Document



	Exhibit 99.1

FOR IMMEDIATE RELEASE

SABRA REPORTS SECOND QUARTER 2020 RESULTS; PROVIDES A BUSINESS UPDATE

IRVINE, CA, August 5, 2020 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq:SBRA) today announced results of operations for the second quarter of 2020 and provided a business update.

SECOND QUARTER 2020 RESULTS AND CERTAIN RECENT EVENTS

Following are the highlights of our results for the second quarter of 2020 and certain recent events:

•

For the second quarter of 2020, net income attributable to common stockholders, FFO, Normalized FFO, AFFO and Normalized AFFO per diluted common share were $0.14, $0.43, $0.45, $0.42 and $0.44, respectively. Normalized FFO and Normalized AFFO exclude COVID-19 related expenses incurred in our Senior Housing - Managed portfolio of $3.9 million, or $0.02 per diluted common share. These expenses include the cost of implementation of additional safety protocols and procedures, purchases of personal protective equipment (“PPE”), increased staffing, premium pay and incentive pay for the staff.


•	EBITDARM coverage, occupancy and Skilled Mix for our leased portfolio were stable sequentially.

•

During the second quarter of 2020, we acquired one Senior Housing - Leased community from our proprietary development pipeline for $30.3 million (inclusive of $0.1 million of capitalized acquisition costs), which includes $4.6 million previously funded through the Company’s preferred equity investment in the development. This investment has an estimated initial cash yield of 7.28%. On July 31, 2020, we funded $20.0 million in a new preferred equity investment in a 186-unit senior housing community with an initial cash yield of 10.0%.

•

During the second quarter of 2020, we completed the sale of three Skilled Nursing/Transitional Care facilities, two of which were leased to Genesis Healthcare, Inc. (“Genesis”), for aggregate gross sales proceeds of $17.9 million, inclusive of the assumption by the buyer of the former Genesis facilities of an aggregate $14.2 million of HUD-insured mortgage debt encumbering the facilities. On August 1, 2020, we completed the sale of an additional Skilled Nursing/Transitional Care facility leased to Genesis for gross sales proceeds of $18.4 million, inclusive of the assumption by the buyer of $17.6 million of HUD-insured mortgage debt encumbering the facility. This sale marks the completion of the dispositions identified in our 2017 memorandum of understanding with Genesis. As a result of these dispositions, Genesis’s new annual rental obligation to us is approximately $21.8 million and our annual interest expense will decrease by approximately $1.1 million


•	On August 5, 2020, our Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on August 31, 2020 to common stockholders of record as of the close of business on August 17, 2020. The dividend represents a payout of 68% of our Normalized AFFO per share of $0.44.

BUSINESS UPDATE — IMPACT OF THE COVID-19 PANDEMIC TO OUR BUSINESS AND OUR PORTFOLIO

Business Impact


•	Through July, we have collected all of our forecasted rents and through the first few business days of August, collections are in line with what we normally receive through this point of the month.

•

Our balance sheet remains strong, with liquidity of $955.3 million as of June 30, 2020, no material debt maturities until 2024 and Net Debt to Adjusted EBITDA of 5.00x (5.54x including the unconsolidated joint venture). For additional detail and information regarding Net Debt to Adjusted EBITDA, refer to the Credit Metrics and Ratings section of our corresponding Supplemental Report and the Reconciliation of Non-GAAP Financial Measures, both available in the Investor Relations section of our website at http://www.sabrahealth.com/investors/financials/reports-presentations.


•	Despite recent improvements in our cost of equity and debt capital, our weighted average cost of capital continues to be at a level that makes it challenging for us to make accretive acquisitions while maintaining our current leverage levels.


•	Our focus remains on maintaining a strong balance sheet, with ample liquidity and a well-covered dividend, and we believe this approach will enable us to pursue accretive growth once our cost of capital stabilizes.

Portfolio Impact

As a result of the COVID-19 pandemic, the operations of our facilities, like many other healthcare facilities around the country, have been impacted in several ways, most notably by occupancy declines and increased operating expenses. Despite these challenging circumstances we remain optimistic that the commitment of our operators to the continued provision of quality care and adherence to recommended health and safety guidelines will help mitigate the impact on their businesses and most importantly their staff, patients and residents. We are grateful to the dedicated staff who continue to demonstrate an unwavering dedication to the patients and residents in our facilities.

Occupancy


•	Occupancy for our portfolio has declined from February 2020 through the end of July 2020 as follows:


◦	Skilled Nursing/Transitional Care: 811 basis points


▪	Skilled Mix census in our Skilled Nursing/Transitional Care portfolio increased 176 basis points during this same period


◦	Senior Housing - Leased: 136 basis points


◦	Senior Housing - Managed: 393 basis points


•	Occupancy from February 2020 through the end of July 2020 for our Specialty Hospitals and Other portfolio increased 108 basis points.


•	Occupancy in our leased portfolios has been nearly flat since the end of May, while the rate of decline in July for our Senior Housing - Managed portfolio has slowed to half of April’s monthly decline.

Operating Expenses

•

As expected, our facilities have seen an increase in operating costs due to the implementation of additional safety protocols and procedures, purchases of PPE, increased staffing, premium pay and incentive pay for the staff. During the second quarter of 2020, operating expenses in our Senior Housing - Managed portfolio increased 8.7% from pre-pandemic levels. While we expect these expenses to decline over time, we do expect operating costs to remain above pre-pandemic levels for the foreseeable future.

The combined impact of these factors has lowered earnings recognized in our Senior Housing - Managed portfolio and reduced EBITDARM coverages for our Senior Housing - Leased portfolio. Although our Skilled Nursing/Transitional Care EBITDARM coverages have been similarly affected by these factors, their impact has been largely muted thus far due to the provision of the aforementioned government relief. At this time, we cannot predict the duration or extent of the negative impact; however, we believe that, absent further governmental support, a recovery in occupancy levels is critical to avoid providing rent relief for certain of our operators in the future.

Our portfolio is largely needs-based, and we therefore believe there are meaningful demographic tailwinds that will limit the depth and duration of the long-term impact of this pandemic on our business. Additionally, as elective surgeries are reintroduced, pent-up demand from the delays in elective surgeries should provide a catalyst for both increased occupancy and Skilled Mix for our Skilled Nursing/Transitional Care facilities.

COVID-19 Mitigation

In response to the COVID-19 pandemic, the federal government approved several relief packages that have benefitted our skilled nursing facility operators. To date, few of these relief packages have been available to our senior housing operators. The following summarizes the aggregate amounts reported as being available to our operators, excluding any additional benefits they may receive from the recently announced $5 billion additional funding approved under the CARES Act. Please refer to the Top 10 Relationships and COVID-19 Mitigation Summary section of our Supplemental Report, available in the Investor Relations section of our website at http://www.sabrahealth.com/investors/financials/reports-presentations, for more details:



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•	Public Health and Social Services Emergency Fund: $160 million ¹


•	Suspension of Medicare sequestration: $10 million ¹


•	Increase to Federal Medical Assistance Percentages: $30 million ¹


•	Accelerated and Advance Medicare Payments: $120 million ^{2, 3}


•	Employer payroll tax delay: $40 million ²


•	Paycheck Protection Program loans: $50 million ⁴


•	Total: Approximately $410 million


¹	Mitigates EBITDARM reductions


²	Provides additional near-term liquidity


³	Benefit may be limited depending on reserve requirements under any working capital or other loans


⁴	Provides additional near-term liquidity for our operators, and potentially mitigates EBITDARM reductions

In addition to the above, there have been other governmental actions taken that benefit skilled nursing/transitional care operators. These actions include the waiver of the requirement for skilled nursing/transitional care patients to have stayed in a hospital for three days in order for services rendered in a skilled nursing/transitional care facility to qualify for Medicare Part A and the relaxation of certification requirements for employees performing nonclinical services in these facilities. Lastly, the Department of Health and Human Services (“HHS”) extended the COVID-19 Public Health Emergency for another 90 days, effective July 25, which allows HHS to continue providing temporary regulatory waivers and new rules to equip skilled nursing facilities and some assisted living operators with flexibility to respond to the COVID-19 pandemic.

Although we have not seen a disruption from the COVID-19 pandemic in the monthly payment of rents to date, it continues to be difficult to know with certainty the ultimate impact that the ongoing pandemic, as partially mitigated by the various governmental programs, will have on our Senior Housing - Managed portfolio or on the ability of the tenants in our triple-net portfolio to timely pay their monthly rental obligations to us. While the aggregate amount of approximately $410 million in assistance available to our operators remains informative when evaluating potential mitigation at a macro level, the benefits on an individual operator basis vary and may not provide enough relief to meet their rental obligations to us.

Commenting on the impact of COVID-19, Rick Matros, CEO and Chairman, said, “We are hopeful that, along with the crucial government assistance, the slowing occupancy declines and resumption of admissions will bolster our operators. If operational recovery is slower than expected or delayed, we are prepared to provide support to our operators as warranted on a case-by-case basis. We will also continue to look for opportunities to strengthen our portfolio through strategic dispositions and opportunistic acquisitions, although we do not expect any such acquisitions to be material given our current cost of capital. Most importantly in that regard, we are mindful of maintaining our leverage within our targets and avoiding any disruption to our ratings. Our strategy of owning primarily post-acute care skilled nursing facilities instead of long term care facilities has resulted in improved Skilled Mix and consequently, better reimbursement. In addition, we’ve benefited from our strategy of purchasing senior housing facilities in secondary markets, which have not been as severely impacted by the pandemic to date.

“The staff in the facilities continue to show a level of heroism and commitment that warrants more attention and credit. For those who have never been in an operating environment, it’s simply impossible to understand and appreciate the stress levels and the importance the mission of providing care to our elderly is to all those caregivers and other frontline team members. They have our enduring gratitude, respect and admiration.”

LIQUIDITY

As of June 30, 2020, we had approximately $955.3 million of liquidity, consisting of unrestricted cash and cash equivalents of $28.3 million and available borrowings of $927.0 million under our revolving credit facility. As of June 30, 2020, we also had $336.1 million available under the ATM Program.

CONFERENCE CALL AND COMPANY INFORMATION

A conference call with a simultaneous webcast to discuss the 2020 second quarter results will be held on Thursday, August 6, 2020 at 10:00 am Pacific Time. The dial-in number for U.S. participants is (844) 862-3710. For participants outside the U.S., the dial-in number is (612) 979-9902. The conference ID number is 2567435. The webcast URL is https://edge.media-server.com/mmc/p/zpofvcjf. 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 second quarter will also be available on the Company’s website in the “Investors” section.



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ABOUT SABRA

As of June 30, 2020, Sabra’s investment portfolio included 427 real estate properties held for investment (consisting of (i) 290 Skilled Nursing/Transitional Care facilities, (ii) 65 Senior Housing communities (“Senior Housing - Leased”), (iii) 47 Senior Housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”) and (iv) 25 Specialty Hospitals and Other facilities), one investment in a direct financing lease, 19 investments in loans receivable (consisting of (i) one mortgage loan, (ii) one construction loan and (iii) 17 other loans), five preferred equity investments and one investment in an unconsolidated joint venture that owns 159 Senior Housing - Managed communities. As of June 30, 2020, Sabra’s real estate properties held for investment included 42,921 beds/units and its unconsolidated joint venture included 7,086 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. 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 expectations regarding the impact of the COVID-19 pandemic on our tenants, operators and Senior Housing - Managed communities; our expectations regarding the potential mitigating effects of the state and federal assistance programs available to our tenants, operators and Senior Housing - Managed communities; our expectation that operating costs will remain above pre-pandemic levels for the foreseeable future but that these expenses will decline over time; our expectation that there are meaningful demographic tailwinds that will limit the depth and duration of the impact of this pandemic on our business; our expectation that as elective surgeries are reintroduced, the pent-up demand from the delays in elective surgeries should provide a catalyst for both increased occupancy and Skilled Mix for our Skilled Nursing/Transitional Care facilities; and our other expectations regarding our future financial position, results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions, and plans and objectives for future operations and capital raising activity.

Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including among others, the following: the ongoing COVID-19 pandemic and measures intended to prevent its spread, including the impact on our tenants, operators and Senior Housing - Managed communities; our dependence on the operating success of our tenants; the potential variability of our reported rental and related revenues following the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs (“Topic 842”) on January 1, 2019; operational risks with respect to our Senior Housing - Managed communities; the effect of our tenants 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 possibility that Sabra may not acquire the remaining majority interest in the Enlivant joint venture; risks associated with our investments in joint ventures; changes in healthcare regulation and political or economic conditions; the impact of required regulatory approvals of transfers of healthcare properties; competitive conditions in our industry; 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; increases in market interest rates; the potential phasing out of the London Interbank Offered Rate (“LIBOR”) benchmark after 2021; our ability to raise capital through equity and debt financings; changes in foreign currency exchange rates; the relatively illiquid nature of real estate investments; the loss of key management personnel; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; the impact of a failure or security breach of information technology in our operations; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; changes in tax laws and regulations affecting REITs (including the potential effects of the Tax Cuts and Jobs Act); compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; and the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities.

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, 2019 as well as in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. 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.



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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 operating income (“NOI”), Cash NOI, funds from operations attributable to common stockholders (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share and Normalized AFFO per diluted common share. 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 http://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap.

