Sabra Health Care REIT (SBRA) posts Q4 2025 results and raises 2026 guidance outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Sabra Health Care REIT reported fourth quarter 2025 diluted net income of $0.11 per share, with FFO of $0.36 and Normalized AFFO of $0.38 per share. Total revenue was $211.9 million, up from $182.3 million a year earlier, driven largely by its senior housing managed portfolio.
Same property managed senior housing Cash NOI rose 12.6% year over year in the quarter and averaged 15.0% growth for 2025. Sabra invested roughly $450 million in 2025 property acquisitions at an estimated 7.5% average initial cash yield and closed another $27.0 million after year-end.
The company has been awarded about $240 million of primarily managed senior housing and some skilled nursing investments at an estimated 8.0% initial cash yield. As of December 31, 2025, Net Debt to Adjusted EBITDA was 5.00x and liquidity totaled about $1.2 billion. The board declared a $0.30 quarterly dividend and issued 2026 guidance for net income of $0.60–$0.64 and Normalized AFFO of $1.55–$1.59 per diluted share.
Positive
- None.
Negative
- None.
Insights
Solid portfolio growth and upbeat 2026 guidance, with leverage and liquidity in a comfortable range.
Sabra shows healthy top-line momentum: Q4 2025 revenue reached
Capital deployment is meaningful. Management closed roughly
Balance sheet metrics look balanced for a healthcare REIT. Net Debt to Adjusted EBITDA stood at
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): February 12, 2026
(Exact name of registrant as specified in its charter)
| (State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant's telephone number including area code: (888 ) 393-8248
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | ||||
On February 12, 2026, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended December 31, 2025. The press release refers to the Reconciliations of Non-GAAP Financial Measures that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the press release and the Reconciliations of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are specifically incorporated by reference herein.
| Item 7.01 | Regulation FD Disclosure. | ||||
The press release furnished herewith as Exhibit 99.1 refers to a supplemental information package that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the supplemental information package is furnished herewith as Exhibit 99.2 and is specifically incorporated by reference herein.
Sabra intends to present the materials attached to this report as Exhibit 99.4 in investor presentations. The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the presentation materials include material investor information that is not otherwise publicly available. In addition, Sabra does not assume any obligation to update such information in the future.
The information in Items 2.02 and 7.01 of this Form 8-K and the information in Exhibits 99.1, 99.2, 99.3 and 99.4 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of Sabra under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.
| Item 9.01 | Financial Statements and Exhibits. | ||||
| (d) | Exhibits. | |||||||
| 99.1 | Press Release of Sabra Health Care REIT, Inc., dated February 12, 2026. | |||||||
| 99.2 | Sabra Health Care REIT, Inc. Supplemental Information Package, dated December 31, 2025. | |||||||
| 99.3 | Reconciliations of Non-GAAP Financial Measures, dated December 31, 2025. | |||||||
| 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: February 12, 2026 | /S/ MICHAEL COSTA | ||||||||||
| Name: | Michael Costa | ||||||||||
| Title: | Chief Financial Officer, Treasurer and Executive Vice President | ||||||||||
Exhibit 99.1
FOR IMMEDIATE RELEASE
SABRA REPORTS FOURTH QUARTER 2025 RESULTS; INTRODUCES 2026 GUIDANCE
TUSTIN, CA, February 12, 2026 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the fourth quarter of 2025.
FOURTH QUARTER 2025 RESULTS AND RECENT EVENTS
•Results per diluted common share for the fourth quarter of 2025 were as follows:
•Net Income: $0.11
•FFO: $0.36
•Normalized FFO: $0.36
•AFFO: $0.37
•Normalized AFFO: $0.38
•EBITDARM Coverage Summary:
•Skilled Nursing/Transitional Care: 2.38x
•Senior Housing - Leased: 1.52x
•Behavioral Health, Specialty Hospitals and Other: 3.99x
•On a year-over-year basis, same property managed senior housing Cash NOI increased 12.6% for the fourth quarter of 2025, while the 2025 quarterly year-over-year average increase was 15.0%, inclusive of the stabilized facilities formerly operated by Holiday.
•In the fourth quarter of 2025, Sabra acquired four managed senior housing properties for $150.5 million with an estimated initial cash yield of 7.0%, bringing total investments closed in 2025 to roughly $450 million, with an estimated average initial cash yield of 7.5% on property acquisitions. Subsequent to quarter end, Sabra closed on two additional managed senior housing properties for $27.0 million with an estimated initial cash yield of 8.2%.
•Sabra has been awarded an additional $240 million of primarily managed senior housing and some skilled nursing investments with an estimated initial cash yield of approximately 8.0%, much of which is expected to close in Q1 and early Q2. 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”).
•During the fourth quarter of 2025, Sabra completed the disposition of seven skilled nursing facilities for gross proceeds of $51.0 million. Sabra did not recognize any rent or income related to these facilities in 2025.
•During the fourth quarter of 2025, Sabra issued 2.3 million shares in settlement of outstanding forward sale agreements at a weighted average price of $17.49 per share, net of commissions, resulting in net proceeds of $40.0 million. As of December 31, 2025, 17.4 million shares remained outstanding under forward sale agreements at a weighted average price of $18.60 per share, net of commissions.
•As of December 31, 2025, Net Debt to Adjusted EBITDA was 5.00x.
•On February 2, 2026, Sabra’s Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on February 27, 2026, to common stockholders of record as of the close of business on February 13, 2026.
12026 GUIDANCE
Sabra is initiating 2026 earnings guidance ranges as follows (attributable to Sabra Health Care REIT, Inc., per diluted common share):
•Net Income: $0.60 - $0.64
•FFO: $1.49 - $1.53
•Normalized FFO: $1.49 - $1.53
•AFFO: $1.55 - $1.59
•Normalized AFFO: $1.55 - $1.59
Earnings guidance above assumes:
•low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions and dispositions;
•average full-year Cash NOI growth for the same-store Senior Housing - Managed portfolio in the low to mid-teens;
•general and administrative expenses at the midpoint of $52 million, which includes $12 million of stock-based compensation expense;
•cash interest expense of $103 million at the midpoint;
•weighted average share count of 255 million and 256 million for Normalized FFO and Normalized AFFO, respectively;
•no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after December 31, 2025; and
•only investments, dispositions and capital markets activity completed as of February 12, 2026.
The foregoing guidance ranges reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.
Commenting on the fourth quarter’s results, Rick Matros, CEO and Chair, said, “We are pleased to introduce 2026 Normalized FFO and Normalized AFFO guidance at 4.9% and 5.4% year over year growth at the midpoint, respectively, building on a successful 2025. Our investment pipeline remains robust, and 2026 has gotten off to a strong start with $240 million of awarded investments, much of which should close in Q1 and early Q2. Given the promising start to the year, we expect to exceed 2025’s investment total and anticipate making skilled nursing investments in addition to our strategic focus on growing our managed senior housing portfolio. Sabra’s operational results continue to trend positively, as we have seen over the last year plus. Managed senior housing occupancy and margins continue to increase, triple-net senior housing remains stable with strong rent coverage and occupancy, and our skilled nursing portfolio’s upward trajectory in occupancy and rent coverage continues. Additionally, our top ten tenants had another strong showing. We are excited about the prospects for 2026.”
2LIQUIDITY
As of December 31, 2025, we had approximately $1.2 billion of liquidity, consisting of unrestricted cash and cash equivalents of $71.5 million, available borrowings under our revolving credit facility of $782.4 million and $322.7 million related to shares outstanding under forward sale agreements under the ATM programs. As of December 31, 2025, we also had $482.9 million available under our current ATM program.
CONFERENCE CALL AND COMPANY INFORMATION
A conference call with a simultaneous webcast to discuss the 2025 fourth quarter results will be held on Friday, February 13, 2026, at 11:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/141249230. 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 fourth quarter will also be available on the Company’s website in the “Investors” section.
ABOUT SABRA
As of December 31, 2025, Sabra’s investment portfolio included 360 real estate properties held for investment (consisting of (i) 210 skilled nursing/transitional care facilities, (ii) 32 senior housing communities (“senior housing - leased”), (iii) 87 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), 13 investments in loans receivable (consisting of three mortgage loans and 10 other loans), four preferred equity investments and two investments in unconsolidated joint ventures. As of December 31, 2025, 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
3financial 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
4SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
Rental and related revenues (1) | $ | 92,917 | $ | 96,068 | $ | 374,131 | $ | 381,495 | |||||||||||||||
| Resident fees and services | 108,434 | 76,865 | 356,883 | 284,581 | |||||||||||||||||||
| Interest and other income | 10,551 | 9,413 | 43,618 | 37,159 | |||||||||||||||||||
| Total revenues | 211,902 | 182,346 | 774,632 | 703,235 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Depreciation and amortization | 51,405 | 42,308 | 186,996 | 169,623 | |||||||||||||||||||
| Interest | 28,940 | 28,083 | 112,489 | 115,272 | |||||||||||||||||||
| Triple-net portfolio operating expenses | 3,602 | 4,080 | 14,487 | 17,072 | |||||||||||||||||||
| Senior housing - managed portfolio operating expenses | 76,815 | 55,758 | 256,619 | 210,016 | |||||||||||||||||||
| General and administrative | 15,908 | 13,032 | 53,710 | 50,067 | |||||||||||||||||||
| Recovery of loan losses | (407) | (125) | (1,047) | (571) | |||||||||||||||||||
| Impairment of real estate | 648 | — | 7,322 | 18,472 | |||||||||||||||||||
| Total expenses | 176,911 | 143,136 | 630,576 | 579,951 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | (1,154) | — | |||||||||||||||||||
| Other income | 58 | 1,897 | 14,036 | 2,735 | |||||||||||||||||||
| Net (loss) gain on sales of real estate | (9,063) | 6,064 | (3,519) | 2,095 | |||||||||||||||||||
| Total other (expense) income | (9,005) | 7,961 | 9,363 | 4,830 | |||||||||||||||||||
| Income before income (loss) from unconsolidated joint ventures and income tax expense | 25,986 | 47,171 | 153,419 | 128,114 | |||||||||||||||||||
| Income (loss) from unconsolidated joint ventures | 1,652 | (96) | 3,928 | (397) | |||||||||||||||||||
| Income tax expense | (491) | (380) | (1,837) | (1,005) | |||||||||||||||||||
| Net income | 27,147 | 46,695 | 155,510 | 126,712 | |||||||||||||||||||
| Net loss attributable to noncontrolling interests | 78 | — | 99 | — | |||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 27,225 | $ | 46,695 | $ | 155,609 | $ | 126,712 | |||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc., per: | |||||||||||||||||||||||
| Basic common share | $ | 0.11 | $ | 0.20 | $ | 0.64 | $ | 0.54 | |||||||||||||||
| Diluted common share | $ | 0.11 | $ | 0.19 | $ | 0.64 | $ | 0.54 | |||||||||||||||
| Weighted average number of common shares outstanding, basic | 249,375,192 | 236,597,675 | 241,312,309 | 233,498,736 | |||||||||||||||||||
| Weighted average number of common shares outstanding, diluted | 252,768,271 | 239,640,053 | 244,497,242 | 236,045,862 | |||||||||||||||||||
(1) See the following page for additional details regarding rental and related revenues.
5SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME - SUPPLEMENTAL INFORMATION
(in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cash rental income | $ | 87,514 | $ | 89,995 | $ | 358,928 | $ | 363,905 | |||||||||||||||
| Straight-line rental income | 782 | 876 | 4,464 | 4,289 | |||||||||||||||||||
| Write-offs of cash and straight-line rental income receivable and lease intangibles | — | (508) | (7,759) | (6,032) | |||||||||||||||||||
| Above/below market lease amortization | 1,058 | 1,233 | 4,315 | 4,867 | |||||||||||||||||||
| Operating expense recoveries | 3,563 | 4,472 | 14,183 | 14,466 | |||||||||||||||||||
| Rental and related revenues | $ | 92,917 | $ | 96,068 | $ | 374,131 | $ | 381,495 | |||||||||||||||
6SABRA HEALTH CARE REIT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
Real estate investments, net of accumulated depreciation of $1,224,663 and $1,102,030 as of December 31, 2025 and December 31, 2024, respectively | $ | 4,686,377 | $ | 4,513,734 | |||||||
| Loans receivable and other investments, net | 434,100 | 442,584 | |||||||||
| Investment in unconsolidated joint ventures | 118,166 | 121,803 | |||||||||
| Cash and cash equivalents | 71,537 | 60,468 | |||||||||
| Restricted cash | 6,603 | 5,871 | |||||||||
| Lease intangible assets, net | 65,321 | 27,464 | |||||||||
| Accounts receivable, prepaid expenses and other assets, net | 111,292 | 131,755 | |||||||||
| Total assets | $ | 5,493,396 | $ | 5,303,679 | |||||||
| Liabilities | |||||||||||
| Secured debt, net | $ | 43,275 | $ | 45,316 | |||||||
| Revolving credit facility | 217,584 | 106,554 | |||||||||
| Term loans, net | 1,032,311 | 529,753 | |||||||||
| Senior unsecured notes, net | 1,235,726 | 1,736,025 | |||||||||
| Accounts payable and accrued liabilities | 119,329 | 117,896 | |||||||||
| Lease intangible liabilities, net | 21,383 | 26,847 | |||||||||
| Total liabilities | 2,669,608 | 2,562,391 | |||||||||
| Equity | |||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — | |||||||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 251,697,456 and 237,586,882 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 2,517 | 2,376 | |||||||||
| Additional paid-in capital | 4,836,270 | 4,592,605 | |||||||||
| Cumulative distributions in excess of net income | (2,013,375) | (1,874,633) | |||||||||
| Accumulated other comprehensive (loss) income | (3,571) | 20,940 | |||||||||
| Total Sabra Health Care REIT, Inc. stockholders’ equity | 2,821,841 | 2,741,288 | |||||||||
| Noncontrolling interests | 1,947 | — | |||||||||
| Total equity | 2,823,788 | 2,741,288 | |||||||||
| Total liabilities and equity | $ | 5,493,396 | $ | 5,303,679 | |||||||
7SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 155,510 | $ | 126,712 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 186,996 | 169,623 | |||||||||
| Non-cash rental and related revenues | (1,020) | (3,856) | |||||||||
| Non-cash interest income | 7 | 29 | |||||||||
| Non-cash interest expense | 7,970 | 10,479 | |||||||||
| Stock-based compensation expense | 11,360 | 8,987 | |||||||||
| Loss on extinguishment of debt | 1,154 | — | |||||||||
| Recovery of loan losses | (1,047) | (571) | |||||||||
| Net loss (gain) on sales of real estate | 3,519 | (2,095) | |||||||||
| Impairment of real estate | 7,322 | 18,472 | |||||||||
| (Income) loss from unconsolidated joint ventures | (3,928) | 397 | |||||||||
| Distributions of earnings from unconsolidated joint ventures | 7,813 | 5,447 | |||||||||
| Other non-cash items | (17,190) | (534) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, prepaid expenses and other assets, net | (11,449) | (15,462) | |||||||||
| Accounts payable and accrued liabilities | 1,596 | (7,087) | |||||||||
| Net cash provided by operating activities | 348,613 | 310,541 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of real estate and lease intangibles | (452,933) | (136,430) | |||||||||
| Origination and fundings of loans receivable | (6,910) | (21,645) | |||||||||
| Origination and fundings of preferred equity investments | (9) | (2,832) | |||||||||
| Additions to real estate | (41,521) | (54,712) | |||||||||
| Repayments of loans receivable | 20,671 | 3,551 | |||||||||
| Repayments of preferred equity investments | 2,533 | 5,944 | |||||||||
| Investment in unconsolidated joint ventures | (1,241) | (1,258) | |||||||||
| Net proceeds from the sales of real estate | 88,637 | 95,999 | |||||||||
| Proceeds from net investment hedges | 4,462 | — | |||||||||
| Insurance proceeds | 1,589 | 2,382 | |||||||||
| Distributions in excess of earnings from unconsolidated joint ventures | 6,762 | — | |||||||||
| Net cash used in investing activities | (377,960) | (109,001) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net borrowings from revolving credit facility | 109,805 | 14,595 | |||||||||
| Principal payments on senior unsecured notes | (500,000) | — | |||||||||
| Proceeds from term loans | 500,000 | — | |||||||||
| Principal payments on secured debt | (2,089) | (2,033) | |||||||||
| Payments of deferred financing costs | (4,405) | (94) | |||||||||
| Payments related to extinguishment of debt | (2,884) | — | |||||||||
| Contributions from noncontrolling interests | 2,046 | — | |||||||||
| Issuance of common stock, net | 227,781 | 86,121 | |||||||||
| Dividends paid on common stock | (289,497) | (280,150) | |||||||||
| Net cash provided by (used in) financing activities | 40,757 | (181,561) | |||||||||
| Net increase in cash, cash equivalents and restricted cash | 11,410 | 19,979 | |||||||||
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 391 | (359) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 66,339 | 46,719 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 78,140 | $ | 66,339 | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest paid | $ | 110,957 | $ | 105,200 | |||||||
| Income taxes paid | $ | 1,496 | $ | 1,389 | |||||||
8SABRA HEALTH CARE REIT, INC.
FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,
ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO
(dollars in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 27,225 | $ | 46,695 | $ | 155,609 | $ | 126,712 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation and amortization of real estate assets | 51,405 | 42,308 | 186,996 | 169,623 | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to noncontrolling interests | (123) | — | (163) | — | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 1,639 | 2,213 | 7,584 | 8,893 | |||||||||||||||||||
| Net loss (gain) on sales of real estate | 9,063 | (6,064) | 3,519 | (2,095) | |||||||||||||||||||
| Impairment of real estate | 648 | — | 7,322 | 18,472 | |||||||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 89,857 | $ | 85,152 | $ | 360,867 | $ | 321,605 | |||||||||||||||
| Write-offs of cash and straight-line rental income receivable and lease intangibles | — | 508 | 7,759 | 6,032 | |||||||||||||||||||
| Lease termination income, net of expense | — | — | (1,518) | — | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | 1,154 | — | |||||||||||||||||||
| Recovery of loan losses | (407) | (125) | (1,047) | (571) | |||||||||||||||||||
Other normalizing items (1) | 1,711 | (1,057) | (14,303) | 1,662 | |||||||||||||||||||
| Normalized FFO attributable to Sabra Health Care REIT, Inc. | $ | 91,161 | $ | 84,478 | $ | 352,912 | $ | 328,728 | |||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 89,857 | $ | 85,152 | $ | 360,867 | $ | 321,605 | |||||||||||||||
| Stock-based compensation expense | 3,070 | 2,539 | 11,360 | 8,987 | |||||||||||||||||||
| Non-cash rental and related revenues | (1,840) | (1,627) | (1,020) | (3,856) | |||||||||||||||||||
| Non-cash interest expense | 2,362 | 1,729 | 7,970 | 10,479 | |||||||||||||||||||
| Non-cash portion of loss on extinguishment of debt | — | — | (1,730) | — | |||||||||||||||||||
| Recovery of loan losses | (407) | (125) | (1,047) | (571) | |||||||||||||||||||
| Other adjustments related to unconsolidated joint ventures | 76 | 71 | 313 | 472 | |||||||||||||||||||
Other adjustments (2) | 393 | (144) | (15,142) | 1,072 | |||||||||||||||||||
| AFFO attributable to Sabra Health Care REIT, Inc. | $ | 93,511 | $ | 87,595 | $ | 361,571 | $ | 338,188 | |||||||||||||||
| Lease termination income, net of expense | — | — | (1,518) | — | |||||||||||||||||||
| Cash portion of loss on extinguishment of debt | — | — | 2,884 | — | |||||||||||||||||||
| Write-off of cash rental income | — | 25 | — | 732 | |||||||||||||||||||
Other normalizing items (1) | 1,703 | (704) | 2,474 | 1,846 | |||||||||||||||||||
| Normalized AFFO attributable to Sabra Health Care REIT, Inc. | $ | 95,214 | $ | 86,916 | $ | 365,411 | $ | 340,766 | |||||||||||||||
| Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: | |||||||||||||||||||||||
| Net income | $ | 0.11 | $ | 0.19 | $ | 0.64 | $ | 0.54 | |||||||||||||||
| FFO | $ | 0.36 | $ | 0.36 | $ | 1.48 | $ | 1.36 | |||||||||||||||
| Normalized FFO | $ | 0.36 | $ | 0.35 | $ | 1.44 | $ | 1.39 | |||||||||||||||
| AFFO | $ | 0.37 | $ | 0.36 | $ | 1.47 | $ | 1.43 | |||||||||||||||
| Normalized AFFO | $ | 0.38 | $ | 0.36 | $ | 1.49 | $ | 1.44 | |||||||||||||||
| Weighted average number of common shares outstanding, diluted: | |||||||||||||||||||||||
| Net income, FFO and Normalized FFO | 252,768,271 | 239,640,053 | 244,497,242 | 236,045,862 | |||||||||||||||||||
| AFFO and Normalized AFFO | 253,621,566 | 240,395,180 | 245,583,191 | 237,116,036 | |||||||||||||||||||
(1) Other normalizing items for FFO and AFFO for the three months ended December 31, 2025 include a $1.8 million catch-up adjustment related to changes in performance-based assumptions on management's compensation. Other normalizing items for FFO for the year ended December 31, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.5 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the year ended December 31, 2025 include $3.5 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for FFO and AFFO for the three months and year ended December 31, 2024 include $0.5 million of gain on insurance proceeds. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
(2) Other adjustments for the year ended December 31, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.
9REPORTING DEFINITIONS
Adjusted EBITDA*
Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company’s long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.
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
10REPORTING 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*
Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.
Net Operating Income (“NOI”)*
The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.
Normalized FFO and Normalized AFFO*
Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does.
Senior Housing
Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities.
Senior Housing - Managed
Senior Housing communities operated by third-party property managers pursuant to property management agreements.
11REPORTING DEFINITIONS
Skilled Nursing/Transitional Care
Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities.
Specialty Hospitals and Other
Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health.
Stabilized Facility
At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented.
*Non-GAAP Financial Measures
Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this release can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.
