sbra-20220803

Exhibit 99.1

FOR IMMEDIATE RELEASE

SABRA REPORTS SECOND QUARTER 2022 RESULTS; PROVIDES BUSINESS UPDATE

IRVINE, CA, August 3, 2022 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the second quarter of 2022. In addition, the Company provided a business update.

SECOND QUARTER 2022 RESULTS AND RECENT EVENTS

•Results per diluted common share for the second quarter of 2022 were as follows:

•Net Income: $0.07

•FFO: $0.36

•Normalized FFO: $0.39

•AFFO: $0.36

•Normalized AFFO: $0.38

•EBITDARM Coverage Summary:

•Skilled Nursing/Transitional Care: 1.88x (pro forma for Avamere lease amendment), and 1.66x (pro forma for Avamere lease amendment and excluding Provider Relief Funds)

•Senior Housing - Leased: 1.09x

•Behavioral Health: 1.83x

•Specialty Hospitals & Other: 7.07x

•During the second quarter of 2022, we acquired 12 Canadian senior housing communities with our newly formed — and previously announced — 50/50 joint venture with Sienna for $147.4 million with an estimated stabilized cash yield of 6.5%. Subsequent to the quarter, we closed on the acquisition of two additional managed senior housing communities for $71.7 million with a weighted average initial cash yield of 7.2%. Our year-to-date investment activity totals $264.9 million with a weighted average initial cash yield of 6.9%.

•During the second quarter of 2022, we generated $40.2 million of gross proceeds from the disposition of eight facilities. In addition, subsequent to June 30, 2022, we completed the sale of two facilities and have six facilities under contract for sale, which, collectively, are anticipated to generate gross proceeds of over $210 million. We expect the sales under contract to close by the end of the year, subject to customary closing and diligence conditions. We continue to evaluate additional assets for sale as part of our initiative to recycle capital and further improve our portfolio quality.

•Year to date, we have transitioned, or are in the process of transitioning, 25 triple-net leased assets to existing — as well as one new — operators, including growing our relationship with the Ensign Group from three to nine properties. We have also identified four wholly-owned assets for conversion to addiction treatment centers.

•Our Net Debt to Adjusted EBITDA ratio was 5.44x as of June 30, 2022, and we expect to reduce leverage closer to our 5.0x long-term leverage target by the end of the year with proceeds from disposition activity. We continue to focus on strengthening our balance sheet and portfolio without accessing the capital markets.

•On August 3, 2022, 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, 2022 to common stockholders of record as of the close of business on August 17, 2022. The dividend represents a payout of 79% of our Normalized AFFO per share of $0.38.

BUSINESS UPDATE

Behavioral Health

Sabra’s growing behavioral health portfolio represents a total investment of approximately $730 million with a weighted average cash yield of over 8%, which accounts for roughly 13% of the Company’s Annualized Cash NOI. In addition to potential acquisitions, the Company continues to explore asset recycling opportunities within its existing portfolio. In total, nine properties have been converted or are in the process of being converted to addiction treatment centers, and we are negotiating several additional conversion opportunities for existing wholly-owned assets.

Same-Store Senior Housing - Managed

Revenue increased roughly 6.5% sequentially across our assisted living portfolio, which was driven by both higher occupancy and REVPOR. A combination of revenue growth, modestly higher operating expenses, and operating leverage resulted in a greater than 50% sequential increase in Cash NOI and over 450 bps sequential increase in Cash NOI margin.

While more discretionary in nature, operating performance across our independent living portfolio also improved during the second quarter. Higher occupancy and REVPOR drove a 2.5% sequential increase in revenue, while Cash NOI also grew over 2% sequentially.

Medicaid Trends

With distributions from the CARES Act Provider Relief Fund effectively completed, many states have increased their support to skilled nursing providers. The Families First Coronavirus Response Act provided a temporary 6.2% increase in Federal Medical Assistance Percentages (“FMAP”) retroactive to January 1, 2020 with continuation through December 31, 2022, and states have discretion regarding the distribution of these funds to healthcare providers. Several states have continued, and in some cases extended, these benefits to providers. The following is a summary of what the top ten states in our SNF portfolio have announced with regards to FMAP benefits via a per-diem add-on to the Medicaid rate, which is one of various ways states have supported the skilled nursing industry during the pandemic.


FMAP Medicaid Add-On Status:
	Sabra	Add-On		Expiration
State	Prop Count	% Increase		Date
TX	36	12%	(1)	12/31/22
KY	25	12%	(1)	07/01/24
CA	24	10%		12/31/23
MA	17	0%		N/A
OR	15	5%		06/30/23
WA	15	2%	(1)	06/30/25	(2)
NC	13	15%	(1)	12/31/22
MO	13	10%	(1)	06/30/22
IN	12	6%		01/31/22
NY	9	0%		N/A
1 Percentage increase based on state-defined per diem dollar amount of FMAP add-on and estimated state average Medicaid per diem rate
2 FMAP add-on in Washington state phases out through 06/30/25

Additionally, several states have increased their base Medicaid reimbursement rates outside of continuation or extension of FMAP. The following summary illustrates the announced Medicaid rate increases for FY '22/'23 in our top ten states in our SNF portfolio. For context, Medicaid rate increases have averaged 1.7% per year over the past decade according to NIC MAP. Medicaid reimbursements accounted for approximately 43% of revenues for our skilled nursing/transitional care tenants for the twelve months ended June 30, 2022 (one quarter in arrears).

Medicaid Rate Increase '22/'23:

Sabra

Base Rate

Effective

State

Prop Count

% Increase

Date

TBD

N/A

01/01/23

Pending

(1)

07/01/22

17%

07/01/22

19%

07/01/22

10%

01/01/23

10%

(2)

07/01/22

Pending

(1)

07/01/22

04/01/22

1 Not published yet, should be retroactive to 7/1/22

2 Percentage increase based on state-defined dollar amount of base rate increase and estimated state average Medicaid rate

Commenting on the second quarter’s results, Rick Matros, CEO and Chair, said, “Our perspective is that we have moved from the pandemic phase of COVID-19 to endemic. Occupancy is increasing, albeit still hampered by labor shortages. Hiring has improved and agency utilization is coming down, but this will take time. Our portfolio continues to be resilient. Our cash collections remain in line with where they have been. Anticipated dispositions, which are primarily comprised of skilled nursing facilities, will leave us with a more diversified portfolio. We are comfortable with our leverage being temporarily elevated as we await these disposition proceeds and we see no need to access the capital markets as we look out to the rest of 2022. We are pleased with the progress we are making as we expand our footprint in behavioral health, including the adaptive re-use of existing assets which create value in obsolete properties, fill a need for those services and create jobs in those communities. On the reimbursement side, Medicaid is an important source of revenue for the skilled nursing industry and we feel very good about the increases we are seeing in those rates, which creates a smoother path to recovery as the federal assistance we have been accustomed to expires over time. We also appreciate the recently announced net 2.7% increase in Medicare rates for skilled nursing facilities, which is 340 bps higher than what was initially proposed.”

LIQUIDITY

As of June 30, 2022, we had approximately $924.8 million of liquidity, consisting of unrestricted cash and cash equivalents of $67.2 million and available borrowings of $857.7 million under our revolving credit facility. As of June 30, 2022, we also had $475.0 million available under the ATM Program.

CONFERENCE CALL AND COMPANY INFORMATION

A conference call with a simultaneous webcast to discuss the 2022 second quarter results will be held on Thursday, August 4, 2022 at 10:00 am Pacific Time. The webcast URL is https://edge.media-server.com/mmc/p/8y4hfs37. To participate via telephone, please register in advance at https://register.vevent.com/register/BIc05c360c08b0486980f4d682637b42b2 to receive a unique PIN needed to access the call. The dial-in number is (844) 543-0451. 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.

ABOUT SABRA

As of June 30, 2022, Sabra’s investment portfolio included 406 real estate properties held for investment (consisting of (i) 272 Skilled Nursing/Transitional Care facilities, (ii) 55 Senior Housing communities (“Senior Housing - Leased”), (iii) 50 Senior Housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”), (iv) 14 Behavioral Health facilities and (v) 15 Specialty Hospitals and Other facilities), three assets held for sale, one investment in a sales-type lease, 14 investments in loans receivable (consisting of two mortgage loans and 12 other loans), eight preferred equity investments and two investments in unconsolidated joint ventures. As of June 30, 2022, Sabra’s real estate properties held for investment included 40,669 beds/units, spread across the United States and Canada.

FORWARD-LOOKING STATEMENTS SAFE HARBOR

This release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our expectations regarding our recent and pending investments and dispositions; our expectations regarding growth in our relationship with Ensign; our expectations regarding our leverage ratio; our expectations regarding the timing of improvements in hiring and agency utilization; our expectations regarding the diversification of our portfolio; 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, and the related impact on our tenants, operators and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs for our tenants and operators, due to labor market challenges and macroeconomic factors such as inflation; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; 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 impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’ or operators’ failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; increases in market interest rates; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and

debt financings; changes in foreign currency exchange rates and other risks associated with our ownership of property outside the U.S.; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws.

Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, unless required by law to do so.

TENANT, OPERATOR AND BORROWER INFORMATION

This release includes information regarding certain of our tenants that lease properties from us and our operators and borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants, operators and borrowers that is provided in this release has been provided by, or derived from information provided by, such tenants, operators 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: Adjusted EBITDA, Net Debt to Adjusted EBITDA, net operating income (“NOI”), Cash NOI, Annualized Cash NOI, funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share 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 https://ir.sabrahealth.com/investors/financials/quarterly-results.

CONTACT

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

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(dollars in thousands, except per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Rental and related revenues (1)	$	103,168	$	110,783	$	213,054	$	224,166
Interest and other income	8,653		3,031		19,645		5,972
Resident fees and services	44,136		39,118		86,363		75,159

Total revenues	155,957		152,932		319,062		305,297

Expenses:
Depreciation and amortization	45,172		44,491		90,428		88,866
Interest	25,530		24,270		50,502		48,713
Triple-net portfolio operating expenses	4,852		5,000		9,863		10,135
Senior housing - managed portfolio operating expenses	34,026		28,901		67,130		57,846
General and administrative	8,649		8,811		19,045		17,749

(Recovery of) provision for loan losses and other reserves	(270)		(109)		205		1,916
Impairment of real estate	11,745		—		11,745		—

Total expenses	129,704		111,364		248,918		225,225

Other (expense) income:
Loss on extinguishment of debt	—		(54)		(271)		(847)
Other (expense) income	(2,163)		(24)		(2,095)		109
Net loss on sales of real estate	(4,501)		(3,752)		(4,501)		(2,439)

Total other expense	(6,664)		(3,830)		(6,867)		(3,177)

Income before loss from unconsolidated joint ventures and income tax expense	19,589		37,738		63,277		76,895

Loss from unconsolidated joint ventures	(2,529)		(169,789)		(5,331)		(174,799)
Income tax expense	(255)		(522)		(539)		(1,222)

Net income (loss)	$	16,805	$	(132,573)	$	57,407	$	(99,126)









Net income (loss), per:

Basic common share	$	0.07	$	(0.61)	$	0.25	$	(0.46)

Diluted common share	$	0.07	$	(0.61)	$	0.25	$	(0.46)

Weighted-average number of common shares outstanding, basic	230,967,163		216,264,207		230,913,462		213,870,329

Weighted-average number of common shares outstanding, diluted	231,681,536		216,264,207		231,641,958		213,870,329

(1) See page 7 for additional details regarding Rental and related revenues.

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - SUPPLEMENTAL INFORMATION

(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cash rental income	$	95,209	$	101,069	$	195,566	$	203,984
Straight-line rental income	2,342		3,646		5,036		7,723
Straight-line rental income receivable write-offs	(323)		—		(462)		—
Above/below market lease amortization	1,568		1,268		3,161		2,904
Above/below market lease intangible write-offs	—		—		326		—
Operating expense recoveries	4,372		4,800		9,427		9,555

Rental and related revenues	$	103,168	$	110,783	$	213,054	$	224,166

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)


	June 30, 2022		December 31, 2021

Assets
Real estate investments, net of accumulated depreciation of $897,568 and $831,324 as of June 30, 2022 and December 31, 2021, respectively	$	5,045,129	$	5,162,884
Loans receivable and other investments, net	395,342		399,086
Investment in unconsolidated joint ventures	219,920		96,680
Cash and cash equivalents	67,153		111,996
Restricted cash	4,368		3,890

Lease intangible assets, net	49,836		54,063
Accounts receivable, prepaid expenses and other assets, net	179,684		138,108
Total assets	$	5,961,432	$	5,966,707

Liabilities
Secured debt, net	$	50,177	$	66,663
Revolving credit facility	142,341		—
Term loans, net	553,695		594,246
Senior unsecured notes, net	1,734,008		1,733,566

Accounts payable and accrued liabilities	117,682		142,989
Lease intangible liabilities, net	45,803		49,713

Total liabilities	2,643,706		2,587,177

Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2022 and December 31, 2021	—		—
Common stock, $0.01 par value; 500,000,000 shares authorized, 230,968,872 and 230,398,655 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	2,310		2,304
Additional paid-in capital	4,482,239		4,482,451
Cumulative distributions in excess of net income	(1,176,968)		(1,095,204)
Accumulated other comprehensive income (loss)	10,145		(10,021)


Total equity	3,317,726		3,379,530
Total liabilities and equity	$	5,961,432	$	5,966,707

SABRA HEALTH CARE REIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Six Months Ended June 30,
	2022		2021
Cash flows from operating activities:
Net income (loss)	$	57,407	$	(99,126)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	90,428		88,866
Non-cash rental and related revenues	(8,061)		(10,627)
Non-cash interest income	(1,094)		(914)
Non-cash interest expense	5,502		3,645
Stock-based compensation expense	3,250		4,559


