sbra-20220504
false000149229800014922982022-05-042022-05-04

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 4, 2022
SABRA HEALTH CARE REIT, INC.
(Exact name of registrant as specified in its charter)
 
Maryland 001-34950 27-2560479
(State of
Incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
 
18500 Von Karman AvenueSuite 550
Irvine
CA
92612
(Address of principal executive offices)(Zip Code)
Registrant's telephone number including area code: (888) 393-8248  
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:  
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueSBRAThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition.
On May 4, 2022, Sabra Health Care REIT, Inc. (“Sabra”) issued a press release reporting its results of operations for the three month period ended March 31, 2022. The press release refers to the Reconciliations of Non-GAAP Financial Measures that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the press release and the Reconciliations of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are specifically incorporated by reference herein.
Item 7.01Regulation FD Disclosure.
The press release furnished herewith as Exhibit 99.1 refers to a supplemental information package that is available on the Investors section of Sabra’s website, free of charge, at www.sabrahealth.com. The text of the supplemental information package is furnished herewith as Exhibit 99.2 and is specifically incorporated by reference herein.
Sabra intends to present the materials attached to this report as Exhibit 99.4 in investor presentations. The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the presentation materials include material investor information that is not otherwise publicly available. In addition, Sabra does not assume any obligation to update such information in the future.
The information in Items 2.02 and 7.01 of this Form 8-K and the information in Exhibits 99.1, 99.2, 99.3 and 99.4 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of Sabra under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01Financial Statements and Exhibits.
 
(d)Exhibits.
99.1
99.2
99.3
99.4
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SABRA HEALTH CARE REIT, INC.
Date: May 4, 2022/S/    MICHAEL COSTA
Name: Michael Costa
Title: Chief Financial Officer, Secretary and Executive Vice President








Exhibit 99.1

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FOR IMMEDIATE RELEASE

SABRA REPORTS FIRST QUARTER 2022 RESULTS; PROVIDES BUSINESS UPDATE

IRVINE, CA, May 4, 2022 — Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq: SBRA) today announced its results of operations for the first quarter of 2022. In addition, the Company provided a business update.

FIRST QUARTER 2022 RESULTS AND RECENT EVENTS

•Results per diluted common share for the first quarter of 2022 were as follows:
•Net Income: $0.18
•FFO: $0.39
•Normalized FFO: $0.38
•AFFO: $0.39
•Normalized AFFO: $0.38

•EBITDARM Coverage Summary:
•Skilled Nursing/Transitional Care: 1.87x (pro forma for Avamere lease amendment)
•Senior Housing - Leased: 1.02x
•Behavioral Health: 1.98x
•Specialty Hospitals & Other: 7.52x

•We have collected 99.5% of our forecasted rents from the beginning of the COVID-19 pandemic through April 2022, including 100% of Avamere’s rent under its previous and amended leases.
•During the first quarter of 2022, we acquired a managed senior housing community from our proprietary development pipeline for $26.0 million with an initial cash yield of 6.7%.
•We continue to maintain a strong Net Debt to Adjusted EBITDA ratio of 5.11x as of March 31, 2022.
•On May 4, 2022, our Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 31, 2022 to common stockholders of record as of the close of business on May 16, 2022. The dividend represents a payout of 79% of our Normalized AFFO per share of $0.38.
















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BUSINESS UPDATE

Behavioral Health
Sabra’s behavioral health portfolio has grown considerably in recent years with a total investment of approximately $730 million currently yielding 8.3%, which accounts for roughly 13% of the Company’s Annualized Cash NOI. As previously announced, the Company is in the process of redeveloping a former hotel in Greenville, SC into an addiction treatment center, with an expected total investment of $33.4 million. This property has been added to the master lease of Sabra’s existing tenant, Recovery Centers of America. In total, six 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. New disclosure has been added to Sabra’s financial filings to highlight the growing importance of behavioral health to the Company’s financial performance.

Occupancy Trends — Skilled Nursing
After initial headwinds related to the Omicron variant of COVID-19, Sabra’s seven largest skilled nursing tenants (representing roughly 40% of Annualized Cash NOI) saw a sizable sequential increase in occupancy during the first quarter.
Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22
North American77.5 %79.6 %78.7 %78.7 %79.8 %79.7 %78.9 %74.7 %75.6 %79.1 %
Signature Healthcare75.5 %76.4 %76.2 %76.5 %76.8 %76.7 %75.9 %75.4 %75.6 %76.0 %
Avamere75.5 %75.6 %72.7 %71.7 %69.6 %70.8 %71.8 %69.7 %70.3 %71.3 %
Cadia81.8 %83.1 %84.5 %82.9 %83.4 %82.8 %81.5 %83.4 %85.1 %86.9 %
Healthmark62.5 %64.0 %64.1 %64.0 %63.7 %64.7 %64.8 %65.7 %68.3 %65.7 %
The McGuire Group81.1 %82.7 %85.3 %85.4 %84.2 %83.4 %84.5 %83.0 %83.4 %85.7 %
CommuniCare80.2 %80.8 %83.2 %83.0 %81.6 %79.3 %79.0 %77.3 %78.0 %80.5 %
Total75.7 %76.7 %76.6 %76.4 %76.0 %76.0 %75.8 %74.6 %75.4 %76.5 %
EBITDARM Coverage
On average, trailing 12-month EBITDARM coverage (reported one quarter in arrears) was roughly consistent with the prior quarter across property types, as Sabra’s tenants continue to admirably navigate a challenging operating environment.

Skilled Nursing/Transitional Care*1Q 20202Q 20203Q 20204Q 20201Q 20212Q 20213Q 20214Q 20211Q 2022
T12M Coverage1.71x1.73x1.92x2.02x2.09x2.09x1.87x1.86x1.87x
T12M Coverage w/o PRF**1.71x1.72x1.66x1.63x1.51x1.44x1.44x1.54x1.63x
T3M Coverage w/o PRF**1.73x1.81x1.61x1.36x1.28x1.52x1.58x1.78x1.69x
Senior Housing - Leased1Q 20202Q 20203Q 20204Q 20201Q 20212Q 20213Q 20214Q 20211Q 2022
T12M Coverage1.38x1.38x1.31x1.25x1.23x1.12x1.09x1.04x1.02x
T12M Coverage w/o PRF**1.38x1.38x1.30x1.23x1.19x1.08x1.06x1.02x0.97x
T3M Coverage w/o PRF**1.39x1.33x1.08x1.18x1.18x0.91x1.00x1.00x0.96x
Behavioral Health1Q 20202Q 20203Q 20204Q 20201Q 20212Q 20213Q 20214Q 20211Q 2022
T12M Coverage2.01x1.98x1.94x2.00x1.99x1.99x2.11x2.06x1.98x
T12M Coverage w/o PRF**2.01x1.86x1.82x1.89x1.89x1.99x2.11x2.06x1.98x
T3M Coverage w/o PRF**2.01x1.40x1.96x2.12x2.00x1.89x2.42x1.94x1.67x
Specialty Hospitals and Other1Q 20202Q 20203Q 20204Q 20201Q 20212Q 20213Q 20214Q 20211Q 2022
T12M Coverage6.32x6.35x6.43x6.79x6.92x7.35x7.42x7.52x7.52x
T12M Coverage w/o PRF**6.32x6.35x6.32x6.69x6.82x7.24x7.35x7.45x7.45x
T3M Coverage w/o PRF**8.24x5.28x6.32x6.94x8.71x6.99x6.78x7.33x8.70x
* Pro forma for Avamere’s recently restructured lease        ** Provider Relief Funds (“PRF”)
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Same-Store Senior Housing - Managed
On average, REVPOR grew nearly 6% over the prior year across our assisted living communities driven by annual rent increases. REVPOR in our independent living portfolio is modestly higher year-over-year as rate increases have been more prevalent in higher-acuity settings as operators attempt to offset rising labor costs.

1Q 20212Q 20213Q 20214Q 20211Q 2022YoY Change
Assisted living$5,947 $6,024 $6,062 $6,244 $6,279 
Sequential Change1.3 %0.6 %3.0 %0.6 %5.6 %
Independent living$2,550 $2,541 $2,528 $2,540 $2,578 
Sequential Change(0.4)%(0.5)%0.5 %1.5 %1.1 %
Headwinds related to the Omicron variant abated as the first quarter progressed, which drove a healthy sequential increase in occupancy across our needs-based assisted living portfolio. Our independent living portfolio is also showing signs of improvement. However, occupancy saw a slight sequential decline due partly to demand that tends to be more discretionary in nature. Revenue increased sequentially primarily as a result of rent growth, while NOI saw an 11% sequential increase—or 18% year-over-year growth—driven by a combination of revenue growth and operating leverage.

