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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): November 5, 2025
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 class Trading symbol(s) Name of each exchange on which registered
Common stock, $0.01 par value SBRA The 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 2.02 Results of Operations and Financial Condition.
On November 5, 2025, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended September 30, 2025. 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 7.01 Regulation 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 9.01 Financial Statements and Exhibits.
 
(d) Exhibits.
99.1
99.2
99.3
99.4
104 Cover 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: November 5, 2025 /S/    MICHAEL COSTA
Name:   Michael Costa
Title:   Chief Financial Officer, Secretary and Executive Vice President




EX-99.1 2 sbraex9912025q3.htm Q3 2025 EARNINGS RELEASE Document




Exhibit 99.1

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FOR IMMEDIATE RELEASE

SABRA REPORTS THIRD QUARTER 2025 RESULTS; UPDATES 2025 GUIDANCE

TUSTIN, CA, November 5, 2025 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the third quarter of 2025.

THIRD QUARTER 2025 RESULTS AND RECENT EVENTS
•Results per diluted common share for the third quarter of 2025 were as follows:
•Net Income: $0.09
•FFO: $0.33
•Normalized FFO: $0.36
•AFFO: $0.37
•Normalized AFFO: $0.38
•EBITDARM Coverage Summary:
•Skilled Nursing/Transitional Care: 2.35x
•Senior Housing - Leased: 1.52x
•Behavioral Health, Specialty Hospitals and Other: 3.90x

•Same store managed senior housing Cash NOI increased 13.3% on a year-over-year basis. Excluding the 16 properties formerly operated by Holiday that remain in Sabra’s same store pool, same store Cash NOI growth was 15.9% on a year-over-year basis.

•In the third quarter of 2025, Sabra acquired six managed senior housing properties for $217.5 million with an estimated initial cash yield of 7.8%, three of which were acquired through a consolidated joint venture in which Sabra has a 95% equity interest. Additionally, during the quarter, Sabra purchased the operations of four managed senior housing properties previously leased to a tenant under triple-net operating leases for $19.7 million. Subsequent to quarter end, Sabra closed on three additional managed senior housing properties for $124.0 million with an estimated initial cash yield of 7.0%, bringing total investments closed year-to-date to $421.9 million.

•Sabra has been awarded approximately $120 million of additional senior housing investments with an estimated initial cash yield of nearly 8%. These investments are currently in the Letter of Intent or later stage, and Sabra expects to fund these investments, if consummated, with available liquidity, including proceeds from outstanding forward sales agreements under its at-the-market equity offering program (“ATM program”).

•During the third quarter of 2025, Sabra issued 9.6 million shares in settlement of outstanding forward sale agreements at a weighted average price of $17.26 per share, net of commissions, resulting in net proceeds of $165.0 million. On August 5, 2025, Sabra entered into a new $750 million ATM Program and utilized the forward feature to allow for the sale of up to 3.2 million shares at an initial weighted average price of $18.45 per share, net of commissions.

•On September 10, 2025, Moody’s Ratings (“Moody’s”) upgraded Sabra’s senior unsecured notes rating to “Baa3” from “Ba1” and assigned a “Baa3” issuer rating to Sabra, with a Stable outlook. Moody’s cited several key factors supporting the rating upgrade, including the Company’s sound operating performance, diversified portfolio, improved net debt to EBITDA and the positive long-term outlook for senior housing.

•As of September 30, 2025, Net Debt to Adjusted EBITDA was 4.96x.

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•On November 5, 2025, Sabra’s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on November 28, 2025, to common stockholders of record as of the close of business on November 17, 2025.

2025 UPDATED GUIDANCE
Sabra is updating 2025 earnings guidance ranges as follows (attributable to common stockholders, per diluted common share):
•Net Income: $0.655 - $0.665
•FFO: $1.465 - $1.475
•Normalized FFO: $1.455 - $1.465
•AFFO: $1.455 - $1.465
•Normalized AFFO: $1.495 - $1.505
Earnings guidance above assumes:
•Low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions
•Full year average same-store cash NOI growth for the managed senior housing portfolio in the mid-teens
•General and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense
•Cash interest expense of approximately $104 million
•Weighted average share count of approximately 244.7 million and 245.7 million for Normalized FFO and Normalized AFFO, respectively
•No tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after September 30, 2025
•Only investments, dispositions, and capital markets activity completed as of the date of this release
The foregoing guidance ranges 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 guidance ranges as a result of new information or new or future developments.
Commenting on the third quarter’s results, Rick Matros, CEO and Chair, said, “Sabra delivered another strong quarter. Same store managed senior housing NOI growth was solid even considering the transition of the properties formerly operated by Holiday, and importantly, the performance of that group of transition assets improved every month during the quarter. Managed senior housing is growing more quickly than anticipated as a percentage of total NOI, and is now roughly 26%. As a result, we are updating our managed senior housing target concentration from 30% to 40%. Additionally, we now expect that investments for the year will exceed the high end of our previous target, which was $500 million. For Sabra’s triple net portfolio, EBITDARM rent coverage hit another post-pandemic high, with healthy coverage across our top ten tenants. Skilled nursing occupancy and skilled mix continue to increase. All in all, our portfolio’s progress is exceeding internal expectations.”
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LIQUIDITY
As of September 30, 2025, we had approximately $1.1 billion of liquidity, consisting of unrestricted cash and cash equivalents of $200.6 million, available borrowings under our revolving credit facility of $717.8 million and $157.3 million related to shares outstanding under forward sale agreements under the prior ATM program and ATM program. As of September 30, 2025, we also had $690.9 million available under the ATM program.
CONFERENCE CALL AND COMPANY INFORMATION
A conference call with a simultaneous webcast to discuss the 2025 third quarter results will be held on Thursday, November 6, 2025, at 10:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/285294519. 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 third quarter will also be available on the Company’s website in the “Investors” section.
ABOUT SABRA
As of September 30, 2025, Sabra’s investment portfolio included 363 real estate properties held for investment (consisting of (i) 217 skilled nursing/transitional care facilities, (ii) 32 senior housing communities (“senior housing - leased”), (iii) 83 senior housing communities operated by third-party property managers pursuant to property management agreements (“senior housing - managed”), (iv) 16 behavioral health facilities and (v) 15 specialty hospitals and other facilities), 14 investments in loans receivable (consisting of three mortgage loans and 11 other loans), four preferred equity investments and two investments in unconsolidated joint ventures. As of September 30, 2025, Sabra’s real estate properties held for investment included 36,998 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 other expectations regarding our future financial position (including our earnings guidance for 2025, as well as the assumptions set forth therein); our expectations regarding our results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions; our expectations regarding our investment activity, including the expected funding for such investments; and our 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: the ability to reach a definitive agreement for awarded investments and our ability to close such acquisitions on the expected terms or at all; increased labor costs and labor shortages; increases in market interest rates and inflation; pandemics or epidemics, such as 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; 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.
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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, 2024. 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: Net Debt to Adjusted EBITDA, 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, net operating income (“NOI”) and Cash 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
(dollars in thousands, except per share data)

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Revenues:
Rental and related revenues (1)
$ 85,354  $ 94,555  $ 281,214  $ 285,427 
Resident fees and services 92,017  73,746  248,449  207,716 
Interest and other income 12,666  9,700  33,067  27,746 
Total revenues 190,037  178,001  562,730  520,889 
Expenses:
Depreciation and amortization 48,511  42,720  135,591  127,315 
Interest 28,901  29,467  83,549  87,189 
Triple-net portfolio operating expenses 3,708  4,270  10,885  12,992 
Senior housing - managed portfolio operating expenses 65,946  54,234  179,804  154,258 
General and administrative 12,560  12,404  37,802  37,035 
Recovery of loan losses (240) (148) (640) (446)
Impairment of real estate 2,571  —  6,674  18,472 
Total expenses 161,957  142,947  453,665  436,815 
Other (expense) income:
Loss on extinguishment of debt (1,154) —  (1,154) — 
Other (expense) income (769) —  13,978  838 
Net (loss) gain on sales of real estate (4,430) (5,745) 5,544  (3,969)
Total other (expense) income (6,353) (5,745) 18,368  (3,131)
Income before income (loss) from unconsolidated joint ventures and income tax (expense) benefit 21,727  29,309  127,433  80,943 
Income (loss) from unconsolidated joint ventures 1,226  214  2,276  (301)
Income tax (expense) benefit (436) 265  (1,346) (625)
Net income 22,517  29,788  128,363  80,017 
Net loss attributable to noncontrolling interests 21  —  21  — 
Net income attributable to Sabra Health Care REIT, Inc. $ 22,538  $ 29,788  $ 128,384  $ 80,017 
Net income attributable to Sabra Health Care REIT, Inc., per:
Basic common share $ 0.09  $ 0.13  $ 0.54  $ 0.34 
Diluted common share $ 0.09  $ 0.13  $ 0.53  $ 0.34 
Weighted average number of common shares outstanding, basic 239,896,059  234,290,187  238,595,147  232,459,388 
Weighted average number of common shares outstanding, diluted 243,558,449  237,043,400  241,593,992  234,777,101 










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

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Cash rental income $ 88,946  $ 91,829  $ 271,414  $ 273,955 
Straight-line rental income 1,027  1,119  3,683  3,383 
Write-offs of cash and straight-line rental income receivable and lease intangibles (9,237) (3,086) (7,759) (5,539)
Above/below market lease amortization 1,058  1,212  3,256  3,634 
Operating expense recoveries 3,560  3,481  10,620  9,994 
Rental and related revenues $ 85,354  $ 94,555  $ 281,214  $ 285,427 
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)  
 
