Sabra Health Care REIT Q3 revenue rises to $250M
Same-property SHOP Cash NOI increased 14.6% year over year, while nine-month net income attributable to Sabra was $44.285 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Sabra Health Care REIT, Inc. (SBRA) reported third-quarter 2026 revenue of $249.565 million, compared with $190.037 million a year earlier, and net income attributable to Sabra of $28.607 million, versus $22.538 million. Diluted net income per share was $0.11, compared with $0.09; FFO and normalized FFO per diluted share were $0.40 and $0.39. Same-property SHOP Cash NOI increased 14.6% year over year.
Sabra closed on seven SHOP communities for $222.8 million at an estimated 7.7% yield. It also reported $425 million of awarded investments in the Letter of Intent or later stage, which it expects to fund if consummated. A transition of 26 properties formerly leased to Avamere took effect October 1; annualized cash rent increased to $53 million from $48 million.
Sabra declared a quarterly dividend of $0.30 per common share. Updated 2026 guidance includes net income of $0.265–$0.275 and normalized FFO of $1.540–$1.550 per diluted share. Nine-month net income attributable to Sabra was $44.285 million, compared with $128.384 million in 2025.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue was $249.565 million, versus $190.037 million in 2025.
- Moderate pointThird-quarter net income attributable to Sabra was $28.607 million, versus $22.538 million.
- Moderate pointSame-property SHOP Cash NOI increased 14.6% year over year.
Negative
- Moderate pointNine-month net income attributable to Sabra was $44.285 million, versus $128.384 million in 2025.
Filing Explained
At September 30, 2026, 6,498,705 shares had been issued; another 14,975,555 remained under forward-sale agreements and were listed separately.
This Form 8-K reports Sabra’s third-quarter results and says its ATM program issued 6,498,705 common shares for net proceeds of
An at-the-market program lets an issuer sell new shares gradually into the open market at prevailing prices.
Separately, as of
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $249.565 million
Net income attributable to Sabra: $28.607 million
Net income per diluted common share: $0.11
+5 more
8 metrics
Total revenue
$249.565 million
Three months ended September 30, 2026; $190.037 million in 2025
Net income attributable to Sabra
$28.607 million
Three months ended September 30, 2026; $22.538 million in 2025
Net income per diluted common share
$0.11
Three months ended September 30, 2026; $0.09 in 2025
Net income attributable to Sabra
$44.285 million
Nine months ended September 30, 2026; $128.384 million in 2025
Same-property SHOP Cash NOI growth
14.6%
Year over year for the third quarter of 2026
Full-year net income guidance
$0.265–$0.275 per diluted common share
Updated 2026 guidance
Quarterly cash dividend
$0.30 per common share
Declared November 2, 2026
Awarded investments
$425 million
In the Letter of Intent or later stage
Key Terms
Funds From Operations (“FFO”), Normalized FFO, Cash NOI, Net Debt to Adjusted EBITDA, +1 more
5 terms
Funds From Operations (“FFO”) financial
"FFO attributable to Sabra Health Care REIT, Inc."
Normalized FFO financial
"Normalized FFO per diluted common share"
Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.
Cash NOI financial
"Same property Senior Housing Operating Portfolio Cash NOI"
Cash NOI (cash net operating income) is the income a property or real-estate business actually produces from rents and operating expenses after removing accounting-only entries such as depreciation, straight‑line rent adjustments, and other non‑cash items. Investors use it as a clearer view of real, spendable cash flow — like checking a bank balance instead of a ledger — to judge a property’s ability to pay debt, fund distributions, and support valuation.
Net Debt to Adjusted EBITDA financial
"Net Debt to Adjusted EBITDA was 4.54x"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
REVPOR financial
"REVPOR represents the average revenues generated per occupied unit"
Earnings Snapshot
Total revenue: $249.565 million · Guidance included
Third quarter 2026
Total revenue
$249.565 million
Compared with $190.037 million in the third quarter of 2025
Net income attributable to Sabra
$28.607 million
Compared with $22.538 million in the third quarter of 2025
Net income per diluted common share
$0.11
Compared with $0.09 in the third quarter of 2025
Normalized FFO per diluted common share
$0.39
Compared with $0.36 in the third quarter of 2025
Same-property SHOP Cash NOI growth
14.6%
Year-over-year increase
Guidance
Full-year 2026 per diluted common share: net income $0.265–$0.275; FFO $1.145–$1.155; normalized FFO $1.540–$1.550; AFFO $1.625–$1.635; normalized AFFO $1.600–$1.610.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SBRA's third-quarter 2026 results?
Sabra reported third-quarter revenue of $249.565 million, compared with $190.037 million in 2025, and net income attributable to Sabra of $28.607 million, compared with $22.538 million. Diluted net income per share was $0.11, versus $0.09.
What is SBRA's 2026 earnings guidance?
The updated full-year 2026 ranges per diluted common share are net income $0.265–$0.275, FFO $1.145–$1.155, normalized FFO $1.540–$1.550, AFFO $1.625–$1.635, and normalized AFFO $1.600–$1.610.
When will SBRA pay its quarterly dividend?
Sabra declared a quarterly cash dividend of $0.30 per common share. Payment is scheduled for November 30, 2026, to common stockholders of record at the close of business on November 13, 2026.
What investments has SBRA been awarded, and how may they be funded?
Sabra reported an additional $425 million of awarded investments, including about $385 million in SHOP, $25 million in skilled nursing and $15 million in preferred equity. They were in the Letter of Intent or later stage, and Sabra expects to fund them, if consummated, with available liquidity, including proceeds from outstanding forward sales agreements under its ATM program.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 2, 2026
(Exact name of registrant as specified in its charter)
| (State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (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 | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | ||||
On November 2, 2026, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended September 30, 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 November 2, 2026. | |||||||
| 99.2 | Sabra Health Care REIT, Inc. Supplemental Information Package, dated September 30, 2026. | |||||||
| 99.3 | Reconciliations of Non-GAAP Financial Measures, dated September 30, 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: November 2, 2026 | /S/ MICHAEL COSTA | ||||||||||
| Name: | Michael Costa | ||||||||||
| Title: | Chief Financial Officer, Treasurer and Executive Vice President | ||||||||||
Exhibit 99.1
FOR IMMEDIATE RELEASE
SABRA REPORTS THIRD QUARTER 2026 RESULTS; UPDATES 2026 GUIDANCE
TUSTIN, CA, November 2, 2026 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the third quarter of 2026.
THIRD QUARTER 2026 RESULTS
•Results per diluted common share for the third quarter of 2026 were as follows:
•Net Income: $0.11
•FFO: $0.40
•Normalized FFO: $0.39
•AFFO: $0.45
•Normalized AFFO: $0.41
•EBITDARM Coverage Summary:
•Skilled Nursing/Transitional Care: 2.52x
•Senior Housing - Leased: 1.58x
•Specialty Hospitals and Other: 3.91x
•On a year-over-year basis, same property Senior Housing Operating Portfolio (“SHOP”) Cash NOI increased 14.6% for the third quarter of 2026.
INVESTMENTS AND PORTFOLIO ACTIVITY
•As previously announced, Sabra closed on the acquisition of seven SHOP communities for an aggregate price of $222.8 million in the third quarter with an estimated yield of 7.7%.
•Investments closed year to date total $747.2 million, with an estimated yield of 8.0%.
•Sabra has been awarded an additional $425 million of investments, of which about $385 million is SHOP, $25 million is skilled nursing and $15 million is preferred equity, with an estimated yield of 7.0%. These investments are currently in the Letter of Intent or later stage, and Sabra expects to fund these investments, if consummated, with available liquidity, including proceeds from outstanding forward sales agreements under its at-the-market equity offering program (“ATM program”).
•Sabra’s closed and awarded SHOP investments are expected to generate unlevered IRRs in the low-teens, providing for strong current income and the potential for outsized future earnings growth.
•On October 1, 2026, Sabra completed the previously announced transition of 26 properties formerly leased to Avamere, with 22 properties being transitioned to subsidiaries of Cascadia Healthcare and four properties being transitioned to subsidiaries of the Ensign Group. As a result of this transition, effective October 1, 2026, annualized cash rent for these properties increased to $53 million from $48 million.
1OTHER RECENT EVENTS
•During the third quarter of 2026, Sabra utilized the forward feature of the ATM program to allow for the sale of up to 0.1 million shares of the Company’s common stock at an initial weighted average price of $19.94 per share. As of September 30, 2026, 15.0 million shares remained outstanding under forward sale agreements at a weighted average price of $19.53 per share, net of commissions.
•As of September 30, 2026, Net Debt to Adjusted EBITDA was 4.54x.
•On November 2, 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 November 30, 2026, to common stockholders of record as of the close of business on November 13, 2026.
UPDATED FULL-YEAR 2026 GUIDANCE
Sabra is updating its 2026 earnings guidance ranges as follows (attributable to Sabra Health Care REIT, Inc., per diluted common share):
•Net Income: $0.265 - $0.275
•FFO: $1.145 - $1.155
•Normalized FFO: $1.540 - $1.550
•AFFO: $1.625 - $1.635
•Normalized AFFO: $1.600 - $1.610
Earnings guidance above assumes:
•low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions, dispositions and completed or planned tenant transitions;
•average full-year Cash NOI growth for same store SHOP in the mid-teens;
•general and administrative expenses at the midpoint of $63 million, which includes nearly $15 million of stock-based compensation expense;
•cash interest expense of $106 million at the midpoint;
•weighted average share counts of 260 million and 261 million for Normalized FFO and Normalized AFFO, respectively;
•only investments, dispositions and capital markets activity already completed as of the date of this release.
The foregoing guidance ranges reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.
Commenting on the third quarter’s results, Rick Matros, CEO and Chair, said, “Sabra delivered another strong quarter. Same store SHOP Cash NOI margins and REVPOR growth are among the best in the space accompanied by solid occupancy and cash NOI growth. Investment activity continues to be robust, with $425 million currently awarded and more expected to come before year end. We expect our SHOP concentration to be around 40% on a run rate basis by year end 2026 and 50% by the end of 2027. We continue to evaluate our skilled nursing portfolio for optimization opportunities along the lines of our July announcement.
Our triple-net skilled nursing and senior housing portfolios again showed increased rent coverage. Leverage ticked down, and we increased our guidance at the midpoint. We do not foresee any barriers that would slow down our current momentum and the shift in our portfolio mix to be more heavily weighted towards SHOP, which will continue to be supported by an exceptionally strong triple-net skilled nursing portfolio.”
2LIQUIDITY
As of September 30, 2026, we had approximately $1.2 billion of liquidity, consisting of unrestricted cash and cash equivalents of $36.2 million, available borrowings under our revolving credit facility of $873.5 million and $292.5 million related to shares outstanding under forward sale agreements under the ATM program. As of September 30, 2026, we also had $332.7 million available under our ATM program.
CONFERENCE CALL AND COMPANY INFORMATION
A conference call with a simultaneous webcast to discuss the 2026 third quarter results will be held on Tuesday, November 3, 2026, at 10:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/325673757. The dial-in number for U.S. participants is (833) 461-5787. For participants outside the U.S., the dial-in number is (585) 542-9983. The conference ID number is 325673757. A digital replay of the call will be available on the Company’s website at www.sabrahealth.com. The Company’s supplemental information package for the third quarter will also be available on the Company’s website in the “Investors” section.
