixed Charge Coverage Ratio 3.98x Consolidated Enterprise Value $5.8 billion Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Common stock closing price $14.77 Unencumbered Assets/Unsecured Debt 263 % Common stock 52-week range $10.30 - $14.91 Common stock ticker symbol SBRA Portfolio (2) Dollars in thousands, units and Cash NOI reflect Sabra's pro rata share Three Months Ended March 31, 2024As of March 31, 2024 Property Count Investment Beds/Units Cash NOI Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing/Transitional Care 237 $ 3,043,320 26,667 $ 61,295 Senior Housing - Leased 38 475,831 3,191 10,685 Behavioral Health 18 496,934 1,159 11,389 Specialty Hospitals and Other 15 225,498 392 4,705 Total Triple-Net Portfolio 308 4,241,583 31,409 Senior Housing - Managed 66 1,392,189 6,341 16,362 Consolidated Real Estate Investments 374 5,633,772 37,750 Unconsolidated Joint Venture Senior Housing - Managed 16 203,571 1,256 2,690 Total Equity Investments 390 5,837,343 39,006 Investments in Loans Receivable, gross (3) 14 362,735 Preferred Equity Investments, gross (4) 5 59,819 Includes 62 relationships in 39 U.S. states and CanadaTotal Investments 409 $ 6,259,897 (1) See page 15 of this supplement for important information about these credit metrics. (2) Excludes four real estate properties held for sale as of the end of the current period. (3) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds. (4) Our preferred equity investments include investments in entities owning four Senior Housing developments with 544 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. OVERVIEW

 
5 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 Operating Statistics Twelve Months Ended December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Occupancy Skilled Nursing/Transitional Care 73.7 % 74.4 % 75.9 % 76.4 % 77.5 % Senior Housing - Leased 86.4 % 87.8 % 88.7 % 90.0 % 89.8 % Behavioral Health, Specialty Hospitals and Other 82.9 % 83.3 % 81.7 % 80.7 % 79.7 % Skilled Mix Skilled Nursing/Transitional Care 35.0 % 34.4 % 34.9 % 34.6 % 35.2 % PORTFOLIO Triple-Net Portfolio (1) (1) Excludes four real estate properties held for sale as of the end of the current period. Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. EBITDARM Coverage Twelve Months Ended December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Skilled Nursing/Transitional Care 1.63x 1.65x 1.68x 1.78x 1.79x Senior Housing - Leased 1.14x 1.15x 1.17x 1.28x 1.33x Behavioral Health, Specialty Hospitals and Other 3.60x 3.75x 3.74x 3.80x 3.77x Key Triple-Net Relationships EBITDARM Coverage Twelve Months Ended Relationship Primary Property Type September 30, 2023 December 31, 2023 Ensign Group Skilled Nursing 2.17x 2.15x Signature Healthcare Skilled Nursing 1.40x 1.40x Avamere Family of Companies Skilled Nursing 1.83x 1.90x Signature Behavioral Behavioral Hospitals 1.41x 1.32x The McGuire Group Skilled Nursing 1.50x 1.84x Healthmark Group Skilled Nursing 1.34x 1.37x Communicare Skilled Nursing 1.75x 1.74x Leo Brown Group Assisted Living 1.46x 1.59x Cadia Healthcare Skilled Nursing 1.47x 1.54x Focused Post Acute Care Partners Skilled Nursing 1.69x 1.60x Other Mulitple 2.95x 2.90x Total 2.06x 2.06x

 
6 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 PORTFOLIO Senior Housing - Managed Portfolio (1) Excludes the Enlivant unconsolidated joint venture. Sabra withdrew and resigned its membership in the Enlivant Joint Venture effective May 1, 2023. (2) Same store Senior Housing - Managed portfolio includes Stabilized Facilities owned as the same property type for the full period in all comparison periods. Resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results. Operating Performance Reflects Sabra's pro rata share, except number of properties; dollars in thousands Three Months Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Consolidated Portfolio Number of Properties 59 61 61 61 66 Number of Units 5,973 6,041 6,041 6,041 6,341 Recurring capital expenditures $ 1,437 $ 1,930 $ 1,603 $ 1,695 $ 1,378 Resident fees and services $ 56,721 $ 58,428 $ 59,748 $ 61,256 $ 66,031 Cash NOI $ 13,084 $ 14,464 $ 15,225 $ 16,067 $ 16,362 Cash NOI Margin % 23.1 % 24.8 % 25.5 % 26.2 % 24.8 % Unconsolidated Portfolio (1) Number of Properties 16 16 16 16 16 Number of Units 1,258 1,258 1,256 1,256 1,256 Recurring capital expenditures $ 202 $ 155 $ 158 $ 218 $ 285 Resident fees and services $ 8,831 $ 9,760 $ 9,950 $ 10,007 $ 10,362 Cash NOI $ 2,026 $ 2,681 $ 2,612 $ 2,425 $ 2,690 Cash NOI Margin % 22.9 % 27.5 % 26.3 % 24.2 % 26.0 % Same Store Operating Performance (2) Reflects Sabra's pro rata share, except number of properties; dollars in thousands, except REVPOR Three Months Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Number of Properties 64 64 64 64 64 Number of Available Units 6,245 6,245 6,246 6,246 6,241 REVPOR $ 3,755 $ 3,810 $ 3,806 $ 3,842 $ 3,883 Occupancy 80.6 % 80.4 % 81.9 % 82.7 % 82.5 % Resident fees and services $ 56,695 $ 57,418 $ 58,438 $ 59,509 $ 59,990 Cash NOI $ 14,474 $ 15,179 $ 15,906 $ 16,135 $ 15,848 Cash NOI Margin % 25.5 % 26.4 % 27.2 % 27.1 % 26.4 %

 
7 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of March 31, 2024 Loan Type Number of Loans Property Type Principal Balance Book Value Weighted Average Contractual Interest Rate Weighted Average Annualized Effective Interest Rate Interest Income Three Months Ended March 31, 2024 (1) Maturity Date Mortgage 2 Behavioral Health $ 319,000 $ 319,000 7.6 % 7.6 % $ 6,105 11/01/26 - 01/31/27 Other 12 Multiple 53,620 50,181 7.8 % 7.4 % 941 10/01/23 - 05/01/29 14 372,620 369,181 7.7 % 7.6 % $ 7,046 Allowance for loan losses — (6,528) $ 372,620 $ 362,653 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended March 31, 2024 (1) Preferred Equity 5 Skilled Nursing / Senior Housing $ 52,434 $ 50,934 $ 59,819 11.0 % $ 1,567 (1) Includes income related to loans receivable and other investments held as of March 31, 2024.

