What were Sabra Health Care REIT (SBRA) FFO and AFFO per share in Q1 2026?

In Q1 2026, Sabra reported FFO of $95.9 million, or $0.37 per diluted share, and AFFO of $100.1 million, or $0.39 per diluted share. Normalized FFO was $96.1 million and Normalized AFFO $100.6 million, both also $0.38–$0.39 per diluted share, indicating strong recurring cash earnings.

Sabra Health Care REIT (NASDAQ: SBRA) grows Q1 2026 AFFO and confirms outlook

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Sabra Health Care REIT reported solid first quarter 2026 results and reiterated its full-year guidance. Net income attributable to common shareholders was $40.9 million, or $0.16 per diluted share. Key REIT metrics were stronger, with FFO of $0.37 and AFFO and Normalized AFFO of $0.39 per diluted share.

Same property managed senior housing Cash NOI rose 14.4% year over year, reflecting improving operating performance. Sabra invested $102.0 million in the quarter and $206.1 million year to date in senior housing and skilled nursing assets at an estimated initial cash yield of about 8.0%, and has been awarded an additional $200 million of higher-yielding opportunities.

Liquidity remained robust at approximately $1.2 billion as of March 31, 2026, including $116.5 million of cash, sizeable revolver capacity, and forward equity proceeds, while Net Debt to Adjusted EBITDA stood at 5.04x. The board declared a quarterly dividend of $0.30 per common share.

Positive

Stronger cash earnings: Q1 2026 AFFO attributable to Sabra was $100.1 million, or $0.39 per diluted share, up from $88.2 million and $0.37 a year earlier, supporting dividend coverage and signaling improving underlying cash flow.
Improving senior housing performance: Same property managed senior housing Cash NOI increased 14.4% year over year in Q1 2026, reflecting better occupancy, rate, and margin trends in a key strategic segment.
Active, high-yield investment pipeline: Sabra closed or committed to $206.1 million of investments year to date at an estimated initial cash yield of about 8.0% and has been awarded another $200 million of opportunities at roughly 8.2%, enhancing long-term income potential.
Solid liquidity and credit profile: As of March 31, 2026, Sabra had about $1.2 billion of liquidity and Net Debt to Adjusted EBITDA of 5.04x, with unsecured debt ratings in the BBB-/Baa3 range and unsecured-focused capital structure.

Negative

None.

Insights

Sabra delivered growing cash flows, maintained guidance, and kept balance-sheet flexibility.

Sabra Health Care REIT posted Q1 2026 revenue of $221.8M and net income of $40.9M, with AFFO of $100.1M or $0.39 per diluted share. Same property managed senior housing Cash NOI increased 14.4% year over year, indicating stronger performance in a key growth segment.

The company was active on capital deployment, closing or committing to $206.1M of senior housing and skilled nursing investments year to date at an estimated initial cash yield near 8.0%, and being awarded another $200M pipeline at about 8.2%. Dispositions of three skilled nursing facilities generated $79.4M of gross proceeds.

Balance sheet metrics remain reasonable for a healthcare REIT, with Net Debt to Adjusted EBITDA at 5.04x and total liquidity of about $1.2B as of March 31, 2026. The quarterly dividend of $0.30 per share is covered by AFFO of $0.39 per share. Overall, the combination of growing cash flows, a visible investment pipeline and reiterated 2026 guidance is a constructive signal for income-focused investors.

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, and exhibit attachments filed with this report.

Key Figures

Total revenue: $221.8M Net income attributable to common: $40.9M AFFO: $100.1M +5 more

8 metrics

Total revenue $221.8M Q1 2026 consolidated revenues

Net income attributable to common $40.9M Q1 2026, $0.16 per diluted share

AFFO $100.1M Q1 2026, $0.39 per diluted share

FFO $95.9M Q1 2026, $0.37 per diluted share

Same property SH managed Cash NOI growth 14.4% Year-over-year for Q1 2026

Investments closed year to date $206.1M Through Q1 2026, estimated initial cash yield 8.0%

Liquidity $1.2B As of March 31, 2026, cash, revolver availability, forward equity

Net Debt to Adjusted EBITDA 5.04x As of March 31, 2026

Key Terms

Funds From Operations (FFO), Adjusted Funds From Operations (AFFO), Net Debt to Adjusted EBITDA, Cash NOI, +2 more

6 terms

Funds From Operations (FFO) financial

"These measures include Net Debt to Adjusted EBITDA, funds from operations (“FFO”), Normalized FFO..."

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

Adjusted Funds From Operations (AFFO) financial

"Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share..."

Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.

Net Debt to Adjusted EBITDA financial

"As of March 31, 2026, Net Debt to Adjusted EBITDA was 5.04x."

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.

Cash NOI financial

"same property managed senior housing Cash NOI increased 14.4% for the first quarter of 2026."

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.

Senior Housing - Managed financial

"Senior Housing - Managed communities operated by third-party property managers..."

at-the-market equity offering programs financial

"forward sales agreements under its current and prior at-the-market equity offering programs (“ATM programs”)."

An at-the-market (ATM) equity offering program lets a company sell newly issued shares directly into the public stock market over time at whatever the current market price is, using a broker to place small batches rather than one large sale. Investors should care because it provides the company flexible, on-demand funding but can slowly dilute existing ownership and affect share price dynamics—similar to a store restocking and selling extra items a few at a time instead of dumping a whole shipment at once.

Earnings Snapshot

Revenue: $221.8M · Guidance included

Q1 2026

Revenue $221.8M

Net income attributable to common $40.9M

FFO per diluted share $0.37

AFFO per diluted share $0.39

Same property SH managed Cash NOI 14.4% YoY increase 14.4% YoY

Guidance

The company reiterated its full-year 2026 earnings guidance as referenced in the release.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 04/29/2026 - 04:05 PM

FAQ

How did Sabra Health Care REIT (SBRA) perform financially in Q1 2026?

Sabra generated Q1 2026 revenue of $221.8 million and net income attributable to common shareholders of $40.9 million, or $0.16 per diluted share. Funds from operations were $95.9 million, with AFFO of $100.1 million, or $0.39 per diluted share, supporting ongoing dividend payments.

How is Sabra Health Care REIT’s (SBRA) senior housing segment performing?

Sabra’s same property managed senior housing portfolio delivered a 14.4% year-over-year increase in Cash NOI for Q1 2026. Consolidated senior housing managed Cash NOI reached $34.7 million, with portfolio occupancy around the mid-80% range, demonstrating improving profitability and operating leverage in that segment.

What new investments did Sabra Health Care REIT (SBRA) make in early 2026?

During Q1 2026, Sabra invested $102.0 million in three managed senior housing properties, one skilled nursing facility and a preferred equity development commitment. Subsequent closings brought year-to-date investments to $206.1 million, at an estimated initial cash yield of about 8.0% across senior housing and skilled nursing assets.

What is Sabra Health Care REIT’s (SBRA) current liquidity and leverage position?

As of March 31, 2026, Sabra had roughly $1.2 billion of liquidity, including $116.5 million of cash, $645.0 million of revolver availability and $451.0 million related to forward equity. Net Debt to Adjusted EBITDA stood at 5.04x, with total debt of about $2.7 billion and debt-to-asset value of 38%.

What dividend is Sabra Health Care REIT (SBRA) paying following Q1 2026 results?

Sabra’s board declared a quarterly cash dividend of $0.30 per common share on April 29, 2026. The dividend is payable May 29, 2026, to shareholders of record as of May 15, 2026, and is covered by Q1 2026 AFFO of $0.39 per diluted share.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 29, 2026

SABRA HEALTH CARE REIT, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-34950

27-2560479

(State of
Incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

1781 Flight Way

Tustin

92782

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number including area code: (888) 393-8248

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	SBRA	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02			Results of Operations and Financial Condition.

On April 29, 2026, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended March 31, 2026. The press release refers to the Reconciliations of Non-GAAP Financial Measures that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the press release and the Reconciliations of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are specifically incorporated by reference herein.


Item 7.01			Regulation FD Disclosure.

The press release furnished herewith as Exhibit 99.1 refers to a supplemental information package that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the supplemental information package is furnished herewith as Exhibit 99.2 and is specifically incorporated by reference herein.