12
2 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Senior Housing - Managed Portfolio Loans and Other Investments NOI Concentrations Geographic Concentrations - Consolidated Portfolio Triple-Net Lease Expirations 12 INVESTMENTS Summary 13 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 17 FINANCIAL INFORMATION 2026 Outlook Consolidated Financial Statements - Statements of Income Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 24 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results
3 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 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 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 Financial Metrics Reflect Sabra’s pro rata share; dollars in thousands, except per share data December 31, 2025 Three Months Ended Year Ended Revenues $ 211,590 $ 774,203 Net operating income 135,454 518,405 Cash net operating income 133,621 517,330 Diluted per share data: EPS $ 0.11 $ 0.64 FFO 0.36 1.48 Normalized FFO 0.36 1.44 AFFO 0.37 1.47 Normalized AFFO 0.38 1.49 Dividends per common share 0.30 1.20 Capitalization and Market Facts Key Credit Metrics (1) December 31, 2025 December 31, 2025 Common shares outstanding 251.7 million Net Debt to Adjusted EBITDA 5.00x Common equity Market Capitalization $4.8 billion Interest Coverage 4.72x Consolidated Debt $2.6 billion Fixed Charge Coverage Ratio 4.63x Consolidated Enterprise Value $7.2 billion Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Common stock closing price $18.94 Unencumbered Assets/Unsecured Debt 269 % Common stock 52-week range $15.60 - $19.97 Common stock ticker symbol SBRA Portfolio Dollars in thousands, units and Cash NOI reflect Sabra’s pro rata share Three Months Ended December 31, 2025As of December 31, 2025 Property Count Investment Beds/Units Cash NOI Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing/Transitional Care 210 $ 2,802,561 23,537 $ 63,080 Senior Housing - Leased 32 376,590 2,668 8,313 Behavioral Health 16 473,813 1,138 11,213 Specialty Hospitals and Other 15 225,498 392 4,872 Total Triple-Net Portfolio 273 3,878,462 27,735 Senior Housing - Managed 87 2,030,267 8,677 31,527 Consolidated Real Estate Investments 360 5,908,729 36,412 Unconsolidated Joint Venture Senior Housing - Managed 16 205,595 1,256 4,065 Total Equity Investments 376 6,114,324 37,668 Investments in Loans Receivable, gross (2) 13 368,830 Preferred Equity Investments, gross (3) 4 65,353 Includes 61 relationships in 40 U.S. states and CanadaTotal Investments 393 $ 6,548,507 (1) See page 16 of this supplement for important information about these credit metrics. (2) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds and one investment which has a purchase option on one Skilled Nursing/ Transitional Care facility with 106 beds. (3) Our preferred equity investments include investments in entities owning three Senior Housing developments with 516 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. OVERVIEW
5 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 Operating Statistics Twelve Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Occupancy Skilled Nursing/Transitional Care 80.9 % 81.7 % 82.6 % 83.0 % 83.4 % Senior Housing - Leased 89.6 % 90.1 % 90.1 % 88.7 % 89.0 % Behavioral Health, Specialty Hospitals and Other 77.9 % 77.7 % 77.5 % 76.4 % 76.5 % Skilled Mix Skilled Nursing/Transitional Care 37.7 % 37.8 % 38.1 % 38.3 % 38.3 % PORTFOLIO Triple-Net Portfolio (1) (1) Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. EBITDARM Coverage Twelve Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Skilled Nursing/Transitional Care 2.09x 2.19x 2.27x 2.35x 2.38x Senior Housing - Leased 1.36x 1.41x 1.49x 1.52x 1.52x Behavioral Health, Specialty Hospitals and Other 3.66x 3.77x 3.87x 3.90x 3.99x Key Triple-Net Relationships EBITDARM Coverage Twelve Months Ended Relationship Primary Property Type June 30, 2025 September 30, 2025 Ensign Group Skilled Nursing 2.87x 2.97x Avamere Family of Companies Skilled Nursing 1.93x 1.87x Signature Healthcare Skilled Nursing 2.60x 2.65x Signature Behavioral Behavioral Hospitals 1.59x 1.57x The McGuire Group Skilled Nursing 1.93x 1.91x Healthmark Group Skilled Nursing 1.63x 1.65x Communicare Skilled Nursing 1.87x 1.98x Cadia Healthcare Skilled Nursing 1.72x 1.81x Focused Post Acute Care Partners Skilled Nursing 1.80x 1.90x Southern Healthcare Skilled Nursing 3.06x 3.22x Other Mulitple 3.42x 3.36x Total 2.53x 2.55x
6 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 PORTFOLIO Senior Housing - Managed Portfolio (1) Same store Senior Housing - Managed portfolio includes Stabilized Facilities owned as the same property type for the full period in all comparison periods. Resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results. Operating Performance Reflects Sabra’s pro rata share, except number of properties; dollars in thousands Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Consolidated Portfolio Number of Properties 69 69 73 83 87 Number of Units 6,680 6,680 6,981 8,282 8,677 Recurring capital expenditures $ 1,547 $ 1,257 $ 1,271 $ 1,965 $ 2,140 Nonrecurring capital expenditures $ 7,515 $ 4,938 $ 3,180 $ 4,955 $ 10,332 Occupancy 83.5 % 83.3 % 82.8 % 83.5 % 84.8 % Resident fees and services $ 76,865 $ 77,447 $ 78,985 $ 91,900 $ 108,122 Cash NOI $ 21,107 $ 20,993 $ 21,581 $ 26,032 $ 31,527 Cash NOI Margin % 27.5 % 27.1 % 27.3 % 28.3 % 29.2 % 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 $ 236 $ 140 $ 196 $ 278 $ 306 Nonrecurring capital expenditures $ 390 $ 352 $ 247 $ 302 $ 376 Occupancy 90.7 % 90.3 % 91.0 % 92.9 % 93.5 % Resident fees and services $ 10,646 $ 10,192 $ 10,989 $ 11,524 $ 11,611 Cash NOI $ 3,041 $ 3,065 $ 3,764 $ 4,039 $ 4,065 Cash NOI Margin % 28.6 % 30.1 % 34.3 % 35.0 % 35.0 % Same Store Operating Performance (1) Reflects Sabra’s pro rata share, except number of properties; dollars in thousands, except REVPOR Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Number of Properties 68 68 68 68 68 Number of Available Units 6,170 6,195 6,193 6,195 6,194 REVPOR $ 4,325 $ 4,348 $ 4,389 $ 4,416 $ 4,506 Occupancy 86.3 % 86.2 % 86.6 % 87.0 % 87.9 % Resident fees and services $ 69,129 $ 69,680 $ 70,633 $ 71,370 $ 73,587 Cash NOI $ 20,558 $ 21,032 $ 22,621 $ 22,327 $ 23,144 Cash NOI Margin % 29.7 % 30.2 % 32.0 % 31.3 % 31.5 % Key Senior Housing - Managed Relationships As of December 31, 2025 Number of Properties Sienna Senior Living 21 Inspirit Senior Living 18 Traditions Management 12 Discovery Senior Living 12 Health Dimensions Group 6 Other 34 Total 103
7 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of December 31, 2025 Loan Type Number of Loans Property Type Principal Balance Book Value Weighted Average Contractual Interest Rate Weighted Average Annualized Effective Interest Rate Interest Income Three Months Ended December 31, 2025 (1) Maturity Date Mortgage 3 Behavioral Health / Skilled Nursing $ 335,600 $ 335,600 7.7 % 7.7 % $ 6,514 11/01/26 - 06/01/29 Other 10 Multiple 41,649 38,194 7.4 % 6.9 % 682 02/28/26 - 08/31/33 13 377,249 373,794 7.7 % 7.6 % $ 7,196 Allowance for loan losses — (5,047) $ 377,249 $ 368,747 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended December 31, 2025 (1) Preferred Equity 4 Skilled Nursing / Senior Housing $ 51,844 $ 51,844 $ 65,353 11.0 % $ 1,752 (1) Includes income related to loans receivable and other investments held as of December 31, 2025.
8 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 Avamere Family of Companies: 7.7% Signature Healthcare: 7.5% Signature Behavioral: 6.3% Recovery Centers of America: 5.2% The McGuire Group: 3.9% Managed (No Operator Credit Exposure): 27.4% Other: 34.2% The Ensign Group: 7.8% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of December 31, 2025 (1) Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Tenant payor source allocation presented one quarter in arrears. Behavioral Health: 12.9% Senior Housing - Leased: 7.7% Specialty Hospital and Other: 3.7%Other: 0.5% Skilled Nursing/Transitional Care: 47.8% Senior Housing - Managed: 27.4% Private Pay: 49.7%Non-Private: 50.3%
9 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Property Type As of December 31, 2025 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 33 3 7 — 13 56 15.6 % 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 4.2 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) 61 20 54 9 — 144 40.0 Total 210 32 87 16 15 360 100.0 % % of Total 58.3 % 8.9 % 24.2 % 4.4 % 4.2 % 100.0 % Distribution of Beds/Units As of December 31, 2025 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 56 4,211 350 856 — 325 5,742 15.8 % 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 — 160 313 27 2,424 6.7 Oregon 19 1,520 215 162 — — 1,897 5.2 North Carolina 15 1,454 — 237 — — 1,691 4.6 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) 145 6,071 1,696 5,590 545 — 13,902 38.2 Total 360 23,537 2,668 8,677 1,138 392 36,412 100.0 % % of Total 64.7 % 7.3 % 23.8 % 3.1 % 1.1 % 100.0 %
10 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued Investment Dollars in thousands As of December 31, 2025 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 56 $ 340,386 $ 27,335 $ 206,601 $ — $ 187,387 $ 761,709 12.9 % California 29 411,843 — 59,213 217,699 7,798 696,553 11.8 Indiana 23 196,862 58,995 180,066 12,156 — 448,079 7.6 Oregon 19 261,316 33,002 53,380 — — 347,698 5.9 Kentucky 28 246,546 35,473 23,878 9,373 30,313 345,583 5.8 New York 10 298,545 — 22,145 — — 320,690 5.4 Ohio 6 13,447 — 195,757 — — 209,204 3.5 North Carolina 15 125,549 — 75,311 — — 200,860 3.4 Florida 9 — 27,274 148,571 5,744 — 181,589 3.1 Michigan 11 27,591 33,661 119,529 — — 180,781 3.1 Other (30 states and Canada) (1) 154 880,476 160,850 945,816 228,841 — 2,215,983 37.5 Total 360 $ 2,802,561 $ 376,590 $ 2,030,267 $ 473,813 $ 225,498 $ 5,908,729 100.0 % % of Total 47.4 % 6.4 % 34.4 % 8.0 % 3.8 % 100.0 % (1) Investment balance in Canada is based on the exchange rate as of December 31, 2025 of $0.7295 per 1 CAD.
11 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 PORTFOLIO Triple-Net Lease Expirations Triple-Net Lease Expirations Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of December 31, 2025 % of Total 2026 (1) $ 2,926 $ — $ 4,348 $ — $ 7,274 2.1 % 2027 22,020 4,562 — — 26,582 7.5 2028 23,490 1,160 — 3,703 28,353 8.0 2029 47,631 5,486 — 6,354 59,471 16.9 2030 — — — 4,818 4,818 1.4 2031 84,675 4,902 — — 89,577 25.4 2032 7,887 1,777 33,723 3,938 47,325 13.4 2033 — 3,944 5,077 — 9,021 2.6 2034 4,689 3,265 — — 7,954 2.3 2035 7,974 970 — 786 9,730 2.7 Thereafter 52,750 7,993 1,590 — 62,333 17.7 Total Annualized Revenues $ 254,042 $ 34,059 $ 44,738 $ 19,599 $ 352,438 100.0 % (1) Includes leases on a month-to-month term.
12 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 INVESTMENTS Summary Investment Activity Dollars in thousands Investment Number of Properties Beds/Units 2025 Amounts Invested (1) Expected Initial Cash Yield Real Estate Senior Housing - Leased 1Q 2025 (2) N/A 24 $ 7,789 7.50 % Senior Housing - Managed 2Q 2025 1 212 53,000 7.50 % 3Q 2025 (3) 6 709 217,458 7.77 % 4Q 2025 4 395 150,500 7.04 % Additions to Real Estate (4) N/A N/A 2,355 8.44 % 431,102 7.48 % Loans Receivable Fundings N/A N/A 6,910 8.55 % All Investments through December 31, 2025 $ 438,012 7.50 % (1) Excludes capitalized acquisition costs and origination fees. (2) Includes the Company's exercise of its option to acquire additional units on the campus of one of its Senior Housing - Leased communities. (3) Excludes the Company's purchase of the operations of four Senior Housing - Managed communities previously leased under triple-net operating leases for an aggregate $19.7 million. Concurrent with the purchase, the triple-net operating leases were terminated and the Company entered into property management agreements with the former tenant. (4) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio.
13 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of December 31, 2025 Secured debt $ 44,021 Revolving credit facility 217,584 Term loans 1,039,425 Senior unsecured notes 1,250,000 Total 2,551,030 Deferred financing costs and premiums/discounts, net (22,134) Total, net $ 2,528,896 Revolving Credit Facility Dollars in thousands As of December 31, 2025 Credit facility availability $ 782,416 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of December 31, 2025 Shares Outstanding Price Value Common stock 251,697,456 $ 18.94 $ 4,767,150 Consolidated Debt 2,551,030 Cash and cash equivalents (71,537) Consolidated Enterprise Value $ 7,246,643 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended December 31, 2025 Year Ended December 31, 2025 EPS, FFO and Normalized FFO AFFO and Normalized AFFO EPS, FFO and Normalized FFO AFFO and Normalized AFFO Basic common stock 249,375,192 249,375,192 241,312,309 241,312,309 Dilutive securities: Restricted stock units 3,162,685 4,015,980 2,871,902 3,957,851 Forward equity sale agreements 230,394 230,394 313,031 313,031 Diluted common and common equivalents 252,768,271 253,621,566 244,497,242 245,583,191 At-The-Market Common Stock Offering Program Dollars in thousands, except per share amounts Three Months Ended December 31, 2025 Shares issued 2,286,320 Net proceeds $ 39,995 Weighted average price per share, net of commissions $ 17.49 Availability as of December 31, 2025 $ 482,878 Forward sales agreements as of December 31, 2025 Shares outstanding 17,350,218 Weighted average price per share, net of commissions $ 18.60
14 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of December 31, 2025 Principal % of Total Fixed Rate Debt Secured debt $ 44,021 3.36 % 1.7 % Senior unsecured notes 1,250,000 3.57 % 49.0 % Total fixed rate debt 1,294,021 3.56 % 50.7 % Variable Rate Debt (2) Revolving credit facility 217,584 4.79 % 8.5 % Term loans 1,039,425 4.37 % 40.8 % Total variable rate debt 1,257,009 4.44 % 49.3 % Consolidated Debt $ 2,551,030 4.00 % 100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of December 31, 2025 Principal % of Total Secured Debt Secured debt $ 44,021 3.36 % 1.7 % Unsecured Debt Senior unsecured notes 1,250,000 3.57 % 49.0 % Revolving credit facility 217,584 4.79 % 8.5 % Term loans 1,039,425 4.37 % 40.8 % Total unsecured debt 2,507,009 4.01 % 98.3 % Consolidated Debt $ 2,551,030 4.00 % 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 $109.4 million (CAD $150.0 million) subject to swap agreements that fix CORRA at 2.59% as of December 31, 2025. Excluding these amounts, variable rate debt was 8.5% of Consolidated Debt as of December 31, 2025.