Loss on extinguishment of debt	271		847
Provision for loan losses and other reserves	205		1,916
Net loss on sales of real estate	4,501		2,439
Impairment of real estate	11,745		—
Other-than-temporary impairment of unconsolidated joint venture	—		164,126
Loss from unconsolidated joint ventures	5,331		10,673

Other non-cash items	2,167		—
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	(6,074)		(2,361)
Accounts payable and accrued liabilities	(25,895)		(11,777)

Net cash provided by operating activities	139,683		152,266
Cash flows from investing activities:
Acquisition of real estate	(20,573)		(62,107)


Origination and fundings of preferred equity investments	(4,990)		(3,394)
Additions to real estate	(19,495)		(21,736)
Escrow deposits for potential investments	(836)		—
Repayments of loans receivable	4,466		1,135
Repayments of preferred equity investments	1,333		513
Investment in unconsolidated joint venture	(128,007)		—
Net proceeds from the sales of real estate	40,003		8,381


Net cash used in investing activities	(128,099)		(77,208)
Cash flows from financing activities:
Net borrowings from revolving credit facility	142,353		—


Principal payments on term loans	(40,000)		(110,000)
Principal payments on secured debt	(16,547)		(1,446)
Payments of deferred financing costs	(6)		(7)



Issuance of common stock, net	(3,803)		172,698
Dividends paid on common stock	(138,565)		(128,050)

Net cash used in financing activities	(56,568)		(66,805)

Net (decrease) increase in cash, cash equivalents and restricted cash	(44,984)		8,253
Effect of foreign currency translation on cash, cash equivalents and restricted cash	619		159
Cash, cash equivalents and restricted cash, beginning of period	115,886		65,523

Cash, cash equivalents and restricted cash, end of period	$	71,521	$	73,935
Supplemental disclosure of cash flow information:
Interest paid	$	49,968	$	45,658

Supplemental disclosure of non-cash investing activities:



Decrease in loans receivable and other investments due to acquisition of real estate	$	5,623	$	—

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,
	2022		2021		2022		2021
Net income (loss)	$	16,805	$	(132,573)	$	57,407	$	(99,126)
Add:
Depreciation and amortization of real estate assets	45,172		44,491		90,428		88,866

Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures	5,133		5,879		9,766		11,723
Net loss on sales of real estate	4,501		3,752		4,501		2,439
Net (gain) loss on sales of real estate related to unconsolidated joint ventures	(220)		(18)		(220)		15
Impairment of real estate	11,745		—		11,745		—
Other-than-temporary impairment of unconsolidated joint ventures	—		164,126		—		164,126
FFO	$	83,136	$	85,657	$	173,627	$	168,043


Write-offs of cash and straight-line rental income receivable and lease intangibles	709		—		180		—
Lease termination income	—		—		(2,338)		—
Loss on extinguishment of debt	—		54		271		847
(Recovery of) provision for credit and loan losses and other reserves	(270)		(109)		205		1,916
Support payments paid to joint venture manager (1)	3,626		2,450		3,626		2,450
Other normalizing items (2)	2,699		316		2,651		704
Normalized FFO	$	89,900	$	88,368	$	178,222	$	173,960

FFO	$	83,136	$	85,657	$	173,627	$	168,043
Stock-based compensation expense	794		2,271		3,250		4,559
Non-cash rental and related revenues	(3,587)		(4,914)		(8,061)		(10,627)
Non-cash interest income	(547)		(502)		(1,094)		(914)
Non-cash interest expense	2,804		1,749		5,502		3,645
Non-cash portion of loss on extinguishment of debt	—		54		271		847
(Recovery of) provision for loan losses and other reserves	(270)		(109)		205		1,916

Other adjustments related to unconsolidated joint ventures	(692)		(618)		(1,678)		(1,214)
Other adjustments	2,211		361		2,394		533
AFFO	$	83,849	$	83,949	$	174,416	$	166,788

Cash portion of lease termination income	—		—		(2,338)		—

Write-off of cash rental income	404		—		71		—
Support payments paid to joint venture manager (1)	3,626		2,450		3,626		2,450
Other normalizing items (2)	516		237		330		558
Normalized AFFO	$	88,395	$	86,636	$	176,105	$	169,796
Amounts per diluted common share:
Net income (loss)	$	0.07	$	(0.61)	$	0.25	$	(0.46)
FFO	$	0.36	$	0.39	$	0.75	$	0.78
Normalized FFO	$	0.39	$	0.41	$	0.77	$	0.81
AFFO	$	0.36	$	0.39	$	0.75	$	0.77
Normalized AFFO	$	0.38	$	0.40	$	0.76	$	0.79
Weighted average number of common shares outstanding, diluted:
Net income (loss)	231,681,536		216,264,207		231,641,958		215,015,226
FFO and Normalized FFO	231,681,536		217,462,704		231,641,958		215,015,226
AFFO and Normalized AFFO	232,708,975		217,946,731		232,713,843		215,550,317

(1) Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by our unconsolidated joint venture with Enlivant from TPG for the issuance of senior preferred interests for each of the three and six months ended June 30, 2022 and with cash on hand at the joint venture for each of the three and six months ended June 30, 2021.

(2) FFO and AFFO for each of the six months ended June 30, 2022 and 2021 include $0.2 million earned during the period related to legacy Care Capital Properties, Inc. investments. FFO for the three and six months ended June 30, 2022, includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.

REPORTING DEFINITIONS

Adjusted EBITDA*

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

Annualized Cash Net Operating Income (“Annualized Cash NOI”)*

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

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 adjusted to (i) reflect actual payments received during the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis, (ii) exclude residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis and (iii) reflect the reduction in Avamere’s annual base rent to $30.7 million effective February 1, 2022.

Behavioral Health

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

Cash Net Operating Income (“Cash NOI”)*

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

EBITDARM

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

EBITDARM Coverage

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

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

The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies

REPORTING DEFINITIONS

that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of the depreciable real estate held by the entity. 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 ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.

Grant Income

Grant income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents.

Net Debt*

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

Net Debt to Adjusted EBITDA*

Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.

Net Operating Income (“NOI”)*

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

Normalized FFO and Normalized AFFO*

Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by

REPORTING DEFINITIONS

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.

REVPOR

REVPOR represents the average revenues generated per occupied unit per month at Senior Housing - Managed communities for the period indicated. It is calculated as resident fees and services revenues, excluding Grant Income, divided by average monthly occupied unit days. REVPOR includes only Stabilized Facilities.

Senior Housing

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

Senior Housing - Managed

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

Skilled Mix

Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful.

Skilled Nursing/Transitional Care

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

Specialty Hospitals and Other

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

Stabilized Facility

At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent 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) leased facilities acquired during the three months preceding the period presented.

*Non-GAAP Financial Measures

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

Exhibit 99.2

2 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Same Store Triple-Net Portfolio Top 10 Relationships Medicaid Trends Senior Housing - Managed Consolidated Portfolio Senior Housing - Managed Unconsolidated Portfolio Loans and Other Investments | Development Pipeline NOI Concentrations Geographic Concentrations - Consolidated Portfolio Triple-Net Lease Expirations 16 INVESTMENT ACTIVITY Summary Recent 18 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 22 FINANCIAL INFORMATION Consolidated Financial Statements - Statements of Income (Loss) Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 28 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results

3 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 SENIOR MANAGEMENT Rick Matros Michael Costa Talya Nevo-Hacohen Chief Executive Officer, President Chief Financial Officer, Secretary Chief Investment Officer, Treasurer and Chair and Executive Vice President and Executive Vice President BOARD OF DIRECTORS Rick Matros Michael Foster Jeffrey Malehorn Chief Executive Officer, President Lead Independent Director Director and Chair Craig Barbarosh Lynne Katzmann Clifton Porter II Director Director Director Katie Cusack Ann Kono 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 COMPANY INFORMATION

4 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 Financial Metrics Dollars in thousands, except per share data June 30, 2022 Three Months Ended Six Months Ended Revenues $ 155,957 $ 319,062 Net operating income 122,134 250,666 Cash net operating income 118,024 241,557 Diluted per share data: EPS $ 0.07 $ 0.25 FFO 0.36 0.75 Normalized FFO 0.39 0.77 AFFO 0.36 0.75 Normalized AFFO 0.38 0.76 Dividends per common share 0.30 0.60 Capitalization and Market Facts Key Credit Metrics (1) June 30, 2022 June 30, 2022 Common shares outstanding 231.0 million Net Debt to Adjusted EBITDA 5.44x Common equity Market Capitalization $3.2 billion Interest Coverage 4.81x Consolidated Debt $2.5 billion Fixed Charge Coverage Ratio 4.70x Consolidated Enterprise Value $5.7 billion Total Debt/Asset Value 35 % Secured Debt/Asset Value 1 % Common stock closing price $13.97 Unencumbered Assets/Unsecured Debt 276 % Common stock 52-week range $11.44 - $19.02 Common stock ticker symbol SBRA Portfolio (2) Dollars in thousands As of June 30, 2022 Property Count Investment Beds/Units Occupancy Percentage (3) Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing / Transitional Care 272 $ 3,560,595 30,251 72.8 % Senior Housing - Leased 55 693,341 3,965 79.7 Behavioral Health 14 420,880 795 83.3 Specialty Hospitals and Other 15 225,443 392 80.0 Total Triple-Net Portfolio 356 4,900,259 35,403 Senior Housing - Managed 50 1,041,558 5,266 80.0 (6) Consolidated Real Estate Investments 406 5,941,817 40,669 Unconsolidated Joint Venture Senior Housing - Managed 12 140,100 1,234 84.9 Total Equity Investments 418 6,081,917 41,903 Investment in Sales-Type Lease, net 1 25,370 Investments in Loans Receivable, gross (4) 14 337,350 Preferred Equity Investments, gross (5) 8 58,073 Includes 75 relationships in 41 U.S. states and CanadaTotal Investments 441 $ 6,502,710 (1) See page 22 of this supplement for important information about these credit metrics. (2) Excludes (i) three real estate properties held for sale as of the end of the current period and (ii) our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. (3) 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. (4) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds (5) Our preferred equity investments include investments in entities owning six Senior Housing developments with 866 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. (6) Reflects Occupancy Percentage of 80.3% and 79.9% for assisted living and independent living communities in our Senior Housing - Managed portfolio, respectively. OVERVIEW

5 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 Operating Statistics (2) Dollars in thousands 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Skilled Nursing/Transitional Care Number of Properties 283 282 279 279 272 Number of Beds 31,321 31,245 30,920 30,920 30,251 Cash NOI $ 74,387 $ 74,640 $ 71,726 $ 75,500 $ 70,399 Occupancy 72.0 % 71.1 % 71.4 % 71.8 % 72.8 % Skilled Mix 40.0 % 40.1 % 39.8 % 38.2 % 37.8 % Senior Housing - Leased Number of Properties 62 61 60 59 55 Number of Units 4,147 4,079 4,099 4,072 3,965 Cash NOI $ 12,561 $ 12,412 $ 12,097 $ 11,578 $ 10,673 Occupancy 78.5 % 78.1 % 78.1 % 78.5 % 79.7 % Behavioral Health Number of Properties 13 13 13 13 14 Number of Beds (4) 795 795 795 795 795 Cash NOI $ 9,359 $ 9,416 $ 9,522 $ 8,889 $ 9,229 Occupancy 82.7 % 84.5 % 84.2 % 84.6 % 83.3 % Specialty Hospitals and Other Number of Properties 16 16 15 15 15 Number of Beds 433 433 392 392 392 Cash NOI $ 4,587 $ 4,589 $ 4,560 $ 4,456 $ 4,452 Occupancy 80.1 % 79.9 % 80.6 % 80.5 % 80.0 % PORTFOLIO Triple-Net Portfolio (1) Triple-Net Portfolio Dollars in thousands As of June 30, 2022 Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Number of Properties 272 55 14 15 356 Number of Beds/Units 30,251 3,965 795 392 35,403 Investment $ 3,560,595 $ 693,341 $ 420,880 $ 225,443 $ 4,900,259 (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 (together, “Operating Statistics”) and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of such period and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears, and therefore, EBITDARM Coverage and Operating Statistics exclude assets acquired after March 31, 2022. (3) Effective February 1, 2022, Avamere’s annual base rent on the current portfolio has been reduced to $30.7 million from $44.1 million. Pro forma EBITDARM Coverage illustrates the impact of this rent reduction on our historical trailing twelve-month EBITDARM Coverages for Avamere and our Skilled Nursing/Transitional Care portfolio. (4) 2Q 2022 includes one facility transitioned to Behavioral Health during the period with zero beds as it is currently under construction. The property is expected to have 60 beds upon completion of construction. EBITDARM Coverage (2) 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Skilled Nursing/Transitional Care 1.99x 1.78x 1.77x 1.80x 1.80x Senior Housing - Leased 1.12x 1.09x 1.04x 1.02x 1.09x Behavioral Health 1.99x 2.11x 2.06x 1.98x 1.83x Specialty Hospitals and Other 7.35x 7.42x 7.52x 7.52x 7.07x Pro Forma EBITDARM Coverage (2)(3) 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Skilled Nursing/Transitional Care 2.09x 1.87x 1.86x 1.87x 1.88x