ABOUT SABRA
As of September 30, 2026, Sabra’s investment portfolio included 364 real estate properties held for investment (consisting of (i) 207 skilled nursing/transitional care facilities, (ii) 32 senior housing communities (“senior housing - leased”), (iii) 24 specialty hospitals and other facilities and (iv) 101 senior housing communities operated by third-party property managers pursuant to property management agreements (“senior housing operating portfolio” or “SHOP”)), 11 investments in loans receivable (consisting of two mortgage loans and nine other loans), four preferred equity investments and two investments in unconsolidated joint ventures. As of September 30, 2026, Sabra’s real estate properties held for investment included 37,513 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 SHOP communities; operational risks with respect to our SHOP 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 SHOP 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
3property 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
4SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
Rental and related revenues (1) | $ | 103,178 | $ | 85,354 | $ | 299,536 | $ | 281,214 | |||||||||||||||
| Resident fees and services | 143,164 | 92,017 | 388,651 | 248,449 | |||||||||||||||||||
| Interest and other income | 3,223 | 12,666 | 18,997 | 33,067 | |||||||||||||||||||
| Total revenues | 249,565 | 190,037 | 707,184 | 562,730 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Depreciation and amortization | 64,779 | 48,511 | 174,289 | 135,591 | |||||||||||||||||||
| Interest | 29,161 | 28,901 | 87,349 | 83,549 | |||||||||||||||||||
| Triple-net portfolio operating expenses | 3,658 | 3,708 | 11,087 | 10,885 | |||||||||||||||||||
| Senior housing operating portfolio operating expenses | 99,302 | 65,946 | 269,787 | 179,804 | |||||||||||||||||||
| General and administrative | 15,584 | 12,560 | 47,265 | 37,802 | |||||||||||||||||||
| Provision for (recovery of) loan losses and other reserves | 2,368 | (240) | 104,600 | (640) | |||||||||||||||||||
| Impairment of real estate | — | 2,571 | 440 | 6,674 | |||||||||||||||||||
| Total expenses | 214,852 | 161,957 | 694,817 | 453,665 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Loss on extinguishment of debt | — | (1,154) | — | (1,154) | |||||||||||||||||||
| Other (expense) income | (250) | (769) | (2,988) | 13,978 | |||||||||||||||||||
| Net (loss) gain on sales of real estate | (8,065) | (4,430) | 29,652 | 5,544 | |||||||||||||||||||
| Total other (expense) income | (8,315) | (6,353) | 26,664 | 18,368 | |||||||||||||||||||
| Income before income from unconsolidated joint ventures and income tax expense | 26,398 | 21,727 | 39,031 | 127,433 | |||||||||||||||||||
| Income from unconsolidated joint ventures | 2,230 | 1,226 | 6,366 | 2,276 | |||||||||||||||||||
| Income tax expense | (71) | (436) | (1,275) | (1,346) | |||||||||||||||||||
| Net income | 28,557 | 22,517 | 44,122 | 128,363 | |||||||||||||||||||
| Net loss attributable to noncontrolling interests | 50 | 21 | 163 | 21 | |||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 28,607 | $ | 22,538 | $ | 44,285 | $ | 128,384 | |||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc., per: | |||||||||||||||||||||||
| Basic common share | $ | 0.11 | $ | 0.09 | $ | 0.17 | $ | 0.54 | |||||||||||||||
| Diluted common share | $ | 0.11 | $ | 0.09 | $ | 0.17 | $ | 0.53 | |||||||||||||||
| Weighted average number of common shares outstanding, basic | 255,604,032 | 239,896,059 | 253,348,731 | 238,595,147 | |||||||||||||||||||
| Weighted average number of common shares outstanding, diluted | 259,823,331 | 243,558,449 | 257,186,896 | 241,593,992 | |||||||||||||||||||
(1) See the following page for additional details regarding rental and related revenues.
5SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME - SUPPLEMENTAL INFORMATION
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cash rental income | $ | 93,540 | $ | 88,946 | $ | 277,383 | $ | 271,414 | |||||||||||||||
| Deferred cash rent payment | 10,166 | — | 10,166 | — | |||||||||||||||||||
| Straight-line rental income | 894 | 1,027 | 2,609 | 3,683 | |||||||||||||||||||
| Write-offs of straight-line rental income receivable and lease intangibles | (6,200) | (9,237) | (4,796) | (7,759) | |||||||||||||||||||
| Above/below market lease amortization | 1,058 | 1,058 | 3,192 | 3,256 | |||||||||||||||||||
| Operating expense recoveries | 3,720 | 3,560 | 10,982 | 10,620 | |||||||||||||||||||
| Rental and related revenues | $ | 103,178 | $ | 85,354 | $ | 299,536 | $ | 281,214 | |||||||||||||||
6SABRA HEALTH CARE REIT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
Real estate investments, net of accumulated depreciation of $1,322,145 and $1,224,663 as of September 30, 2026 and December 31, 2025, respectively | $ | 4,925,213 | $ | 4,686,377 | |||||||
| Loans receivable and other investments, net | 120,295 | 434,100 | |||||||||
| Investment in unconsolidated joint ventures | 114,631 | 118,166 | |||||||||
| Cash and cash equivalents | 36,240 | 71,537 | |||||||||
| Restricted cash | 6,842 | 6,603 | |||||||||
| Lease intangible assets, net | 87,180 | 65,321 | |||||||||
| Accounts receivable, prepaid expenses and other assets, net | 139,551 | 111,292 | |||||||||
| Total assets | $ | 5,429,952 | $ | 5,493,396 | |||||||
| Liabilities | |||||||||||
| Secured debt, net | $ | 41,706 | $ | 43,275 | |||||||
| Revolving credit facility | 126,503 | 217,584 | |||||||||
| Term loans, net | 1,030,224 | 1,032,311 | |||||||||
| Senior unsecured notes, net | 1,237,543 | 1,235,726 | |||||||||
| Accounts payable and accrued liabilities | 135,005 | 119,329 | |||||||||
| Lease intangible liabilities, net | 17,696 | 21,383 | |||||||||
| Total liabilities | 2,588,677 | 2,669,608 | |||||||||
| Equity | |||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2026 and December 31, 2025 | — | — | |||||||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 261,961,461 and 251,697,456 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 2,620 | 2,517 | |||||||||
| Additional paid-in capital | 5,014,619 | 4,836,270 | |||||||||
| Cumulative distributions in excess of net income | (2,200,671) | (2,013,375) | |||||||||
| Accumulated other comprehensive income (loss) | 23,083 | (3,571) | |||||||||
| Total Sabra Health Care REIT, Inc. stockholders’ equity | 2,839,651 | 2,821,841 | |||||||||
| Noncontrolling interests | 1,624 | 1,947 | |||||||||
| Total equity | 2,841,275 | 2,823,788 | |||||||||
| Total liabilities and equity | $ | 5,429,952 | $ | 5,493,396 | |||||||
7SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 44,122 | $ | 128,363 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 174,289 | 135,591 | |||||||||
| Non-cash rental and related revenues | (1,005) | 820 | |||||||||
| Non-cash interest expense | 7,110 | 5,608 | |||||||||
| Stock-based compensation expense | 11,109 | 8,290 | |||||||||
| Loss on extinguishment of debt | — | 1,154 | |||||||||
| Provision for (recovery of) loan losses and other reserves | 104,600 | (640) | |||||||||
| Net gain on sales of real estate | (29,652) | (5,544) | |||||||||
| Impairment of real estate | 440 | 6,674 | |||||||||
| Income from unconsolidated joint ventures | (6,366) | (2,276) | |||||||||
| Distributions of earnings from unconsolidated joint ventures | 5,814 | 5,917 | |||||||||
| Other non-cash items | — | (17,183) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, prepaid expenses and other assets, net | (16,449) | (9,129) | |||||||||
| Accounts payable and accrued liabilities | 19,140 | 3,541 | |||||||||
| Net cash provided by operating activities | 313,152 | 261,186 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of real estate and lease intangibles | (516,346) | (301,563) | |||||||||
| Origination and fundings of loans receivable | (994) | (5,710) | |||||||||
| Origination and fundings of preferred equity investments | (2,612) | (9) | |||||||||
| Additions to real estate | (41,058) | (24,183) | |||||||||
| Escrow deposits for potential investments | (60) | (500) | |||||||||
| Repayments of loans receivable | 210,743 | 15,442 | |||||||||
| Repayments of preferred equity investments | 2,897 | 1,977 | |||||||||
| Investment in unconsolidated joint ventures | — | (1,241) | |||||||||
| Net proceeds from the sales of real estate | 156,860 | 43,087 | |||||||||
| Proceeds from net investment hedges | — | 4,462 | |||||||||
| Insurance proceeds | 136 | 1,267 | |||||||||
| Distributions in excess of earnings from unconsolidated joint ventures | — | 5,557 | |||||||||
| Net cash used in investing activities | (190,434) | (261,414) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net (repayments of) borrowings from revolving credit facility | (90,200) | 174,805 | |||||||||
| Principal payments on senior unsecured notes | — | (500,000) | |||||||||
| Proceeds from term loans | — | 500,000 | |||||||||
| Principal payments on secured debt | (1,604) | (1,562) | |||||||||
| Payments of deferred financing costs | (111) | (4,405) | |||||||||
| Payments related to extinguishment of debt | — | (2,884) | |||||||||
| Contributions from noncontrolling interests | 2 | 2,040 | |||||||||
| Distributions to noncontrolling interests | (162) | — | |||||||||
| Payment of contingent consideration | (1,178) | — | |||||||||
| Issuance of common stock, net | 163,691 | 188,350 | |||||||||
| Dividends paid on common stock | (227,953) | (214,692) | |||||||||
| Net cash (used in) provided by financing activities | (157,515) | 141,652 | |||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (34,797) | 141,424 | |||||||||
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | (261) | (245) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 78,140 | 66,339 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 43,082 | $ | 207,518 | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest paid | $ | 69,552 | $ | 72,820 | |||||||
| Supplemental disclosure of non-cash investing activities: | |||||||||||
| Decrease in loans receivable and other investments due to acquisition of real estate | $ | 16,600 | $ | — | |||||||
8SABRA HEALTH CARE REIT, INC.
FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,
ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO
(dollars in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 28,607 | $ | 22,538 | $ | 44,285 | $ | 128,384 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation and amortization of real estate assets | 64,779 | 48,511 | 174,289 | 135,591 | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to noncontrolling interests | (124) | (40) | (368) | (40) | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 1,474 | 1,722 | 4,478 | 5,945 | |||||||||||||||||||
| Net loss (gain) on sales of real estate | 8,065 | 4,430 | (29,652) | (5,544) | |||||||||||||||||||
| Impairment of real estate | — | 2,571 | 440 | 6,674 | |||||||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 102,801 | $ | 79,732 | $ | 193,472 | $ | 271,010 | |||||||||||||||
| Write-offs of straight-line rental income receivable and lease intangibles | 6,200 | 9,237 | 4,796 | 7,759 | |||||||||||||||||||
| Lease termination (income) expense, net | — | (1,518) | 2,873 | (1,518) | |||||||||||||||||||
| Loss on extinguishment of debt | — | 1,154 | — | 1,154 | |||||||||||||||||||
| Provision for (recovery of) loan losses and other reserves | 2,368 | (240) | 103,327 | (640) | |||||||||||||||||||
Other normalizing items (1) | (9,012) | 270 | (8,410) | (14,166) | |||||||||||||||||||
| Normalized FFO attributable to Sabra Health Care REIT, Inc. | $ | 102,357 | $ | 88,635 | $ | 296,058 | $ | 263,599 | |||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 102,801 | $ | 79,732 | $ | 193,472 | $ | 271,010 | |||||||||||||||
| Stock-based compensation expense | 3,922 | 2,875 | 11,109 | 8,290 | |||||||||||||||||||
| Non-cash rental and related revenues | 4,248 | 7,151 | (1,005) | 820 | |||||||||||||||||||
| Non-cash interest expense | 2,372 | 2,153 | 7,110 | 5,608 | |||||||||||||||||||
| Non-cash portion of loss on extinguishment of debt | — | (1,730) | — | (1,730) | |||||||||||||||||||
| Provision for (recovery of) loan losses and other reserves | 2,368 | (240) | 103,327 | (640) | |||||||||||||||||||
| Other adjustments related to unconsolidated joint ventures | 76 | 218 | 229 | 237 | |||||||||||||||||||
Other adjustments (2) | 821 | 547 | 1,966 | (15,535) | |||||||||||||||||||
| AFFO attributable to Sabra Health Care REIT, Inc. | $ | 116,608 | $ | 90,706 | $ | 316,208 | $ | 268,060 | |||||||||||||||
| Lease termination (income) expense, net | — | (1,518) | 2,873 | (1,518) | |||||||||||||||||||
| Cash portion of loss on extinguishment of debt | — | 2,884 | — | 2,884 | |||||||||||||||||||
Other normalizing items (1) | (9,359) | 81 | (8,430) | 2,619 | |||||||||||||||||||
| Normalized AFFO attributable to Sabra Health Care REIT, Inc. | $ | 107,249 | $ | 92,153 | $ | 310,651 | $ | 272,045 | |||||||||||||||
| Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: | |||||||||||||||||||||||
| Net income | $ | 0.11 | $ | 0.09 | $ | 0.17 | $ | 0.53 | |||||||||||||||
| FFO | $ | 0.40 | $ | 0.33 | $ | 0.75 | $ | 1.12 | |||||||||||||||
| Normalized FFO | $ | 0.39 | $ | 0.36 | $ | 1.15 | $ | 1.09 | |||||||||||||||
| AFFO | $ | 0.45 | $ | 0.37 | $ | 1.22 | $ | 1.10 | |||||||||||||||
| Normalized AFFO | $ | 0.41 | $ | 0.38 | $ | 1.20 | $ | 1.12 | |||||||||||||||
| Weighted average number of common shares outstanding, diluted: | |||||||||||||||||||||||
| Net income, FFO and Normalized FFO | 259,823,331 | 243,558,449 | 257,186,896 | 241,593,992 | |||||||||||||||||||
| AFFO and Normalized AFFO | 260,791,823 | 244,468,871 | 258,314,175 | 242,666,745 | |||||||||||||||||||
(1) Other normalizing items for FFO and AFFO for the three and nine months ended September 30, 2026 include a $10.2 million deferred rent payment related to a triple-net lease. Other normalizing items for FFO for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.4 million of transition expenses related to the transition of SHOP communities to new operators. Other normalizing items for AFFO for the nine months ended September 30, 2025 include $3.4 million of transition expenses related to the transition of SHOP communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
(2) Other adjustments for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.
9REPORTING 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.
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 SHOP communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful.
Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)*
The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. 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
10REPORTING DEFINITIONS
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 its 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.
11REPORTING DEFINITIONS
Senior Housing Operating Portfolio (“SHOP”)
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 and multi-license designation facilities.
Specialty Hospitals and Other
Includes psychiatric, 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 or Senior Housing.
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.
12
2 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Senior Housing Operating Portfolio (SHOP) Loans and Other Investments NOI Concentrations Geographic Concentrations - Consolidated Portfolio 11 INVESTMENTS Summary 12 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 16 FINANCIAL INFORMATION 2026 Outlook Consolidated Financial Statements - Statements of Income Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 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 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 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 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 Financial Metrics Reflect Sabra’s pro rata share; dollars in thousands, except per share data September 30, 2026 Three Months Ended Nine Months Ended Revenues $ 249,214 $ 706,180 Net operating income 151,089 439,347 Cash net operating income 155,345 438,367 Diluted per share data: EPS $ 0.11 $ 0.17 FFO 0.40 0.75 Normalized FFO 0.39 1.15 AFFO 0.45 1.22 Normalized AFFO 0.41 1.20 Dividends per common share 0.30 0.90 Capitalization and Market Facts Key Credit Metrics (1) September 30, 2026 September 30, 2026 Common shares outstanding 262.0 million Net Debt to Adjusted EBITDA 4.54x Market Capitalization $5.2 billion Interest Coverage 5.17x Consolidated Debt $2.5 billion Fixed Charge Coverage Ratio 5.06x Consolidated Enterprise Value $7.6 billion Total Debt/Asset Value 35 % Secured Debt/Asset Value 1 % Common stock closing price $19.72 Unencumbered Assets/Unsecured Debt 282 % Common stock 52-week range $17.17 - $22.77 Common stock ticker symbol SBRA Portfolio Dollars in thousands, units and Cash NOI reflect Sabra’s pro rata share As of September 30, 2026 Property Count Investment Beds/Units Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing/Transitional Care 207 $ 2,821,852 23,124 Senior Housing - Leased 32 364,386 2,623 Specialty Hospitals and Other 24 600,313 1,226 Total Triple-Net Portfolio 263 3,786,551 26,973 SHOP - Consolidated 101 2,458,270 10,540 Consolidated Real Estate Investments 364 6,244,821 37,513 SHOP - Unconsolidated 16 200,159 1,256 Total Equity Investments 380 6,444,980 38,769 Investments in Loans Receivable, gross 11 49,898 Preferred Equity Investments, gross (2) 4 70,476 Total Investments 395 $ 6,565,354 Includes 60 relationships in 40 U.S. states and Canada (1) See page 16 of this supplement for important information about these credit metrics. (2) Our preferred equity investments include investments in entities owning four Senior Housing developments with 625 aggregate units. OVERVIEW
5 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 PORTFOLIO Triple-Net Portfolio (1) Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the latest period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. (2) Includes leases on a month-to-month term. EBITDARM Coverage and Operating Statistics (1) For the twelve months ended as of the dates indicated EBITDARM Coverage Occupancy Skilled Mix March 31, 2026 June 30, 2026 March 31, 2026 June 30, 2026 March 31, 2026 June 30, 2026 Skilled Nursing/Transitional Care 2.49x 2.52x 83.9 % 84.0 % 38.5 % 38.7 % Senior Housing - Leased 1.52x 1.58x 88.3 % 88.1 % N/A N/A Specialty Hospitals and Other 3.97x 3.91x 83.9 % 83.6 % N/A N/A EBITDARM Coverage Stratification (1) For the twelve months ended June 30, 2026 % of Triple-Net Portfolio Annualized Cash NOI < 1.00x — % 1.00x - 1.50x 14.7 % 1.51x - 2.00x 22.9 % 2.01x - 2.50x 19.1 % 2.51x - 3.00x 15.4 % > 3.00x 27.9 % Total 100.0 % EBITDARM Coverage 2.64x Lease Expirations Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Specialty Hospitals and Other Total Annualized RevenuesAs of September 30, 2026 % of Total 10/01/26 - 12/31/26 (2) $ 2,955 $ — $ 5,182 $ 8,137 2.2 % 2027 6,530 4,886 — 11,416 3.1 2028 8,319 — 3,703 12,022 3.2 2029 50,615 2,631 6,449 59,695 16.1 2030 — — 4,883 4,883 1.3 2031 58,127 740 — 58,867 15.9 2032 8,067 1,836 34,475 44,378 12.0 2033 — 4,082 2,094 6,176 1.7 2034 4,811 2,298 — 7,109 1.9 2035 11,037 1,641 794 13,472 3.6 Thereafter 128,190 15,009 1,590 144,789 39.0 Total Annualized Revenues $ 278,651 $ 33,123 $ 59,170 $ 370,944 100.0 %
6 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 PORTFOLIO Senior Housing Operating Portfolio (SHOP) (1) Same store SHOP includes Stabilized Facilities owned as the same property type for the full period in all comparison periods. Resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results. Operating Performance Reflects Sabra’s pro rata share, except number of properties; dollars in thousands Three Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Consolidated Portfolio Number of Properties 83 87 90 94 101 Number of Units 8,282 8,677 9,078 9,745 10,540 Recurring capital expenditures $ 1,965 $ 2,140 $ 2,098 $ 2,613 $ 2,778 Nonrecurring capital expenditures $ 4,955 $ 10,332 $ 4,942 $ 7,801 $ 6,321 Occupancy 83.5 % 84.8 % 84.5 % 85.4 % 86.5 % Resident fees and services $ 91,900 $ 108,122 $ 116,368 $ 128,466 $ 142,813 Cash NOI $ 26,032 $ 31,527 $ 34,717 $ 40,066 $ 43,742 Cash NOI Margin % 28.3 % 29.2 % 29.8 % 31.2 % 30.6 % 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 $ 278 $ 306 $ 259 $ 215 $ 163 Nonrecurring capital expenditures $ 302 $ 376 $ 151 $ 378 $ 411 Occupancy 92.9 % 93.5 % 93.0 % 93.2 % 93.5 % Resident fees and services $ 11,524 $ 11,611 $ 11,978 $ 12,206 $ 12,310 Cash NOI $ 4,039 $ 4,065 $ 4,266 $ 4,515 $ 4,608 Cash NOI Margin % 35.0 % 35.0 % 35.6 % 37.0 % 37.4 % Same Store Operating Performance (1) Reflects Sabra’s pro rata share, except number of properties; dollars in thousands, except REVPOR Three Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Number of Properties 69 69 69 69 69 Number of Available Units 6,422 6,421 6,422 6,422 6,421 REVPOR $ 4,564 $ 4,647 $ 4,750 $ 4,844 $ 4,897 Occupancy 87.5 % 88.4 % 88.4 % 88.5 % 89.2 % Resident fees and services $ 76,933 $ 79,175 $ 80,871 $ 82,596 $ 84,116 Cash NOI $ 25,617 $ 26,582 $ 27,255 $ 28,830 $ 29,369 Cash NOI Margin % 33.3 % 33.6 % 33.7 % 34.9 % 34.9 % Key SHOP Relationships As of September 30, 2026 Number of Properties Sienna Senior Living 21 Inspirit Senior Living 21 Traditions Management 14 Discovery Senior Living 12 Claiborne 7 Other 42 Total 117
7 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of September 30, 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 September 30, 2026 (1) Maturity Date Mortgage 2 Specialty Hospitals and Other $ 29,000 $ 29,000 11.5 % 11.5 % $ 509 01/31/27 - 03/01/28 Other 9 Multiple 30,552 28,443 6.7 % 6.0 % 465 12/01/26 - 08/31/33 11 59,552 57,443 9.0 % 8.7 % $ 974 Allowance for loan losses — (7,624) $ 59,552 $ 49,819 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended September 30, 2026 (1) Preferred Equity 4 Senior Housing $ 55,263 $ 51,398 $ 70,476 11.0 % $ 1,859 (1) Includes income related to loans receivable and other investments held as of September 30, 2026.