CONTACT

Investor & Media Inquiries: (888) 393-8248 or [email protected]



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SABRA HEALTH CARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Revenues:
Rental and related revenues	$	112,727		$	112,800		$	219,239		$	229,187
Interest and other income	2,606			70,495			5,457			73,820
Resident fees and services	38,584			36,071			78,567			53,132

Total revenues	153,917			219,366			303,263			356,139

Expenses:
Depreciation and amortization	44,202			49,476			88,370			94,425
Interest	25,292			33,608			50,996			69,926
Triple-net portfolio operating expenses	5,331			6,240			10,232			11,529
Senior housing - managed portfolio operating expenses	27,970			24,239			55,231			36,279
General and administrative	8,673			8,059			17,434			16,243
Provision for loan losses and other reserves	129			193			796			1,400
Impairment of real estate	—			2,002			—			105,136

Total expenses	111,597			123,817			223,059			334,938

Other (expense) income:
Loss on extinguishment of debt	(392		)	(10,119		)	(392		)	(10,119		)
Other (expense) income	(66		)	(1		)	2,193			170
Net gain on sales of real estate	330			2,755			113			1,235

Total other (expense) income	(128		)	(7,365		)	1,914			(8,714		)

Income before loss from unconsolidated joint venture and income tax expense	42,192			88,184			82,118			12,487

Loss from unconsolidated joint venture	(12,136		)	(3,647		)	(15,803		)	(5,030		)
Income tax expense	(433		)	(854		)	(1,475		)	(1,466		)

Net income	29,623			83,683			64,840			5,991

Net income attributable to noncontrolling interest	—			(6		)	—			(18		)

Net income attributable to common stockholders	$	29,623		$	83,677		$	64,840		$	5,973

Net income attributable to common stockholders, per:

Basic common share	$	0.14		$	0.46		$	0.32		$	0.03

Diluted common share	$	0.14		$	0.46		$	0.31		$	0.03

Weighted-average number of common shares outstanding, basic	205,593,653			181,567,464			205,493,829			179,984,959

Weighted-average number of common shares outstanding, diluted	206,219,162			182,254,100			206,194,282			180,637,059



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SABRA HEALTH CARE REIT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)



	June 30, 2020			December 31, 2019
	(unaudited)
Assets
Real estate investments, net of accumulated depreciation of $611,405 and $539,213 as of June 30, 2020 and December 31, 2019, respectively	$	5,358,515		$	5,341,370
Loans receivable and other investments, net	84,401			107,374
Investment in unconsolidated joint venture	295,269			319,460
Cash and cash equivalents	28,250			39,097
Restricted cash	8,555			10,046
Lease intangible assets, net	93,502			101,509
Accounts receivable, prepaid expenses and other assets, net	155,061			150,443
Total assets	$	6,023,553		$	6,069,299

Liabilities
Secured debt, net	$	96,861		$	113,070
Revolving credit facility	73,000			—
Term loans, net	1,037,187			1,040,258
Senior unsecured notes, net	1,248,245			1,248,773
Accounts payable and accrued liabilities	143,317			108,792
Lease intangible liabilities, net	63,692			69,946
Total liabilities	2,662,302			2,580,839

Equity
Preferred stock, $.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2020 and December 31, 2019	—			—
Common stock, $.01 par value; 500,000,000 shares authorized, 205,560,680 and 205,208,018 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	2,056			2,052
Additional paid-in capital	4,078,737			4,072,079
Cumulative distributions in excess of net income	(663,901		)	(573,283		)
Accumulated other comprehensive loss	(55,641		)	(12,388		)
Total equity	3,361,251			3,488,460
Total liabilities and equity	$	6,023,553		$	6,069,299



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SABRA HEALTH CARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



	Six Months Ended June 30,
	2020			2019
Cash flows from operating activities:
Net income	$	64,840		$	5,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	88,370			94,425
Non-cash rental and related revenues	(6,567		)	(8,007		)
Non-cash interest income	(1,135		)	(1,125		)
Non-cash interest expense	4,458			5,323
Stock-based compensation expense	4,735			5,570
Non-cash lease termination income	—			(9,725		)
Loss on extinguishment of debt	392			10,119
Provision for loan losses and other reserves	796			1,400
Net gain on sales of real estate	(113		)	(1,235		)
Impairment of real estate	—			105,136
Loss from unconsolidated joint venture	15,803			5,030
Distributions of earnings from unconsolidated joint venture	7,083			6,884
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	(1,377		)	(5,289		)
Accounts payable and accrued liabilities	(8,680		)	(22,619		)
Net cash provided by operating activities	168,605			191,878
Cash flows from investing activities:
Acquisition of real estate	(92,945		)	—
Origination and fundings of loans receivable	(1,651		)	(8,823		)
Additions to real estate	(19,867		)	(8,596		)
Repayments of loans receivable	1,610			10,102
Repayments of preferred equity investments	3,064			2,463
Net proceeds from the sales of real estate	9,516			322,736
Distributions in excess of earnings from unconsolidated joint venture	1,305			—
Net cash (used in) provided by investing activities	(98,968		)	317,882
Cash flows from financing activities:
Net borrowings from (repayments of) revolving credit facility	73,000			(349,000		)
Proceeds from issuance of senior unsecured notes	—			300,000
Principal payments on senior unsecured notes	—			(500,000		)
Principal payments on secured debt	(1,669		)	(1,703		)
Payments of deferred financing costs	(722		)	(4,413		)
Payments related to extinguishment of debt	—			(6,895		)
Distributions to noncontrolling interest	—			(73		)
Issuance of common stock, net	1,860			211,575
Dividends paid on common stock	(154,068		)	(161,735		)
Net cash used in financing activities	(81,599		)	(512,244		)
Net decrease in cash, cash equivalents and restricted cash	(11,962		)	(2,484		)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(376		)	300
Cash, cash equivalents and restricted cash, beginning of period	49,143			59,658
Cash, cash equivalents and restricted cash, end of period	$	36,805		$	57,474



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SABRA HEALTH CARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(in thousands)



	Six Months Ended June 30,
	2020		2019
Supplemental disclosure of cash flow information:
Interest paid	$	47,667	$	74,631
Supplemental disclosure of non-cash investing activities:
Decrease in loans receivable and other investments due to acquisition of real estate	$	20,731	$	—
Secured debt assumed by buyer in connection with sale of real estate	$	14,219	$	—



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SABRA HEALTH CARE REIT, INC.

FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,

ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO

(dollars in thousands, except per share data)



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net income attributable to common stockholders	$	29,623		$	83,677		$	64,840		$	5,973
Add:
Depreciation and amortization of real estate assets	44,202			49,476			88,370			94,425
Depreciation and amortization of real estate assets related to noncontrolling interest	—			(39		)	—			(79		)
Depreciation and amortization of real estate assets related to unconsolidated joint venture	5,549			5,347			11,134			10,663
Net gain on sales of real estate	(330		)	(2,755		)	(113		)	(1,235		)
Net loss on sales of real estate related to unconsolidated joint venture	9,079			1,690			10,808			1,690
Impairment of real estate	—			2,002			—			105,136
FFO attributable to common stockholders	$	88,123		$	139,398		$	175,039		$	216,573
COVID-19 related expenses ⁽¹⁾	3,939			—			4,749			—
Lease termination income	—			(66,948		)	—			(66,948		)
Loss on extinguishment of debt	392			10,119			392			10,119
Provision for doubtful accounts and loan losses, net	129			193			796			1,400
Other normalizing items ⁽²⁾	731			1,918			4,439			8,958
Normalized FFO attributable to common stockholders	$	93,314		$	84,680		$	185,415		$	170,102
FFO attributable to common stockholders	$	88,123		$	139,398		$	175,039		$	216,573
Merger and acquisition costs	269			56			428			62
Stock-based compensation expense	2,375			2,795			4,735			5,570
Non-cash rental and related revenues	(6,202		)	(6,843		)	(6,567		)	(8,007		)
Non-cash interest income	(574		)	(563		)	(1,135		)	(1,125		)
Non-cash interest expense	2,225			2,762			4,458			5,323
Non-cash portion of loss on extinguishment of debt	392			3,224			392			3,224
Provision for loan losses and other reserves	129			193			796			1,400
Non-cash lease termination income	—			(9,725		)	—			(9,725		)
Other non-cash adjustments related to unconsolidated joint venture	404			1,031			943			2,146
Other non-cash adjustments	133			46			27			98
AFFO attributable to common stockholders	$	87,274		$	132,374		$	179,116		$	215,539
COVID-19 related expenses⁽¹⁾	3,939			—			4,749			—
Cash portion of lease termination income	—			(57,223		)	—			(57,223		)
Cash portion of loss on extinguishment of debt	—			6,895			—			6,895
Other normalizing items ⁽²⁾	309			1,885			(1,826		)	3,017
Normalized AFFO attributable to common stockholders	$	91,522		$	83,931		$	182,039		$	168,228
Amounts per diluted common share attributable to common stockholders:
Net income	$	0.14		$	0.46		$	0.31		$	0.03
FFO	$	0.43		$	0.76		$	0.85		$	1.20
Normalized FFO	$	0.45		$	0.46		$	0.90		$	0.94
AFFO	$	0.42		$	0.72		$	0.87		$	1.19
Normalized AFFO	$	0.44		$	0.46		$	0.88		$	0.93
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO	206,219,162			182,254,100			206,194,282			180,637,059
AFFO and Normalized AFFO	207,003,252			183,007,434			206,933,563			181,457,685


⁽¹⁾	Amount represents expenses related to the COVID-19 pandemic incurred by our Senior Housing - Managed portfolio.

⁽²⁾

For FFO, the three months ended June 30, 2020 includes $0.4 million of write-offs related to straight-line rent receivables, and the six months ended June 30, 2020 and 2019 includes $6.2 million and $5.9 million, respectively, of write-offs related to straight-line rent receivables and lease intangibles. FFO and AFFO for the six months ended June 30, 2020 also include $2.1 million earned during the period related to legacy Care Capital Properties, Inc. (“CCP”) investments. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.



		10

REPORTING DEFINITIONS

Cash Net Operating Income (“Cash NOI”)*

The Company believes that net income attributable to common stockholders 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.

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 Attributable to Common Stockholders (“FFO”) and Adjusted Funds from Operations Attributable to Common Stockholders (“AFFO”)*

The Company believes that net income attributable to common stockholders as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations attributable to common stockholders, 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 attributable to common stockholders, 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 attributable to common stockholders, as defined by GAAP. FFO is defined as net income attributable to common stockholders, 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 venture, 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 venture, and real estate impairment charges. AFFO is defined as FFO excluding merger and acquisition costs, 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 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 ineffectiveness 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 venture. 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 attributable to common stockholders as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or



		11

REPORTING DEFINITIONS

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.

Normalized FFO and Normalized AFFO*

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

Occupancy Percentage

Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Occupancy Percentage for the Company’s unconsolidated joint venture is weighted to reflect the Company’s pro rata share.

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, rehabilitation and behavioral hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care or Senior Housing.

Stabilized Facility

At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent occupancy (85% for Skilled Nursing/Transitional Care facilities and 90% for Senior Housing communities) or 24 months after the date of classification as non-stabilized. Stabilized Facilities exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a



		12

REPORTING DEFINITIONS

new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) 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 http://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap.