 
8 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 The Ensign Group: 8.7% Avamere Family of Companies: 8.0% Signature Behavioral: 6.9% Recovery Centers of America: 5.9% The McGuire Group: 3.8% Managed (No Operator Credit Exposure): 16.5% Other: 41.3% Signature Healthcare: 8.9% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of March 31, 2024 (1) Excludes four real estate properties held for sale as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Tenant payor source allocation presented one quarter in arrears. Behavioral Health: 14.5% Senior Housing - Leased: 10.3% Specialty Hospital and Other: 4.0% Other: 0.8% Skilled Nursing/Transitional Care: 53.9% Senior Housing - Managed: 16.5% Private Pay: 43.5% Non-Private: 56.5%

 
9 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 PORTFOLIO Geographic Concentrations - Consolidated Portfolio (1) Property Type As of March 31, 2024 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated    Behavioral Health Specialty Hospitals and Other Total % of Total Texas 34 3 7 — 13 57 15.2 % California 24 — 2 3 1 30 8.0 Kentucky 24 1 — 2 1 28 7.5 Indiana 14 4 1 2 — 21 5.6 Oregon 15 1 3 — — 19 5.1 North Carolina 13 — 2 — — 15 4.0 Washington 12 — 2 — — 14 3.8 Missouri 10 — 1 1 — 12 3.2 Massachusetts 11 — — — — 11 2.9 New York 9 — 1 — — 10 2.7 Other (29 states & Canada) 71 29 47 10 — 157 42.0 Total 237 38 66 18 15 374 100.0 % % of Total 63.4 % 10.2 % 17.6 % 4.8 % 4.0 % 100.0 % Distribution of Beds/Units As of March 31, 2024   Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated    Behavioral Health Specialty Hospitals and Other Total % of Total Texas 57 4,325 350 856 — 325 5,856 15.5 % Kentucky 28 2,486 142 — 172 40 2,840 7.5 California 30 2,058 — 160 313 27 2,558 6.8 Indiana 21 1,651 563 169 138 — 2,521 6.7 Oregon 19 1,520 215 162 — — 1,897 5.0 North Carolina 15 1,454 — 237 — — 1,691 4.5 New York 10 1,566 — 107 — — 1,673 4.4 Washington 14 1,309 — 165 — — 1,474 3.9 Massachusetts 11 1,469 — — — — 1,469 3.9 Virginia 10 894 — 246 — — 1,140 3.0 Other (29 states & Canada) 159 7,935 1,921 4,239 536 — 14,631 38.8 Total 374 26,667 3,191 6,341 1,159 392 37,750 100.0 % % of Total 70.6 % 8.5 % 16.8 % 3.1 % 1.0 % 100.0 % (1) Excludes four real estate properties held for sale as of the end of the current period.

 
10 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued (1) Investment Dollars in thousands As of March 31, 2024   Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated    Behavioral Health Specialty Hospitals and Other    Total % of Total Texas 57 $ 347,245 $ 27,335 $ 202,972 $ — $ 187,387 $ 764,939 13.6 % California 30 435,612 — 59,563 217,764 7,798 720,737 12.8 Indiana 21 196,573 120,197 47,865 12,155 — 376,790 6.7 Oregon 19 261,316 33,002 54,833 — — 349,151 6.2 New York 10 298,512 — 20,730 — — 319,242 5.7 Kentucky 28 244,385 23,668 — 15,175 30,313 313,541 5.6 Washington 14 158,770 — 41,412 — — 200,182 3.5 North Carolina 15 124,449 — 75,556 — — 200,005 3.5 Arizona 5 — 10,348 39,832 121,757 — 171,937 3.0 Canada (2) 9 — — 156,668 — — 156,668 2.8 Other (30 states) 166 976,458 261,281 692,758 130,083 — 2,060,580 36.6 Total 374 $ 3,043,320 $ 475,831 $ 1,392,189 $ 496,934 $ 225,498 $ 5,633,772 100.0 % % of Total 54.0 % 8.5 % 24.7 % 8.8 % 4.0 % 100.0 % (1) Excludes four real estate properties held for sale as of the end of the current period. (2) Investment balance in Canada is based on the exchange rate as of March 31, 2024 of $0.7384 per 1 CAD.

 
11 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 PORTFOLIO Triple-Net Lease Expirations (1) Triple-Net Lease Expirations Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of March 31, 2024   % of Total 04/01/24 - 12/31/24 $ 5,077 $ — $ — $ — $ 5,077 1.4 % 2025 6,925 3,201 — 1,495 11,621 3.3 % 2026 16,134 1,269 — — 17,403 4.9 % 2027 24,588 4,359 — — 28,947 8.1 % 2028 21,744 6,212 — 3,490 31,446 8.8 % 2029 46,459 4,958 — 6,138 57,555 16.1 % 2030 — — — 3,221 3,221 0.9 % 2031 69,987 3,691 1,385 — 75,063 21.0 % 2032 6,154 1,667 32,835 3,749 44,405 12.5 % 2033 — 3,015 5,493 — 8,508 2.4 % Thereafter 54,704 14,131 3,706 746 73,287 20.6 % Total Annualized Revenues $ 251,772 $ 42,503 $ 43,419 $ 18,839 $ 356,533 100.0 % (1) Excludes four real estate properties held for sale as of the end of the current period.

 
12 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of March 31, 2024 Secured debt $ 47,640 Revolving credit facility 146,127 Term loans 540,760 Senior unsecured notes 1,750,000 Total 2,484,527 Deferred financing costs and premiums/discounts, net (21,142) Total, net $ 2,463,385 Revolving Credit Facility Dollars in thousands As of March 31, 2024 Credit facility availability $ 853,873 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of March 31, 2024 Shares Outstanding   Price   Value Common stock 231,494,286 $ 14.77 $ 3,419,171 Consolidated Debt 2,484,527 Cash and cash equivalents (59,927) Consolidated Enterprise Value $ 5,843,771 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended March 31, 2024 EPS, FFO and Normalized FFO AFFO and Normalized AFFO Common stock 231,448,752 231,448,752 Common equivalents 4,812 4,812 Basic common and common equivalents 231,453,564 231,453,564 Dilutive securities: Restricted stock units 1,911,467 3,217,815 Diluted common and common equivalents 233,365,031 234,671,379

 
13 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of March 31, 2024 Principal     % of Total Fixed Rate Debt   Secured debt $ 47,640     3.35 %   1.9 % Senior unsecured notes 1,750,000     4.04 %   70.4 % Total fixed rate debt 1,797,640     4.02 %   72.3 % Variable Rate Debt (2)   Revolving credit facility 146,127     6.51 %   5.9 % Term loans 540,760 3.72 % 21.8 % Total variable rate debt 686,887     4.31 %   27.7 % Consolidated Debt $ 2,484,527     4.10 %   100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of March 31, 2024 Principal     % of Total Secured Debt   Secured debt $ 47,640     3.35 %   1.9 % Unsecured Debt Senior unsecured notes 1,750,000     4.04 %   70.4 % Revolving credit facility 146,127     6.51 %   5.9 % Term loans 540,760 3.72 % 21.8 % Total unsecured debt 2,436,887     4.12 %   98.1 % Consolidated Debt $ 2,484,527     4.10 %   100.0 % (1) Weighted average effective interest rate includes private mortgage insurance and impact of interest rate hedges. (2) Variable rate debt includes $430.0 million subject to interest rate swaps and interest rate collars that fix and set a cap and floor, respectively, for SOFR at a weighted average rate of 2.69%, and $110.8 million (CAD $150.0 million) subject to swap agreements that fix CDOR at 1.63% as of March 31, 2024. Excluding these amounts, variable rate debt was 5.9% of Consolidated Debt as of March 31, 2024.