15 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes Term Loans Revolving Credit Facility (1) Consolidated Debt As of December 31, 2025 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 2026 (1) $ 2,147 3.37 % $ — — $ — — $ — — $ 2,147 3.37 % 2027 2,206 3.38 % 100,000 5.38 % — — 217,584 4.79 % 319,790 4.97 % 2028 2,266 3.40 % — — 539,425 4.11 % — — 541,691 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 $ 44,021 $ 1,250,000 $ 1,039,425 $ 217,584 $ 2,551,030 Wtd. avg. maturity/years 19.4 5.0 3.2 1.0 4.2 Wtd. avg. interest rate (2) 3.36 % 3.57 % 4.37 % 4.79 % 4.00 % (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 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 Key Credit Metrics (1) December 31, 2025 Net Debt to Adjusted EBITDA (2) 5.00x Interest Coverage 4.72x Fixed Charge Coverage Ratio 4.63x Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 269 % 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 4.79% as of December 31, 2025.
17 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 2026 Full-Year Guidance Diluted per share data attributable to Sabra Health Care REIT, Inc. Net income $ 0.60 — $ 0.64 FFO $ 1.49 — $ 1.53 Normalized FFO $ 1.49 — $ 1.53 AFFO $ 1.55 — $ 1.59 Normalized AFFO $ 1.55 — $ 1.59 FINANCIAL INFORMATION 2026 Outlook Earnings guidance above assumes: • low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions and dispositions; • average full-year Cash NOI growth for the same-store Senior Housing - Managed portfolio in the low to mid-teens; • general and administrative expenses at the midpoint of $52 million, which includes $12 million of stock-based compensation expense; • cash interest expense of $103 million at the midpoint; • weighted average share count of 255 million and 256 million for Normalized FFO and Normalized AFFO, respectively; • no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after December 31, 2025; and • only investments, dispositions and capital markets activity completed as of February 12, 2026. The foregoing guidance ranges reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.
18 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues: Rental and related revenues (1) $ 92,917 $ 96,068 $ 374,131 $ 381,495 Resident fees and services 108,434 76,865 356,883 284,581 Interest and other income 10,551 9,413 43,618 37,159 Total revenues 211,902 182,346 774,632 703,235 Expenses: Depreciation and amortization 51,405 42,308 186,996 169,623 Interest 28,940 28,083 112,489 115,272 Triple-net portfolio operating expenses 3,602 4,080 14,487 17,072 Senior housing - managed portfolio operating expenses 76,815 55,758 256,619 210,016 General and administrative 15,908 13,032 53,710 50,067 Recovery of loan losses (407) (125) (1,047) (571) Impairment of real estate 648 — 7,322 18,472 Total expenses 176,911 143,136 630,576 579,951 Other income (expense): Loss on extinguishment of debt — — (1,154) — Other income 58 1,897 14,036 2,735 Net (loss) gain on sales of real estate (9,063) 6,064 (3,519) 2,095 Total other (expense) income (9,005) 7,961 9,363 4,830 Income before income (loss) from unconsolidated joint ventures and income tax expense 25,986 47,171 153,419 128,114 Income (loss) from unconsolidated joint ventures 1,652 (96) 3,928 (397) Income tax expense (491) (380) (1,837) (1,005) Net income 27,147 46,695 155,510 126,712 Net loss attributable to noncontrolling interests 78 — 99 — Net income attributable to Sabra Health Care REIT, Inc. $ 27,225 $ 46,695 $ 155,609 $ 126,712 Net income attributable to Sabra Health Care REIT, Inc., per: Basic common share $ 0.11 $ 0.20 $ 0.64 $ 0.54 Diluted common share $ 0.11 $ 0.19 $ 0.64 $ 0.54 Weighted average number of common shares outstanding, basic 249,375,192 236,597,675 241,312,309 233,498,736 Weighted average number of common shares outstanding, diluted 252,768,271 239,640,053 244,497,242 236,045,862 (1) See page 19 for additional details regarding Rental and related revenues.
19 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income - Supplemental Information Dollars in thousands Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Cash rental income $ 87,514 $ 89,995 $ 358,928 $ 363,905 Straight-line rental income 782 876 4,464 4,289 Write-offs of cash and straight-line rental income receivable and lease intangibles — (508) (7,759) (6,032) Above/below market lease amortization 1,058 1,233 4,315 4,867 Operating expense recoveries 3,563 4,472 14,183 14,466 Rental and related revenues $ 92,917 $ 96,068 $ 374,131 $ 381,495
20 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data December 31, 2025 December 31, 2024 Assets Real estate investments, net of accumulated depreciation of $1,224,663 and $1,102,030 as of December 31, 2025 and December 31, 2024, respectively $ 4,686,377 $ 4,513,734 Loans receivable and other investments, net 434,100 442,584 Investment in unconsolidated joint ventures 118,166 121,803 Cash and cash equivalents 71,537 60,468 Restricted cash 6,603 5,871 Lease intangible assets, net 65,321 27,464 Accounts receivable, prepaid expenses and other assets, net 111,292 131,755 Total assets $ 5,493,396 $ 5,303,679 Liabilities Secured debt, net $ 43,275 $ 45,316 Revolving credit facility 217,584 106,554 Term loans, net 1,032,311 529,753 Senior unsecured notes, net 1,235,726 1,736,025 Accounts payable and accrued liabilities 119,329 117,896 Lease intangible liabilities, net 21,383 26,847 Total liabilities 2,669,608 2,562,391 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and December 31, 2024 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 251,697,456 and 237,586,882 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 2,517 2,376 Additional paid-in capital 4,836,270 4,592,605 Cumulative distributions in excess of net income (2,013,375) (1,874,633) Accumulated other comprehensive (loss) income (3,571) 20,940 Total Sabra Health Care REIT, Inc. stockholders’ equity 2,821,841 2,741,288 Noncontrolling interests 1,947 — Total equity 2,823,788 2,741,288 Total liabilities and equity $ 5,493,396 $ 5,303,679
21 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Year Ended December 31, 2025 2024 Cash flows from operating activities: Net income $ 155,510 $ 126,712 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 186,996 169,623 Non-cash rental and related revenues (1,020) (3,856) Non-cash interest income 7 29 Non-cash interest expense 7,970 10,479 Stock-based compensation expense 11,360 8,987 Loss on extinguishment of debt 1,154 — Recovery of loan losses (1,047) (571) Net loss (gain) on sales of real estate 3,519 (2,095) Impairment of real estate 7,322 18,472 (Income) loss from unconsolidated joint ventures (3,928) 397 Distributions of earnings from unconsolidated joint ventures 7,813 5,447 Other non-cash items (17,190) (534) Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (11,449) (15,462) Accounts payable and accrued liabilities 1,596 (7,087) Net cash provided by operating activities 348,613 310,541 Cash flows from investing activities: Acquisition of real estate and lease intangibles (452,933) (136,430) Origination and fundings of loans receivable (6,910) (21,645) Origination and fundings of preferred equity investments (9) (2,832) Additions to real estate (41,521) (54,712) Repayments of loans receivable 20,671 3,551 Repayments of preferred equity investments 2,533 5,944 Investment in unconsolidated joint ventures (1,241) (1,258) Net proceeds from the sales of real estate 88,637 95,999 Proceeds from net investment hedges 4,462 — Insurance proceeds 1,589 2,382 Distributions in excess of earnings from unconsolidated joint ventures 6,762 — Net cash used in investing activities (377,960) (109,001) Cash flows from financing activities: Net borrowings from revolving credit facility 109,805 14,595 Principal payments on senior unsecured notes (500,000) — Proceeds from term loans 500,000 — Principal payments on secured debt (2,089) (2,033) Payments of deferred financing costs (4,405) (94) Payments related to extinguishment of debt (2,884) — Contributions from noncontrolling interests 2,046 — Issuance of common stock, net 227,781 86,121 Dividends paid on common stock (289,497) (280,150) Net cash provided by (used in) financing activities 40,757 (181,561) Net increase in cash, cash equivalents and restricted cash 11,410 19,979 Effect of foreign currency translation on cash, cash equivalents and restricted cash 391 (359) Cash, cash equivalents and restricted cash, beginning of period 66,339 46,719 Cash, cash equivalents and restricted cash, end of period $ 78,140 $ 66,339 Supplemental disclosure of cash flow information: Interest paid $ 110,957 $ 105,200 Income taxes paid $ 1,496 $ 1,389
22 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Other normalizing items for FFO and AFFO for the three months ended December 31, 2025 include a $1.8 million catch-up adjustment related to changes in performance-based assumptions on management's compensation. Other normalizing items for FFO for the year ended December 31, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.5 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the year ended December 31, 2025 include $3.5 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for FFO and AFFO for the three months and year ended December 31, 2024 include $0.5 million of gain on insurance proceeds. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries. (2) Other adjustments for the year ended December 31, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income attributable to Sabra Health Care REIT, Inc. $ 27,225 $ 46,695 $ 155,609 $ 126,712 Add: Depreciation and amortization of real estate assets 51,405 42,308 186,996 169,623 Depreciation and amortization of real estate assets related to noncontrolling interests (123) — (163) — Depreciation and amortization of real estate assets related to unconsolidated joint ventures 1,639 2,213 7,584 8,893 Net loss (gain) on sales of real estate 9,063 (6,064) 3,519 (2,095) Impairment of real estate 648 — 7,322 18,472 FFO attributable to Sabra Health Care REIT, Inc. $ 89,857 $ 85,152 $ 360,867 $ 321,605 Write-offs of cash and straight-line rental income receivable and lease intangibles — 508 7,759 6,032 Lease termination income, net of expense — — (1,518) — Loss on extinguishment of debt — — 1,154 — Recovery of loan losses (407) (125) (1,047) (571) Other normalizing items (1) 1,711 (1,057) (14,303) 1,662 Normalized FFO attributable to Sabra Health Care REIT, Inc. $ 91,161 $ 84,478 $ 352,912 $ 328,728 FFO attributable to Sabra Health Care REIT, Inc. $ 89,857 $ 85,152 $ 360,867 $ 321,605 Stock-based compensation expense 3,070 2,539 11,360 8,987 Non-cash rental and related revenues (1,840) (1,627) (1,020) (3,856) Non-cash interest expense 2,362 1,729 7,970 10,479 Non-cash portion of loss on extinguishment of debt — — (1,730) — Recovery of loan losses (407) (125) (1,047) (571) Other adjustments related to unconsolidated joint ventures 76 71 313 472 Other adjustments (2) 393 (144) (15,142) 1,072 AFFO attributable to Sabra Health Care REIT, Inc. $ 93,511 $ 87,595 $ 361,571 $ 338,188 Lease termination income, net of expense — — (1,518) — Cash portion of loss on extinguishment of debt — — 2,884 — Write-off of cash rental income — 25 — 732 Other normalizing items (1) 1,703 (704) 2,474 1,846 Normalized AFFO attributable to Sabra Health Care REIT, Inc. $ 95,214 $ 86,916 $ 365,411 $ 340,766 Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: Net income $ 0.11 $ 0.19 $ 0.64 $ 0.54 FFO $ 0.36 $ 0.36 $ 1.48 $ 1.36 Normalized FFO $ 0.36 $ 0.35 $ 1.44 $ 1.39 AFFO $ 0.37 $ 0.36 $ 1.47 $ 1.43 Normalized AFFO $ 0.38 $ 0.36 $ 1.49 $ 1.44 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 252,768,271 239,640,053 244,497,242 236,045,862 AFFO and Normalized AFFO 253,621,566 240,395,180 245,583,191 237,116,036
23 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of December 31, 2025 (1) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (2) Includes balances that impact cash or NOI and excludes non-cash items. Annualized Cash NOI Dollars in thousands Skilled Nursing/Transitional Care $ 254,042 Senior Housing - Leased 34,059 Senior Housing - Managed Consolidated Portfolio 130,591 Senior Housing - Managed Unconsolidated Portfolio 16,262 Behavioral Health 44,738 Specialty Hospitals and Other 19,599 Annualized Cash NOI (excluding loans receivable and other investments) $ 499,291 Obligations Reflects Sabra's pro rata share; dollars in thousands Secured debt (1) $ 44,021 Senior unsecured notes (1) 1,250,000 Revolving credit facility 217,584 Term loans (1) 1,039,425 Unconsolidated joint venture debt 76,097 Total Debt 2,627,127 Add (less): Cash and cash equivalents and restricted cash (77,911) Unconsolidated joint venture cash and cash equivalents and restricted cash (5,137) Accounts payable and accrued liabilities (2) 109,084 Net obligations $ 2,653,163 Other Assets Reflects Sabra's pro rata share; dollars in thousands Loans receivable and other investments, net $ 434,100 Accounts receivable, prepaid expenses and other assets, net (2) 37,233 Total other assets $ 471,333 Common Shares Outstanding Total shares 251,697,456 We disclose components of our business relevant to calculate NAV. We consider NAV to be a useful supplemental measure that assists both management and investors to estimate the fair value of our Company. The calculation of NAV involves significant estimates and can be calculated using various methods. Each individual investor must determine the specific methodology, assumptions and estimates to use to arrive at an estimated NAV of the Company. The components of NAV do not consider potential changes in our investment portfolio. The components include non-GAAP financial measures, such as Cash NOI. Although these measures are not presented in accordance with GAAP, investors can use these non-GAAP financial measures as supplemental information to evaluate our business.