		13

Exhibit 99.2

CONTENT 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Same Store Triple-Net Portfolio Top 10 Relationships and COVID-19 Mitigation Summary Senior Housing - Managed Portfolio Same Store Senior Housing - Managed Portfolio Loans and Other Investments | Development Pipeline NOI Concentrations Geographic Concentrations Lease Expirations 15 INVESTMENT ACTIVITY Summary 16 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 20 FINANCIAL INFORMATION Condensed Consolidated Financial Statements - Statements of Income Condensed Consolidated Financial Statements - Balance Sheets Condensed Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 25 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: http://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap 2 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

COMPANY INFORMATION SENIOR MANAGEMENT Rick Matros Harold Andrews Jr. Talya Nevo-Hacohen Chairman of the Board, President Executive Vice President, Chief Executive Vice President, Chief and Chief Executive Officer Financial Officer and Secretary Investment Officer and Treasurer BOARD OF DIRECTORS Rick Matros Michael Foster Raymond Lewis Chairman of the Board, President Lead Independent Director Director and Chief Executive Officer Craig Barbarosh Ronald Geary Jeffrey Malehorn Director Director Director Robert Ettl Lynne Katzmann Milton Walters Director Director Director CONTACT INFORMATION Sabra Health Care REIT, Inc. Transfer Agent 18500 Von Karman Avenue American Stock Transfer Suite 550 and Trust Company Irvine, CA 92612 6201 15th Avenue 888.393.8248 Brooklyn, NY 11219 sabrahealth.com 3 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

OVERVIEW Financial Metrics Dollars in thousands, except per share data June 30, 2020 Three Months Ended Six Months Ended Revenues $ 153,917 $ 303,263 Net operating income (1) 126,921 252,475 Cash net operating income (1) 120,172 244,830 Diluted per share data attributable to common stockholders: EPS $ 0.14 $ 0.31 FFO 0.43 0.85 Normalized FFO 0.45 0.90 AFFO 0.42 0.87 Normalized AFFO 0.44 0.88 Dividends per common share 0.30 0.75 Capitalization and Market Facts Key Credit Metrics (3) June 30, 2020 June 30, 2020 Common shares outstanding 205.6 million Net Debt to Adjusted EBITDA 5.00x Common equity Market Capitalization $3.0 billion Including unconsolidated joint venture 5.54x Total Debt (2) $2.9 billion Interest Coverage 5.36x Total Enterprise Value (2) $5.8 billion Fixed Charge Coverage Ratio 5.17x Total Debt/Asset Value 36% Common stock closing price $14.43 Secured Debt/Asset Value 1% Common stock 52-week range $5.55 - $24.95 Unencumbered Assets/Unsecured Debt 272% Common stock ticker symbol SBRA Portfolio Dollars in thousands As of June 30, 2020 Property Count Investment Beds/Units Occupancy Percentage (4) Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing / Transitional Care 290 $ 3,673,749 32,516 82.1% Senior Housing - Leased 65 725,857 4,290 86.3 Specialty Hospitals and Other 25 642,778 1,193 70.7 Total Triple-Net Portfolio 380 5,042,384 37,999 Senior Housing - Managed 47 926,740 4,922 83.9 Consolidated Equity Investments 427 5,969,124 42,921 Unconsolidated Joint Venture Senior Housing - Managed 159 730,879 7,086 78.9 Total Equity Investments 586 6,700,003 50,007 Investment in Direct Financing Lease, net 1 23,938 Investments in Loans Receivable, gross (5) 19 62,482 Preferred Equity Investments, gross (6) 5 21,995 Includes 69 relationships in 43 U.S. states Total Investments 611 $ 6,808,418 and Canada (1) Balance includes $3.9 million and $4.7 million of expenses related to increased supplies and labor needs related to the COVID-19 pandemic for the three and six months ended June 30, 2020, respectively. (2) Includes Sabra’s 49% pro rata share of the debt of its unconsolidated joint venture. (3) See page 19 of this supplement for important information about these credit metrics. (4) Occupancy Percentage is presented for the trailing twelve month period and one quarter in arrears, except for our Senior Housing - Managed portfolio, which is presented for the current period on a trailing three month basis. (5) One of our investments in loans receivable contains a purchase option on one Senior Housing development with 21 units. (6) Our preferred equity investments include investments in entities owning four Senior Housing developments with an aggregate of 476 units and one Skilled Nursing/Transitional Care development with 120 beds. 4 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO (1) Triple-Net Portfolio Triple-Net Portfolio Dollars in thousands As of June 30, 2020 Skilled Nursing/ Senior Housing - Specialty Hospitals Transitional Care Leased and Other Total Number of Properties 290 65 25 380 Number of Beds/Units 32,516 4,290 1,193 37,999 Investment $ 3,673,749 $ 725,857 $ 642,778 $ 5,042,384 Triple-Net Portfolio — EBITDARM Coverage (2) 2Q 2020 1Q 2020 4Q 2019 3Q 2019 2Q 2019 Skilled Nursing/Transitional Care 1.66x 1.65x 1.63x 1.64x 1.61x Specialty Hospitals and Other 3.31x 3.36x 3.29x 3.28x 3.18x Aggregate Acute/Post Acute and Other 1.91x 1.91x 1.88x 1.89x 1.85x Senior Housing - Leased 1.38x 1.38x 1.37x 1.36x 1.36x Triple-Net Portfolio — Operating Statistics (2) Dollars in thousands 2Q 2020 1Q 2020 4Q 2019 3Q 2019 2Q 2019 Skilled Nursing/Transitional Care Number of Properties 290 291 296 304 304 Number of Units 32,516 32,660 33,290 33,879 33,879 Cash NOI $ 75,011 $ 76,236 $ 77,589 $ 76,525 $ 75,703 Occupancy 82.1% 82.3% 82.1% 82.4% 82.6% Skilled Mix 39.0% 38.6% 38.0% 38.7% 39.5% Senior Housing - Leased Number of Properties 65 64 62 62 62 Number of Units 4,290 4,119 3,820 4,011 4,011 Cash NOI $ 13,046 $ 11,971 $ 10,471 $ 10,244 $ 11,246 Occupancy 86.3% 86.8% 87.0% 85.6% 85.3% Specialty Hospitals and Other Number of Properties 25 25 25 24 22 Number of Beds 1,193 1,193 1,193 1,193 1,085 Cash NOI $ 13,164 $ 13,069 $ 13,256 $ 12,798 $ 12,796 Occupancy 70.7% 71.4% 71.0% 72.4% 74.0% (1) All metrics, except Cash NOI, exclude properties held for sale as of the end of the respective period. (2) Occupancy Percentage and Skilled Mix (collectively, “Operating Statistics”) and EBITDARM Coverage for each period presented include only facilities owned by the Company as of the end of the current period for the duration that such facilities were classified as Stabilized Facilities. EBITDARM Coverage and Operating Statistics are only included in periods subsequent to our acquisition except for EBITDARM Coverage for the North American Healthcare portfolio, which is presented on a trailing twelve month basis and consists of EBITDARM Coverage for facilities owned by Sabra in periods subsequent to our acquisition and underwritten stabilized EBITDARM Coverage for periods preceding our acquisition. 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 March 31, 2020. 5 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Same Store Triple-Net Portfolio Same Store Triple-Net Portfolio (1) Dollars in thousands Number of Beds/Units Cash NOI Number of Properties 2Q 2020 1Q 2020 2Q 2020 1Q 2020 Skilled Nursing/Transitional Care 290 32,516 32,510 $ 74,982 $ 75,713 Senior Housing - Leased 62 3,856 3,820 $ 11,288 $ 11,107 Specialty Hospitals and Other 25 1,193 1,193 $ 13,104 $ 12,968 Same Store Triple-Net Portfolio — EBITDARM Coverage (2) 2Q 2020 1Q 2020 Skilled Nursing/Transitional Care 1.64x 1.62x Specialty Hospitals and Other 3.25x 3.31x Aggregate Acute/Post Acute and Other 1.89x 1.89x Senior Housing - Leased 1.37x 1.37x Same Store Triple-Net Portfolio — Operating Statistics (2) Occupancy Skilled Mix 2Q 2020 1Q 2020 2Q 2020 1Q 2020 Skilled Nursing/Transitional Care 82.0% 82.1% 38.7% 38.6% Senior Housing - Leased 86.8% 87.0% N/A N/A Specialty Hospitals and Other 69.9% 71.4% N/A N/A (1) Same store triple-net portfolio includes all facilities held for investment for the full period in both comparison periods. (2) Same store EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears for Stabilized Facilities owned for the full period in both comparison periods. 6 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Top 10 Relationships and COVID-19 Mitigation Summary Top 10 Relationships Senior Housing - Managed Tenant/Borrower Credit Exposure Operator Exposure (1) EBITDARM Coverage (1) As of June 30, 2020 Twelve Months Ended (2) As of June 30, 2020 COVID-19 Mitigation Sources Number of % of Number of % of Suspension of Employer Sabra Annualized March 31, Sabra Annualized Medicare Payroll Relationship Primary Facility Type Investments Cash NOI June 30, 2020 2020 Investments Cash NOI PHSSEF Sequestration FMAP AAMP Tax Delay PPP Enlivant Assisted Living — — N/A N/A 170 8.6% ü N/A Avamere Family of Companies Skilled Nursing 28 8.4% 1.20x 1.17x — — ü ü ü ü ü North American Healthcare (3) Skilled Nursing 24 7.3% 1.64x 1.61x — — ü ü ü ü ü N/A Signature Healthcare Skilled Nursing 45 7.2% 1.69x 1.67x — — ü ü ü ü ü N/A Cadia Healthcare (4) Skilled Nursing 10 7.0% 1.81x 1.79x — — ü ü ü N/A Signature Behavioral (5) Behavioral Hospitals 6 6.5% 1.47x 1.62x — — ü ü ü ü N/A Holiday AL Holdings LP Independent Living — — N/A N/A 22 5.4% ü N/A Genesis Healthcare, Inc. (6) Skilled Nursing 9 4.5% 1.55x 1.60x — — ü ü ü ü ü N/A Healthmark Group (7) Skilled Nursing 21 3.3% 1.55x 1.56x — — ü ü ü ü N/A The McGuire Group Skilled Nursing 7 3.1% 2.17x 2.13x — — ü ü ü ü N/A 150 47.3% 1.57x 1.58x 192 14.0% Remaining 59 relationships 255 36.6% 2.20x 2.20x 14 2.1% 405 83.9% 1.85x 1.85x 206 16.1% COVID-19 Mitigation Summary (8) Mitigates EBITDARM Estimated Available Mitigation Source Reductions Description (All Sabra Relationships) PHSSEF Yes The CARES Act appropriated $100 billion to the Public Health and Social Services Emergency Fund (“PHSSEF” or the “Fund”) for hospitals and other $160 million providers nationwide to prevent, prepare for and respond to COVID-19, with such amount to be distributed through grants and other payment mechanisms. Thus far, three tranches of the Fund have been distributed. The first tranche of the Fund was distributed to each eligible health care provider based on its proportionate share of 2019 Medicare FFS payments nationally. The second tranche of the Fund was distributed based on the respective provider’s share of 2018 net patient revenue (less amounts received in connection with the first tranche). The third tranche of the Fund was distributed to certified skilled nursing facilities with each facility receiving $50,000 plus $2,500 per certified bed. Suspension of Medicare Yes The CARES Act suspended the Medicare sequester (2% of all Medicare fee-for-service payments) from May 1–December 31, 2020; the Medicare sequester $10 million sequestration was extended from 2029 to 2030. FMAP Yes The Families First Coronavirus Response Act provides a temporary 6.2% increase in Federal Medical Assistance Percentages (“FMAP”) retroactive to $30 million January 1, 2020. States have discretion regarding the distribution of these funds to various healthcare providers. AAMP (9) The CARES Act expanded the existing program to allow acute, cancer and children’s hospitals to request accelerated and advance Medicare payment $120 million (10) $ (“AAMP”) of up to 100% of their Medicare payments for a six-month period, while critical access hospitals may request up to 125%. Other Medicare $1 1 providers and suppliers (including physicians) may request up to three months advance payment. Repayment will not begin for 120 days and will be interest-free for 12 months. Employer payroll tax delay (9) Under the CARES Act, employers can defer payment of the 6.2% FICA tax on wages paid from March 27–December 31, 2020. 50% of the deferred payment $40 million $ is due by December 31, 2021, and the remaining 50% is due by December 31, 2022. All employers are eligible unless they have had a loan forgiven through 1 the Paycheck Protection Program (“PPP”). PPP Potentially The CARES Act expands eligibility for and provides $349 billion to fund special new loans, loan forgiveness and other relief to small businesses with fewer $50 million than 500 employees that have been affected by COVID-19. The Small Business Association can provide a maximum loan of 250% of the last 12 months’ average monthly payroll costs over the February 15–June 30, 2020 period, capped at $10 million. Loan amounts spent on payroll and certain other costs for eight weeks following loan origination would be forgiven. (1) Consists of our direct investments and properties owned through our joint venture with Enlivant. (7) EBITDARM Coverage excludes four non-stabilized facilities representing 0.7% of Annualized Cash NOI. (2) EBITDARM Coverage is presented for Stabilized Facilities operated by the applicable tenant and is presented one quarter in arrears. (8) The following summarizes the aggregate amounts reported as being available to our operators excluding any additional (3) EBITDARM Coverage excludes one non-stabilized facility representing 0.4% of Annualized Cash NOI. benefits they may receive from the recently announced $5 billion additional funding approved under the CARES Act. (4) EBITDARM Coverage excludes five non-stabilized facilities representing 4.8% of Annualized Cash NOI. (9) Provides additional near-term liquidity for our operators. (5) EBITDARM Coverage excludes one non-stabilized facility representing 0.9% of Annualized Cash NOI. (10) Benefit may be limited depending on reserve requirements under any working capital or other loans utilized by our operators. (6) EBITDARM Coverage excludes (i) one non-stabilized facility representing 0.4% of Annualized Cash NOI and (ii) a prorated portion of the residual rents due to Sabra from prior asset sales under our 2017 memorandum of understanding with Genesis. 7 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Senior Housing - Managed Portfolio Senior Housing - Managed Portfolio by Operator (1) Dollars in thousands, except REVPOR 2Q 2020 2Q 2019 Enlivant Sabra’s Share of Unconsolidated JV (2) Wholly-Owned Total Enlivant Holiday Sienna Other Total Total Property Type AL AL AL IL IL AL AL / IL AL / IL Number of Properties 159 11 170 22 8 6 206 214 Number of Units 7,086 631 7,717 3,116 756 419 12,008 12,008 Investment (3) $ 730,879 $ 127,385 $ 858,264 $ 584,545 $ 123,701 $ 91,109 $ 1,657,619 $ 1,598,541 Capital Expenditures: (3) Recurring $ 415 $ 79 $ 494 $ 398 $ 31 $ 34 $ 957 $ 1,639 Non-recurring $ 680 $ — $ 680 $ 13 $ 35 $ 22 $ 750 $ 1,698 Revenues $ 36,150 $ 9,105 $ 45,255 $ 19,438 $ 4,513 $ 5,528 $ 74,734 $ 73,606 Cash NOI (4) $ 6,305 $ 1,979 $ 8,284 $ 6,749 $ 1,234 $ 652 $ 16,919 $ 21,112 Cash NOI Margin % 17.4% 21.7% 18.3% 34.7% 27.3% 11.8% 22.6% 28.7% REVPOR $ 4,302 $ 5,776 $ 4,540 $ 2,499 $ 2,403 $ 5,476 $ 3,622 $ 3,512 Occupancy 78.9% 83.3% 79.6% 85.0% 82.7% 79.0% 81.8% 85.9% Senior Housing - Managed Portfolio — Wholly-Owned (1) Dollars in thousands, except REVPOR 2Q 2020 1Q 2020 4Q 2019 3Q 2019 2Q 2019 Number of Properties 47 47 46 44 44 Number of Units 4,922 4,922 4,809 4,470 4,470 Capital Expenditures: (3) Recurring $ 542 $ 736 $ 1,599 $ 1,327 $ 751 Non-recurring $ 70 $ 322 $ 901 $ 173 $ 362 Revenues $ 38,584 $ 39,778 $ 38,209 $ 36,102 $ 35,851 Cash NOI (4) $ 10,614 $ 12,650 $ 12,411 $ 12,315 $ 11,751 Cash NOI Margin % 27.5% 31.8% 32.5% 34.1% 32.8% REVPOR - AL $ 5,672 $ 5,876 $ 5,818 $ 5,560 $ 5,487 REVPOR - IL $ 2,479 $ 2,474 $ 2,466 $ 2,460 $ 2,433 Occupancy 83.9% 86.6% 87.7% 88.7% 89.2% Senior Housing - Managed Portfolio — Sabra’s Share of Unconsolidated JV (1)(2) Dollars in thousands, except REVPOR 2Q 2020 1Q 2020 4Q 2019 3Q 2019 2Q 2019 Number of Properties 159 168 170 170 170 Number of Units 7,086 7,463 7,538 7,538 7,538 Capital Expenditures: Recurring $ 415 $ 724 $ 1,148 $ 1,064 $ 888 Non-recurring $ 680 $ 609 $ 2,354 $ 1,164 $ 1,336 Revenues $ 36,150 $ 38,135 $ 39,241 $ 37,908 $ 37,755 Cash NOI (4) $ 6,305 $ 8,370 $ 10,089 $ 10,115 $ 9,361 Cash NOI Margin % 17.4% 21.9% 25.7% 26.7% 24.8% REVPOR (all AL) $ 4,302 $ 4,340 $ 4,418 $ 4,307 $ 4,272 Occupancy 78.9% 81.5% 82.2% 81.4% 81.8% (1) REVPOR and Occupancy Percentage include only facilities owned by the Company as of the end of the period presented for the duration that such facilities were classified as Stabilized Facilities and are presented for the three months ended at the end of the respective period. In addition, revenues, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. (2) Reflects Sabra’s 49% pro rata share of applicable amounts related to its unconsolidated joint venture with Enlivant. (3) Balances related to properties in Canada are based on the exchange rate as of the end of the period presented. The exchange rate as of June 30, 2020 was $0.7330 per CAD $1.00. (4) 2Q 2020 balance for the wholly-owned and unconsolidated JV properties includes $1.7 million and $2.3 million of expenses, respectively, and 1Q 2020 balance for the wholly-owned and unconsolidated JV properties includes $0.3 million and $0.5 million of expenses, respectively, in each case related to increased supplies and labor needs related to the COVID-19 pandemic. 8 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Same Store Senior Housing - Managed Portfolio Same Store Senior Housing - Managed Portfolio — Wholly-Owned (1) Dollars in thousands, except REVPOR 2Q 2020 1Q 2020 4Q 2019 3Q 2019 2Q 2019 Number of Properties 44 44 44 44 44 Revenues $ 35,031 $ 36,255 $ 36,764 $ 36,102 $ 35,851 Cash NOI (2) $ 9,645 $ 11,582 $ 12,182 $ 12,315 $ 11,751 Cash NOI Margin % 27.5% 31.9% 33.1% 34.1% 32.8% REVPOR - AL $ 5,759 $ 5,804 $ 5,808 $ 5,560 $ 5,487 REVPOR - IL $ 2,479 $ 2,474 $ 2,466 $ 2,460 $ 2,433 Occupancy 84.5% 86.9% 88.3% 88.7% 89.2% Same Store Senior Housing - Managed Portfolio — Sabra’s Share of Unconsolidated JV (1)(3) Dollars in thousands, except REVPOR 2Q 2020 1Q 2020 4Q 2019 3Q 2019 2Q 2019 Number of Properties 159 159 159 159 159 Revenues $ 35,338 $ 36,790 $ 37,778 $ 36,443 $ 36,294 Cash NOI (2) $ 6,614 $ 8,552 $ 10,290 $ 10,187 $ 9,590 Cash NOI Margin % 18.7% 23.2% 27.2% 28.0% 26.4% REVPOR (all AL) $ 4,302 $ 4,340 $ 4,418 $ 4,307 $ 4,272 Occupancy 78.9% 81.5% 82.2% 81.4% 81.8% (1) Same store Senior Housing - Managed portfolio includes all facilities owned for the full period in all comparison periods. Same store REVPOR and Occupancy Percentage are presented for the three months ended at the end of the respective period for Stabilized Facilities owned for the full period in all comparison periods. In addition, revenues, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. (2) 2Q 2020 balance for the same store wholly-owned and same store unconsolidated JV properties includes $1.5 million and $2.2 million of expenses, respectively, and 1Q 2020 balance for the same store wholly-owned and same store unconsolidated JV properties includes $0.3 million and $0.5 million of expenses, respectively, in each case related to increased supplies and labor needs related to the COVID-19 pandemic. (3) Reflects Sabra’s 49% pro rata share of applicable amounts related to its unconsolidated joint venture with Enlivant. 9 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Loans and Other Investments | Development Pipeline Loans Receivable and Other Investments Dollars in thousands As of June 30, 2020 Weighted Weighted Average Average Interest Income Three Number of Contractual Annualized Effective Months Ended Loan Type Loans Property Type Principal Balance Book Value Interest Rate Interest Rate June 30, 2020 (1) Maturity Date Mortgage 1 Specialty Hospital $ 19,000 $ 19,000 10.0% 10.0% $ 480 01/31/27 Construction 1 Senior Housing 3,276 3,294 8.0% 7.8% 56 09/30/22 09/01/20- Other 17 Multiple 45,443 41,487 6.8% 6.9% 730 08/31/28 19 67,719 63,781 7.7% 7.9% $ 1,266 Allowance for loan losses — (1,375) $ 67,719 $ 62,406 Other Income Number of Total Funding Total Amount Three Months Ended Other Investment Type Investments Property Type Commitments Funded Book Value Rate of Return June 30, 2020 (1) Skilled Nursing / Preferred Equity 5 Senior Housing $ 17,493 $ 17,493 $ 21,995 12.5% $ 661 Proprietary Development Pipeline (2) Dollars in thousands As of June 30, 2020 Estimated Real Estate Value Investment Type Property Type Investment Amount (3) Upon Completion Skilled Skilled Skilled Weighted Nursing/ Nursing/ Nursing/ Average Certificate of Preferred Transitional Senior Transitional Senior Transitional Senior Initial Cash Occupancy State Loan Equity Care Housing Care Housing Care Housing Lease Yield Timing (4) Indiana — 1 — 1 $ — $ 6,754 $ — $ 39,000 7.6% Q3 2017 Q1 2018- Ohio — 2 — 2 — 10,056 — 68,000 7.3% Q4 2019 Q3 2016- Texas 1 1 1 1 3,783 3,267 14,475 5,700 8.6% Q1 2020 1 4 1 4 $ 3,783 $ 20,077 $ 14,475 $ 112,700 7.6% (1) Includes income related to loans receivable and other investments held as of June 30, 2020. (2) Includes projects invested in or committed to as of June 30, 2020. (3) Investment amount excludes accrued and unpaid interest receivable. (4) Certificate of occupancy timing represents the period in which the certificate of occupancy has been received for a development project where construction has been completed or when the certificate of occupancy is expected to be received for a development project that is currently under construction. 10 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO NOI Concentrations (1) As of June 30, 2020 RELATIONSHIP CONCENTRATION Avamere Family of Companies: 8.4% North American Healthcare: 7.3% Signature Healthcare: 7.2% Other: 47.5% Cadia Healthcare: 7.0% Enlivant Signature Behavioral: 6.5% 8.6% Holiday Other 5.4% 2.1% Managed (No Operator Credit Exposure): 16.1% ASSET CLASS CONCENTRATION Senior Housing - Managed: 16.1% Specialty Hospital and Other: 10.2% Skilled Nursing/ Senior Housing - Transitional Leased: 10.0% Care: 62.1% Interest and Other Income: 1.6% PAYOR SOURCE CONCENTRATION (2) Private Pay: 41.1% Non-Private: 58.9% (1) Concentrations are calculated using Annualized Cash NOI. Relationship and asset class concentrations use Annualized Cash NOI for real estate investments, investments in loans receivable and other investments, and investment in unconsolidated joint venture. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Tenant and borrower revenue presented one quarter in arrears. 11 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Geographic Concentrations Property Type As of June 30, 2020 Unconsolidated JV Skilled Nursing/ Senior Housing - Senior Housing - Specialty Hospitals % of Consolidated Senior Housing - Location Transitional Care Leased Managed and Other Consolidated Total Total Managed Total % of Total Texas 39 9 6 14 68 15.9% 29 97 16.5% Indiana 14 3 — 1 18 4.2 21 39 6.7 California 24 1 1 4 30 7.0 — 30 5.1 Washington 15 1 1 — 17 4.0 12 29 4.9 Kentucky 24 1 — 2 27 6.3 1 28 4.8 Oregon 15 4 — — 19 4.5 6 25 4.3 Ohio 5 1 — — 6 1.4 15 21 3.6 Wisconsin 4 3 3 — 10 2.4 10 20 3.4 Pennsylvania 3 — 5 1 9 2.1 11 20 3.4 Massachusetts 18 — — — 18 4.2 — 18 3.1 Other (33 states & Canada) 129 42 31 3 205 48.0 54 259 44.2 Total 290 65 47 25 427 100.0% 159 586 100.0% % of Consolidated Total 67.9% 15.2% 11.0% 5.9% 100.0% % of Total 49.5% 11.1% 8.0% 4.3% 72.9% 27.1% 100.0% Distribution of Beds/Units As of June 30, 2020 Property Type Unconsolidated JV Total Number Skilled Nursing/ Senior Housing - Senior Housing - Specialty Hospitals % of Consolidated Senior Housing - Location of Properties Transitional Care Leased Managed and Other Consolidated Total Total Managed Total % of Total Texas 97 4,816 577 856 366 6,615 15.4% 1,122 7,737 15.5% Indiana 39 1,547 432 — 48 2,027 4.7 963 2,990 6.0 Kentucky 28 2,598 142 — 100 2,840 6.6 55 2,895 5.8 California 30 2,058 58 102 340 2,558 6.0 — 2,558 5.1 Washington 29 1,591 52 113 — 1,756 4.1 504 2,260 4.5 Massachusetts 18 2,209 — — — 2,209 5.2 — 2,209 4.4 Oregon 25 1,520 377 — — 1,897 4.4 207 2,104 4.2 North Carolina 15 1,454 — 237 — 1,691 3.9 — 1,691 3.4 New York 10 1,566 — 105 — 1,671 3.9 — 1,671 3.3 Missouri 14 1,225 — 184 — 1,409 3.3 — 1,409 2.8 Other (33 states & Canada) 281 11,932 2,652 3,325 339 18,248 42.5 4,235 22,483 45.0 Total 586 32,516 4,290 4,922 1,193 42,921 100.0% 7,086 50,007 100.0% % of Consolidated Total 75.7% 10.0% 11.5% 2.8% 100.0% % of Total 65.0% 8.6% 9.8% 2.4% 85.8% 14.2% 100.0% 12 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Geographic Concentrations Continued Investment (1) Dollars in thousands As of June 30, 2020 Property Type Total Number Skilled Nursing/ Senior Housing - Senior Housing - Specialty Hospitals Location of Properties Transitional Care Leased Managed and Other Total % of Total Texas 68 $ 385,040 $ 81,305 $ 180,960 $ 196,098 $ 843,403 14.1% California 30 435,612 18,160 36,382 224,761 714,915 12.0 Oregon 19 261,316 86,860 — — 348,176 5.9 Maryland 9 323,199 6,741 — — 329,940 5.5 New York 10 297,392 — 19,955 — 317,347 5.3 Kentucky 27 228,773 23,669 — 39,696 292,138 4.9 Indiana 18 174,427 88,824 — 5,310 268,561 4.5 Washington 17 188,548 10,686 27,687 — 226,921 3.8 Arizona 8 32,514 10,348 38,075 121,757 202,694 3.4 North Carolina 15 123,462 — 68,295 — 191,757 3.2 Other (30 states & Canada) (2) 206 1,223,466 399,264 555,386 55,156 2,233,272 37.4 Total 427 $ 3,673,749 $ 725,857 $ 926,740 $ 642,778 $ 5,969,124 100.0% % of Total investment 61.5% 12.2% 15.5% 10.8% 100.0% (1) Excludes our unconsolidated joint venture. (2) Investment balance in Canada is based on the exchange rate as of June 30, 2020 of $0.7330 per CAD $1.00. 13 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

