Form 8-K
8-K — Sabra Health Care REIT, Inc.
Accession: 0001492298-26-000011
Filed: 2026-04-29
Period: 2026-04-29
CIK: 0001492298
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — sbra-20260429.htm (Primary)
EX-99.1 — Q1 2026 EARNINGS RELEASE (sbraex9912026q1.htm)
EX-99.2 — Q1 2026 SUPPLEMENTAL INFORMATION (sbraex9922026q1-final.htm)
EX-99.3 — Q1 2026 NON-GAAP RECONCILIATIONS (sbraex9932026q1.htm)
EX-99.4 — INVESTOR PRESENTATION (sbraex9942026q1-final.htm)
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8-K
8-K (Primary)
Filename: sbra-20260429.htm · Sequence: 1
sbra-20260429
false000149229800014922982026-04-292026-04-29
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): April 29, 2026
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 April 29, 2026, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended March 31, 2026. 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
Press Release of Sabra Health Care REIT, Inc., dated April 29, 2026.
99.2
Sabra Health Care REIT, Inc. Supplemental Information Package, dated March 31, 2026.
99.3
Reconciliations of Non-GAAP Financial Measures, dated March 31, 2026.
99.4
Investor Presentation.
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: April 29, 2026 /S/ MICHAEL COSTA
Name: Michael Costa
Title: Chief Financial Officer, Treasurer and Executive Vice President
EX-99.1 — Q1 2026 EARNINGS RELEASE
EX-99.1
Filename: sbraex9912026q1.htm · Sequence: 2
Document
Exhibit 99.1
FOR IMMEDIATE RELEASE
SABRA REPORTS FIRST QUARTER 2026 RESULTS; REITERATES 2026 GUIDANCE
TUSTIN, CA, April 29, 2026 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the first quarter of 2026.
FIRST QUARTER 2026 RESULTS AND RECENT EVENTS
•Results per diluted common share for the first quarter of 2026 were as follows:
•Net Income: $0.16
•FFO: $0.37
•Normalized FFO: $0.38
•AFFO: $0.39
•Normalized AFFO: $0.39
•EBITDARM Coverage Summary:
•Skilled Nursing/Transitional Care: 2.46x
•Senior Housing - Leased: 1.58x
•Behavioral Health, Specialty Hospitals and Other: 4.00x
•On a year-over-year basis, same property managed senior housing Cash NOI increased 14.4% for the first quarter of 2026.
•In the first quarter of 2026, Sabra acquired three managed senior housing properties and one skilled nursing facility, and committed to funding a preferred equity investment in the development of one senior housing community for a total of $102.0 million with an average initial cash yield of 8.3%, with $96.0 million invested as of March 31, 2026. Subsequent to quarter end, Sabra closed on two additional managed senior housing properties and committed to funding the redevelopment of a senior housing community, which is subject to a triple-net lease with an existing relationship, for an aggregate consideration of $104.1 million with an average initial cash yield of 7.7%. Investments closed year to date total $206.1 million, with an estimated initial cash yield of 8.0%.
•Sabra has been awarded an additional $200 million of managed senior housing and skilled nursing investments with an estimated initial cash yield of approximately 8.2%, most of which is expected to close during the second quarter. 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 current and prior at-the-market equity offering programs (“ATM programs”).
•Subsequent to quarter end, Sabra completed the disposition of three skilled nursing facilities for gross proceeds of $79.4 million, equating to a 6.8% lease yield.
•During the first quarter of 2026, Sabra utilized the forward feature of the ATM program to allow for the sale of up to 6.4 million shares of the Company’s common stock at an initial weighted average price of $20.19 per share. As of March 31, 2026, 23.7 million shares remained outstanding under forward sale agreements at a weighted average price of $19.03 per share, net of commissions.
•As of March 31, 2026, Net Debt to Adjusted EBITDA was 5.04x.
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•On April 29, 2026, Sabra’s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 29, 2026, to common stockholders of record as of the close of business on May 15, 2026.
Commenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “Sabra is pleased to report another quarter with outstanding results. Our year-over-year same-store managed senior housing NOI growth exceeded the two previous quarters as we saw NOI margin growth in our consolidated, unconsolidated and same-store portfolios. Our pipeline remains robust as we closed or have been awarded over $400 million in investments to date, closing in on our investment total for all of 2025. We are also executing on off-market skilled nursing deals with existing operators. Our rent coverage for all triple net asset classes hit new highs, and we are reiterating our full-year guidance.
We appreciate the amazing work happening in the field by all the teams in the facilities. It is a mission-driven business, and their dedication exemplifies that.”
LIQUIDITY
As of March 31, 2026, we had approximately $1.2 billion of liquidity, consisting of unrestricted cash and cash equivalents of $116.5 million, available borrowings under our revolving credit facility of $645.0 million and $451.0 million related to shares outstanding under forward sale agreements under the ATM programs. As of March 31, 2026, we also had $353.4 million available under our current ATM program.
CONFERENCE CALL AND COMPANY INFORMATION
A conference call with a simultaneous webcast to discuss the 2026 first quarter results will be held on Thursday, April 30, 2026, at 10:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/961345479. The dial-in number for U.S. participants is (888) 880-4448. For participants outside the U.S., the dial-in number is (646) 960-0572. The conference ID number is 1382596. A digital replay of the call will be available on the Company’s website at www.sabrahealth.com. The Company’s supplemental information package for the first quarter will also be available on the Company’s website in the “Investors” section.
ABOUT SABRA
As of March 31, 2026, Sabra’s investment portfolio included 361 real estate properties held for investment (consisting of (i) 208 skilled nursing/transitional care facilities, (ii) 32 senior housing communities (“senior housing - leased”), (iii) 90 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), three assets held for sale, 13 investments in loans receivable (consisting of three mortgage loans and 10 other loans), five preferred equity investments and two investments in unconsolidated joint ventures. As of March 31, 2026, Sabra’s real estate properties held for investment included 36,412 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 2026, 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; and our plans and objectives for future operations.