September 30, 2025 December 31, 2024
Assets
Real estate investments, net of accumulated depreciation of $1,214,938 and $1,102,030 as of September 30, 2025 and December 31, 2024, respectively
$ 4,629,842  $ 4,513,734 
Loans receivable and other investments, net 436,526  442,584 
Investment in unconsolidated joint ventures 117,856  121,803 
Cash and cash equivalents 200,602  60,468 
Restricted cash 6,916  5,871 
Lease intangible assets, net 59,808  27,464 
Accounts receivable, prepaid expenses and other assets, net 113,223  131,755 
Total assets $ 5,564,773  $ 5,303,679 
Liabilities
Secured debt, net $ 43,790  $ 45,316 
Revolving credit facility 282,213  106,554 
Term loans, net 1,030,058  529,753 
Senior unsecured notes, net 1,235,129  1,736,025 
Accounts payable and accrued liabilities 124,042  117,896 
Lease intangible liabilities, net 22,588  26,847 
Total liabilities 2,737,820  2,562,391 
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and December 31, 2024
—  — 
Common stock, $0.01 par value; 500,000,000 shares authorized, 249,349,673 and 237,586,882 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
2,493  2,376 
Additional paid-in capital 4,792,753  4,592,605 
Cumulative distributions in excess of net income (1,964,336) (1,874,633)
Accumulated other comprehensive (loss) income (5,976) 20,940 
Total Sabra Health Care REIT, Inc. stockholders’ equity 2,824,934  2,741,288 
Noncontrolling interests 2,019  — 
Total equity 2,826,953  2,741,288 
Total liabilities and equity $ 5,564,773  $ 5,303,679 



 


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

  Nine Months Ended September 30,
2025 2024
Cash flows from operating activities:
Net income $ 128,363  $ 80,017 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 135,591  127,315 
Non-cash rental and related revenues 820  (2,229)
Non-cash interest income 24 
Non-cash interest expense 5,608  8,750 
Stock-based compensation expense 8,290  6,448 
Loss on extinguishment of debt 1,154  — 
Recovery of loan losses (640) (446)
Net (gain) loss on sales of real estate (5,544) 3,969 
Impairment of real estate 6,674  18,472 
(Income) loss from unconsolidated joint ventures (2,276) 301 
Distributions of earnings from unconsolidated joint ventures 5,917  3,754 
Other non-cash items (17,190) — 
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net (9,129) (13,589)
Accounts payable and accrued liabilities 3,541  (2,213)
Net cash provided by operating activities 261,186  230,573 
Cash flows from investing activities:
Acquisition of real estate and lease intangibles (301,563) (112,225)
Origination and fundings of loans receivable (5,710) (21,540)
Origination and fundings of preferred equity investments (9) (2,529)
Additions to real estate (24,183) (39,189)
Escrow deposits for potential investments (500) — 
Repayments of loans receivable 15,442  2,776 
Repayments of preferred equity investments 1,977  5,322 
Investment in unconsolidated joint ventures (1,241) (717)
Net proceeds from the sales of real estate 43,087  40,541 
Proceeds from net investment hedges 4,462  — 
Insurance proceeds 1,267  — 
Distributions in excess of earnings from unconsolidated joint ventures 5,557  — 
Net cash used in investing activities (261,414) (127,561)
Cash flows from financing activities:
Net borrowings from revolving credit facility 174,805  58,815 
Principal payments on senior unsecured notes (500,000) — 
Proceeds from term loans 500,000  — 
Principal payments on secured debt (1,562) (1,520)
Payments of deferred financing costs (4,405) (80)
Payments related to extinguishment of debt (2,884) — 
Contributions from noncontrolling interests 2,040  — 
Issuance of common stock, net 188,350  71,362 
Dividends paid on common stock (214,692) (209,174)
Net cash provided by (used in) financing activities 141,652  (80,597)
Net increase in cash, cash equivalents and restricted cash 141,424  22,415 
Effect of foreign currency translation on cash, cash equivalents and restricted cash (245) (158)
Cash, cash equivalents and restricted cash, beginning of period 66,339  46,719 
Cash, cash equivalents and restricted cash, end of period $ 207,518  $ 68,976 
Supplemental disclosure of cash flow information:
Interest paid $ 72,820  $ 71,632 
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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 September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Net income attributable to Sabra Health Care REIT, Inc. $ 22,538  $ 29,788  $ 128,384  $ 80,017 
Add:
Depreciation and amortization of real estate assets 48,511  42,720  135,591  127,315 
Depreciation and amortization of real estate assets related to noncontrolling interests (40) —  (40) — 
Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,722  2,243  5,945  6,680 
Net loss (gain) on sales of real estate 4,430  5,745  (5,544) 3,969 
Impairment of real estate 2,571  —  6,674  18,472 
FFO attributable to Sabra Health Care REIT, Inc. $ 79,732  $ 80,496  $ 271,010  $ 236,453 
Write-offs of cash and straight-line rental income receivable and lease intangibles 9,237  3,086  7,759  5,539 
Lease termination income, net of expense (1,518) —  (1,518) — 
Loss on extinguishment of debt 1,154  —  1,154  — 
Recovery of loan losses (240) (148) (640) (446)
Other normalizing items (1)
270  119  (14,166) 2,718 
Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 88,635  $ 83,553  $ 263,599  $ 244,264 
FFO attributable to Sabra Health Care REIT, Inc. $ 79,732  $ 80,496  $ 271,010  $ 236,453 
Stock-based compensation expense 2,875  2,586  8,290  6,448 
Non-cash rental and related revenues 7,151  (433) 820  (2,229)
Non-cash interest expense 2,153  2,611  5,608  8,750 
Non-cash portion of loss on extinguishment of debt (1,730) —  (1,730) — 
Recovery of loan losses (240) (148) (640) (446)
Other adjustments related to unconsolidated joint ventures 218  113  237  401 
Other adjustments (2)
547  365  (15,535) 1,216 
AFFO attributable to Sabra Health Care REIT, Inc. $ 90,706  $ 85,590  $ 268,060  $ 250,593 
Lease termination income, net of expense (1,518) —  (1,518) — 
Cash portion of loss on extinguishment of debt 2,884  —  2,884  — 
Write-off of cash rental income —  1,189  —  751 
Other normalizing items (1)
81  113  2,619  2,549 
Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 92,153  $ 86,892  $ 272,045  $ 253,893 
Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.:
Net income $ 0.09  $ 0.13  $ 0.53  $ 0.34 
FFO $ 0.33  $ 0.34  $ 1.12  $ 1.01 
Normalized FFO $ 0.36  $ 0.35  $ 1.09  $ 1.04 
AFFO $ 0.37  $ 0.36  $ 1.10  $ 1.06 
Normalized AFFO $ 0.38  $ 0.37  $ 1.12  $ 1.08 
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO 243,558,449  237,043,400  241,593,992  234,777,101 
AFFO and Normalized AFFO 244,468,871  237,940,868  242,666,745  235,890,966 
(1)    Other normalizing items for FFO for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.4 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the nine months ended September 30, 2025 include $3.4 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
(2)    Other adjustments for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.
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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.

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 and is presented at Sabra’s pro rata share.

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, 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.
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REPORTING DEFINITIONS
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.

Investment
Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities.

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.

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.
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REPORTING DEFINITIONS

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.
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EX-99.2 3 sbraex9922025q3-final.htm Q3 2025 SUPPLEMENTAL INFORMATION sbraex9922025q3-final




2 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 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 INVESTMENTS Summary 13 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 17 FINANCIAL INFORMATION 2025 Outlook Consolidated Financial Statements - Statements of Income 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) 24 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results


 
3 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 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 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 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 Financial Metrics Reflect Sabra’s pro rata share; dollars in thousands, except per share data September 30, 2025 Three Months Ended Nine Months Ended Revenues $ 189,920 $ 562,613 Net operating income 124,378 382,951 Cash net operating income 131,537 383,709 Diluted per share data: EPS $ 0.09 $ 0.53 FFO 0.33 1.12 Normalized FFO 0.36 1.09 AFFO 0.37 1.10 Normalized AFFO 0.38 1.12 Dividends per common share 0.30 0.90 Capitalization and Market Facts Key Credit Metrics (1) September 30, 2025 September 30, 2025 Common shares outstanding 249.3 million Net Debt to Adjusted EBITDA 4.96x Common equity Market Capitalization $4.6 billion Interest Coverage 4.44x Consolidated Debt $2.6 billion Fixed Charge Coverage Ratio 4.36x Consolidated Enterprise Value $7.1 billion Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Common stock closing price $18.64 Unencumbered Assets/Unsecured Debt 265 % Common stock 52-week range $15.60 - $20.03 Common stock ticker symbol SBRA Portfolio Dollars in thousands, units and Cash NOI reflect Sabra’s pro rata share Three Months Ended September 30, 2025As of September 30, 2025 Property Count Investment Beds/Units Cash NOI Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing/Transitional Care 217 $ 2,874,678 24,518 $ 62,968 Senior Housing - Leased 32 377,287 2,668 9,795 Behavioral Health 16 476,355 1,138 11,202 Specialty Hospitals and Other 15 225,498 392 4,835 Total Triple-Net Portfolio 280 3,953,818 28,716 Senior Housing - Managed 83 1,888,163 8,282 26,032 Consolidated Real Estate Investments 363 5,841,981 36,998 Unconsolidated Joint Venture Senior Housing - Managed 16 201,740 1,256 4,039 Total Equity Investments 379 6,043,721 38,254 Investments in Loans Receivable, gross (2) 14 372,467 Preferred Equity Investments, gross (3) 4 64,157 Includes 60 relationships in 40 U.S. states and CanadaTotal Investments 397 $ 6,480,345 (1) See page 16 of this supplement for important information about these credit metrics. (2) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds and one investment which has a purchase option on one Skilled Nursing/ Transitional Care facility with 106 beds. (3) Our preferred equity investments include investments in entities owning three Senior Housing developments with 516 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. OVERVIEW