Sabra intends to present the materials attached to this report as Exhibit 99.4 in investor presentations. The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the presentation materials include material investor information that is not otherwise publicly available. In addition, Sabra does not assume any obligation to update such information in the future.

The information in Items 2.02 and 7.01 of this Form 8-K and the information in Exhibits 99.1, 99.2, 99.3 and 99.4 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of Sabra under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.


Item 9.01			Financial Statements and Exhibits.


(d)						Exhibits.

99.1						Press Release of Sabra Health Care REIT, Inc., dated April 29, 2026.

99.2						Sabra Health Care REIT, Inc. Supplemental Information Package, dated March 31, 2026.

99.3						Reconciliations of Non-GAAP Financial Measures, dated March 31, 2026.

99.4						Investor Presentation.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	SABRA HEALTH CARE REIT, INC.

Date: April 29, 2026	/S/ MICHAEL COSTA
	Name:	Michael Costa
	Title:	Chief Financial Officer, Treasurer and Executive Vice President

Exhibit 99.1

FOR IMMEDIATE RELEASE

SABRA REPORTS FIRST QUARTER 2026 RESULTS; REITERATES 2026 GUIDANCE

TUSTIN, CA, April 29, 2026 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the first quarter of 2026.

FIRST QUARTER 2026 RESULTS AND RECENT EVENTS

•Results per diluted common share for the first quarter of 2026 were as follows:

•Net Income: $0.16

•FFO: $0.37

•Normalized FFO: $0.38

•AFFO: $0.39

•Normalized AFFO: $0.39

•EBITDARM Coverage Summary:

•Skilled Nursing/Transitional Care: 2.46x

•Senior Housing - Leased: 1.58x

•Behavioral Health, Specialty Hospitals and Other: 4.00x

•On a year-over-year basis, same property managed senior housing Cash NOI increased 14.4% for the first quarter of 2026.

•In the first quarter of 2026, Sabra acquired three managed senior housing properties and one skilled nursing facility, and committed to funding a preferred equity investment in the development of one senior housing community for a total of $102.0 million with an average initial cash yield of 8.3%, with $96.0 million invested as of March 31, 2026. Subsequent to quarter end, Sabra closed on two additional managed senior housing properties and committed to funding the redevelopment of a senior housing community, which is subject to a triple-net lease with an existing relationship, for an aggregate consideration of $104.1 million with an average initial cash yield of 7.7%. Investments closed year to date total $206.1 million, with an estimated initial cash yield of 8.0%.

•Sabra has been awarded an additional $200 million of managed senior housing and skilled nursing investments with an estimated initial cash yield of approximately 8.2%, most of which is expected to close during the second quarter. These investments are currently in the Letter of Intent or later stage, and Sabra expects to fund these investments, if consummated, with available liquidity, including proceeds from outstanding forward sales agreements under its current and prior at-the-market equity offering programs (“ATM programs”).

•Subsequent to quarter end, Sabra completed the disposition of three skilled nursing facilities for gross proceeds of $79.4 million, equating to a 6.8% lease yield.

•During the first quarter of 2026, Sabra utilized the forward feature of the ATM program to allow for the sale of up to 6.4 million shares of the Company’s common stock at an initial weighted average price of $20.19 per share. As of March 31, 2026, 23.7 million shares remained outstanding under forward sale agreements at a weighted average price of $19.03 per share, net of commissions.

•As of March 31, 2026, Net Debt to Adjusted EBITDA was 5.04x.

•On April 29, 2026, Sabra’s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 29, 2026, to common stockholders of record as of the close of business on May 15, 2026.

Commenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “Sabra is pleased to report another quarter with outstanding results. Our year-over-year same-store managed senior housing NOI growth exceeded the two previous quarters as we saw NOI margin growth in our consolidated, unconsolidated and same-store portfolios. Our pipeline remains robust as we closed or have been awarded over $400 million in investments to date, closing in on our investment total for all of 2025. We are also executing on off-market skilled nursing deals with existing operators. Our rent coverage for all triple net asset classes hit new highs, and we are reiterating our full-year guidance.

We appreciate the amazing work happening in the field by all the teams in the facilities. It is a mission-driven business, and their dedication exemplifies that.”

LIQUIDITY

As of March 31, 2026, we had approximately $1.2 billion of liquidity, consisting of unrestricted cash and cash equivalents of $116.5 million, available borrowings under our revolving credit facility of $645.0 million and $451.0 million related to shares outstanding under forward sale agreements under the ATM programs. As of March 31, 2026, we also had $353.4 million available under our current ATM program.

CONFERENCE CALL AND COMPANY INFORMATION

A conference call with a simultaneous webcast to discuss the 2026 first quarter results will be held on Thursday, April 30, 2026, at 10:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/961345479. The dial-in number for U.S. participants is (888) 880-4448. For participants outside the U.S., the dial-in number is (646) 960-0572. The conference ID number is 1382596. A digital replay of the call will be available on the Company’s website at www.sabrahealth.com. The Company’s supplemental information package for the first quarter will also be available on the Company’s website in the “Investors” section.

ABOUT SABRA

As of March 31, 2026, Sabra’s investment portfolio included 361 real estate properties held for investment (consisting of (i) 208 skilled nursing/transitional care facilities, (ii) 32 senior housing communities (“senior housing - leased”), (iii) 90 senior housing communities operated by third-party property managers pursuant to property management agreements (“senior housing - managed”), (iv) 16 behavioral health facilities and (v) 15 specialty hospitals and other facilities), three assets held for sale, 13 investments in loans receivable (consisting of three mortgage loans and 10 other loans), five preferred equity investments and two investments in unconsolidated joint ventures. As of March 31, 2026, Sabra’s real estate properties held for investment included 36,412 beds/units, spread across the United States and Canada.

FORWARD-LOOKING STATEMENTS SAFE HARBOR

This release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our other expectations regarding our future financial position (including our earnings guidance for 2026, as well as the assumptions set forth therein); our expectations regarding our results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions; our expectations regarding our investment activity; and our plans and objectives for future operations.

Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: the ability to reach a definitive agreement for awarded investments and our ability to close such acquisitions on the expected terms or at all; increases in market interest rates and inflation; pandemics or epidemics, and the related impact on our tenants, borrowers and senior housing - managed communities; operational risks with respect to our senior housing - managed communities; increased labor costs and labor shortages; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; potential impairment charges and adjustments related to the accounting of our assets; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on

our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and senior housing - managed communities; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’, borrowers’ or operators’ failure to adhere to applicable privacy and data security laws; a material breach of our or our tenants’, borrowers’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets; risks associated with our ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws.

Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, unless required by law to do so.

TENANT AND BORROWER INFORMATION

This release includes information regarding certain of our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this release has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only.

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

This release includes the following financial measures defined as non-GAAP financial measures by the SEC: Net Debt to Adjusted EBITDA, funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share, Normalized AFFO per diluted common share, net operating income (“NOI”) and Cash NOI. These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under “Reporting Definitions” in this release, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results.

CONTACT

Investor & Media Inquiries: (888) 393-8248 or investorinquiries@sabrahealth.com

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Revenues:
Rental and related revenues (1)	$	95,050	$	96,037
Resident fees and services	116,685		77,447
Interest and other income	10,018		10,059
Total revenues	221,753		183,543
Expenses:
Depreciation and amortization	53,131		43,494
Interest	28,409		27,100
Triple-net portfolio operating expenses	3,773		3,479
Senior housing - managed portfolio operating expenses	81,869		56,454
General and administrative	14,862		12,728
Recovery of loan losses	(213)		(173)
Impairment of real estate	440		—
Total expenses	182,271		143,082


Other (expense) income	(55)		38


Income before income from unconsolidated joint ventures and income tax expense	39,427		40,499
Income from unconsolidated joint ventures	1,912		218
Income tax expense	(526)		(413)
Net income	40,813		40,304
Net loss attributable to noncontrolling interests	67		—
Net income attributable to Sabra Health Care REIT, Inc.	$	40,880	$	40,304



Net income attributable to Sabra Health Care REIT, Inc., per:
Basic common share	$	0.16	$	0.17
Diluted common share	$	0.16	$	0.17

Weighted average number of common shares outstanding, basic	252,135,103		237,891,035
Weighted average number of common shares outstanding, diluted	255,965,287		240,295,817

(1) See the following page for additional details regarding rental and related revenues.