1Q 20212Q 20213Q 20214Q 20211Q 2022
Average Occupancy - AL68.8 %70.8 %73.5 %73.3 %75.2 %
Sequential Change2.0 %2.7 %(0.2)%1.9 %
Average Occupancy - IL79.0 %78.6 %79.8 %80.7 %80.4 %
Sequential Change(0.4)%1.2 %0.9 %(0.3)%
Resident fees and services 1
$35,644 $36,604 $36,970 $37,820 $38,696 
Sequential Change2.7 %1.0 %2.3 %2.3 %
Cash NOI 1
$6,938 $9,308 $8,238 $7,363 $8,183 
Sequential Change34.2 %(11.5)%(10.6)%11.1 %
1    Resident fees and services and Cash NOI balances include $0.5 million of Grant Income for 2Q 2021.

Commenting on the first quarter’s results, Rick Matros, CEO and Chair, said, “We are pleased with the relative stability of our portfolio and do not anticipate additional material lease restructurings. While we were disappointed in the proposed market basket rate increase for skilled nursing facilities, it is important to note we are now in a comment period and the final rule has not been determined. That said, our preliminary estimate of the impact of the proposed rule on our trailing 12-month coverage ratios for our skilled nursing portfolio is a reduction of 0.02x. As we look toward the remainder of the year, we are focused on digestible investments that provide growth and diversification to our portfolio, and we currently project our skilled nursing exposure to be at historical lows by year end. We expect to fund our investment goals with available liquidity and proceeds from asset sales.”
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LIQUIDITY
As of March 31, 2022, we had approximately $1.0 billion of liquidity, consisting of unrestricted cash and cash equivalents of $24.8 million and available borrowings of $983.2 million under our revolving credit facility. As of March 31, 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 first quarter results will be held on Thursday, May 5, 2022 at 10:00 am Pacific Time. The dial-in number for U.S. participants is (844) 862-3710. For participants outside the U.S., the dial-in number is (612) 979-9902. The conference ID number is 2691005. The webcast URL is https://edge.media-server.com/mmc/p/2yhgcmqz. A digital replay of the call will be available on the Company’s website at www.sabrahealth.com. The Company’s supplemental information package for the first quarter will also be available on the Company’s website in the “Investors” section.
ABOUT SABRA
As of March 31, 2022, Sabra’s investment portfolio included 416 real estate properties held for investment (consisting of (i) 279 Skilled Nursing/Transitional Care facilities, (ii) 59 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) 13 Behavioral Health facilities and (v) 15 Specialty Hospitals and Other facilities), one asset held for sale, one investment in a sales-type lease, 16 investments in loans receivable (consisting of (i) two mortgage loans, (ii) one construction loan and (iii) 13 other loans), seven preferred equity investments and one investment in an unconsolidated joint venture. As of March 31, 2022, Sabra’s real estate properties held for investment included 41,445 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; our expectations that we will not need to engage in new material lease restructurings; our expectations regarding the impact of the CMS proposed rule on our coverage ratios for our skilled nursing portfolio; our expectations regarding a reduction in our skilled nursing concentration by the end of 2022; 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, on January 1, 2019; risks associated with our investment in our unconsolidated joint venture; 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; 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
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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 (including the potential effects of the Tax Cuts and Jobs Act); 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]
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)

Three Months Ended March 31,
 20222021
Revenues:
Rental and related revenues (1)
$109,886 $113,383 
Interest and other income10,992 2,941 
Resident fees and services42,227 36,041 
  
Total revenues163,105 152,365 
  
Expenses:
Depreciation and amortization45,256 44,375 
Interest24,972 24,443 
Triple-net portfolio operating expenses5,011 5,135 
Senior housing - managed portfolio operating expenses33,104 28,945 
General and administrative10,396 8,938 
Provision for loan losses and other reserves475 2,025 
  
Total expenses119,214 113,861 
  
Other (expense) income:
Loss on extinguishment of debt(271)(793)
Other income68 133 
Net gain on sales of real estate— 1,313 
Total other (expense) income(203)653 
Income before loss from unconsolidated joint venture and income tax expense43,688 39,157 
Loss from unconsolidated joint venture(2,802)(5,010)
Income tax expense(284)(700)
Net income$40,602 $33,447 
  
Net income, per:
Basic common share$0.18 $0.16 
  
Diluted common share$0.18 $0.16 
  
Weighted-average number of common shares outstanding, basic230,859,993 211,450,699 
 
Weighted-average number of common shares outstanding, diluted231,564,970 212,624,305 











(1)    See page 7 for additional details regarding Rental and related revenues.
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME - SUPPLEMENTAL INFORMATION
(in thousands)

Three Months Ended March 31,
 20222021
Cash rental income$100,357 $102,915 
Straight-line rental income2,694 4,077 
Straight-line rental income receivable write-offs(139)— 
Above/below market lease amortization1,593 1,636 
Above/below market lease intangible write-offs326 — 
Operating expense recoveries5,055 4,755 
Rental and related revenues$109,886 $113,383 
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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)  
 
March 31, 2022December 31, 2021
Assets
Real estate investments, net of accumulated depreciation of $873,795 and $831,324 as of March 31, 2022 and December 31, 2021, respectively
$5,156,060 $5,162,884 
Loans receivable and other investments, net397,074 399,086 
Investment in unconsolidated joint venture93,878 96,680 
Cash and cash equivalents24,836 111,996 
Restricted cash4,443 3,890 
Lease intangible assets, net52,877 54,063 
Accounts receivable, prepaid expenses and other assets, net155,764 138,108 
Total assets$5,884,932 $5,966,707 
Liabilities
Secured debt, net$50,645 $66,663 
Revolving credit facility16,792 — 
Term loans, net556,307 594,246 
Senior unsecured notes, net1,733,786 1,733,566 
Accounts payable and accrued liabilities118,296 142,989 
Lease intangible liabilities, net47,583 49,713 
Total liabilities2,523,409 2,587,177 
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2022 and December 31, 2021
— — 
Common stock, $0.01 par value; 500,000,000 shares authorized, 230,954,777 and 230,398,655 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
2,310 2,304 
Additional paid-in capital4,481,634 4,482,451 
Cumulative distributions in excess of net income(1,124,095)(1,095,204)
Accumulated other comprehensive income (loss)1,674 (10,021)
Total equity3,361,523 3,379,530 
Total liabilities and equity$5,884,932 $5,966,707 



 


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SABRA HEALTH CARE REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 Three Months Ended March 31,
20222021
Cash flows from operating activities:
Net income$40,602 $33,447 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization45,256 44,375 
Non-cash rental and related revenues(4,474)(5,713)
Non-cash interest income(547)(412)
Non-cash interest expense2,698 1,896 
Stock-based compensation expense2,456 2,288 
Loss on extinguishment of debt271 793 
Provision for loan losses and other reserves475 2,025 
Net gain on sales of real estate— (1,313)
Loss from unconsolidated joint venture2,802 5,010 
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net(5,457)(2,873)
Accounts payable and accrued liabilities(20,968)(10,992)
Net cash provided by operating activities63,114 68,531 
Cash flows from investing activities:
Acquisition of real estate(20,573)(28,654)
Origination and fundings of preferred equity investments(4,074)— 
Additions to real estate(10,803)(10,833)
Escrow deposits for potential investments(3,217)— 
Repayments of loans receivable696 628 
Repayments of preferred equity investments729 301 
Net proceeds from the sales of real estate— 3,202 
Net cash used in investing activities(37,242)(35,356)
Cash flows from financing activities:
Net borrowings from revolving credit facility16,577 — 
Principal payments on term loans(40,000)(93,000)
Principal payments on secured debt(16,067)(709)
Payments of deferred financing costs(6)— 
Issuance of common stock, net(3,748)87,654 
Dividends paid on common stock(69,275)(63,221)
Net cash used in financing activities(112,519)(69,276)
Net decrease in cash, cash equivalents and restricted cash(86,647)(36,101)
Effect of foreign currency translation on cash, cash equivalents and restricted cash40 65 
Cash, cash equivalents and restricted cash, beginning of period115,886 65,523 
Cash, cash equivalents and restricted cash, end of period$29,279 $29,487 
Supplemental disclosure of cash flow information:
Interest paid$18,383 $21,620 
Supplemental disclosure of non-cash investing activities:
Decrease in loans receivable and other investments due to acquisition of real estate$5,623 $— 
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SABRA HEALTH CARE REIT, INC.
FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,
ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO
(dollars in thousands, except per share data)