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; increases in market interest rates and inflation; pandemics or epidemics, and the related impact on our tenants, borrowers and senior housing - managed communities; operational risks with respect to our senior housing - managed communities; increased labor costs and labor shortages; 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; 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
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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, 2025. 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 March 31,
2026 2025
Revenues:
Rental and related revenues (1)
$ 95,050 $ 96,037
Resident fees and services 116,685 77,447
Interest and other income 10,018 10,059
Total revenues 221,753 183,543
Expenses:
Depreciation and amortization 53,131 43,494
Interest 28,409 27,100
Triple-net portfolio operating expenses 3,773 3,479
Senior housing - managed portfolio operating expenses 81,869 56,454
General and administrative 14,862 12,728
Recovery of loan losses (213) (173)
Impairment of real estate 440 —
Total expenses 182,271 143,082
Other (expense) income (55) 38
Income before income from unconsolidated joint ventures and income tax expense 39,427 40,499
Income from unconsolidated joint ventures 1,912 218
Income tax expense (526) (413)
Net income 40,813 40,304
Net loss attributable to noncontrolling interests 67 —
Net income attributable to Sabra Health Care REIT, Inc. $ 40,880 $ 40,304
Net income attributable to Sabra Health Care REIT, Inc., per:
Basic common share $ 0.16 $ 0.17
Diluted common share $ 0.16 $ 0.17
Weighted average number of common shares outstanding, basic 252,135,103 237,891,035
Weighted average number of common shares outstanding, diluted 255,965,287 240,295,817
(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 March 31,
2026 2025
Cash rental income $ 89,764 $ 90,071
Straight-line rental income 540 723
Write-offs of lease intangibles — 566
Above/below market lease amortization 1,059 1,139
Operating expense recoveries 3,687 3,538
Rental and related revenues $ 95,050 $ 96,037
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
March 31, 2026 December 31, 2025
Assets
Real estate investments, net of accumulated depreciation of $1,257,489 and $1,224,663 as of March 31, 2026 and December 31, 2025, respectively
$ 4,702,791 $ 4,686,377
Loans receivable and other investments, net 432,909 434,100
Investment in unconsolidated joint ventures 116,537 118,166
Cash and cash equivalents 116,530 71,537
Restricted cash 6,921 6,603
Lease intangible assets, net 67,414 65,321
Accounts receivable, prepaid expenses and other assets, net 148,088 111,292
Total assets $ 5,591,190 $ 5,493,396
Liabilities
Secured debt, net $ 42,756 $ 43,275
Revolving credit facility 354,979 217,584
Term loans, net 1,031,083 1,032,311
Senior unsecured notes, net 1,236,333 1,235,726
Accounts payable and accrued liabilities 117,947 119,329
Lease intangible liabilities, net 20,178 21,383
Total liabilities 2,803,276 2,669,608
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025
— —
Common stock, $0.01 par value; 500,000,000 shares authorized, 252,190,095 and 251,697,456 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
2,522 2,517
Additional paid-in capital 4,832,664 4,836,270
Cumulative distributions in excess of net income (2,049,843) (2,013,375)
Accumulated other comprehensive income (loss) 691 (3,571)
Total Sabra Health Care REIT, Inc. stockholders’ equity 2,786,034 2,821,841
Noncontrolling interests 1,880 1,947
Total equity 2,787,914 2,823,788
Total liabilities and equity $ 5,591,190 $ 5,493,396
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended March 31,
2026 2025
Cash flows from operating activities:
Net income $ 40,813 $ 40,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 53,131 43,494
Non-cash rental and related revenues (1,599) (2,428)
Non-cash interest income — 4
Non-cash interest expense 2,368 1,729
Stock-based compensation expense 3,098 2,711
Recovery of loan losses (213) (173)
Impairment of real estate 440 —
Income from unconsolidated joint ventures (1,912) (218)
Distributions of earnings from unconsolidated joint ventures 1,657 2,368
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net (1,534) (2,822)
Accounts payable and accrued liabilities 2,113 (4,706)
Net cash provided by operating activities 98,362 80,263
Cash flows from investing activities:
Acquisition of real estate and lease intangibles (96,101) (7,854)
Origination and fundings of loans receivable — (1,710)
Origination and fundings of preferred equity investments (15) (9)
Additions to real estate (11,851) (7,783)
Escrow deposits for potential investments (430) —
Repayments of loans receivable 1,944 1,129
Repayments of preferred equity investments 1,256 813
Investment in unconsolidated joint ventures — (1,030)
Insurance proceeds 107 —
Net cash used in investing activities (105,090) (16,444)
Cash flows from financing activities:
Net borrowings from (repayments of) revolving credit facility 137,800 (23,881)
Principal payments on secured debt (531) (517)
Payments of deferred financing costs (92) (80)
Contributions from noncontrolling interests 4 —
Payment of contingent consideration (1,178) —
Issuance of common stock, net (8,247) (5,391)
Dividends paid on common stock (75,657) (71,373)
Net cash provided by (used in) financing activities 52,099 (101,242)
Net increase (decrease) in cash, cash equivalents and restricted cash 45,371 (37,423)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (60) (19)
Cash, cash equivalents and restricted cash, beginning of period 78,140 66,339
Cash, cash equivalents and restricted cash, end of period $ 123,451 $ 28,897
Supplemental disclosure of cash flow information:
Interest paid $ 15,071 $ 20,233
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SABRA HEALTH CARE REIT, INC.
FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,
ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO
(dollars in thousands, except per share data)
Three Months Ended March 31,
2026 2025
Net income attributable to Sabra Health Care REIT, Inc. $ 40,880 $ 40,304
Add:
Depreciation and amortization of real estate assets 53,131 43,494
Depreciation and amortization of real estate assets related to noncontrolling interests (122) —
Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,527 2,180
Impairment of real estate 440 —
FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978
Write-offs of lease intangibles — (566)
Recovery of loan losses (213) (173)
Other normalizing items (1)
465 2
Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 96,108 $ 85,241
FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978
Stock-based compensation expense 3,098 2,711
Non-cash rental and related revenues (1,599) (2,428)
Non-cash interest expense 2,368 1,729
Recovery of loan losses (213) (173)
Other adjustments related to unconsolidated joint ventures 76 (109)
Other adjustments 507 446
AFFO attributable to Sabra Health Care REIT, Inc. $ 100,093 $ 88,154
Other normalizing items (1)
458 84
Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 100,551 $ 88,238
Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.:
Net income $ 0.16 $ 0.17
FFO $ 0.37 $ 0.36
Normalized FFO $ 0.38 $ 0.35
AFFO $ 0.39 $ 0.37
Normalized AFFO $ 0.39 $ 0.37
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO 255,965,287 240,295,817
AFFO and Normalized AFFO 257,228,587 241,513,735
(1) Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries.
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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
9
REPORTING DEFINITIONS
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.
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*
The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts, and management with a meaningful indicator of the Company’s financial leverage and its capacity to service and repay debt from operating cash flows. 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.
10
REPORTING DEFINITIONS
Senior Housing - Managed
Senior Housing communities operated by third-party property managers pursuant to property management agreements.
Skilled Nursing/Transitional Care
Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities.
Specialty Hospitals and Other
Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health.
Stabilized Facility
At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented.
*Non-GAAP Financial Measures
Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this release can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.