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED STATEMENTS OF INCOME - SUPPLEMENTAL INFORMATION

(in thousands)


	Three Months Ended March 31,
	2026		2025
Cash rental income	$	89,764	$	90,071
Straight-line rental income	540		723
Write-offs of lease intangibles	—		566
Above/below market lease amortization	1,059		1,139
Operating expense recoveries	3,687		3,538
Rental and related revenues	$	95,050	$	96,037

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)


	March 31, 2026		December 31, 2025

Assets
Real estate investments, net of accumulated depreciation of $1,257,489 and $1,224,663 as of March 31, 2026 and December 31, 2025, respectively	$	4,702,791	$	4,686,377
Loans receivable and other investments, net	432,909		434,100
Investment in unconsolidated joint ventures	116,537		118,166
Cash and cash equivalents	116,530		71,537
Restricted cash	6,921		6,603
Lease intangible assets, net	67,414		65,321
Accounts receivable, prepaid expenses and other assets, net	148,088		111,292
Total assets	$	5,591,190	$	5,493,396
Liabilities
Secured debt, net	$	42,756	$	43,275
Revolving credit facility	354,979		217,584
Term loans, net	1,031,083		1,032,311
Senior unsecured notes, net	1,236,333		1,235,726
Accounts payable and accrued liabilities	117,947		119,329
Lease intangible liabilities, net	20,178		21,383

Total liabilities	2,803,276		2,669,608
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Common stock, $0.01 par value; 500,000,000 shares authorized, 252,190,095 and 251,697,456 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	2,522		2,517
Additional paid-in capital	4,832,664		4,836,270
Cumulative distributions in excess of net income	(2,049,843)		(2,013,375)
Accumulated other comprehensive income (loss)	691		(3,571)
Total Sabra Health Care REIT, Inc. stockholders’ equity	2,786,034		2,821,841
Noncontrolling interests	1,880		1,947
Total equity	2,787,914		2,823,788
Total liabilities and equity	$	5,591,190	$	5,493,396

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	40,813	$	40,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	53,131		43,494
Non-cash rental and related revenues	(1,599)		(2,428)
Non-cash interest income	—		4
Non-cash interest expense	2,368		1,729
Stock-based compensation expense	3,098		2,711



Recovery of loan losses	(213)		(173)

Impairment of real estate	440		—

Income from unconsolidated joint ventures	(1,912)		(218)
Distributions of earnings from unconsolidated joint ventures	1,657		2,368

Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	(1,534)		(2,822)
Accounts payable and accrued liabilities	2,113		(4,706)
Net cash provided by operating activities	98,362		80,263
Cash flows from investing activities:
Acquisition of real estate and lease intangibles	(96,101)		(7,854)
Origination and fundings of loans receivable	—		(1,710)
Origination and fundings of preferred equity investments	(15)		(9)
Additions to real estate	(11,851)		(7,783)
Escrow deposits for potential investments	(430)		—
Repayments of loans receivable	1,944		1,129
Repayments of preferred equity investments	1,256		813
Investment in unconsolidated joint ventures	—		(1,030)



Insurance proceeds	107		—


Net cash used in investing activities	(105,090)		(16,444)
Cash flows from financing activities:
Net borrowings from (repayments of) revolving credit facility	137,800		(23,881)




Principal payments on secured debt	(531)		(517)
Payments of deferred financing costs	(92)		(80)

Contributions from noncontrolling interests	4		—

Payment of contingent consideration	(1,178)		—
Issuance of common stock, net	(8,247)		(5,391)
Dividends paid on common stock	(75,657)		(71,373)
Net cash provided by (used in) financing activities	52,099		(101,242)
Net increase (decrease) in cash, cash equivalents and restricted cash	45,371		(37,423)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(60)		(19)
Cash, cash equivalents and restricted cash, beginning of period	78,140		66,339
Cash, cash equivalents and restricted cash, end of period	$	123,451	$	28,897
Supplemental disclosure of cash flow information:
Interest paid	$	15,071	$	20,233

SABRA HEALTH CARE REIT, INC.

FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,

ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO

(dollars in thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Net income attributable to Sabra Health Care REIT, Inc.	$	40,880	$	40,304
Add:
Depreciation and amortization of real estate assets	53,131		43,494
Depreciation and amortization of real estate assets related to noncontrolling interests	(122)		—
Depreciation and amortization of real estate assets related to unconsolidated joint ventures	1,527		2,180


Impairment of real estate	440		—

FFO attributable to Sabra Health Care REIT, Inc.	$	95,856	$	85,978

Write-offs of lease intangibles	—		(566)


Recovery of loan losses	(213)		(173)


Other normalizing items (1)	465		2
Normalized FFO attributable to Sabra Health Care REIT, Inc.	$	96,108	$	85,241
FFO attributable to Sabra Health Care REIT, Inc.	$	95,856	$	85,978
Stock-based compensation expense	3,098		2,711
Non-cash rental and related revenues	(1,599)		(2,428)

Non-cash interest expense	2,368		1,729

Recovery of loan losses	(213)		(173)


Other adjustments related to unconsolidated joint ventures	76		(109)
Other adjustments	507		446
AFFO attributable to Sabra Health Care REIT, Inc.	$	100,093	$	88,154




Other normalizing items (1)	458		84
Normalized AFFO attributable to Sabra Health Care REIT, Inc.	$	100,551	$	88,238
Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.:
Net income	$	0.16	$	0.17
FFO	$	0.37	$	0.36
Normalized FFO	$	0.38	$	0.35
AFFO	$	0.39	$	0.37
Normalized AFFO	$	0.39	$	0.37
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO	255,965,287		240,295,817

AFFO and Normalized AFFO	257,228,587		241,513,735

(1) Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries.

REPORTING DEFINITIONS

Adjusted EBITDA*

Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company’s long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.

Behavioral Health

Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling.

Cash Net Operating Income (“Cash NOI”)*

The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra’s pro rata share.

EBITDARM

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

EBITDARM Coverage

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

Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)*

The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative

REPORTING DEFINITIONS

instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.

Investment

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

Net Debt*

The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements.

Net Debt to Adjusted EBITDA*

The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts, and management with a meaningful indicator of the Company’s financial leverage and its capacity to service and repay debt from operating cash flows. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.

Net Operating Income (“NOI”)*

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

Normalized FFO and Normalized AFFO*

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

Senior Housing

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

REPORTING DEFINITIONS

Senior Housing - Managed

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

Skilled Nursing/Transitional Care

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

Specialty Hospitals and Other

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

Stabilized Facility

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

*Non-GAAP Financial Measures

Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this release can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.

2 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Senior Housing - Managed Portfolio Loans and Other Investments NOI Concentrations Geographic Concentrations - Consolidated Portfolio Triple-Net Lease Expirations 12 INVESTMENTS Summary 13 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 17 FINANCIAL INFORMATION Consolidated Financial Statements - Statements of Income Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 23 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results

3 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 SENIOR MANAGEMENT Rick Matros Michael Costa Darrin Smith Chief Executive Officer, President Chief Financial Officer, Treasurer Chief Investment Officer, Secretary and Chair and Executive Vice President and Executive Vice President Jessica Flores Chief Accounting Officer and Executive Vice President BOARD OF DIRECTORS Rick Matros Michael Foster Jeffrey Malehorn Chief Executive Officer, President Lead Independent Director Director and Chair Craig Barbarosh Lynne Katzmann Director Director Katie Cusack Ann Kono Director Director CONTACT INFORMATION Sabra Health Care REIT, Inc. Transfer Agent 1781 Flight Way Equiniti Trust Company, LLC Tustin, CA 92782 P.O. Box 500 888.393.8248 Newark, NJ 07101 sabrahealth.com 800.937.5449 equiniti.com COMPANY INFORMATION