 
5 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 Operating Statistics Twelve Months Ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Occupancy Skilled Nursing/Transitional Care 80.3 % 80.9 % 81.7 % 82.6 % 83.0 % Senior Housing - Leased 89.6 % 89.6 % 90.1 % 90.1 % 88.7 % Behavioral Health, Specialty Hospitals and Other 78.6 % 77.9 % 77.7 % 77.5 % 76.4 % Skilled Mix Skilled Nursing/Transitional Care 37.4 % 37.7 % 37.8 % 38.1 % 38.3 % PORTFOLIO Triple-Net Portfolio (1) (1) 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 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Skilled Nursing/Transitional Care 1.94x 2.09x 2.19x 2.27x 2.35x Senior Housing - Leased 1.37x 1.36x 1.41x 1.49x 1.52x Behavioral Health, Specialty Hospitals and Other 3.68x 3.66x 3.77x 3.87x 3.90x Key Triple-Net Relationships EBITDARM Coverage Twelve Months Ended Relationship Primary Property Type March 31, 2025 June 30, 2025 Avamere Family of Companies Skilled Nursing 1.95x 1.93x Ensign Group Skilled Nursing 2.83x 2.87x Signature Healthcare Skilled Nursing 2.37x 2.60x Signature Behavioral Behavioral Hospitals 1.56x 1.59x The McGuire Group Skilled Nursing 1.93x 1.93x Healthmark Group Skilled Nursing 1.55x 1.63x Communicare Skilled Nursing 1.77x 1.87x Cadia Healthcare Skilled Nursing 1.69x 1.72x Focused Post Acute Care Partners Skilled Nursing 1.78x 1.80x Southern Healthcare Skilled Nursing 2.92x 3.06x Other Mulitple 3.18x 3.42x Total 2.43x 2.53x


 
6 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 PORTFOLIO Senior Housing - Managed Portfolio (1) 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 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Consolidated Portfolio Number of Properties 68 69 69 73 83 Number of Units 6,588 6,680 6,680 6,981 8,282 Recurring capital expenditures $ 2,100 $ 1,547 $ 1,257 $ 1,271 $ 1,965 Resident fees and services $ 73,746 $ 76,865 $ 77,447 $ 78,985 $ 91,900 Cash NOI $ 19,512 $ 21,107 $ 20,993 $ 21,581 $ 26,032 Cash NOI Margin % 26.5 % 27.5 % 27.1 % 27.3 % 28.3 % Unconsolidated Portfolio Number of Properties 16 16 16 16 16 Number of Units 1,256 1,256 1,256 1,256 1,256 Recurring capital expenditures $ 275 $ 236 $ 140 $ 196 $ 278 Resident fees and services $ 10,772 $ 10,646 $ 10,192 $ 10,989 $ 11,524 Cash NOI $ 3,408 $ 3,041 $ 3,065 $ 3,764 $ 4,039 Cash NOI Margin % 31.6 % 28.6 % 30.1 % 34.3 % 35.0 % Same Store Operating Performance (1) Reflects Sabra’s pro rata share, except number of properties; dollars in thousands, except REVPOR Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Number of Properties 70 70 70 70 70 Number of Available Units 6,443 6,466 6,486 6,483 6,485 REVPOR $ 4,217 $ 4,261 $ 4,282 $ 4,327 $ 4,361 Occupancy 84.9 % 85.7 % 85.7 % 85.9 % 86.0 % Resident fees and services $ 69,164 $ 70,844 $ 71,399 $ 72,282 $ 72,929 Cash NOI $ 19,649 $ 20,759 $ 21,264 $ 22,806 $ 22,271 Cash NOI Margin % 28.4 % 29.3 % 29.8 % 31.6 % 30.5 %


 
7 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of September 30, 2025 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 September 30, 2025 (1) Maturity Date Mortgage 3 Behavioral Health / Skilled Nursing $ 335,600 $ 335,600 7.7 % 7.7 % $ 6,514 11/01/26 - 06/01/29 Other 11 Multiple 45,678 42,223 7.6 % 7.1 % 819 12/31/25 - 08/31/33 14 381,278 377,823 7.7 % 7.7 % $ 7,333 Allowance for loan losses — (5,454) $ 381,278 $ 372,369 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended September 30, 2025 (1) Preferred Equity 4 Skilled Nursing / Senior Housing $ 51,844 $ 51,844 $ 64,157 11.0 % $ 1,719 (1) Includes income related to loans receivable and other investments held as of September 30, 2025.


 
8 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 The Ensign Group: 8.0% Signature Healthcare: 7.7% Signature Behavioral: 6.5% Recovery Centers of America: 5.3% The McGuire Group: 3.8% Managed (No Operator Credit Exposure): 25.9% Other: 34.8% Avamere Family of Companies: 8.0% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of September 30, 2025 (1) 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: 13.1% Senior Housing - Leased: 7.8% Specialty Hospital and Other: 3.7%Other: 0.6% Skilled Nursing/Transitional Care: 48.9% Senior Housing - Managed: 25.9% Private Pay: 48.3% Non-Private: 51.7%


 
9 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Property Type As of September 30, 2025 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated    Behavioral Health Specialty Hospitals and Other Total % of Total Texas 33 3 7 — 13 56 15.4 % California 23 — 2 3 1 29 8.0 Kentucky 24 1 1 1 1 28 7.7 Indiana 14 2 5 2 — 23 6.4 Oregon 15 1 3 — — 19 5.2 North Carolina 13 — 2 — — 15 4.1 Missouri 10 — 2 1 — 13 3.6 Washington 10 — 2 — — 12 3.3 Massachusetts 11 — — — — 11 3.0 New York 9 — 1 — — 10 2.8 Other (30 states & Canada) 55 25 58 9 — 147 40.5 Total 217 32 83 16 15 363 100.0 % % of Total 59.8 % 8.8 % 22.9 % 4.4 % 4.1 % 100.0 % Distribution of Beds/Units As of September 30, 2025   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 56 4,211 350 856 — 325 5,742 15.5 % Kentucky 28 2,572 130 142 60 40 2,944 8.0 Indiana 23 1,429 277 701 138 — 2,545 6.9 California 29 1,924 — 160 313 27 2,424 6.5 Oregon 19 1,520 215 162 — — 1,897 5.1 North Carolina 15 1,454 — 237 — — 1,691 4.6 New York 10 1,576 — 107 — — 1,683 4.5 Massachusetts 11 1,465 — — — — 1,465 4.0 Washington 12 1,123 — 165 — — 1,288 3.5 Missouri 13 763 — 311 82 — 1,156 3.1 Other (30 states & Canada) 147 6,481 1,696 5,441 545 — 14,163 38.3 Total 363 24,518 2,668 8,282 1,138 392 36,998 100.0 % % of Total 66.3 % 7.2 % 22.4 % 3.1 % 1.0 % 100.0 %


 
10 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued Investment Dollars in thousands As of September 30, 2025   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 56 $ 340,667 $ 27,335 $ 205,441 $ — $ 187,387 $ 760,830 13.0 % California 29 411,612 — 59,093 217,699 7,798 696,202 11.9 Indiana 23 197,016 59,046 179,687 12,156 — 447,905 7.7 Oregon 19 261,316 33,002 54,555 — — 348,873 6.0 Kentucky 28 245,624 35,473 23,861 9,373 30,313 344,644 5.9 New York 10 298,639 — 22,243 — — 320,882 5.5 Ohio 6 13,447 — 195,531 — — 208,978 3.6 North Carolina 15 125,549 — 74,946 — — 200,495 3.4 Washington 12 137,093 — 41,104 — — 178,197 3.1 Arizona 5 — 10,347 39,566 121,757 — 171,670 2.9 Other (30 states and Canada) (1) 160 843,715 212,084 992,136 115,370 — 2,163,305 37.0 Total 363 $ 2,874,678 $ 377,287 $ 1,888,163 $ 476,355 $ 225,498 $ 5,841,981 100.0 % % of Total 49.2 % 6.5 % 32.3 % 8.1 % 3.9 % 100.0 % (1) Investment balance in Canada is based on the exchange rate as of September 30, 2025 of $0.7185 per 1 CAD.


 
11 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 PORTFOLIO Triple-Net Lease Expirations Triple-Net Lease Expirations Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of September 30, 2025   % of Total 10/01/25 - 12/31/25 (1) $ 968 $ — $ 3,692 $ — $ 4,660 1.3 % 2026 1,948 719 — — 2,667 0.8 % 2027 22,004 4,476 — — 26,480 7.6 % 2028 23,066 1,134 — 3,595 27,795 7.9 % 2029 47,238 5,393 — 6,291 58,922 16.8 % 2030 — — — 4,818 4,818 1.4 % 2031 85,314 4,248 — — 89,562 25.5 % 2032 7,850 1,777 33,723 3,938 47,288 13.5 % 2033 — 3,944 5,077 — 9,021 2.6 % 2034 5,421 3,408 — — 8,829 2.5 % Thereafter 59,684 8,607 1,547 772 70,610 20.1 % Total Annualized Revenues $ 253,493 $ 33,706 $ 44,039 $ 19,414 $ 350,652 100.0 % (1) Includes leases on a month-to-month term.