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EX-99.2 — Q1 2026 SUPPLEMENTAL INFORMATION
EX-99.2
Filename: sbraex9922026q1-final.htm · Sequence: 3
sbraex9922026q1-final
2 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 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 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) 23 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results
3 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 SENIOR MANAGEMENT Rick Matros Michael Costa Darrin Smith Chief Executive Officer, President Chief Financial Officer, Treasurer Chief Investment Officer, Secretary 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 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Financial Metrics Reflect Sabra’s pro rata share; dollars in thousands, except per share data Three Months Ended March 31, 2026 Revenues $ 221,436 Net operating income 140,274 Cash net operating income 138,683 Diluted per share data: EPS $ 0.16 FFO 0.37 Normalized FFO 0.38 AFFO 0.39 Normalized AFFO 0.39 Dividends per common share 0.30 Capitalization and Market Facts Key Credit Metrics (1) March 31, 2026 March 31, 2026 Common shares outstanding 252.2 million Net Debt to Adjusted EBITDA 5.04x Common equity Market Capitalization $4.8 billion Interest Coverage 4.59x Consolidated Debt $2.7 billion Fixed Charge Coverage Ratio 4.51x Consolidated Enterprise Value $7.4 billion Total Debt/Asset Value 38 % Secured Debt/Asset Value 1 % Common stock closing price $19.23 Unencumbered Assets/Unsecured Debt 261 % Common stock 52-week range $15.75 - $21.07 Common stock ticker symbol SBRA Portfolio (2) Dollars in thousands, units and Cash NOI reflect Sabra’s pro rata share Three Months Ended March 31, 2026As of March 31, 2026 Property Count Investment Beds/Units Cash NOI Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing/Transitional Care 208 $ 2,779,600 23,115 $ 64,705 Senior Housing - Leased 32 376,668 2,668 8,536 Behavioral Health 16 473,813 1,159 11,504 Specialty Hospitals and Other 15 225,498 392 4,937 Total Triple-Net Portfolio 271 3,855,579 27,334 Senior Housing - Managed 90 2,102,227 9,078 34,717 Consolidated Real Estate Investments 361 5,957,806 36,412 Unconsolidated Joint Venture Senior Housing - Managed 16 202,820 1,256 4,266 Total Equity Investments 377 6,160,626 37,668 Investments in Loans Receivable, gross (3) 13 367,100 Preferred Equity Investments, gross (4) 5 65,894 Includes 62 relationships in 40 U.S. states and CanadaTotal Investments 395 $ 6,593,620 (1) See page 16 of this supplement for important information about these credit metrics. (2) Excludes three real estate properties held for sale as of the end of the current period. (3) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds and one investment which has a purchase option on one Skilled Nursing/ Transitional Care facility with 106 beds. (4) Our preferred equity investments include investments in entities owning four Senior Housing developments with 625 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. OVERVIEW
5 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Operating Statistics Twelve Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Occupancy Skilled Nursing/Transitional Care 81.7 % 82.6 % 83.0 % 83.4 % 83.9 % Senior Housing - Leased 90.1 % 90.1 % 88.7 % 89.0 % 89.3 % Behavioral Health, Specialty Hospitals and Other 77.7 % 77.5 % 76.4 % 76.5 % 76.0 % Skilled Mix Skilled Nursing/Transitional Care 37.8 % 38.1 % 38.3 % 38.3 % 38.3 % PORTFOLIO Triple-Net Portfolio (1) (1) Excludes three real estate properties held for sale as of the end of the current period. Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. EBITDARM Coverage Twelve Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Skilled Nursing/Transitional Care 2.19x 2.27x 2.35x 2.38x 2.46x Senior Housing - Leased 1.41x 1.49x 1.52x 1.52x 1.58x Behavioral Health, Specialty Hospitals and Other 3.77x 3.87x 3.90x 3.99x 4.00x Key Triple-Net Relationships EBITDARM Coverage Twelve Months Ended Relationship Primary Property Type September 30, 2025 December 31, 2025 Ensign Group Skilled Nursing 2.97x 2.97x Avamere Family of Companies Skilled Nursing 1.87x 1.83x Signature Healthcare Skilled Nursing 2.65x 2.69x Signature Behavioral Behavioral Hospitals 1.57x 1.55x The McGuire Group Skilled Nursing 1.91x 2.16x Healthmark Group Skilled Nursing 1.65x 1.69x Cadia Healthcare Skilled Nursing 1.81x 1.81x Focused Post Acute Care Partners Skilled Nursing 1.90x 2.41x Communicare Skilled Nursing 1.98x 2.14x Southern Healthcare Skilled Nursing 3.22x 3.37x Other Mulitple 3.36x 3.44x Total 2.55x 2.62x
6 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 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 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Consolidated Portfolio Number of Properties 69 73 83 87 90 Number of Units 6,680 6,981 8,282 8,677 9,078 Recurring capital expenditures $ 1,257 $ 1,271 $ 1,965 $ 2,140 $ 2,098 Nonrecurring capital expenditures $ 4,938 $ 3,180 $ 4,955 $ 10,332 $ 4,942 Occupancy 83.3 % 82.8 % 83.5 % 84.8 % 84.5 % Resident fees and services $ 77,447 $ 78,985 $ 91,900 $ 108,122 $ 116,368 Cash NOI $ 20,993 $ 21,581 $ 26,032 $ 31,527 $ 34,717 Cash NOI Margin % 27.1 % 27.3 % 28.3 % 29.2 % 29.8 % 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 $ 140 $ 196 $ 278 $ 306 $ 259 Nonrecurring capital expenditures $ 352 $ 247 $ 302 $ 376 $ 151 Occupancy 90.3 % 91.0 % 92.9 % 93.5 % 93.0 % Resident fees and services $ 10,192 $ 10,989 $ 11,524 $ 11,611 $ 11,978 Cash NOI $ 3,065 $ 3,764 $ 4,039 $ 4,065 $ 4,266 Cash NOI Margin % 30.1 % 34.3 % 35.0 % 35.0 % 35.6 % Same Store Operating Performance (1) Reflects Sabra’s pro rata share, except number of properties; dollars in thousands, except REVPOR Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Number of Properties 65 65 65 65 65 Number of Available Units 5,776 5,775 5,776 5,775 5,775 REVPOR $ 4,547 $ 4,572 $ 4,585 $ 4,675 $ 4,755 Occupancy 85.6 % 86.6 % 87.5 % 88.7 % 88.4 % Resident fees and services $ 67,478 $ 68,616 $ 69,532 $ 71,797 $ 72,814 Cash NOI $ 20,546 $ 22,293 $ 22,230 $ 23,128 $ 23,504 Cash NOI Margin % 30.4 % 32.5 % 32.0 % 32.2 % 32.3 % Key Senior Housing - Managed Relationships As of March 31, 2026 Number of Properties Sienna Senior Living 21 Inspirit Senior Living 18 Traditions Management 12 Discovery Senior Living 12 Health Dimensions Group 6 Other 37 Total 106
7 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of March 31, 2026 Loan Type Number of Loans Property Type Principal Balance Book Value Weighted Average Contractual Interest Rate Weighted Average Annualized Effective Interest Rate Interest Income Three Months Ended March 31, 2026 (1) Maturity Date Mortgage 3 Behavioral Health / Skilled Nursing $ 335,600 $ 335,600 7.7 % 7.7 % $ 6,494 11/01/26 - 06/01/29 Other 10 Multiple 38,358 36,249 7.4 % 6.7 % 635 04/30/26 - 08/31/33 13 373,958 371,849 7.7 % 7.6 % $ 7,129 Allowance for loan losses — (4,834) $ 373,958 $ 367,015 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended March 31, 2026 (1) Preferred Equity 5 Skilled Nursing / Senior Housing $ 58,305 $ 51,844 $ 65,894 11.0 % $ 1,740 (1) Includes income related to loans receivable and other investments held as of March 31, 2026.