4 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Financial Metrics Reflect Sabra’s pro rata share; dollars in thousands, except per share data Three Months Ended March 31, 2026 Revenues $ 221,436 Net operating income 140,274 Cash net operating income 138,683 Diluted per share data: EPS $ 0.16 FFO 0.37 Normalized FFO 0.38 AFFO 0.39 Normalized AFFO 0.39 Dividends per common share 0.30 Capitalization and Market Facts Key Credit Metrics (1) March 31, 2026 March 31, 2026 Common shares outstanding 252.2 million Net Debt to Adjusted EBITDA 5.04x Common equity Market Capitalization $4.8 billion Interest Coverage 4.59x Consolidated Debt $2.7 billion Fixed Charge Coverage Ratio 4.51x Consolidated Enterprise Value $7.4 billion Total Debt/Asset Value 38 % Secured Debt/Asset Value 1 % Common stock closing price $19.23 Unencumbered Assets/Unsecured Debt 261 % Common stock 52-week range $15.75 - $21.07 Common stock ticker symbol SBRA Portfolio (2) Dollars in thousands, units and Cash NOI reflect Sabra’s pro rata share Three Months Ended March 31, 2026As of March 31, 2026 Property Count Investment Beds/Units Cash NOI Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing/Transitional Care 208 $ 2,779,600 23,115 $ 64,705 Senior Housing - Leased 32 376,668 2,668 8,536 Behavioral Health 16 473,813 1,159 11,504 Specialty Hospitals and Other 15 225,498 392 4,937 Total Triple-Net Portfolio 271 3,855,579 27,334 Senior Housing - Managed 90 2,102,227 9,078 34,717 Consolidated Real Estate Investments 361 5,957,806 36,412 Unconsolidated Joint Venture Senior Housing - Managed 16 202,820 1,256 4,266 Total Equity Investments 377 6,160,626 37,668 Investments in Loans Receivable, gross (3) 13 367,100 Preferred Equity Investments, gross (4) 5 65,894 Includes 62 relationships in 40 U.S. states and CanadaTotal Investments 395 $ 6,593,620 (1) See page 16 of this supplement for important information about these credit metrics. (2) Excludes three real estate properties held for sale as of the end of the current period. (3) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds and one investment which has a purchase option on one Skilled Nursing/ Transitional Care facility with 106 beds. (4) Our preferred equity investments include investments in entities owning four Senior Housing developments with 625 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. OVERVIEW

5 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Operating Statistics Twelve Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Occupancy Skilled Nursing/Transitional Care 81.7 % 82.6 % 83.0 % 83.4 % 83.9 % Senior Housing - Leased 90.1 % 90.1 % 88.7 % 89.0 % 89.3 % Behavioral Health, Specialty Hospitals and Other 77.7 % 77.5 % 76.4 % 76.5 % 76.0 % Skilled Mix Skilled Nursing/Transitional Care 37.8 % 38.1 % 38.3 % 38.3 % 38.3 % PORTFOLIO Triple-Net Portfolio (1) (1) Excludes three real estate properties held for sale as of the end of the current period. Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. EBITDARM Coverage Twelve Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Skilled Nursing/Transitional Care 2.19x 2.27x 2.35x 2.38x 2.46x Senior Housing - Leased 1.41x 1.49x 1.52x 1.52x 1.58x Behavioral Health, Specialty Hospitals and Other 3.77x 3.87x 3.90x 3.99x 4.00x Key Triple-Net Relationships EBITDARM Coverage Twelve Months Ended Relationship Primary Property Type September 30, 2025 December 31, 2025 Ensign Group Skilled Nursing 2.97x 2.97x Avamere Family of Companies Skilled Nursing 1.87x 1.83x Signature Healthcare Skilled Nursing 2.65x 2.69x Signature Behavioral Behavioral Hospitals 1.57x 1.55x The McGuire Group Skilled Nursing 1.91x 2.16x Healthmark Group Skilled Nursing 1.65x 1.69x Cadia Healthcare Skilled Nursing 1.81x 1.81x Focused Post Acute Care Partners Skilled Nursing 1.90x 2.41x Communicare Skilled Nursing 1.98x 2.14x Southern Healthcare Skilled Nursing 3.22x 3.37x Other Mulitple 3.36x 3.44x Total 2.55x 2.62x

6 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Senior Housing - Managed Portfolio (1) Same store Senior Housing - Managed portfolio includes Stabilized Facilities owned as the same property type for the full period in all comparison periods. Resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results. Operating Performance Reflects Sabra’s pro rata share, except number of properties; dollars in thousands Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Consolidated Portfolio Number of Properties 69 73 83 87 90 Number of Units 6,680 6,981 8,282 8,677 9,078 Recurring capital expenditures $ 1,257 $ 1,271 $ 1,965 $ 2,140 $ 2,098 Nonrecurring capital expenditures $ 4,938 $ 3,180 $ 4,955 $ 10,332 $ 4,942 Occupancy 83.3 % 82.8 % 83.5 % 84.8 % 84.5 % Resident fees and services $ 77,447 $ 78,985 $ 91,900 $ 108,122 $ 116,368 Cash NOI $ 20,993 $ 21,581 $ 26,032 $ 31,527 $ 34,717 Cash NOI Margin % 27.1 % 27.3 % 28.3 % 29.2 % 29.8 % Unconsolidated Portfolio Number of Properties 16 16 16 16 16 Number of Units 1,256 1,256 1,256 1,256 1,256 Recurring capital expenditures $ 140 $ 196 $ 278 $ 306 $ 259 Nonrecurring capital expenditures $ 352 $ 247 $ 302 $ 376 $ 151 Occupancy 90.3 % 91.0 % 92.9 % 93.5 % 93.0 % Resident fees and services $ 10,192 $ 10,989 $ 11,524 $ 11,611 $ 11,978 Cash NOI $ 3,065 $ 3,764 $ 4,039 $ 4,065 $ 4,266 Cash NOI Margin % 30.1 % 34.3 % 35.0 % 35.0 % 35.6 % Same Store Operating Performance (1) Reflects Sabra’s pro rata share, except number of properties; dollars in thousands, except REVPOR Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Number of Properties 65 65 65 65 65 Number of Available Units 5,776 5,775 5,776 5,775 5,775 REVPOR $ 4,547 $ 4,572 $ 4,585 $ 4,675 $ 4,755 Occupancy 85.6 % 86.6 % 87.5 % 88.7 % 88.4 % Resident fees and services $ 67,478 $ 68,616 $ 69,532 $ 71,797 $ 72,814 Cash NOI $ 20,546 $ 22,293 $ 22,230 $ 23,128 $ 23,504 Cash NOI Margin % 30.4 % 32.5 % 32.0 % 32.2 % 32.3 % Key Senior Housing - Managed Relationships As of March 31, 2026 Number of Properties Sienna Senior Living 21 Inspirit Senior Living 18 Traditions Management 12 Discovery Senior Living 12 Health Dimensions Group 6 Other 37 Total 106

7 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of March 31, 2026 Loan Type Number of Loans Property Type Principal Balance Book Value Weighted Average Contractual Interest Rate Weighted Average Annualized Effective Interest Rate Interest Income Three Months Ended March 31, 2026 (1) Maturity Date Mortgage 3 Behavioral Health / Skilled Nursing $ 335,600 $ 335,600 7.7 % 7.7 % $ 6,494 11/01/26 - 06/01/29 Other 10 Multiple 38,358 36,249 7.4 % 6.7 % 635 04/30/26 - 08/31/33 13 373,958 371,849 7.7 % 7.6 % $ 7,129 Allowance for loan losses — (4,834) $ 373,958 $ 367,015 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended March 31, 2026 (1) Preferred Equity 5 Skilled Nursing / Senior Housing $ 58,305 $ 51,844 $ 65,894 11.0 % $ 1,740 (1) Includes income related to loans receivable and other investments held as of March 31, 2026.