 
14 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes   Term Loans     Revolving Credit Facility (1) Consolidated Debt As of March 31, 2024 Principal Rate (2) Principal Rate (2)   Principal Rate (2)     Principal Rate (2) Principal Rate (2) 04/01/24 - 12/31/24 $ 1,530   2.85 %   $ —   —     $ —   —     $ — — $ 1,530   2.85 % 2025 2,089   2.86 %   —   —     —   —     — — 2,089   2.86 % 2026 2,147   2.86 %   500,000   5.13 %     —   —     — — 502,147   5.12 % 2027 2,206   2.87 %   100,000   5.88 % —   —     146,127 6.51 % 248,333   6.22 % 2028 2,266   2.88 %   —   — 540,760   6.66 %     — — 543,026   6.64 % 2029 2,328   2.89 %   350,000   3.90 %     —   —     — — 352,328   3.89 % 2030 2,392   2.90 %   — — —   —     — — 2,392   2.90 % 2031 2,093   2.92 %   800,000   3.20 %     —   —     — — 802,093   3.20 % 2032 1,887   2.92 %   —   —     —   —     — — 1,887   2.92 % 2033 1,940   2.93 % — — — — — — 1,940 2.93 % Thereafter 26,762   3.10 %   —   —     —   —     — — 26,762   3.10 % Total 47,640   1,750,000 540,760     146,127 2,484,527 Discount, net — (4,443) — — (4,443) Deferred financing costs, net (830) (10,102) (5,767) — (16,699) Total, net $ 46,810 $ 1,735,455 $ 534,993     $ 146,127 $ 2,463,385 Wtd. avg. maturity/years 20.8   5.5 3.8     2.8 5.2 Wtd. avg. interest rate (3) 3.35 %   4.04 % 3.72 %     6.51 % 4.10 % (1) Revolving Credit Facility is subject to two six-month extension options. (2) Represents actual contractual interest rates excluding private mortgage insurance and impact of interest rate hedges. (3) Weighted average interest rate includes private mortgage insurance and impact of interest rate hedges.

 
15 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 Key Credit Metrics (1) March 31, 2024 Net Debt to Adjusted EBITDA (2) 5.55x Interest Coverage 4.06x Fixed Charge Coverage Ratio 3.98x Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 263 % Cost of Permanent Consolidated Debt (3) 3.95 % Unsecured Notes Ratings S&P (Stable outlook) BBB- Fitch (Stable outlook) BBB- Moody's (Stable outlook) Ba1 CAPITALIZATION Credit Metrics and Ratings (1) Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. (2) Based on the annualized trailing three-month period ended as of the date indicated. (3) Excludes revolving credit facility balance that had an interest rate of 6.51% as of March 31, 2024.

 
16 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income (Loss) Dollars in thousands, except per share data Three Months Ended March 31,   2024 2023 Revenues: Rental and related revenues (1) $ 91,776 $ 95,870 Resident fees and services 66,031 56,721 Interest and other income 8,940 8,733     Total revenues 166,747 161,324     Expenses: Depreciation and amortization 42,914 52,827 Interest 28,408 28,540 Triple-net portfolio operating expenses 4,324 4,168 Senior housing - managed portfolio operating expenses 49,669 43,637 General and administrative 11,890 10,502 Recovery of loan losses (137) (208) Impairment of real estate 3,137 7,064     Total expenses 140,205 146,530     Other income (expense): Loss on extinguishment of debt — (1,541) Other income 760 341 Net loss on sales of real estate — (21,515) Total other income (expense) 760 (22,715) Income (loss) before loss from unconsolidated joint ventures and income tax expense 27,302 (7,921) Loss from unconsolidated joint ventures (595) (838) Income tax expense (453) (728) Net income (loss) $ 26,254 $ (9,487)     Net income (loss), per: Basic common share $ 0.11 $ (0.04)     Diluted common share $ 0.11 $ (0.04)     Weighted average number of common shares outstanding, basic 231,453,564 231,164,876   Weighted average number of common shares outstanding, diluted 233,365,031 231,164,876 (1) See page 17 for additional details regarding Rental and related revenues.

 
17 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income (Loss) - Supplemental Information Dollars in thousands Three Months Ended March 31,   2024 2023 Cash rental income $ 89,036 $ 89,657 Straight-line rental income 1,152 1,347 Write-offs of cash and straight-line rental income receivable and lease intangibles (2,954) (518) Above/below market lease amortization 1,211 1,568 Operating expense recoveries 3,331 3,816 Rental and related revenues $ 91,776 $ 95,870

 
18 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data March 31, 2024 December 31, 2023   (unaudited)   Assets Real estate investments, net of accumulated depreciation of $1,059,405 and $1,021,086 as of March 31, 2024 and December 31, 2023, respectively $ 4,577,318 $ 4,617,261 Loans receivable and other investments, net 422,472 420,624 Investment in unconsolidated joint ventures 132,022 136,843 Cash and cash equivalents 59,927 41,285 Restricted cash 6,003 5,434 Lease intangible assets, net 28,301 30,897 Accounts receivable, prepaid expenses and other assets, net 148,395 133,806 Total assets $ 5,374,438 $ 5,386,150 Liabilities Secured debt, net $ 46,810 $ 47,301 Revolving credit facility 146,127 94,429 Term loans, net 534,993 537,120 Senior unsecured notes, net 1,735,455 1,735,253 Accounts payable and accrued liabilities 112,764 136,981 Lease intangible liabilities, net 31,115 32,532 Total liabilities 2,607,264 2,583,616 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 231,494,286 and 231,266,020 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 2,315 2,313 Additional paid-in capital 4,495,663 4,494,755 Cumulative distributions in excess of net income (1,761,999) (1,718,279) Accumulated other comprehensive income 31,195 23,745 Total equity 2,767,174 2,802,534 Total liabilities and equity $ 5,374,438 $ 5,386,150

 
19 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Three Months Ended March 31, 2024 2023 Cash flows from operating activities: Net income (loss) $ 26,254 $ (9,487) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 42,914 52,827 Non-cash rental and related revenues 591 (2,398) Non-cash interest income 7 (392) Non-cash interest expense 3,071 3,014 Stock-based compensation expense 2,521 2,229 Loss on extinguishment of debt — 1,541 Recovery of loan losses (137) (208) Net loss on sales of real estate — 21,515 Impairment of real estate 3,137 7,064 Loss from unconsolidated joint ventures 595 838 Distributions of earnings from unconsolidated joint ventures 1,478 367 Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (6,288) (2,782) Accounts payable and accrued liabilities (21,348) (5,839) Net cash provided by operating activities 52,795 68,289 Cash flows from investing activities: Acquisition of real estate — (39,630) Origination and fundings of loans receivable (102) (1,800) Origination and fundings of preferred equity investments (1,007) (6,384) Additions to real estate (12,935) (19,540) Repayments of loans receivable 391 6,144 Repayments of preferred equity investments 617 1,433 Investment in unconsolidated joint ventures (188) (4,797) Net proceeds from the sales of real estate — 152,259 Net proceeds from sales-type lease — 25,490 Net cash (used in) provided by investing activities (13,224) 113,175 Cash flows from financing activities: Net borrowings from (repayments of) revolving credit facility 52,404 (118,442) Proceeds from term loans — 12,186 Principal payments on secured debt (503) (490) Payments of deferred financing costs (80) (18,127) Issuance of common stock, net (2,606) (1,847) Dividends paid on common stock (69,444) (69,351) Net cash used in financing activities (20,229) (196,071) Net increase (decrease) in cash, cash equivalents and restricted cash 19,342 (14,607) Effect of foreign currency translation on cash, cash equivalents and restricted cash (131) (641) Cash, cash equivalents and restricted cash, beginning of period 46,719 53,932 Cash, cash equivalents and restricted cash, end of period $ 65,930 $ 38,684 Supplemental disclosure of cash flow information: Interest paid $ 20,495 $ 22,318 Supplemental disclosure of non-cash investing activities: Decrease in loans receivable and other investments due to acquisition of real estate $ — $ 4,644