8 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 Cascadia Healthcare : 8.0% Signature Healthcare: 7.0% Signature Specialty Hospitals: 5.9% The McGuire Group: 3.6% SHOP (No Operator Credit Exposure): 33.9% Other: 33.2% The Ensign Group: 8.4% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (3) PORTFOLIO NOI Concentrations (1) As of September 30, 2026 (1) Relationship and property type concentrations include Annualized Cash NOI from real estate investments and investments in loans receivable and other investments. Property type 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 property type of the underlying real estate. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Cascadia Healthcare operates the properties under a long-term sublease agreement. (3) Tenant payor source allocation presented one quarter in arrears. Specialty Hospitals and Other: 10.8% Senior Housing - Leased: 7.0%Other: 0.3% Skilled Nursing/ Transitional Care: 48.0% SHOP: 33.9% Private Pay: 52.0% Non-Private: 48.0% (2)
9 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Property Type As of September 30, 2026 Location Skilled Nursing/ Transitional Care Senior Housing - Leased SHOP - Consolidated Specialty Hospitals and Other Total % of Total Texas 34 3 7 10 54 14.9 % Kentucky 23 2 1 2 28 7.7 California 23 — 1 4 28 7.7 Indiana 15 1 7 1 24 6.6 Oregon 15 1 3 — 19 5.2 North Carolina 13 — 2 — 15 4.1 Washington 10 — 2 — 12 3.3 Georgia 3 — 9 — 12 3.3 Michigan 1 5 5 — 11 3.0 Missouri 8 — 2 1 11 3.0 Other (30 states & Canada) 62 20 62 6 150 41.2 Total 207 32 101 24 364 100.0 % % of Total 56.9 % 8.8 % 27.7 % 6.6 % 100.0 % Distribution of Beds/Units As of September 30, 2026 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased SHOP - Consolidated Specialty Hospitals and Other Total % of Total Texas 54 4,204 350 856 200 5,610 14.9 % Kentucky 28 2,476 225 142 100 2,943 7.8 Indiana 24 1,535 137 1,004 48 2,724 7.3 California 28 1,924 — 102 361 2,387 6.4 Oregon 19 1,520 215 162 — 1,897 5.1 North Carolina 15 1,454 — 237 — 1,691 4.5 New York 10 1,576 — 107 — 1,683 4.5 Georgia 12 358 — 978 — 1,336 3.6 Washington 12 1,123 — 165 — 1,288 3.4 Virginia 10 894 — 246 — 1,140 3.0 Other (30 states & Canada) 152 6,060 1,696 6,541 517 14,814 39.5 Total 364 23,124 2,623 10,540 1,226 37,513 100.0 % % of Total 61.6 % 7.0 % 28.1 % 3.3 % 100.0 %
10 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued Investment Dollars in thousands As of September 30, 2026 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased SHOP - Consolidated Specialty Hospitals and Other Total % of Total Texas 54 $ 362,811 $ 27,334 $ 209,327 $ 125,395 $ 724,867 11.6 % California 28 412,823 — 40,334 225,497 678,654 10.9 Indiana 24 218,843 33,604 248,556 5,310 506,313 8.1 Kentucky 28 237,577 48,361 24,687 39,686 350,311 5.6 Oregon 19 261,316 33,003 53,682 — 348,001 5.6 New York 10 298,545 — 22,325 — 320,870 5.1 Georgia 12 37,594 — 222,997 — 260,591 4.2 Ohio 6 13,447 — 197,743 — 211,190 3.4 North Carolina 15 125,608 — 76,742 — 202,350 3.2 Michigan 11 27,591 33,661 121,296 — 182,548 2.9 Other (30 states & Canada) (1) 157 825,697 188,423 1,240,581 204,425 2,459,126 39.4 Total 364 $ 2,821,852 $ 364,386 $ 2,458,270 $ 600,313 $ 6,244,821 100.0 % % of Total 45.2 % 5.8 % 39.4 % 9.6 % 100.0 % (1) Investment balance in Canada is based on the exchange rate as of September 30, 2026 of $0.7041 per 1 CAD.
11 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 INVESTMENTS Summary Investment Activity Dollars in thousands Investment Number of Properties Beds/Units 2026 Amounts Invested (1) Estimated Yield Real Estate SHOP - Consolidated 1Q 2026 3 379 $ 76,000 9.2 % 2Q 2026 (2) 4 553 145,000 7.3 % 3Q 2026 (3) 7 795 222,824 7.7 % Skilled Nursing / Transitional Care 1Q 2026 (4) 1 133 19,500 8.5 % 2Q 2026 (5) 3 273 53,700 9.4 % Additions to Real Estate (6) N/A N/A 4,246 9.4 % 521,270 8.0 % Preferred Equity Investment (7) 1 109 2,596 13.0 % Loans Receivable Investment and Fundings 1 110 10,994 13.9 % All Investments through September 30, 2026 $ 534,860 8.2 % (1) Excludes capitalized acquisition costs and origination fees. (2) Excludes Sabra’s purchase of the operations of one SHOP community previously leased under a triple-net operating lease for $16.3 million. Concurrent with the purchase, the triple-net operating lease was terminated and Sabra entered into a property management agreement with the former tenant. (3) Includes one SHOP community for which Sabra entered into a joint venture agreement and sold a 10% interest subsequent to September 30, 2026. (4) Yield increases to 9.0% in year two and 9.6% in year three. (5) Includes (i) the exercise of Sabra's option to purchase one facility, of which $16.6 million was used to repay our loan investment and (ii) the purchase of bed rights and land related to the development of one facility with a total project budget of $40.3 million and an expected capacity of 124 beds upon completion. (6) Excludes capital expenditures for SHOP and recurring capital expenditures for the Triple-Net portfolio. (7) Sabra has committed to fund up to a total $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.
12 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of September 30, 2026 Secured debt $ 42,416 Revolving credit facility 126,503 Term loans 1,035,615 Senior unsecured notes 1,250,000 Total 2,454,534 Deferred financing costs and premiums/discounts, net (18,558) Total, net $ 2,435,976 Revolving Credit Facility Dollars in thousands As of September 30, 2026 Credit facility availability $ 873,497 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of September 30, 2026 Shares Outstanding Price Value Common stock 261,961,461 $ 19.72 $ 5,165,880 Consolidated Debt 2,454,534 Cash and cash equivalents (36,240) Consolidated Enterprise Value $ 7,584,174 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 EPS, FFO and Normalized FFO AFFO and Normalized AFFO EPS, FFO and Normalized FFO AFFO and Normalized AFFO Basic common stock 255,604,032 255,604,032 253,348,731 253,348,731 Dilutive securities: Restricted stock units 2,883,024 3,851,516 2,705,516 3,832,795 Forward equity sale agreements 1,336,275 1,336,275 1,132,649 1,132,649 Diluted common and common equivalents 259,823,331 260,791,823 257,186,896 258,314,175 At-The-Market Common Stock Offering Program Dollars in thousands, except per share amounts Three Months Ended September 30, 2026 Shares issued 6,498,705 Net proceeds $ 116,238 Weighted average price per share, net of commissions $ 17.89 Availability as of September 30, 2026 $ 332,706 Forward sales agreements as of September 30, 2026 Shares outstanding 14,975,555 Weighted average price per share, net of commissions $ 19.53
13 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of September 30, 2026 Principal % of Total Fixed Rate Debt Secured debt $ 42,416 3.37 % 1.7 % Senior unsecured notes 1,250,000 3.57 % 50.9 % Total fixed rate debt 1,292,416 3.56 % 52.6 % Variable Rate Debt (2) Revolving credit facility 126,503 4.69 % 5.2 % Term loans 1,035,615 4.37 % 42.2 % Total variable rate debt 1,162,118 4.40 % 47.4 % Consolidated Debt $ 2,454,534 3.96 % 100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of September 30, 2026 Principal % of Total Secured Debt Secured debt $ 42,416 3.37 % 1.7 % Unsecured Debt Senior unsecured notes 1,250,000 3.57 % 50.9 % Revolving credit facility 126,503 4.69 % 5.2 % Term loans 1,035,615 4.37 % 42.2 % Total unsecured debt 2,412,118 3.97 % 98.3 % Consolidated Debt $ 2,454,534 3.96 % 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 $105.6 million (CAD $150.0 million) subject to swap agreements that fix CORRA at 2.59% as of September 30, 2026. Excluding these amounts, variable rate debt was 5.2% of Consolidated Debt as of September 30, 2026.
14 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 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 September 30, 2026 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 10/01/26 - 12/31/26 $ 542 3.37 % $ — — $ — — $ — — $ 542 3.37 % 2027 2,206 3.38 % 100,000 5.38 % — — 126,503 4.69 % 228,709 4.98 % 2028 2,266 3.40 % — — 535,615 4.12 % — — 537,881 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 $ 42,416 $ 1,250,000 $ 1,035,615 $ 126,503 $ 2,454,534 Wtd. avg. maturity/years 18.8 4.2 2.5 0.3 3.5 Wtd. avg. interest rate (2) 3.37 % 3.57 % 4.37 % 4.69 % 3.96 % (1) Revolving Credit Facility is subject to two six-month extension options. (2) Includes private mortgage insurance and impact of interest rate hedges.
15 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 Key Credit Metrics (1) September 30, 2026 Net Debt to Adjusted EBITDA (2) 4.54x Interest Coverage 5.17x Fixed Charge Coverage Ratio 5.06x Total Debt/Asset Value 35 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 282 % Cost of Permanent Consolidated Debt (3) 3.92 % Unsecured Notes Ratings S&P (Positive outlook) BBB- Fitch (Stable outlook) BBB- Moody’s (Stable outlook) Baa3 CAPITALIZATION Credit Metrics and Ratings (1) Key credit metrics (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 metrics 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 4.69% as of September 30, 2026.
16 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 2026 Full-Year Guidance Diluted per share data attributable to Sabra Health Care REIT, Inc. Net income $ 0.265 — $ 0.275 FFO $ 1.145 — $ 1.155 Normalized FFO $ 1.540 — $ 1.550 AFFO $ 1.625 — $ 1.635 Normalized AFFO $ 1.600 — $ 1.610 FINANCIAL INFORMATION 2026 Outlook Earnings guidance above assumes: • low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions, dispositions and completed or planned tenant transitions; • average full-year Cash NOI growth for same store SHOP in the mid-teens; • general and administrative expenses at the midpoint of $63 million, which includes nearly $15 million of stock-based compensation expense; • cash interest expense of $106 million at the midpoint; • weighted average share counts of 260 million and 261 million for Normalized FFO and Normalized AFFO, respectively; • only investments, dispositions and capital markets activity completed as of November 2, 2026. The foregoing guidance ranges reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.