6 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Same Store Triple-Net Portfolio (1) (1) Excludes three real estate properties held for sale as of the end of the current period (2) Same store triple-net portfolio includes all facilities held for investment for the full period in both comparison periods. (3) 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. (4) Effective February 1, 2022, Avamere’s annual base rent on the current portfolio has been reduced to $30.7 million from $44.1 million. Pro forma EBITDARM Coverage illustrates the impact of this rent reduction on our historical trailing twelve-month EBITDARM Coverages for Avamere and our Skilled Nursing/Transitional Care portfolio. Same Store Triple-Net Portfolio (2) Dollars in thousands Number of Properties Number of Beds/Units Cash NOI 2Q 2022 1Q 2022 2Q 2022 1Q 2022 Skilled Nursing/Transitional Care 272 30,251 30,251 $ 69,513 $ 74,157 Senior Housing - Leased 55 3,965 3,965 $ 10,162 $ 10,881 Behavioral Health 13 795 795 $ 9,226 $ 8,889 Specialty Hospitals and Other 15 392 392 $ 4,448 $ 4,438 EBITDARM Coverage (3) 2Q 2022 1Q 2022 Skilled Nursing/Transitional Care 1.80x 1.88x Senior Housing - Leased 1.09x 1.04x Behavioral Health 1.83x 1.98x Specialty Hospitals and Other 7.07x 7.52x Operating Statistics (3) Occupancy Skilled Mix 2Q 2022 1Q 2022 2Q 2022 1Q 2022 Skilled Nursing/Transitional Care 73.7 % 72.9 % 38.4 % 38.9 % Senior Housing - Leased 79.8 % 78.7 % N/A N/A Behavioral Health 83.3 % 84.6 % N/A N/A Specialty Hospitals and Other 80.0 % 80.5 % N/A N/A Pro Forma EBITDARM Coverage (3)(4) 2Q 2022 1Q 2022 Skilled Nursing/Transitional Care 1.88x 1.96x

7 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Top 10 Relationships (1) Top 10 Relationships Tenant/Borrower Credit Exposure Senior Housing - Managed Operator Exposure As of June 30, 2022 EBITDARM Coverage Twelve Months Ended (2) As of June 30, 2022 Relationship Primary Property Type Number of Sabra Investments % of Annualized Cash NOI June 30, 2022 March 31, 2022 Number of Sabra Investments % of Annualized Cash NOI North American Healthcare Skilled Nursing 24 8.7 % 1.43x 1.44x — — Signature Healthcare (3) Skilled Nursing 45 8.6 % 1.73x 1.88x — — Signature Behavioral Behavioral Hospitals 5 6.9 % 1.53x 1.71x — — Avamere Family of Companies Skilled Nursing 27 6.8 % 1.36x 1.30x — — Recovery Centers of America (4) Addiction Treatment 3 5.3 % N/A N/A — — Holiday AL Holdings LP Independent Living — — N/A N/A 22 5.0 % Cadia Healthcare (5) Skilled Nursing 10 4.6 % 1.80x 1.77x — — CommuniCare (6) Skilled Nursing 13 3.7 % 1.68x 1.72x — — The McGuire Group Skilled Nursing 7 3.6 % 2.22x 2.41x — — Healthmark Group Skilled Nursing 17 3.4 % 1.64x 1.62x — — Top 10 relationships 151 51.6 % 1.60x 1.66x 22 5.0 % Remaining 65 relationships 228 38.1 % 2.51x 2.42x 40 5.3 % Total 379 89.7 % 1.98x 1.99x 62 10.3 % (1) Excludes (i) three real estate properties held for sale as of the end of the current period and (ii) our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. (2) EBITDARM Coverage is presented for Stabilized Facilities operated by the applicable tenant and is presented one quarter in arrears. (3) EBITDARM Coverage excludes one non-stabilized facility with no Annualized Cash NOI. (4) EBITDARM Coverage excludes two non-stabilized facilities representing 0.5% of Annualized Cash NOI. (5) EBITDARM Coverage excludes five non-stabilized facilities representing 1.9% Annualized Cash NOI. (6) EBITDARM Coverage excludes two non-stabilized facilities representing 0.2% of Annualized Cash NOI. (7) Effective February 1, 2022, Avamere’s annual base rent on the current portfolio has been reduced to $30.7 million from $44.1 million. Pro forma EBITDARM Coverage illustrates the impact of this rent reduction on our historical trailing twelve-month EBITDARM Coverages for Avamere, our Top 10 relationships and our total portfolio. EBITDARM Coverage - Pro Forma (7) EBITDARM Coverage Twelve Months Ended (2) June 30, 2022 March 31, 2022 Avamere Family of Companies 1.84x 1.75x Top 10 relationships 1.69x 1.75x Total 2.05x 2.05x

8 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Medicaid Trends Top 10 Skilled Nursing/Transitional Care States FMAP Add-On Increase Medicaid Base Rate Increase State Number of Sabra Skilled Nursing/ Transitional Care Properties Add-On Percentage Increase Expiration Date Base Rate Percentage Increase Effective Date Texas 36 12% (1) 12/31/22 TBD TBD Kentucky 25 12% (1) 07/01/24 0% N/A California 24 10% 12/31/23 3% 01/01/23 Massachusetts 17 0% N/A Pending (3) 07/01/22 Oregon 15 5% 06/30/23 17% 07/01/22 Washington 15 2% (1) 06/30/25 (2) 19% 07/01/22 North Carolina 13 15% (1) 12/31/22 10% 01/01/23 Missouri 13 10% (1) 06/30/22 10% (4) 07/01/22 Indiana 12 6% 01/31/22 Pending (3) 07/01/22 New York 9 0% N/A 2% 04/01/22 (1) Percentage increase based on state-defined per diem dollar amount of FMAP add-on and estimated state average Medicaid per diem rate. (2) FMAP add-on in Washington state phases out through June 30, 2025. (3) Not published yet, should be retroactive to July 1, 2022. (4) Percentage increase based on state-defined dollar amount of base rate increase and estimated state average Medicaid rate. The following is a summary of what the top ten states in our skilled nursing/transitional care portfolio have announced with regards to Federal Medical Assistance Percentages (“FMAP”) benefits via a per diem add-on to the Medicaid base rate and Medicaid base rate increases for 2022-2023.

9 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Senior Housing - Managed Consolidated Portfolio (1) REVPOR and Occupancy Percentage are presented for the three months ended at the end of the respective period and include only Stabilized Facilities owned by the Company as of the end of such period and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. (2) 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, 2022 was $0.7757 per 1 CAD. (3) Revenues and Cash NOI include $0.1 million and $0.5 million of Grant Income for 2Q 2022 and 2Q 2021, respectively. (4) 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, resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. Senior Housing - Managed Consolidated Portfolio (1) Dollars in thousands, except REVPOR As of June 30, 2022 Holiday Enlivant Sienna Other Total Property Type IL AL IL AL AL / IL Number of Properties 22 11 8 9 50 Number of Units 3,117 631 757 761 5,266 Investment (2) $ 597,617 $ 131,222 $ 134,079 $ 178,640 $ 1,041,558 Capital Expenditures: (2) Recurring $ 1,809 $ 165 $ 248 $ 146 $ 2,368 Non-recurring $ — $ 356 $ 217 $ 52 $ 625 Resident fees and services (3) $ 19,300 $ 9,264 $ 5,019 $ 10,553 $ 44,136 Cash NOI (3) $ 5,579 $ 750 $ 1,587 $ 2,194 $ 10,110 Cash NOI Margin % 28.9 % 8.1 % 31.6 % 20.8 % 22.9 % REVPOR $ 2,668 $ 6,338 $ 2,733 $ 6,054 $ 3,534 Occupancy 79.6 % 76.2 % 80.8 % 85.2 % 80.0 % Operating Performance (1) Dollars in thousands, except REVPOR 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Number of Properties 49 49 49 50 50 Number of Units 5,140 5,140 5,140 5,266 5,266 Capital Expenditures: (2) Recurring $ 1,863 $ 3,621 $ 3,218 $ 1,054 $ 2,368 Non-recurring $ 332 $ 960 $ 1,263 $ 365 $ 625 Resident fees and services (3) $ 38,874 $ 39,738 $ 40,458 $ 42,181 $ 44,136 Cash NOI (3) $ 10,151 $ 9,036 $ 8,138 $ 9,110 $ 10,110 Cash NOI Margin % 26.1 % 22.7 % 20.1 % 21.6 % 22.9 % REVPOR - AL $ 5,900 $ 5,938 $ 6,104 $ 6,135 $ 6,201 REVPOR - IL $ 2,537 $ 2,525 $ 2,536 $ 2,586 $ 2,682 Occupancy - AL 72.8 % 75.5 % 74.7 % 76.8 % 80.3 % Occupancy - IL 78.6 % 79.8 % 80.7 % 79.0 % 79.9 % Same Store Operating Performance (4) Dollars in thousands, except REVPOR 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Number of Properties 48 48 48 48 48 Resident fees and services (3) $ 37,970 $ 38,370 $ 39,098 $ 40,008 $ 41,649 Cash NOI (3) $ 9,922 $ 8,836 $ 7,912 $ 8,812 $ 9,895 Cash NOI Margin % 26.1 % 23.0 % 20.2 % 22.0 % 23.8 % REVPOR - AL $ 5,900 $ 5,938 $ 6,104 $ 6,175 $ 6,291 REVPOR - IL $ 2,588 $ 2,577 $ 2,591 $ 2,631 $ 2,671 Occupancy - AL 72.8 % 75.5 % 74.7 % 76.1 % 79.0 % Occupancy - IL 78.9 % 80.0 % 81.0 % 80.6 % 81.2 %

10 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Senior Housing - Managed Unconsolidated Portfolio (1) (1) Excludes our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. (2) 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, 2022 was $0.7757 per 1 CAD. (3) Book value is net of debt. Our share of the debt was $20.7 million as of June 30, 2022. (4) Operating performance reflects a partial quarter as these facilities were acquired during May and June 2022. REVPOR and Occupancy Percentage are presented for the three months ended at the end of the respective period and include only Stabilized Facilities owned by the Company as of the end of such period and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. Senior Housing - Managed Unconsolidated Portfolio Dollars in thousands, at Sabra’s pro rata share As of June 30, 2022 Ownership % Property Type Number of Properties Number of Units Investment (2) Book Value (3) Debt Principal (2) Rate Sienna Joint Venture 50.0 % IL 12 1,234 $ 140,100 $ 128,364 $ 20,655 2.24 % Operating Performance (4) Dollars in thousands, except REVPOR, at Sabra’s pro rata share Three Months Ended June 30, 2022 Capital Expenditures (2) Resident Fees and Services Cash NOI Cash NOI Margin % REVPOR OccupancyRecurring Non-recurring Sienna Joint Venture $ 10 $ 17 $ 2,812 $ 673 23.9 % $ 3,003 84.9 %

11 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Loans and Other Investments | Development Pipeline Loans Receivable and Other Investments Dollars in thousands As of June 30, 2022 Loan Type Number of Loans Property Type Principal Balance Book Value Weighted Average Contractual Interest Rate Weighted Average Annualized Effective Interest Rate Interest Income Three Months Ended June 30, 2022 (1) Maturity Date Mortgage 2 Behavioral Health $ 309,000 $ 309,000 7.7 % 7.7 % $ 5,918 11/01/26 - 01/31/27 Other 12 Multiple 38,693 34,881 6.8 % 6.1 % 551 11/30/22 - 08/31/28 14 347,693 343,881 7.6 % 7.5 % $ 6,469 Allowance for loan losses — (6,612) $ 347,693 $ 337,269 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended June 30, 2022 (1) Preferred Equity 8 Skilled Nursing / Senior Housing $ 85,141 $ 48,551 $ 58,073 11.0 % $ 1,517 (1) Includes income related to loans receivable and other investments held as of June 30, 2022. (2) Includes projects invested in or committed to as of June 30, 2022. (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. Proprietary Development Pipeline (2) Dollars in thousands Estimated Real Estate Value Upon Completion As of June 30, 2022 Investment Type Property Type Investment Amount (3) Estimated Weighted Average Initial Cash Yield Certificate of Occupancy Timing (4)State Loan Preferred Equity Skilled Nursing/ Transitional Care Senior Housing Skilled Nursing/ Transitional Care Senior Housing Skilled Nursing/ Transitional Care Senior Housing Indiana — 1 — 1 $ — $ 8,555 $ — $ 38,000 6.0 % Q3 2017 Missouri — 1 — 1 — 11,873 — 73,300 6.5 % Q4 2022 Ohio — 1 — 1 — 6,870 — 38,000 7.3 % Q4 2019 Texas — 1 1 — 3,743 — 14,475 — 9.0 % Q3 2016 — 4 1 3 $ 3,743 $ 27,298 $ 14,475 $ 149,300 6.8 %

12 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 Signature Healthcare: 8.6% Signature Behavioral: 6.9% Avamere Family of Companies: 6.8% Recovery Centers of America: 5.3% Managed (No Operator Credit Exposure): 10.3% Other: 53.4% North American Healthcare: 8.7% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of June 30, 2022 (1) Concentrations exclude (i) three real estate properties held for sale as of the end of the current period and (ii) our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our sales-type lease, mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Tenant payor source allocation presented one quarter in arrears. Holiday 5.0% Sienna 2.7%Other 2.6% Senior Housing - Leased: 11.2% Senior Housing - Managed: 10.3% Specialty Hospital and Other: 3.9% Other: 0.5% Skilled Nursing/Transitional Care: 60.7% Behavioral Health: 13.4% Private Pay: 40.6% Non-Private: 59.4%

13 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Geographic Concentrations - Consolidated Portfolio (1) Property Type As of June 30, 2022 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 36 5 6 — 13 60 14.8 % California 24 1 1 3 1 30 7.4 Kentucky 25 1 — 1 1 28 6.9 Oregon 15 4 — — — 19 4.7 Indiana 12 4 — 2 — 18 4.4 Washington 15 1 1 — — 17 4.2 Massachusetts 17 — — — — 17 4.2 North Carolina 13 — 2 — — 15 3.7 Missouri 13 — 1 — — 14 3.4 Virginia 6 3 1 — — 10 2.5 Other (31 states & Canada) 96 36 38 8 — 178 43.8 Total 272 55 50 14 15 406 100.0 % % of Total 67.0 % 13.5 % 12.3 % 3.5 % 3.7 % 100.0 % Distribution of Beds/Units As of June 30, 2022 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 60 4,408 470 856 — 325 6,059 14.9 % Kentucky 28 2,598 142 — 60 40 2,840 7.0 California 30 2,058 58 102 313 27 2,558 6.3 Massachusetts 17 2,133 — — — — 2,133 5.2 Indiana 18 1,379 545 — 48 — 1,972 4.8 Oregon 19 1,520 377 — — — 1,897 4.7 Washington 17 1,591 52 113 — — 1,756 4.3 North Carolina 15 1,454 — 237 — — 1,691 4.2 New York 10 1,566 — 107 — — 1,673 4.1 Missouri 14 1,075 — 184 — — 1,259 3.1 Other (31 states & Canada) 178 10,469 2,321 3,667 374 — 16,831 41.4 Total 406 30,251 3,965 5,266 795 392 40,669 100.0 % % of Total 74.4 % 9.7 % 12.9 % 2.0 % 1.0 % 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period..