 
20 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended March 31,   2024 2023 Net income (loss) $ 26,254 $ (9,487) Add: Depreciation and amortization of real estate assets 42,914 52,827 Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures 2,229 2,048 Net loss on sales of real estate — 21,515 Impairment of real estate 3,137 7,064 FFO $ 74,534 $ 73,967 Write-offs of cash and straight-line rental income receivable and lease intangibles 2,921 540 Loss on extinguishment of debt — 1,541 Recovery of loan losses (137) (208) Other normalizing items (1) 1,121 1,037 Normalized FFO $ 78,439 $ 76,877 FFO $ 74,534 $ 73,967 Stock-based compensation expense 2,521 2,229 Non-cash rental and related revenues 591 (2,398) Non-cash interest income 7 (392) Non-cash interest expense 3,071 3,014 Non-cash portion of loss on extinguishment of debt — 1,541 Recovery of loan losses (137) (208) Other adjustments related to unconsolidated joint ventures 153 69 Other adjustments 410 403 AFFO $ 81,150 $ 78,225 Other normalizing items (1) 1,106 1,021 Normalized AFFO $ 82,256 $ 79,246 Amounts per diluted common share: Net income (loss) $ 0.11 $ (0.04) FFO $ 0.32 $ 0.32 Normalized FFO $ 0.34 $ 0.33 AFFO $ 0.35 $ 0.34 Normalized AFFO $ 0.35 $ 0.34 Weighted average number of common shares outstanding, diluted: Net income (loss) 233,365,031 231,164,876 FFO and Normalized FFO 233,365,031 231,892,769 AFFO and Normalized AFFO 234,671,379 233,168,932

 
21 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of March 31, 2024 (1) Excludes four real estate properties held for sale as of the end of the current period. (2) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (3) Includes balances that impact cash or NOI and excludes non-cash items. (4) Includes $4.4 million related to four real estate properties held for sale as of the end of the current period. Annualized Cash NOI (1) Dollars in thousands Skilled Nursing/Transitional Care $ 251,772 Senior Housing - Leased 42,503 Senior Housing - Managed Consolidated Portfolio 66,269 Senior Housing - Managed Unconsolidated Portfolio 10,759 Behavioral Health 43,419 Specialty Hospitals and Other 18,839 Annualized Cash NOI (excluding loans receivable and other investments) $ 433,561 Obligations Dollars in thousands Secured debt (2) $ 47,640 Senior unsecured notes (2) 1,750,000 Revolving credit facility 146,127 Term loans (2) 540,760 Sabra’s share of unconsolidated joint venture debt 72,444 Total Debt 2,556,971 Add (less): Cash and cash equivalents and restricted cash (65,930) Sabra’s share of unconsolidated joint venture cash and cash equivalents and restricted cash (3,254) Accounts payable and accrued liabilities (3) 97,901 Net obligations $ 2,585,688 Other Assets Dollars in thousands Loans receivable and other investments, net $ 422,472 Accounts receivable, prepaid expenses and other assets, net (3)(4) 35,327 Total other assets $ 457,799 Common Shares Outstanding Total shares 231,494,286 We disclose components of our business relevant to calculate NAV. We consider NAV to be a useful supplemental measure that assists both management and investors to estimate the fair value of our Company. The calculation of NAV involves significant estimates and can be calculated using various methods. Each individual investor must determine the specific methodology, assumptions and estimates to use to arrive at an estimated NAV of the Company. The components of NAV do not consider potential changes in our investment portfolio. The components include non-GAAP financial measures, such as Cash NOI. Although these measures are not presented in accordance with GAAP, investors can use these non-GAAP financial measures as supplemental information to evaluate our business.

 
22 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 APPENDIX Disclaimer Disclaimer This supplement contains “forward-looking” information as that term is defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position, results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments, and plans and objectives for future operations. You can identify some of the forward-looking statements by the use of forward-looking words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "should," "may" and other similar expressions, although not all forward-looking statements contain these identifying words. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increased labor costs and historically low unemployment; increases in market interest rates and inflation; pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and Senior Housing - Managed communities; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’, borrowers' or operators’ failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants’, borrowers' or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets; risks associated with our ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this supplement or to reflect the occurrence of unanticipated events, unless required by law to do so. Note Regarding Non-GAAP Financial Measures This supplement includes the following financial measures defined as non-GAAP financial measures by the SEC: net operating income (“NOI”), Cash NOI, funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share, Normalized AFFO per diluted common share and Adjusted EBITDA (defined below). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under “Reporting Definitions” in this supplement and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/ financials/quarterly-results. Tenant and Borrower Information This supplement includes information regarding our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this supplement has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Sabra Information The information in this supplemental information package should be read in conjunction with the Company's Annual Report on Form 10- K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the SEC. The Reporting Definitions and Reconciliations of Non-GAAP Measures are an integral part of the information presented herein. On Sabra’s website, www.sabrahealth.com, you can access, free of charge, Sabra's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after such material is filed with, or furnished to, the SEC. The information contained on Sabra’s website is not incorporated by reference into, and should not be considered a part of, this supplemental information package. All material filed with the SEC can also be accessed through its website, www.sec.gov. For more information, contact Investor Relations at (888) 393-8248 or investorrelations@sabrahealth.com.

 
23 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 APPENDIX Reporting Definitions Adjusted EBITDA* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income (“Annualized Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income. Annualized Revenues  The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries or additional rents and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis. Behavioral Health Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Cash Net Operating Income (“Cash NOI”)*    The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income. Cash NOI Margin Cash NOI Margin is calculated as Cash NOI divided by resident fees and services. Consolidated Debt  The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements. Consolidated Debt, Net The carrying amount of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness, as reported in the Company’s consolidated financial statements. Consolidated Enterprise Value The Company believes Consolidated Enterprise Value is an important measurement as it is a measure of a company’s value. The Company calculates Consolidated Enterprise Value as market equity capitalization plus Consolidated Debt. Market equity capitalization is calculated as (i) the number of shares of common stock multiplied by the closing price of the Company’s common stock on the last day of the period presented plus (ii) the number of shares of preferred stock multiplied by the closing price of the Company’s preferred stock on the last day of the period presented. Consolidated Enterprise Value includes the Company’s market equity capitalization and Consolidated Debt, less cash and cash equivalents. EBITDARM  Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage  Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful.

 
24 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 APPENDIX Reporting Definitions Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)*  The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Grant Income Grant income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents. Investment Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities. Market Capitalization Total common shares of Sabra outstanding multiplied by the closing price per common share as of a given period. Net Debt* The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements. Net Debt to Adjusted EBITDA* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income (“NOI”)*   The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.