Three Months Ended March 31,
 20222021
Net income$40,602 $33,447 
Add:
Depreciation and amortization of real estate assets45,256 44,375 
Depreciation, amortization and impairment of real estate assets related to unconsolidated joint venture4,633 5,844 
Net gain on sales of real estate— (1,313)
Net loss on sales of real estate related to unconsolidated joint venture— 33 
FFO$90,491 $82,386 
Write-offs of straight-line rental income receivable and lease intangibles(182)— 
Lease termination income(2,338)— 
Loss on extinguishment of debt271 793 
Provision for loan losses and other reserves475 2,025 
Other normalizing items (1)
(48)344 
Normalized FFO$88,669 $85,548 
FFO$90,491 $82,386 
Stock-based compensation expense2,456 2,288 
Non-cash rental and related revenues(4,474)(5,713)
Non-cash interest income(547)(412)
Non-cash interest expense2,698 1,896 
Non-cash portion of loss on extinguishment of debt271 793 
Provision for loan losses and other reserves475 2,025 
Other non-cash adjustments related to unconsolidated joint venture(986)(596)
Other non-cash adjustments183 172 
AFFO$90,567 $82,839 
Cash portion of lease termination income(2,338)— 
Other normalizing items (1)
(186)321 
Normalized AFFO$88,043 $83,160 
Amounts per diluted common share:
Net income$0.18 $0.16 
FFO$0.39 $0.39 
Normalized FFO$0.38 $0.40 
AFFO$0.39 $0.39 
Normalized AFFO$0.38 $0.39 
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO 231,564,970 212,624,305 
AFFO and Normalized AFFO 232,484,734 213,270,122 









(1)    FFO and AFFO for each of the three months ended March 31, 2022 and 2021 include $0.2 million earned during the period related to legacy Care Capital Properties, Inc. investments. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
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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
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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 venture, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint venture, and real estate impairment charges 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 venture. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income 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
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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) 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.
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Exhibit 99.2

 
2 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Same Store Triple-Net Portfolio Top 10 Relationships Senior Housing - Managed Portfolio Loans and Other Investments | Development Pipeline NOI Concentrations Geographic Concentrations Lease Expirations 14 INVESTMENT ACTIVITY Summary 15 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 19 FINANCIAL INFORMATION Consolidated Financial Statements - Statements of Income Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 25 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results

 
3 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 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 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 Financial Metrics Dollars in thousands, except per share data Three Months Ended March 31, 2022 Revenues $ 163,105 Net operating income 128,533 Cash net operating income 123,534 Diluted per share data: EPS $ 0.18 FFO 0.39 Normalized FFO 0.38 AFFO 0.39 Normalized AFFO 0.38 Dividends per common share 0.30 Capitalization and Market Facts Key Credit Metrics (1) March 31, 2022 March 31, 2022 Common shares outstanding 231.0 million Net Debt to Adjusted EBITDA 5.11x Common equity Market Capitalization $3.4 billion Interest Coverage 5.21x Consolidated Debt $2.4 billion Fixed Charge Coverage Ratio 5.09x Consolidated Enterprise Value $5.8 billion Total Debt/Asset Value 34 % Secured Debt/Asset Value 1 % Common stock closing price $14.89 Unencumbered Assets/Unsecured Debt 292 % Common stock 52-week range $12.31 - $19.02 Common stock ticker symbol SBRA Portfolio (2) Dollars in thousands As of March 31, 2022 Property Count Investment Beds/Units Occupancy Percentage (3) Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing / Transitional Care 279 $ 3,623,501 30,920 71.8 % Senior Housing - Leased 59 718,178 4,072 78.5 Behavioral Health 13 418,625 795 84.6 Specialty Hospitals and Other 15 225,443 392 80.5 Total Triple-Net Portfolio 366 4,985,747 36,179 Senior Housing - Managed 50 1,043,235 5,266 78.5 (6) Consolidated Real Estate Investments 416 6,028,982 41,445 Investment in Sales-Type Lease, net 1 25,307 Investments in Loans Receivable, gross (4) 16 340,894 Preferred Equity Investments, gross (5) 7 56,250 Includes 76 relationships in 41 U.S. states and CanadaTotal Investments 440 $ 6,451,433 (1) See page 18 of this supplement for important information about these credit metrics. (2) Excludes (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 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 and one investment which has a purchase option on one Senior Housing development with 21 units. (5) Our preferred equity investments include investments in entities owning five Senior Housing developments with 686 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. (6) Reflects Occupancy Percentage of 76.8% and 79.0% for assisted living and independent living communities in our Senior Housing - Managed portfolio, respectively. OVERVIEW

 
5 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 Triple-Net Portfolio — Operating Statistics (2) Dollars in thousands 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Skilled Nursing/Transitional Care Number of Properties 285 283 282 279 279 Number of Beds 31,533 31,321 31,245 30,920 30,920 Cash NOI $ 76,195 $ 74,387 $ 74,640 $ 71,726 $ 75,500 Occupancy 74.9 % 72.0 % 71.1 % 71.4 % 71.8 % Skilled Mix 39.6 % 40.0 % 40.1 % 39.8 % 38.2 % Senior Housing - Leased Number of Properties 65 62 61 60 59 Number of Units 4,217 4,147 4,079 4,099 4,072 Cash NOI $ 12,541 $ 12,561 $ 12,412 $ 12,097 $ 11,578 Occupancy 81.0 % 78.5 % 78.1 % 78.1 % 78.5 % Behavioral Health Number of Properties 12 13 13 13 13 Number of Beds 795 795 795 795 795 Cash NOI $ 9,200 $ 9,359 $ 9,416 $ 9,522 $ 8,889 Occupancy 82.7 % 82.7 % 84.5 % 84.2 % 84.6 % Specialty Hospitals and Other Number of Properties 16 16 16 15 15 Number of Beds 433 433 433 392 392 Cash NOI $ 4,626 $ 4,587 $ 4,589 $ 4,560 $ 4,456 Occupancy 78.1 % 80.1 % 79.9 % 80.6 % 80.5 % PORTFOLIO Triple-Net Portfolio (1) Triple-Net Portfolio Dollars in thousands As of March 31, 2022 Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Number of Properties 279 59 13 15 366 Number of Beds/Units 30,920 4,072 795 392 36,179 Investment $ 3,623,501 $ 718,178 $ 418,625 $ 225,443 $ 4,985,747 (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 December 31, 2021. (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. Triple-Net Portfolio — EBITDARM Coverage (2) 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Skilled Nursing/Transitional Care 1.99x 1.99x 1.78x 1.77x 1.80x Senior Housing - Leased 1.23x 1.12x 1.09x 1.04x 1.02x Behavioral Health 1.99x 1.99x 2.11x 2.06x 1.98x Specialty Hospitals and Other 6.92x 7.35x 7.42x 7.52x 7.52x Triple-Net Portfolio — Pro Forma EBITDARM Coverage (2)(3) 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Skilled Nursing/Transitional Care 2.09x 2.09x 1.87x 1.86x 1.87x

 
6 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 PORTFOLIO Same Store Triple-Net Portfolio (1) (1) Excludes one real estate property 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 1Q 2022 4Q 2021 1Q 2022 4Q 2021 Skilled Nursing/Transitional Care 279 30,920 30,920 $ 75,500 $ 71,645 Senior Housing - Leased 59 4,072 4,072 $ 11,504 $ 11,999 Behavioral Health 12 795 795 $ 8,889 $ 8,604 Specialty Hospitals and Other 15 392 392 $ 4,438 $ 4,373 Same Store Triple-Net Portfolio — EBITDARM Coverage (3) 1Q 2022 4Q 2021 Skilled Nursing/Transitional Care 1.82x 1.78x Senior Housing - Leased 1.02x 1.05x Behavioral Health 1.71x 1.85x Specialty Hospitals and Other 7.52x 7.52x Same Store Triple-Net Portfolio — Operating Statistics (3) Occupancy Skilled Mix 1Q 2022 4Q 2021 1Q 2022 4Q 2021 Skilled Nursing/Transitional Care 72.4 % 71.9 % 38.4 % 40.0 % Senior Housing - Leased 78.4 % 78.2 % N/A N/A Behavioral Health 82.5 % 82.6 % N/A N/A Specialty Hospitals and Other 80.5 % 80.6 % N/A N/A Same Store Triple-Net Portfolio — Pro Forma EBITDARM Coverage (3)(4) 1Q 2022 4Q 2021 Skilled Nursing/Transitional Care 1.89x 1.87x