17 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Rental and related revenues (1) $ 103,178 $ 85,354 $ 299,536 $ 281,214 Resident fees and services 143,164 92,017 388,651 248,449 Interest and other income 3,223 12,666 18,997 33,067 Total revenues 249,565 190,037 707,184 562,730 Expenses: Depreciation and amortization 64,779 48,511 174,289 135,591 Interest 29,161 28,901 87,349 83,549 Triple-net portfolio operating expenses 3,658 3,708 11,087 10,885 Senior housing operating portfolio operating expenses 99,302 65,946 269,787 179,804 General and administrative 15,584 12,560 47,265 37,802 Provision for (recovery of) loan losses and other reserves 2,368 (240) 104,600 (640) Impairment of real estate — 2,571 440 6,674 Total expenses 214,852 161,957 694,817 453,665 Other (expense) income: Loss on extinguishment of debt — (1,154) — (1,154) Other (expense) income (250) (769) (2,988) 13,978 Net (loss) gain on sales of real estate (8,065) (4,430) 29,652 5,544 Total other (expense) income (8,315) (6,353) 26,664 18,368 Income before income from unconsolidated joint ventures and income tax expense 26,398 21,727 39,031 127,433 Income from unconsolidated joint ventures 2,230 1,226 6,366 2,276 Income tax expense (71) (436) (1,275) (1,346) Net income 28,557 22,517 44,122 128,363 Net loss attributable to noncontrolling interests 50 21 163 21 Net income attributable to Sabra Health Care REIT, Inc. $ 28,607 $ 22,538 $ 44,285 $ 128,384 Net income attributable to Sabra Health Care REIT, Inc., per: Basic common share $ 0.11 $ 0.09 $ 0.17 $ 0.54 Diluted common share $ 0.11 $ 0.09 $ 0.17 $ 0.53 Weighted average number of common shares outstanding, basic 255,604,032 239,896,059 253,348,731 238,595,147 Weighted average number of common shares outstanding, diluted 259,823,331 243,558,449 257,186,896 241,593,992 (1) See page 18 for additional details regarding Rental and related revenues.
18 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income - Supplemental Information Dollars in thousands Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Cash rental income $ 93,540 $ 88,946 $ 277,383 $ 271,414 Deferred cash rent payment 10,166 — 10,166 — Straight-line rental income 894 1,027 2,609 3,683 Write-offs of straight-line rental income receivable and lease intangibles (6,200) (9,237) (4,796) (7,759) Above/below market lease amortization 1,058 1,058 3,192 3,256 Operating expense recoveries 3,720 3,560 10,982 10,620 Rental and related revenues $ 103,178 $ 85,354 $ 299,536 $ 281,214
19 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data September 30, 2026 December 31, 2025 Assets Real estate investments, net of accumulated depreciation of $1,322,145 and $1,224,663 as of September 30, 2026 and December 31, 2025, respectively $ 4,925,213 $ 4,686,377 Loans receivable and other investments, net 120,295 434,100 Investment in unconsolidated joint ventures 114,631 118,166 Cash and cash equivalents 36,240 71,537 Restricted cash 6,842 6,603 Lease intangible assets, net 87,180 65,321 Accounts receivable, prepaid expenses and other assets, net 139,551 111,292 Total assets $ 5,429,952 $ 5,493,396 Liabilities Secured debt, net $ 41,706 $ 43,275 Revolving credit facility 126,503 217,584 Term loans, net 1,030,224 1,032,311 Senior unsecured notes, net 1,237,543 1,235,726 Accounts payable and accrued liabilities 135,005 119,329 Lease intangible liabilities, net 17,696 21,383 Total liabilities 2,588,677 2,669,608 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2026 and December 31, 2025 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 261,961,461 and 251,697,456 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 2,620 2,517 Additional paid-in capital 5,014,619 4,836,270 Cumulative distributions in excess of net income (2,200,671) (2,013,375) Accumulated other comprehensive income (loss) 23,083 (3,571) Total Sabra Health Care REIT, Inc. stockholders’ equity 2,839,651 2,821,841 Noncontrolling interests 1,624 1,947 Total equity 2,841,275 2,823,788 Total liabilities and equity $ 5,429,952 $ 5,493,396
20 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net income $ 44,122 $ 128,363 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 174,289 135,591 Non-cash rental and related revenues (1,005) 820 Non-cash interest expense 7,110 5,608 Stock-based compensation expense 11,109 8,290 Loss on extinguishment of debt — 1,154 Provision for (recovery of) loan losses and other reserves 104,600 (640) Net gain on sales of real estate (29,652) (5,544) Impairment of real estate 440 6,674 Income from unconsolidated joint ventures (6,366) (2,276) Distributions of earnings from unconsolidated joint ventures 5,814 5,917 Other non-cash items — (17,183) Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (16,449) (9,129) Accounts payable and accrued liabilities 19,140 3,541 Net cash provided by operating activities 313,152 261,186 Cash flows from investing activities: Acquisition of real estate and lease intangibles (516,346) (301,563) Origination and fundings of loans receivable (994) (5,710) Origination and fundings of preferred equity investments (2,612) (9) Additions to real estate (41,058) (24,183) Escrow deposits for potential investments (60) (500) Repayments of loans receivable 210,743 15,442 Repayments of preferred equity investments 2,897 1,977 Investment in unconsolidated joint ventures — (1,241) Net proceeds from the sales of real estate 156,860 43,087 Proceeds from net investment hedges — 4,462 Insurance proceeds 136 1,267 Distributions in excess of earnings from unconsolidated joint ventures — 5,557 Net cash used in investing activities (190,434) (261,414) Cash flows from financing activities: Net (repayments of) borrowings from revolving credit facility (90,200) 174,805 Principal payments on senior unsecured notes — (500,000) Proceeds from term loans — 500,000 Principal payments on secured debt (1,604) (1,562) Payments of deferred financing costs (111) (4,405) Payments related to extinguishment of debt — (2,884) Contributions from noncontrolling interests 2 2,040 Distributions to noncontrolling interests (162) — Payment of contingent consideration (1,178) — Issuance of common stock, net 163,691 188,350 Dividends paid on common stock (227,953) (214,692) Net cash (used in) provided by financing activities (157,515) 141,652 Net (decrease) increase in cash, cash equivalents and restricted cash (34,797) 141,424 Effect of foreign currency translation on cash, cash equivalents and restricted cash (261) (245) Cash, cash equivalents and restricted cash, beginning of period 78,140 66,339 Cash, cash equivalents and restricted cash, end of period $ 43,082 $ 207,518 Supplemental disclosure of cash flow information: Interest paid $ 69,552 $ 72,820 Supplemental disclosure of non-cash investing activities: Decrease in loans receivable and other investments due to acquisition of real estate $ 16,600 $ —
21 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Other normalizing items for FFO and AFFO for the three and nine months ended September 30, 2026 include a $10.2 million deferred rent payment related to a triple-net lease. Other normalizing items for FFO for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.4 million of transition expenses related to the transition of SHOP communities to new operators. Other normalizing items for AFFO for the nine months ended September 30, 2025 include $3.4 million of transition expenses related to the transition of SHOP communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries. (2) Other adjustments for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income attributable to Sabra Health Care REIT, Inc. $ 28,607 $ 22,538 $ 44,285 $ 128,384 Add: Depreciation and amortization of real estate assets 64,779 48,511 174,289 135,591 Depreciation and amortization of real estate assets related to noncontrolling interests (124) (40) (368) (40) Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,474 1,722 4,478 5,945 Net loss (gain) on sales of real estate 8,065 4,430 (29,652) (5,544) Impairment of real estate — 2,571 440 6,674 FFO attributable to Sabra Health Care REIT, Inc. $ 102,801 $ 79,732 $ 193,472 $ 271,010 Write-offs of straight-line rental income receivable and lease intangibles 6,200 9,237 4,796 7,759 Lease termination (income) expense, net — (1,518) 2,873 (1,518) Loss on extinguishment of debt — 1,154 — 1,154 Provision for (recovery of) loan losses and other reserves 2,368 (240) 103,327 (640) Other normalizing items (1) (9,012) 270 (8,410) (14,166) Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 102,357 $ 88,635 $ 296,058 $ 263,599 FFO attributable to Sabra Health Care REIT, Inc. $ 102,801 $ 79,732 $ 193,472 $ 271,010 Stock-based compensation expense 3,922 2,875 11,109 8,290 Non-cash rental and related revenues 4,248 7,151 (1,005) 820 Non-cash interest expense 2,372 2,153 7,110 5,608 Non-cash portion of loss on extinguishment of debt — (1,730) — (1,730) Provision for (recovery of) loan losses and other reserves 2,368 (240) 103,327 (640) Other adjustments related to unconsolidated joint ventures 76 218 229 237 Other adjustments (2) 821 547 1,966 (15,535) AFFO attributable to Sabra Health Care REIT, Inc. $ 116,608 $ 90,706 $ 316,208 $ 268,060 Lease termination (income) expense, net — (1,518) 2,873 (1,518) Cash portion of loss on extinguishment of debt — 2,884 — 2,884 Other normalizing items (1) (9,359) 81 (8,430) 2,619 Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 107,249 $ 92,153 $ 310,651 $ 272,045 Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: Net income $ 0.11 $ 0.09 $ 0.17 $ 0.53 FFO $ 0.40 $ 0.33 $ 0.75 $ 1.12 Normalized FFO $ 0.39 $ 0.36 $ 1.15 $ 1.09 AFFO $ 0.45 $ 0.37 $ 1.22 $ 1.10 Normalized AFFO $ 0.41 $ 0.38 $ 1.20 $ 1.12 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 259,823,331 243,558,449 257,186,896 241,593,992 AFFO and Normalized AFFO 260,791,823 244,468,871 258,314,175 242,666,745
22 SABRA 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 2026 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of September 30, 2026 (1) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (2) Includes balances that impact cash or NOI and excludes non-cash items. Annualized Cash NOI Dollars in thousands Skilled Nursing/Transitional Care $ 278,651 Senior Housing - Leased 33,123 SHOP - Consolidated 178,671 SHOP - Unconsolidated 18,431 Specialty Hospitals and Other 59,170 Annualized Cash NOI (excluding loans receivable and other investments) $ 568,046 Obligations Reflects Sabra's pro rata share; dollars in thousands Secured debt (1) $ 42,416 Senior unsecured notes (1) 1,250,000 Revolving credit facility 126,503 Term loans (1) 1,035,615 Unconsolidated joint venture debt 71,836 Total Debt 2,526,370 Add (less): Cash and cash equivalents and restricted cash (42,673) Unconsolidated joint venture cash and cash equivalents and restricted cash (7,305) Accounts payable and accrued liabilities (2) 126,286 Net obligations $ 2,602,678 Other Assets Reflects Sabra's pro rata share; dollars in thousands Loans receivable and other investments, net $ 120,295 Accounts receivable, prepaid expenses and other assets, net (2) 45,888 Total other assets $ 166,183 Common Shares Outstanding Total shares 261,961,461 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 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 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 SHOP communities; operational risks with respect to our SHOP 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 SHOP 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 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 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. 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 Capitalization plus 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 SHOP 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 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 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 its 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 3Q 2026 SUPPLEMENTAL INFORMATION September 30, 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 SHOP, 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 SHOP 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 Operating Portfolio (“SHOP”) 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 and multi-license designation facilities. Specialty Hospitals and Other Includes psychiatric, 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 or Senior Housing. 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.