 
12 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 INVESTMENTS Summary Investment Activity Dollars in thousands Investment Number of Properties Beds/Units 2025 Amounts Invested (1) Expected Initial Cash Yield Real Estate Senior Housing - Leased 1Q 2025 (2) N/A 24 $ 7,789 7.50 % Senior Housing - Managed 2Q 2025 1 212 53,000 7.50 % 3Q 2025 (3) 6 709 217,458 7.77 % Additions to Real Estate (4) N/A N/A 2,112 8.44 % 280,359 7.72 % Loans Receivable Fundings N/A N/A 5,710 8.25 % All Investments through September 30, 2025 $ 286,069 7.73 % (1) Excludes capitalized acquisition costs and origination fees. (2) Includes the Company's exercise of its option to acquire additional units on the campus of one of its Senior Housing - Leased communities. (3) Excludes the Company's purchase of the operations of four Senior Housing - Managed communities previously leased under triple-net operating leases for an aggregate $19.7 million. Concurrent with the purchase, the triple-net operating leases were terminated and the Company entered into property management agreements with the former tenant. (4) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio.


 
13 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of September 30, 2025 Secured debt $ 44,548 Revolving credit facility 282,213 Term loans 1,037,775 Senior unsecured notes 1,250,000 Total 2,614,536 Deferred financing costs and premiums/discounts, net (23,346) Total, net $ 2,591,190 Revolving Credit Facility Dollars in thousands As of September 30, 2025 Credit facility availability $ 717,787 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of September 30, 2025 Shares Outstanding   Price   Value Common stock 249,349,673 $ 18.64 $ 4,647,878 Consolidated Debt 2,614,536 Cash and cash equivalents (200,602) Consolidated Enterprise Value $ 7,061,812 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 EPS, FFO and Normalized FFO AFFO and Normalized AFFO EPS, FFO and Normalized FFO AFFO and Normalized AFFO Basic common stock 239,896,059 239,896,059 238,595,147 238,595,147 Dilutive securities: Restricted stock units 2,858,700 3,769,122 2,678,599 3,751,352 Forward equity sale agreements 803,690 803,690 320,246 320,246 Diluted common and common equivalents 243,558,449 244,468,871 241,593,992 242,666,745 At-The-Market Common Stock Offering Program Dollars in thousands, except per share amounts Three Months Ended September 30, 2025 Shares issued 9,557,500 Net proceeds $ 164,975 Weighted average price per share, net of commissions $ 17.26 Availability as of September 30, 2025 $ 690,911 Forward sales agreements as of September 30, 2025 Shares outstanding 8,672,717 Weighted average price per share, net of commissions $ 18.14


 
14 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of September 30, 2025 Principal     % of Total Fixed Rate Debt   Secured debt $ 44,548     3.36 %   1.7 % Senior unsecured notes 1,250,000     3.61 %   47.8 % Total fixed rate debt 1,294,548     3.60 %   49.5 % Variable Rate Debt (2)   Revolving credit facility 282,213     5.31 %   10.8 % Term loans 1,037,775 4.37 % 39.7 % Total variable rate debt 1,319,988     4.57 %   50.5 % Consolidated Debt $ 2,614,536     4.09 %   100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of September 30, 2025 Principal     % of Total Secured Debt   Secured debt $ 44,548     3.36 %   1.7 % Unsecured Debt Senior unsecured notes 1,250,000     3.61 %   47.8 % Revolving credit facility 282,213     5.31 %   10.8 % Term loans 1,037,775 4.37 % 39.7 % Total unsecured debt 2,569,988     4.10 %   98.3 % Consolidated Debt $ 2,614,536     4.09 %   100.0 % (1) Weighted average effective interest rate includes private mortgage insurance and impact of interest rate hedges. (2) Variable rate debt includes $930.0 million subject to interest rate swaps that fix SOFR at a weighted average rate of 3.20%, and $107.8 million (CAD $150.0 million) subject to swap agreements that fix CORRA at 2.59% as of September 30, 2025. Excluding these amounts, variable rate debt was 10.8% of Consolidated Debt as of September 30, 2025.


 
15 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes   Term Loans     Revolving Credit Facility (1) Consolidated Debt As of September 30, 2025 Principal Rate (2) Principal Rate (2)   Principal Rate (2)     Principal Rate (2) Principal Rate (2) 10/01/25 - 12/31/25 (1) $ 527   3.36 %   $ —   —     $ —   —     $ — — $ 527   3.36 % 2026 2,147   3.37 %   —   —     —   —     — — 2,147   3.37 % 2027 2,206   3.38 %   100,000   5.88 %     —   —     282,213 5.31 % 384,419   5.45 % 2028 2,266   3.40 %   —   — 537,775   4.11 %     — — 540,041   4.11 % 2029 2,328   3.42 %   350,000   3.90 % —   —     — — 352,328   3.90 % 2030 2,392   3.44 %   —   —     500,000   4.64 %     — — 502,392   4.63 % 2031 2,093   3.46 %   800,000 3.20 % —   —     — — 802,093   3.20 % 2032 1,887   3.47 %   —   —     —   —     — — 1,887   3.47 % 2033 1,940   3.48 %   —   —     —   —     — — 1,940   3.48 % 2034 1,995   3.50 % — — — — — — 1,995 3.50 % Thereafter 24,767   3.68 %   —   —     —   —     — — 24,767   3.68 % Total $ 44,548   $ 1,250,000 $ 1,037,775     $ 282,213 $ 2,614,536 Wtd. avg. maturity/years 19.6   5.2 3.5     1.3 4.4 Wtd. avg. interest rate (2) 3.36 %   3.61 % 4.37 %     5.31 % 4.09 % (1) Revolving Credit Facility is subject to two six-month extension options. (2) Includes private mortgage insurance and impact of interest rate hedges.


 
16 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 Key Credit Metrics (1) September 30, 2025 Net Debt to Adjusted EBITDA (2) 4.96x Interest Coverage 4.44x Fixed Charge Coverage Ratio 4.36x Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 265 % Cost of Permanent Consolidated Debt (3) 3.94 % Unsecured Notes Ratings S&P (Stable outlook) BBB- Fitch (Stable outlook) BBB- Moody’s (Stable outlook) Baa3 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 5.31% as of September 30, 2025.


 
17 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 2025 Full-Year Guidance   Diluted per share data Net income $ 0.655 — $ 0.665 FFO $ 1.465 — $ 1.475 Normalized FFO $ 1.455 — $ 1.465 AFFO $ 1.455 — $ 1.465 Normalized AFFO $ 1.495 — $ 1.505 FINANCIAL INFORMATION 2025 Outlook Earnings guidance above assumes: • low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions; • full-year average same-store Cash NOI growth for the Senior Housing - Managed portfolio in the mid-teens; • general and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense; • cash interest expense of approximately $104 million; • weighted average share count of approximately 244.7 million and 245.7 million for Normalized FFO and Normalized AFFO, respectively; • no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after September 30, 2025; and • only investments, dispositions and capital markets activity completed as of November 5, 2025. The foregoing guidance ranges 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 guidance ranges as a result of new information or new or future developments.


 
18 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30,   2025 2024 2025 2024 Revenues: Rental and related revenues (1) $ 85,354 $ 94,555 $ 281,214 $ 285,427 Resident fees and services 92,017 73,746 248,449 207,716 Interest and other income 12,666 9,700 33,067 27,746 Total revenues 190,037 178,001 562,730 520,889 Expenses: Depreciation and amortization 48,511 42,720 135,591 127,315 Interest 28,901 29,467 83,549 87,189 Triple-net portfolio operating expenses 3,708 4,270 10,885 12,992 Senior housing - managed portfolio operating expenses 65,946 54,234 179,804 154,258 General and administrative 12,560 12,404 37,802 37,035 Recovery of loan losses (240) (148) (640) (446) Impairment of real estate 2,571 — 6,674 18,472 Total expenses 161,957 142,947 453,665 436,815 Other (expense) income: Loss on extinguishment of debt (1,154) — (1,154) — Other (expense) income (769) — 13,978 838 Net (loss) gain on sales of real estate (4,430) (5,745) 5,544 (3,969) Total other (expense) income (6,353) (5,745) 18,368 (3,131) Income before income (loss) from unconsolidated joint ventures and income tax (expense) benefit 21,727 29,309 127,433 80,943 Income (loss) from unconsolidated joint ventures 1,226 214 2,276 (301) Income tax (expense) benefit (436) 265 (1,346) (625) Net income 22,517 29,788 128,363 80,017 Net loss attributable to noncontrolling interests 21 — 21 — Net income attributable to Sabra Health Care REIT, Inc. $ 22,538 $ 29,788 $ 128,384 $ 80,017 Net income attributable to Sabra Health Care REIT, Inc., per: Basic common share $ 0.09 $ 0.13 $ 0.54 $ 0.34 Diluted common share $ 0.09 $ 0.13 $ 0.53 $ 0.34         Weighted average number of common shares outstanding, basic 239,896,059 234,290,187 238,595,147 232,459,388 Weighted average number of common shares outstanding, diluted 243,558,449 237,043,400 241,593,992 234,777,101 (1) See page 19 for additional details regarding Rental and related revenues.