14 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued (1) Investment Dollars in thousands As of June 30, 2022 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 60 $ 356,997 $ 55,949 $ 184,639 $ — $ 187,387 $ 784,972 13.2 % California 30 435,612 19,137 38,596 217,764 7,743 718,852 12.1 Oregon 19 261,316 86,860 — — — 348,176 5.9 Maryland 8 330,901 — — — — 330,901 5.6 New York 10 297,637 — 20,382 — — 318,019 5.3 Kentucky 28 239,913 23,668 — 9,374 30,313 303,268 5.1 Indiana 18 158,491 114,943 — 12,155 — 285,589 4.8 Washington 17 188,878 10,686 27,937 — — 227,501 3.8 North Carolina 15 124,326 — 69,192 — — 193,518 3.3 Arizona 5 — 10,348 38,879 121,757 — 170,984 2.9 Other (31 states & Canada) (2) 196 1,166,524 371,750 661,933 59,830 — 2,260,037 38.0 Total 406 $ 3,560,595 $ 693,341 $ 1,041,558 $ 420,880 $ 225,443 $ 5,941,817 100.0 % % of Total 59.9 % 11.7 % 17.5 % 7.1 % 3.8 % 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Investment balance in Canada is based on the exchange rate as of June 30, 2022 of $0.7757 per 1 CAD.

15 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 PORTFOLIO Triple-Net Lease Expirations Triple-Net Lease Expirations (1) Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of June 30, 2022 % of Total 07/01/22 - 12/31/22 $ 8,385 $ — $ — $ — $ 8,385 2.3 % 2023 8,606 — — — 8,606 2.3 % 2024 10,586 — — — 10,586 2.9 % 2025 7,442 3,247 — 1,374 12,063 3.2 % 2026 16,358 1,346 — — 17,704 4.8 % 2027 40,268 5,232 — — 45,500 12.2 % 2028 12,097 7,000 — 3,210 22,307 6.0 % 2029 57,979 5,330 — 5,842 69,151 18.6 % 2030 13,050 — — 3,095 16,145 4.3 % 2031 89,686 5,008 1,025 — 95,719 25.8 % Thereafter 7,805 17,618 35,579 4,272 65,274 17.6 % Total Annualized Revenues $ 272,262 $ 44,781 $ 36,604 $ 17,793 $ 371,440 100.0 % (1) Excludes three real estate properties held for sale as of the end of the current period.

16 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 INVESTMENT ACTIVITY Summary Investment Activity Dollars in thousands Investment Initial Investment Date Property Type Number of Properties Beds/Units 2022 Amounts Invested (1) Rate of Return/ Initial Cash Yield Real Estate Traditions of Deerfield (2) 02/01/22 Senior Housing - Managed 1 126 $ 26,000 6.70 % Additions to Real Estate (3) Various Multiple N/A N/A 14,846 8.26 % Total Real Estate Investments 40,846 7.27 % Unconsolidated Joint Venture Sienna Joint Venture (4) 05/16/22 & 06/01/22 Senior Housing - Managed 12 1,234 147,374 6.50 % Preferred Equity Discovery Senior Living (5) 06/30/22 Senior Housing 1 180 914 12.00 % Additional Preferred Equity Fundings Various Multiple N/A N/A 4,074 10.00 % Total Preferred Equity Investments 4,988 10.37 % All Investments through June 30, 2022 $ 193,208 6.76 % Subsequent to June 30, 2022: Real Estate Traditions at North Willow (6) 08/01/22 Senior Housing - Managed 1 169 $ 39,200 6.90 % New Hope Valley 08/01/22 Senior Housing - Managed 1 139 32,500 7.50 % (1) Excludes capitalized acquisition costs and origination fees. (2) Amount invested reflects the gross investment, of which $5.6 million was used to repay our preferred equity investment. Transaction includes a potential earnout if certain performance metrics are achieved after 18 months. (3) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio. (4) Amount invested reflects Sabra's 50% pro rata share of the gross investment of CAD $379.0 million and is based on the exchange rate as of the investment date. In addition, the Sienna Joint Venture assumed CAD $53.4 million of debt. Yield reflects estimated stabilized cash yield. (5) Unit count reflects expected capacity at the completion of development. Sabra has the option to purchase the development at fair market value upon achievement of specified milestones. (6) Amount invested reflects the gross investment, of which $8.6 million was used to repay our preferred equity investment. Transaction includes a potential earnout if certain performance metrics are achieved after the earlier of 15 months or when specified milestones are met.

17 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 SIENNA JOINT VENTURE Investment Dates Units May 16 and June 1, 2022 1,234 Investment Amount (1) Property Type CAD $189.5 million (USD $147.4 million) Senior Housing - Managed Investment Type Ownership Percentage Unconsolidated Joint Venture 50.00% Number of Properties Estimated Stabilized Cash Yield 12 6.50% Locations Manager Ontario and Saskatchewan, Canada Sienna Senior Living INVESTMENT ACTIVITY Recent (1) Reflects Sabra's pro rata share of the gross investment of CAD $379.0 million, excluding acquisition costs, and is based on the exchange rate as of the investment date. In addition, the Sienna Joint Venture assumed CAD $53.4 million of debt.

18 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 DISCOVERY SENIOR LIVING (1) Investment Date Units (1) June 30, 2022 180 Commitment Amount Property Type $14.6 million ($0.9 million funded as of June 30, 2022) Senior Housing Investment Type Annualized GAAP Income (2) Preferred Equity $1.8 million Number of Properties Rate of Return 1 12.00% Location Florida INVESTMENT ACTIVITY Recent (1) Unit count reflects expected capacity at the completion of development. Upon the completion of development and the achievement of certain milestones, Sabra has the option to purchase the facility at fair market value. (2) Represents expected income once the remaining $13.7 million commitment is fully funded.

19 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of June 30, 2022 Secured debt $ 51,092 Revolving credit facility 142,341 Term loans 556,963 Senior unsecured notes 1,750,000 Total 2,500,396 Deferred financing costs and premiums/discounts, net (20,175) Total, net $ 2,480,221 Revolving Credit Facility Dollars in thousands As of June 30, 2022 Credit facility availability $ 857,659 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of June 30, 2022 Shares Outstanding Price Value Common stock 230,968,872 $ 13.97 $ 3,226,635 Consolidated Debt 2,500,396 Cash and cash equivalents (67,153) Consolidated Enterprise Value $ 5,659,878 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 EPS, FFO and Normalized FFO AFFO and Normalized AFFO EPS, FFO and Normalized FFO AFFO and Normalized AFFO Common stock 230,956,244 230,956,244 230,902,543 230,902,543 Common equivalents 10,919 10,919 10,919 10,919 Basic common and common equivalents 230,967,163 230,967,163 230,913,462 230,913,462 Dilutive securities: Restricted stock units 714,373 1,741,812 728,496 1,800,381 Diluted common and common equivalents 231,681,536 232,708,975 231,641,958 232,713,843 At-The-Market Common Stock Offering Program Dollars in thousands Availability as of June 30, 2022 $ 475,033

20 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Interest Rate (1)As of June 30, 2022 Principal % of Total Fixed Rate Debt Secured debt $ 51,092 3.33 % 2.0 % Senior unsecured notes 1,750,000 4.04 % 70.0 % Total fixed rate debt 1,801,092 4.02 % 72.0 % Variable Rate Debt Revolving credit facility 142,341 3.33 % 5.7 % Term loans (2) 556,963 2.77 % 22.3 % Total variable rate debt 699,304 2.89 % 28.0 % Consolidated Debt $ 2,500,396 3.71 % 100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Interest Rate (1)As of June 30, 2022 Principal % of Total Secured Debt Secured debt $ 51,092 3.33 % 2.0 % Unsecured Debt Senior unsecured notes 1,750,000 4.04 % 70.0 % Revolving credit facility 142,341 3.33 % 5.7 % Term loans 556,963 2.77 % 22.3 % Total unsecured debt 2,449,304 3.71 % 98.0 % Consolidated Debt $ 2,500,396 3.71 % 100.0 % (1) Weighted average interest rate includes private mortgage insurance and impact of interest rate derivative agreements. (2) Term loans include $436.3 million subject to interest rate swaps and interest rate collars that fix and set a cap and floor, respectively, for LIBOR at a weighted average rate of 1.14%, and $97.0 million (CAD $125.0 million) subject to swap agreements that fix CDOR at 1.10%. Excluding these amounts, variable rate debt was 6.6% of Consolidated Debt as of June 30, 2022.

21 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes Term Loans Revolving Credit Facility (1) Consolidated Debt As of June 30, 2022 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 07/01/22 - 12/31/22 $ 969 2.84 % $ — — $ — — $ — — $ 969 2.84 % 2023 1,979 2.84 % — — — — 142,341 3.33 % 144,320 3.33 % 2024 2,034 2.85 % — — 556,963 3.11 % — — 558,997 3.11 % 2025 2,089 2.86 % — — — — — — 2,089 2.86 % 2026 2,147 2.86 % 500,000 5.13 % — — — — 502,147 5.12 % 2027 2,206 2.87 % 100,000 5.88 % — — — — 102,206 5.82 % 2028 2,266 2.88 % — — — — — — 2,266 2.88 % 2029 2,328 2.89 % 350,000 3.90 % — — — — 352,328 3.89 % 2030 2,392 2.90 % — — — — — — 2,392 2.90 % 2031 2,093 2.92 % 800,000 3.20 % — — — — 802,093 3.20 % Thereafter 30,589 3.08 % — — — — — — 30,589 3.08 % Total 51,092 1,750,000 556,963 142,341 2,500,396 Discount, net — (3,207) — — (3,207) Deferred financing costs, net (915) (12,785) (3,268) — (16,968) Total, net $ 50,177 $ 1,734,008 $ 553,695 $ 142,341 $ 2,480,221 Wtd. avg. maturity/years 22.3 7.2 2.2 1.2 6.1 Wtd. avg. interest rate (3) 3.33 % 4.04 % 2.77 % 3.33 % 3.71 % (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.

22 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 Key Credit Metrics (1) June 30, 2022 December 31, 2021 Net Debt to Adjusted EBITDA (2) 5.44x 4.98x Interest Coverage (2) 4.81x 5.19x Fixed Charge Coverage Ratio (2) 4.70x 5.03x Total Debt/Asset Value 35 % 34 % Secured Debt/Asset Value 1 % 1 % Unencumbered Assets/Unsecured Debt 276 % 291 % Cost of Permanent Consolidated Debt (3) 3.73 % 3.59 % Unsecured Notes Ratings S&P (Stable outlook) BBB- Fitch (Stable outlook) BBB- Moody's (Stable outlook) Ba1 CAPITALIZATION Credit Metrics and Ratings (1) Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. (2) Based on the trailing twelve month period ended as of the date indicated. (3) Excludes revolving credit facility balance that had an interest rate of 3.33% and 1.20% as of June 30, 2022 and December 31, 2021, respectively.

23 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income (Loss) Dollars in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: Rental and related revenues (1) $ 103,168 $ 110,783 $ 213,054 $ 224,166 Interest and other income 8,653 3,031 19,645 5,972 Resident fees and services 44,136 39,118 86,363 75,159 Total revenues 155,957 152,932 319,062 305,297 Expenses: Depreciation and amortization 45,172 44,491 90,428 88,866 Interest 25,530 24,270 50,502 48,713 Triple-net portfolio operating expenses 4,852 5,000 9,863 10,135 Senior housing - managed portfolio operating expenses 34,026 28,901 67,130 57,846 General and administrative 8,649 8,811 19,045 17,749 (Recovery of) provision for loan losses and other reserves (270) (109) 205 1,916 Impairment of real estate 11,745 — 11,745 — Total expenses 129,704 111,364 248,918 225,225 Other (expense) income: Loss on extinguishment of debt — (54) (271) (847) Other (expense) income (2,163) (24) (2,095) 109 Net loss on sales of real estate (4,501) (3,752) (4,501) (2,439) Total other expense (6,664) (3,830) (6,867) (3,177) Income before loss from unconsolidated joint ventures and income tax expense 19,589 37,738 63,277 76,895 Loss from unconsolidated joint ventures (2,529) (169,789) (5,331) (174,799) Income tax expense (255) (522) (539) (1,222) Net income (loss) $ 16,805 $ (132,573) $ 57,407 $ (99,126) Net income (loss), per: Basic common share $ 0.07 $ (0.61) $ 0.25 $ (0.46) Diluted common share $ 0.07 $ (0.61) $ 0.25 $ (0.46) Weighted-average number of common shares outstanding, basic 230,967,163 216,264,207 230,913,462 213,870,329 Weighted-average number of common shares outstanding, diluted 231,681,536 216,264,207 231,641,958 213,870,329 (1) See page 24 for additional details regarding Rental and related revenues.