 
7 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 PORTFOLIO Top 10 Relationships (1) Top 10 Relationships Tenant/Borrower Credit Exposure Senior Housing - Managed Operator Exposure As of March 31, 2022 EBITDARM Coverage Twelve Months Ended (2) As of March 31, 2022 Relationship Primary Facility Type Number of Sabra Investments % of Annualized Cash NOI March 31, 2022 December 31, 2021 Number of Sabra Investments % of Annualized Cash NOI North American Healthcare Skilled Nursing 24 8.7 % 1.44x 1.44x — — Signature Healthcare (3) Skilled Nursing 45 8.5 % 1.88x 1.81x — — Avamere Family of Companies Skilled Nursing 27 6.8 % 1.30x 1.33x — — Signature Behavioral Behavioral Hospitals 5 6.8 % 1.71x 1.85x — — Recovery Centers of America (4) Addiction Treatment 3 5.4 % N/A N/A — — Holiday AL Holdings LP Independent Living — — N/A N/A 22 4.9 % Cadia Healthcare (5) Skilled Nursing 10 4.4 % 1.77x 1.81x — — Healthmark Group Skilled Nursing 19 3.9 % 1.62x 1.65x — — The McGuire Group Skilled Nursing 7 3.7 % 2.41x 2.44x — — CommuniCare (6) Skilled Nursing 14 3.6 % 1.72x 1.72x — — Top 10 relationships 154 51.8 % 1.66x 1.68x 22 4.9 % Remaining 66 relationships 236 40.0 % 2.42x 2.31x 28 3.3 % Total 390 91.8 % 1.99x 1.95x 50 8.2 % (1) Excludes (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 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 one non-stabilized facility with no 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) March 31, 2022 December 31, 2021 Avamere Family of Companies 1.75x 1.87x Top 10 relationships 1.75x 1.79x Total 2.05x 2.02x

 
8 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 PORTFOLIO Senior Housing - Managed Portfolio (1) (1) Excludes our unconsolidated joint venture which consists of 158 facilities and 7,056 units. (2) 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, revenues, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. (3) Balances related to properties in Canada are based on the exchange rate as of the end of the period presented. The exchange rate as of March 31, 2022 was $0.7996 per 1 CAD. (4) Revenues and Cash NOI include $0.5 million of Grant Income for 2Q 2021. (5) Same store Senior Housing - Managed portfolio includes all facilities owned for the full period in all comparison periods. Same store REVPOR and Occupancy Percentage are presented for the three months ended at the end of the respective period for Stabilized Facilities owned for the full period in all comparison periods. In addition, revenues, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. Senior Housing - Managed Portfolio by Operator (2) Dollars in thousands, except REVPOR As of March 31, 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 (3) $ 595,808 $ 130,699 $ 137,733 $ 178,995 $ 1,043,235 Capital Expenditures: (3) Recurring $ 728 $ 168 $ 82 $ 76 $ 1,054 Non-recurring $ — $ 305 $ 33 $ 27 $ 365 Resident fees and services (4) $ 18,903 $ 8,743 $ 4,866 $ 9,715 $ 42,227 Cash NOI (4) $ 5,551 $ 87 $ 1,467 $ 2,018 $ 9,123 Cash NOI Margin % 29.4 % 1.0 % 30.1 % 20.8 % 21.6 % REVPOR $ 2,562 $ 6,212 $ 2,703 $ 6,058 $ 3,385 Occupancy 78.9 % 74.4 % 79.3 % 79.7 % 78.5 % Senior Housing - Managed Portfolio (2) Dollars in thousands, except REVPOR 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Number of Properties 48 49 49 49 50 Number of Units 5,024 5,140 5,140 5,140 5,266 Capital Expenditures: (3) Recurring $ 1,356 $ 1,863 $ 3,621 $ 3,218 $ 1,054 Non-recurring $ 181 $ 332 $ 960 $ 1,263 $ 365 Resident fees and services (4) $ 36,039 $ 38,919 $ 39,782 $ 40,503 $ 42,227 Cash NOI (4) $ 7,096 $ 10,163 $ 9,047 $ 8,150 $ 9,123 Cash NOI Margin % 19.7 % 26.1 % 22.7 % 20.1 % 21.6 % REVPOR - AL $ 5,904 $ 5,905 $ 5,942 $ 6,108 $ 6,139 REVPOR - IL $ 2,550 $ 2,541 $ 2,528 $ 2,540 $ 2,590 Occupancy - AL 69.6 % 72.8 % 75.5 % 74.7 % 76.8 % Occupancy - IL 79.0 % 78.6 % 79.8 % 80.7 % 79.0 % Same Store Senior Housing - Managed Portfolio (5) Dollars in thousands, except REVPOR 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Number of Properties 47 47 47 47 47 Resident fees and services (4) $ 35,644 $ 36,604 $ 36,970 $ 37,820 $ 38,696 Cash NOI (4) $ 6,938 $ 9,308 $ 8,238 $ 7,363 $ 8,183 Cash NOI Margin % 19.5 % 25.4 % 22.3 % 19.5 % 21.1 % REVPOR - AL $ 5,947 $ 6,024 $ 6,062 $ 6,244 $ 6,279 REVPOR - IL $ 2,550 $ 2,541 $ 2,528 $ 2,540 $ 2,578 Occupancy - AL 68.8 % 70.8 % 73.5 % 73.3 % 75.2 % Occupancy - IL 79.0 % 78.6 % 79.8 % 80.7 % 80.4 %

 
9 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 PORTFOLIO Loans and Other Investments | Development Pipeline Loans Receivable and Other Investments Dollars in thousands As of March 31, 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 March 31, 2022 (1) Maturity Date Mortgage 2 Behavioral Health $ 309,000 $ 309,000 7.7 % 7.7 % $ 5,912 11/01/26 - 01/31/27 Construction 1 Senior Housing 3,343 3,345 8.0 % 7.8 % 67 09/30/22 Other 13 Multiple 39,120 35,330 6.8 % 6.1 % 554 04/01/22 - 08/31/28 16 351,463 347,675 7.6 % 7.5 % $ 6,533 Allowance for loan losses — (6,851) $ 351,463 $ 340,824 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended March 31, 2022 (1) Preferred Equity 7 Skilled Nursing / Senior Housing $ 70,541 $ 47,637 $ 56,250 11.0 % $ 1,419 (1) Includes income related to loans receivable and other investments held as of March 31, 2022. (2) Includes projects invested in or committed to as of March 31, 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 March 31, 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 $ — $ 8,307 $ — $ 38,000 6.0 % Q3 2017 Missouri — 1 — 1 — 11,584 — 73,300 6.5 % Q4 2022 Ohio — 1 — 1 — 6,670 — 38,000 7.3 % Q4 2019 Texas — 1 1 — 3,608 — 14,475 — 9.0 % Q3 2016 — 4 1 3 $ 3,608 $ 26,561 $ 14,475 $ 149,300 6.8 %

 
10 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 Signature Healthcare: 8.5% Avamere Family of Companies: 6.8% Signature Behavioral: 6.8% Recovery Centers of America: 5.4% Managed (No Operator Credit Exposure): 8.2% Other: 55.6% North American Healthcare: 8.7% RELATIONSHIP CONCENTRATION ASSET CLASS CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of March 31, 2022 (1) Concentrations exclude (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 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 4.9% Sienna 1.3%Other 2.0% Senior Housing - Leased: 12.2% Senior Housing - Managed: 8.2% Specialty Hospital and Other: 4.0% Other: 0.5% Skilled Nursing/Transitional Care: 61.7% Behavioral Health: 13.4% Private Pay: 39.9% Non-Private: 60.1%

 
11 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 PORTFOLIO Geographic Concentrations (1) Property Type As of March 31, 2022 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed    Behavioral Health Specialty Hospitals and Other Total % of Total Texas 38 9 6 — 13 66 15.9 % California 24 1 1 3 1 30 7.2 Kentucky 25 1 — 1 1 28 6.7 Indiana 13 4 — 2 — 19 4.6 Oregon 15 4 — — — 19 4.6 Washington 15 1 1 — — 17 4.1 Massachusetts 17 — — — — 17 4.1 North Carolina 13 — 2 — — 15 3.6 Missouri 13 — 1 — — 14 3.3 Virginia 6 3 1 — — 10 2.4 Other (31 states & Canada) 100 36 38 7 — 181 43.5 Total 279 59 50 13 15 416 100.0 % % of Total 67.1 % 14.2 % 12.0 % 3.1 % 3.6 % 100.0 % Distribution of Beds/Units As of March 31, 2022   Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed    Behavioral Health Specialty Hospitals and Other Total % of Total Texas 66 4,666 577 856 — 325 6,424 15.5 % Kentucky 28 2,598 142 — 60 40 2,840 6.9 California 30 2,058 58 102 313 27 2,558 6.2 Massachusetts 17 2,133 — — — — 2,133 5.1 Indiana 19 1,439 545 — 48 — 2,032 4.9 Oregon 19 1,520 377 — — — 1,897 4.6 Washington 17 1,591 52 113 — — 1,756 4.2 North Carolina 15 1,454 — 237 — — 1,691 4.1 New York 10 1,566 — 107 — — 1,673 4.0 Missouri 14 1,075 — 184 — — 1,259 3.0 Other (31 states & Canada) 181 10,820 2,321 3,667 374 — 17,182 41.5 Total 416 30,920 4,072 5,266 795 392 41,445 100.0 % % of Total 74.6 % 9.8 % 12.7 % 1.9 % 1.0 % 100.0 % (1) Excludes (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 units.