Reconciliations of Non-GAAP Financial Measures
September 30, 2026
(Unaudited)
SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
2026 OUTLOOK
FFO, Normalized FFO, AFFO and Normalized AFFO
The table below sets forth our 2026 guidance (per diluted common share):
| Low | High | ||||||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 0.265 | $ | 0.275 | |||||||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation and amortization of real estate assets | 0.970 | 0.970 | |||||||||||||||||||||
| Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 0.020 | 0.020 | |||||||||||||||||||||
| Net gain on sales of real estate | (0.110) | (0.110) | |||||||||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 1.145 | $ | 1.155 | |||||||||||||||||||
| Normalizing items | 0.395 | 0.395 | |||||||||||||||||||||
| Normalized FFO attributable to Sabra Health Care REIT, Inc. | $ | 1.540 | $ | 1.550 | |||||||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 1.145 | $ | 1.155 | |||||||||||||||||||
| Stock-based compensation expense | 0.055 | 0.055 | |||||||||||||||||||||
| Non-cash rental and related revenues | (0.015) | (0.015) | |||||||||||||||||||||
| Non-cash interest expense | 0.035 | 0.035 | |||||||||||||||||||||
| Other adjustments | 0.405 | 0.405 | |||||||||||||||||||||
| AFFO attributable to Sabra Health Care REIT, Inc. | $ | 1.625 | $ | 1.635 | |||||||||||||||||||
| Normalizing items | (0.025) | (0.025) | |||||||||||||||||||||
| Normalized AFFO attributable to Sabra Health Care REIT, Inc. | $ | 1.600 | $ | 1.610 | |||||||||||||||||||
Earnings guidance above assumes:
•low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions, dispositions and completed or planned tenant transitions;
•average full-year Cash NOI growth for same store SHOP in the mid-teens;
•general and administrative expenses at the midpoint of $63 million, which includes nearly $15 million of stock-based compensation expense;
•cash interest expense of $106 million at the midpoint;
•weighted average share counts of 260 million and 261 million for Normalized FFO and Normalized AFFO, respectively; and
•only investments, dispositions and capital markets activity completed as of November 2, 2026.
The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.
See reporting definitions. 2SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
FFO, Normalized FFO, AFFO and Normalized AFFO
(dollars in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 28,607 | $ | 22,538 | $ | 44,285 | $ | 128,384 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation and amortization of real estate assets | 64,779 | 48,511 | 174,289 | 135,591 | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to noncontrolling interests | (124) | (40) | (368) | (40) | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 1,474 | 1,722 | 4,478 | 5,945 | |||||||||||||||||||
| Net loss (gain) on sales of real estate | 8,065 | 4,430 | (29,652) | (5,544) | |||||||||||||||||||
| Impairment of real estate | — | 2,571 | 440 | 6,674 | |||||||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 102,801 | $ | 79,732 | $ | 193,472 | $ | 271,010 | |||||||||||||||
| Write-offs of straight-line rental income receivable and lease intangibles | 6,200 | 9,237 | 4,796 | 7,759 | |||||||||||||||||||
| Lease termination (income) expense, net | — | (1,518) | 2,873 | (1,518) | |||||||||||||||||||
| Loss on extinguishment of debt | — | 1,154 | — | 1,154 | |||||||||||||||||||
| Provision for (recovery of) loan losses and other reserves | 2,368 | (240) | 103,327 | (640) | |||||||||||||||||||
Other normalizing items (1) | (9,012) | 270 | (8,410) | (14,166) | |||||||||||||||||||
| Normalized FFO attributable to Sabra Health Care REIT, Inc. | $ | 102,357 | $ | 88,635 | $ | 296,058 | $ | 263,599 | |||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 102,801 | $ | 79,732 | $ | 193,472 | $ | 271,010 | |||||||||||||||
| Stock-based compensation expense | 3,922 | 2,875 | 11,109 | 8,290 | |||||||||||||||||||
| Non-cash rental and related revenues | 4,248 | 7,151 | (1,005) | 820 | |||||||||||||||||||
| Non-cash interest expense | 2,372 | 2,153 | 7,110 | 5,608 | |||||||||||||||||||
| Non-cash portion of loss on extinguishment of debt | — | (1,730) | — | (1,730) | |||||||||||||||||||
| Provision for (recovery of) loan losses and other reserves | 2,368 | (240) | 103,327 | (640) | |||||||||||||||||||
| Other adjustments related to unconsolidated joint ventures | 76 | 218 | 229 | 237 | |||||||||||||||||||
Other adjustments (2) | 821 | 547 | 1,966 | (15,535) | |||||||||||||||||||
| AFFO attributable to Sabra Health Care REIT, Inc. | $ | 116,608 | $ | 90,706 | $ | 316,208 | $ | 268,060 | |||||||||||||||
| Lease termination (income) expense, net | — | (1,518) | 2,873 | (1,518) | |||||||||||||||||||
| Cash portion of loss on extinguishment of debt | — | 2,884 | — | 2,884 | |||||||||||||||||||
Other normalizing items (1) | (9,359) | 81 | (8,430) | 2,619 | |||||||||||||||||||
| Normalized AFFO attributable to Sabra Health Care REIT, Inc. | $ | 107,249 | $ | 92,153 | $ | 310,651 | $ | 272,045 | |||||||||||||||
| Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: | |||||||||||||||||||||||
| Net income | $ | 0.11 | $ | 0.09 | $ | 0.17 | $ | 0.53 | |||||||||||||||
| FFO | $ | 0.40 | $ | 0.33 | $ | 0.75 | $ | 1.12 | |||||||||||||||
| Normalized FFO | $ | 0.39 | $ | 0.36 | $ | 1.15 | $ | 1.09 | |||||||||||||||
| AFFO | $ | 0.45 | $ | 0.37 | $ | 1.22 | $ | 1.10 | |||||||||||||||
| Normalized AFFO | $ | 0.41 | $ | 0.38 | $ | 1.20 | $ | 1.12 | |||||||||||||||
| Weighted average number of common shares outstanding, diluted: | |||||||||||||||||||||||
| Net income, FFO and Normalized FFO | 259,823,331 | 243,558,449 | 257,186,896 | 241,593,992 | |||||||||||||||||||
| AFFO and Normalized AFFO | 260,791,823 | 244,468,871 | 258,314,175 | 242,666,745 | |||||||||||||||||||
(1) Other normalizing items for FFO and AFFO for the three and nine months ended September 30, 2026 include a $10.2 million deferred rent payment related to a triple-net lease. Other normalizing items for FFO for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.4 million of transition expenses related to the transition of SHOP communities to new operators. Other normalizing items for AFFO for the nine months ended September 30, 2025 include $3.4 million of transition expenses related to the transition of SHOP communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
(2) Other adjustments for the nine months ended September 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.
See reporting definitions. 3SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
EBITDA, Adjusted EBITDA, Adjusted EBITDA, as adjusted and Adjusted EBITDA, as adjusted, annualized
Net Debt and Net Debt to Adjusted EBITDA
(in thousands)
| Three Months Ended | |||||
| September 30, 2026 | |||||
| Net income | $ | 28,557 | |||
| Interest | 29,161 | ||||
| Income tax expense | 71 | ||||
| Depreciation and amortization | 64,779 | ||||
| EBITDA | 122,568 | ||||
| Income from unconsolidated joint ventures | (2,230) | ||||
| Distributions from unconsolidated joint ventures | 1,607 | ||||
| Stock-based compensation expense | 3,922 | ||||
| Acquisition and transaction costs | 813 | ||||
| Write-offs of non-cash revenue and provision for loan losses | 8,560 | ||||
| Other expense | 184 | ||||
| Net loss on sales of real estate | 8,065 | ||||
| Adjusted EBITDA | 143,489 | ||||
Adjustments for current period activity (1) | (10,312) | ||||
| Adjusted EBITDA, as adjusted | $ | 133,177 | |||
| Adjusted EBITDA, as adjusted, annualized | $ | 532,708 | |||
| September 30, 2026 | |||||
| Secured debt | $ | 42,416 | |||
| Revolving credit facility | 126,503 | ||||
| Term loans | 1,035,615 | ||||
| Senior unsecured notes | 1,250,000 | ||||
| Consolidated Debt | 2,454,534 | ||||
| Cash and cash equivalents | (36,240) | ||||
| Net Debt | $ | 2,418,294 | |||
| September 30, 2026 | |||||
| Net Debt | $ | 2,418,294 | |||
| Adjusted EBITDA, as adjusted, annualized | $ | 532,708 | |||
| Net Debt to Adjusted EBITDA | 4.54x | ||||
(1) 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. 4SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income
Supplemental Information
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cash rental income | $ | 93,540 | $ | 88,946 | $ | 277,383 | $ | 271,414 | |||||||||||||||
| Deferred cash rent payment | 10,166 | — | 10,166 | — | |||||||||||||||||||
| Straight-line rental income | 894 | 1,027 | 2,609 | 3,683 | |||||||||||||||||||
| Write-offs of straight-line rental income receivable and lease intangibles | (6,200) | (9,237) | (4,796) | (7,759) | |||||||||||||||||||
| Above/below market lease amortization | 1,058 | 1,058 | 3,192 | 3,256 | |||||||||||||||||||
| Operating expense recoveries | 3,720 | 3,560 | 10,982 | 10,620 | |||||||||||||||||||
| Rental and related revenues | $ | 103,178 | $ | 85,354 | $ | 299,536 | $ | 281,214 | |||||||||||||||
See reporting definitions. 5SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Senior Housing Operating Portfolio (SHOP) Revenues and Cash NOI
(in thousands)
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | September 30, 2026 | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Resident fees and services | $ | 92,017 | $ | 108,434 | $ | 116,685 | $ | 128,802 | $ | 143,164 | |||||||||||||||||||
| Resident fees and services attributable to noncontrolling interests | (117) | (312) | (317) | (336) | (351) | ||||||||||||||||||||||||
| Resident fees and services - pro rata | $ | 91,900 | $ | 108,122 | $ | 116,368 | $ | 128,466 | $ | 142,813 | |||||||||||||||||||
| Income from unconsolidated joint ventures: | |||||||||||||||||||||||||||||
| Resident fees and services | 11,524 | 11,611 | 11,978 | 12,206 | 12,310 | ||||||||||||||||||||||||
Resident fees and services not included in same store (1) | (26,491) | (40,558) | (47,475) | (58,076) | (71,007) | ||||||||||||||||||||||||
| Same store resident fees and services - pro rata | $ | 76,933 | $ | 79,175 | $ | 80,871 | $ | 82,596 | $ | 84,116 | |||||||||||||||||||
| Net income | $ | 22,517 | $ | 27,147 | $ | 40,813 | $ | (25,248) | $ | 28,557 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Net income not related to SHOP | (14,590) | (17,533) | (30,050) | 30,760 | (17,879) | ||||||||||||||||||||||||
| Depreciation and amortization | 19,989 | 23,730 | 25,965 | 29,391 | 35,306 | ||||||||||||||||||||||||
| Interest | — | — | — | 38 | 114 | ||||||||||||||||||||||||
| Other income | (619) | (73) | — | (29) | — | ||||||||||||||||||||||||
| Net loss (gain) on sale of real estate | — | — | — | 7,498 | (6) | ||||||||||||||||||||||||
| Income from unconsolidated joint ventures | (1,226) | (1,652) | (1,912) | (2,224) | (2,230) | ||||||||||||||||||||||||
| Net Operating Income attributable to noncontrolling interests | (39) | (92) | (99) | (120) | (120) | ||||||||||||||||||||||||
| Sabra's share of unconsolidated joint ventures' Net Operating Income | 4,034 | 4,061 | 4,262 | 4,511 | 4,604 | ||||||||||||||||||||||||
| Net Operating Income - pro rata | $ | 30,066 | $ | 35,588 | $ | 38,979 | $ | 44,577 | $ | 48,346 | |||||||||||||||||||
| Non-cash revenue and expense adjustments | 5 | 4 | 4 | 4 | 4 | ||||||||||||||||||||||||
| Cash Net Operating Income - pro rata | $ | 30,071 | $ | 35,592 | $ | 38,983 | $ | 44,581 | $ | 48,350 | |||||||||||||||||||
Cash Net Operating Income not included in same store (1) | (4,454) | (9,010) | (11,728) | (15,751) | (18,981) | ||||||||||||||||||||||||
| Same store Cash Net Operating Income - pro rata | $ | 25,617 | $ | 26,582 | $ | 27,255 | $ | 28,830 | $ | 29,369 | |||||||||||||||||||