24 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 APPENDIX Disclaimer Disclaimer This supplement contains “forward-looking” information as that term is defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position (including our earnings guidance for 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.
25 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 APPENDIX Reporting Definitions Adjusted EBITDA* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company’s long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income (“Annualized Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra’s pro rata share. Annualized Revenues The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis. Behavioral Health Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Cash Net Operating Income (“Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra’s pro rata share. Cash NOI Margin Cash NOI Margin is calculated as Cash NOI divided by resident fees and services. Consolidated Debt The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements. Consolidated Debt, Net The carrying amount of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness, as reported in the Company’s consolidated financial statements. Consolidated Enterprise Value The Company believes Consolidated Enterprise Value is an important measurement as it is a measure of a company’s value. The Company calculates Consolidated Enterprise Value as market equity capitalization plus Consolidated Debt. Market equity capitalization is calculated as (i) the number of shares of common stock multiplied by the closing price of the Company’s common stock on the last day of the period presented plus (ii) the number of shares of preferred stock multiplied by the closing price of the Company’s preferred stock on the last day of the period presented. Consolidated Enterprise Value includes the Company’s market equity capitalization and Consolidated Debt, less cash and cash equivalents. EBITDARM Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful.
26 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 APPENDIX Reporting Definitions Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Grant Income Grant income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents. Investment Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities. Market Capitalization Total common shares of Sabra outstanding multiplied by the closing price per common share as of a given period. Net Debt* The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements. Net Debt to Adjusted EBITDA* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income (“NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.
27 SABRA 4Q 2025 SUPPLEMENTAL INFORMATION December 31, 2025 APPENDIX Reporting Definitions Normalized FFO and Normalized AFFO* Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does. Occupancy Percentage Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. 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, excluding Grant Income, divided by average monthly occupied unit days. REVPOR includes only Stabilized Facilities. Senior Housing Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. *Non-GAAP Financial Measures Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.
Reconciliations of Non-GAAP Financial Measures
December 31, 2025
(Unaudited)
SABRA HEALTH CARE REIT, INC.
2026 OUTLOOK
The table below sets forth our 2026 guidance (per diluted common share):
| Low | High | ||||||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 0.60 | $ | 0.64 | |||||||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation and amortization of real estate assets | 0.86 | 0.86 | |||||||||||||||||||||
| Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 0.03 | 0.03 | |||||||||||||||||||||
| FFO / Normalized FFO attributable to Sabra Health Care REIT, Inc. | $ | 1.49 | $ | 1.53 | |||||||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 1.49 | $ | 1.53 | |||||||||||||||||||
| Stock-based compensation expense | 0.05 | 0.05 | |||||||||||||||||||||
| Non-cash rental and related revenues | (0.03) | (0.03) | |||||||||||||||||||||
| Non-cash interest expense | 0.04 | 0.04 | |||||||||||||||||||||
| AFFO / Normalized AFFO attributable to Sabra Health Care REIT, Inc. | $ | 1.55 | $ | 1.59 | |||||||||||||||||||
Earnings guidance above assumes:
•low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions and dispositions;
•average full-year Cash NOI growth for the same-store Senior Housing - Managed portfolio in the low to mid-teens;
•general and administrative expenses at the midpoint of $52 million, which includes $12 million of stock-based compensation expense;
•cash interest expense of $103 million at the midpoint;
•weighted average share count of 255 million and 256 million for Normalized FFO and Normalized AFFO, respectively;
•no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after December 31, 2025; and
•only investments, dispositions and capital markets activity completed as of February 12, 2026.
The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.
See reporting definitions. 2SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
FFO, Normalized FFO, AFFO and Normalized AFFO
(dollars in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income attributable to Sabra Health Care REIT, Inc. | $ | 27,225 | $ | 46,695 | $ | 155,609 | $ | 126,712 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation and amortization of real estate assets | 51,405 | 42,308 | 186,996 | 169,623 | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to noncontrolling interests | (123) | — | (163) | — | |||||||||||||||||||
| Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 1,639 | 2,213 | 7,584 | 8,893 | |||||||||||||||||||
| Net loss (gain) on sales of real estate | 9,063 | (6,064) | 3,519 | (2,095) | |||||||||||||||||||
| Impairment of real estate | 648 | — | 7,322 | 18,472 | |||||||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 89,857 | $ | 85,152 | $ | 360,867 | $ | 321,605 | |||||||||||||||
| Write-offs of cash and straight-line rental income receivable and lease intangibles | — | 508 | 7,759 | 6,032 | |||||||||||||||||||
| Lease termination income, net of expense | — | — | (1,518) | — | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | 1,154 | — | |||||||||||||||||||
| Recovery of loan losses | (407) | (125) | (1,047) | (571) | |||||||||||||||||||
Other normalizing items (1) | 1,711 | (1,057) | (14,303) | 1,662 | |||||||||||||||||||
| Normalized FFO attributable to Sabra Health Care REIT, Inc. | $ | 91,161 | $ | 84,478 | $ | 352,912 | $ | 328,728 | |||||||||||||||
| FFO attributable to Sabra Health Care REIT, Inc. | $ | 89,857 | $ | 85,152 | $ | 360,867 | $ | 321,605 | |||||||||||||||
| Stock-based compensation expense | 3,070 | 2,539 | 11,360 | 8,987 | |||||||||||||||||||
| Non-cash rental and related revenues | (1,840) | (1,627) | (1,020) | (3,856) | |||||||||||||||||||
| Non-cash interest expense | 2,362 | 1,729 | 7,970 | 10,479 | |||||||||||||||||||
| Non-cash portion of loss on extinguishment of debt | — | — | (1,730) | — | |||||||||||||||||||
| Recovery of loan losses | (407) | (125) | (1,047) | (571) | |||||||||||||||||||
| Other adjustments related to unconsolidated joint ventures | 76 | 71 | 313 | 472 | |||||||||||||||||||
Other adjustments (2) | 393 | (144) | (15,142) | 1,072 | |||||||||||||||||||
| AFFO attributable to Sabra Health Care REIT, Inc. | $ | 93,511 | $ | 87,595 | $ | 361,571 | $ | 338,188 | |||||||||||||||
| Lease termination income, net of expense | — | — | (1,518) | — | |||||||||||||||||||
| Cash portion of loss on extinguishment of debt | — | — | 2,884 | — | |||||||||||||||||||
| Write-off of cash rental income | — | 25 | — | 732 | |||||||||||||||||||
Other normalizing items (1) | 1,703 | (704) | 2,474 | 1,846 | |||||||||||||||||||
| Normalized AFFO attributable to Sabra Health Care REIT, Inc. | $ | 95,214 | $ | 86,916 | $ | 365,411 | $ | 340,766 | |||||||||||||||
| Amounts per diluted common share attributable to Sabra Health Care REIT, Inc.: | |||||||||||||||||||||||
| Net income | $ | 0.11 | $ | 0.19 | $ | 0.64 | $ | 0.54 | |||||||||||||||
| FFO | $ | 0.36 | $ | 0.36 | $ | 1.48 | $ | 1.36 | |||||||||||||||
| Normalized FFO | $ | 0.36 | $ | 0.35 | $ | 1.44 | $ | 1.39 | |||||||||||||||
| AFFO | $ | 0.37 | $ | 0.36 | $ | 1.47 | $ | 1.43 | |||||||||||||||
| Normalized AFFO | $ | 0.38 | $ | 0.36 | $ | 1.49 | $ | 1.44 | |||||||||||||||
| Weighted average number of common shares outstanding, diluted: | |||||||||||||||||||||||
| Net income, FFO and Normalized FFO | 252,768,271 | 239,640,053 | 244,497,242 | 236,045,862 | |||||||||||||||||||
| AFFO and Normalized AFFO | 253,621,566 | 240,395,180 | 245,583,191 | 237,116,036 | |||||||||||||||||||
(1) Other normalizing items for FFO and AFFO for the three months ended December 31, 2025 include a $1.8 million catch-up adjustment related to changes in performance-based assumptions on management's compensation. Other normalizing items for FFO for the year ended December 31, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.5 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the year ended December 31, 2025 include $3.5 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for FFO and AFFO for the three months and year ended December 31, 2024 include $0.5 million of gain on insurance proceeds. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
(2) Other adjustments for the year ended December 31, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.