8 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Avamere Family of Companies: 7.7% Signature Healthcare: 7.4% Signature Behavioral: 6.2% Recovery Centers of America: 5.1% The McGuire Group: 3.8% Managed (No Operator Credit Exposure): 28.3% Other: 33.7% The Ensign Group: 7.8% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of March 31, 2026 (1) Excludes three real estate properties held for sale as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Tenant payor source allocation presented one quarter in arrears. Behavioral Health: 12.9% Senior Housing - Leased: 7.6% Specialty Hospital and Other: 3.6% Other: 0.5% Skilled Nursing/Transitional Care: 47.1% Senior Housing - Managed: 28.3% Private Pay: 50.5%Non-Private: 49.5%
9 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Geographic Concentrations - Consolidated Portfolio (1) Property Type As of March 31, 2026 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 15.5 % California 23 — 2 3 1 29 8.0 Kentucky 24 1 1 1 1 28 7.8 Indiana 14 2 5 2 — 23 6.4 Oregon 15 1 3 — — 19 5.3 North Carolina 13 — 2 — — 15 4.1 Missouri 10 — 2 1 — 13 3.6 Washington 10 — 2 — — 12 3.3 Michigan 1 5 5 — — 11 3.0 Virginia 6 — 4 — — 10 2.8 Other (30 states & Canada) 59 20 57 9 — 145 40.2 Total 208 32 90 16 15 361 100.0 % % of Total 57.6 % 8.9 % 24.9 % 4.4 % 4.2 % 100.0 % Distribution of Beds/Units As of March 31, 2026 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 4,100 350 856 — 325 5,631 15.5 % Kentucky 28 2,572 130 142 60 40 2,944 8.1 Indiana 23 1,429 277 701 138 — 2,545 7.0 California 29 1,924 — 160 334 27 2,445 6.7 Oregon 19 1,520 215 162 — — 1,897 5.2 North Carolina 15 1,454 — 237 — — 1,691 4.7 New York 10 1,576 — 107 — — 1,683 4.6 Washington 12 1,123 — 165 — — 1,288 3.5 Missouri 13 763 — 311 82 — 1,156 3.2 Virginia 10 894 — 246 — — 1,140 3.1 Other (30 states & Canada) 146 5,760 1,696 5,991 545 — 13,992 38.4 Total 361 23,115 2,668 9,078 1,159 392 36,412 100.0 % % of Total 63.5 % 7.3 % 24.9 % 3.2 % 1.1 % 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period.
10 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued (1) Investment Dollars in thousands As of March 31, 2026 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 $ 340,386 $ 27,335 $ 207,507 $ — $ 187,387 $ 762,615 12.8 % California 29 412,598 — 59,407 217,699 7,798 697,502 11.7 Indiana 23 196,862 58,995 180,455 12,156 — 448,468 7.5 Oregon 19 261,316 33,002 53,464 — — 347,782 5.8 Kentucky 28 245,953 35,473 23,918 9,373 30,313 345,030 5.8 New York 10 298,545 — 22,215 — — 320,760 5.4 Ohio 6 13,447 — 196,068 — — 209,515 3.5 North Carolina 15 125,549 — 75,844 — — 201,393 3.4 Florida 9 — 27,352 148,846 5,744 — 181,942 3.1 Michigan 11 27,591 33,661 120,229 — — 181,481 3.0 Other (30 states and Canada) (2) 155 857,353 160,850 1,014,274 228,841 — 2,261,318 38.0 Total 361 $ 2,779,600 $ 376,668 $ 2,102,227 $ 473,813 $ 225,498 $ 5,957,806 100.0 % % of Total 46.7 % 6.3 % 35.3 % 7.9 % 3.8 % 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Investment balance in Canada is based on the exchange rate as of March 31, 2026 of $0.7178 per 1 CAD.
11 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Triple-Net Lease Expirations (1) Triple-Net Lease Expirations Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of March 31, 2026 % of Total 04/01/26 - 12/31/26 (2) $ 2,936 $ — $ 4,989 $ — $ 7,925 2.2 % 2027 6,432 4,696 — — 11,128 3.1 2028 23,913 1,185 — 3,703 28,801 8.1 2029 48,183 5,478 — 6,449 60,110 17.0 2030 — — — 4,883 4,883 1.4 2031 87,531 5,032 — — 92,563 26.2 2032 7,887 1,777 33,723 3,938 47,325 13.4 2033 — 3,944 5,077 — 9,021 2.6 2034 4,564 2,761 — — 7,325 2.1 2035 10,703 1,326 — 786 12,815 3.6 Thereafter 62,267 8,018 1,590 — 71,875 20.3 Total Annualized Revenues $ 254,416 $ 34,217 $ 45,379 $ 19,759 $ 353,771 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Includes leases on a month-to-month term.
12 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 INVESTMENTS Summary Investment Activity Dollars in thousands Investment Number of Properties Beds/Units 2026 Amounts Invested (1) Expected Initial Cash Yield Real Estate Senior Housing - Managed 1Q 2026 3 379 $ 76,000 7.88 % Skilled Nursing / Transitional Care 1Q 2026 (2) 1 133 19,500 8.50 % Additions to Real Estate (3) N/A N/A 474 9.50 % 95,974 8.01 % Preferred Equity Investment (4) 1 109 — 13.00 % All Investments through March 31, 2026 $ 95,974 8.01 % (1) Excludes capitalized acquisition costs and origination fees. (2) Yield increases to 9.0% in year two and 9.6% in year three. (3) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio. (4) Sabra has committed to fund a $6.5 million investment in the development of a Senior Housing community. Unit count reflects expected capacity at the completion of development. Sabra has the option to purchase the development at fair market value upon achievement of specified milestones.