 
19 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income - Supplemental Information Dollars in thousands Three Months Ended September 30, Nine Months Ended September 30,   2025 2024 2025 2024 Cash rental income $ 88,946 $ 91,829 $ 271,414 $ 273,955 Straight-line rental income 1,027 1,119 3,683 3,383 Write-offs of cash and straight-line rental income receivable and lease intangibles (9,237) (3,086) (7,759) (5,539) Above/below market lease amortization 1,058 1,212 3,256 3,634 Operating expense recoveries 3,560 3,481 10,620 9,994 Rental and related revenues $ 85,354 $ 94,555 $ 281,214 $ 285,427


 
20 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data September 30, 2025 December 31, 2024 Assets Real estate investments, net of accumulated depreciation of $1,214,938 and $1,102,030 as of September 30, 2025 and December 31, 2024, respectively $ 4,629,842 $ 4,513,734 Loans receivable and other investments, net 436,526 442,584 Investment in unconsolidated joint ventures 117,856 121,803 Cash and cash equivalents 200,602 60,468 Restricted cash 6,916 5,871 Lease intangible assets, net 59,808 27,464 Accounts receivable, prepaid expenses and other assets, net 113,223 131,755 Total assets $ 5,564,773 $ 5,303,679 Liabilities Secured debt, net $ 43,790 $ 45,316 Revolving credit facility 282,213 106,554 Term loans, net 1,030,058 529,753 Senior unsecured notes, net 1,235,129 1,736,025 Accounts payable and accrued liabilities 124,042 117,896 Lease intangible liabilities, net 22,588 26,847 Total liabilities 2,737,820 2,562,391 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and December 31, 2024 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 249,349,673 and 237,586,882 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 2,493 2,376 Additional paid-in capital 4,792,753 4,592,605 Cumulative distributions in excess of net income (1,964,336) (1,874,633) Accumulated other comprehensive (loss) income (5,976) 20,940 Total Sabra Health Care REIT, Inc. stockholders’ equity 2,824,934 2,741,288 Noncontrolling interests 2,019 — Total equity 2,826,953 2,741,288 Total liabilities and equity $ 5,564,773 $ 5,303,679


 
21 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Nine Months Ended September 30, 2025 2024 Cash flows from operating activities: Net income $ 128,363 $ 80,017 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 135,591 127,315 Non-cash rental and related revenues 820 (2,229) Non-cash interest income 7 24 Non-cash interest expense 5,608 8,750 Stock-based compensation expense 8,290 6,448 Loss on extinguishment of debt 1,154 — Recovery of loan losses (640) (446) Net (gain) loss on sales of real estate (5,544) 3,969 Impairment of real estate 6,674 18,472 (Income) loss from unconsolidated joint ventures (2,276) 301 Distributions of earnings from unconsolidated joint ventures 5,917 3,754 Other non-cash items (17,190) — Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (9,129) (13,589) Accounts payable and accrued liabilities 3,541 (2,213) Net cash provided by operating activities 261,186 230,573 Cash flows from investing activities: Acquisition of real estate and lease intangibles (301,563) (112,225) Origination and fundings of loans receivable (5,710) (21,540) Origination and fundings of preferred equity investments (9) (2,529) Additions to real estate (24,183) (39,189) Escrow deposits for potential investments (500) — Repayments of loans receivable 15,442 2,776 Repayments of preferred equity investments 1,977 5,322 Investment in unconsolidated joint ventures (1,241) (717) Net proceeds from the sales of real estate 43,087 40,541 Proceeds from net investment hedges 4,462 — Insurance proceeds 1,267 — Distributions in excess of earnings from unconsolidated joint ventures 5,557 — Net cash used in investing activities (261,414) (127,561) Cash flows from financing activities: Net borrowings from revolving credit facility 174,805 58,815 Principal payments on senior unsecured notes (500,000) — Proceeds from term loans 500,000 — Principal payments on secured debt (1,562) (1,520) Payments of deferred financing costs (4,405) (80) Payments related to extinguishment of debt (2,884) — Contributions from noncontrolling interests 2,040 — Issuance of common stock, net 188,350 71,362 Dividends paid on common stock (214,692) (209,174) Net cash provided by (used in) financing activities 141,652 (80,597) Net increase in cash, cash equivalents and restricted cash 141,424 22,415 Effect of foreign currency translation on cash, cash equivalents and restricted cash (245) (158) Cash, cash equivalents and restricted cash, beginning of period 66,339 46,719 Cash, cash equivalents and restricted cash, end of period $ 207,518 $ 68,976 Supplemental disclosure of cash flow information: Interest paid $ 72,820 $ 71,632


 
22 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Other normalizing items for FFO for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.4 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the nine months ended September 30, 2025 include $3.4 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries. (2) Other adjustments for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30,   2025 2024 2025 2024 Net income attributable to Sabra Health Care REIT, Inc. $ 22,538 $ 29,788 $ 128,384 $ 80,017 Add: Depreciation and amortization of real estate assets 48,511 42,720 135,591 127,315 Depreciation and amortization of real estate assets related to noncontrolling interests (40) — (40) — Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,722 2,243 5,945 6,680 Net loss (gain) on sales of real estate 4,430 5,745 (5,544) 3,969 Impairment of real estate 2,571 — 6,674 18,472 FFO attributable to Sabra Health Care REIT, Inc. $ 79,732 $ 80,496 $ 271,010 $ 236,453 Write-offs of cash and straight-line rental income receivable and lease intangibles 9,237 3,086 7,759 5,539 Lease termination income, net of expense (1,518) — (1,518) — Loss on extinguishment of debt 1,154 — 1,154 — Recovery of loan losses (240) (148) (640) (446) Other normalizing items (1) 270 119 (14,166) 2,718 Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 88,635 $ 83,553 $ 263,599 $ 244,264 FFO attributable to Sabra Health Care REIT, Inc. $ 79,732 $ 80,496 $ 271,010 $ 236,453 Stock-based compensation expense 2,875 2,586 8,290 6,448 Non-cash rental and related revenues 7,151 (433) 820 (2,229) Non-cash interest expense 2,153 2,611 5,608 8,750 Non-cash portion of loss on extinguishment of debt (1,730) — (1,730) — Recovery of loan losses (240) (148) (640) (446) Other adjustments related to unconsolidated joint ventures 218 113 237 401 Other adjustments (2) 547 365 (15,535) 1,216 AFFO attributable to Sabra Health Care REIT, Inc. $ 90,706 $ 85,590 $ 268,060 $ 250,593 Lease termination income, net of expense (1,518) — (1,518) — Cash portion of loss on extinguishment of debt 2,884 — 2,884 — Write-off of cash rental income — 1,189 — 751 Other normalizing items (1) 81 113 2,619 2,549 Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 92,153 $ 86,892 $ 272,045 $ 253,893 Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: Net income $ 0.09 $ 0.13 $ 0.53 $ 0.34 FFO $ 0.33 $ 0.34 $ 1.12 $ 1.01 Normalized FFO $ 0.36 $ 0.35 $ 1.09 $ 1.04 AFFO $ 0.37 $ 0.36 $ 1.10 $ 1.06 Normalized AFFO $ 0.38 $ 0.37 $ 1.12 $ 1.08 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 243,558,449 237,043,400 241,593,992 234,777,101 AFFO and Normalized AFFO 244,468,871 237,940,868 242,666,745 235,890,966


 
23 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of September 30, 2025 (1) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (2) Includes balances that impact cash or NOI and excludes non-cash items. Annualized Cash NOI Dollars in thousands Skilled Nursing/Transitional Care $ 253,493 Senior Housing - Leased 33,706 Senior Housing - Managed Consolidated Portfolio 119,059 Senior Housing - Managed Unconsolidated Portfolio 16,156 Behavioral Health 44,039 Specialty Hospitals and Other 19,414 Annualized Cash NOI (excluding loans receivable and other investments) $ 485,867 Obligations Reflects Sabra's pro rata share; dollars in thousands Secured debt (1) $ 44,548 Senior unsecured notes (1) 1,250,000 Revolving credit facility 282,213 Term loans (1) 1,037,775 Unconsolidated joint venture debt 75,494 Total Debt 2,690,030 Add (less): Cash and cash equivalents and restricted cash (207,371) Unconsolidated joint venture cash and cash equivalents and restricted cash (6,682) Accounts payable and accrued liabilities (2) 112,426 Net obligations $ 2,588,403 Other Assets Reflects Sabra's pro rata share; dollars in thousands Loans receivable and other investments, net $ 436,526 Accounts receivable, prepaid expenses and other assets, net (2) 38,632 Total other assets $ 475,158 Common Shares Outstanding Total shares 249,349,673 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.


 
24 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 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 (including our earnings guidance for 2025, as well as the assumptions set forth therein), 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 labor shortages; increases in market interest rates and inflation; pandemics or epidemics, such as 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; 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, 2024. 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.


 
25 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 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 and is presented at Sabra's pro rata share. 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 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 and is presented at Sabra's pro rata share. 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.


 
26 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 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, 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.


 
27 SABRA 3Q 2025 SUPPLEMENTAL INFORMATION September 30, 2025 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.


 
EX-99.3 4 sbraex9932025q3.htm Q3 2025 NON-GAAP RECONCILIATIONS Document

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Reconciliations of Non-GAAP Financial Measures

September 30, 2025

(Unaudited)




SABRA HEALTH CARE REIT, INC.
2025 OUTLOOK

The table below sets forth our 2025 guidance (per diluted common share):
  Low High
Net income $ 0.655  $ 0.665 
Add:
Depreciation and amortization of real estate assets 0.78  0.78 
Depreciation and amortization of real estate assets related to unconsolidated joint ventures 0.03  0.03 
FFO $ 1.465  $ 1.475 
Normalizing items (0.01) (0.01)
Normalized FFO attributable to common stockholders $ 1.455  $ 1.465 
FFO attributable to common stockholders $ 1.465  $ 1.475 
Stock-based compensation expense 0.04  0.04 
Non-cash rental and related revenues (0.01) (0.01)
Non-cash interest expense 0.03  0.03 
Other adjustments (0.07) (0.07)
AFFO $ 1.455  $ 1.465 
Normalizing items 0.04  0.04 
Normalized AFFO attributable to common stockholders $ 1.495  $ 1.505 


Earnings guidance above assumes:
•low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions;
•full-year average same-store Cash NOI growth for the Senior Housing - Managed portfolio in the mid-teens;
•general and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense;
•cash interest expense of approximately $104 million;
•weighted average share count of approximately 244.7 million and 245.7 million for Normalized FFO and Normalized AFFO, respectively;
•no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after September 30, 2025; and
•only investments, dispositions and capital markets activity completed as of November 5, 2025.