See reporting definitions. 3SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
EBITDA, Adjusted EBITDA, Adjusted EBITDA, as adjusted and Adjusted EBITDA, as adjusted, annualized
Net Debt and Net Debt to Adjusted EBITDA
(in thousands)
| Three Months Ended | |||||
| December 31, 2025 | |||||
| Net income | $ | 27,147 | |||
| Interest | 28,940 | ||||
| Income tax expense | 491 | ||||
| Depreciation and amortization | 51,405 | ||||
| EBITDA | 107,983 | ||||
| Income from unconsolidated joint ventures | (1,652) | ||||
| Distributions from unconsolidated joint ventures | 2,159 | ||||
| Stock-based compensation expense | 3,070 | ||||
| Acquisition and transaction costs | 453 | ||||
| Recovery of loan losses | (407) | ||||
| Impairment of real estate | 648 | ||||
| Other income | (91) | ||||
| Net loss on sales of real estate | 9,063 | ||||
Adjusted EBITDA (1) | 121,226 | ||||
Adjustments for current period activity (2) | 2,677 | ||||
| Adjusted EBITDA, as adjusted | $ | 123,903 | |||
| Adjusted EBITDA, as adjusted, annualized | $ | 495,612 | |||
| December 31, 2025 | |||||
| Secured debt | $ | 44,021 | |||
| Revolving credit facility | 217,584 | ||||
| Term loans | 1,039,425 | ||||
| Senior unsecured notes | 1,250,000 | ||||
| Consolidated Debt | 2,551,030 | ||||
| Cash and cash equivalents | (71,537) | ||||
| Net Debt | $ | 2,479,493 | |||
| December 31, 2025 | |||||
| Net Debt | $ | 2,479,493 | |||
| Adjusted EBITDA, as adjusted, annualized | $ | 495,612 | |||
| Net Debt to Adjusted EBITDA | 5.00x | ||||
(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. 4SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income
Supplemental Information
(in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cash rental income | $ | 87,514 | $ | 89,995 | $ | 358,928 | $ | 363,905 | |||||||||||||||
| Straight-line rental income | 782 | 876 | 4,464 | 4,289 | |||||||||||||||||||
| Write-offs of cash and straight-line rental income receivable and lease intangibles | — | (508) | (7,759) | (6,032) | |||||||||||||||||||
| Above/below market lease amortization | 1,058 | 1,233 | 4,315 | 4,867 | |||||||||||||||||||
| Operating expense recoveries | 3,563 | 4,472 | 14,183 | 14,466 | |||||||||||||||||||
| Rental and related revenues | $ | 92,917 | $ | 96,068 | $ | 374,131 | $ | 381,495 | |||||||||||||||
See reporting definitions. 5SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Senior Housing - Managed Revenues and Cash NOI
(in thousands)
| Three Months Ended | |||||||||||||||||||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Resident fees and services | $ | 76,865 | $ | 77,447 | $ | 78,985 | $ | 92,017 | $ | 108,434 | |||||||||||||||||||
| Resident fees and services attributable to noncontrolling interests | — | — | — | (117) | (312) | ||||||||||||||||||||||||
| Resident fees and services - pro rata | $ | 76,865 | $ | 77,447 | $ | 78,985 | $ | 91,900 | $ | 108,122 | |||||||||||||||||||
| Income (loss) from unconsolidated joint ventures: | |||||||||||||||||||||||||||||
| Resident fees and services | 10,646 | 10,192 | 10,989 | 11,524 | 11,611 | ||||||||||||||||||||||||
Resident fees and services not included in same store (1) | (18,382) | (17,959) | (19,341) | (32,054) | (46,146) | ||||||||||||||||||||||||
| Same store resident fees and services - pro rata | $ | 69,129 | $ | 69,680 | $ | 70,633 | $ | 71,370 | $ | 73,587 | |||||||||||||||||||
| Net income | $ | 46,695 | $ | 40,304 | $ | 65,542 | $ | 22,517 | $ | 27,147 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Net income not related to Senior Housing - Managed | (36,888) | (32,747) | (56,463) | (14,590) | (17,533) | ||||||||||||||||||||||||
| Depreciation and amortization | 12,538 | 13,654 | 14,372 | 19,989 | 23,730 | ||||||||||||||||||||||||
| Other income | (1,334) | — | (1,038) | (619) | (73) | ||||||||||||||||||||||||
| Loss (income) from unconsolidated joint ventures | 96 | (218) | (832) | (1,226) | (1,652) | ||||||||||||||||||||||||
| Sabra's share of unconsolidated joint ventures' Net Operating Income | 3,131 | 3,202 | 3,713 | 4,034 | 4,061 | ||||||||||||||||||||||||
| Net Operating Income - consolidated | $ | 24,238 | $ | 24,195 | $ | 25,294 | $ | 30,105 | $ | 35,680 | |||||||||||||||||||
| Net Operating Income attributable to noncontrolling interests | — | — | — | (39) | (92) | ||||||||||||||||||||||||
| Net Operating Income - pro rata | $ | 24,238 | $ | 24,195 | $ | 25,294 | $ | 30,066 | $ | 35,588 | |||||||||||||||||||
| Non-cash revenue adjustments | (90) | (137) | 51 | 5 | 4 | ||||||||||||||||||||||||
| Cash Net Operating Income - pro rata | $ | 24,148 | $ | 24,058 | $ | 25,345 | $ | 30,071 | $ | 35,592 | |||||||||||||||||||
Cash Net Operating Income not included in same store (1) | (3,590) | (3,026) | (2,724) | (7,744) | (12,448) | ||||||||||||||||||||||||
| Same store Cash Net Operating Income - pro rata | $ | 20,558 | $ | 21,032 | $ | 22,621 | $ | 22,327 | $ | 23,144 | |||||||||||||||||||
(1) Includes adjustments for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results.
See reporting definitions. 6SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Property Type
(in thousands)
| Three Months Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skilled Nursing/ Transitional Care | Senior Housing | Behavioral Health | Specialty Hospitals and Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Housing - Leased | Senior Housing - Managed Consolidated | Senior Housing - Managed Unconsolidated | Total Senior Housing | Other | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 34,841 | $ | 5,676 | $ | 7,962 | $ | 1,652 | $ | 15,290 | $ | 7,757 | $ | 3,352 | $ | 10,551 | $ | (44,644) | $ | 27,147 | |||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 19,954 | 2,675 | 23,730 | — | 26,405 | 3,495 | 1,462 | — | 89 | 51,405 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | 191 | 201 | — | — | 201 | — | — | — | 28,548 | 28,940 | |||||||||||||||||||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | — | — | — | — | 15,908 | 15,908 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Recovery of loan losses | — | — | — | — | — | — | — | — | (407) | (407) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment of real estate | 648 | — | — | — | — | — | — | — | — | 648 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other (income) expense | — | — | (73) | — | (73) | — | — | — | 15 | (58) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss on sales of real estate | 9,063 | — | — | — | — | — | — | — | — | 9,063 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income from unconsolidated joint ventures | — | — | — | (1,652) | (1,652) | — | — | — | — | (1,652) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | — | — | — | — | — | — | — | — | 491 | 491 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sabra’s share of unconsolidated joint ventures’ Net Operating Income | — | — | — | 4,061 | 4,061 | — | — | — | — | 4,061 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income - consolidated | $ | 64,697 | $ | 8,552 | $ | 31,619 | $ | 4,061 | $ | 44,232 | $ | 11,252 | $ | 4,814 | $ | 10,551 | $ | — | $ | 135,546 | |||||||||||||||||||||||||||||||||||||||
| Net Operating Income attributable to noncontrolling interests | — | — | (92) | — | (92) | — | — | — | — | (92) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income - pro rata | $ | 64,697 | $ | 8,552 | $ | 31,527 | $ | 4,061 | $ | 44,140 | $ | 11,252 | $ | 4,814 | $ | 10,551 | $ | — | $ | 135,454 | |||||||||||||||||||||||||||||||||||||||
| Non-cash revenue and expense adjustments | (1,617) | (239) | — | 4 | (235) | (39) | 58 | — | — | (1,833) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Net Operating Income - pro rata | $ | 63,080 | $ | 8,313 | $ | 31,527 | $ | 4,065 | $ | 43,905 | $ | 11,213 | $ | 4,872 | $ | 10,551 | $ | — | $ | 133,621 | |||||||||||||||||||||||||||||||||||||||
See reporting definitions. 7SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI, Annualized Cash NOI and Annualized Cash NOI, as adjusted by Property Type
(in thousands)
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skilled Nursing/ Transitional Care | Senior Housing | Behavioral Health | Specialty Hospitals and Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Housing - Leased | Senior Housing - Managed Consolidated | Senior Housing - Managed Unconsolidated | Total Senior Housing | Other | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 169,734 | $ | 17,455 | $ | 30,249 | $ | 3,928 | $ | 51,632 | $ | 31,745 | $ | 13,397 | $ | 43,618 | $ | (154,616) | $ | 155,510 | |||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 81,358 | 13,357 | 71,745 | — | 85,102 | 14,313 | 5,847 | — | 376 | 186,996 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | 776 | 821 | — | — | 821 | — | — | — | 110,892 | 112,489 | |||||||||||||||||||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | — | — | — | — | 53,710 | 53,710 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Recovery of loan losses | — | — | — | — | — | — | — | — | (1,047) | (1,047) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment of real estate | 7,322 | — | — | — | — | — | — | — | — | 7,322 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | — | — | — | 1,154 | 1,154 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other income | — | — | (1,730) | — | (1,730) | — | — | — | (12,306) | (14,036) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on sales of real estate | 5,247 | — | — | — | — | (1,728) | — | — | — | 3,519 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income from unconsolidated joint ventures | — | — | — | (3,928) | (3,928) | — | — | — | — | (3,928) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | — | — | — | — | — | — | — | — | 1,837 | 1,837 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sabra’s share of unconsolidated joint ventures’ Net Operating Income | — | — | — | 15,010 | 15,010 | — | — | — | — | 15,010 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income - consolidated | $ | 264,437 | $ | 31,633 | $ | 100,264 | $ | 15,010 | $ | 146,907 | $ | 44,330 | $ | 19,244 | $ | 43,618 | $ | — | $ | 518,536 | |||||||||||||||||||||||||||||||||||||||
| Net Operating Income attributable to noncontrolling interests | — | — | (131) | — | (131) | — | — | — | — | (131) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income - pro rata | $ | 264,437 | $ | 31,633 | $ | 100,133 | $ | 15,010 | $ | 146,776 | $ | 44,330 | $ | 19,244 | $ | 43,618 | $ | — | $ | 518,405 | |||||||||||||||||||||||||||||||||||||||
| Non-cash revenue and expense adjustments | (9,720) | 8,942 | — | (77) | 8,865 | (343) | 116 | 7 | — | (1,075) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Net Operating Income - pro rata | $ | 254,717 | $ | 40,575 | $ | 100,133 | $ | 14,933 | $ | 155,641 | $ | 43,987 | $ | 19,360 | $ | 43,625 | $ | — | $ | 517,330 | |||||||||||||||||||||||||||||||||||||||
Annualizing adjustments (1) | (675) | (6,516) | 30,458 | 1,329 | 25,271 | 751 | 239 | (7,734) | — | 17,852 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Annualized Cash Net Operating Income - pro rata | $ | 254,042 | $ | 34,059 | $ | 130,591 | $ | 16,262 | $ | 180,912 | $ | 44,738 | $ | 19,599 | $ | 35,891 | $ | — | $ | 535,182 | |||||||||||||||||||||||||||||||||||||||
Reallocation adjustments (2) | 1,780 | 6,996 | — | — | 6,996 | 24,426 | — | (33,202) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Annualized Cash Net Operating Income, as adjusted - pro rata | $ | 255,822 | $ | 41,055 | $ | 130,591 | $ | 16,262 | $ | 187,908 | $ | 69,164 | $ | 19,599 | $ | 2,689 | $ | — | $ | 535,182 | |||||||||||||||||||||||||||||||||||||||
(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. 8SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Payor Source
(in thousands)
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Private Payors | Non-Private Payors | Other | Corporate | Total | |||||||||||||||||||||||||
| Net income (loss) | $ | 102,787 | $ | 163,721 | $ | 43,618 | $ | (154,616) | $ | 155,510 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Depreciation and amortization | 106,171 | 80,449 | — | 376 | 186,996 | ||||||||||||||||||||||||
| Interest | 805 | 792 | — | 110,892 | 112,489 | ||||||||||||||||||||||||
| General and administrative | — | — | — | 53,710 | 53,710 | ||||||||||||||||||||||||
| Recovery of loan losses | — | — | — | (1,047) | (1,047) | ||||||||||||||||||||||||
| Impairment of real estate | 1,212 | 6,110 | — | — | 7,322 | ||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | 1,154 | 1,154 | ||||||||||||||||||||||||
| Other income | (1,730) | — | — | (12,306) | (14,036) | ||||||||||||||||||||||||
| Net (gain) loss on sales of real estate | (3,540) | 7,059 | — | — | 3,519 | ||||||||||||||||||||||||
| Income from unconsolidated joint ventures | (3,928) | — | — | — | (3,928) | ||||||||||||||||||||||||
| Income tax expense | — | — | — | 1,837 | 1,837 | ||||||||||||||||||||||||
| Sabra’s share of unconsolidated joint ventures’ Net Operating Income | 15,010 | — | — | — | 15,010 | ||||||||||||||||||||||||
| Net Operating Income - consolidated | $ | 216,787 | $ | 258,131 | $ | 43,618 | $ | — | $ | 518,536 | |||||||||||||||||||
| Net Operating Income attributable to noncontrolling interests | (131) | — | — | — | (131) | ||||||||||||||||||||||||
| Net Operating Income - pro rata | $ | 216,656 | $ | 258,131 | $ | 43,618 | $ | — | $ | 518,405 | |||||||||||||||||||
| Non-cash revenue and expense adjustments | 6,314 | (7,396) | 7 | — | (1,075) | ||||||||||||||||||||||||
| Cash Net Operating Income - pro rata | $ | 222,970 | $ | 250,735 | $ | 43,625 | $ | — | $ | 517,330 | |||||||||||||||||||
Annualizing adjustments (1) | 25,125 | 461 | (7,734) | — | 17,852 | ||||||||||||||||||||||||
| Annualized Cash Net Operating Income - pro rata | $ | 248,095 | $ | 251,196 | $ | 35,891 | $ | — | $ | 535,182 | |||||||||||||||||||
(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.