 
12 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 PORTFOLIO Geographic Concentrations Continued (1) Investment Dollars in thousands As of March 31, 2022   Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed    Behavioral Health Specialty Hospitals and Other    Total % of Total Texas 66 $ 382,655 $ 81,305 $ 184,230 $ — $ 187,387 $ 835,577 13.8 % California 30 435,612 18,877 38,549 217,764 7,743 718,545 11.9 Oregon 19 261,316 86,860 — — — 348,176 5.8 Maryland 8 330,901 — — — — 330,901 5.5 New York 10 297,573 — 20,294 — — 317,867 5.3 Kentucky 28 237,572 23,669 — 9,374 30,313 300,928 5.0 Indiana 19 169,222 114,692 — 12,155 — 296,069 4.9 Washington 17 188,878 10,686 27,915 — — 227,479 3.8 Arizona 8 24,281 10,348 38,800 121,757 — 195,186 3.2 North Carolina 15 123,462 — 69,105 — — 192,567 3.2 Other (31 states & Canada) (2) 196 1,172,029 371,741 664,342 57,575 — 2,265,687 37.6 Total 416 $ 3,623,501 $ 718,178 $ 1,043,235 $ 418,625 $ 225,443 $ 6,028,982 100.0 % % of Total 60.1 % 11.9 % 17.3 % 7.0 % 3.7 % 100.0 % (1) Excludes (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 units. (2) Investment balance in Canada is based on the exchange rate as of March 31, 2022 of $0.7996 per 1 CAD.

 
13 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 PORTFOLIO Lease Expirations Lease Expirations (1) Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of March 31, 2022   % of Total 04/01/22 - 12/31/22 $ 7,276 $ — $ — $ — $ 7,276 1.9 % 2023 9,297 — — — 9,297 2.5 % 2024 10,542 2,493 — — 13,035 3.4 % 2025 10,148 3,228 — 1,374 14,750 3.9 % 2026 17,727 1,341 — — 19,068 5.0 % 2027 40,470 5,172 — — 45,642 12.0 % 2028 15,256 6,891 — 3,210 25,357 6.7 % 2029 57,806 6,027 — 5,842 69,675 18.3 % 2030 13,050 — — 3,095 16,145 4.2 % 2031 89,950 4,642 1,025 — 95,617 25.2 % Thereafter 5,128 19,291 35,433 4,272 64,124 16.9 % Total Annualized Revenues $ 276,650 $ 49,085 $ 36,458 $ 17,793 $ 379,986 100.0 % (1) Excludes (i) Senior Housing - Managed communities and (ii) one real estate property held for sale as of the end of the current period.

 
14 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 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 6,603 8.35 % Total Real Estate Investments 32,603 7.03 % Preferred Equity Additional Preferred Equity Fundings Various Multiple N/A N/A 4,074 10.00 % All Investments through March 31, 2022 $ 36,677 7.36 % (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.

 
15 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of March 31, 2022 Secured debt $ 51,572 Revolving credit facility 16,792 Term loans 559,950 Senior unsecured notes 1,750,000 Total 2,378,314 Deferred financing costs and premiums/discounts, net (20,784) Total, net $ 2,357,530 Revolving Credit Facility Dollars in thousands As of March 31, 2022 Credit facility availability $ 983,208 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of March 31, 2022 Shares Outstanding   Price   Value Common stock 230,954,777 $ 14.89 $ 3,438,917 Consolidated Debt 2,378,314 Cash and cash equivalents (24,836) Consolidated Enterprise Value $ 5,792,395 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended March 31, 2022 EPS, FFO and Normalized FFO AFFO and Normalized AFFO Common stock 230,848,245 230,848,245 Common equivalents 11,748 11,748 Basic common and common equivalents 230,859,993 230,859,993 Dilutive securities: Restricted stock units 704,977 1,624,741 Diluted common and common equivalents 231,564,970 232,484,734 At-The-Market Common Stock Offering Program Dollars in thousands Availability as of March 31, 2022 $ 475,033

 
16 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 CAPITALIZATION Indebtedness Fixed | Variable Rate Debt Dollars in thousands Weighted Average Interest Rate (1)As of March 31, 2022 Principal     % of Total Fixed Rate Debt   Secured debt $ 51,572     3.33 %   2.2 % Unsecured senior notes 1,750,000     4.04 %   73.6 % Total fixed rate debt 1,801,572     4.02 %   75.8 % Variable Rate Debt   Revolving credit facility 16,792     2.06 %   0.7 % Term loans (2) 559,950 2.35 % 23.5 % Total variable rate debt 576,742     2.34 %   24.2 % Consolidated Debt $ 2,378,314     3.62 %   100.0 % Secured | Unsecured Debt Dollars in thousands Weighted Average Interest Rate (1)As of March 31, 2022 Principal     % of Total Secured Debt   Secured debt $ 51,572     3.33 %   2.2 % Unsecured Debt Unsecured senior notes 1,750,000     4.04 %   73.6 % Revolving credit facility 16,792     2.06 %   0.7 % Term loans 559,950 2.35 % 23.5 % Total unsecured debt 2,326,742     3.62 %   97.8 % Consolidated Debt $ 2,378,314     3.62 %   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 swap agreements that fix and collar agreements that set a cap and floor for LIBOR at a weighted average rate of 1.14%, and $100.0 million (CAD $125.0 million) subject to swap agreements that fix CDOR at 1.10%. Excluding these amounts, variable rate debt was 1.7% of Consolidated Debt as of March 31, 2022.

 
17 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Unsecured Senior Notes   Term Loans     Revolving Credit Facility (1) Consolidated Debt As of March 31, 2022 Principal Rate (2) Principal Rate (2)   Principal Rate (2)     Principal Rate (2) Principal Rate (2) 04/01/22 - 12/31/22 $ 1,449   2.84 %   $ —   —     $ —   —     $ — — $ 1,449   2.84 % 2023 1,979   2.84 %   —   —     —   —     16,792 2.06 % 18,771   2.14 % 2024 2,034   2.85 %   —   —     559,950   1.79 %     — — 561,984   1.80 % 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 51,572   1,750,000 559,950     16,792 2,378,314 Discount, net — (3,043) — — (3,043) Deferred financing costs, net (927) (13,171) (3,643) — (17,741) Total, net $ 50,645 $ 1,733,786 $ 556,307     $ 16,792 $ 2,357,530 Wtd. avg. maturity/years 22.5   7.5 2.4     1.4 6.6 Wtd. avg. interest rate (3) 3.33 %   4.04 % 2.35 %     2.06 % 3.62 % (1) Revolving Credit Facility is subject to two six-month extension options. (2) Represents actual contractual interest rates excluding private mortgage insurance and impact of interest rate derivative agreements. (3) Weighted average interest rate includes private mortgage insurance and impact of interest rate derivative agreements.

 
18 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 Key Credit Metrics (1) March 31, 2022 December 31, 2021 Net Debt to Adjusted EBITDA (2) 5.11x 4.98x Interest Coverage (2) 5.21x 5.19x Fixed Charge Coverage Ratio (2) 5.09x 5.03x Total Debt/Asset Value 34 % 34 % Secured Debt/Asset Value 1 % 1 % Unencumbered Assets/Unsecured Debt 292 % 291 % Cost of Permanent Consolidated Debt (3) 3.63 % 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 unsecured senior 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 2.06% and 1.20% as of March 31, 2022 and December 31, 2021, respectively.

 
19 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended March 31,   2022 2021 Revenues: Rental and related revenues (1) $ 109,886 $ 113,383 Interest and other income 10,992 2,941 Resident fees and services 42,227 36,041     Total revenues 163,105 152,365     Expenses: Depreciation and amortization 45,256 44,375 Interest 24,972 24,443 Triple-net portfolio operating expenses 5,011 5,135 Senior housing - managed portfolio operating expenses 33,104 28,945 General and administrative 10,396 8,938 Provision for loan losses and other reserves 475 2,025     Total expenses 119,214 113,861     Other (expense) income: Loss on extinguishment of debt (271) (793) Other income 68 133 Net gain on sales of real estate — 1,313 Total other (expense) income (203) 653 Income before loss from unconsolidated joint venture and income tax expense 43,688 39,157 Loss from unconsolidated joint venture (2,802) (5,010) Income tax expense (284) (700) Net income $ 40,602 $ 33,447     Net income, per: Basic common share $ 0.18 $ 0.16     Diluted common share $ 0.18 $ 0.16     Weighted-average number of common shares outstanding, basic 230,859,993 211,450,699   Weighted-average number of common shares outstanding, diluted 231,564,970 212,624,305 (1) See page 20 for additional details regarding Rental and related revenues.