PORTFOLIO Lease Expirations Lease Expirations (1) Dollars in thousands Skilled Nursing/ Senior Housing - Specialty Hospitals Total Annualized As of June 30, 2020 Transitional Care Leased and Other Revenues % of Total 2020 (2) $ 4,979 $ — $ 1,241 $ 6,220 1.5% 2021 1,980 1,165 — 3,145 0.7% 2022 24,724 5,140 4,085 33,949 8.0% 2023 9,074 — — 9,074 2.1% 2024 23,162 2,327 — 25,489 6.0% 2025 16,577 3,124 — 19,701 4.6% 2026 26,067 603 — 26,670 6.3% 2027 39,597 720 33,486 73,803 17.3% 2028 14,729 7,931 3,919 26,579 6.2% 2029 57,798 5,651 5,628 69,077 16.2% Thereafter 103,245 25,009 4,311 132,565 31.1% Total Annualized Revenues $ 321,932 $ 51,670 $ 52,670 $ 426,272 100.0% (1) Excludes (i) Senior Housing - Managed communities and (ii) one non-operational Skilled Nursing/Transitional Care facility. Annualized Revenues are net of repositioning reserves, if applicable. (2) All remaining 2020 lease expirations are in the fourth quarter (for Skilled Nursing/Transitional Care leases, on December 31, 2020). 14 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