24 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income (Loss) - Supplemental Information Dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cash rental income $ 95,209 $ 101,069 $ 195,566 $ 203,984 Straight-line rental income 2,342 3,646 5,036 7,723 Straight-line rental income receivable write-offs (323) — (462) — Above/below market lease amortization 1,568 1,268 3,161 2,904 Above/below market lease intangible write-offs — — 326 — Operating expense recoveries 4,372 4,800 9,427 9,555 Rental and related revenues $ 103,168 $ 110,783 $ 213,054 $ 224,166

25 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data June 30, 2022 December 31, 2021 (unaudited) Assets Real estate investments, net of accumulated depreciation of $897,568 and $831,324 as of June 30, 2022 and December 31, 2021, respectively $ 5,045,129 $ 5,162,884 Loans receivable and other investments, net 395,342 399,086 Investment in unconsolidated joint ventures 219,920 96,680 Cash and cash equivalents 67,153 111,996 Restricted cash 4,368 3,890 Lease intangible assets, net 49,836 54,063 Accounts receivable, prepaid expenses and other assets, net 179,684 138,108 Total assets $ 5,961,432 $ 5,966,707 Liabilities Secured debt, net $ 50,177 $ 66,663 Revolving credit facility 142,341 — Term loans, net 553,695 594,246 Senior unsecured notes, net 1,734,008 1,733,566 Accounts payable and accrued liabilities 117,682 142,989 Lease intangible liabilities, net 45,803 49,713 Total liabilities 2,643,706 2,587,177 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2022 and December 31, 2021 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 230,968,872 and 230,398,655 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 2,310 2,304 Additional paid-in capital 4,482,239 4,482,451 Cumulative distributions in excess of net income (1,176,968) (1,095,204) Accumulated other comprehensive income (loss) 10,145 (10,021) Total equity 3,317,726 3,379,530 Total liabilities and equity $ 5,961,432 $ 5,966,707

26 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Six Months Ended June 30, 2022 2021 Cash flows from operating activities: Net income (loss) $ 57,407 $ (99,126) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 90,428 88,866 Non-cash rental and related revenues (8,061) (10,627) Non-cash interest income (1,094) (914) Non-cash interest expense 5,502 3,645 Stock-based compensation expense 3,250 4,559 Loss on extinguishment of debt 271 847 Provision for loan losses and other reserves 205 1,916 Net loss on sales of real estate 4,501 2,439 Impairment of real estate 11,745 — Other-than-temporary impairment of unconsolidated joint venture — 164,126 Loss from unconsolidated joint ventures 5,331 10,673 Other non-cash items 2,167 — Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (6,074) (2,361) Accounts payable and accrued liabilities (25,895) (11,777) Net cash provided by operating activities 139,683 152,266 Cash flows from investing activities: Acquisition of real estate (20,573) (62,107) Origination and fundings of preferred equity investments (4,990) (3,394) Additions to real estate (19,495) (21,736) Escrow deposits for potential investments (836) — Repayments of loans receivable 4,466 1,135 Repayments of preferred equity investments 1,333 513 Investment in unconsolidated joint venture (128,007) — Net proceeds from the sales of real estate 40,003 8,381 Net cash used in investing activities (128,099) (77,208) Cash flows from financing activities: Net borrowings from revolving credit facility 142,353 — Principal payments on term loans (40,000) (110,000) Principal payments on secured debt (16,547) (1,446) Payments of deferred financing costs (6) (7) Issuance of common stock, net (3,803) 172,698 Dividends paid on common stock (138,565) (128,050) Net cash used in financing activities (56,568) (66,805) Net (decrease) increase in cash, cash equivalents and restricted cash (44,984) 8,253 Effect of foreign currency translation on cash, cash equivalents and restricted cash 619 159 Cash, cash equivalents and restricted cash, beginning of period 115,886 65,523 Cash, cash equivalents and restricted cash, end of period $ 71,521 $ 73,935 Supplemental disclosure of cash flow information: Interest paid $ 49,968 $ 45,658 Supplemental disclosure of non-cash investing activities: Decrease in loans receivable and other investments due to acquisition of real estate $ 5,623 $ —

27 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by our unconsolidated joint venture with Enlivant from TPG for the issuance of senior preferred interests for each of the three and six months ended June 30, 2022 and with cash on hand at the joint venture for each of the three and six months ended June 30, 2021. (2) FFO and AFFO for each of the six months ended June 30, 2022 and 2021 include $0.2 million earned during the period related to legacy Care Capital Properties, Inc. investments. FFO for the three and six months ended June 30, 2022, includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income (loss) $ 16,805 $ (132,573) $ 57,407 $ (99,126) Add: Depreciation and amortization of real estate assets 45,172 44,491 90,428 88,866 Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures 5,133 5,879 9,766 11,723 Net loss on sales of real estate 4,501 3,752 4,501 2,439 Net (gain) loss on sales of real estate related to unconsolidated joint ventures (220) (18) (220) 15 Impairment of real estate 11,745 — 11,745 — Other-than-temporary impairment of unconsolidated joint ventures — 164,126 — 164,126 FFO $ 83,136 $ 85,657 $ 173,627 $ 168,043 Write-offs of cash and straight-line rental income receivable and lease intangibles 709 — 180 — Lease termination income — — (2,338) — Loss on extinguishment of debt — 54 271 847 (Recovery of) provision for credit and loan losses and other reserves (270) (109) 205 1,916 Support payments paid to joint venture manager (1) 3,626 2,450 3,626 2,450 Other normalizing items (2) 2,699 316 2,651 704 Normalized FFO $ 89,900 $ 88,368 $ 178,222 $ 173,960 FFO $ 83,136 $ 85,657 $ 173,627 $ 168,043 Stock-based compensation expense 794 2,271 3,250 4,559 Non-cash rental and related revenues (3,587) (4,914) (8,061) (10,627) Non-cash interest income (547) (502) (1,094) (914) Non-cash interest expense 2,804 1,749 5,502 3,645 Non-cash portion of loss on extinguishment of debt — 54 271 847 (Recovery of) provision for loan losses and other reserves (270) (109) 205 1,916 Other adjustments related to unconsolidated joint ventures (692) (618) (1,678) (1,214) Other adjustments 2,211 361 2,394 533 AFFO $ 83,849 $ 83,949 $ 174,416 $ 166,788 Cash portion of lease termination income — — (2,338) — Write-off of cash rental income 404 — 71 — Support payments paid to joint venture manager (1) 3,626 2,450 3,626 2,450 Other normalizing items (2) 516 237 330 558 Normalized AFFO $ 88,395 $ 86,636 $ 176,105 $ 169,796 Amounts per diluted common share: Net income (loss) $ 0.07 $ (0.61) $ 0.25 $ (0.46) FFO $ 0.36 $ 0.39 $ 0.75 $ 0.78 Normalized FFO $ 0.39 $ 0.41 $ 0.77 $ 0.81 AFFO $ 0.36 $ 0.39 $ 0.75 $ 0.77 Normalized AFFO $ 0.38 $ 0.40 $ 0.76 $ 0.79 Weighted average number of common shares outstanding, diluted: Net income (loss) 231,681,536 216,264,207 231,641,958 213,870,329 FFO and Normalized FFO 231,681,536 217,462,704 231,641,958 215,015,226 AFFO and Normalized AFFO 232,708,975 217,946,731 232,713,843 215,550,317

28 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of June 30, 2022 (1) Excludes three real estate properties held for sale as of the end of the current period. (2) Excludes our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. (3) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (4) Includes balances that impact cash or NOI and excludes non-cash items. (5) Book value is net of debt. Our share of the debt was $374.6 million as of June 30, 2022. (6) Includes $22.9 million related to three real estate properties held for sale as of the end of the current period. Annualized Cash NOI (1) Dollars in thousands Skilled Nursing/Transitional Care $ 272,262 Senior Housing - Leased 44,781 Senior Housing - Managed Consolidated Portfolio 40,579 Senior Housing - Managed Unconsolidated Portfolio (2) 5,992 Behavioral Health 36,604 Specialty Hospitals and Other 17,793 Annualized Cash NOI (excluding loans receivable and other investments) $ 418,011 Obligations Dollars in thousands Secured debt (3) $ 51,092 Senior unsecured notes (3) 1,750,000 Revolving credit facility 142,341 Term loans (3) 556,963 Sabra’s share of the Sienna Joint Venture debt 20,655 Total Debt 2,521,051 Add (less): Cash and cash equivalents and restricted cash (71,521) Sabra’s share of the Sienna Joint Venture cash and cash equivalents and restricted cash (1,824) Accounts payable and accrued liabilities (4) 108,838 Net obligations $ 2,556,544 Other Assets Dollars in thousands Loans receivable and other investments, net $ 395,342 Investment in unconsolidated joint venture with Enlivant (5) 91,556 Accounts receivable, prepaid expenses and other assets, net (4)(6) 77,495 Total other assets $ 564,393 Common Shares Outstanding Total shares 230,968,872 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.

29 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 APPENDIX Disclaimer Disclaimer This supplement contains “forward-looking” information as that term is defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position, results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments, and plans and objectives for future operations. You can identify some of the forward-looking statements by the use of forward-looking words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "should," "may" and other similar expressions, although not all forward-looking statements contain these identifying words. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: the ongoing COVID-19 pandemic and measures intended to prevent its spread, and the related impact on our tenants, operators and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs for our tenants and operators, due to labor market challenges and macroeconomic factors such as inflation; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; 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 impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’ or operators’ failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/ transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; increases in market interest rates; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes in foreign currency exchange rates and other risks associated with our ownership of property outside the U.S.; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this supplement or to reflect the occurrence of unanticipated events, unless required by law to do so. Note Regarding Non-GAAP Financial Measures This supplement includes the following financial measures defined as non-GAAP financial measures by the SEC: net operating income (“NOI”), Cash NOI, funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share, Normalized AFFO per diluted common share and Adjusted EBITDA (defined below). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under “Reporting Definitions” in this supplement and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/ financials/quarterly-results. Tenant, Operator and Borrower Information This supplement includes information regarding our tenants that lease properties from us and our operators and borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants, operators and borrowers that is provided in this supplement has been provided by, or derived from information provided by, such tenants, operators 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].

30 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 APPENDIX Reporting Definitions Adjusted EBITDA* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income (“Annualized Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income. 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 adjusted to (i) reflect actual payments received during the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis, (ii) exclude residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis and (iii) reflect the reduction in Avamere’s annual base rent to $30.7 million effective February 1, 2022. Behavioral Health Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Cash Net Operating Income (“Cash NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income. Cash NOI Margin Cash NOI Margin is calculated as Cash NOI divided by resident fees and services. Consolidated Debt The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements. Consolidated Debt, Net The carrying amount of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness, as reported in the Company’s consolidated financial statements. Consolidated Enterprise Value The Company believes Consolidated Enterprise Value is an important measurement as it is a measure of a company’s value. The Company calculates Consolidated Enterprise Value as market equity capitalization plus Consolidated Debt. Market equity capitalization is calculated as (i) the number of shares of common stock multiplied by the closing price of the Company’s common stock on the last day of the period presented plus (ii) the number of shares of preferred stock multiplied by the closing price of the Company’s preferred stock on the last day of the period presented. Consolidated Enterprise Value includes the Company’s market equity capitalization and Consolidated Debt, less cash and cash equivalents. EBITDARM Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful.

31 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 APPENDIX Reporting Definitions Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding 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 ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Grant Income Grant income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents. Investment Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities. Market Capitalization Total common shares of Sabra outstanding multiplied by the closing price per common share as of a given period. Net Debt* The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements. Net Debt to Adjusted EBITDA* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income (“NOI”)* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.

32 SABRA 2Q 2022 SUPPLEMENTAL INFORMATION June 30, 2022 APPENDIX Reporting Definitions Normalized FFO and Normalized AFFO* Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does. Occupancy Percentage Occupancy Percentage represents the facilities’ average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. REVPOR REVPOR represents the average revenues generated per occupied unit per month at Senior Housing - Managed communities for the period indicated. It is calculated as resident fees and services revenues, excluding Grant Income, divided by average monthly occupied unit days. REVPOR includes only Stabilized Facilities. Senior Housing Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent 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) leased facilities acquired during the three months preceding the period presented. *Non-GAAP Financial Measures Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.