 
20 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income - Supplemental Information Dollars in thousands Three Months Ended March 31,   2022 2021 Cash rental income $ 100,357 $ 102,915 Straight-line rental income 2,694 4,077 Straight-line rental income receivable write-offs (139) — Above/below market lease amortization 1,593 1,636 Above/below market lease intangible write-offs 326 — Operating expense recoveries 5,055 4,755 Rental and related revenues $ 109,886 $ 113,383

 
21 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data March 31, 2022 December 31, 2021   (unaudited)   Assets Real estate investments, net of accumulated depreciation of $873,795 and $831,324 as of March 31, 2022 and December 31, 2021, respectively $ 5,156,060 $ 5,162,884 Loans receivable and other investments, net 397,074 399,086 Investment in unconsolidated joint venture 93,878 96,680 Cash and cash equivalents 24,836 111,996 Restricted cash 4,443 3,890 Lease intangible assets, net 52,877 54,063 Accounts receivable, prepaid expenses and other assets, net 155,764 138,108 Total assets $ 5,884,932 $ 5,966,707 Liabilities Secured debt, net $ 50,645 $ 66,663 Revolving credit facility 16,792 — Term loans, net 556,307 594,246 Senior unsecured notes, net 1,733,786 1,733,566 Accounts payable and accrued liabilities 118,296 142,989 Lease intangible liabilities, net 47,583 49,713 Total liabilities 2,523,409 2,587,177 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2022 and December 31, 2021 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 230,954,777 and 230,398,655 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 2,310 2,304 Additional paid-in capital 4,481,634 4,482,451 Cumulative distributions in excess of net income (1,124,095) (1,095,204) Accumulated other comprehensive income (loss) 1,674 (10,021) Total equity 3,361,523 3,379,530 Total liabilities and equity $ 5,884,932 $ 5,966,707

 
22 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Three Months Ended March 31, 2022 2021 Cash flows from operating activities: Net income $ 40,602 $ 33,447 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 45,256 44,375 Non-cash rental and related revenues (4,474) (5,713) Non-cash interest income (547) (412) Non-cash interest expense 2,698 1,896 Stock-based compensation expense 2,456 2,288 Loss on extinguishment of debt 271 793 Provision for loan losses and other reserves 475 2,025 Net gain on sales of real estate — (1,313) Loss from unconsolidated joint venture 2,802 5,010 Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (5,457) (2,873) Accounts payable and accrued liabilities (20,968) (10,992) Net cash provided by operating activities 63,114 68,531 Cash flows from investing activities: Acquisition of real estate (20,573) (28,654) Origination and fundings of preferred equity investments (4,074) — Additions to real estate (10,803) (10,833) Escrow deposits for potential investments (3,217) — Repayments of loans receivable 696 628 Repayments of preferred equity investments 729 301 Net proceeds from the sales of real estate — 3,202 Net cash used in investing activities (37,242) (35,356) Cash flows from financing activities: Net borrowings from revolving credit facility 16,577 — Principal payments on term loans (40,000) (93,000) Principal payments on secured debt (16,067) (709) Payments of deferred financing costs (6) — Issuance of common stock, net (3,748) 87,654 Dividends paid on common stock (69,275) (63,221) Net cash used in financing activities (112,519) (69,276) Net decrease in cash, cash equivalents and restricted cash (86,647) (36,101) Effect of foreign currency translation on cash, cash equivalents and restricted cash 40 65 Cash, cash equivalents and restricted cash, beginning of period 115,886 65,523 Cash, cash equivalents and restricted cash, end of period $ 29,279 $ 29,487 Supplemental disclosure of cash flow information: Interest paid $ 18,383 $ 21,620 Supplemental disclosure of non-cash investing activities: Decrease in loans receivable and other investments due to acquisition of real estate $ 5,623 $ —

 
23 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) FFO and AFFO for each of the three months ended March 31, 2022 and 2021 include $0.2 million earned during the period related to legacy Care Capital Properties, Inc. investments. 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 March 31,   2022 2021 Net income $ 40,602 $ 33,447 Add: Depreciation and amortization of real estate assets 45,256 44,375 Depreciation, amortization and impairment of real estate assets related to unconsolidated joint venture 4,633 5,844 Net gain on sales of real estate — (1,313) Net loss on sales of real estate related to unconsolidated joint venture — 33 FFO $ 90,491 $ 82,386 Write-offs of straight-line rental income receivable and lease intangibles (182) — Lease termination income (2,338) — Loss on extinguishment of debt 271 793 Provision for loan losses and other reserves 475 2,025 Other normalizing items (1) (48) 344 Normalized FFO $ 88,669 $ 85,548 FFO $ 90,491 $ 82,386 Stock-based compensation expense 2,456 2,288 Non-cash rental and related revenues (4,474) (5,713) Non-cash interest income (547) (412) Non-cash interest expense 2,698 1,896 Non-cash portion of loss on extinguishment of debt 271 793 Provision for loan losses and other reserves 475 2,025 Other non-cash adjustments related to unconsolidated joint venture (986) (596) Other non-cash adjustments 183 172 AFFO $ 90,567 $ 82,839 Cash portion of lease termination income (2,338) — Other normalizing items (1) (186) 321 Normalized AFFO $ 88,043 $ 83,160 Amounts per diluted common share: Net income $ 0.18 $ 0.16 FFO $ 0.39 $ 0.39 Normalized FFO $ 0.38 $ 0.40 AFFO $ 0.39 $ 0.39 Normalized AFFO $ 0.38 $ 0.39 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 231,564,970 212,624,305 AFFO and Normalized AFFO 232,484,734 213,270,122

 
24 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 2022 FINANCIAL INFORMATION Components of Net Asset Value (NAV) (1) As of March 31, 2022 (1) Excludes (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 units and our 49% share of the unconsolidated joint venture's debt which was $374.8 million as of March 31, 2022. (2) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (3) Includes balances that impact cash or NOI and excludes non-cash items. Annualized Cash NOI Dollars in thousands Skilled Nursing/Transitional Care $ 276,650 Senior Housing - Leased 49,085 Senior Housing - Managed 36,859 Behavioral Health 36,458 Specialty Hospitals and Other 17,793 Annualized Cash NOI (excluding loans receivable and other investments) $ 416,845 Obligations Dollars in thousands Secured debt (2) $ 51,572 Unsecured senior notes (2) 1,750,000 Revolving credit facility 16,792 Term loans (2) 559,950 Consolidated Debt 2,378,314 Add (less): Cash and cash equivalents and restricted cash (29,279) Accounts payable and accrued liabilities (3) 109,303 Net obligations $ 2,458,338 Other Assets Dollars in thousands Loans receivable and other investments, net $ 397,074 Investment in unconsolidated joint venture 93,878 Accounts receivable, prepaid expenses and other assets, net (3) 59,687 Total other assets $ 550,639 Common Shares Outstanding Total shares 230,954,777 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.

 
25 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 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, on January 1, 2019; risks associated with our investment in our unconsolidated joint venture; 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; 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 (including the potential effects of the Tax Cuts and Jobs Act); 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].

 
26 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 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.

 
27 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 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 venture, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint venture, and real estate impairment charges 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 venture. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income 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.

 
28 SABRA 1Q 2022 SUPPLEMENTAL INFORMATION March 31, 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) 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.

 

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Reconciliations of Non-GAAP Financial Measures

March 31, 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 March 31,
 20222021
Net income$40,602 $33,447 
Add:
Depreciation and amortization of real estate assets45,256 44,375 
Depreciation, amortization and impairment of real estate assets related to unconsolidated joint venture4,633 5,844 
Net gain on sales of real estate— (1,313)
Net loss on sales of real estate related to unconsolidated joint venture— 33 
FFO$90,491 $82,386 
Write-offs of straight-line rental income receivable and lease intangibles(182)— 
Lease termination income(2,338)— 
Loss on extinguishment of debt271 793 
Provision for loan losses and other reserves475 2,025 
Other normalizing items (1)
(48)344 
Normalized FFO$88,669 $85,548 
FFO$90,491 $82,386 
Stock-based compensation expense2,456 2,288 
Non-cash rental and related revenues(4,474)(5,713)
Non-cash interest income(547)(412)
Non-cash interest expense2,698 1,896 
Non-cash portion of loss on extinguishment of debt271 793 
Provision for loan losses and other reserves475 2,025 
Other non-cash adjustments related to unconsolidated joint venture(986)(596)
Other non-cash adjustments183 172 
AFFO$90,567 $82,839 
Cash portion of lease termination income(2,338)— 
Other normalizing items (1)
(186)321 
Normalized AFFO$88,043 $83,160 
Amounts per diluted common share:
Net income$0.18 $0.16 
FFO$0.39 $0.39 
Normalized FFO$0.38 $0.40 
AFFO$0.39 $0.39 
Normalized AFFO$0.38 $0.39 
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO 231,564,970 212,624,305 
AFFO and Normalized AFFO 232,484,734 213,270,122 