INVESTMENT ACTIVITY Summary Investment Activity Dollars in thousands Initial Number of 2020 Amounts Rate of Return/Initial Location Investment Date Property Type Properties Beds/Units Invested (1) Cash Yield Real Estate Traditions of Brookside (2) 01/07/20 Senior Housing - 1 157 $ 33,363 7.24% Leased Elan Westpointe (3) 01/15/20 Senior Housing - 1 113 25,000 8.00% Managed Traditions of Beaumont (4) 01/31/20 Senior Housing - 1 142 24,000 7.38% Leased Traditions at Hunter Station (5) 04/01/20 Senior Housing - 1 135 30,223 7.28% Leased Additions to Real Estate (6) Various Multiple N/A N/A 12,790 7.98% Total Real Estate Investments 125,376 7.50% Loans Receivable Ignite Promissory Note 01/07/20 Skilled Nursing/ N/A N/A 865 7.00% Transitional Care Additional Loans Receivable Various Multiple N/A N/A 772 8.00% Fundings (7) Total Loans Receivable 1,637 7.47% All Investments through June 30, 2020 $ 127,013 7.50% Subsequent to June 30, 2020: Preferred Equity Wellmore of Daniel Island 07/31/20 Senior Housing 1 186 $ 20,000 10.00% (1) Excludes capitalized acquisition costs and origination fees. (2) Amount invested reflects the gross investment, of which $7.1 million was used to repay our preferred equity investment in this property that had a 12% yield. (3) Amount invested reflects the gross investment, of which $6.4 million was used to repay our preferred equity investment in this property that had a 10% yield. (4) Amount invested reflects the gross investment, of which $2.5 million was used to repay our preferred equity investment in this property that had a 12% yield. (5) Amount invested reflects the gross investment, of which $4.6 million was used to repay our preferred equity investment in this property that had a 12% yield. (6) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio. (7) Initial investment occurred prior to 2020. Amount invested reflects incremental fundings during the six months ended June 30, 2020. 15 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

CAPITALIZATION Overview Debt Dollars in thousands Sabra's Share of As of June 30, 2020 Consolidated Debt Unconsolidated JV Debt Total Debt Secured debt $ 98,141 $ 382,292 $ 480,433 Revolving credit facility 73,000 — 73,000 Term loans 1,046,625 — 1,046,625 Senior unsecured notes 1,250,000 — 1,250,000 Total Debt 2,467,766 382,292 2,850,058 Deferred financing costs and premiums/discounts, net (12,473) (3,906) (16,379) Total Debt, Net $ 2,455,293 $ 378,386 $ 2,833,679 Revolving Credit Facility Dollars in thousands As of June 30, 2020 Credit facility availability $ 927,000 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of June 30, 2020 Shares Outstanding Price Value Common stock 205,560,680 $ 14.43 $ 2,966,241 Consolidated Debt 2,467,766 Cash and cash equivalents (28,250) Consolidated Enterprise Value 5,405,757 Sabra’s share of unconsolidated joint venture debt 382,292 Sabra’s share of unconsolidated joint venture cash and cash equivalents (11,882) Total Enterprise Value $ 5,776,167 At-The-Market Common Stock Offering Program Dollars in thousands, except per share amounts Three Months Ended June 30, 2020 Shares issued — Net proceeds $ — Weighted average price per share $ — Availability as of June 30, 2020 $ 336,131 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 EPS, FFO and Normalized FFO AFFO and Normalized AFFO EPS, FFO and Normalized FFO AFFO and Normalized AFFO Common stock 205,559,371 205,559,371 205,459,547 205,459,547 Common equivalents 34,282 34,282 34,282 34,282 Basic common and common equivalents 205,593,653 205,593,653 205,493,829 205,493,829 Dilutive securities: Restricted stock and units 625,509 1,409,599 700,453 1,439,734 Diluted common and common equivalents 206,219,162 207,003,252 206,194,282 206,933,563 16 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average As of June 30, 2020 Principal Interest Rate (1) % of Total Fixed Rate Debt Secured debt $ 98,141 3.48% 3.4% Unsecured senior notes 1,250,000 4.76% 43.9% Total fixed rate debt 1,348,141 4.67% 47.3% Variable Rate Debt (2) Revolving credit facility 73,000 1.26% 2.6% Term loans 1,046,625 2.31% 36.7% Sabra’s share of unconsolidated joint venture variable rate debt 382,292 2.71% 13.4% Total variable rate debt 1,501,917 2.36% 52.7% Total Debt $ 2,850,058 3.45% 100.0% Secured | Unsecured Debt Dollars in thousands Weighted Average As of June 30, 2020 Principal Interest Rate (1) % of Total Secured Debt Secured debt $ 98,141 3.48% 3.4% Sabra’s share of unconsolidated joint venture secured debt 382,292 2.71% 13.4% Total secured debt 480,433 2.86% 16.8% Unsecured Debt Unsecured senior notes 1,250,000 4.76% 43.9% Revolving credit facility 73,000 1.26% 2.6% Term loans 1,046,625 2.31% 36.7% Total unsecured debt 2,369,625 3.57% 83.2% Total Debt $ 2,850,058 3.45% 100.0% (1) Weighted average interest rate includes private mortgage insurance and impact of interest rate derivative agreements. (2) Term loans include $845.0 million subject to swap agreements that fix LIBOR at a weighted average rate of 1.19%, and $91.6 million (CAD $125.0 million) subject to a swap agreement that fixes CDOR at 0.93%. Excluding these amounts, variable rate debt was 19.8% of Total Debt as of June 30, 2020. Additionally, unconsolidated joint venture debt includes $368.4 million subject to interest rate cap agreements that cap LIBOR at a weighted average rate of 2.89%. 17 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

CAPITALIZATION Debt Maturity Debt Maturity Schedule (1) Sabra's Share of Dollars in thousands Secured Debt Unsecured Senior Notes Term Loans Revolving Credit Facility Consolidated Debt Unconsolidated JV Debt Total Debt As of June 30, 2020 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 7/1/20 - 12/31/20 $ 1,607 3.16% $ — — $ — — $ — — $ 1,607 3.16% $ 1,752 2.69% $ 3,359 2.91% 2021 17,764 3.17% — — — — — — 17,764 3.17% 20,241 2.69% 38,005 2.91% 2022 2,816 3.07% — — 105,000 1.41% — — 107,816 1.46% 6,230 2.68% 114,046 1.52% 2023 2,898 3.08% — — 350,000 1.41% 73,000 1.26% 425,898 1.40% 6,609 2.68% 432,507 1.42% 2024 2,983 3.09% 300,000 4.80% 591,625 1.47% — — 894,608 2.59% 6,660 2.68% 901,268 2.59% 2025 3,069 3.10% — — — — — — 3,069 3.10% 188,866 2.68% 191,935 2.69% 2026 3,159 3.11% 500,000 5.13% — — — — 503,159 5.11% 81,497 2.88% 584,656 4.80% 2027 3,251 3.12% 100,000 5.88% — — — — 103,251 5.79% 70,437 2.60% 173,688 4.50% 2028 3,347 3.13% — — — — — — 3,347 3.13% — — 3,347 3.13% 2029 3,445 3.15% 350,000 3.90% — — — — 353,445 3.89% — — 353,445 3.89% Thereafter 53,802 3.34% — — — — — — 53,802 3.34% — — 53,802 3.34% Total Debt 98,141 1,250,000 1,046,625 73,000 2,467,766 382,292 2,850,058 Premium, net — 7,035 — — 7,035 — 7,035 Deferred financing costs, net (1,280) (8,790) (9,438) — (19,508) (3,906) (23,414) Total Debt, Net $ 96,861 $ 1,248,245 $ 1,037,187 $ 73,000 $ 2,455,293 $ 378,386 $ 2,833,679 Wtd. avg. maturity/years 20.3 6.5 3.7 3.2 5.8 5.1 5.7 Wtd. avg. interest rate (3) 3.48% 4.76% 2.31% 1.26% 3.57% 2.71% 3.45% (1) Revolving Credit Facility is subject to two six-month extension options. (2) Represents actual contractual interest rates excluding private mortgage insurance and impact of interest rate derivative agreements. (3) Weighted average interest rate includes private mortgage insurance and impact of interest rate derivative agreements. 18 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

CAPITALIZATION Credit Metrics and Ratings Key Credit Metrics (1) December 31, 2019 June 30, 2020 Net Debt to Adjusted EBITDA (2)(3) 4.89x 5.00x Net Debt to Adjusted EBITDA - Including Unconsolidated Joint Venture (2)(3) 5.38x 5.54x Interest Coverage (2) 5.28x 5.36x Fixed Charge Coverage Ratio (2) 5.08x 5.17x Total Debt/Asset Value 36% 36% Secured Debt/Asset Value 2% 1% Unencumbered Assets/Unsecured Debt 275% 272% Cost of Permanent Debt (4) 3.79% 3.51% Unsecured Notes Ratings S&P (Stable outlook) BBB- Fitch (Negative outlook) BBB- Moody's (Negative outlook) Ba1 (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 unsecured senior notes. (2) Based on the trailing twelve month period ended as of the date indicated. (3) Net Debt to Adjusted EBITDA is calculated based on Pro Forma 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 Debt to Adjusted EBITDA - Including Unconsolidated Joint Venture is calculated based on Annualized Adjusted EBITDA, as adjusted, which includes Annualized Adjusted EBITDA and is further adjusted to include the Company's share of the unconsolidated joint venture interest expense. See “Reconciliations of Non-GAAP Financial Measures” on our website at http://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap for additional information. (4) Excludes revolving credit facility balance that had an interest rate of 1.26% and 2.91% as of June 30, 2020 and December 31, 2019, respectively. 19 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

FINANCIAL INFORMATION Condensed Consolidated Financial Statements Condensed Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues: Rental and related revenues $ 112,727 $ 112,800 $ 219,239 $ 229,187 Interest and other income 2,606 70,495 5,457 73,820 Resident fees and services 38,584 36,071 78,567 53,132 Total revenues 153,917 219,366 303,263 356,139 Expenses: Depreciation and amortization 44,202 49,476 88,370 94,425 Interest 25,292 33,608 50,996 69,926 Triple-net portfolio operating expenses 5,331 6,240 10,232 11,529 Senior housing - managed portfolio operating expenses 27,970 24,239 55,231 36,279 General and administrative 8,673 8,059 17,434 16,243 Provision for loan losses and other reserves 129 193 796 1,400 Impairment of real estate — 2,002 — 105,136 Total expenses 111,597 123,817 223,059 334,938 Other (expense) income: Loss on extinguishment of debt (392) (10,119) (392) (10,119) Other (expense) income (66) (1) 2,193 170 Net gain on sales of real estate 330 2,755 113 1,235 Total other (expense) income (128) (7,365) 1,914 (8,714) Income before loss from unconsolidated joint venture and income tax expense 42,192 88,184 82,118 12,487 Loss from unconsolidated joint venture (12,136) (3,647) (15,803) (5,030) Income tax expense (433) (854) (1,475) (1,466) Net income 29,623 83,683 64,840 5,991 Net income attributable to noncontrolling interest — (6) — (18) Net income attributable to common stockholders $ 29,623 $ 83,677 $ 64,840 $ 5,973 Net income attributable to common stockholders, per: Basic common share $ 0.14 $ 0.46 $ 0.32 $ 0.03 Diluted common share $ 0.14 $ 0.46 $ 0.31 $ 0.03 Weighted-average number of common shares outstanding, basic 205,593,653 181,567,464 205,493,829 179,984,959 Weighted-average number of common shares outstanding, diluted 206,219,162 182,254,100 206,194,282 180,637,059 20 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