Reconciliations of Non-GAAP Financial Measures

June 30, 2022

(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,
	2022		2021		2022		2021
Net income (loss)	$	16,805	$	(132,573)	$	57,407	$	(99,126)
Add:
Depreciation and amortization of real estate assets	45,172		44,491		90,428		88,866

Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures	5,133		5,879		9,766		11,723
Net loss on sales of real estate	4,501		3,752		4,501		2,439
Net (gain) loss on sales of real estate related to unconsolidated joint ventures	(220)		(18)		(220)		15
Impairment of real estate	11,745		—		11,745		—
Other-than-temporary impairment of unconsolidated joint ventures	—		164,126		—		164,126
FFO	$	83,136	$	85,657	$	173,627	$	168,043

Write-offs of cash and straight-line rental income receivable and lease intangibles	709		—		180		—
Lease termination income	—		—		(2,338)		—
Loss on extinguishment of debt	—		54		271		847
(Recovery of) provision for credit and loan losses and other reserves	(270)		(109)		205		1,916
Support payments paid to joint venture manager (1)	3,626		2,450		3,626		2,450
Other normalizing items (2)	2,699		316		2,651		704
Normalized FFO	$	89,900	$	88,368	$	178,222	$	173,960
FFO	$	83,136	$	85,657	$	173,627	$	168,043
Stock-based compensation expense	794		2,271		3,250		4,559
Non-cash rental and related revenues	(3,587)		(4,914)		(8,061)		(10,627)
Non-cash interest income	(547)		(502)		(1,094)		(914)
Non-cash interest expense	2,804		1,749		5,502		3,645
Non-cash portion of loss on extinguishment of debt	—		54		271		847
(Recovery of) provision for loan losses and other reserves	(270)		(109)		205		1,916

Other adjustments related to unconsolidated joint ventures	(692)		(618)		(1,678)		(1,214)
Other adjustments	2,211		361		2,394		533
AFFO	$	83,849	$	83,949	$	174,416	$	166,788

Cash portion of lease termination income	—		—		(2,338)		—

Write-off of cash rental income	404		—		71		—
Support payments paid to joint venture manager (1)	3,626		2,450		3,626		2,450
Other normalizing items (2)	516		237		330		558
Normalized AFFO	$	88,395	$	86,636	$	176,105	$	169,796
Amounts per diluted common share:
Net income (loss)	$	0.07	$	(0.61)	$	0.25	$	(0.46)
FFO	$	0.36	$	0.39	$	0.75	$	0.78
Normalized FFO	$	0.39	$	0.41	$	0.77	$	0.81
AFFO	$	0.36	$	0.39	$	0.75	$	0.77
Normalized AFFO	$	0.38	$	0.40	$	0.76	$	0.79
Weighted average number of common shares outstanding, diluted:
Net income (loss)	231,681,536		216,264,207		231,641,958		213,870,329
FFO and Normalized FFO	231,681,536		217,462,704		231,641,958		215,015,226
AFFO and Normalized AFFO	232,708,975		217,946,731		232,713,843		215,550,317

See reporting definitions. 2

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA

Net Debt and Net Debt to Adjusted EBITDA

(in thousands)


	Trailing Twelve Months Ended		Year Ended
	June 30, 2022		December 31, 2021


Net loss	$	43,277	$	(113,256)
Interest	100,421		98,632
Income tax expense	1,162		1,845
Depreciation and amortization	180,553		178,991
EBITDA	$	325,413	$	166,212

Loss from unconsolidated joint ventures	22,613		27,955
Other-than-temporary impairment of unconsolidated joint ventures	—		164,126

Stock-based compensation expense	6,605		7,914
Merger and acquisition costs	—		279

Provision for loan losses and other reserves and non-cash revenue write-offs	46,318		47,893
Impairment of real estate	21,244		9,499
Loss on extinguishment of debt	34,046		34,622
Other expense	3,872		1,813
Lease termination income	(2,338)		—
Net gain on sales of real estate	(10,239)		(12,301)
Adjusted EBITDA (1)	$	447,534	$	448,012

Annualizing adjustments (2)	161		14,695
Annualized Adjusted EBITDA (3)	$	447,695	$	462,707















	June 30, 2022		December 31, 2021

Secured debt	$	51,092	$	67,602
Revolving credit facility	142,341		—
Term loans	556,963		598,438
Senior unsecured notes	1,750,000		1,750,000
Consolidated Debt	2,500,396		2,416,040
Cash and cash equivalents	(67,153)		(111,996)
Net Debt	$	2,433,243	$	2,304,044


	June 30, 2022		December 31, 2021

Net Debt	$	2,433,243	$	2,304,044
Annualized Adjusted EBITDA	$	447,695	$	462,707
Net Debt to Adjusted EBITDA	5.44x		4.98x

(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.

See reporting definitions. 3

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Consolidated Statements of Income

Supplemental Information

(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cash rental income	$	95,209	$	101,069	$	195,566	$	203,984
Straight-line rental income	2,342		3,646		5,036		7,723
Straight-line rental income receivable write-offs	(323)		—		(462)		—
Above/below market lease amortization	1,568		1,268		3,161		2,904
Above/below market lease intangible write-offs	—		—		326		—
Operating expense recoveries	4,372		4,800		9,427		9,555
Rental and related revenues	$	103,168	$	110,783	$	213,054	$	224,166

See reporting definitions. 4

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Senior Housing - Managed Revenues

(in thousands)


	Three Months Ended
	June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021
Revenues: (1)
Resident fees and services	$	44,136	$	42,181	$	40,458	$	39,738	$	38,874
Resident fees and services not included in same store	(2,487)		(2,173)		(1,360)		(1,368)		(904)
Same store resident fees and services	$	41,649	$	40,008	$	39,098	$	38,370	$	37,970

(1) Revenues have been adjusted for changes in the foreign currency exchange rate where applicable.

See reporting definitions. 5

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Property Type

(in thousands)


	Three Months Ended June 30, 2022
	Skilled Nursing/ Transitional Care		Senior Housing								Behavioral Health		Specialty Hospitals and Other
			Senior Housing - Leased		Senior Housing - Managed Consolidated (1)		Senior Housing - Managed Unconsolidated (2)		Total Senior Housing						Other		Corporate		Total
Net income (loss)	$	32,201	$	3,742	$	820	$	(2,529)	$	2,033	$	6,609	$	3,207	$	8,653	$	(35,898)	$	16,805
Adjustments:
Depreciation and amortization	26,214		5,246		9,290		—		14,536		2,939		1,461		—		22		45,172
Interest	216		235		—		—		235		—		—		—		25,079		25,530
General and administrative	—		—		—		—		—		—		—		—		8,649		8,649

Recovery of loan losses and other reserves	—		—		—		—		—		—		—		—		(270)		(270)
Impairment of real estate	11,745		—		—		—		—		—		—		—		—		11,745

Other expense	—		—		—		—		—		—		—		—		2,163		2,163
Net loss on sales of real estate	2,615		1,886		—		—		1,886		—		—		—		—		4,501
Loss from unconsolidated JV	—		—		—		2,529		2,529		—		—		—		—		2,529
Income tax expense	—		—		—		—		—		—		—		—		255		255
Sabra’s share of unconsolidated JV Net Operating Income	—		—		—		5,055		5,055		—		—		—		—		5,055

Net Operating Income	$	72,991	$	11,109	$	10,110	$	5,055	$	26,274	$	9,548	$	4,668	$	8,653	$	—	$	122,134

Non-cash revenue and expense adjustments	(2,592)		(436)		—		—		(436)		(319)		(216)		(547)		—		(4,110)

Cash Net Operating Income	$	70,399	$	10,673	$	10,110	$	5,055	$	25,838	$	9,229	$	4,452	$	8,106	$	—	$	118,024

Cash Net Operating Income not included in same store	(886)		(511)		(215)		(5,055)		(5,781)		(3)		(4)

Same store Cash Net Operating Income	$	69,513	$	10,162	$	9,895	$	—	$	20,057	$	9,226	$	4,448

(1) Net Operating Income, Cash Net Operating Income and Same store Cash Net Operating Income include $0.1 million of Grant Income.

(2) Net Operating Income and Cash Net Operating Income include $3.4 million of Grant Income.

See reporting definitions. 6

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Property Type

(in thousands)


	Three Months Ended March 31, 2022
	Skilled Nursing/ Transitional Care		Senior Housing								Behavioral Health		Specialty Hospitals and Other
			Senior Housing - Leased		Senior Housing - Managed Consolidated		Senior Housing - Managed Unconsolidated		Total Senior Housing						Other		Corporate		Total
Net income (loss)	$	51,927	$	6,797	$	(93)	$	(2,802)	$	3,902	$	6,314	$	3,224	$	10,992	$	(35,757)	$	40,602
Adjustments:
Depreciation and amortization	26,303		5,340		9,216		—		14,556		2,917		1,460		—		20		45,256
Interest	217		376		—		—		376		—		—		—		24,379		24,972
General and administrative	—		—		—		—		—		—		—		—		10,396		10,396

Provision for loan losses and other reserves	—		—		—		—		—		—		—		—		475		475

Loss on extinguishment of debt	—		—		—		—		—		—		—		—		271		271
Other income	—		—		—		—		—		—		—		—		(68)		(68)

Loss from unconsolidated JV	—		—		—		2,802		2,802		—		—		—		—		2,802
Income tax expense	—		—		—		—		—		—		—		—		284		284
Sabra’s share of unconsolidated JV Net Operating Loss	—		—		—		3,543		3,543		—		—		—		—		3,543

Net Operating Income	$	78,447	$	12,513	$	9,123	$	3,543	$	25,179	$	9,231	$	4,684	$	10,992	$	—	$	128,533

Non-cash revenue and expense adjustments	(2,947)		(935)		—		—		(935)		(342)		(228)		(547)		—		(4,999)
Foreign exchange rate adjustment	—		—		(13)		—		(13)		—		—		—		—		(13)

Cash Net Operating Income	$	75,500	$	11,578	$	9,110	$	3,543	$	24,231	$	8,889	$	4,456	$	10,445	$	—	$	123,521

Cash Net Operating Income not included in same store	(1,343)		(697)		(298)		(3,543)		(4,538)		—		(18)

Same store Cash Net Operating Income	$	74,157	$	10,881	$	8,812	$	—	$	19,693	$	8,889	$	4,438

See reporting definitions. 7

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Property Type

(in thousands)


	Three Months Ended December 31, 2021
	Skilled Nursing/ Transitional Care		Senior Housing								Behavioral Health		Specialty Hospitals and Other
			Senior Housing - Leased		Senior Housing - Managed Consolidated		Senior Housing - Managed Unconsolidated		Total Senior Housing						Other		Corporate		Total
Net income (loss)	$	26,649	$	9,213	$	(626)	$	(13,264)	$	(4,677)	$	7,354	$	7,135	$	7,940	$	(68,754)	$	(24,353)
Adjustments:
Depreciation and amortization	26,302		5,353		8,787		—		14,140		3,124		1,494		—		19		45,079
Interest	229		400		—		—		400		—		—		—		25,047		25,676
General and administrative	—		—		—		—		—		—		—		—		8,237		8,237

Provision for loan losses and other reserves	—		—		—		—		—		—		—		—		2,045		2,045
Impairment of real estate	9,004		—		—		—		—		—		—		—		—		9,004
Loss on extinguishment of debt	—		—		—		—		—		—		—		—		32,862		32,862
Other expense	—		—		—		—		—		—		—		—		13		13
Net gain on sales of real estate	(7,153)		(2,287)		—		—		(2,287)		(816)		(3,829)		—		—		(14,085)
Loss from unconsolidated JV	—		—		—		13,264		13,264		—		—		—		—		13,264
Income tax expense	—		—		—		—		—		—		—		—		531		531
Sabra’s share of unconsolidated JV Net Operating Income	—		—		—		(4,240)		(4,240)		—		—		—		—		(4,240)

Net Operating Income	$	55,031	$	12,679	$	8,161	$	(4,240)	$	16,600	$	9,662	$	4,800	$	7,940	$	—	$	94,033

Non-cash revenue and expense adjustments	16,695		(582)		—		—		(582)		(140)		(240)		(544)		—		15,189
Foreign exchange rate adjustment	—		—		(23)		—		(23)		—		—		—		—		(23)

Cash Net Operating Income	$	71,726	$	12,097	$	8,138	$	(4,240)	$	15,995	$	9,522	$	4,560	$	7,396	$	—	$	109,199

Cash Net Operating Income not included in same store					(226)

Same store Cash Net Operating Income					$	7,912

See reporting definitions. 8

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Property Type

(in thousands)


	Three Months Ended September 30, 2021
	Skilled Nursing/ Transitional Care		Senior Housing								Behavioral Health		Specialty Hospitals and Other
			Senior Housing - Leased		Senior Housing - Managed Consolidated		Senior Housing - Managed Unconsolidated		Total Senior Housing						Other		Corporate		Total
Net income (loss)	$	26,977	$	6,512	$	300	$	(4,018)	$	2,794	$	6,636	$	3,356	$	3,405	$	(32,945)	$	10,223
Adjustments:
Depreciation and amortization	26,634		5,234		8,557		—		13,791		3,093		1,510		—		18		45,046
Interest	297		404		—		—		404		—		—		—		23,542		24,243
General and administrative	—		—		—		—		—		—		—		—		8,683		8,683

Recovery of loan losses and other reserves	—		—		—		—		—		—		—		—		(26)		(26)
Impairment of real estate	312		183		—		—		183				—		—		—		495
Loss on extinguishment of debt	—		—		—		—		—		—		—		—		913		913
Other income	—		—		—		—		—		—		—		—		(277)		(277)
Net (gain) loss on sales of real estate	—		(856)		201		—		(655)		—		—		—		—		(655)
Loss from unconsolidated JV	—		—		—		4,018		4,018		—		—		—		—		4,018
Income tax expense	—		—		—		—		—		—		—		—		92		92
Sabra’s share of unconsolidated JV Net Operating Income	—		—		—		3,521		3,521		—		—		—		—		3,521

Net Operating Income	$	54,220	$	11,477	$	9,058	$	3,521	$	24,056	$	9,729	$	4,866	$	3,405	$	—	$	96,276

Non-cash revenue and expense adjustments	20,420		935		—		—		935		(313)		(277)		(530)		—		20,235
Foreign exchange rate adjustment	—		—		(22)		—		(22)		—		—		—		—		(22)

Cash Net Operating Income	$	74,640	$	12,412	$	9,036	$	3,521	$	24,969	$	9,416	$	4,589	$	2,875	$	—	$	116,489

Cash Net Operating Income not included in same store					(200)

Same store Cash Net Operating Income					$	8,836

See reporting definitions. 9

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Property Type

(in thousands)


	Three Months Ended June 30, 2021
	Skilled Nursing/ Transitional Care		Senior Housing								Behavioral Health		Specialty Hospitals and Other
			Senior Housing - Leased		Senior Housing - Managed Consolidated (1)		Senior Housing - Managed Unconsolidated		Total Senior Housing						Other		Corporate		Total
Net income (loss)	$	47,612	$	7,639	$	1,810	$	(169,789)	$	(160,340)	$	6,670	$	3,332	$	3,031	$	(32,878)	$	(132,573)
Adjustments:
Depreciation and amortization	26,363		5,322		8,407		—		13,729		2,835		1,547		—		17		44,491
Interest	299		412		—		—		412		—		—		—		23,559		24,270
General and administrative	—		—		—		—		—		—		—		—		8,811		8,811

Recovery of loan losses and other reserves	—		—		—		—		—		—		—		—		(109)		(109)

Loss on extinguishment of debt	—		—		—		—		—		—		—		—		54		54
Other expense	—		—		—		—		—		—		—		—		24		24
Net loss on sales of real estate	3,752		—		—		—		—		—		—		—		—		3,752
Loss from unconsolidated JV	—		—		—		169,789		169,789		—		—		—		—		169,789
Income tax expense	—		—		—		—		—		—		—		—		522		522
Sabra’s share of unconsolidated JV Net Operating Income	—		—		—		2,318		2,318		—		—		—		—		2,318

Net Operating Income	$	78,026	$	13,373	$	10,217	$	2,318	$	25,908	$	9,505	$	4,879	$	3,031	$	—	$	121,349

Non-cash revenue and expense adjustments	(3,639)		(812)		—		—		(812)		(146)		(292)		(502)		—		(5,391)
Foreign exchange rate adjustment	—		—		(66)		—		(66)		—		—		—		—		(66)

Cash Net Operating Income	$	74,387	$	12,561	$	10,151	$	2,318	$	25,030	$	9,359	$	4,587	$	2,529	$	—	$	115,892

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

Same store Cash Net Operating Income					$	9,922

(1) Net Operating Income, Cash Net Operating Income and Same store Cash Net Operating Income include $0.5 million of Grant Income.