(1)     FFO and AFFO for each of the three months ended March 31, 2022 and 2021 include $0.2 million earned during the period related to legacy Care Capital Properties, Inc. investments. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
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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 EndedYear Ended
March 31, 2022December 31, 2021
Net loss$(106,101)$(113,256)
Interest99,161 98,632 
Income tax expense1,429 1,845 
Depreciation and amortization179,872 178,991 
EBITDA$174,361 $166,212 
Loss from unconsolidated joint venture25,747 27,955 
Other-than-temporary impairment of unconsolidated joint venture164,126 164,126 
Stock-based compensation expense 8,082 7,914 
Merger and acquisition costs222 279 
Provision for loan losses and other reserves and non-cash revenue write-offs46,343 47,893 
Impairment of real estate9,499 9,499 
Loss on extinguishment of debt34,100 34,622 
Other expense1,452 1,813 
Lease termination income(2,338)— 
Net gain on sales of real estate(10,988)(12,301)
Adjusted EBITDA (1)
$450,606 $448,012 
Annualizing adjustments (2)
10,158 14,695 
Annualized Adjusted EBITDA (3)
$460,764 $462,707 
March 31, 2022December 31, 2021
Secured debt$51,572 $67,602 
Revolving credit facility16,792 — 
Term loans559,950 598,438 
Senior unsecured notes1,750,000 1,750,000 
Consolidated Debt2,378,314 2,416,040 
Cash and cash equivalents(24,836)(111,996)
Net Debt$2,353,478 $2,304,044 
March 31, 2022December 31, 2021
Net Debt$2,353,478 $2,304,044 
Annualized Adjusted EBITDA$460,764 $462,707 
Net Debt to Adjusted EBITDA5.11x4.98x




(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.
logo2.jpg See reporting definitions.                        3



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income
Supplemental Information
(in thousands)

Three Months Ended March 31,
 20222021
Cash rental income$100,357 $102,915 
Straight-line rental income2,694 4,077 
Straight-line rental income receivable write-offs(139)— 
Above/below market lease amortization1,593 1,636 
Above/below market lease intangible write-offs326 — 
Operating expense recoveries5,055 4,755 
Rental and related revenues$109,886 $113,383 


logo2.jpg See reporting definitions.                        4



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Senior Housing - Managed Revenues
(in thousands)

Three Months Ended
 March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Revenues: (1)
Resident fees and services$42,227 $40,503 $39,782 $38,919 $36,039 
Resident fees and services not included in same store(3,531)(2,683)(2,812)(2,315)(395)
Same store resident fees and services$38,696 $37,820 $36,970 $36,604 $35,644 








































(1)    Revenues have been adjusted for changes in the foreign currency exchange rate where applicable.
logo2.jpg See reporting definitions.                        5



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Facility Type
(in thousands)
Three Months Ended March 31, 2022
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - ManagedTotal Senior HousingOtherUnconsolidated Joint VentureCorporateTotal
Net income (loss)$51,927 $6,797 $(93)$6,704 $6,314 $3,224 $10,992 $(2,802)$(35,757)$40,602 
Adjustments:
Depreciation and amortization26,303 5,340 9,216 14,556 2,917 1,460 — — 20 45,256 
Interest217 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 
Income tax expense— — — — — — — — 284 284 
Sabra’s share of unconsolidated JV Net Operating Income— — — — — — — 3,543 — 3,543 
Net Operating Income$78,447 $12,513 $9,123 $21,636 $9,231 $4,684 $10,992 $3,543 $— $128,533 
Non-cash revenue and expense adjustments(2,947)(935)— (935)(342)(228)(547)— — (4,999)
Cash Net Operating Income$75,500 $11,578 $9,123 $20,701 $8,889 $4,456 $10,445 $3,543 $— $123,534 
Cash Net Operating Income not included in same store— (74)(940)(1,014)— (18)— — — (1,032)
Same store Cash Net Operating Income$75,500 $11,504 $8,183 $19,687 $8,889 $4,438 
Annualizing adjustments (1)
201,150 37,581 28,676 66,257 27,569 13,355 22,276 (3,543)— 327,064 
Annualized Cash Net Operating Income$276,650 $49,085 $36,859 $85,944 $36,458 $17,793 $32,721 — $— $449,566 
Reallocation adjustments (2)
873 5,630 — 5,630 23,978 — (30,481)— — — 
Annualized Cash Net Operating Income, as adjusted$277,523 $54,715 $36,859 $91,574 $60,436 $17,793 $2,240 $— $— $449,566 





(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. 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.
(2)    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.
logo2.jpg             See reporting definitions.                                  6

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Facility Type
(in thousands)
Three Months Ended December 31, 2021
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - ManagedTotal Senior HousingOtherUnconsolidated Joint VentureCorporateTotal
Net income (loss)$26,649 $9,213 $(626)$8,587 $7,354 $7,135 $7,940 $(13,264)$(68,754)$(24,353)
Adjustments:
Depreciation and amortization26,302 5,353 8,787 14,140 3,124 1,494 — — 19 45,079 
Interest229 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 estate9,004 — — — — — — — 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 
Income tax expense— — — — — — — 531 531 
Sabra’s share of unconsolidated JV Net Operating Loss— — — — — — (4,240)— (4,240)
Net Operating Income$55,031 $12,679 $8,161 $20,840 $9,662 $4,800 $7,940 $(4,240)$— $94,033 
Non-cash revenue and expense adjustments16,695 (582)— (582)(140)(240)(544)— — 15,189 
Foreign exchange rate adjustment— — (11)(11)— — — — — (11)
Cash Net Operating Income$71,726 $12,097 $8,150 $20,247 $9,522 $4,560 $7,396 $(4,240)$— $109,211 
Cash Net Operating Income not included in same store(81)(98)(787)(885)(918)(187)
Same store Cash Net Operating Income$71,645 $11,999 $7,363 $19,362 $8,604 $4,373 









logo2.jpg             See reporting definitions.                                  7

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Facility Type
(in thousands)
Three Months Ended September 30, 2021
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - ManagedTotal Senior HousingOtherUnconsolidated Joint VentureCorporateTotal
Net income (loss)$26,977 $6,512 $300 $6,812 $6,636 $3,356 $3,405 $(4,018)$(32,945)$10,223 
Adjustments:
Depreciation and amortization26,634 5,234 8,557 13,791 3,093 1,510 — — 18 45,046 
Interest297 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 estate312 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 
Income tax expense— — — — — — — — 92 92 
Sabra’s share of unconsolidated JV Net Operating Income— — — — — — — 3,521 — 3,521 
Net Operating Income$54,220 $11,477 $9,058 $20,535 $9,729 $4,866 $3,405 $3,521 $— $96,276 
Non-cash revenue and expense adjustments20,420 935 — 935 (313)(277)(530)— — 20,235 
Foreign exchange rate adjustment— — (11)(11)— — — — — (11)
Cash Net Operating Income$74,640 $12,412 $9,047 $21,459 $9,416 $4,589 $2,875 $3,521 $— $116,500 
Cash Net Operating Income not included in same store(809)
Same store Cash Net Operating Income$8,238 










logo2.jpg             See reporting definitions.                                  8

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Facility Type
(in thousands)
Three Months Ended June 30, 2021
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - Leased
Senior Housing - Managed (1)
Total Senior HousingOtherUnconsolidated Joint VentureCorporateTotal
Net income (loss)$47,612 $7,639 $1,810 $9,449 $6,670 $3,332 $3,031 $(169,789)$(32,878)$(132,573)
Adjustments:
Depreciation and amortization26,363 5,322 8,407 13,729 2,835 1,547 — — 17 44,491 
Interest299 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 estate3,752 — — — — — — — — 3,752 
Loss from unconsolidated JV— — — — — — — 169,789 — 169,789 
Income tax expense— — — — — — — — 522 522 
Sabra’s share of unconsolidated JV Net Operating Income— — — — — — — 2,318 — 2,318 
Net Operating Income$78,026 $13,373 $10,217 $23,590 $9,505 $4,879 $3,031 $2,318 $— $121,349 
Non-cash revenue and expense adjustments(3,639)(812)— (812)(146)(292)(502)— — (5,391)
Foreign exchange rate adjustment— — (54)(54)— — — — — (54)
Cash Net Operating Income$74,387 $12,561 $10,163 $22,724 $9,359 $4,587 $2,529 $2,318 $— $115,904 
Cash Net Operating Income not included in same store(855)
Same store Cash Net Operating Income$9,308 










(1)    Net Operating Income, Cash Net Operating Income and Same store Cash Net Operating Income include $0.5 million of Grant Income.
logo2.jpg             See reporting definitions.                                  9