 
25 SABRA 1Q 2024 SUPPLEMENTAL INFORMATION March 31, 2024 APPENDIX Reporting Definitions Normalized FFO and Normalized AFFO* Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does. Occupancy Percentage Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. REVPOR REVPOR represents the average revenues generated per occupied unit per month at Senior Housing - Managed communities for the period indicated. It is calculated as resident fees and services revenues, excluding Grant Income, divided by average monthly occupied unit days. REVPOR includes only Stabilized Facilities. Senior Housing  Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix  Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. *Non-GAAP Financial Measures Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.

 
Document

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Reconciliations of Non-GAAP Financial Measures

March 31, 2024

(Unaudited)



SABRA HEALTH CARE REIT, INC.
2024 OUTLOOK

The table below sets forth our 2024 guidance (per diluted common share):
 LowHigh
Net income$0.53 $0.57 
Add:
Depreciation and amortization of real estate assets0.76 0.76 
Depreciation and amortization of real estate assets related to unconsolidated joint ventures0.04 0.04 
FFO$1.33 $1.37 
Normalizing items0.01 0.01 
Normalized FFO attributable to common stockholders$1.34 $1.38 
FFO attributable to common stockholders$1.33 $1.37 
Stock-based compensation expense0.04 0.04 
Non-cash rental and related revenues(0.03)(0.03)
Non-cash interest expense0.04 0.04 
AFFO$1.38 $1.42 
Normalizing items0.01 0.01 
Normalized AFFO attributable to common stockholders$1.39 $1.43 

The foregoing projections reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments.

http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.78926371.0001492298-24-000013logo2.jpg.ashx See reporting definitions.                        2


SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
FFO, Normalized FFO, AFFO and Normalized AFFO
(dollars in thousands, except per share data)

Three Months Ended March 31,
 20242023
Net income (loss)$26,254 $(9,487)
Add:
Depreciation and amortization of real estate assets42,914 52,827 
Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures2,229 2,048 
Net loss on sales of real estate— 21,515 
Impairment of real estate3,137 7,064 
FFO$74,534 $73,967 
Write-offs of cash and straight-line rental income receivable and lease intangibles2,921 540 
Loss on extinguishment of debt— 1,541 
Recovery of loan losses(137)(208)
Other normalizing items (1)
1,121 1,037 
Normalized FFO$78,439 $76,877 
FFO$74,534 $73,967 
Stock-based compensation expense2,521 2,229 
Non-cash rental and related revenues591 (2,398)
Non-cash interest income7 (392)
Non-cash interest expense3,071 3,014 
Non-cash portion of loss on extinguishment of debt— 1,541 
Recovery of loan losses(137)(208)
Other adjustments related to unconsolidated joint ventures153 69 
Other adjustments410 403 
AFFO$81,150 $78,225 
Other normalizing items (1)
1,106 1,021 
Normalized AFFO$82,256 $79,246 
Amounts per diluted common share:
Net income (loss)$0.11 $(0.04)
FFO$0.32 $0.32 
Normalized FFO$0.34 $0.33 
AFFO$0.35 $0.34 
Normalized AFFO$0.35 $0.34 
Weighted average number of common shares outstanding, diluted:
Net income (loss)233,365,031 231,164,876 
FFO and Normalized FFO 233,365,031 231,892,769 
AFFO and Normalized AFFO 234,671,379 233,168,932 



(1)     Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries.
http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.78926371.0001492298-24-000013logo2.jpg.ashx See reporting definitions.                        3



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
EBITDA, Adjusted EBITDA, Adjusted EBITDA, as adjusted and Annualized Adjusted EBITDA, as adjusted
Net Debt and Net Debt to Adjusted EBITDA
(in thousands)

Three Months Ended
March 31, 2024
Net income$26,254 
Interest28,408 
Income tax expense453 
Depreciation and amortization42,914 
EBITDA$98,029 
Loss from unconsolidated joint ventures595 
Distributions from unconsolidated joint venture1,404 
Stock-based compensation expense 2,521 
Acquisition and transaction costs247 
Provision for loan losses and non-cash revenue write-offs2,816 
Impairment of real estate3,137 
Other expense350 
Adjusted EBITDA (1)
$109,099 
Adjustments for current period activity (2)
85 
Adjusted EBITDA, as adjusted$109,184 
Adjusted EBITDA, as adjusted, annualized$436,736 
March 31, 2024
Secured debt$47,640 
Revolving credit facility146,127 
Term loans540,760 
Senior unsecured notes1,750,000 
Consolidated Debt2,484,527 
Cash and cash equivalents(59,927)
Net Debt$2,424,600 
March 31, 2024
Net Debt$2,424,600 
Annualized Adjusted EBITDA, as adjusted$436,736 
Net Debt to Adjusted EBITDA5.55x













(1)    Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company’s long-term equity award program and loan loss reserves.
(2)    Adjustments for current period activity give effect to the acquisitions and dispositions completed during the period as though such acquisitions and dispositions were completed as of the beginning of the period.
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SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income (Loss)
Supplemental Information
(in thousands)

Three Months Ended March 31,
 20242023
Cash rental income$89,036 $89,657 
Straight-line rental income1,152 1,347 
Write-offs of cash and straight-line rental income receivable and lease intangibles(2,954)(518)
Above/below market lease amortization1,211 1,568 
Operating expense recoveries3,331 3,816 
Rental and related revenues$91,776 $95,870 


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SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Senior Housing - Managed Revenues and Cash NOI
(in thousands)

Three Months Ended
 March 31, 2023June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Revenues:
Resident fees and services$56,721 $58,428 $59,748 $61,256 $66,031 
Loss from unconsolidated joint ventures:
Resident fees and services8,831 9,760 9,950 10,007 10,362 
Resident fees and services not included in same store (1)
(8,857)(10,770)(11,260)(11,754)(16,403)
Same store resident fees and services$56,695 $57,418 $58,438 $59,509 $59,990 
Net (loss) income$(9,487)$21,188 $(15,101)$17,156 $26,254 
Adjustments:
Net loss (income) not related to Senior Housing - Managed118 (19,638)18,275 (13,562)(21,673)
Depreciation and amortization11,131 12,279 11,885 11,707 12,084 
Other income— — (470)— (898)
Net loss (gain) on sale of real estate10,484 (18)(9)5 — 
Loss from unconsolidated joint ventures838 653 645 761 595 
Sabra's share of unconsolidated joint ventures' Net Operating Income2,026 2,681 2,612 2,425 2,690 
Cash Net Operating Income$15,110 $17,145 $17,837 $18,492 $19,052 
Cash Net Operating Income not included in same store (1)
(636)(1,966)(1,931)(2,357)(3,204)
Same store Cash Net Operating Income$14,474 $15,179 $15,906 $16,135 $15,848 
















(1)    Includes adjustments for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results.
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SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Property Type
(in thousands)