(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. 6SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI
(in thousands)
| Three Months Ended | |||||
| September 30, 2026 | |||||
| Net income | $ | 28,557 | |||
| Adjustments: | |||||
| Depreciation and amortization | 64,779 | ||||
| Interest | 29,161 | ||||
| General and administrative | 15,584 | ||||
| Provision for loan losses | 2,368 | ||||
| Other expense | 250 | ||||
| Net loss on sales of real estate | 8,065 | ||||
| Income from unconsolidated joint ventures | (2,230) | ||||
| Income tax expense | 71 | ||||
| Net Operating Income attributable to noncontrolling interests | (120) | ||||
| Sabra’s share of unconsolidated joint ventures’ Net Operating Income | 4,604 | ||||
| Net Operating Income - pro rata | $ | 151,089 | |||
| Non-cash revenue and expense adjustments | 4,256 | ||||
| Cash Net Operating Income - pro rata | $ | 155,345 | |||
See reporting definitions. 7SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI, Annualized Cash NOI and Annualized Cash NOI, as adjusted by Property Type
(in thousands)
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skilled Nursing/ Transitional Care | Senior Housing | Specialty Hospitals and Other | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Housing - Leased | SHOP - Consolidated | SHOP - Unconsolidated | Total Senior Housing | Other | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 197,885 | $ | 16,445 | $ | 20,587 | $ | 6,366 | $ | 43,398 | $ | 26,415 | $ | 18,997 | $ | (242,573) | $ | 44,122 | |||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 60,712 | 8,209 | 90,662 | — | 98,871 | 14,485 | — | 221 | 174,289 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest | 564 | 438 | 152 | — | 590 | — | — | 86,195 | 87,349 | ||||||||||||||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | — | — | — | 47,265 | 47,265 | ||||||||||||||||||||||||||||||||||||||||||||
| Provision for loan losses | — | — | — | — | — | — | — | 104,600 | 104,600 | ||||||||||||||||||||||||||||||||||||||||||||
| Impairment of real estate | 440 | — | — | — | — | — | — | — | 440 | ||||||||||||||||||||||||||||||||||||||||||||
| Other (income) expense | — | — | (29) | — | (29) | — | — | 3,017 | 2,988 | ||||||||||||||||||||||||||||||||||||||||||||
| Net (gain) loss on sales of real estate | (45,209) | — | 7,492 | — | 7,492 | 8,065 | — | — | (29,652) | ||||||||||||||||||||||||||||||||||||||||||||
| Income from unconsolidated joint ventures | — | — | — | (6,366) | (6,366) | — | — | — | (6,366) | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | — | — | — | — | — | — | — | 1,275 | 1,275 | ||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income attributable to noncontrolling interests | — | — | (339) | — | (339) | — | — | — | (339) | ||||||||||||||||||||||||||||||||||||||||||||
| Sabra’s share of unconsolidated joint ventures’ Net Operating Income | — | — | — | 13,376 | 13,376 | — | — | — | 13,376 | ||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income - pro rata | $ | 214,392 | $ | 25,092 | $ | 118,525 | $ | 13,376 | $ | 156,993 | $ | 48,965 | $ | 18,997 | $ | — | $ | 439,347 | |||||||||||||||||||||||||||||||||||
| Non-cash revenue and expense adjustments | (2,335) | 967 | — | 13 | 980 | 374 | 1 | — | (980) | ||||||||||||||||||||||||||||||||||||||||||||
| Cash Net Operating Income - pro rata | $ | 212,057 | $ | 26,059 | $ | 118,525 | $ | 13,389 | $ | 157,973 | $ | 49,339 | $ | 18,998 | $ | — | $ | 438,367 | |||||||||||||||||||||||||||||||||||
Annualizing adjustments (1) | 66,594 | 7,064 | 60,146 | 5,042 | 72,252 | 9,831 | (6,168) | — | 142,509 | ||||||||||||||||||||||||||||||||||||||||||||
| Annualized Cash Net Operating Income - pro rata | $ | 278,651 | $ | 33,123 | $ | 178,671 | $ | 18,431 | $ | 230,225 | $ | 59,170 | $ | 12,830 | $ | — | $ | 580,876 | |||||||||||||||||||||||||||||||||||
Reallocation adjustments (2) | — | 7,756 | — | — | 7,756 | 3,354 | (11,110) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Annualized Cash Net Operating Income, as adjusted - pro rata | $ | 278,651 | $ | 40,879 | $ | 178,671 | $ | 18,431 | $ | 237,981 | $ | 62,524 | $ | 1,720 | $ | — | $ | 580,876 | |||||||||||||||||||||||||||||||||||
(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 property type of the underlying real estate.
See reporting definitions. 8SABRA 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.
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 its 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. 9SABRA 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 Operating Portfolio (“SHOP”). 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 and multi-license designation facilities.
Specialty Hospitals and Other. Includes psychiatric, 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 or Senior Housing.
See reporting definitions. 10
Operator Insight. Investor Discipline. Investor Presentation | November 2, 2026
Disclaimers 11/2/2026 Operator Insight. Investor Discipline. 2 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; all statements regarding the benefits of our management team’s experience as former operators; and our other expectations regarding our future financial position (including our earnings guidance for 2026, as well as the assumptions set forth therein), results of operations, our expectations regarding cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions, our expectations regarding our investment activity, our expectations regarding our investment in and use of AI and related technologies, and our plans and objectives for future operations and capital raising activity. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: the ability to reach a definitive agreement for awarded investments and our ability to close such acquisitions on the expected terms or at all; increases in market interest rates and inflation; pandemics or epidemics, and the related impact on our tenants, borrowers and SHOP communities; operational risks with respect to our SHOP 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 SHOP 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 11/2/2026 Operator Insight. Investor Discipline. 3 Tenant and Borrower Information This presentation 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 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 net operating income (“NOI”), Annualized Cash NOI, Cash NOI, Net Debt to Adjusted EBITDA, funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”) and Normalized AFFO. 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.
A Focused Approach to Driving Shareholder Value 11/2/2026 Operator Insight. Investor Discipline. 4 Senior housing and skilled nursing have entered a golden era due to demographic tailwinds, and Sabra’s decade-plus experience of successfully investing in both property types positions us to maximize the opportunity ahead. We were an early mover in building a scalable SHOP platform and bring deep industry insight built on more than 300 collective years of experience as former operators. That perspective is essential for SHOP, where understanding operations informs underwriting and manager selection. Together with a deep bench of strong operator relationships and a disciplined investing approach, we believe this operator lens drives long-term value for shareholders.
Positioned to Thrive 11/2/2026 Operator Insight. Investor Discipline. 5 $7.6B $1.2B 41% Consolidated Enterprise Value1 6.1% 5.9% $1.6B Total Liquidity3 Annualized NOI From Senior Housing4 Dividend Yield2 FFO Per Share CAGR Since 20235 of Closed/Awarded Investments Since 2025 1 As of 9/30/2026. Common equity value estimated using outstanding common stock of 262.0 million shares and Sabra’s closing price of $19.61 as of 10/29/2026. 2 Dividend yield is calculated as most recent quarterly dividends declared per share annualized divided by stock price as of 10/29/2026. 3 As of 9/30/2026. 4 Property type 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 property type of the underlying real estate. 5 FFO per share CAGR is calculated using 2023 actual Normalized FFO per share of $1.30 and the midpoint of 2026 Normalized FFO per share guidance of $1.545.
“As more of the sector's and Sabra's earnings are driven by operating performance rather than fixed rent, we believe the ability to understand operations, evaluate operators and identify opportunities within a portfolio is what separates outperformers from the rest. That’s the advantage our substantial collective operator experience gives us.” 11/2/2026 Operator Insight. Investor Discipline. 6 RICK MATROS Chief Executive Officer, President and Chair of the Board Operating Experience
11/2/2026 Operator Insight. Investor Discipline. 7 Underwriting Assess opportunities through an operator lens Unmatched Expertise as Former Operators Investment Structure Structure flexible solutions that reflect the needs of operators while maintaining a disciplined approach Benchmarking & Data Use proprietary data and comparative insights to identify opportunities and areas of improvement Asset Management Empower operators to run their business while supporting them with access to best practices, resources and innovative solutions Innovation Evaluate and provide operators with access to technologies and operating solutions that can improve efficiency, care and the environment Network Leverage broad network of longstanding industry relationships to source opportunities and support investments throughout their lifecycle The Result Better-informed investment decisions, stronger partnerships and a more proactive and durable approach to driving value. . Operator Insight: Interwoven Into Everything We Do
“Our disciplined investment approach has allowed us to meaningfully expand our portfolio with high-quality assets aligned with our strategy. Sabra now has the most diversified and balanced portfolio in its history.” 11/2/2026 Operator Insight. Investor Discipline. 8 DARRIN SMITH Chief Investment Officer, Secretary and Executive Vice President Investment Discipline
High-Quality Portfolio, Built to Perform 11/2/2026 Operator Insight. Investor Discipline. 9 Sabra’s thoughtfully curated, high-quality portfolio provides an essential foundation for long-term value creation. 8.4%60 Max Relationship Concentration1Relationships $6.6B in Investments Q3 2026 Skilled Nursing / Transitional Care: 48.0% SHOP: 33.9% Specialty Hospitals and Other: 10.8% Senior Housing – Leased: 7.0% Other: 0.3% Annualized NOI From Senior Housing1 41% 1 Relationship and property type concentrations include Annualized Cash NOI from real estate investments and investments in loans receivable and other investments. Property type 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 property type of the underlying real estate. Property Type Concentration1 As of September 30, 2026
A Portfolio Benefiting from Favorable Fundamentals 11/2/2026 Operator Insight. Investor Discipline. 10 4.8x in 2025 Net absorption outpaced supply growth by 4.8x in 2025, while units under construction reached the lowest level since 2012 at 2.3% of inventory. Source: Cushman & Wakefield 2X Expected 80+ Population Growth from 2025 to 2045 Source: Census.gov 14.7 18.8 22.9 26.8 29.4 2025 2030 2035 2040 2045 80+ Population in the U.S. (millions)
Senior Housing: A Rapidly Scaling Growth Platform 11/2/2026 Operator Insight. Investor Discipline. 11 $3.0B Senior Housing Portfolio1 7.6% Cash NOI Yield on Gross Book Value2 86% of Senior Housing NOI is SHOP3 1 As of 9/30/2026. 2 Based on Annualized Cash NOI. 3 Property type 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 property type of the underlying real estate.