See reporting definitions. 10

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Property Type

(in thousands)


	Six Months Ended June 30, 2022
	Skilled Nursing/ Transitional Care		Senior Housing								Behavioral Health		Specialty Hospitals and Other
			Senior Housing - Leased		Senior Housing - Managed Consolidated (1)		Senior Housing - Managed Unconsolidated (2)		Total Senior Housing						Other		Corporate		Total
Net income (loss)	$	84,128	$	10,539	$	727	$	(5,331)	$	5,935	$	12,923	$	6,431	$	19,645	$	(71,655)	$	57,407
Adjustments:
Depreciation and amortization	52,517		10,586		18,506		—		29,092		5,856		2,921		—		42		90,428
Interest	433		611		—		—		611		—		—		—		49,458		50,502
General and administrative	—		—		—		—		—		—		—		—		19,045		19,045

Provision for loan losses and other reserves	—		—		—		—		—		—		—		—		205		205
Impairment of real estate	11,745		—		—		—		—		—		—		—		—		11,745
Loss on extinguishment of debt	—		—		—		—		—		—		—		—		271		271
Other expense	—		—		—		—		—		—		—		—		2,095		2,095
Net loss on sales of real estate	2,615		1,886		—		—		1,886		—		—		—		—		4,501
Loss from unconsolidated JV	—		—		—		5,331		5,331		—		—		—		—		5,331
Income tax expense	—		—		—		—		—		—		—		—		539		539
Sabra’s share of unconsolidated JV Net Operating Income	—		—		—		8,597		8,597		—		—		—		—		8,597

Net Operating Income	$	151,438	$	23,622	$	19,233	$	8,597	$	51,452	$	18,779	$	9,352	$	19,645	$	—	$	250,666

Non-cash revenue and expense adjustments	(5,539)		(1,371)		—		—		(1,371)		(661)		(444)		(1,094)		—		(9,109)

Cash Net Operating Income	$	145,899	$	22,251	$	19,233	$	8,597	$	50,081	$	18,118	$	8,908	$	18,551	$	—	$	241,557






Annualizing adjustments (3)	126,363		22,530		21,346		(2,605)		41,271		18,486		8,885		13,728		—		208,733

Annualized Cash Net Operating Income	$	272,262	$	44,781	$	40,579	$	5,992	$	91,352	$	36,604	$	17,793	$	32,279	$	—	$	450,290

Reallocation adjustments (4)	846		5,550		—		—		5,550		23,676		—		(30,072)		—		—

Annualized Cash Net Operating Income, as adjusted	$	273,108	$	50,331	$	40,579	$	5,992	$	96,902	$	60,280	$	17,793	$	2,207	$	—	$	450,290

(1) Net Operating Income and Cash Net Operating Income include $0.1 million of Grant Income.

(2) Net Operating Income and Cash Net Operating Income include $3.4 million of Grant Income.

(3) Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries), the Enlivant Joint Venture Cash NOI and the residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis, as well as an adjustment to reflect the reduction in Avamere's annual base rent to $30.7 million effective February 1, 2022.

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

See reporting definitions. 11

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Payor Source

(in thousands)


	Six Months Ended June 30, 2022
	Private Payors (1)		Non-Private Payors		Other		Senior Housing - Managed Unconsolidated (2)		Corporate		Total
Net income (loss)	$	35,710	$	78,831	$	19,645	$	(5,124)	$	(71,655)	$	57,407
Adjustments:
Depreciation and amortization	43,436		46,950		—		—		42		90,428
Interest	657		387		—		—		49,458		50,502
General and administrative	—		—		—		—		19,045		19,045

Provision for loan losses and other reserves	—		—		—		—		205		205
Impairment of real estate	3,244		8,501		—		—		—		11,745
Loss on extinguishment of debt	—		—		—		—		271		271
Other income	—		—		—		—		2,095		2,095
Net gain on sales of real estate	2,409		2,092		—		—		—		4,501
Loss from unconsolidated JV	207		—		—		5,124		—		5,331
Income tax expense	—		—		—		—		539		539
Sabra’s share of unconsolidated JV Net Operating Income	673		—		—		7,924		—		8,597

Net Operating Income	$	86,336	$	136,761	$	19,645	$	7,924	$	—	$	250,666

Non-cash revenue and expense adjustments	(3,314)		(4,701)		(1,094)		—		—		(9,109)

Cash Net Operating Income	$	83,022	$	132,060	$	18,551	$	7,924	$	—	$	241,557






Annualizing adjustments (2)	86,503		116,426		13,728		(7,924)		—		208,733

Annualized Cash Net Operating Income	$	169,525	$	248,486	$	32,279	$	—	$	—	$	450,290

(1) Net Operating Income and Cash Net Operating Income include $0.1 million of Grant Income.

(2) Reflects our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. Net Operating Income and Cash Net Operating Income include $3.4 million of Grant Income.

See reporting definitions. 12

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Relationship

(in thousands)


	Six Months Ended June 30, 2022
	North American Healthcare		Signature Healthcare		Signature Behavioral		Avamere Family of Companies		Recovery Centers of America		Holiday AL Holdings LP		Cadia Healthcare		CommuniCare		The McGuire Group		Healthmark Group		All Other Relationships (1)		Corporate		Total
Net income (loss)	$	14,822	$	12,493	$	11,503	$	13,530	$	11,452	$	1,025	$	5,581	$	5,535	$	6,909	$	(681)	$	46,893	$	(71,655)	$	57,407
Adjustments:
Depreciation and amortization	5,607		7,140		4,484		5,953		606		10,105		5,347		2,267		3,563		2,317		42,997		42		90,428
Interest	—		—		—		—		—		—		—		—		—		—		1,044		49,458		50,502
General and administrative	—		—		—		—		—		—		—		—		—		—		—		19,045		19,045

Provision for loan losses and other reserves	—		—		—		—		—		—		—		—		—		—		—		205		205
Impairment of real estate	—		—		—		—		—		—		—		—		—		7,179		4,566		—		11,745
Loss on extinguishment of debt	—		—		—		—		—		—		—		—		—		—		—		271		271
Other income	—		—		—		—		—		—		—		—		—		—		—		2,095		2,095
Net loss on sales of real estate	—		—		—		—		—		—		—		—		—		—		4,501		—		4,501
Loss from unconsolidated JV	—		—		—		—		—		—		—		—		—		—		5,331		—		5,331
Income tax expense	—		—		—		—		—		—		—		—		—		—		—		539		539
Sabra’s share of unconsolidated JV Net Operating Income	—		—		—		—		—		—		—		—		—		—		8,597		—		8,597

Net Operating Income	$	20,429	$	19,633	$	15,987	$	19,483	$	12,058	$	11,130	$	10,928	$	7,802	$	10,472	$	8,815	$	113,929	$	—	$	250,666

Non-cash revenue and expense adjustments	(870)		4		(584)		22		(118)		—		(476)		253		(2,279)		1		(5,062)		—		(9,109)

Cash Net Operating Income	$	19,559	$	19,637	$	15,403	$	19,505	$	11,940	$	11,130	$	10,452	$	8,055	$	8,193	$	8,816	$	108,867	$	—	$	241,557






Annualizing adjustments (2)	19,558		19,102		15,912		11,195		11,948		11,187		10,185		8,444		8,248		6,322		86,632		—		208,733


Annualized Cash Net Operating Income	$	39,117	$	38,739	$	31,315	$	30,700	$	23,888	$	22,317	$	20,637	$	16,499	$	16,441	$	15,138	$	195,499	$	—	$	450,290

(1) Net Operating Income and Cash Net Operating Income include $3.5 million of Grant Income.

(2) Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries), the Enlivant Joint Venture Cash NOI and the residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis, as well as an adjustment to reflect the reduction in Avamere's annual base rent to $30.7 million effective February 1, 2022.

See reporting definitions. 13

SABRA HEALTH CARE REIT, INC.

REPORTING DEFINITIONS

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

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

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 adjusted to (i) reflect actual payments received during the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis, (ii) exclude residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis and (iii) reflect the reduction in Avamere’s annual base rent to $30.7 million effective February 1, 2022.

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

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

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

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

Grant Income. Grant Income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents.

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

Net Debt to Adjusted EBITDA. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.

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

See reporting definitions. 14

SABRA HEALTH CARE REIT, INC.

REPORTING DEFINITIONS

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

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

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

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

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

See reporting definitions. 15

Cost What Happens Inside Our Buildings Matters Most Investor Presentation | May 4, 2022August 3, 2022

August 3, 2022 Investor Presentation Forward-Looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward looking statements. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our expectations regarding our recent and pending investments, and our strategic and operational plans, as well as all statements regarding expected future financial position, results of operations, cash flows, liquidity, financing plans, business strategy, projected expenses and capital expenditures, competitive position, growth opportunities and potential investments, 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, and the related impact on our tenants, operators and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update (“ASU”) 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man- made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs for our tenants and operators, due to labor market challenges and macroeconomic factors such as inflation; increased healthcare regulation and enforcement; our tenants’ dependency on reimbursement from governmental and other third-party payor programs; 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 impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants’ or operators’ failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants’ or operators’ information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; increases in market interest rates; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes in foreign currency exchange rates and other risks associated with our ownership of property outside the U.S.; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust (“REIT”) under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the “SEC”), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021. Forward-looking statements made in this presentation are not guarantees of future performance, events or results, and you should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. Disclaimers 2

August 3, 2022 Investor Presentation Tenant, Operator and Borrower Information This presentation includes information (e.g., EBITDARM Coverage and Occupancy Percentage) regarding certain of our tenants that lease properties from us and our operators and borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants, operators and borrowers that is provided in this presentation has been provided by, or derived from information provided by, such tenants, operators and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures related to Sabra Health Care REIT, Inc., including annualized cash NOI, net debt to adjusted EBITDA and funds from operations (FFO). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under “Definitions” in the Appendix, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results Disclaimers 3

LOREM IPSUM Heading August 3, 2022 Investor Presentation Our passion for quality care and deep industry experience uniquely position Sabra to succeed in the dynamic healthcare real estate market. We have the size, know-how and resilient balance sheet necessary to deliver long-term value to shareholders. Uniquely Positioned to Thrive 4

August 3, 2022 Investor Presentation 5 “We know what happens inside our buildings matters most. That’s why we align ourselves with operators who skillfully and compassionately care for the residents and patients in the buildings we own.” -Rick Matros (he/him), Chief Executive Officer STRATEGY

August 3, 2022 Investor Presentation Our Strategy — Passion Meets Know-how Unique, Accretive Investments - Utilize our operational and asset management experience to identify and capitalize on new opportunities where off-market price dislocation exists. Support Operator Expansion - Be the capital partner of choice for the expansion and growth of leading operators with regional expertise and concentrated in markets with favorable demographics. Structure deals opportunistically across the capital stack. Creatively Financed Development - Pursue strategic development opportunities and long-term partnerships with leading developers. Optimize Portfolio - Continue to curate our portfolio to optimize diversification and maintain a mix of assets well-positioned for the future of healthcare delivery. Prudent Financing – Given our current cost of equity, prioritize available liquidity and recycled capital over new equity issuances to fund investing activity. 6 STRATEGY

August 3, 2022 Investor Presentation “By consistently and deliberately executing our strategy, we deliver long-term value to our shareholders and provide the capital our tenants need to invest in their business and deliver quality care.” -Talya Nevo-Hacohen (she/her), Chief Investment Officer 7 STRATEGY IN ACTION

August 3, 2022 Investor Presentation • Sabra’s growing behavioral health portfolio represents a total investment of approximately $730 million with a weighted average cash yield of over 8%, which accounts for roughly 13% of the Company’s Annualized Cash NOI. • In total, nine properties have been converted or are in the process of being converted to addiction treatment centers, and we are negotiating several additional conversion opportunities for existing wholly-owned assets. Landmark Recovery | Aurora, CO • Converted a 48-unit memory care community for use as an addiction treatment facility • The building is net leased to Landmark Recovery • As of June 30, 2022, Sabra has spent $3.4 million of the $3.5 million capital commitment associated with the conversion • Began accepting patients in July 2022 Recovery Centers of America | Greenville, SC • Closed on a 132-bed hotel on December 16, 2021 for conversion to an addiction treatment facility • As in Monroeville, RCA pre-leased the building under a long-term triple- net lease • Sabra purchased the hotel for $10.9 million and has agreed to invest up to $22.5 million in renovations to convert it to an addiction treatment facility Adaptive Reuse for Behavioral Health 8 STRATEGY IN ACTION