Three Months Ended March 31, 2024
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - Managed ConsolidatedSenior Housing - Managed UnconsolidatedTotal Senior HousingOtherCorporateTotal
Net income (loss)$37,640 $7,060 $5,176 $(595)$11,641 $5,130 $3,303 $8,940 $(40,400)$26,254 
Adjustments:
Depreciation and amortization21,597 4,144 12,084 — 16,228 3,557 1,461 — 71 42,914 
Interest204 219 — — 219 — — — 27,985 28,408 
General and administrative— — — — — — — — 11,890 11,890 
Recovery of loan losses— — — — — — — — (137)(137)
Impairment of real estate3,137 — — — — — — — — 3,137 
Other (income) expense— — (898)— (898)— — — 138 (760)
Loss from unconsolidated joint ventures— — — 595 595 — — — — 595 
Income tax expense— — — — — — — — 453 453 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — 2,690 2,690 — — — — 2,690 
Net Operating Income$62,578 $11,423 $16,362 $2,690 $30,475 $8,687 $4,764 $8,940 $— $115,444 
Non-cash revenue and expense adjustments(1,283)(738)— — (738)2,702 (59)7 — 629 
Cash Net Operating Income$61,295 $10,685 $16,362 $2,690 $29,737 $11,389 $4,705 $8,947 $— $116,073 
Annualizing adjustments (1)
190,477 31,818 49,907 8,069 89,794 32,030 14,134 25,753 — 352,188 
Annualized Cash Net Operating Income$251,772 $42,503 $66,269 $10,759 $119,531 $43,419 $18,839 $34,700 $— $468,261 
Reallocation adjustments (2)
652 5,871 — — 5,871 24,426 — (30,949)— — 
Annualized Cash Net Operating Income, as adjusted$252,424 $48,374 $66,269 $10,759 $125,402 $67,845 $18,839 $3,751 $— $468,261 






(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year.
(2)    Adjustments to reflect Annualized Cash Net Operating Income from mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate.
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SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Payor Source
(in thousands)

Three Months Ended March 31, 2024
Private PayorsNon-Private PayorsOtherCorporateTotal
Net income (loss)$19,339 $38,375 $8,940 $(40,400)$26,254 
Adjustments:
Depreciation and amortization21,991 20,852 — 71 42,914 
Interest231 192 — 27,985 28,408 
General and administrative— — — 11,890 11,890 
Recovery of loan losses— — — (137)(137)
Impairment of real estate2,708 429 — — 3,137 
Other (income) expense(898)— — 138 (760)
Loss from unconsolidated joint ventures595 — — — 595 
Income tax expense— — — 453 453 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income2,690 — — — 2,690 
Net Operating Income$46,656 $59,848 $8,940 $— $115,444 
Non-cash revenue and expense adjustments1,120 (498)7 — 629 
Cash Net Operating Income$47,776 $59,350 $8,947 $— $116,073 
Annualizing adjustments (1)
140,940 185,495 25,753 — 352,188 
Annualized Cash Net Operating Income$188,716 $244,845 $34,700 $— $468,261 













(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year.
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SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Relationship
(in thousands)

Three Months Ended March 31, 2024
Signature HealthcareEnsign GroupAvamere Family of CompaniesSignature BehavioralRecovery Centers of AmericaThe McGuire GroupAll Other RelationshipsCorporateTotal
Net income (loss)$1,914 $6,926 $6,439 $5,953 $6,393 $3,594 $35,435 $(40,400)$26,254 
Adjustments:
Depreciation and amortization3,392 3,246 2,969 2,242 480 1,782 28,732 71 42,914 
Interest— — — — — — 423 27,985 28,408 
General and administrative— — — — — — — 11,890 11,890 
Recovery of loan losses— — — — — — — (137)(137)
Impairment of real estate2,661 — — — — — 476 — 3,137 
Other (income) expense— — — — — — (898)138 (760)
Loss from unconsolidated joint ventures— — — — — — 595 — 595 
Income tax expense— — — — — — — 453 453 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — — — — 2,690 — 2,690 
Net Operating Income$7,967 $10,172 $9,408 $8,195 $6,873 $5,376 $67,453 $— $115,444 
Non-cash revenue and expense adjustments6 12 26 (170)(51)(987)1,793 — 629 
Cash Net Operating Income$7,973 $10,184 $9,434 $8,025 $6,822 $4,389 $69,246 $— $116,073 
Annualizing adjustments (1)
33,700 30,397 27,808 24,073 20,583 13,278 202,349 — 352,188 
Annualized Cash Net Operating Income$41,673 $40,581 $37,242 $32,098 $27,405 $17,667 $271,595 $— $468,261 













(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year.
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SABRA HEALTH CARE REIT, INC.
REPORTING DEFINITIONS
Adjusted EBITDA. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.
Annualized Cash Net Operating Income (“Annualized Cash NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income.
Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries or additional rents and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis.
Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling.
Cash Net Operating Income (“Cash NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income.
Consolidated Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements.
Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.
Net Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements.
Net Debt to Adjusted EBITDA. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.
Net Operating Income (“NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.
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SABRA HEALTH CARE REIT, INC.
REPORTING DEFINITIONS
Normalized FFO and Normalized AFFO. Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does.
Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities.
Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements.
Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities.
Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health.
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sbraex9942024q1_final
Strategic. Disciplined. Opportunistic. Investor Presentation  |  May 8, 2024

 
May 8, 2024 Investor Presentation Forward-Looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our expectations regarding earnings growth; population and demand growth; and our other expectations regarding our future financial position, results of operations (including our earnings guidance for 2024, as well as the assumptions set forth therein), cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions, plans and objectives for future operations and capital raising activity. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increased labor costs and historically low unemployment; increases in market interest rates and inflation; pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and Senior Housing - Managed communities; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’, borrowers’ or operators’ failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants’, borrowers’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets; risks associated with our ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements made in this presentation are not guarantees of future performance, events or results, and you should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. Disclaimers 2

 
May 8, 2024 Investor Presentation Tenant and Borrower Information This presentation includes information (e.g., EBITDARM Coverage and Occupancy Percentage) regarding certain of our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this presentation has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures related to Sabra Health Care REIT, Inc., including Annualized Cash NOI, Net Debt to Adjusted EBITDA and funds from operations (FFO). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP). An explanation of these non-GAAP financial measures is included under “Definitions” in the Appendix, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results. Disclaimers 3

 
LOREM IPSUM Heading May 8, 2024 Investor Presentation Our passion for quality care and deep industry experience uniquely position Sabra to succeed in the dynamic healthcare real estate market. We have the size, know-how and resilient balance sheet necessary to deliver long-term value to shareholders. Uniquely Positioned to Thrive 4

 
May 8, 2024 Investor Presentation 5 “We know what happens inside our buildings matters most. That’s why we align ourselves with operators who skillfully and compassionately care for the residents and patients in the buildings we own.” -Rick Matros (he/him), Chief Executive Officer STRATEGY

 
May 8, 2024 Investor Presentation Portfolio Strategy 6 STRATEGY Growing Demand > 80 population is expected to grow 4% per year through 2040 Drug overdose deaths have increased > 6x since 2000 Needs-Based Lifestyle enhancement Post-acute care Mental health treatment Psychosocial support Addiction treatment Dementia care Mission-Driven Passionate workforce Positive societal impact Community backbone Safety net infrastructure Skilled Nursing Senior Housing Behavioral Health