13 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of March 31, 2026 Secured debt $ 43,490 Revolving credit facility 354,979 Term loans 1,037,670 Senior unsecured notes 1,250,000 Total 2,686,139 Deferred financing costs and premiums/discounts, net (20,988) Total, net $ 2,665,151 Revolving Credit Facility Dollars in thousands As of March 31, 2026 Credit facility availability $ 645,021 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of March 31, 2026 Shares Outstanding Price Value Common stock 252,190,095 $ 19.23 $ 4,849,616 Consolidated Debt 2,686,139 Cash and cash equivalents (116,530) Consolidated Enterprise Value $ 7,419,225 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended March 31, 2026 EPS, FFO and Normalized FFO AFFO and Normalized AFFO Basic common stock 252,135,103 252,135,103 Dilutive securities: Restricted stock units 2,847,204 4,110,504 Forward equity sale agreements 982,980 982,980 Diluted common and common equivalents 255,965,287 257,228,587 At-The-Market Common Stock Offering Program Dollars in thousands, except per share amounts Three Months Ended March 31, 2026 Shares issued — Availability as of March 31, 2026 $ 353,353 Forward sales agreements as of March 31, 2026 Shares outstanding 23,700,549 Weighted average price per share, net of commissions $ 19.03
14 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of March 31, 2026 Principal % of Total Fixed Rate Debt Secured debt $ 43,490 3.37 % 1.6 % Senior unsecured notes 1,250,000 3.57 % 46.6 % Total fixed rate debt 1,293,490 3.56 % 48.2 % Variable Rate Debt (2) Revolving credit facility 354,979 4.68 % 13.2 % Term loans 1,037,670 4.37 % 38.6 % Total variable rate debt 1,392,649 4.45 % 51.8 % Consolidated Debt $ 2,686,139 4.02 % 100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of March 31, 2026 Principal % of Total Secured Debt Secured debt $ 43,490 3.37 % 1.6 % Unsecured Debt Senior unsecured notes 1,250,000 3.57 % 46.6 % Revolving credit facility 354,979 4.68 % 13.2 % Term loans 1,037,670 4.37 % 38.6 % Total unsecured debt 2,642,649 4.03 % 98.4 % Consolidated Debt $ 2,686,139 4.02 % 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 $107.7 million (CAD $150.0 million) subject to swap agreements that fix CORRA at 2.59% as of March 31, 2026. Excluding these amounts, variable rate debt was 13.2% of Consolidated Debt as of March 31, 2026.
15 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes Term Loans Revolving Credit Facility (1) Consolidated Debt As of March 31, 2026 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 04/01/26 - 12/31/26 $ 1,616 3.37 % $ — — $ — — $ — — $ 1,616 3.37 % 2027 2,206 3.38 % 100,000 5.38 % — — 354,979 4.68 % 457,185 4.83 % 2028 2,266 3.40 % — — 537,670 4.11 % — — 539,936 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 % 2035 2,026 3.52 % — — — — — — 2,026 3.52 % Thereafter 22,741 3.69 % — — — — — — 22,741 3.69 % Total $ 43,490 $ 1,250,000 $ 1,037,670 $ 354,979 $ 2,686,139 Wtd. avg. maturity/years 19.2 4.7 3.0 0.8 3.8 Wtd. avg. interest rate (2) 3.37 % 3.57 % 4.37 % 4.68 % 4.02 % (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 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Key Credit Metrics (1) March 31, 2026 Net Debt to Adjusted EBITDA (2) 5.04x Interest Coverage 4.59x Fixed Charge Coverage Ratio 4.51x Total Debt/Asset Value 38 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 261 % Cost of Permanent Consolidated Debt (3) 3.92 % 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 4.68% as of March 31, 2026.
17 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended March 31, 2026 2025 Revenues: Rental and related revenues (1) $ 95,050 $ 96,037 Resident fees and services 116,685 77,447 Interest and other income 10,018 10,059 Total revenues 221,753 183,543 Expenses: Depreciation and amortization 53,131 43,494 Interest 28,409 27,100 Triple-net portfolio operating expenses 3,773 3,479 Senior housing - managed portfolio operating expenses 81,869 56,454 General and administrative 14,862 12,728 Recovery of loan losses (213) (173) Impairment of real estate 440 — Total expenses 182,271 143,082 Other (expense) income (55) 38 Income before income from unconsolidated joint ventures and income tax expense 39,427 40,499 Income from unconsolidated joint ventures 1,912 218 Income tax expense (526) (413) Net income 40,813 40,304 Net loss attributable to noncontrolling interests 67 — Net income attributable to Sabra Health Care REIT, Inc. $ 40,880 $ 40,304 Net income attributable to Sabra Health Care REIT, Inc., per: Basic common share $ 0.16 $ 0.17 Diluted common share $ 0.16 $ 0.17 Weighted average number of common shares outstanding, basic 252,135,103 237,891,035 Weighted average number of common shares outstanding, diluted 255,965,287 240,295,817 (1) See page 18 for additional details regarding Rental and related revenues.
18 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income - Supplemental Information Dollars in thousands Three Months Ended March 31, 2026 2025 Cash rental income $ 89,764 $ 90,071 Straight-line rental income 540 723 Write-offs of lease intangibles — 566 Above/below market lease amortization 1,059 1,139 Operating expense recoveries 3,687 3,538 Rental and related revenues $ 95,050 $ 96,037
19 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data March 31, 2026 December 31, 2025 Assets Real estate investments, net of accumulated depreciation of $1,257,489 and $1,224,663 as of March 31, 2026 and December 31, 2025, respectively $ 4,702,791 $ 4,686,377 Loans receivable and other investments, net 432,909 434,100 Investment in unconsolidated joint ventures 116,537 118,166 Cash and cash equivalents 116,530 71,537 Restricted cash 6,921 6,603 Lease intangible assets, net 67,414 65,321 Accounts receivable, prepaid expenses and other assets, net 148,088 111,292 Total assets $ 5,591,190 $ 5,493,396 Liabilities Secured debt, net $ 42,756 $ 43,275 Revolving credit facility 354,979 217,584 Term loans, net 1,031,083 1,032,311 Senior unsecured notes, net 1,236,333 1,235,726 Accounts payable and accrued liabilities 117,947 119,329 Lease intangible liabilities, net 20,178 21,383 Total liabilities 2,803,276 2,669,608 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 252,190,095 and 251,697,456 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 2,522 2,517 Additional paid-in capital 4,832,664 4,836,270 Cumulative distributions in excess of net income (2,049,843) (2,013,375) Accumulated other comprehensive income (loss) 691 (3,571) Total Sabra Health Care REIT, Inc. stockholders’ equity 2,786,034 2,821,841 Noncontrolling interests 1,880 1,947 Total equity 2,787,914 2,823,788 Total liabilities and equity $ 5,591,190 $ 5,493,396