8 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Avamere Family of Companies: 7.7% Signature Healthcare: 7.4% Signature Behavioral: 6.2% Recovery Centers of America: 5.1% The McGuire Group: 3.8% Managed (No Operator Credit Exposure): 28.3% Other: 33.7% The Ensign Group: 7.8% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of March 31, 2026 (1) Excludes three real estate properties held for sale as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Tenant payor source allocation presented one quarter in arrears. Behavioral Health: 12.9% Senior Housing - Leased: 7.6% Specialty Hospital and Other: 3.6% Other: 0.5% Skilled Nursing/Transitional Care: 47.1% Senior Housing - Managed: 28.3% Private Pay: 50.5%Non-Private: 49.5%

9 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Geographic Concentrations - Consolidated Portfolio (1) Property Type As of March 31, 2026 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 33 3 7 — 13 56 15.5 % California 23 — 2 3 1 29 8.0 Kentucky 24 1 1 1 1 28 7.8 Indiana 14 2 5 2 — 23 6.4 Oregon 15 1 3 — — 19 5.3 North Carolina 13 — 2 — — 15 4.1 Missouri 10 — 2 1 — 13 3.6 Washington 10 — 2 — — 12 3.3 Michigan 1 5 5 — — 11 3.0 Virginia 6 — 4 — — 10 2.8 Other (30 states & Canada) 59 20 57 9 — 145 40.2 Total 208 32 90 16 15 361 100.0 % % of Total 57.6 % 8.9 % 24.9 % 4.4 % 4.2 % 100.0 % Distribution of Beds/Units As of March 31, 2026 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 56 4,100 350 856 — 325 5,631 15.5 % Kentucky 28 2,572 130 142 60 40 2,944 8.1 Indiana 23 1,429 277 701 138 — 2,545 7.0 California 29 1,924 — 160 334 27 2,445 6.7 Oregon 19 1,520 215 162 — — 1,897 5.2 North Carolina 15 1,454 — 237 — — 1,691 4.7 New York 10 1,576 — 107 — — 1,683 4.6 Washington 12 1,123 — 165 — — 1,288 3.5 Missouri 13 763 — 311 82 — 1,156 3.2 Virginia 10 894 — 246 — — 1,140 3.1 Other (30 states & Canada) 146 5,760 1,696 5,991 545 — 13,992 38.4 Total 361 23,115 2,668 9,078 1,159 392 36,412 100.0 % % of Total 63.5 % 7.3 % 24.9 % 3.2 % 1.1 % 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period.

10 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued (1) Investment Dollars in thousands As of March 31, 2026 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 56 $ 340,386 $ 27,335 $ 207,507 $ — $ 187,387 $ 762,615 12.8 % California 29 412,598 — 59,407 217,699 7,798 697,502 11.7 Indiana 23 196,862 58,995 180,455 12,156 — 448,468 7.5 Oregon 19 261,316 33,002 53,464 — — 347,782 5.8 Kentucky 28 245,953 35,473 23,918 9,373 30,313 345,030 5.8 New York 10 298,545 — 22,215 — — 320,760 5.4 Ohio 6 13,447 — 196,068 — — 209,515 3.5 North Carolina 15 125,549 — 75,844 — — 201,393 3.4 Florida 9 — 27,352 148,846 5,744 — 181,942 3.1 Michigan 11 27,591 33,661 120,229 — — 181,481 3.0 Other (30 states and Canada) (2) 155 857,353 160,850 1,014,274 228,841 — 2,261,318 38.0 Total 361 $ 2,779,600 $ 376,668 $ 2,102,227 $ 473,813 $ 225,498 $ 5,957,806 100.0 % % of Total 46.7 % 6.3 % 35.3 % 7.9 % 3.8 % 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Investment balance in Canada is based on the exchange rate as of March 31, 2026 of $0.7178 per 1 CAD.

11 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 PORTFOLIO Triple-Net Lease Expirations (1) Triple-Net Lease Expirations Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of March 31, 2026 % of Total 04/01/26 - 12/31/26 (2) $ 2,936 $ — $ 4,989 $ — $ 7,925 2.2 % 2027 6,432 4,696 — — 11,128 3.1 2028 23,913 1,185 — 3,703 28,801 8.1 2029 48,183 5,478 — 6,449 60,110 17.0 2030 — — — 4,883 4,883 1.4 2031 87,531 5,032 — — 92,563 26.2 2032 7,887 1,777 33,723 3,938 47,325 13.4 2033 — 3,944 5,077 — 9,021 2.6 2034 4,564 2,761 — — 7,325 2.1 2035 10,703 1,326 — 786 12,815 3.6 Thereafter 62,267 8,018 1,590 — 71,875 20.3 Total Annualized Revenues $ 254,416 $ 34,217 $ 45,379 $ 19,759 $ 353,771 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Includes leases on a month-to-month term.

12 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 INVESTMENTS Summary Investment Activity Dollars in thousands Investment Number of Properties Beds/Units 2026 Amounts Invested (1) Expected Initial Cash Yield Real Estate Senior Housing - Managed 1Q 2026 3 379 $ 76,000 7.88 % Skilled Nursing / Transitional Care 1Q 2026 (2) 1 133 19,500 8.50 % Additions to Real Estate (3) N/A N/A 474 9.50 % 95,974 8.01 % Preferred Equity Investment (4) 1 109 — 13.00 % All Investments through March 31, 2026 $ 95,974 8.01 % (1) Excludes capitalized acquisition costs and origination fees. (2) Yield increases to 9.0% in year two and 9.6% in year three. (3) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio. (4) Sabra has committed to fund a $6.5 million investment in the development of a Senior Housing community. Unit count reflects expected capacity at the completion of development. Sabra has the option to purchase the development at fair market value upon achievement of specified milestones.

13 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of March 31, 2026 Secured debt $ 43,490 Revolving credit facility 354,979 Term loans 1,037,670 Senior unsecured notes 1,250,000 Total 2,686,139 Deferred financing costs and premiums/discounts, net (20,988) Total, net $ 2,665,151 Revolving Credit Facility Dollars in thousands As of March 31, 2026 Credit facility availability $ 645,021 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of March 31, 2026 Shares Outstanding Price Value Common stock 252,190,095 $ 19.23 $ 4,849,616 Consolidated Debt 2,686,139 Cash and cash equivalents (116,530) Consolidated Enterprise Value $ 7,419,225 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended March 31, 2026 EPS, FFO and Normalized FFO AFFO and Normalized AFFO Basic common stock 252,135,103 252,135,103 Dilutive securities: Restricted stock units 2,847,204 4,110,504 Forward equity sale agreements 982,980 982,980 Diluted common and common equivalents 255,965,287 257,228,587 At-The-Market Common Stock Offering Program Dollars in thousands, except per share amounts Three Months Ended March 31, 2026 Shares issued — Availability as of March 31, 2026 $ 353,353 Forward sales agreements as of March 31, 2026 Shares outstanding 23,700,549 Weighted average price per share, net of commissions $ 19.03

14 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of March 31, 2026 Principal % of Total Fixed Rate Debt Secured debt $ 43,490 3.37 % 1.6 % Senior unsecured notes 1,250,000 3.57 % 46.6 % Total fixed rate debt 1,293,490 3.56 % 48.2 % Variable Rate Debt (2) Revolving credit facility 354,979 4.68 % 13.2 % Term loans 1,037,670 4.37 % 38.6 % Total variable rate debt 1,392,649 4.45 % 51.8 % Consolidated Debt $ 2,686,139 4.02 % 100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of March 31, 2026 Principal % of Total Secured Debt Secured debt $ 43,490 3.37 % 1.6 % Unsecured Debt Senior unsecured notes 1,250,000 3.57 % 46.6 % Revolving credit facility 354,979 4.68 % 13.2 % Term loans 1,037,670 4.37 % 38.6 % Total unsecured debt 2,642,649 4.03 % 98.4 % Consolidated Debt $ 2,686,139 4.02 % 100.0 % (1) Weighted average effective interest rate includes private mortgage insurance and impact of interest rate hedges. (2) Variable rate debt includes $930.0 million subject to interest rate swaps that fix SOFR at a weighted average rate of 3.20%, and $107.7 million (CAD $150.0 million) subject to swap agreements that fix CORRA at 2.59% as of March 31, 2026. Excluding these amounts, variable rate debt was 13.2% of Consolidated Debt as of March 31, 2026.