The foregoing guidance ranges 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 guidance ranges as a result of new information or new or future developments.

logoa.jpg 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 September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Net income attributable to Sabra Health Care REIT, Inc. $ 22,538  $ 29,788  $ 128,384  $ 80,017 
Add:
Depreciation and amortization of real estate assets 48,511  42,720  135,591  127,315 
Depreciation and amortization of real estate assets related to noncontrolling interests (40) —  (40) — 
Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,722  2,243  5,945  6,680 
Net loss (gain) on sales of real estate 4,430  5,745  (5,544) 3,969 
Impairment of real estate 2,571  —  6,674  18,472 
FFO attributable to Sabra Health Care REIT, Inc. $ 79,732  $ 80,496  $ 271,010  $ 236,453 
Write-offs of cash and straight-line rental income receivable and lease intangibles 9,237  3,086  7,759  5,539 
Lease termination income, net of expense (1,518) —  (1,518) — 
Loss on extinguishment of debt 1,154  —  1,154  — 
Recovery of loan losses (240) (148) (640) (446)
Other normalizing items (1)
270  119  (14,166) 2,718 
Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 88,635  $ 83,553  $ 263,599  $ 244,264 
FFO attributable to Sabra Health Care REIT, Inc. $ 79,732  $ 80,496  $ 271,010  $ 236,453 
Stock-based compensation expense 2,875  2,586  8,290  6,448 
Non-cash rental and related revenues 7,151  (433) 820  (2,229)
Non-cash interest expense 2,153  2,611  5,608  8,750 
Non-cash portion of loss on extinguishment of debt (1,730) —  (1,730) — 
Recovery of loan losses (240) (148) (640) (446)
Other adjustments related to unconsolidated joint ventures 218  113  237  401 
Other adjustments (2)
547  365  (15,535) 1,216 
AFFO attributable to Sabra Health Care REIT, Inc. $ 90,706  $ 85,590  $ 268,060  $ 250,593 
Lease termination income, net of expense (1,518) —  (1,518) — 
Cash portion of loss on extinguishment of debt 2,884  —  2,884  — 
Write-off of cash rental income —  1,189  —  751 
Other normalizing items (1)
81  113  2,619  2,549 
Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 92,153  $ 86,892  $ 272,045  $ 253,893 
Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.:
Net income $ 0.09  $ 0.13  $ 0.53  $ 0.34 
FFO $ 0.33  $ 0.34  $ 1.12  $ 1.01 
Normalized FFO $ 0.36  $ 0.35  $ 1.09  $ 1.04 
AFFO $ 0.37  $ 0.36  $ 1.10  $ 1.06 
Normalized AFFO $ 0.38  $ 0.37  $ 1.12  $ 1.08 
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO 243,558,449  237,043,400  241,593,992  234,777,101 
AFFO and Normalized AFFO 244,468,871  237,940,868  242,666,745  235,890,966 
(1)     Other normalizing items for FFO for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.4 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the nine months ended September 30, 2025 include $3.4 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
(2)    Other adjustments for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.
logoa.jpg See reporting definitions.                        3




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

Three Months Ended
September 30, 2025
Net income $ 22,517 
Interest 28,901 
Income tax expense 436 
Depreciation and amortization 48,511 
EBITDA 100,365 
Income from unconsolidated joint ventures (1,226)
Distributions from unconsolidated joint ventures 1,619 
Stock-based compensation expense 2,875 
Acquisition and transaction costs 584 
Non-cash revenue write-offs and recovery of loan losses 8,528 
Impairment of real estate 2,571 
Loss on extinguishment of debt 1,154 
Other income (1,952)
Net loss on sales of real estate 4,430 
Adjusted EBITDA (1)
118,948 
Adjustments for current period activity (2)
2,724 
Adjusted EBITDA, as adjusted $ 121,672 
Adjusted EBITDA, as adjusted, annualized $ 486,688 
September 30, 2025
Secured debt $ 44,548 
Revolving credit facility 282,213 
Term loans 1,037,775 
Senior unsecured notes 1,250,000 
Consolidated Debt 2,614,536 
Cash and cash equivalents (200,602)
Net Debt $ 2,413,934 
September 30, 2025
Net Debt $ 2,413,934 
Adjusted EBITDA, as adjusted, annualized $ 486,688 
Net Debt to Adjusted EBITDA 4.96x








(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 and adjust for certain income and expense items that the Company does not believe are indicative of its operating results for the current period.
logoa.jpg See reporting definitions.                        4




SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income
Supplemental Information
(in thousands)

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Cash rental income $ 88,946  $ 91,829  $ 271,414  $ 273,955 
Straight-line rental income 1,027  1,119  3,683  3,383 
Write-offs of cash and straight-line rental income receivable and lease intangibles (9,237) (3,086) (7,759) (5,539)
Above/below market lease amortization 1,058  1,212  3,256  3,634 
Operating expense recoveries 3,560  3,481  10,620  9,994 
Rental and related revenues $ 85,354  $ 94,555  $ 281,214  $ 285,427 


logoa.jpg See reporting definitions.                        5




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

Three Months Ended
  September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025
Revenues:
Resident fees and services $ 73,746  $ 76,865  $ 77,447  $ 78,985  $ 92,017 
Resident fees and services attributable to noncontrolling interests —  —  —  —  (117)
Resident fees and services - pro rata $ 73,746  $ 76,865  $ 77,447  $ 78,985  $ 91,900 
Income (loss) from unconsolidated joint ventures:
Resident fees and services 10,772  10,646  10,192  10,989  11,524 
Resident fees and services not included in same store (1)
(15,354) (16,667) (16,240) (17,692) (30,495)
Same store resident fees and services - pro rata $ 69,164  $ 70,844  $ 71,399  $ 72,282  $ 72,929 
Net income $ 29,788  $ 46,695  $ 40,304  $ 65,542  $ 22,517 
Adjustments:
Net income not related to Senior Housing - Managed (22,789) (36,888) (32,747) (56,463) (14,590)
Depreciation and amortization 12,727  12,538  13,654  14,372  19,989 
Other income —  (1,334) —  (1,038) (619)
(Income) loss from unconsolidated joint ventures (214) 96  (218) (832) (1,226)
Sabra's share of unconsolidated joint ventures' Net Operating Income 3,408  3,131  3,202  3,713  4,034 
Net Operating Income - consolidated $ 22,920  $ 24,238  $ 24,195  $ 25,294  $ 30,105 
Net Operating Income attributable to noncontrolling interests —  —  —  —  (39)
Net Operating Income - pro rata $ 22,920  $ 24,238  $ 24,195  $ 25,294  $ 30,066 
Non-cash revenue adjustments —  (90) (137) 51 
Cash Net Operating Income - pro rata $ 22,920  $ 24,148  $ 24,058  $ 25,345  $ 30,071 
Cash Net Operating Income not included in same store (1)
(3,271) (3,389) (2,794) (2,539) (7,800)
Same store Cash Net Operating Income - pro rata $ 19,649  $ 20,759  $ 21,264  $ 22,806  $ 22,271 







(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.
logoa.jpg See reporting definitions.                        6




SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Property Type
(in thousands)

Three Months Ended September 30, 2025
Skilled Nursing/ Transitional Care Senior Housing Behavioral Health Specialty Hospitals and Other
Senior Housing - Leased Senior Housing - Managed Consolidated Senior Housing - Managed Unconsolidated Total Senior Housing Other Corporate Total
Net income (loss) $ 37,284  $ (2,340) $ 6,701  $ 1,226  $ 5,587  $ 7,518  $ 3,360  $ 12,666  $ (43,898) $ 22,517 
Adjustments:
Depreciation and amortization 20,103  3,123  19,989  —  23,112  3,738  1,462  —  96  48,511 
Interest 193  204  —  —  204  —  —  —  28,504  28,901 
General and administrative —  —  —  —  —  —  —  —  12,560  12,560 
Recovery of loan losses —  —  —  —  —  —  —  —  (240) (240)
Impairment of real estate 2,571  —  —  —  —  —  —  —  —  2,571 
Loss on extinguishment of debt —  —  —  —  —  —  —  —  1,154  1,154 
Other (income) expense —  —  (619) —  (619) —  —  —  1,388  769 
Net loss on sales of real estate 4,430  —  —  —  —  —  —  —  —  4,430 
Income from unconsolidated joint ventures —  —  —  (1,226) (1,226) —  —  —  —  (1,226)
Income tax expense —  —  —  —  —  —  —  —  436  436 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income —  —  —  4,034  4,034  —  —  —  —  4,034 
Net Operating Income - consolidated $ 64,581  $ 987  $ 26,071  $ 4,034  $ 31,092  $ 11,256  $ 4,822  $ 12,666  $ —  $ 124,417 
Net Operating Income attributable to noncontrolling interests —  —  (39) —  (39) —  —  —  —  (39)
Net Operating Income - pro rata $ 64,581  $ 987  $ 26,032  $ 4,034  $ 31,053  $ 11,256  $ 4,822  $ 12,666  $ —  $ 124,378 
Non-cash revenue and expense adjustments (1,613) 8,808  —  8,813  (54) 13  —  —  7,159 
Cash Net Operating Income - pro rata $ 62,968  $ 9,795  $ 26,032  $ 4,039  $ 39,866  $ 11,202  $ 4,835  $ 12,666  $ —  $ 131,537 










logoa.jpg         See reporting definitions.                                  7


SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI, Annualized Cash NOI and Annualized Cash NOI, as adjusted by Property Type
(in thousands)