 
May 8, 2024 Investor Presentation Execution — Passion Meets Know-how Unique, Accretive Investments - Utilize our operational and asset management experience to identify and capitalize on new opportunities where off-market price dislocation exists. Support Operator Expansion - Be the capital partner of choice for the expansion and growth of leading operators with regional expertise and concentrated in markets with favorable demographics. Structure deals opportunistically across the capital stack. Creatively Financed Development - Pursue strategic development opportunities and long-term partnerships with leading developers. Optimize Portfolio - Continue to curate our portfolio to optimize diversification and maintain a mix of assets well-positioned for the future of healthcare delivery. Prudent Financing – Maintain balance sheet strength and lower leverage, while prioritizing available liquidity and recycled capital over new debt and equity issuances to fund any near-term investing activity. 7 STRATEGY

 
May 8, 2024 Investor Presentation 2024 Full-Year Guidance 8 STRATEGY IN ACTION Per diluted common share: Net Income $ 0.53 — $ 0.57 FFO $ 1.33 — $ 1.37 Normalized FFO $ 1.34 — $ 1.38 AFFO $ 1.38 — $ 1.42 Normalized AFFO $ 1.39 — $ 1.43 Earnings guidance above assumes no 2024 acquisition or disposition activity. Sabra is reiterating 2024 earnings guidance ranges as follows:

 
May 8, 2024 Investor Presentation “By consistently and deliberately executing our strategy, we deliver long-term value to our shareholders and provide the capital our tenants need to invest in their business and deliver quality care.” -Talya Nevo-Hacohen (she/her), Chief Investment Officer 9 STRATEGY IN ACTION

 
May 8, 2024 Investor Presentation Good for the Planet. Good for Our Stakeholders. Learn more about our commitment to strong corporate governance and our ongoing ESG efforts in our latest corporate sustainability report available on our website at sabrahealth.com. “The question for us is not how important our ESG principles are, but rather how we can effectively and efficiently integrate them into our business strategy in ways that are self-sustaining and accretive.” -Rick Matros (he/him), Chief Executive Officer 10 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

 
May 8, 2024 Investor Presentation ESG Framework “From our ESG Lunch & Learn series to our direct support collecting tenant utilities, we feel connected to our ESG goals and the environmental and social impact they represent.” -Yvonne Braden, Senior Associate, Asset Management 11 ENVIRONMENTAL, SOCIAL AND GOVERNANCE We understand that good governance underpins sustainability, strengthens the accountability of our Board and management team and supports the long-term interests of our stakeholders. Our ESG principles are intrinsically tied to our objective to drive shareholder value by operating efficiently, sustainably and with our stakeholders’ best interests in mind.

 
May 8, 2024 Investor Presentation E-Initiative Roadmap 12 ENVIRONMENTAL, SOCIAL AND GOVERNANCE Improving the environment starts with enabling our operators and is central to everything we do. We take a comprehensive, integrated and collaborative approach to environmental stewardship.

 
May 8, 2024 Investor Presentation Delos WISE Forum - Finding Solutions to Accelerate Change 13 ENVIRONMENTAL, SOCIAL AND GOVERNANCE As an extension of our WISE Initiative (Wellness in Senior Living Environment), Sabra helped organize and sponsor the inaugural WISE Forum bringing together like-minded REITs, along with industry leaders, to build community, discuss systemic challenges and create solutions for the future of senior living. The goal was to focus and act on not only the challenges but also the solutions and processes needed to accelerate change. The response to the forum was overwhelmingly positive.

 
May 8, 2024 Investor Presentation Committed to Diversity, Equity & Inclusion 54% As of March 31, 2024, women comprised 54% of our workforce and 64% of our management level/ leadership roles. 31% As of March 31, 2024, 31% of our team members self-identified as being members of one or more ethnic minorities. We believe our ethnic diversity is higher than this reported percentage as another 15% of our team members chose not to self-identify. 14 ENVIRONMENTAL, SOCIAL AND GOVERNANCE We believe a diverse workforce is essential to our continued success and gives us a competitive advantage. We integrated DE&I into our hiring process, which has proven to be successful in our hiring of top talent from diverse groups.

 
May 8, 2024 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 Excludes four real estate properties held for sale as of the end of the current period. Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for the period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears, and therefore, EBITDARM Coverage and Operating Statistics exclude assets acquired after December 31, 2023. 7 Years Wtd. Avg. Remaining Lease Term 409 Investments 1.79x   1.33x   3.77x 62 Relationships 35% Skilled Mix1 Average Occupancy Percentage1 78%   90%   80% SH - LeasedSNF/TC SNF/TC SH - Leased EBITDARM Coverage1 As of March 31, 2024 BH/Hosp./Oth. BH/Hosp./Oth. 15 PORTFOLIO

 
May 8, 2024 Investor Presentation 1 Excludes four real estate properties held for sale as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. See the Appendix to this presentation for the definition of Annualized Cash NOI. Diverse Portfolio, Positioned to Perform Relationship Concentration1 Asset Class Concentration1 As of March 31, 2024 16 PORTFOLIO Signature Healthcare, 8.9% The Ensign Group, 8.7% Avamere Family of Companies, 8.0% Signature Behavioral, 6.9% Recovery Centers of America, 5.9% The McGuire Group, 3.8% Managed (No Operator Credit Exposure), 16.5% Other 41.3% Senior Housing - Managed, 16.5% Behavioral Health, 14.5% Senior Housing - Leased, 10.3% Specialty Hospital and Other, 4.0%Other, 0.8% Skilled Nursing/ Transitional Care, 53.9%

 
May 8, 2024 Investor Presentation Favorable Supply and Demand Trends 17 PORTFOLIO SNF Supply and Demand 1,780 1,757 1,725 1,712 1,706 1,703 1,697 1,695 1,693 1,675 1,628 1,594 4,399 4,641 4,946 5,296 5,600 5,880 6,055 6,304 6,468 6,590 6,467 6,677 SNF Beds (000s) Population 85 or older (000s) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 — 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Source: Census.gov, AHCA, Care Compare Since 2000, the 85-or-older population has grown by 55%, compared to an 11% decline in skilled nursing beds over the same time frame.

 
May 8, 2024 Investor Presentation Medicaid and Medicare Rates Medicaid Average Daily Rate1,2 Medicare Average Daily Rate2 As of March 31, 2024 18 PORTFOLIO $182 $187 $194$207 $221 $239 $252 $266 $282 $291 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja n-17 Ja n-18 Ja n-19 Ja n-2 0 Ja n-2 1 Ja n-2 2 Ja n-2 3 Ja n-2 4 $150 $175 $200 $225 $250 $275 $300 CAGR: 4.0% $618 $595 $597 $605 $627 $649 $673 $713 $738 $764 $816 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja n-17 Ja n-18 Ja n-19 Ja n-2 0 Ja n-2 1 Ja n-2 2 Ja n-2 3 Ja n-2 4 $550 $600 $650 $700 $750 $800 $850 CAGR: 2.3% 1 Medicaid rate increase exceeded 5% in 2023. 2 Reflects daily average rate for Sabra’s NNN portfolio. Daily Medicaid and Medicare rates have increased substantially since COVID, supporting our operators’ recovery.