15 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes Term Loans Revolving Credit Facility (1) Consolidated Debt As of March 31, 2026 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 04/01/26 - 12/31/26 $ 1,616 3.37 % $ — — $ — — $ — — $ 1,616 3.37 % 2027 2,206 3.38 % 100,000 5.38 % — — 354,979 4.68 % 457,185 4.83 % 2028 2,266 3.40 % — — 537,670 4.11 % — — 539,936 4.11 % 2029 2,328 3.42 % 350,000 3.90 % — — — — 352,328 3.90 % 2030 2,392 3.44 % — — 500,000 4.64 % — — 502,392 4.63 % 2031 2,093 3.46 % 800,000 3.20 % — — — — 802,093 3.20 % 2032 1,887 3.47 % — — — — — — 1,887 3.47 % 2033 1,940 3.48 % — — — — — — 1,940 3.48 % 2034 1,995 3.50 % — — — — — — 1,995 3.50 % 2035 2,026 3.52 % — — — — — — 2,026 3.52 % Thereafter 22,741 3.69 % — — — — — — 22,741 3.69 % Total $ 43,490 $ 1,250,000 $ 1,037,670 $ 354,979 $ 2,686,139 Wtd. avg. maturity/years 19.2 4.7 3.0 0.8 3.8 Wtd. avg. interest rate (2) 3.37 % 3.57 % 4.37 % 4.68 % 4.02 % (1) Revolving Credit Facility is subject to two six-month extension options. (2) Includes private mortgage insurance and impact of interest rate hedges.

16 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 Key Credit Metrics (1) March 31, 2026 Net Debt to Adjusted EBITDA (2) 5.04x Interest Coverage 4.59x Fixed Charge Coverage Ratio 4.51x Total Debt/Asset Value 38 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 261 % Cost of Permanent Consolidated Debt (3) 3.92 % Unsecured Notes Ratings S&P (Stable outlook) BBB- Fitch (Stable outlook) BBB- Moody’s (Stable outlook) Baa3 CAPITALIZATION Credit Metrics and Ratings (1) Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. (2) Based on the annualized trailing three-month period ended as of the date indicated. (3) Excludes revolving credit facility balance that had an interest rate of 4.68% as of March 31, 2026.

17 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended March 31, 2026 2025 Revenues: Rental and related revenues (1) $ 95,050 $ 96,037 Resident fees and services 116,685 77,447 Interest and other income 10,018 10,059 Total revenues 221,753 183,543 Expenses: Depreciation and amortization 53,131 43,494 Interest 28,409 27,100 Triple-net portfolio operating expenses 3,773 3,479 Senior housing - managed portfolio operating expenses 81,869 56,454 General and administrative 14,862 12,728 Recovery of loan losses (213) (173) Impairment of real estate 440 — Total expenses 182,271 143,082 Other (expense) income (55) 38 Income before income from unconsolidated joint ventures and income tax expense 39,427 40,499 Income from unconsolidated joint ventures 1,912 218 Income tax expense (526) (413) Net income 40,813 40,304 Net loss attributable to noncontrolling interests 67 — Net income attributable to Sabra Health Care REIT, Inc. $ 40,880 $ 40,304 Net income attributable to Sabra Health Care REIT, Inc., per: Basic common share $ 0.16 $ 0.17 Diluted common share $ 0.16 $ 0.17 Weighted average number of common shares outstanding, basic 252,135,103 237,891,035 Weighted average number of common shares outstanding, diluted 255,965,287 240,295,817 (1) See page 18 for additional details regarding Rental and related revenues.

18 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income - Supplemental Information Dollars in thousands Three Months Ended March 31, 2026 2025 Cash rental income $ 89,764 $ 90,071 Straight-line rental income 540 723 Write-offs of lease intangibles — 566 Above/below market lease amortization 1,059 1,139 Operating expense recoveries 3,687 3,538 Rental and related revenues $ 95,050 $ 96,037

19 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data March 31, 2026 December 31, 2025 Assets Real estate investments, net of accumulated depreciation of $1,257,489 and $1,224,663 as of March 31, 2026 and December 31, 2025, respectively $ 4,702,791 $ 4,686,377 Loans receivable and other investments, net 432,909 434,100 Investment in unconsolidated joint ventures 116,537 118,166 Cash and cash equivalents 116,530 71,537 Restricted cash 6,921 6,603 Lease intangible assets, net 67,414 65,321 Accounts receivable, prepaid expenses and other assets, net 148,088 111,292 Total assets $ 5,591,190 $ 5,493,396 Liabilities Secured debt, net $ 42,756 $ 43,275 Revolving credit facility 354,979 217,584 Term loans, net 1,031,083 1,032,311 Senior unsecured notes, net 1,236,333 1,235,726 Accounts payable and accrued liabilities 117,947 119,329 Lease intangible liabilities, net 20,178 21,383 Total liabilities 2,803,276 2,669,608 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 252,190,095 and 251,697,456 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 2,522 2,517 Additional paid-in capital 4,832,664 4,836,270 Cumulative distributions in excess of net income (2,049,843) (2,013,375) Accumulated other comprehensive income (loss) 691 (3,571) Total Sabra Health Care REIT, Inc. stockholders’ equity 2,786,034 2,821,841 Noncontrolling interests 1,880 1,947 Total equity 2,787,914 2,823,788 Total liabilities and equity $ 5,591,190 $ 5,493,396

20 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 40,813 $ 40,304 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 53,131 43,494 Non-cash rental and related revenues (1,599) (2,428) Non-cash interest income — 4 Non-cash interest expense 2,368 1,729 Stock-based compensation expense 3,098 2,711 Recovery of loan losses (213) (173) Impairment of real estate 440 — Income from unconsolidated joint ventures (1,912) (218) Distributions of earnings from unconsolidated joint ventures 1,657 2,368 Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (1,534) (2,822) Accounts payable and accrued liabilities 2,113 (4,706) Net cash provided by operating activities 98,362 80,263 Cash flows from investing activities: Acquisition of real estate and lease intangibles (96,101) (7,854) Origination and fundings of loans receivable — (1,710) Origination and fundings of preferred equity investments (15) (9) Additions to real estate (11,851) (7,783) Escrow deposits for potential investments (430) — Repayments of loans receivable 1,944 1,129 Repayments of preferred equity investments 1,256 813 Investment in unconsolidated joint ventures — (1,030) Insurance proceeds 107 — Net cash used in investing activities (105,090) (16,444) Cash flows from financing activities: Net borrowings from (repayments of) revolving credit facility 137,800 (23,881) Principal payments on secured debt (531) (517) Payments of deferred financing costs (92) (80) Contributions from noncontrolling interests 4 — Payment of contingent consideration (1,178) — Issuance of common stock, net (8,247) (5,391) Dividends paid on common stock (75,657) (71,373) Net cash provided by (used in) financing activities 52,099 (101,242) Net increase (decrease) in cash, cash equivalents and restricted cash 45,371 (37,423) Effect of foreign currency translation on cash, cash equivalents and restricted cash (60) (19) Cash, cash equivalents and restricted cash, beginning of period 78,140 66,339 Cash, cash equivalents and restricted cash, end of period $ 123,451 $ 28,897 Supplemental disclosure of cash flow information: Interest paid $ 15,071 $ 20,233

21 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended March 31, 2026 2025 Net income attributable to Sabra Health Care REIT, Inc. $ 40,880 $ 40,304 Add: Depreciation and amortization of real estate assets 53,131 43,494 Depreciation and amortization of real estate assets related to noncontrolling interests (122) — Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,527 2,180 Impairment of real estate 440 — FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978 Write-offs of lease intangibles — (566) Recovery of loan losses (213) (173) Other normalizing items (1) 465 2 Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 96,108 $ 85,241 FFO attributable to Sabra Health Care REIT, Inc. $ 95,856 $ 85,978 Stock-based compensation expense 3,098 2,711 Non-cash rental and related revenues (1,599) (2,428) Non-cash interest expense 2,368 1,729 Recovery of loan losses (213) (173) Other adjustments related to unconsolidated joint ventures 76 (109) Other adjustments 507 446 AFFO attributable to Sabra Health Care REIT, Inc. $ 100,093 $ 88,154 Other normalizing items (1) 458 84 Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 100,551 $ 88,238 Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: Net income $ 0.16 $ 0.17 FFO $ 0.37 $ 0.36 Normalized FFO $ 0.38 $ 0.35 AFFO $ 0.39 $ 0.37 Normalized AFFO $ 0.39 $ 0.37 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 255,965,287 240,295,817 AFFO and Normalized AFFO 257,228,587 241,513,735