Nine Months Ended September 30, 2025
Skilled Nursing/ Transitional Care Senior Housing Behavioral Health Specialty Hospitals and Other
Senior Housing - Leased Senior Housing - Managed Consolidated Senior Housing - Managed Unconsolidated Total Senior Housing Other Corporate Total
Net income (loss) $ 134,893  $ 11,779  $ 22,287  $ 2,276  $ 36,342  $ 23,988  $ 10,045  $ 33,067  $ (109,972) $ 128,363 
Adjustments:
Depreciation and amortization 61,404  10,682  48,015  —  58,697  10,818  4,385  —  287  135,591 
Interest 585  620  —  —  620  —  —  —  82,344  83,549 
General and administrative —  —  —  —  —  —  —  —  37,802  37,802 
Recovery of loan losses —  —  —  —  —  —  —  —  (640) (640)
Impairment of real estate 6,674  —  —  —  —  —  —  —  —  6,674 
Loss on extinguishment of debt —  —  —  —  —  —  —  —  1,154  1,154 
Other income —  —  (1,657) —  (1,657) —  —  —  (12,321) (13,978)
Net gain on sales of real estate (3,816) —  —  —  —  (1,728) —  —  —  (5,544)
Income from unconsolidated joint ventures —  —  —  (2,276) (2,276) —  —  —  —  (2,276)
Income tax expense —  —  —  —  —  —  —  —  1,346  1,346 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income —  —  —  10,949  10,949  —  —  —  —  10,949 
Net Operating Income - consolidated $ 199,740  $ 23,081  $ 68,645  $ 10,949  $ 102,675  $ 33,078  $ 14,430  $ 33,067  $ —  $ 382,990 
Net Operating Income attributable to noncontrolling interests —  —  (39) —  (39) —  —  —  —  (39)
Net Operating Income - pro rata $ 199,740  $ 23,081  $ 68,606  $ 10,949  $ 102,636  $ 33,078  $ 14,430  $ 33,067  $ —  $ 382,951 
Non-cash revenue and expense adjustments (8,103) 9,181  —  (81) 9,100  (304) 58  —  758 
Cash Net Operating Income - pro rata $ 191,637  $ 32,262  $ 68,606  $ 10,868  $ 111,736  $ 32,774  $ 14,488  $ 33,074  $ —  $ 383,709 
Annualizing adjustments (1)
61,856  1,444  50,453  5,288  57,185  11,265  4,926  3,058  —  138,290 
Annualized Cash Net Operating Income - pro rata $ 253,493  $ 33,706  $ 119,059  $ 16,156  $ 168,921  $ 44,039  $ 19,414  $ 36,132  $ —  $ 521,999 
Reallocation adjustments (2)
1,774  6,864  —  —  6,864  24,426  —  (33,064) —  — 
Annualized Cash Net Operating Income, as adjusted - pro rata $ 255,267  $ 40,570  $ 119,059  $ 16,156  $ 175,785  $ 68,465  $ 19,414  $ 3,068  $ —  $ 521,999 

(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.
logoa.jpg         See reporting definitions.                                  8


SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Payor Source
(in thousands)

Nine Months Ended September 30, 2025
Private Payors Non-Private Payors Other Corporate Total
Net income (loss) $ 75,619  $ 129,649  $ 33,067  $ (109,972) $ 128,363 
Adjustments:
Depreciation and amortization 74,525  60,779  —  287  135,591 
Interest 607  598  —  82,344  83,549 
General and administrative —  —  —  37,802  37,802 
Recovery of loan losses —  —  —  (640) (640)
Impairment of real estate 1,185  5,489  —  —  6,674 
Loss on extinguishment of debt —  —  —  1,154  1,154 
Other income (1,657) —  —  (12,321) (13,978)
Net gain on sales of real estate (4,508) (1,036) —  —  (5,544)
Income from unconsolidated joint ventures (2,276) —  —  —  (2,276)
Income tax expense —  —  —  1,346  1,346 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income 10,949  —  —  —  10,949 
Net Operating Income - consolidated $ 154,444  $ 195,479  $ 33,067  $ —  $ 382,990 
Net Operating Income attributable to noncontrolling interests (39) —  —  —  (39)
Net Operating Income - pro rata $ 154,405  $ 195,479  $ 33,067  $ —  $ 382,951 
Non-cash revenue and expense adjustments 6,939  (6,188) —  758 
Cash Net Operating Income - pro rata $ 161,344  $ 189,291  $ 33,074  $ —  $ 383,709 
Annualizing adjustments (1)
73,215  62,017  3,058  —  138,290 
Annualized Cash Net Operating Income - pro rata $ 234,559  $ 251,308  $ 36,132  $ —  $ 521,999 









(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.
logoa.jpg         See reporting definitions.                                  9


SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Relationship
(in thousands)

Nine Months Ended September 30, 2025
Avamere Family of Companies Ensign Group Signature Healthcare Signature Behavioral Recovery Centers of America The McGuire Group All Other Relationships Corporate Total
Net income (loss) $ 26,641  $ 21,322  $ 21,566  $ 18,455  $ 19,056  $ 11,417  $ 119,878  $ (109,972) $ 128,363 
Adjustments:
Depreciation and amortization 8,475  9,742  9,038  6,717  1,624  6,892  92,816  287  135,591 
Interest —  —  —  —  —  —  1,205  82,344  83,549 
General and administrative —  —  —  —  —  —  —  37,802  37,802 
Recovery of loan losses —  —  —  —  —  —  —  (640) (640)
Impairment of real estate —  —  —  —  —  —  6,674  —  6,674 
Loss on extinguishment of debt —  —  —  —  —  —  —  1,154  1,154 
Other income —  —  —  —  —  —  (1,657) (12,321) (13,978)
Net gain on sales of real estate (103) —  —  —  —  —  (5,441) —  (5,544)
Income from unconsolidated joint ventures —  —  —  —  —  —  (2,276) —  (2,276)
Income tax expense —  —  —  —  —  —  —  1,346  1,346 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income —  —  —  —  —  —  10,949  —  10,949 
Net Operating Income - consolidated $ 35,013  $ 31,064  $ 30,604  $ 25,172  $ 20,680  $ 18,309  $ 222,148  $ —  $ 382,990 
Net Operating Income attributable to noncontrolling interests —  —  —  —  —  —  (39) —  (39)
Net Operating Income - pro rata $ 35,013  $ 31,064  $ 30,604  $ 25,172  $ 20,680  $ 18,309  $ 222,109  $ —  $ 382,951 
Non-cash revenue and expense adjustments (3,940) 67  (154) (62) (2,651) 7,492  —  758 
Cash Net Operating Income - pro rata $ 31,073  $ 31,131  $ 30,610  $ 25,018  $ 20,618  $ 15,658  $ 229,601  $ —  $ 383,709 
Annualizing adjustments (1)
10,703  10,465  9,667  8,705  6,959  4,151  87,640  —  138,290 
Annualized Cash Net Operating Income - pro rata $ 41,776  $ 41,596  $ 40,277  $ 33,723  $ 27,577  $ 19,809  $ 317,241  $ —  $ 521,999 








(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.
logoa.jpg         See reporting definitions.                                  10

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 and is presented at Sabra's pro rata share.
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 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 and is presented at Sabra's pro rata share.
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, 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.
logoa.jpg         See reporting definitions.                                  11

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.
logoa.jpg         See reporting definitions.                                  12
EX-99.4 5 sbraex9942025q3-final.htm INVESTOR PRESENTATION sbraex9942025q3-final
Strategic. Disciplined. Opportunistic. Investor Presentation  |  November 5, 2025


 
November 5, 2025 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 population and demand growth; and our other expectations regarding our future financial position, results of operations (including our earnings guidance for 2025, as well as the assumptions set forth therein), our expectations regarding Medicare and Medicaid reimbursement trends and rate increases, 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 labor shortages; increases in market interest rates and inflation; pandemics or epidemics, such as 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, 2024. 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


 
November 5, 2025 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 November 5, 2025 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


 
November 5, 2025 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


 
November 5, 2025 Investor Presentation Portfolio Strategy 6 STRATEGY Growing Demand • > 80 population is expected to grow 4% per year through 2040 • Virtually no new senior housing or skilled nursing supply in the foreseeable future Mission-Driven Needs-Based • Passionate workforce • Positive societal impact • Community backbone • Safety net infrastructure • Lifestyle enhancement • Post-acute care • Psychosocial support • Dementia care Skilled Nursing | Senior Housing


 
November 5, 2025 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 by match funding accretive investing activity with a combination of available liquidity, recycled capital and ATM proceeds. 7 STRATEGY


 
November 5, 2025 Investor Presentation 2025 Full-Year Guidance 8 STRATEGY IN ACTION 2025 Guidance: Net Income $ 0.655 — $ 0.665 FFO $ 1.465 — $ 1.475 Normalized FFO $ 1.455 — $ 1.465 AFFO $ 1.455 — $ 1.465 Normalized AFFO $ 1.495 — $ 1.505 Earnings guidance above assumes: • Low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions • Full year average same-store cash NOI growth for the managed senior housing portfolio in the mid-teens • General and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense • Cash interest expense of approximately $104 million • Weighted average share count of approximately 244.7 million and 245.7 million for Normalized FFO and Normalized AFFO, respectively • No tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after September 30, 2025 • Only investments, dispositions, and capital markets activity completed as of the date of this presentation Sabra is updating 2025 guidance ranges as follows (attributable to common stockholders, per diluted common share): The foregoing guidance ranges 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 guidance ranges as a result of new information or new or future developments. NAFFO midpoint implies 4% year-over- year growth


 
November 5, 2025 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


 
November 5, 2025 Investor Presentation Good for the Planet. Good for Our Stakeholders. Learn how our sustainability approach—grounded in thoughtful investments and collaborative relationships—drives meaningful outcomes for our communities and long-term value for our investors in our latest corporate sustainability report at sabrahealth.com/about/corporate-sustainability. “The strategic investments we’ve made in our properties— and those we’ve supported our operators in making—are designed to improve the lives of residents, foster healthier working environments for caregivers and strengthen the resilience and performance of our portfolio.” -Rick Matros (he/him), Chief Executive Officer 10 CORPORATE SUSTAINABILITY


 
November 5, 2025 Investor Presentation Sustainability Framework “Sabra’s unwavering commitment to supporting operators’ success and prioritizing seniors’ well-being extends seamlessly to our corporate sustainability projects, aimed at empowering operators’ energy and water efficiency and enhancing the quality of residents’ lives.” -Armand Markarian, Manager, Asset Management 11 CORPORATE SUSTAINABILITY 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 corporate sustainability principles are intrinsically tied to our objective to drive shareholder value by operating efficiently, sustainably, and with our stakeholders’ best interests in mind.