SHOP Platform Delivers Attractive Results 11/2/2026 Operator Insight. Investor Discipline. 12 34.9% 17 7.3% 34% <10 years Same Store SHOP NOI Margin in 3Q261 SHOP Operators, Mostly Comprised of Regional Sharpshooters Same Store RevPOR Growth in 3Q261 of NOI From SHOP Average Age of SHOP Acquisitions Since 2023 Mid-Teens 2026 Same Store SHOP NOI Growth Guidance SHOP’s share of NOI is on a path to 40% through organic growth and investment activity. Our next target is 50%, with a longer-term goal of exceeding that level. 1 Same store SHOP 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. As of September 30, 2026
A Track Record of Attractive Organic Growth from SHOP 11/2/2026 Operator Insight. Investor Discipline. 13 >17% Same Store SHOP NOI CAGR Since 2021 Same store SHOP NOI margins have increased 13 percentage points since 2021 As of September 30, 2026
Update on Net Investment Activity 11/2/2026 Operator Insight. Investor Discipline. 14 Year-to-date, Sabra has closed on nearly $750 million of investments, roughly 80% of which are SHOP, with an estimated yield of 8.0%. Sabra’s pipeline of awarded investments, which are mostly comprised of SHOP, stands at about $425 million with an estimated yield of 7.0%. $750M Investments Closed $425M Investment Pipeline 8.7% in-place yield on ’24/’25 SHOP investments, ahead of initial underwriting as of September 30, 2026.
Skilled Nursing: Attractive Yield Supported by Healthy Coverage 11/2/2026 Operator Insight. Investor Discipline. 15 $2.8B Skilled Nursing Portfolio1 9.9% Cash NOI Yield on Gross Book Value3 2.52x EBITDARM Coverage2 38.7% Skilled Mix2 1 As of 9/30/2026. 2 Skilled Mix 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. 3 Based on Annualized Cash NOI.
Skilled Nursing: Embedded Rent Upside 11/2/2026 Operator Insight. Investor Discipline. 16 SNF NOI growth has historically been driven by inflation-like rent bumps due to long-term triple-net leases. However, today’s high rent coverage levels highlight the opportunity for substantial fair-market rent resets as leases mature. Almost half of Sabra’s SNF NOI comes from leases that mature through 2031, with several NOI-enhancing initiatives already in process. Current EBITDARM Current Rent Potential Upside Tenant Cushion Estimated Market Rent
Case Study: Avamere Transition Demonstrates the Value of Proactive SNF Portfolio Management 11/2/2026 Operator Insight. Investor Discipline. 17 Situation • In 2022, Sabra restructured its lease with Avamere as a result of the pandemic, providing Avamere with immediate rent relief and Sabra with potential upside through percentage-rent participation and a rent reset option. • Effective February 2026, Sabra exercised its option under the restructured lease to fix annual rent at $48 million, a 17% increase from rent received in 2025. • Avamere’s lease was scheduled to expire in 2031, with an extension option and a fair-market rent reset, but early in 2026, Avamere’s founder indicated a desire to exit the skilled nursing business. Action • Sabra’s experienced Asset Management team identified several potential replacement tenants with the capability and experience to continue Avamere’s legacy of high-quality clinical outcomes while driving improved operational performance through various initiatives. Result • Facilities transitioned to two, high-quality tenants – Cascadia and Ensign – under long-term leases. • Annualized rent increased to $53 million – a nearly 30% increase from rent paid in 2025.
Strategic Operator Relationships That Drive Performance 11/2/2026 Operator Insight. Investor Discipline. 18 “Sabra’s industry experience makes them an excellent financial ally. They understand what it takes to deliver high- quality care. Sabra provides more than just capital. They provide industry metric intelligence, purchasing leverage and an important healthcare perspective.” – Stephen Silver, Managing Member, Cadia Healthcare The Right Operators Work with both longstanding and new operator relationships that bring local-market expertise, a commitment to quality care and a shared ambition to grow, innovate and succeed, especially in higher- acuity environments. Capital Partner of Choice Provide creative, flexible capital solutions across the capital stack to meet operators’ unique needs and support their long-term objectives. Operational Support & Innovation Identify, pilot and scale opportunities for operators to improve efficiency, care delivery and working environments. Built on Respect Bring a deep appreciation and respect for the challenges operators face, and create relationships built on trust, responsiveness and shared goals.
A Platform Built to Turn Insights into Performance 11/2/2026 Operator Insight. Investor Discipline. 19 Our proprietary data, hands-on industry experience and long-tenured team compound into a sharper view of the sectors we invest in — driving opportunities for outperformance through better underwriting, stronger asset-level results and greater capacity to grow. INSIGHTS PERFORMANCE Sabra-owned data foundation enhances decision- making, highlights opportunities for improved performance and strengthens the analytical insights available to our operators. Yield on SHOP Investments Increased Over 260 Basis Points From 2023 Through 2026 Reduced Utility Costs Through Targeted Investments in Efficiency Our experienced, nimble team manages more deal volume today than ever before, and we expect the integration of AI into the investment process will extend that capacity. Sabra’s Investment and Asset Management Teams Are Processing “Top of the Funnel” Deal Flow That Is More Than Twice as Large as in 2023 Our culture keeps our team here, and that continuity preserves the institutional knowledge and long- standing operator relationships that allow us to better support our operators. 93% Five-Year Average Annual Retention1 1 For the period ending 12/31/2025.
“We approach sustainability with a focus on practical results: identifying what works, scaling proven solutions and deploying resources where we can create lasting value. Since 2022, we’ve invested $104 million in portfolio modernization that improves efficiencies and benefits our operators’ residents and staff.” 11/2/2026 Operator Insight. Investor Discipline. 20 PETER NYLAND Executive Vice President, Strategic Initiatives Check out our latest Corporate Sustainability Report to see our strategy in action: Check out our latest Corporate Sustainability Report to see our strategy in action: Practical Sustainability
Harnessing AI to Improve Care and Performance 11/2/2026 Operator Insight. Investor Discipline. 21 Streamlined Vitals Monitoring Proactive Resident Monitoring Predictive Clinical Care Vitals Monitoring ~91,000 error-free vitals recorded in 2025, saving an estimated 77 hours of manual documentation time Fall Management Risk Stratification 64% 37% reduction in night shift falls in January 2025 compared to June 2024 at The Monarch at Cedar Park reduction in medical record review time 21% improvement in reimbursement Testing Fall Technologies Contracted with Well Living Lab to study five fall technologies and examine the relationship between falls and the built environment. Findings are expected to be implemented in SHOP assisted living facilities and memory care assets in 2027. Results are those recorded by our operators from new technologies they have implemented.
“Our strong balance sheet, ample liquidity and focused investment strategy support our long-term growth and drive value for our shareholders.” 11/2/2026 Operator Insight. Investor Discipline. 22 MICHAEL COSTA Chief Financial Officer, Treasurer and Executive Vice President Financial Strength
2026 Guidance 11/2/2026 Operator Insight. Investor Discipline. 23 Sabra’s updated 2026 guidance range as follows (attributable to Sabra Health Care REIT, Inc., per diluted common share): 2026 Guidance: Net Income $ 0.265 — $ 0.275 FFO $ 1.145 — $ 1.155 Normalized FFO $ 1.540 — $ 1.550 AFFO $ 1.625 — $ 1.635 Normalized AFFO $ 1.600 — $ 1.610 Earnings guidance assumes: • low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions, dispositions and completed or planned tenant transitions; • average full-year Cash NOI growth for same store SHOP in the mid-teens; • general and administrative expenses at the midpoint of $63 million, which includes nearly $15 million of stock-based compensation expense; • cash interest expense of $106 million at the midpoint; • weighted average share counts of 260 million and 261 million for Normalized FFO and Normalized AFFO, respectively; • only investments, dispositions and capital markets activity already completed as of the date of this release.The foregoing guidance ranges reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. NFFO and NAFFO midpoints imply approximately 7% and 8% year-over-year growth, respectively.
Balance Sheet for Growth 11/2/2026 Operator Insight. Investor Discipline. 24 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. 1 Based on the annualized trailing three-month period ended as of 9/30/2026. 2 Excludes revolving credit facility balance that had an interest rate of 4.69% as of September 30, 2026. 4.54x Net Debt to Adjusted EBITDA1 5.17x Interest Coverage Ratio 35% Debt as a Percentage of Asset Value 1% Secured Debt as a Percentage of Asset Value BBB- S&P (Positive Outlook) BBB- Fitch (Stable Outlook) Baa3 Moody’s (Stable Outlook) 5.06x Fixed Charge Coverage Ratio 3.92% Cost of Permanent Consolidated Debt2 As of September 30, 2026
11/2/2026 Operator Insight. Investor Discipline. 25 An Attractive Opportunity: Yield, Growth and Value Sabra offers income today, growth ahead and a valuation that leaves room to run as demographic tailwinds build. 6.1% Dividend Yield1 Yield ’26 NFFO 7% Growth at Guidance Midpoint Growth 12.0x Forward FFO Multiple Compared to 14.9x for Closest Healthcare REIT Peers2 Value 1 Dividend yield is calculated as most recent quarterly dividends declared per share annualized divided by stock price as of 10/29/2026. 2 Forward FFO multiple is calculated as stock price as of 10/29/2026 divided by the forward four quarter consensus FFO from Visible Alpha. Peers include OHI, NHI, LTC and CTRE.
Attractive Total Returns 11/2/2026 Operator Insight. Investor Discipline. 26 All REIT Index HC REIT Index CTRE LTC NHI OHI SBRA 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0% 5% 10% 15% 20% 25% 30% 35% F iv e -Y e a r A n n u a li ze d T o ta l R e tu rn Three-Year Annualized Total Return Industry tailwinds and strong execution have driven attractive long-term total returns. Sabra has delivered total returns that stack up well against peers without the tailwinds provided by multiple expansion that others have benefited from. Total returns as of 10/29/2026. 1 Index includes ARE, AHR, CTRE, XRN, CHCT, DHC, HR, DOC, LTC, MPW, NHI, NHP, OHI, SBRA, SNDA, STRW, VTR and WELL. 1
“What sets Sabra apart is the combination of deep operator experience, the tenure of the team, strong relationships with leading operators and a commitment to innovation. Together, these strengths create a differentiated platform built to perform in a dynamic healthcare real estate market.” 11/2/2026 Operator Insight. Investor Discipline. 27 RICK MATROS Chief Executive Officer, President and Chair of the Board
Appendix 11/2/2026 Operator Insight. Investor Discipline. 28
Definitions 11/2/2026 Operator Insight. Investor Discipline. 29 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. 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 Capitalization plus 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.
Definitions 11/2/2026 Operator Insight. Investor Discipline. 30 EBITDARM Coverage. Represents the ratio of EBITDARM to cash rent for owned facilities (excluding SHOP 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 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. 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.
Definitions 11/2/2026 Operator Insight. Investor Discipline. 31 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 its 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. REVPOR. REVPOR represents the average revenues generated per occupied unit per month at SHOP 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 Operating Portfolio (“SHOP”). 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 and multi-license designation facilities. Specialty Hospitals and Other. Includes psychiatric, 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 or Senior Housing.
Definitions 11/2/2026 Operator Insight. Investor Discipline. 32 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.