20 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 40,813 $ 40,304 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 53,131 43,494 Non-cash rental and related revenues (1,599) (2,428) Non-cash interest income — 4 Non-cash interest expense 2,368 1,729 Stock-based compensation expense 3,098 2,711 Recovery of loan losses (213) (173) Impairment of real estate 440 — Income from unconsolidated joint ventures (1,912) (218) Distributions of earnings from unconsolidated joint ventures 1,657 2,368 Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (1,534) (2,822) Accounts payable and accrued liabilities 2,113 (4,706) Net cash provided by operating activities 98,362 80,263 Cash flows from investing activities: Acquisition of real estate and lease intangibles (96,101) (7,854) Origination and fundings of loans receivable — (1,710) Origination and fundings of preferred equity investments (15) (9) Additions to real estate (11,851) (7,783) Escrow deposits for potential investments (430) — Repayments of loans receivable 1,944 1,129 Repayments of preferred equity investments 1,256 813 Investment in unconsolidated joint ventures — (1,030) Insurance proceeds 107 — Net cash used in investing activities (105,090) (16,444) Cash flows from financing activities: Net borrowings from (repayments of) revolving credit facility 137,800 (23,881) Principal payments on secured debt (531) (517) Payments of deferred financing costs (92) (80) Contributions from noncontrolling interests 4 — Payment of contingent consideration (1,178) — Issuance of common stock, net (8,247) (5,391) Dividends paid on common stock (75,657) (71,373) Net cash provided by (used in) financing activities 52,099 (101,242) Net increase (decrease) in cash, cash equivalents and restricted cash 45,371 (37,423) Effect of foreign currency translation on cash, cash equivalents and restricted cash (60) (19) Cash, cash equivalents and restricted cash, beginning of period 78,140 66,339 Cash, cash equivalents and restricted cash, end of period $ 123,451 $ 28,897 Supplemental disclosure of cash flow information: Interest paid $ 15,071 $ 20,233
21 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended March 31, 2026 2025 Net income attributable to Sabra Health Care REIT, Inc. $ 40,880 $ 40,304 Add: Depreciation and amortization of real estate assets 53,131 43,494 Depreciation and amortization of real estate assets related to noncontrolling interests (122) — Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,527 2,180 Impairment of real estate 440 — FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978 Write-offs of lease intangibles — (566) Recovery of loan losses (213) (173) Other normalizing items (1) 465 2 Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 96,108 $ 85,241 FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978 Stock-based compensation expense 3,098 2,711 Non-cash rental and related revenues (1,599) (2,428) Non-cash interest expense 2,368 1,729 Recovery of loan losses (213) (173) Other adjustments related to unconsolidated joint ventures 76 (109) Other adjustments 507 446 AFFO attributable to Sabra Health Care REIT, Inc. $ 100,093 $ 88,154 Other normalizing items (1) 458 84 Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 100,551 $ 88,238 Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: Net income $ 0.16 $ 0.17 FFO $ 0.37 $ 0.36 Normalized FFO $ 0.38 $ 0.35 AFFO $ 0.39 $ 0.37 Normalized AFFO $ 0.39 $ 0.37 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 255,965,287 240,295,817 AFFO and Normalized AFFO 257,228,587 241,513,735
22 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of March 31, 2026 (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (3) Includes balances that impact cash or NOI and excludes non-cash items. (4) Includes $33.2 million related to three real estate properties held for sale as of the end of the current period. Annualized Cash NOI (1) Dollars in thousands Skilled Nursing/Transitional Care $ 254,416 Senior Housing - Leased 34,217 Senior Housing - Managed Consolidated Portfolio 136,814 Senior Housing - Managed Unconsolidated Portfolio 17,065 Behavioral Health 45,379 Specialty Hospitals and Other 19,759 Annualized Cash NOI (excluding loans receivable and other investments) $ 507,650 Obligations Reflects Sabra's pro rata share; dollars in thousands Secured debt (2) $ 43,490 Senior unsecured notes (2) 1,250,000 Revolving credit facility 354,979 Term loans (2) 1,037,670 Unconsolidated joint venture debt 74,333 Total Debt 2,760,472 Add (less): Cash and cash equivalents and restricted cash (123,084) Unconsolidated joint venture cash and cash equivalents and restricted cash (5,770) Accounts payable and accrued liabilities (3) 108,954 Net obligations $ 2,740,572 Other Assets Reflects Sabra's pro rata share; dollars in thousands Loans receivable and other investments, net $ 432,909 Accounts receivable, prepaid expenses and other assets, net (3)(4) 70,524 Total other assets $ 503,433 Common Shares Outstanding Total shares 252,190,095 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.
23 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 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 2026, 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: increases in market interest rates and inflation; pandemics or epidemics, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; increased labor costs and labor shortages; 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; 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, 2025. 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.
24 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 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.
25 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 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. 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* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts, and management with a meaningful indicator of the Company’s financial leverage and its capacity to service and repay debt from operating cash flows. 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.
26 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 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. Except for Senior Housing - Managed, 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 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 — Q1 2026 NON-GAAP RECONCILIATIONS
EX-99.3
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Reconciliations of Non-GAAP Financial Measures
March 31, 2026
(Unaudited)
SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
FFO, Normalized FFO, AFFO and Normalized AFFO
(dollars in thousands, except per share data)
Three Months Ended March 31,
2026 2025
Net income attributable to Sabra Health Care REIT, Inc. $ 40,880 $ 40,304
Add:
Depreciation and amortization of real estate assets 53,131 43,494
Depreciation and amortization of real estate assets related to noncontrolling interests (122) —
Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,527 2,180
Impairment of real estate 440 —
FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978
Write-offs of lease intangibles — (566)
Recovery of loan losses (213) (173)
Other normalizing items (1)
465 2
Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 96,108 $ 85,241
FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978
Stock-based compensation expense 3,098 2,711
Non-cash rental and related revenues (1,599) (2,428)
Non-cash interest expense 2,368 1,729
Recovery of loan losses (213) (173)
Other adjustments related to unconsolidated joint ventures 76 (109)
Other adjustments 507 446
AFFO attributable to Sabra Health Care REIT, Inc. $ 100,093 $ 88,154
Other normalizing items (1)
458 84
Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 100,551 $ 88,238
Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.:
Net income $ 0.16 $ 0.17
FFO $ 0.37 $ 0.36
Normalized FFO $ 0.38 $ 0.35
AFFO $ 0.39 $ 0.37
Normalized AFFO $ 0.39 $ 0.37
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO 255,965,287 240,295,817
AFFO and Normalized AFFO 257,228,587 241,513,735
(1) Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries.