FINANCIAL INFORMATION Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets Dollars in thousands, except per share data June 30, 2020 December 31, 2019 (unaudited) Assets Real estate investments, net of accumulated depreciation of $611,405 and $539,213 as of June 30, 2020 and December 31, 2019, respectively $ 5,358,515 $ 5,341,370 Loans receivable and other investments, net 84,401 107,374 Investment in unconsolidated joint venture 295,269 319,460 Cash and cash equivalents 28,250 39,097 Restricted cash 8,555 10,046 Lease intangible assets, net 93,502 101,509 Accounts receivable, prepaid expenses and other assets, net 155,061 150,443 Total assets $ 6,023,553 $ 6,069,299 Liabilities Secured debt, net $ 96,861 $ 113,070 Revolving credit facility 73,000 — Term loans, net 1,037,187 1,040,258 Senior unsecured notes, net 1,248,245 1,248,773 Accounts payable and accrued liabilities 143,317 108,792 Lease intangible liabilities, net 63,692 69,946 Total liabilities 2,662,302 2,580,839 Equity Preferred stock, $.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2020 and December 31, 2019 — — Common stock, $.01 par value; 500,000,000 shares authorized, 205,560,680 and 205,208,018 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively 2,056 2,052 Additional paid-in capital 4,078,737 4,072,079 Cumulative distributions in excess of net income (663,901) (573,283) Accumulated other comprehensive loss (55,641) (12,388) Total equity 3,361,251 3,488,460 Total liabilities and equity $ 6,023,553 $ 6,069,299 21 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

FINANCIAL INFORMATION Condensed Consolidated Financial Statements Condensed Consolidated Statements of Cash Flows Dollars in thousands Six Months Ended June 30, 2020 2019 Cash flows from operating activities: Net income $ 64,840 $ 5,991 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 88,370 94,425 Non-cash rental and related revenues (6,567) (8,007) Non-cash interest income (1,135) (1,125) Non-cash interest expense 4,458 5,323 Stock-based compensation expense 4,735 5,570 Non-cash lease termination income — (9,725) Loss on extinguishment of debt 392 10,119 Provision for loan losses and other reserves 796 1,400 Net gain on sales of real estate (113) (1,235) Impairment of real estate — 105,136 Loss from unconsolidated joint venture 15,803 5,030 Distributions of earnings from unconsolidated joint venture 7,083 6,884 Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (1,377) (5,289) Accounts payable and accrued liabilities (8,680) (22,619) Net cash provided by operating activities 168,605 191,878 Cash flows from investing activities: Acquisition of real estate (92,945) — Origination and fundings of loans receivable (1,651) (8,823) Additions to real estate (19,867) (8,596) Repayments of loans receivable 1,610 10,102 Repayments of preferred equity investments 3,064 2,463 Net proceeds from the sales of real estate 9,516 322,736 Distributions in excess of earnings from unconsolidated joint venture 1,305 — Net cash (used in) provided by investing activities (98,968) 317,882 Cash flows from financing activities: Net borrowings from (repayments of) revolving credit facility 73,000 (349,000) Proceeds from issuance of senior unsecured notes — 300,000 Principal payments on senior unsecured notes — (500,000) Principal payments on secured debt (1,669) (1,703) Payments of deferred financing costs (722) (4,413) Payments related to extinguishment of debt — (6,895) Distributions to noncontrolling interest — (73) Issuance of common stock, net 1,860 211,575 Dividends paid on common stock (154,068) (161,735) Net cash used in financing activities (81,599) (512,244) Net decrease in cash, cash equivalents and restricted cash (11,962) (2,484) Effect of foreign currency translation on cash, cash equivalents and restricted cash (376) 300 Cash, cash equivalents and restricted cash, beginning of period 49,143 59,658 Cash, cash equivalents and restricted cash, end of period $ 36,805 $ 57,474 Supplemental disclosure of cash flow information: Interest paid $ 47,667 $ 74,631 Supplemental disclosure of non-cash investing activities: Decrease in loans receivable and other investments due to acquisition of real estate $ 20,731 $ — Secured debt assumed by buyer in connection with sale of real estate $ 14,219 $ — 22 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income attributable to common stockholders $ 29,623 $ 83,677 $ 64,840 $ 5,973 Add: Depreciation and amortization of real estate assets 44,202 49,476 88,370 94,425 Depreciation and amortization of real estate assets related to noncontrolling interest — (39) — (79) Depreciation and amortization of real estate assets related to unconsolidated joint venture 5,549 5,347 11,134 10,663 Net gain on sales of real estate (330) (2,755) (113) (1,235) Net loss on sales of real estate related to unconsolidated joint venture 9,079 1,690 10,808 1,690 Impairment of real estate — 2,002 — 105,136 FFO attributable to common stockholders $ 88,123 $ 139,398 $ 175,039 $ 216,573 COVID-19 related expenses (1) 3,939 — 4,749 — Lease termination income — (66,948) — (66,948) Loss on extinguishment of debt 392 10,119 392 10,119 Provision for doubtful accounts and loan losses, net 129 193 796 1,400 Other normalizing items (2) 731 1,918 4,439 8,958 Normalized FFO attributable to common stockholders $ 93,314 $ 84,680 $ 185,415 $ 170,102 FFO attributable to common stockholders $ 88,123 $ 139,398 $ 175,039 $ 216,573 Merger and acquisition costs 269 56 428 62 Stock-based compensation expense 2,375 2,795 4,735 5,570 Non-cash rental and related revenues (6,202) (6,843) (6,567) (8,007) Non-cash interest income (574) (563) (1,135) (1,125) Non-cash interest expense 2,225 2,762 4,458 5,323 Non-cash portion of loss on extinguishment of debt 392 3,224 392 3,224 Provision for loan losses and other reserves 129 193 796 1,400 Non-cash lease termination income — (9,725) — (9,725) Other non-cash adjustments related to unconsolidated joint venture 404 1,031 943 2,146 Other non-cash adjustments 133 46 27 98 AFFO attributable to common stockholders $ 87,274 $ 132,374 $ 179,116 $ 215,539 COVID-19 related expenses (1) 3,939 — 4,749 — Cash portion of lease termination income — (57,223) — (57,223) Cash portion of loss on extinguishment of debt — 6,895 — 6,895 Other normalizing items (2) 309 1,885 (1,826) 3,017 Normalized AFFO attributable to common stockholders $ 91,522 $ 83,931 $ 182,039 $ 168,228 Amounts per diluted common share attributable to common stockholders: Net income $ 0.14 $ 0.46 $ 0.31 $ 0.03 FFO $ 0.43 $ 0.76 $ 0.85 $ 1.20 Normalized FFO $ 0.45 $ 0.46 $ 0.90 $ 0.94 AFFO $ 0.42 $ 0.72 $ 0.87 $ 1.19 Normalized AFFO $ 0.44 $ 0.46 $ 0.88 $ 0.93 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 206,219,162 182,254,100 206,194,282 180,637,059 AFFO and Normalized AFFO 207,003,252 183,007,434 206,933,563 181,457,685 (1) Amount represents expenses related to the COVID-19 pandemic incurred by our Senior Housing - Managed portfolio. (2) For FFO, the three months ended June 30, 2020 includes $0.4 million of write-offs related to straight-line rent receivables, and the six months ended June 30, 2020 and 2019 includes $6.2 million and $5.9 million, respectively, of write-offs related to straight-line rent receivables and lease intangibles. FFO and AFFO for the six months ended June 30, 2020 also include $2.1 million earned during the period related to legacy Care Capital Properties, Inc. (“CCP”) investments. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries. 23 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

FINANCIAL INFORMATION Components of Net Asset Value (NAV) 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. Annualized Cash NOI Dollars in thousands Skilled Nursing/Transitional Care $ 321,933 Senior Housing - Leased 51,670 Senior Housing - Managed — Wholly-Owned 49,163 Senior Housing - Managed — Sabra’s share of unconsolidated joint venture 34,271 Specialty Hospitals and Other 52,670 Annualized Cash NOI (excluding loans receivable and other investments) $ 509,707 Obligations Dollars in thousands Secured debt (1) $ 98,141 Unsecured senior notes (1) 1,250,000 Revolving credit facility 73,000 Term loans (1) 1,046,625 Sabra’s share of unconsolidated joint venture debt (2) 382,292 Total Debt 2,850,058 Add (less): Cash and cash equivalents and restricted cash (36,805) Sabra’s share of unconsolidated joint venture cash and cash equivalents and restricted cash (3) (17,662) Accounts payable and accrued liabilities (4) 90,002 Net obligations $ 2,885,593 Other Assets Dollars in thousands Loans receivable and other investments, net $ 84,401 Accounts receivable, prepaid expenses and other assets, net (4) 40,113 Total other assets $ 124,514 Common Shares Outstanding Total shares 205,560,680 (1) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (2) Represents Sabra’s 49% share of unconsolidated Enlivant joint venture’s debt. (3) Represents Sabra’s 49% share of unconsolidated Enlivant joint venture’s cash and cash equivalents and restricted cash. (4) Includes balances that impact cash or NOI and excludes non-cash items. 24 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

APPENDIX Disclaimer Disclaimer This supplement contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. 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 expected future financial position, results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments, and 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 ongoing COVID-19 pandemic and measures intended to prevent its spread, including the impact on our tenants, operators and Senior Housing - Managed communities; our dependence on the operating success of our tenants; the potential variability of our reported rental and related revenues following the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs (“Topic 842”) on January 1, 2019; operational risks with respect to our Senior Housing - Managed communities; the effect of our tenants 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 possibility that Sabra may not acquire the remaining majority interest in the Enlivant joint venture; risks associated with our investments in joint ventures; changes in healthcare regulation and political or economic conditions; the impact of required regulatory approvals of transfers of healthcare properties; competitive conditions in our industry; 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; increases in market interest rates; the potential phasing out of the London Interbank Offered Rate (“LIBOR”) benchmark after 2021; our ability to raise capital through equity and debt financings; changes in foreign currency exchange rates; the relatively illiquid nature of real estate investments; the loss of key management personnel; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; the impact of a failure or security breach of information technology in our operations; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; changes in tax laws and regulations affecting REITs (including the potential effects of the Tax Cuts and Jobs Act); compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; and the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities. 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, 2019 and in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. 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 attributable to common stockholders (“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 http://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap. Tenant and Borrower Information This supplement 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 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 [email protected]. 25 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

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 attributable to common stockholders 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. 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 or additional rents and are net of repositioning reserves, if applicable. Cash Net Operating Income (“Cash NOI”)* The Company believes that net income attributable to common stockholders 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. 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 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

APPENDIX Reporting Definitions Funds From Operations Attributable to Common Stockholders (“FFO”) and Adjusted Funds from Operations Attributable to Common Stockholders (“AFFO”)* The Company believes that net income attributable to common stockholders as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations attributable to common stockholders, 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 attributable to common stockholders, 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 attributable to common stockholders, as defined by GAAP. FFO is defined as net income attributable to common stockholders, 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 venture, 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 venture, and real estate impairment charges. AFFO is defined as FFO excluding merger and acquisition costs, 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 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 ineffectiveness 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 venture. 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 attributable to common stockholders 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. Investment also includes the Company’s pro rata share of the real estate assets held in the Company’s unconsolidated joint venture. Market Capitalization Total common shares of Sabra outstanding multiplied by the closing price per common share as of a given period. Net Operating Income (“NOI”)* The Company believes that net income attributable to common stockholders 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. Occupancy Percentage Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Occupancy Percentage for the Company’s unconsolidated joint venture is weighted to reflect the Company’s pro rata share. 27 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

APPENDIX Reporting Definitions REVPOR REVPOR represents the average revenues generated per occupied room per month at Senior Housing - Managed communities for the period indicated. It is calculated as resident fees and services revenues divided by average monthly occupied room days. REVPOR includes only Stabilized Facilities. REVPOR for the Company’s unconsolidated joint venture is weighted to reflect the Company’s pro rata share. 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, rehabilitation and behavioral hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care or Senior Housing. Stabilized Facility At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non- stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent occupancy (85% for Skilled Nursing/ Transitional Care facilities and 90% for Senior Housing communities) or 24 months after the date of classification as non-stabilized. Stabilized Facilities 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) facilities acquired during the three months preceding the period presented. Total Debt Consolidated Debt plus the Company’s pro rata share of the principal balances of the debt of the Company’s unconsolidated joint venture. Total Debt, Net Consolidated Debt, Net plus the Company’s pro rata share of the carrying amount of the debt of the Company’s unconsolidated joint venture. Total Enterprise Value Consolidated Enterprise Value plus the Company’s pro rata share of the principal balances of the debt of the Company’s unconsolidated joint venture. *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 http://www.sabrahealth.com/investors/financials/reports-presentations/non-gaap. 28 SABRA 2Q 2020 SUPPLEMENTAL INFORMATION June 30, 2020

Reconciliations of Non-GAAP Financial Measures

June 30, 2020

(Unaudited)

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

FFO, Normalized FFO, AFFO and Normalized AFFO

(dollars in thousands, except per share data)