22 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of March 31, 2026 (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (3) Includes balances that impact cash or NOI and excludes non-cash items. (4) Includes $33.2 million related to three real estate properties held for sale as of the end of the current period. Annualized Cash NOI (1) Dollars in thousands Skilled Nursing/Transitional Care $ 254,416 Senior Housing - Leased 34,217 Senior Housing - Managed Consolidated Portfolio 136,814 Senior Housing - Managed Unconsolidated Portfolio 17,065 Behavioral Health 45,379 Specialty Hospitals and Other 19,759 Annualized Cash NOI (excluding loans receivable and other investments) $ 507,650 Obligations Reflects Sabra's pro rata share; dollars in thousands Secured debt (2) $ 43,490 Senior unsecured notes (2) 1,250,000 Revolving credit facility 354,979 Term loans (2) 1,037,670 Unconsolidated joint venture debt 74,333 Total Debt 2,760,472 Add (less): Cash and cash equivalents and restricted cash (123,084) Unconsolidated joint venture cash and cash equivalents and restricted cash (5,770) Accounts payable and accrued liabilities (3) 108,954 Net obligations $ 2,740,572 Other Assets Reflects Sabra's pro rata share; dollars in thousands Loans receivable and other investments, net $ 432,909 Accounts receivable, prepaid expenses and other assets, net (3)(4) 70,524 Total other assets $ 503,433 Common Shares Outstanding Total shares 252,190,095 We disclose components of our business relevant to calculate NAV. We consider NAV to be a useful supplemental measure that assists both management and investors to estimate the fair value of our Company. The calculation of NAV involves significant estimates and can be calculated using various methods. Each individual investor must determine the specific methodology, assumptions and estimates to use to arrive at an estimated NAV of the Company. The components of NAV do not consider potential changes in our investment portfolio. The components include non-GAAP financial measures, such as Cash NOI. Although these measures are not presented in accordance with GAAP, investors can use these non-GAAP financial measures as supplemental information to evaluate our business.

23 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 APPENDIX Disclaimer Disclaimer This supplement contains “forward-looking” information as that term is defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position (including our earnings guidance for 2026, as well as the assumptions set forth therein), results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments, and plans and objectives for future operations. You can identify some of the forward-looking statements by the use of forward-looking words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “should,” “may” and other similar expressions, although not all forward-looking statements contain these identifying words. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increases in market interest rates and inflation; pandemics or epidemics, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; increased labor costs and labor shortages; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; potential impairment charges and adjustments related to the accounting of our assets; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy- efficient measures; increased operating costs and competition for our tenants, borrowers and Senior Housing - Managed communities; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third- party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’, borrowers’ or operators’ failure to adhere to applicable privacy and data security laws; a material breach of our or our tenants’, borrowers’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets; risks associated with our ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this supplement or to reflect the occurrence of unanticipated events, unless required by law to do so. Note Regarding Non-GAAP Financial Measures This supplement includes the following financial measures defined as non-GAAP financial measures by the SEC: net operating income (“NOI”), Cash NOI, funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share, Normalized AFFO per diluted common share and Adjusted EBITDA (defined below). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under “Reporting Definitions” in this supplement and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/ financials/quarterly-results. Tenant and Borrower Information This supplement includes information regarding our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this supplement has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Sabra Information The information in this supplemental information package should be read in conjunction with the Company’s Annual Report on Form 10- K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the SEC. The Reporting Definitions and Reconciliations of Non-GAAP Measures are an integral part of the information presented herein. On Sabra’s website, www.sabrahealth.com, you can access, free of charge, Sabra’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after such material is filed with, or furnished to, the SEC. The information contained on Sabra’s website is not incorporated by reference into, and should not be considered a part of, this supplemental information package. All material filed with the SEC can also be accessed through its website, www.sec.gov. For more information, contact Investor Relations at (888) 393-8248 or investorrelations@sabrahealth.com.

24 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 APPENDIX Reporting Definitions Adjusted EBITDA* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company’s long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income (“Annualized Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra’s pro rata share. Annualized Revenues The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis. Behavioral Health Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Cash Net Operating Income (“Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra’s pro rata share. Cash NOI Margin Cash NOI Margin is calculated as Cash NOI divided by resident fees and services. Consolidated Debt The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements. Consolidated Debt, Net The carrying amount of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness, as reported in the Company’s consolidated financial statements. Consolidated Enterprise Value The Company believes Consolidated Enterprise Value is an important measurement as it is a measure of a company’s value. The Company calculates Consolidated Enterprise Value as market equity capitalization plus Consolidated Debt. Market equity capitalization is calculated as (i) the number of shares of common stock multiplied by the closing price of the Company’s common stock on the last day of the period presented plus (ii) the number of shares of preferred stock multiplied by the closing price of the Company’s preferred stock on the last day of the period presented. Consolidated Enterprise Value includes the Company’s market equity capitalization and Consolidated Debt, less cash and cash equivalents. EBITDARM Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful.

25 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 APPENDIX Reporting Definitions Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Investment Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities. Market Capitalization Total common shares of Sabra outstanding multiplied by the closing price per common share as of a given period. Net Debt* The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements. Net Debt to Adjusted EBITDA* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts, and management with a meaningful indicator of the Company’s financial leverage and its capacity to service and repay debt from operating cash flows. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income (“NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.

26 SABRA 1Q 2026 SUPPLEMENTAL INFORMATION March 31, 2026 APPENDIX Reporting Definitions Normalized FFO and Normalized AFFO* Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does. Occupancy Percentage Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Except for Senior Housing - Managed, Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. REVPOR REVPOR represents the average revenues generated per occupied unit per month at Senior Housing - Managed communities for the period indicated. It is calculated as resident fees and services revenues divided by average monthly occupied unit days. REVPOR includes only Stabilized Facilities. Senior Housing Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. *Non-GAAP Financial Measures Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.

Reconciliations of Non-GAAP Financial Measures

March 31, 2026

(Unaudited)

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

FFO, Normalized FFO, AFFO and Normalized AFFO

(dollars in thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Net income attributable to Sabra Health Care REIT, Inc.	$	40,880	$	40,304
Add:
Depreciation and amortization of real estate assets	53,131		43,494
Depreciation and amortization of real estate assets related to noncontrolling interests	(122)		—
Depreciation and amortization of real estate assets related to unconsolidated joint ventures	1,527		2,180


Impairment of real estate	440		—

FFO attributable to Sabra Health Care REIT, Inc.	$	95,856	$	85,978

Write-offs of lease intangibles	—		(566)


Recovery of loan losses	(213)		(173)


Other normalizing items (1)	465		2
Normalized FFO attributable to Sabra Health Care REIT, Inc.	$	96,108	$	85,241
FFO attributable to Sabra Health Care REIT, Inc.	$	95,856	$	85,978
Stock-based compensation expense	3,098		2,711
Non-cash rental and related revenues	(1,599)		(2,428)

Non-cash interest expense	2,368		1,729

Recovery of loan losses	(213)		(173)


Other adjustments related to unconsolidated joint ventures	76		(109)
Other adjustments	507		446
AFFO attributable to Sabra Health Care REIT, Inc.	$	100,093	$	88,154




Other normalizing items (1)	458		84
Normalized AFFO attributable to Sabra Health Care REIT, Inc.	$	100,551	$	88,238
Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.:
Net income	$	0.16	$	0.17
FFO	$	0.37	$	0.36
Normalized FFO	$	0.38	$	0.35
AFFO	$	0.39	$	0.37
Normalized AFFO	$	0.39	$	0.37
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO	255,965,287		240,295,817

AFFO and Normalized AFFO	257,228,587		241,513,735

(1) Other normalizing items for FFO and AFFO primarily include triple-net operating expenses, net of recoveries.

See reporting definitions. 2

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

EBITDA, Adjusted EBITDA, Adjusted EBITDA, as adjusted and Adjusted EBITDA, as adjusted, annualized

Net Debt and Net Debt to Adjusted EBITDA

(in thousands)


	Three Months Ended
	March 31, 2026


Net income	$	40,813
Interest	28,409
Income tax expense	526
Depreciation and amortization	53,131
EBITDA	122,879
Income from unconsolidated joint ventures	(1,912)

Distributions from unconsolidated joint ventures	1,344
Stock-based compensation expense	3,098
Acquisition and transaction costs	500

Recovery of loan losses	(213)
Impairment of real estate	440

Other expense	138


Adjusted EBITDA (1)	126,274
Adjustments for current period activity (2)	1,293
Adjusted EBITDA, as adjusted	$	127,567

Adjusted EBITDA, as adjusted, annualized	$	510,268








	March 31, 2026
Secured debt	$	43,490
Revolving credit facility	354,979
Term loans	1,037,670
Senior unsecured notes	1,250,000
Consolidated Debt	2,686,139
Cash and cash equivalents	(116,530)
Net Debt	$	2,569,609



	March 31, 2026
Net Debt	$	2,569,609
Adjusted EBITDA, as adjusted, annualized	$	510,268
Net Debt to Adjusted EBITDA	5.04x

(1) Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company’s long-term equity award program and loan loss reserves.