See reporting definitions. 2
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
March 31, 2026
Net income $ 40,813
Interest 28,409
Income tax expense 526
Depreciation and amortization 53,131
EBITDA 122,879
Income from unconsolidated joint ventures (1,912)
Distributions from unconsolidated joint ventures 1,344
Stock-based compensation expense 3,098
Acquisition and transaction costs 500
Recovery of loan losses (213)
Impairment of real estate 440
Other expense 138
Adjusted EBITDA (1)
126,274
Adjustments for current period activity (2)
1,293
Adjusted EBITDA, as adjusted $ 127,567
Adjusted EBITDA, as adjusted, annualized $ 510,268
March 31, 2026
Secured debt $ 43,490
Revolving credit facility 354,979
Term loans 1,037,670
Senior unsecured notes 1,250,000
Consolidated Debt 2,686,139
Cash and cash equivalents (116,530)
Net Debt $ 2,569,609
March 31, 2026
Net Debt $ 2,569,609
Adjusted EBITDA, as adjusted, annualized $ 510,268
Net Debt to Adjusted EBITDA 5.04x
(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.
See reporting definitions. 3
SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income
Supplemental Information
(in thousands)
Three Months Ended March 31,
2026 2025
Cash rental income $ 89,764 $ 90,071
Straight-line rental income 540 723
Write-offs of lease intangibles — 566
Above/below market lease amortization 1,059 1,139
Operating expense recoveries 3,687 3,538
Rental and related revenues $ 95,050 $ 96,037
See reporting definitions. 4
SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Senior Housing - Managed Revenues and Cash NOI
(in thousands)
Three Months Ended
March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026
Revenues:
Resident fees and services $ 77,447 $ 78,985 $ 92,017 $ 108,434 $ 116,685
Resident fees and services attributable to noncontrolling interests — — (117) (312) (317)
Resident fees and services - pro rata $ 77,447 $ 78,985 $ 91,900 $ 108,122 $ 116,368
Income from unconsolidated joint ventures:
Resident fees and services 10,192 10,989 11,524 11,611 11,978
Resident fees and services not included in same store (1)
(20,161) (21,358) (33,892) (47,936) (55,532)
Same store resident fees and services - pro rata $ 67,478 $ 68,616 $ 69,532 $ 71,797 $ 72,814
Net income $ 40,304 $ 65,542 $ 22,517 $ 27,147 $ 40,813
Adjustments:
Net income not related to Senior Housing - Managed (32,747) (56,463) (14,590) (17,533) (30,050)
Depreciation and amortization 13,654 14,372 19,989 23,730 25,965
Other income — (1,038) (619) (73) —
Income from unconsolidated joint ventures (218) (832) (1,226) (1,652) (1,912)
Sabra's share of unconsolidated joint ventures' Net Operating Income 3,202 3,713 4,034 4,061 4,262
Net Operating Income - consolidated $ 24,195 $ 25,294 $ 30,105 $ 35,680 $ 39,078
Net Operating Income attributable to noncontrolling interests — — (39) (92) (99)
Net Operating Income - pro rata $ 24,195 $ 25,294 $ 30,066 $ 35,588 $ 38,979
Non-cash revenue and expense adjustments (137) 51 5 4 4
Cash Net Operating Income - pro rata $ 24,058 $ 25,345 $ 30,071 $ 35,592 $ 38,983
Cash Net Operating Income not included in same store (1)
(3,512) (3,052) (7,841) (12,464) (15,479)
Same store Cash Net Operating Income - pro rata $ 20,546 $ 22,293 $ 22,230 $ 23,128 $ 23,504
(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.
See reporting definitions. 5
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)
Three Months Ended March 31, 2026
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) $ 45,964 $ 5,867 $ 8,851 $ 1,912 $ 16,630 $ 8,139 $ 3,385 $ 10,018 $ (43,323) $ 40,813
Adjustments:
Depreciation and amortization 19,553 2,676 25,965 — 28,641 3,402 1,462 — 73 53,131
Interest 190 199 — — 199 — — — 28,020 28,409
General and administrative — — — — — — — — 14,862 14,862
Recovery of loan losses — — — — — — — — (213) (213)
Impairment of real estate 440 — — — — — — — — 440
Other expense — — — — — — — — 55 55
Income from unconsolidated joint ventures — — — (1,912) (1,912) — — — — (1,912)
Income tax expense — — — — — — — — 526 526
Sabra’s share of unconsolidated joint ventures’ Net Operating Income — — — 4,262 4,262 — — — — 4,262
Net Operating Income - consolidated $ 66,147 $ 8,742 $ 34,816 $ 4,262 $ 47,820 $ 11,541 $ 4,847 $ 10,018 $ — $ 140,373
Net Operating Income attributable to noncontrolling interests — — (99) — (99) — — — — (99)
Net Operating Income - pro rata $ 66,147 $ 8,742 $ 34,717 $ 4,262 $ 47,721 $ 11,541 $ 4,847 $ 10,018 $ — $ 140,274
Non-cash revenue and expense adjustments (1,442) (206) — 4 (202) (37) 90 — — (1,591)
Cash Net Operating Income - pro rata $ 64,705 $ 8,536 $ 34,717 $ 4,266 $ 47,519 $ 11,504 $ 4,937 $ 10,018 $ — $ 138,683
Annualizing adjustments (1)
189,711 25,681 102,097 12,799 140,577 33,875 14,822 25,722 — 404,707
Annualized Cash Net Operating Income - pro rata $ 254,416 $ 34,217 $ 136,814 $ 17,065 $ 188,096 $ 45,379 $ 19,759 $ 35,740 $ — $ 543,390
Reallocation adjustments (2)
1,681 7,128 — — 7,128 24,426 — (33,235) — —
Annualized Cash Net Operating Income, as adjusted - pro rata $ 256,097 $ 41,345 $ 136,814 $ 17,065 $ 195,224 $ 69,805 $ 19,759 $ 2,505 $ — $ 543,390
(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.
See reporting definitions. 6
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. The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts, and management with a meaningful indicator of the Company’s financial leverage and its capacity to service and repay debt from operating cash flows. 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.
See reporting definitions. 7
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.
See reporting definitions. 8
EX-99.4 — INVESTOR PRESENTATION
EX-99.4
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sbraex9942026q1-final
Strategic. Disciplined. Opportunistic. Investor Presentation | April 29, 2026
April 29, 2026 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 2026, as well as the assumptions set forth therein), our expectations regarding 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: increases in market interest rates and inflation; pandemics or epidemics, and the related impact on our tenants, borrowers and senior housing - managed communities; operational risks with respect to our senior housing - managed communities; increased labor costs and labor shortages; 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; 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, 2025. 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
April 29, 2026 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 April 29, 2026 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
April 29, 2026 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
April 29, 2026 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
April 29, 2026 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
April 29, 2026 Investor Presentation “We deliver long-term value to our shareholders by deliberately executing on our strategy and investing in our tenants’ success by providing flexible capital solutions that keep them at the forefront of healthcare delivery.” -Darrin Smith, Chief Investment Officer 8 STRATEGY IN ACTION
April 29, 2026 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 9 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.
April 29, 2026 Investor Presentation E-Initiative Roadmap 10 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.