August 3, 2022 Investor Presentation Good for the Planet. Good for Our Stakeholders. Our inaugural ESG report is available on our website at sabrahealth.com. “ESG principles are intrinsically tied to our objective to drive shareholder value by operating efficiently, sustainably and with our stakeholders’ best interest in mind.” -Rick Matros (he/him), Chief Executive Officer 9 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

August 3, 2022 Investor Presentation Committed to Diversity, Equity & Inclusion 57% As of June 30, 2022, women comprised 57% of our workforce and 64% of our management level/ leadership roles. 30% As of June 30, 2022, 30% of our team members self-identified as being members of one or more ethnic minorities. We believe our ethnic diversity is higher than this reported percentage as another 18% of our team members chose not to self-identify. 10 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

August 3, 2022 Investor Presentation Addressing Critical Health And Wellness Issues In Senior Facilities Sabra is a proud Alliance Member of the Well Living Lab and active participant in WISE— Wellness Innovation in Senior Living—initiative. The initiative will leverage scientific research conducted in simulated real-world environments and the field, and will share practical findings that can be applied to improving indoor spaces in senior living communities. 11 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

August 3, 2022 Investor Presentation WELL Health-Safety Ratings Enlivant, one of Sabra’s largest operators, recently became the first senior living organization to achieve the WELL Health-Safety Rating for its entire portfolio. We are encouraging all our operators to pursue the WELL Health-Safety Rating. 12 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

August 3, 2022 Investor Presentation Ethics. Transparency. Accountability. Our strong, independent board brings unique skill sets and relevant experience that enrich our decision making. Healthcare Real Estate Finance Leadership Portfolio Management ESG Regulatory Risk Management Policy 13 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

August 3, 2022 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 Excludes (i) three real estate properties held for sale as of the end of the current period and (ii) our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. 2 Occupancy Percentage and Skilled Mix (together, “Operating Statistics”) and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of such period and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears, and therefore, EBITDARM Coverage and Operating Statistics exclude assets acquired after March 31, 2022. 3 Effective February 1, 2022, Avamere’s annual base rent on the current portfolio has been reduced to $30.7 million from $44.1 million. Pro forma EBITDARM Coverage illustrates the impact of this rent reduction on our historical trailing twelve-month EBITDARM Coverages for Avamere and our Skilled Nursing/Transitional Care portfolio. 7 Years Wtd. Avg. Remaining Lease Term 441 Investments1 1.88x 1.09x 1.83x 7.07x 75 Relationships 38% Skilled Mix2 Average Occupancy Percentage2 73% 80% 80% 83% 80% SH - Leased SH - Managed Hosp./Oth.SNF/TC SNF/TC SH - Leased Pro Forma Rent Coverage2,3 As of June 30, 2022 BH BH Hosp./Oth. 14 PORTFOLIO

August 3, 2022 Investor Presentation 1 Concentrations exclude (i) three real estate properties held for sale as of the end of the current period and (ii) our unconsolidated joint venture with Enlivant which consists of 157 facilities and 6,996 units. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our sales-type lease, mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate See the Appendix to this presentation for the definition of Annualized Cash NOI. Diverse Portfolio, Positioned to Perform Relationship Concentration1 Asset Class Concentration1 As of June 30, 2022 15 PORTFOLIO North American Healthcare, 8.7% Signature Healthcare, 8.6% Signature Behavioral, 6.9% Avamere Family of Companies, 6.8% Recovery Centers of America, 5.3% Holiday, 5.0% Sienna, 2.7%Other, 2.6% Other, 53.4% Behavioral Health, 13.4% Senior Housing - Leased, 11.2% Senior Housing - Managed, 10.3% Specialty Hospital and Other, 3.9% Other, 0.5% Skilled Nursing/ Transitional Care, 60.7% Managed (No Operator Credit Exposure), 10.3%

August 3, 2022 Investor Presentation “We invest in relationships with operators who are nimble and poised to deliver excellent care now and in the future.” -Peter Nyland, Executive Vice President, Asset Management 16 PORTFOLIO

August 3, 2022 Investor Presentation Reimbursement Trends • On July 29, 2022, CMS issued a final rule regarding fiscal year 2023 Medicare rates for skilled nursing facilities providing an estimated net increase of 2.7% compared to fiscal year 2022 (an increase as a result of an update to the payment rates of 5.1%, partially offset by the recalibrated PDPM parity adjustment of 2.3%). The new payment rates become effective on October 1, 2022. • Several States have continued, and in some cases extended, Federal Medical Assistance Percentages (“FMAP”) benefits to our skilled nursing providers. Additionally, several states have increased their base Medicaid reimbursement rates outside of continuation or extension of FMAP. • The following is a summary of what the top ten states in our skilled nursing/transitional care portfolio have announced with regards to FMAP benefits via a per diem add-on to the Medicaid base rate and Medicaid base rate increases for 2022-2023. 17 PORTFOLIO Top 10 Skilled Nursing/Transitional Care States FMAP Add-On Increase Medicaid Base Rate Increase State Number of Sabra Skilled Nursing/ Transitional Care Properties Add-On Percentage Increase Expiration Date Base Rate Percentage Increase Effective Date Texas 36 12% 1 12/31/22 TBD TBD Kentucky 25 12% 1 07/01/24 0% N/A California 24 10% 12/31/23 3% 01/01/23 Massachusetts 17 0% N/A Pending 3 07/01/22 Oregon 15 5% 06/30/23 17% 07/01/22 Washington 15 2% 1 06/30/25 2 19% 07/01/22 North Carolina 13 15% 1 12/31/22 10% 01/01/23 Missouri 13 10% 1 06/30/22 10% 4 07/01/22 Indiana 12 6% 01/31/22 Pending 3 07/01/22 New York 9 0% N/A 2% 04/01/22 (1) Percentage increase based on state-defined per diem dollar amount of FMAP add-on and estimated state average Medicaid per diem rate. (2) FMAP add-on in Washington state phases out through June 30, 2025. (3) Not published yet, should be retroactive to July 1, 2022. (4) Percentage increase based on state-defined dollar amount of base rate increase and estimated state average Medicaid rate. 1 Percentage increase based on state-defined per diem dollar amount of FMAP add-on and estimated state average Medicaid per diem rate. 2 FMAP add-on in Washington state phases out through June 30, 2025. 3 Not published yet, should be retroactive to July 1, 2022. 4 Percentage increase based on state-defined dollar amount of base rate increase and estimated state average Medicaid rate.

August 3, 2022 Investor Presentation Advancing the Quality of Care We Work with Operators Who Are: • Committed to their mission • Nimble • Regional experts • In markets with favorable demographics • Well-positioned for the future of healthcare delivery OPERATORS 18

August 3, 2022 Investor Presentation We Support Our Operators We Invest in Our Tenants’ Success: • Redevelopment / Adaptive Reuse • Expansion • Strategic development • Flexible equity and debt capital solutions OPERATORS 19

August 3, 2022 Investor Presentation “What started with a single sale/leaseback transaction for a senior living community in Indiana has grown into a multi-state, multi- community relationship. We truly value the collaboration, insight and support we receive from Sabra. Sabra is who we think about first when it comes to a capital partner to support our company’s growth.” – Tom Smith, Chief Executive Officer & Co-Founder Leo Brown Group 20 OPERATORS

August 3, 2022 Investor Presentation “Our strong balance sheet and ready access to capital allows us to thoughtfully finance investment opportunities and drive value for our shareholders.” –Michael Costa, Chief Financial Officer 21 PERFORMANCE

August 3, 2022 Investor Presentation Balanced Capital Structure 1 As of 6/30/2022. Common equity value estimated using outstanding common stock of 231.0 million shares and Sabra’s closing price of $15.57 as of 8/1/2022. 22 PERFORMANCE Capital Structure 1 Our diverse menu of capital options and $0.9 billion of available liquidity ensures that we have ready access to low cost capital to fund our growth. Our credit facility contains an accordion feature that can increase the total available borrowings to $2.75 billion (up from $2.0 billion plus CAD $125.0 million today). We have reduced the level of unhedged variable rate debt from 27.2% of our consolidated debt at the end of 2018 to 6.6% today; excluding our revolver, our unhedged variable rate debt is only 1.0% of our consolidated debt as of June 30, 2022. Because of our hedging activities, our annual interest expense is approximately $4 million lower than it otherwise would be at today’s market rates. Common Equity Value 60% Secured Debt 1% Unsecured Debt 39% CONSOLIDATED ENTERPRISE VALUE $6.0B

August 3, 2022 Investor Presentation Sabra 2Q 22 1 Investment grade peers median 2 Net Debt to Adjusted EBITDA 5.44x 3 6.04x Interest Coverage Ratio 4.81x 3 4.31x Debt as a % of Asset Value 35% 39% Secured Debt as a % of Asset Value 1% 5% Strong Investment-Grade Credit Metrics 1 Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. 2 Investment-Grade Peers consists of WELL, VTR, OHI and NHI. The metrics used to calculate Investment-Grade Peers Median are sourced from most recent public filings with the SEC and may not be calculated in a manner identical to Sabra’s metrics. 3 Based on the trailing twelve-month period ended as of the date indicated. 23 PERFORMANCE We expect to reduce leverage closer to our 5.0x long-term leverage target by the end of the year with proceeds from disposition activity. We continue to focus on strengthening our balance sheet and portfolio without accessing the capital markets.

August 3, 2022 Investor Presentation Favorable Profile with Staggered Maturities 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. (Dollars in millions) Debt maturity profile at June 30, 2022 24 PERFORMANCE 500 100 350 800 557 $1 $2 $2 $2 $2 $2 $2 $2 $2 $31$142 $858 2.84% 3.33% 3.11% 2.86% 5.12% 5.82% 2.88% 3.89% 2.90% 3.20% 3.08% Unsecured Bonds Term Loans Mortgage Debt / Secure Debt Line of Credit Available Line of Credit Wtd. Avg. Interest 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Thereafter $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 1 2 We have no material debt maturities before Q3 2024.

August 3, 2022 Investor Presentation Attractive Valuation Relative to Direct Peers Forward FFO multiples 1 Dividend yield 2 Premium / discount to consensus NAV Portfolio composition (% Annualized Cash NOI) 3 Sources: SNL Financial as of 8/1/2022, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 8/1/2022 divided by the forward four quarter consensus FFO from SNL Financial. 2 Dividend yield is calculated as most recent quarterly dividends declared per share annualized divided by stock price as of 8/1/2022. 3 Represents latest available concentration for peers from company filings as of 8/1/2022. 4 Based on Annualized Cash NOI for the quarter ended 6/30/2022. See the appendix to this presentation for the definition of Annualized Cash NOI. 25 PERFORMANCE 10.2x 10.5x 14.1x 14.6x 15.8x SBRA OHI CTRE NHI LTC 7.7% 5.2% 5.3% 5.5% 8.5% SBRA CTRE LTC NHI OHI 8.7% 13.6% 19.0% 27.2% 29.7% SBRA CTRE OHI NHI LTC 21% 13% 21% 41% 63% 61% 87% 72% 57% 32% 18% 7% 2% 5% Senior Housing Skilled Nursing Other SBRA CTRE OHI LTC NHI4

August 3, 2022 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 8/1/2022. 2 Based on Annualized Cash NOI as of 6/30/2022 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. 3 Represents SNF EBITDARM Coverage for LTC and NHI; total portfolio EBITDARM Coverage for OHI and CTRE. 4 See appendix to this presentation for the definition of EBITDARM Coverage. 5 Sabra EBITDARM coverage is pro forma for the impact of the Avamere rent reduction. Pro forma EBITDARM coverage illustrates the impact of this rent reduction on our historical trailing twelve-month EBITDARM Coverages for Avamere and our Skilled Nursing/Transitional Care portfolio. Top five relationships concentration 1 SNF EBITDARM coverage 1,3 SH EBITDARM coverage 1 26 PERFORMANCE 61% 32% 57% 72% 87% SBRA NHI LTC OHI CTRE 36% 39% 47% 64% 64% SBRA OHI LTC NHI CTRE 1.88x 1.44x 2.14x 2.70x 2.80x SBRA OHI LTC CTRE NHI 1.09x 0.95x 1.04x 1.06x 1.10x SBRA WELL LTC NHI VTR2 2 4,5 4

August 3, 2022 Investor Presentation Appendix 27 i

August 3, 2022 Investor Presentation Adjusted EBITDA.* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non- GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income (“Annualized Cash NOI”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income. 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 adjusted to (i) reflect actual payments received during the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis, (ii) exclude residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis and (iii) reflect the reduction in Avamere’s annual base rent to $30.7 million effective February 1, 2022. Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Cash Net Operating Income (“Cash NOI”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income. EBITDARM. Earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property’s net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company’s operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage. Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property’s ability to generate cash flows for the operator/tenant (not the Company) to meet the operator’s/ tenant’s related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Definitions 28 APPENDIX

August 3, 2022 Investor Presentation Funds From Operations (“FFO”) and Adjusted FFO (“AFFO”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding 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 ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Grant Income. Grant income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents. Net Debt.* The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements. Net Debt to Adjusted EBITDA.* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income (“NOI”).* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income. Definitions 29 APPENDIX

August 3, 2022 Investor Presentation 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. Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix. Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility. At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants’ business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent 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) leased facilities acquired during the three months preceding the period presented. * Non-GAAP Financial Measures: Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results. APPENDIX Definitions 30


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 3, 2022.

99.2						Sabra Health Care REIT, Inc. Supplemental Information Package, dated June 30, 2022.

99.3						Reconciliations of Non-GAAP Financial Measures, dated June 30, 2022.

99.4						Investor Presentation.

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


	SABRA HEALTH CARE REIT, INC.

Date: August 3, 2022	/S/ MICHAEL COSTA
	Name:	Michael Costa
	Title:	Chief Financial Officer, Secretary and Executive Vice President


☐			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))


Item 7.01			Regulation FD Disclosure.