 
November 5, 2025 Investor Presentation E-Initiative Roadmap 12 CORPORATE SUSTAINABILITY Our efforts to improve the environment start with enabling our operators. We take a comprehensive, integrated and collaborative approach to environmental stewardship, as demonstrated by our E-Initiative Roadmap.


 
November 5, 2025 Investor Presentation E-Playbook: Turning Vision into Action 13 CORPORATE SUSTAINABILITY Sabra’s E-Playbook builds on our E-Roadmap and green initiatives to provide a structured framework for advancing initiatives that drive measurable environmental and operational improvements across our portfolio. • Align internal and external resources • Establish and evaluate preferred vendors • Combine technical expertise with senior living insight • Use data to identify, implement and validate solutions • Scale proven practices and incentives portfolio-wide • Advance from quick wins to long-term improvements • Integrate across asset management, origination and risk “What began as a Roadmap has evolved into a Playbook— one that translates vision into action, enabling environmental and operational improvements at the property level through collaboration, data and scale.” -Peter Nyland, EVP, Asset Management


 
November 5, 2025 Investor Presentation Going the Extra Green Mile 14 CORPORATE SUSTAINABILITY At Gardens of Wakefield, Sabra worked with Blue Sky E3 Partners and Carrier engineers to design a custom, energy-efficient solution for the community’s heating and cooling system. By replacing outdated equipment, the project achieved a combined 44 percent improvement in unit efficiency. Building on that success, Sabra completed similar HVAC retrofits at two additional Texas communities, leveraging utility incentives to upgrade systems and enhance performance. These efforts improved unit efficiency by 30 percent, resident comfort, staff working conditions and overall grid resilience.


 
November 5, 2025 Investor Presentation Committed to Diversity, Equity & Inclusion 57% As of September 30, 2025, women comprised 57% of our workforce and 61% of our management level/leadership roles. 33% As of September 30, 2025, 33% 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. 15 CORPORATE SUSTAINABILITY We believe a diverse workforce is essential to our continued success and gives us a competitive advantage. We believe we attract the best talent by embracing the diversity of our country.


 
November 5, 2025 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 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 June 30, 2025. 7 Years Wtd. Avg. Remaining Lease Term 397 Investments 2.35x   1.52x   3.90x 60 Relationships 38% Skilled Mix1 Average Occupancy Percentage1 83%   89%   76% SH - LeasedSNF/TC SNF/TC SH - Leased EBITDARM Coverage1 As of September 30, 2025 BH/Hosp./Oth. BH/Hosp./Oth. 16 PORTFOLIO


 
November 5, 2025 Investor Presentation 1 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 September 30, 2025 17 PORTFOLIO Avamere Family of Companies, 8.0% The Ensign Group, 8.0% Signature Healthcare, 7.7% Signature Behavioral, 6.5% Recovery Centers of America, 5.3% The McGuire Group, 3.8% Managed (No Operator Credit Exposure), 25.9% Other 34.8% Senior Housing - Managed, 25.9% Behavioral Health, 13.1% Senior Housing - Leased, 7.8%Specialty Hospital and Other, 3.7% Other, 0.6% Skilled Nursing/ Transitional Care, 48.9%


 
November 5, 2025 Investor Presentation Favorable Supply and Demand Trends 18 PORTFOLIO SNF Supply and Demand 1,795 1,769 1,744 1,716 1,704 1,703 1,703 1,694 1,690 1,687 1,639 1,617 1,581 4,296 4,512 4,783 5,121 5,444 5,753 5,905 6,166 6,380 6,539 6,483 6,486 6,859 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 2024 — 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 60%, compared to a 12% decline in skilled nursing beds over the same time frame.


 
November 5, 2025 Investor Presentation Skilled Nursing Medicaid and Medicare Rates Medicaid Average Daily Rate Medicare Average Daily Rate As of September 30, 2025 19 PORTFOLIO Axis Title $180 $187 $198 $210 $236 $262 $307 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 Ja n-2 5 $150 $200 $250 $300 $350 4.5% CAGR $523 $531 $528 $552 $635 $662 $719 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 Ja n-2 5 $500 $550 $600 $650 $700 $750 2.5% CAGR The Centers for Medicare & Medicaid Services recently finalized a 3.2% Medicare increase. We estimate Medicaid rates will see a 5% average increase in the top five states, which account for half of Sabra’s skilled nursing portfolio.


 
November 5, 2025 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 20 PORTFOLIO


 
November 5, 2025 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 21


 
November 5, 2025 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 22


 
November 5, 2025 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 23 OPERATORS


 
November 5, 2025 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 24 PERFORMANCE


 
November 5, 2025 Investor Presentation Common Equity Value 65% Secured Debt 1% Hedged Term Loans 15% Fixed Rate Bonds 18% Line of Credit 4% Prudent Balance Sheet Management 1 As of 9/30/2025. Common equity value estimated using outstanding common stock of 249.3 million shares and Sabra’s closing price of $17.98 as of 11/4/2025. 25 PERFORMANCE • Hedged variable rate exposure, resulting in interest savings of $8.4 million over the last 12 months. • Weighted average debt maturity of approximately 4 years with no material debt maturities until 2028. • Weighted average effective interest rate on permanent debt of 3.61%. • Ample liquidity of approximately $1.1 billion ensures we have ready access to capital. • $690.9 million of availability under at-the- market (ATM) equity offering program. • 98% of borrowings are unsecured, providing additional balance sheet flexibility. CONSOLIDATED ENTERPRISE VALUE1 $6.9B September 30, 2025


 
November 5, 2025 Investor Presentation   Sabra 3Q 25 1 Investment-Grade peers range 2 Net Debt to Adjusted EBITDA 4.96x 3 2.00x - 5.19x Interest Coverage Ratio 4.44x 4.30x - 7.91x Debt as a % of Asset Value 37% 24% - 41% Secured Debt as a % of Asset Value 1% 0% - 8% 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, NHI and CTRE. 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. 26 PERFORMANCE We continue to focus on strengthening our balance sheet and portfolio.


 
November 5, 2025 Investor Presentation 0 100 350 800 538 500 $1 $2 $2 $2 $2 $2 $2 $2 $2 $25 282 $718 3.4% 3.4% 5.4% 4.1% 3.9% 4.6% 3.2% 3.5% 3.5% 3.5% 3.7% Unsecured Bonds Term Loans Mortgage Debt / Secure Debt Line of Credit Available Line of Credit Wtd. Avg. Interest 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter 0 200 400 600 800 1,000 1,200 Favorable Profile with Staggered Maturities 1 Revolving Credit Facility is subject to two six-month extension options. 2 Includes private mortgage insurance and impact of interest rate hedges. (Dollars in millions) Debt maturity profile at September 30, 2025 27 PERFORMANCE 1 2


 
November 5, 2025 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 11/4/2025, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 11/4/2025 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 11/4/2025. 3 Represents latest available concentration for peers from company filings as of 11/4/2025. 4 Based on Annualized Cash NOI for the quarter ended 9/30/2025 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 both Triple-Net Leased SNF NOI and NOI from Integrated Senior Health Campuses. 28 PERFORMANCE 11.7x 12.8x 13.8x 15.1x 17.6x 25.7x SBRA LTC OHI NHI CTRE AHR 6.7% 2.2% 3.8% 4.9% 6.2% 6.4% SBRA AHR CTRE NHI OHI LTC 22.7% 6.8% 34.4% 37.5% 50.9% 76.0% SBRA LTC NHI OHI CTRE AHR 34% 18% 33% 43% 66% 15% 49% 79% 59% 56% 29% 65% 17% 3% 8% 1% 5% 20% Senior Housing Skilled Nursing Other SBRA CTRE OHI LTC NHI AHR4 5


 
November 5, 2025 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 11/4/2025. 2 Based on Annualized Cash NOI as of 9/30/2025 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 OHI and CTRE SNF concentrations exclude NOI from U.K Care Home portfolios. 4 AHR SNF concentration includes both Triple-Net Leased SNF NOI and NOI from Integrated Senior Health Campuses. 5 Represents SNF EBITDARM Coverage for LTC, AHR and NHI; total portfolio EBITDARM Coverage for OHI and CTRE. 6 See appendix to this presentation for the definition of EBITDARM Coverage. Top five relationships concentration 1 SNF EBITDARM Coverage 1,5 SH EBITDARM Coverage 1 29 PERFORMANCE 49% 29% 56% 59% 65% 79% SBRA NHI LTC OHI AHR CTRE 36% 35% 49% 54% 57% SBRA OHI LTC CTRE NHI 2.35x 1.91x 2.12x 2.12x 3.04x3.07x SBRA OHI AHR LTC NHI CTRE 1.52x 1.30x 1.36x 1.40x 1.41x 1.54x SBRA VTR LTC AHR WELL NHI2 2 6 643 3


 
November 5, 2025 Investor Presentation Appendix 30 i


 
November 5, 2025 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 and is presented at Sabra's pro rata share. 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 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 31 APPENDIX


 
November 5, 2025 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, 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. Definitions 32 APPENDIX


 
November 5, 2025 Investor Presentation 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. 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 33