April 29, 2026 Investor Presentation E-Playbook: Turning Vision into Action 11 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, Strategic Initiatives
April 29, 2026 Investor Presentation Going the Extra Green Mile 12 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.
April 29, 2026 Investor Presentation Committed to Diversity, Equity & Inclusion 54% As of March 31, 2026, women comprised 54% of our workforce and 57% of our management level/ leadership roles. 35% As of March 31, 2026, 35% 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 16% of our team members chose not to self-identify. 13 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.
April 29, 2026 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 Represents average occupancy for the total consolidated portfolio. 2 Excludes three real estate properties held for sale as of the end of the current period. Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for the period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears, and therefore, EBITDARM Coverage and Operating Statistics exclude assets acquired after December 31, 2025. 7 Years Wtd. Avg. Remaining Lease Term 395 Investments 2.46x 1.58x 4.00x 62 Relationships 38% Skilled Mix2 Average Occupancy Percentage2 84% 85% 89% 76% SH - LeasedSNF/TC SNF/TC SH - Leased EBITDARM Coverage2 As of March 31, 2026 BH/Hosp./Oth. BH/Hosp./Oth. 14 PORTFOLIO SH - Managed1
April 29, 2026 Investor Presentation 1 Excludes three real estate properties held for sale as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. See the Appendix to this presentation for the definition of Annualized Cash NOI. Diverse Portfolio, Positioned to Perform Relationship Concentration1 Asset Class Concentration1 As of March 31, 2026 15 PORTFOLIO The Ensign Group, 7.8% Avamere Family of Companies, 7.7% Signature Healthcare, 7.4% Signature Behavioral, 6.2% Recovery Centers of America, 5.1% The McGuire Group, 3.8% Managed (No Operator Credit Exposure), 28.3% Other 33.7% Senior Housing - Managed, 28.3% Behavioral Health, 12.9% Senior Housing - Leased, 7.6%Specialty Hospital and Other, 3.6% Other, 0.5% Skilled Nursing/ Transitional Care, 47.1%
April 29, 2026 Investor Presentation Favorable Supply and Demand Trends 16 PORTFOLIO Source: Census.gov, AHCA, Care Compare Since 2000, the 85-or-older population has grown by 64%, compared to a 12% decline in skilled nursing beds over the same time frame. SNF Supply and Demand 1,780 1,757 1,725 1,712 1,706 1,703 1,697 1,695 1,693 1,675 1,628 1,594 1,571 4,399 4,641 4,946 5,296 5,600 5,880 6,055 6,304 6,468 6,590 6,467 6,677 7,047 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 2025 — 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
April 29, 2026 Investor Presentation Skilled Nursing Medicaid and Medicare Rates Medicaid Average Daily Rate Medicare Average Daily Rate As of March 31, 2026 17 PORTFOLIO $180 $187 $198 $210 $236 $262 $285 $321 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 $697 $721 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
April 29, 2026 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, Strategic Initiatives 18 PORTFOLIO
April 29, 2026 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 19
April 29, 2026 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 20
April 29, 2026 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 21 OPERATORS
April 29, 2026 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 22 PERFORMANCE
April 29, 2026 Investor Presentation Common Equity Value 67% Secured Debt 1% Hedged Term Loans 15% Fixed Rate Bonds 18% Line of Credit 5% Prudent Balance Sheet Management 1 As of 3/31/2026. Common equity value estimated using outstanding common stock of 252.2 million shares and Sabra’s closing price of $20.29 as of 4/27/2026. 23 PERFORMANCE • Hedged variable rate exposure, resulting in interest savings of $7.3 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 3.92%. • Ample liquidity of approximately $1.2 billion ensures we have ready access to capital. • $353.4 million of availability under at-the- market (ATM) equity offering program. • 98% of borrowings are unsecured, providing additional balance sheet flexibility. CONSOLIDATED ENTERPRISE VALUE1 $7.7B March 31, 2026
April 29, 2026 Investor Presentation Key Credit Metrics 1 Net Debt to Adjusted EBITDA 5.04x 2 Interest Coverage Ratio 4.59x Debt as a % of Asset Value 38% Secured Debt as a % of Asset Value 1% Balance Sheet Built for Growth 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. 24 PERFORMANCE Unsecured Notes Ratings S&P (Stable outlook) BBB- Fitch (Stable outlook) BBB- Moody’s (Stable outlook) Baa3 As of March 31, 2026
April 29, 2026 Investor Presentation 100 350 800 538 500 $2 $2 $2 $2 $2 $2 $2 $2 $2 $23 $355 $645 3.4% 4.8% 4.1% 3.9% 4.6% 3.2% 3.5% 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 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 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 March 31, 2026 25 PERFORMANCE 1 21
April 29, 2026 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: Visible Alpha as of 4/27/2026, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 4/27/2026 divided by the forward four quarter consensus FFO from Visible Alpha. 2 Dividend yield is calculated as most recent quarterly dividends declared per share annualized divided by stock price as of 4/27/2026. 3 Represents latest available concentration for peers from company filings as of 4/27/2026. 4 Based on Annualized Cash NOI for the quarter ended 3/31/2026 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. 26 PERFORMANCE 13.3x 13.8x 14.4x 15.6x 19.6x 24.7x SBRA LTC OHI NHI CTRE AHR 5.9% 2.0% 4.0% 4.8% 5.7% 5.9% SBRA AHR CTRE NHI OHI LTC 27.9% 8.5% 25.2% 39.3% 47.3% 62.5% SBRA LTC NHI OHI CTRE AHR 36% 24% 33% 48% 68% 19% 47% 73% 60% 51% 28% 62% 17% 3% 7% 1% 4% 19% Senior Housing Skilled Nursing Other SBRA CTRE OHI LTC NHI AHR4 5
April 29, 2026 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 4/27/2026. 2 Based on Annualized Cash NOI as of 3/31/2026 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 27 PERFORMANCE 47% 28% 51% 60% 62% 73% SBRA NHI LTC OHI AHR CTRE 34% 36% 53% 53% 56% SBRA OHI LTC CTRE NHI 2.46x 1.93x 2.16x2.24x 3.17x 3.28x SBRA OHI AHR LTC CTRE NHI 1.58x 1.30x 1.34x 1.37x 1.40x 1.61x SBRA VTR AHR LTC WELL NHI2 2 6 643 3
April 29, 2026 Investor Presentation Appendix 28 i
April 29, 2026 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. 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. 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 29 APPENDIX
April 29, 2026 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.* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts, and management with a meaningful indicator of the Company’s financial leverage and its capacity to service and repay debt from operating cash flows. 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 30 APPENDIX
April 29, 2026 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. Except for Senior Housing - Managed, 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 31
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Apr. 29, 2026
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SABRA HEALTH CARE REIT, INC.
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0001492298
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MD
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001-34950
Entity Tax Identification Number
27-2560479
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1781 Flight Way
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Tustin
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CA
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