(2) Adjustments for current period activity give effect to the acquisitions and dispositions completed during the period as though such acquisitions and dispositions were completed as of the beginning of the period and adjust for certain income and expense items that the Company does not believe are indicative of its operating results for the current period.

See reporting definitions. 3

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Consolidated Statements of Income

Supplemental Information

(in thousands)


	Three Months Ended March 31,
	2026		2025
Cash rental income	$	89,764	$	90,071
Straight-line rental income	540		723
Write-offs of lease intangibles	—		566
Above/below market lease amortization	1,059		1,139
Operating expense recoveries	3,687		3,538
Rental and related revenues	$	95,050	$	96,037

See reporting definitions. 4

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Senior Housing - Managed Revenues and Cash NOI

(in thousands)


	Three Months Ended
	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026
Revenues:
Resident fees and services	$	77,447	$	78,985	$	92,017	$	108,434	$	116,685
Resident fees and services attributable to noncontrolling interests	—		—		(117)		(312)		(317)
Resident fees and services - pro rata	$	77,447	$	78,985	$	91,900	$	108,122	$	116,368
Income from unconsolidated joint ventures:
Resident fees and services	10,192		10,989		11,524		11,611		11,978
Resident fees and services not included in same store (1)	(20,161)		(21,358)		(33,892)		(47,936)		(55,532)
Same store resident fees and services - pro rata	$	67,478	$	68,616	$	69,532	$	71,797	$	72,814


Net income	$	40,304	$	65,542	$	22,517	$	27,147	$	40,813
Adjustments:
Net income not related to Senior Housing - Managed	(32,747)		(56,463)		(14,590)		(17,533)		(30,050)
Depreciation and amortization	13,654		14,372		19,989		23,730		25,965
Other income	—		(1,038)		(619)		(73)		—

Income from unconsolidated joint ventures	(218)		(832)		(1,226)		(1,652)		(1,912)
Sabra's share of unconsolidated joint ventures' Net Operating Income	3,202		3,713		4,034		4,061		4,262
Net Operating Income - consolidated	$	24,195	$	25,294	$	30,105	$	35,680	$	39,078
Net Operating Income attributable to noncontrolling interests	—		—		(39)		(92)		(99)
Net Operating Income - pro rata	$	24,195	$	25,294	$	30,066	$	35,588	$	38,979
Non-cash revenue and expense adjustments	(137)		51		5		4		4
Cash Net Operating Income - pro rata	$	24,058	$	25,345	$	30,071	$	35,592	$	38,983
Cash Net Operating Income not included in same store (1)	(3,512)		(3,052)		(7,841)		(12,464)		(15,479)
Same store Cash Net Operating Income - pro rata	$	20,546	$	22,293	$	22,230	$	23,128	$	23,504

(1) Includes adjustments for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results.

See reporting definitions. 5

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI, Annualized Cash NOI and Annualized Cash NOI, as adjusted by Property Type

(in thousands)


	Three Months Ended March 31, 2026
	Skilled Nursing/ Transitional Care		Senior Housing								Behavioral Health		Specialty Hospitals and Other
			Senior Housing - Leased		Senior Housing - Managed Consolidated		Senior Housing - Managed Unconsolidated		Total Senior Housing						Other		Corporate		Total
Net income (loss)	$	45,964	$	5,867	$	8,851	$	1,912	$	16,630	$	8,139	$	3,385	$	10,018	$	(43,323)	$	40,813
Adjustments:
Depreciation and amortization	19,553		2,676		25,965		—		28,641		3,402		1,462		—		73		53,131
Interest	190		199		—		—		199		—		—		—		28,020		28,409
General and administrative	—		—		—		—		—		—		—		—		14,862		14,862
Recovery of loan losses	—		—		—		—		—		—		—		—		(213)		(213)
Impairment of real estate	440		—		—		—		—		—		—		—		—		440

Other expense	—		—		—		—		—		—		—		—		55		55

Income from unconsolidated joint ventures	—		—		—		(1,912)		(1,912)		—		—		—		—		(1,912)
Income tax expense	—		—		—		—		—		—		—		—		526		526
Sabra’s share of unconsolidated joint ventures’ Net Operating Income	—		—		—		4,262		4,262		—		—		—		—		4,262
Net Operating Income - consolidated	$	66,147	$	8,742	$	34,816	$	4,262	$	47,820	$	11,541	$	4,847	$	10,018	$	—	$	140,373
Net Operating Income attributable to noncontrolling interests	—		—		(99)		—		(99)		—		—		—		—		(99)
Net Operating Income - pro rata	$	66,147	$	8,742	$	34,717	$	4,262	$	47,721	$	11,541	$	4,847	$	10,018	$	—	$	140,274
Non-cash revenue and expense adjustments	(1,442)		(206)		—		4		(202)		(37)		90		—		—		(1,591)
Cash Net Operating Income - pro rata	$	64,705	$	8,536	$	34,717	$	4,266	$	47,519	$	11,504	$	4,937	$	10,018	$	—	$	138,683




Annualizing adjustments (1)	189,711		25,681		102,097		12,799		140,577		33,875		14,822		25,722		—		404,707
Annualized Cash Net Operating Income - pro rata	$	254,416	$	34,217	$	136,814	$	17,065	$	188,096	$	45,379	$	19,759	$	35,740	$	—	$	543,390
Reallocation adjustments (2)	1,681		7,128		—		—		7,128		24,426		—		(33,235)		—		—
Annualized Cash Net Operating Income, as adjusted - pro rata	$	256,097	$	41,345	$	136,814	$	17,065	$	195,224	$	69,805	$	19,759	$	2,505	$	—	$	543,390

(1) Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year.

(2) Adjustments to reflect Annualized Cash Net Operating Income from mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate.

See reporting definitions. 6

SABRA HEALTH CARE REIT, INC.

REPORTING DEFINITIONS

Adjusted EBITDA. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.

Annualized Cash Net Operating Income (“Annualized Cash NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra's pro rata share.

Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis.

Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling.

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

Consolidated Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements.

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

Net Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements.

Net Debt to Adjusted EBITDA. The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts, and management with a meaningful indicator of the Company’s financial leverage and its capacity to service and repay debt from operating cash flows. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.

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

See reporting definitions. 7

SABRA HEALTH CARE REIT, INC.

REPORTING DEFINITIONS

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

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

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

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

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

See reporting definitions. 8

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

7 documents

Sabra Health Care REIT (NASDAQ: SBRA) grows Q1 2026 AFFO and confirms outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Sabra Health Care REIT (SBRA) perform financially in Q1 2026?

How is Sabra Health Care REIT’s (SBRA) senior housing segment performing?

What new investments did Sabra Health Care REIT (SBRA) make in early 2026?

What is Sabra Health Care REIT’s (SBRA) current liquidity and leverage position?

What dividend is Sabra Health Care REIT (SBRA) paying following Q1 2026 results?

Filing Exhibits & Attachments

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Sabra Health Care REIT (NASDAQ: SBRA) grows Q1 2026 AFFO and confirms outlook

Rhea-AI Filing Summary

Positive

Negative

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REIT and income-investor analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Sabra Health Care REIT (SBRA) perform financially in Q1 2026?

What were Sabra Health Care REIT (SBRA) FFO and AFFO per share in Q1 2026?

How is Sabra Health Care REIT’s (SBRA) senior housing segment performing?

What new investments did Sabra Health Care REIT (SBRA) make in early 2026?

What is Sabra Health Care REIT’s (SBRA) current liquidity and leverage position?

What dividend is Sabra Health Care REIT (SBRA) paying following Q1 2026 results?

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