 
May 8, 2024 Investor Presentation “We invest in relationships with operators who are nimble and poised to deliver excellent care now and in the future.” -Peter Nyland, Executive Vice President, Asset Management 19 PORTFOLIO

 
May 8, 2024 Investor Presentation Advancing the Quality of Care We Work with Operators Who Are: • Committed to their mission • Nimble • Regional experts • In markets with favorable demographics • Well-positioned for the future of healthcare delivery OPERATORS 20

 
May 8, 2024 Investor Presentation We Support Our Operators We Invest in Our Tenants’ Success: • Redevelopment / Adaptive Reuse • Expansion • Strategic development • Flexible equity and debt capital solutions OPERATORS 21

 
May 8, 2024 Investor Presentation “What started with a single sale/leaseback transaction for a senior living community in Indiana has grown into a multi-state, multi- community relationship. We truly value the collaboration, insight and support we receive from Sabra. Sabra is who we think about first when it comes to a capital partner to support our company’s growth.” – Tom Smith, Chief Executive Officer & Co-Founder Leo Brown Group 22 OPERATORS

 
May 8, 2024 Investor Presentation “Our strong balance sheet and ready access to capital allows us to thoughtfully finance investment opportunities and drive value for our shareholders.” –Michael Costa, Chief Financial Officer 23 PERFORMANCE

 
May 8, 2024 Investor Presentation Prudent Balance Sheet Management 1 As of 3/31/2024. Common equity value estimated using outstanding common stock of 231.5 million shares and Sabra’s closing price of $14.61 as of 5/6/2024. 24 PERFORMANCE • Term loans hedged to an average rate of 4.0%, resulting in interest savings of about $16 million annually. • Ample liquidity of over $900 million ensures we have ready access to capital. • $500 million of availability under at-the-market (ATM) equity offering program. • 98% of borrowings are unsecured, providing additional balance sheet flexibility. CONSOLIDATED ENTERPRISE VALUE1 $5.8B Common Equity Value 58% Secured Debt 1% Hedged Term Loans 9% Fixed Rate Bonds 29% Line of Credit 3% As of March 31, 2024

 
May 8, 2024 Investor Presentation   Sabra 1Q 24 1 Investment-Grade peers range 2 Net Debt to Adjusted EBITDA 5.55x 3 4.37x - 6.86x Interest Coverage Ratio 4.06x 3.80x - 4.82x Debt as a % of Asset Value 37% 26% - 48% Secured Debt as a % of Asset Value 1% 0% - 9% Investment-Grade Credit Metrics 1 Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. 2 Investment-Grade Peers consists of WELL, VTR, OHI and NHI. The metrics used to calculate Investment-Grade peers range are sourced from the most recent public filings with the SEC and may not be calculated in a manner identical to Sabra’s metrics. 3 Based on the annualized trailing three-month period ended as of the date indicated. 25 PERFORMANCE We continue to focus on strengthening our balance sheet and portfolio without accessing the capital markets.

 
May 8, 2024 Investor Presentation Favorable Profile with Staggered Maturities 1 Revolving Credit Facility is subject to two six-month extension options. 2 Represents actual contractual interest rates excluding private mortgage insurance and impact of interest rate hedges. (Dollars in millions) Debt maturity profile at March 31, 2024 26 500 100 350 800 541 $2 $2 $2 $2 $2 $2 $2 $2 $2 $27 146 $854 2.9% 2.9% 5.1% 6.2% 6.6% 3.9% 2.9% 3.2% 2.9% 2.9% 3.1% Unsecured Bonds Term Loans Mortgage Debt / Secure Debt Line of Credit Available Line of Credit Wtd. Avg. Interest 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter $0 $200 $400 $600 $800 $1,000 $1,200 PERFORMANCE 1 2 We have no material debt maturities before 2026.

 
May 8, 2024 Investor Presentation Attractive Valuation Relative to Direct Peers Forward FFO multiples 1 Dividend yield 2 Premium / discount to consensus NAV Portfolio composition (% Annualized Cash NOI) 3 Sources: S&P Capital IQ as of 5/6/2024, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 5/6/2024 divided by the forward four quarter consensus FFO from S&P Capital IQ. 2 Dividend yield is calculated as most recent quarterly dividends declared per share annualized divided by stock price as of 5/6/2024. 3 Represents latest available concentration for peers from company filings as of 5/6/2024. AHR concentration represents beds/units. 4 Based on Annualized Cash NOI for the quarter ended 3/31/2024 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. 5 AHR SNF concentration includes only Triple-Net Leased NOI and does not include SNF NOI from Integrated Senior Health Campuses. 27 PERFORMANCE 10.7x 11.4x 11.8x 12.7x 14.8x 16.8x SBRA OHI AHR LTC NHI CTRE 8.2% 4.7% 5.6% 6.9% 7.1% 8.6% SBRA CTRE NHI LTC AHR OHI 11.4% -8.1% 8.5% 25.7% 31.6% 41.9% SBRA AHR LTC OHI NHI CTRE 27% 10% 21% 43% 62% 11% 54% 90% 71% 56% 33% 7% 19% 8% 1% 5% 82% Senior Housing Skilled Nursing Other SBRA CTRE OHI LTC NHI AHR4 5

 
May 8, 2024 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 5/6/2024. 2 Based on Annualized Cash NOI as of 3/31/2024 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. 3 Represents SNF EBITDARM Coverage for LTC, AHR and NHI; total portfolio EBITDARM Coverage for OHI and CTRE. 4 See appendix to this presentation for the definition of EBITDARM Coverage. 5 AHR SNF concentration includes only Triple-Net Leased NOI and does not include SNF NOI from Integrated Senior Health Campuses. Top five relationships concentration 1 SNF EBITDARM Coverage 1,3 SH EBITDARM Coverage 1 28 PERFORMANCE 54% 7% 33% 56% 71% 90% SBRA AHR NHI LTC OHI CTRE 38% 41% 44% 56% 62% 68% SBRA OHI LTC AHR NHI CTRE 1.79x 1.67x 1.69x 1.84x 2.78x2.82x SBRA AHR OHI LTC CTRE NHI 1.33x 1.19x 1.23x 1.30x 1.31x 1.45x SBRA AHR WELL VTR LTC NHI2 2 4 45

 
May 8, 2024 Investor Presentation Appendix 29 i

 
May 8, 2024 Investor Presentation Adjusted EBITDA.* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non- GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income (“Annualized Cash NOI”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income. Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries or additional rents and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis. Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Consolidated Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements. Consolidated Enterprise Value. The Company believes Consolidated Enterprise Value is an important measurement as it is a measure of a company’s value. The Company calculates Consolidated Enterprise Value as market equity capitalization plus Consolidated Debt. Market equity capitalization is calculated as (i) the number of shares of common stock multiplied by the closing price of the Company’s common stock on the last day of the period presented plus (ii) the number of shares of preferred stock multiplied by the closing price of the Company’s preferred stock on the last day of the period presented. Consolidated Enterprise Value includes the Company’s market equity capitalization and Consolidated Debt, less cash and cash equivalents. EBITDARM. Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage. Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/ tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Definitions 30 APPENDIX

 
May 8, 2024 Investor Presentation Funds From Operations (“FFO”) and Adjusted FFO (“AFFO”).*  The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Net Debt.* The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements. Net Debt to Adjusted EBITDA.* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Normalized FFO and Normalized AFFO.* Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does. Definitions 31 APPENDIX

 
May 8, 2024 Investor Presentation Occupancy Percentage. Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix. Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility. At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. * Non-GAAP Financial Measures: Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this presentation can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results. APPENDIX Definitions 32