See reporting definitions. 9SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Relationship
(in thousands)
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ensign Group | Avamere Family of Companies | Signature Healthcare | Signature Behavioral | Recovery Centers of America | The McGuire Group | All Other Relationships | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 28,446 | $ | 34,302 | $ | 28,690 | $ | 24,663 | $ | 25,428 | $ | 15,284 | $ | 153,313 | $ | (154,616) | $ | 155,510 | |||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 12,990 | 11,298 | 12,050 | 8,956 | 2,145 | 9,187 | 129,994 | 376 | 186,996 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest | — | — | — | — | — | — | 1,597 | 110,892 | 112,489 | ||||||||||||||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | — | — | — | 53,710 | 53,710 | ||||||||||||||||||||||||||||||||||||||||||||
| Recovery of loan losses | — | — | — | — | — | — | — | (1,047) | (1,047) | ||||||||||||||||||||||||||||||||||||||||||||
| Impairment of real estate | — | — | — | — | — | — | 7,322 | — | 7,322 | ||||||||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | — | — | 1,154 | 1,154 | ||||||||||||||||||||||||||||||||||||||||||||
| Other income | — | — | — | — | — | — | (1,730) | (12,306) | (14,036) | ||||||||||||||||||||||||||||||||||||||||||||
| Net (gain) loss on sales of real estate | — | (103) | — | — | — | — | 3,622 | — | 3,519 | ||||||||||||||||||||||||||||||||||||||||||||
| Income from unconsolidated joint ventures | — | — | — | — | — | — | (3,928) | — | (3,928) | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | — | — | — | — | — | — | — | 1,837 | 1,837 | ||||||||||||||||||||||||||||||||||||||||||||
| Sabra’s share of unconsolidated joint ventures’ Net Operating Income | — | — | — | — | — | — | 15,010 | — | 15,010 | ||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income - consolidated | $ | 41,436 | $ | 45,497 | $ | 40,740 | $ | 33,619 | $ | 27,573 | $ | 24,471 | $ | 305,200 | $ | — | $ | 518,536 | |||||||||||||||||||||||||||||||||||
| Net Operating Income attributable to noncontrolling interests | — | — | — | — | — | — | (131) | — | (131) | ||||||||||||||||||||||||||||||||||||||||||||
| Net Operating Income - pro rata | $ | 41,436 | $ | 45,497 | $ | 40,740 | $ | 33,619 | $ | 27,573 | $ | 24,471 | $ | 305,069 | $ | — | $ | 518,405 | |||||||||||||||||||||||||||||||||||
| Non-cash revenue and expense adjustments | 94 | (4,668) | 6 | (170) | (61) | (3,525) | 7,249 | — | (1,075) | ||||||||||||||||||||||||||||||||||||||||||||
| Cash Net Operating Income - pro rata | $ | 41,530 | $ | 40,829 | $ | 40,746 | $ | 33,449 | $ | 27,512 | $ | 20,946 | $ | 312,318 | $ | — | $ | 517,330 | |||||||||||||||||||||||||||||||||||
Annualizing adjustments (1) | 66 | 131 | (581) | 274 | 65 | (299) | 18,196 | — | 17,852 | ||||||||||||||||||||||||||||||||||||||||||||
| Annualized Cash Net Operating Income - pro rata | $ | 41,596 | $ | 40,960 | $ | 40,165 | $ | 33,723 | $ | 27,577 | $ | 20,647 | $ | 330,514 | $ | — | $ | 535,182 | |||||||||||||||||||||||||||||||||||
(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.
See reporting definitions. 10SABRA HEALTH CARE REIT, INC.
REPORTING DEFINITIONS
Adjusted EBITDA. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.
Annualized Cash Net Operating Income (“Annualized Cash NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra's pro rata share.
Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis.
Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling.
Cash Net Operating Income (“Cash NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra's pro rata share.
Consolidated Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements.
Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.
Net Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements.
Net Debt to Adjusted EBITDA. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.
Net Operating Income (“NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.
See reporting definitions. 11SABRA 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. 12
Strategic. Disciplined. Opportunistic. Investor Presentation | February 12, 2026
February 12, 2026 Investor Presentation Forward-Looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding population and demand growth; and our other expectations regarding our future financial position, results of operations (including our earnings guidance for 2026, as well as the assumptions set forth therein), our expectations regarding cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions, plans and objectives for future operations and capital raising activity. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increases in market interest rates and inflation; pandemics or epidemics, and the related impact on our tenants, borrowers and senior housing - managed communities; operational risks with respect to our senior housing - managed communities; increased labor costs and labor shortages; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; potential impairment charges and adjustments related to the accounting of our assets; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and senior housing - managed communities; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’, borrowers’ or operators’ failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants’, borrowers’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets; risks associated with our ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements made in this presentation are not guarantees of future performance, events or results, and you should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. Disclaimers 2
February 12, 2026 Investor Presentation Tenant and Borrower Information This presentation includes information (e.g., EBITDARM Coverage and Occupancy Percentage) regarding certain of our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this presentation has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures related to Sabra Health Care REIT, Inc., including Annualized Cash NOI, Net Debt to Adjusted EBITDA and funds from operations (FFO). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP). An explanation of these non-GAAP financial measures is included under “Definitions” in the Appendix, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results. Disclaimers 3
LOREM IPSUM Heading February 12, 2026 Investor Presentation Our passion for quality care and deep industry experience uniquely position Sabra to succeed in the dynamic healthcare real estate market. We have the size, know-how and resilient balance sheet necessary to deliver long-term value to shareholders. Uniquely Positioned to Thrive 4
February 12, 2026 Investor Presentation 5 “We know what happens inside our buildings matters most. That’s why we align ourselves with operators who skillfully and compassionately care for the residents and patients in the buildings we own.” -Rick Matros (he/him), Chief Executive Officer STRATEGY
February 12, 2026 Investor Presentation Portfolio Strategy 6 STRATEGY Growing Demand • > 80 population is expected to grow 4% per year through 2040 • Virtually no new senior housing or skilled nursing supply in the foreseeable future Mission-Driven Needs-Based • Passionate workforce • Positive societal impact • Community backbone • Safety net infrastructure • Lifestyle enhancement • Post-acute care • Psychosocial support • Dementia care Skilled Nursing | Senior Housing
February 12, 2026 Investor Presentation Execution — Passion Meets Know-how Unique, Accretive Investments - Utilize our operational and asset management experience to identify and capitalize on new opportunities where off-market price dislocation exists. Support Operator Expansion - Be the capital partner of choice for the expansion and growth of leading operators with regional expertise and concentrated in markets with favorable demographics. Structure deals opportunistically across the capital stack. Creatively Financed Development - Pursue strategic development opportunities and long-term partnerships with leading developers. Optimize Portfolio - Continue to curate our portfolio to optimize diversification and maintain a mix of assets well-positioned for the future of healthcare delivery. Prudent Financing – Maintain balance sheet strength and lower leverage by match funding accretive investing activity with a combination of available liquidity, recycled capital and ATM proceeds. 7 STRATEGY
February 12, 2026 Investor Presentation 2026 Guidance 8 STRATEGY IN ACTION 2026 Guidance: Net Income $ 0.60 — $ 0.64 FFO $ 1.49 — $ 1.53 Normalized FFO $ 1.49 — $ 1.53 AFFO $ 1.55 — $ 1.59 Normalized AFFO $ 1.55 — $ 1.59 Earnings guidance above assumes: • low-single-digit Cash NOI growth for the triple-net portfolio at the midpoint, ignoring the impact of acquisitions and dispositions; • average full-year Cash NOI growth for the same-store Senior Housing - Managed portfolio in the low to mid-teens; • general and administrative expenses at the midpoint of $52 million, which includes $12 million of stock-based compensation expense; • cash interest expense of $103 million at the midpoint; • weighted average share count of 255 million and 256 million for Normalized FFO and Normalized AFFO, respectively; • no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after December 31, 2025; and • only investments, dispositions and capital markets activity completed as of February 12, 2026. Sabra is initiating 2026 guidance ranges as follows (attributable to Sabra Health Care REIT, INC., per diluted common share): The foregoing guidance ranges reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. NFFO and NAFFO midpoints imply approximately 5% year-over-year growth
February 12, 2026 Investor Presentation “We deliver long-term value to our shareholders by deliberately executing on our strategy and investing in our tenants’ success by providing flexible capital solutions that keep them at the forefront of healthcare delivery.” -Darrin Smith, Chief Investment Officer 9 STRATEGY IN ACTION
February 12, 2026 Investor Presentation Sustainability Framework “Sabra’s unwavering commitment to supporting operators’ success and prioritizing seniors’ well-being extends seamlessly to our corporate sustainability projects, aimed at empowering operators’ energy and water efficiency and enhancing the quality of residents’ lives.” -Armand Markarian, Manager, Asset Management 10 CORPORATE SUSTAINABILITY We understand that good governance underpins sustainability, strengthens the accountability of our Board and management team and supports the long-term interests of our stakeholders. Our corporate sustainability principles are intrinsically tied to our objective to drive shareholder value by operating efficiently, sustainably, and with our stakeholders’ best interests in mind.
February 12, 2026 Investor Presentation E-Initiative Roadmap 11 CORPORATE SUSTAINABILITY Our efforts to improve the environment start with enabling our operators. We take a comprehensive, integrated and collaborative approach to environmental stewardship, as demonstrated by our E-Initiative Roadmap.
February 12, 2026 Investor Presentation E-Playbook: Turning Vision into Action 12 CORPORATE SUSTAINABILITY Sabra’s E-Playbook builds on our E-Roadmap and green initiatives to provide a structured framework for advancing initiatives that drive measurable environmental and operational improvements across our portfolio. • Align internal and external resources • Establish and evaluate preferred vendors • Combine technical expertise with senior living insight • Use data to identify, implement and validate solutions • Scale proven practices and incentives portfolio-wide • Advance from quick wins to long-term improvements • Integrate across asset management, origination and risk “What began as a Roadmap has evolved into a Playbook— one that translates vision into action, enabling environmental and operational improvements at the property level through collaboration, data and scale.” -Peter Nyland, EVP, Strategic Initiatives
February 12, 2026 Investor Presentation Going the Extra Green Mile 13 CORPORATE SUSTAINABILITY At Gardens of Wakefield, Sabra worked with Blue Sky E3 Partners and Carrier engineers to design a custom, energy-efficient solution for the community’s heating and cooling system. By replacing outdated equipment, the project achieved a combined 44 percent improvement in unit efficiency. Building on that success, Sabra completed similar HVAC retrofits at two additional Texas communities, leveraging utility incentives to upgrade systems and enhance performance. These efforts improved unit efficiency by 30 percent, resident comfort, staff working conditions and overall grid resilience.
February 12, 2026 Investor Presentation Committed to Diversity, Equity & Inclusion 55% As of December 31, 2025, women comprised 55% of our workforce and 57% of our management level/leadership roles. 34% As of December 31, 2025, 34% of our team members self-identified as being members of one or more ethnic minorities. We believe our ethnic diversity is higher than this reported percentage as another 16% of our team members chose not to self-identify. 14 CORPORATE SUSTAINABILITY We believe a diverse workforce is essential to our continued success and gives us a competitive advantage. We believe we attract the best talent by embracing the diversity of our country.