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Net income attributable to common stockholders	$	29,623		$	83,677		$	64,840		$	5,973
Add:
Depreciation and amortization of real estate assets	44,202			49,476			88,370			94,425
Depreciation and amortization of real estate assets related to noncontrolling interest	—			(39		)	—			(79		)
Depreciation and amortization of real estate assets related to unconsolidated joint venture	5,549			5,347			11,134			10,663
Net gain on sales of real estate	(330		)	(2,755		)	(113		)	(1,235		)
Net loss on sales of real estate related to unconsolidated joint venture	9,079			1,690			10,808			1,690
Impairment of real estate	—			2,002			—			105,136
FFO attributable to common stockholders	$	88,123		$	139,398		$	175,039		$	216,573
COVID-19 related expenses ⁽¹⁾	3,939			—			4,749			—
Lease termination income	—			(66,948		)	—			(66,948		)
Loss on extinguishment of debt	392			10,119			392			10,119
Provision for doubtful accounts and loan losses, net	129			193			796			1,400
Other normalizing items ⁽²⁾	731			1,918			4,439			8,958
Normalized FFO attributable to common stockholders	$	93,314		$	84,680		$	185,415		$	170,102
FFO attributable to common stockholders	$	88,123		$	139,398		$	175,039		$	216,573
Merger and acquisition costs	269			56			428			62
Stock-based compensation expense	2,375			2,795			4,735			5,570
Non-cash rental and related revenues	(6,202		)	(6,843		)	(6,567		)	(8,007		)
Non-cash interest income	(574		)	(563		)	(1,135		)	(1,125		)
Non-cash interest expense	2,225			2,762			4,458			5,323
Non-cash portion of loss on extinguishment of debt	392			3,224			392			3,224
Provision for loan losses and other reserves	129			193			796			1,400
Non-cash lease termination income	—			(9,725		)	—			(9,725		)
Other non-cash adjustments related to unconsolidated joint venture	404			1,031			943			2,146
Other non-cash adjustments	133			46			27			98
AFFO attributable to common stockholders	$	87,274		$	132,374		$	179,116		$	215,539
COVID-19 related expenses⁽¹⁾	3,939			—			4,749			—
Cash portion of lease termination income	—			(57,223		)	—			(57,223		)
Cash portion of loss on extinguishment of debt	—			6,895			—			6,895
Other normalizing items ⁽²⁾	309			1,885			(1,826		)	3,017
Normalized AFFO attributable to common stockholders	$	91,522		$	83,931		$	182,039		$	168,228
Amounts per diluted common share attributable to common stockholders:
Net income	$	0.14		$	0.46		$	0.31		$	0.03
FFO	$	0.43		$	0.76		$	0.85		$	1.20
Normalized FFO	$	0.45		$	0.46		$	0.90		$	0.94
AFFO	$	0.42		$	0.72		$	0.87		$	1.19
Normalized AFFO	$	0.44		$	0.46		$	0.88		$	0.93
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO	206,219,162			182,254,100			206,194,282			180,637,059
AFFO and Normalized AFFO	207,003,252			183,007,434			206,933,563			181,457,685


⁽¹⁾	Amount represents expenses related to the COVID-19 pandemic incurred by our Senior Housing - Managed portfolio.

⁽²⁾



	See reporting definitions.	2

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA, and Annualized Adjusted EBITDA, As Adjusted

(in thousands)



	Trailing Twelve Months Ended			Year Ended
	June 30, 2020			December 31, 2019
Net income attributable to Sabra Health Care REIT, Inc.	$	127,864		$	68,996
Interest	107,680			126,610
Income tax expense	3,411			3,402
Depreciation and amortization	175,494			181,549
EBITDA	$	414,449		$	380,557

Loss from unconsolidated joint venture	17,568			6,796
Distributions from unconsolidated joint venture	14,064			13,865
Stock-based compensation expense	8,983			9,819
Merger and acquisition costs	790			424
CCP transition costs	146			197
Provision for loan losses and other reserves	634			1,238
Impairment of real estate	16,683			121,819
Loss on extinguishment of debt	6,613			16,340
Other (income) loss	(2,573		)	2,482
Lease termination income	(854		)	(67,802		)
Net gain on sales of real estate	(1,178		)	(2,300		)
Adjusted EBITDA ⁽¹⁾	$	475,325		$	483,435

Annualizing adjustments ⁽²⁾	12,234			2,640
Annualized Adjusted EBITDA ⁽³⁾	$	487,559		$	486,075

Adjustment for:
Distributions from unconsolidated joint venture	(14,064		)	(13,865		)
EBITDA from unconsolidated joint venture ⁽⁴⁾	33,781			39,132
Annualized Adjusted EBITDA, as adjusted ⁽⁵⁾	$	507,276		$	511,342


⁽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⁾	Annualizing adjustments give effect to the acquisitions and dispositions completed during the twelve months ended for the respective period as though such acquisitions and dispositions were completed as of the beginning of the period.


⁽³⁾	Annualized Adjusted EBITDA is calculated as Adjusted EBITDA as adjusted to give effect to the adjustments described in footnote 2 above.


⁽⁴⁾	Represents Sabra’s pro rata share of unconsolidated joint venture EBITDA.


⁽⁵⁾	Annualized Adjusted EBITDA, as adjusted is used in the calculation of Net Debt to Adjusted EBITDA - Including Unconsolidated Joint Venture.



	See reporting definitions.	3

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Condensed Consolidated Statements of Income

Supplemental Information

(in thousands)



	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
Cash rental income	$	101,052		$	101,200	$	201,959		$	212,204
Straight-line rental income	4,592			5,242		9,451			10,710
Straight-line rental income receivable write-offs	(412		)	—		(3,341		)	—
Above/below market lease amortization	2,023			1,601		3,627			3,202
Above/below market lease intangible write-offs	—			—		(3,169		)	(5,905		)
Recoveries	5,472			4,757		10,712			8,976
Rental and related revenues	$	112,727		$	112,800	$	219,239		$	229,187



	See reporting definitions.	4

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Facility Type

(in thousands)



	Three Months Ended June 30, 2020
	Skilled Nursing/ Transitional Care			Senior Housing												Specialty Hospitals and Other
	Skilled Nursing/ Transitional Care			Senior Housing - Leased			Senior Housing - Managed (Wholly-Owned)			Senior Housing - Managed (Unconsolidated JV)			Total Senior Housing			Specialty Hospitals and Other			Interest and Other Income			Corporate			Total
Net income (loss)	$	52,793		$	7,673		$	2,841		$	(12,136	)	$	(1,622	)	$	9,940		$	2,606		$	(34,094	)	$	29,623
Adjustments:
Depreciation and amortization	26,598			5,412			7,773			—			13,185			4,403			—			16			44,202
Interest	488			419			—			—			419			—			—			24,385			25,292
General and administrative	—			—			—			—			—			—			—			8,673			8,673
Provision for loan losses and other reserves	—			—			—			—			—			—			—			129			129
Loss on extinguishment of debt	—			—			—			—			—			—			—			392			392
Other income	—			—			—			—			—			—			—			66			66
Net gain on sales of real estate	(330		)	—			—			—			—			—			—			—			(330		)
Loss from unconsolidated JV	—			—			—			12,136			12,136			—			—			—			12,136
Income tax expense	—			—			—			—			—			—			—			433			433
Sabra’s share of unconsolidated JV Net Operating Income	—			—			—			6,305			6,305			—			—			—			6,305

Net Operating Income ⁽¹⁾	$	79,549		$	13,504		$	10,614		$	6,305		$	30,423		$	14,343		$	2,606		$	—		$	126,921

Non-cash revenue and expense adjustments	(4,538		)	(458		)	—			—			(458		)	(1,179		)	(574		)	—			(6,749		)

Cash Net Operating Income ⁽¹⁾	$	75,011		$	13,046		$	10,614		$	6,305		$	29,965		$	13,164		$	2,032		$	—		$	120,172

Cash Net Operating Income not included in same store	(29		)	(1,758		)	(969		)	309			(2,418		)	(60		)

Same store Cash Net Operating Income ⁽²⁾	$	74,982		$	11,288		$	9,645		$	6,614		$	27,547		$	13,104


⁽¹⁾	Includes $1.7 million and $2.3 million of expenses for the Senior Housing - Managed wholly-owned and unconsolidated JV properties, respectively, related to increased supplies and labor needs related to the COVID-19 pandemic.


⁽²⁾	Includes $1.5 million and $2.2 million of expenses for the Senior Housing - Managed wholly-owned and unconsolidated JV properties, respectively, related to increased supplies and labor needs related to the COVID-19 pandemic.



	See reporting definitions.	5

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Facility Type

(in thousands)



	Three Months Ended March 31, 2020
	Skilled Nursing/ Transitional Care			Senior Housing												Specialty Hospitals and Other
	Skilled Nursing/ Transitional Care			Senior Housing - Leased			Senior Housing - Managed (Wholly-Owned)			Senior Housing - Managed (Unconsolidated JV)			Total Senior Housing			Specialty Hospitals and Other			Interest and Other Income			Corporate			Total
Net income (loss)	$	46,897		$	7,120		$	4,971		$	(3,667	)	$	8,424		$	9,887		$	2,851		$	(32,842	)	$	35,217
Adjustments:
Depreciation and amortization	26,916			5,085			7,751			—			12,836			4,401			—			15			44,168
Interest	660			428			—			—			428			—			—			24,616			25,704
General and administrative	—			—			—			—			—			—			—			8,761			8,761
Provision for loan losses and other reserves	—			—			—			—			—			—			—			667			667
Other income	—			—			—			—			—			—			—			(2,259		)	(2,259		)
Net loss on sales of real estate	217			—			—			—			—			—			—			—			217
Loss from unconsolidated JV	—			—			—			3,667			3,667			—			—			—			3,667
Income tax expense	—			—			—			—			—			—			—			1,042			1,042
Sabra’s share of unconsolidated JV Net Operating Income	—			—			—			8,370			8,370			—			—			—			8,370

Net Operating Income ⁽¹⁾	$	74,690		$	12,633		$	12,722		$	8,370		$	33,725		$	14,288		$	2,851		$	—		$	125,554

Non-cash revenue and expense adjustments	1,546			(662		)	—			—			(662		)	(1,219		)	(561		)	—			(896		)
Foreign exchange rate adjustment	—			—			(72		)	—			(72		)	—			—			—			(72		)

Cash Net Operating Income ⁽¹⁾	$	76,236		$	11,971		$	12,650		$	8,370		$	32,991		$	13,069		$	2,290		$	—		$	124,586

Cash Net Operating Income not included in same store	(523		)	(864		)	(1,068		)	182			(1,750		)	(101		)

Same store Cash Net Operating Income ⁽¹⁾	$	75,713		$	11,107		$	11,582		$	8,552		$	31,241		$	12,968


⁽¹⁾	Includes $0.3 million and $0.5 million of expenses for the Senior Housing - Managed wholly-owned and unconsolidated JV properties, respectively, related to increased supplies and labor needs related to the COVID-19 pandemic.



	See reporting definitions.	6

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Facility Type

(in thousands)



	Three Months Ended December 31, 2019
	Skilled Nursing/ Transitional Care			Senior Housing												Specialty Hospitals and Other
	Skilled Nursing/ Transitional Care			Senior Housing - Leased			Senior Housing - Managed (Wholly-Owned)			Senior Housing - Managed (Unconsolidated JV)			Total Senior Housing			Specialty Hospitals and Other			Interest and Other Income			Corporate			Total
Net income (loss)	$	52,311		$	5,649		$	5,515		$	(1,161	)	$	10,003		$	10,059		$	4,395		$	(37,027	)	$	39,741
Adjustments:
Depreciation and amortization	27,725			4,901			7,007			—			11,908			4,384			—			15			44,032
Interest	665			445			—			—			445			—			—			26,319			27,429
General and administrative	—			—			—			—			—			—			—			5,934			5,934
Recovery of loan losses and other reserves	—			—			—			—			—			—			—			(219		)	(219		)
Impairment of real estate	2,717			—			—			—			—			—			—			—			2,717
Loss on extinguishment of debt	—			—			—			—			—			—			—			5,577			5,577
Other income	—			—			—			—			—			—			—			(1,709		)	(1,709		)
Net gain on sales of real estate	(1,084		)	—			—			—			—			—			—			—			(1,084		)
Loss from unconsolidated JV	—			—			—			1,161			1,161			—			—			—			1,161
Income tax expense	—			—			—			—			—			—			—			1,110			1,110
Sabra’s share of unconsolidated JV Net Operating Income	—			—			—			10,089			10,089			—			—			—			10,089

Net Operating Income	$	82,334		$	10,995		$	12,522		$	10,089		$	33,606		$	14,443		$	4,395		$	—		$	134,778

Non-cash revenue and expense adjustments	(4,745		)	(524		)	—			—			(524		)	(1,187		)	(1,386		)	—			(7,842		)
Foreign exchange rate adjustment	—			—			(111		)	—			(111		)	—			—			—			(111		)

Cash Net Operating Income	$	77,589		$	10,471		$	12,411		$	10,089		$	32,971		$	13,256		$	3,009		$	—		$	126,825

Cash Net Operating Income not included in same store							(229		)	201

Same store Cash Net Operating Income							$	12,182		$	10,290



	See reporting definitions.	7

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Facility Type

(in thousands)