February 12, 2026 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 Represents average occupancy for the total consolidated portfolio. 2 Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for the period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears, and therefore, EBITDARM Coverage and Operating Statistics exclude assets acquired after September 30, 2025. 7 Years Wtd. Avg. Remaining Lease Term 393 Investments 2.38x 1.52x 3.99x 61 Relationships 38% Skilled Mix2 Average Occupancy Percentage2 83% 85% 89% 77% SH - LeasedSNF/TC SNF/TC SH - Leased EBITDARM Coverage2 As of December 31, 2025 BH/Hosp./Oth. BH/Hosp./Oth. 15 PORTFOLIO SH - Managed1
February 12, 2026 Investor Presentation 1 Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. See the Appendix to this presentation for the definition of Annualized Cash NOI. Diverse Portfolio, Positioned to Perform Relationship Concentration1 Asset Class Concentration1 As of December 31, 2025 16 PORTFOLIO The Ensign Group, 7.8% Avamere Family of Companies, 7.7% Signature Healthcare, 7.5% Signature Behavioral, 6.3% Recovery Centers of America, 5.2% The McGuire Group, 3.9% Managed (No Operator Credit Exposure), 27.4% Other 34.2% Senior Housing - Managed, 27.4% Behavioral Health, 12.9% Senior Housing - Leased, 7.7%Specialty Hospital and Other, 3.7% Other, 0.5% Skilled Nursing/ Transitional Care, 47.8%
February 12, 2026 Investor Presentation Favorable Supply and Demand Trends 17 PORTFOLIO Source: Census.gov, AHCA, Care Compare Since 2000, the 85-or-older population has grown by 64%, compared to a 12% decline in skilled nursing beds over the same time frame. SNF Supply and Demand 1,780 1,757 1,725 1,712 1,706 1,703 1,697 1,695 1,693 1,675 1,628 1,594 1,571 4,399 4,641 4,946 5,296 5,600 5,880 6,055 6,304 6,468 6,590 6,467 6,677 7,047 SNF Beds (000s) Population 85 or older (000s) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 — 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
February 12, 2026 Investor Presentation Skilled Nursing Medicaid and Medicare Rates Medicaid Average Daily Rate Medicare Average Daily Rate As of December 31, 2025 18 PORTFOLIO $180 $187 $198 $210 $236 $262 $307 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja n-17 Ja n-18 Ja n-19 Ja n-2 0 Ja n-2 1 Ja n-2 2 Ja n-2 3 Ja n-2 4 Ja n-2 5 $150 $200 $250 $300 $350 4.5% CAGR $523 $531 $528 $552 $635 $662 $719 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja n-17 Ja n-18 Ja n-19 Ja n-2 0 Ja n-2 1 Ja n-2 2 Ja n-2 3 Ja n-2 4 Ja n-2 5 $500 $550 $600 $650 $700 $750 2.5% CAGR In October, the Centers for Medicare & Medicaid Services finalized a 3.2% Medicare increase.
February 12, 2026 Investor Presentation “We invest in relationships with operators who are nimble and poised to deliver excellent care now and in the future.” -Peter Nyland, Executive Vice President, Strategic Initiatives 19 PORTFOLIO
February 12, 2026 Investor Presentation Advancing the Quality of Care We Work with Operators Who Are: • Committed to their mission • Nimble • Regional experts • In markets with favorable demographics • Well-positioned for the future of healthcare delivery OPERATORS 20
February 12, 2026 Investor Presentation We Support Our Operators We Invest in Our Tenants’ Success: • Redevelopment / Adaptive Reuse • Expansion • Strategic development • Flexible equity and debt capital solutions OPERATORS 21
February 12, 2026 Investor Presentation “What started with a single sale/leaseback transaction for a senior living community in Indiana has grown into a multi-state, multi- community relationship. We truly value the collaboration, insight and support we receive from Sabra. Sabra is who we think about first when it comes to a capital partner to support our company’s growth.” – Tom Smith, Chief Executive Officer & Co-Founder Leo Brown Group 22 OPERATORS
February 12, 2026 Investor Presentation “Our strong balance sheet and ready access to capital allows us to thoughtfully finance investment opportunities and drive value for our shareholders.” –Michael Costa, Chief Financial Officer 23 PERFORMANCE
February 12, 2026 Investor Presentation Common Equity Value 66% Secured Debt 1% Hedged Term Loans 15% Fixed Rate Bonds 18% Line of Credit 3% Prudent Balance Sheet Management 1 As of 12/31/2025. Common equity value estimated using outstanding common stock of 251.7 million shares and Sabra’s closing price of $19.15 as of 2/10/2026. 24 PERFORMANCE • Hedged variable rate exposure, resulting in interest savings of $7.9 million over the last 12 months. • Weighted average debt maturity of approximately 4 years with no material debt maturities until 2028. • Weighted average effective interest rate on permanent debt of 3.92%. • Ample liquidity of approximately $1.2 billion ensures we have ready access to capital. • $482.9 million of availability under at-the- market (ATM) equity offering program. • 98% of borrowings are unsecured, providing additional balance sheet flexibility. CONSOLIDATED ENTERPRISE VALUE1 $7.3B December 31, 2025
February 12, 2026 Investor Presentation Sabra 4Q 25 1 Investment-Grade peers range 2 Net Debt to Adjusted EBITDA 5.00x 3 0.40x - 5.28x Interest Coverage Ratio 4.72x 4.30x - 9.22x Debt as a % of Asset Value 37% 18% - 39% Secured Debt as a % of Asset Value 1% 0% - 7% Investment-Grade Credit Metrics 1 Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. 2 Investment-Grade Peers consists of WELL, VTR, OHI, NHI and CTRE. The metrics used to calculate Investment-Grade peers range are sourced from the most recent public filings with the SEC and may not be calculated in a manner identical to Sabra’s metrics. 3 Based on the annualized trailing three-month period ended as of the date indicated. 25 PERFORMANCE We continue to focus on strengthening our balance sheet and portfolio.
February 12, 2026 Investor Presentation 100 350 800 539 500 $2 $2 $2 $2 $2 $2 $2 $2 $2 $23 $218 $782 3.4% 5.0% 4.1% 3.9% 4.6% 3.2% 3.5% 3.5% 3.5% 3.5% 3.7% Unsecured Bonds Term Loans Mortgage Debt / Secure Debt Line of Credit Available Line of Credit Wtd. Avg. Interest 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter 0 200 400 600 800 1,000 1,200 Favorable Profile with Staggered Maturities 1 Revolving Credit Facility is subject to two six-month extension options. 2 Includes private mortgage insurance and impact of interest rate hedges. (Dollars in millions) Debt maturity profile at December 31, 2025 26 PERFORMANCE 1 21
February 12, 2026 Investor Presentation Attractive Valuation Relative to Direct Peers Forward FFO multiples 1 Dividend yield 2 Premium / discount to consensus NAV Portfolio composition (% Annualized Cash NOI) 3 Sources: S&P Capital IQ as of 2/10/2026, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 2/10/2026 divided by the forward four quarter consensus FFO from S&P Capital IQ. 2 Dividend yield is calculated as most recent quarterly dividends declared per share annualized divided by stock price as of 2/10/2026. 3 Represents latest available concentration for peers from company filings as of 2/10/2026. 4 Based on Annualized Cash NOI for the quarter ended 12/31/2025 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. 5 AHR SNF concentration includes both Triple-Net Leased SNF NOI and NOI from Integrated Senior Health Campuses. 27 PERFORMANCE 12.4x 13.6x 14.2x 16.9x 19.1x 25.5x SBRA LTC OHI NHI CTRE AHR 6.3% 2.0% 3.5% 4.3% 5.9% 6.0% SBRA AHR CTRE NHI OHI LTC 27.7% 16.4% 37.3% 57.8% 58.3% 79.3% SBRA LTC OHI CTRE NHI AHR 35% 18% 33% 48% 65% 16% 48% 79% 60% 51% 29% 64% 17% 3% 7% 1% 6% 20% Senior Housing Skilled Nursing Other SBRA CTRE OHI LTC NHI AHR4 5
February 12, 2026 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 2/10/2026. 2 Based on Annualized Cash NOI as of 12/31/2025 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. 3 OHI and CTRE SNF concentrations exclude NOI from U.K Care Home portfolios. 4 AHR SNF concentration includes both Triple-Net Leased SNF NOI and NOI from Integrated Senior Health Campuses. 5 Represents SNF EBITDARM Coverage for LTC, AHR and NHI; total portfolio EBITDARM Coverage for OHI and CTRE. 6 See appendix to this presentation for the definition of EBITDARM Coverage. Top five relationships concentration 1 SNF EBITDARM Coverage 1,5 SH EBITDARM Coverage 1 28 PERFORMANCE 48% 29% 51% 60% 64% 79% SBRA NHI LTC OHI AHR CTRE 35% 36% 51% 54% 56% SBRA OHI LTC NHI CTRE 2.38x 1.93x 2.15x 2.16x 3.16x 3.17x SBRA OHI LTC AHR CTRE NHI 1.52x 1.30x 1.36x 1.38x 1.40x 1.53x SBRA VTR LTC AHR WELL NHI2 2 6 643 3
February 12, 2026 Investor Presentation Appendix 29 i
February 12, 2026 Investor Presentation Adjusted EBITDA.* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company’s long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non- GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income (“Annualized Cash NOI”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra’s pro rata share. Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis. Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Cash Net Operating Income (“Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income and is presented at Sabra’s pro rata share. Consolidated Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements. Consolidated Enterprise Value. The Company believes Consolidated Enterprise Value is an important measurement as it is a measure of a company’s value. The Company calculates Consolidated Enterprise Value as market equity capitalization plus Consolidated Debt. Market equity capitalization is calculated as (i) the number of shares of common stock multiplied by the closing price of the Company’s common stock on the last day of the period presented plus (ii) the number of shares of preferred stock multiplied by the closing price of the Company’s preferred stock on the last day of the period presented. Consolidated Enterprise Value includes the Company’s market equity capitalization and Consolidated Debt, less cash and cash equivalents. EBITDARM. Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage. Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/ tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Definitions 30 APPENDIX
February 12, 2026 Investor Presentation Funds From Operations (“FFO”) and Adjusted FFO (“AFFO”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Net Debt.* The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements. Net Debt to Adjusted EBITDA.* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income (“NOI”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income. Definitions 31 APPENDIX
February 12, 2026 Investor Presentation Normalized FFO and Normalized AFFO.* Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does. Occupancy Percentage. Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Except for Senior Housing - Managed, Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix. Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility. At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. * Non-GAAP Financial Measures: Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this presentation can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results. APPENDIX Definitions 32
FAQ
How did Sabra Health Care REIT (SBRA) perform in Q4 2025?
Sabra reported Q4 2025 diluted net income of $0.11 per share, with FFO of $0.36 and Normalized AFFO of $0.38 per diluted share. Total revenue reached $211.9 million, up from $182.3 million in the prior-year quarter, driven mainly by senior housing operations.
What growth did Sabra (SBRA) see in its senior housing managed portfolio?
Sabra’s same property managed senior housing Cash NOI grew 12.6% year over year in Q4 2025. For full-year 2025, quarterly year-over-year Cash NOI growth averaged 15.0%, including stabilized communities formerly operated by Holiday, highlighting strong occupancy and margin improvement trends.
What acquisitions and investment pipeline did Sabra (SBRA) highlight for 2025 and beyond?
In Q4 2025, Sabra acquired four managed senior housing properties for $150.5 million, bringing 2025 investments to roughly $450 million at a 7.5% estimated average initial cash yield. It also has about $240 million of awarded investments at an estimated 8.0% initial cash yield in letter-of-intent or later stages.
What is Sabra Health Care REIT’s (SBRA) leverage and liquidity position?
As of December 31, 2025, Sabra’s Net Debt to Adjusted EBITDA was 5.00x. Liquidity totaled approximately $1.2 billion, comprising $71.5 million of unrestricted cash, $782.4 million of revolver availability, and $322.7 million related to shares outstanding under forward equity sale agreements.
What dividend did Sabra (SBRA) declare and when will it be paid?
On February 2, 2026, Sabra’s board declared a $0.30 per share quarterly cash dividend on common stock. The dividend is scheduled to be paid on February 27, 2026 to stockholders of record as of the close of business on February 13, 2026.
What 2026 earnings guidance did Sabra Health Care REIT (SBRA) provide?
For 2026, Sabra guided to diluted net income of $0.60–$0.64 per share, FFO of $1.49–$1.53, and Normalized AFFO of $1.55–$1.59. Assumptions include low-single-digit triple-net Cash NOI growth and low-to-mid-teens same-store managed senior housing Cash NOI growth.
How large is Sabra’s real estate and investment portfolio as of year-end 2025?
As of December 31, 2025, Sabra’s portfolio included 360 real estate properties with 36,412 beds/units, plus 13 loans receivable, four preferred equity investments, and two unconsolidated joint ventures. Total investments across properties, loans, and preferred equity were about $6.55 billion at cost.
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Sabra Health Care Reit Inc
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4.89B
246.10M
1.28%
100.92%
8.06%
REIT - Healthcare Facilities
Real Estate Investment Trusts
United States
TUSTIN