	Three Months Ended September 30, 2019
	Skilled Nursing/ Transitional Care			Senior Housing												Specialty Hospitals and Other
	Skilled Nursing/ Transitional Care			Senior Housing - Leased			Senior Housing - Managed (Wholly-Owned)			Senior Housing - Managed (Unconsolidated JV)			Total Senior Housing			Specialty Hospitals and Other			Interest and Other Income			Corporate			Total
Net income (loss)	$	48,511		$	(5,139	)	$	5,719		$	(605	)	$	(25	)	$	9,648		$	3,325		$	(38,173	)	$	23,286
Adjustments:
Depreciation and amortization	27,332			4,717			6,707			—			11,424			4,325			—			11			43,092
Interest	669			445			—			—			445			—			—			28,141			29,255
General and administrative	—			—			—			—			—			—			—			8,709			8,709
Provision for loan losses and other reserves	—			—			—			—			—			—			—			57			57
Impairment of real estate	3,131			10,835			—			—			10,835			—			—			—			13,966
Loss on extinguishment of debt	—			—			—			—			—			—			—			644			644
Other income	—			—			—			—			—			—			—			(215		)	(215		)
Net loss on sales of real estate	19			—			—			—			—			—			—			—			19
Loss from unconsolidated JV	—			—			—			605			605			—			—			—			605
Income tax expense	—			—			—			—			—			—			—			826			826
Sabra’s share of unconsolidated JV Net Operating Income	—			—			—			10,115			10,115			—			—			—			10,115

Net Operating Income	$	79,662		$	10,858		$	12,426		$	10,115		$	33,399		$	13,973		$	3,325		$	—		$	130,359

Non-cash revenue and expense adjustments	(3,137		)	(614		)	—			—			(614		)	(1,175		)	(555		)	—			(5,481		)
Foreign exchange rate adjustment	—			—			(111		)	—			(111		)	—			—			—			(111		)

Cash Net Operating Income	$	76,525		$	10,244		$	12,315		$	10,115		$	32,674		$	12,798		$	2,770		$	—		$	124,767

Cash Net Operating Income not included in same store							—			72

Same store Cash Net Operating Income							$	12,315		$	10,187



	See reporting definitions.	8

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Facility Type

(in thousands)



	Three Months Ended June 30, 2019
	Skilled Nursing/ Transitional Care			Senior Housing												Specialty Hospitals and Other
	Skilled Nursing/ Transitional Care			Senior Housing - Leased			Senior Housing - Managed (Wholly-Owned)			Senior Housing - Managed (Unconsolidated JV)			Total Senior Housing			Specialty Hospitals and Other			Interest and Other Income			Corporate			Total
Net income (loss)	$	52,008		$	7,072		$	(312	)	$	(3,647	)	$	3,113		$	9,787		$	70,495		$	(51,720	)	$	83,683
Adjustments:
Depreciation and amortization	28,224			4,672			12,332			—			17,004			4,236			—			12			49,476
Interest	676			450			—			—			450			—			—			32,482			33,608
General and administrative	—			—			—			—			—			—			—			8,059			8,059
Provision for loan losses and other reserves	—			—			—			—			—			—			—			193			193
Impairment of real estate	2,002			—			—			—			—			—			—			—			2,002
Loss on extinguishment of debt	—			—			—			—			—			—			—			10,119			10,119
Other income	—			—			—			—			—			—			—			1			1
Net gain on sales of real estate	(2,262		)	(305		)	(188		)	—			(493		)	—			—			—			(2,755		)
Loss from unconsolidated JV	—			—			—			3,647			3,647			—			—			—			3,647
Income tax expense	—			—			—			—			—			—			—			854			854
Sabra’s share of unconsolidated JV Net Operating Income	—			—			—			9,361			9,361			—			—			—			9,361

Net Operating Income	$	80,648		$	11,889		$	11,832		$	9,361		$	33,082		$	14,023		$	70,495		$	—		$	198,248

Non-cash revenue and expense adjustments	(4,945		)	(643		)	—			—			(643		)	(1,227		)	(10,288		)	—			(17,103		)
Foreign exchange rate adjustment	—			—			(81		)	—			(81		)	—			—			—			(81		)

Cash Net Operating Income	$	75,703		$	11,246		$	11,751		$	9,361		$	32,358		$	12,796		$	60,207		$	—		$	181,064

Cash Net Operating Income not included in same store							—			229

Same store Cash Net Operating Income							$	11,751		$	9,590



	See reporting definitions.	9

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Facility Type

(in thousands)



	Six Months Ended June 30, 2020
	Skilled Nursing/ Transitional Care			Senior Housing											Specialty Hospitals and Other
	Skilled Nursing/ Transitional Care			Senior Housing - Leased			Senior Housing - Managed (Wholly-Owned)		Senior Housing - Managed (Unconsolidated JV)			Total Senior Housing			Specialty Hospitals and Other			Interest and Other Income			Corporate			Total
Net income (loss)	$	99,690		$	14,793		$	7,812	$	(15,803	)	$	6,802		$	19,827		$	5,457		$	(66,936	)	$	64,840
Adjustments:
Depreciation and amortization	53,514			10,497			15,524		—			26,021			8,804			—			31			88,370
Interest	1,148			847			—		—			847			—			—			49,001			50,996
General and administrative	—			—			—		—			—			—			—			17,434			17,434
Provision for loan losses and other reserves	—			—			—		—			—			—			—			796			796
Loss on extinguishment of debt	—			—			—		—			—			—			—			392			392
Other income	—			—			—		—			—			—			—			(2,193		)	(2,193		)
Net gain on sales of real estate	(113		)	—			—		—			—			—			—			—			(113		)
Loss from unconsolidated JV	—			—			—		15,803			15,803			—			—			—			15,803
Income tax expense	—			—			—		—			—			—			—			1,475			1,475
Sabra’s share of unconsolidated JV Net Operating Income	—			—			—		14,675			14,675			—			—			—			14,675

Net Operating Income ⁽¹⁾	$	154,239		$	26,137		$	23,336	$	14,675		$	64,148		$	28,631		$	5,457		$	—		$	252,475

Non-cash revenue and expense adjustments	(2,992		)	(1,120		)	—		—			(1,120		)	(2,398		)	(1,135		)	—			(7,645		)

Cash Net Operating Income ⁽¹⁾	$	151,247		$	25,017		$	23,336	$	14,675		$	63,028		$	26,233		$	4,322		$	—		$	244,830

Annualizing adjustments	170,686			26,653			25,827		19,596			72,076			26,437			3,824			—			273,023

Annualized Cash Net Operating Income	$	321,933		$	51,670		$	49,163	$	34,271		$	135,104		$	52,670		$	8,146		$	—		$	517,853


⁽¹⁾	Includes $2.0 million and $2.7 million of expenses for the Senior Housing - Managed wholly-owned and unconsolidated JV properties, respectively, related to increased supplies and labor needs related to the COVID-19 pandemic.



	See reporting definitions.	10

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Payor Type

(in thousands)



	Six Months Ended June 30, 2020
	Private Payors			Non-Private Payors			Interest and Other Income			Corporate			Total
Net income (loss)	$	32,430		$	93,889		$	5,457		$	(66,936	)	$	64,840
Adjustments:
Depreciation and amortization	39,040			49,299			—			31			88,370
Interest	985			1,010			—			49,001			50,996
General and administrative	—			—			—			17,434			17,434
Provision for loan losses and other reserves	—			—			—			796			796
Loss on extinguishment of debt	—			—			—			392			392
Other income	—			—			—			(2,193		)	(2,193		)
Net loss (gain) on sales of real estate	68			(181		)	—			—			(113		)
Loss from unconsolidated JV	15,803			—			—			—			15,803
Income tax expense	—			—			—			1,475			1,475
Sabra’s share of unconsolidated JV Net Operating Income	14,675			—			—			—			14,675

Net Operating Income ⁽¹⁾	$	103,001		$	144,017		$	5,457		$	—		$	252,475

Non-cash revenue and expense adjustments	(3,720		)	(2,790		)	(1,135		)	—			(7,645		)

Cash Net Operating Income ⁽¹⁾	$	99,281		$	141,227		$	4,322		$	—		$	244,830

Annualizing adjustments	110,006			159,193			3,824			—			273,023

Annualized Cash Net Operating Income	$	209,287		$	300,420		$	8,146		$	—		$	517,853


⁽¹⁾	Includes $2.0 million and $2.7 million of expenses for the Senior Housing - Managed wholly-owned and unconsolidated JV properties, respectively, related to increased supplies and labor needs related to the COVID-19 pandemic.



	See reporting definitions.	11

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Relationship

(in thousands)



	Six Months Ended June 30, 2020
	Enlivant			Avamere Family of Companies			North American Healthcare			Signature Healthcare			Cadia Healthcare		Signature Behavioral			Holiday AL Holdings LP		Genesis Healthcare, Inc.			Healthmark Group		The McGuire Group			All Other Relationships			Corporate			Total
Net (loss) income	$	(13,363	)	$	16,976		$	14,820		$	10,122		$	5,753	$	11,740		$	4,738	$	10,141		$	6,459	$	6,909		$	57,481		$	(66,936	)	$	64,840
Adjustments:
Depreciation and amortization	2,014			6,092			5,607			7,292			5,168		5,064			9,197		1,190			2,425		3,563			40,727			31			88,370
Interest	—			—			—			—			—		—			—		1,256			—		—			739			49,001			50,996
General and administrative	—			—			—			—			—		—			—		—			—		—			—			17,434			17,434
Provision for loan losses and other reserves	—			—			—			—			—		—			—		—			—		—			—			796			796
Loss on extinguishment of debt	—			—			—			—			—		—			—		—			—		—			—			392			392
Other income	—			—			—			—			—		—			—		—			—		—			—			(2,193		)	(2,193		)
Net loss (gain) on sales of real estate	—			—			—			2,386			—		—			—		(2,713		)	—		—			214			—			(113		)
Loss from unconsolidated JV	15,803			—			—			—			—		—			—		—			—		—			—			—			15,803
Income tax expense	—			—			—			—			—		—			—		—			—		—			—			1,475			1,475
Sabra’s share of unconsolidated JV Net Operating Income	14,675			—			—			—			—		—			—		—			—		—			—			—			14,675

Net Operating Income ⁽¹⁾	$	19,129		$	23,068		$	20,427		$	19,800		$	10,921	$	16,804		$	13,935	$	9,874		$	8,884	$	10,472		$	99,161		$	—		$	252,475

Non-cash revenue and expense adjustments	—			(1,825		)	(1,628		)	(1,123		)	118		(314		)	—		2,141			3		(2,597		)	(2,420		)	—			(7,645		)

Cash Net Operating Income ⁽¹⁾	$	19,129		$	21,243		$	18,799		$	18,677		$	11,039	$	16,490		$	13,935	$	12,015		$	8,887	$	7,875		$	96,741		$	—		$	244,830

Annualizing adjustments	25,306			22,213			18,799			18,477			25,044		16,996			14,205		11,485			8,168		7,927			104,403			—			273,023

Annualized Cash Net Operating Income	$	44,435		$	43,456		$	37,598		$	37,154		$	36,083	$	33,486		$	28,140	$	23,500		$	17,055	$	15,802		$	201,144		$	—		$	517,853


⁽¹⁾	Includes $2.0 million and $2.7 million of expenses for the Senior Housing - Managed wholly-owned and unconsolidated JV properties, respectively, related to increased supplies and labor needs related to the COVID-19 pandemic.



	See reporting definitions.	12

SABRA HEALTH CARE REIT, INC.

REPORTING DEFINITIONS

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

Annualized Cash Net Operating Income (“Annualized Cash NOI”). The Company believes that net income attributable to common stockholders 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.

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 or additional rents and are net of repositioning reserves, if applicable.

Cash Net Operating Income (“Cash NOI”). The Company believes that net income attributable to common stockholders 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.

Funds From Operations Attributable to Common Stockholders (“FFO”) and Adjusted Funds from Operations Attributable to Common Stockholders (“AFFO”). The Company believes that net income attributable to common stockholders as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations attributable to common stockholders, 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 attributable to common stockholders, 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 attributable to common stockholders, as defined by GAAP. FFO is defined as net income attributable to common stockholders, 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 venture, 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 venture, and real estate impairment charges. AFFO is defined as FFO excluding merger and acquisition costs, 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 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 ineffectiveness 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 venture. 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 attributable to common stockholders 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 Operating Income (“NOI”). The Company believes that net income attributable to common stockholders 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.



		13



Maryland	001-34950	27-2560479
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)



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



(d)		Exhibits.

99.1		Press Release of Sabra Health Care REIT, Inc., dated August 5, 2020.

99.2		Sabra Health Care REIT, Inc. Supplemental Information Package, dated June 30, 2020.

99.3		Reconciliations of Non-GAAP Financial Measures, dated June 30, 2020.

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



	SABRA HEALTH CARE REIT, INC.

	/S/ HAROLD W. ANDREWS, JR.
	Name:		Harold W. Andrews, Jr.
	Title:		Executive Vice President, Chief Financial Officer and Secretary



18500 Von Karman Avenue	Suite 550	Irvine	CA	92612
(Address of principal executive offices)				(Zip Code)



☐	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))



Emerging growth company	☐



Item 7.01	Regulation FD Disclosure.