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Facility Type
(in thousands)
Three Months Ended March 31, 2021
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - ManagedTotal Senior HousingOtherUnconsolidated Joint VentureCorporateTotal
Net income (loss)$54,883 $7,683 $(584)$7,099 $6,296 $3,310 $2,941 $(5,010)$(36,072)$33,447 
Adjustments:
Depreciation and amortization26,618 5,318 7,680 12,998 3,122 1,619 — — 18 44,375 
Interest302 410 — 410 — — — — 23,731 24,443 
General and administrative— — — — — — — — 8,938 8,938 
Provision for loan losses and other reserves— — — — — — — — 2,025 2,025 
Loss on extinguishment of debt— — — — — — — — 793 793 
Other income— — — — — — — — (133)(133)
Net gain on sales of real estate(1,313)— — — — — — — — (1,313)
Loss from unconsolidated JV— — — — — — — 5,010 — 5,010 
Income tax expense— — — — — — — — 700 700 
Sabra’s share of unconsolidated JV Net Operating Income— — — — — — — 3,055 — 3,055 
Net Operating Income$80,490 $13,411 $7,096 $20,507 $9,418 $4,929 $2,941 $3,055 $— $121,340 
Non-cash revenue and expense adjustments(4,295)(870)— (870)(218)(303)(412)— — (6,098)
Cash Net Operating Income$76,195 $12,541 $7,096 $19,637 $9,200 $4,626 $2,529 $3,055 $— $115,242 
Cash Net Operating Income not included in same store(158)
Same store Cash Net Operating Income$6,938 













logo2.jpg             See reporting definitions.                                  10

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Payor Type
(in thousands)
Three Months Ended March 31, 2022
Private PayorsNon-Private PayorsOtherUnconsolidated Joint VentureCorporateTotal
Net income (loss)$21,432 $46,737 $10,992 $(2,802)$(35,757)$40,602 
Adjustments:
Depreciation and amortization21,750 23,486 — — 20 45,256 
Interest401 192 — — 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 
Income tax expense— — — — 284 284 
Sabra’s share of unconsolidated JV Net Operating Income— — — 3,543 — 3,543 
Net Operating Income$43,583 $70,415 $10,992 $3,543 $— $128,533 
Non-cash revenue and expense adjustments(1,999)(2,453)(547)— — (4,999)
Cash Net Operating Income$41,584 $67,962 $10,445 $3,543 $— $123,534 
Annualizing adjustments (1)
124,559 182,740 22,276 (3,543)— 326,032 
Annualized Cash Net Operating Income$166,143 $250,702 $32,721 $— $— $449,566 












(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. 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.
logo2.jpg             See reporting definitions.                                  11

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Relationship
(in thousands)
Three Months Ended March 31, 2022
North American HealthcareSignature HealthcareAvamere Family of CompaniesSignature BehavioralRecovery Centers of AmericaHoliday AL Holdings LPCadia HealthcareHealthmark GroupThe McGuire GroupCommuniCareAll Other RelationshipsCorporateTotal
Net income (loss)$7,411 $6,247 $8,841 $5,711 $5,726 $445 $2,877 $3,213 $3,454 $2,739 $29,695 $(35,757)$40,602 
Adjustments:
Depreciation and amortization2,803 3,570 2,977 2,242 303 5,106 2,675 1,194 1,782 1,134 21,450 20 45,256 
Interest— — — — — — — — — — 593 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 
Income tax expense— — — — — — — — — — — 284 284 
Sabra’s share of unconsolidated JV Net Operating Income— — — — — — — — — — 3,543 — 3,543 
Net Operating Income$10,214 $9,817 $11,818 $7,953 $6,029 $5,551 $5,552 $4,407 $5,236 $3,873 $58,083 $— $128,533 
Non-cash revenue and expense adjustments(435)1 12 (315)(61)— (221)1 (1,153)105 (2,933)— (4,999)
Cash Net Operating Income$9,779 $9,818 $11,830 $7,638 $5,968 $5,551 $5,331 $4,408 $4,083 $3,978 $55,150 $— $123,534 
Annualizing adjustments (1)
29,338 28,593 18,870 22,913 18,222 16,651 14,421 13,078 12,358 11,991 139,597 — 326,032 
Annualized Cash Net Operating Income$39,117 $38,411 $30,700 $30,551 $24,190 $22,202 $19,752 $17,486 $16,441 $15,969 $194,747 $— $449,566 












(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. 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.
logo2.jpg             See reporting definitions.                                  12
SABRA HEALTH CARE REIT, INC.
REPORTING DEFINITIONS
Adjusted EBITDA. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.
Annualized Cash Net Operating Income (“Annualized Cash NOI”). The Company believes that net income 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 venture, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint venture, and real estate impairment charges 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 venture. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income 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.
logo2.jpg             See reporting definitions.                                  13
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.
logo2.jpg             See reporting definitions.                                  14
What Happens Inside Our Buildings Matters Most Investor Presentation | May 4, 2022

 
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, the impact of the COVID-19 pandemic on our tenants, operators and Senior Housing - Managed communities 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, on January 1, 2019; risks associated with our investment in our unconsolidated joint venture; 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; 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 (including the potential effects of the Tax Cuts and Jobs Act); 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 May 4, 2022 Investor Presentation 2

 
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/default.aspx. Disclaimers May 4, 2022 Investor Presentation 3

 
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 May 4, 2022 Investor Presentation 4

 
“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 May 4, 2022 Investor Presentation 5

 
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. STRATEGY May 4, 2022 Investor Presentation 6

 
“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 STRATEGY IN ACTION May 4, 2022 Investor Presentation 7

 
STRATEGY IN ACTION • Sabra’s Behavioral Health portfolio has grown considerably in recent years with a total investment of approximately $730 million currently yielding 8.3%, which accounts for roughly 13% of the Company’s Annualized Cash NOI. • In total, six 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. Recovery Centers of America | Monroeville, PA • Purchased a shuttered inpatient rehabilitation facility on a beautiful secluded, wooded site • Invested capital to renovate and reconfigure the building for a new use— inpatient detox and substance use disorder treatment • RCA pre-leased the building under a long-term triple-net lease • Facility opened in December 2020 • Allowed RCA to continue its growth with minimal capital outlay 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 May 4, 2022 Investor Presentation 8

 
May 4, 2022 Investor Presentation 9 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 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

 
Committed to Diversity, Equity & Inclusion 57% As of March 31, 2022, women comprised 57% of our workforce and 64% of our management level/leadership roles. 26% As of March 31, 2022, 26% 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 19% of our team members chose not to self-identify. May 4, 2022 Investor Presentation 10 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

 
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. May 4, 2022 Investor Presentation 11 ENVIRONMENTAL, SOCIAL AND GOVERNANCE 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.

 
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. May 4, 2022 Investor Presentation 12 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

 
May 4, 2022 Investor Presentation 13 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 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

 
Our Success Is Predicated on a Healthy Portfolio 1 Excludes (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 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 December 31, 2021. 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 440 Investments1 1.87x 1.02x 1.98x 7.52x 76 Relationships 38% Skilled Mix2 Average Occupancy Percentage2 72% 79% 79% 85% 81% SH - Leased SH - Managed Hosp./Oth.SNF/TC SNF/TC SH - Leased Pro Forma Rent Coverage2,3 PORTFOLIO As of March 31, 2022 May 4, 2022 Investor Presentation 14 BH BH Hosp./Oth.

 
1 Concentrations exclude (i) one real estate property held for sale as of the end of the current period and (ii) our unconsolidated joint venture which consists of 158 facilities and 7,056 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 PORTFOLIO North American Healthcare, 8.7% Signature Healthcare, 8.5% Avamere Family of Companies, 6.8% Signature Behavioral, 6.8% Recovery Centers of America, 5.4% Holiday, 4.9% Sienna, 1.3% Other, 2.0% Other, 55.6% Behavioral Health, 13.4% Senior Housing - Leased, 12.2% Senior Housing - Managed, 8.2% Specialty Hospital and Other, 4.0% Other, 0.5% Skilled Nursing/ Transitional Care, 61.7% Managed (No Operator Credit Exposure), 8.2% As of March 31, 2022 May 4, 2022 Investor Presentation 15

 
“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 PORTFOLIO May 4, 2022 Investor Presentation 16

 
COVID-19 Impact on Our Business PORTFOLIO ▪ We have collected 99.5% of our forecasted rents from the beginning of the COVID-19 pandemic through April 2022, including 100% of Avamere’s rent under its previous and amended leases. ▪ We continue to maintain a strong Net Debt to Adjusted EBITDA ratio of 5.11x as of March 31, 2022. ▪ As of March 31, 2022, we had approximately $1.0 billion of liquidity, consisting of unrestricted cash and cash equivalents of $24.8 million and available borrowings of $983.2 million under our revolving credit facility. As of March 31, 2022, we also had $475.0 million available under the ATM Program. May 4, 2022 Investor Presentation 17

 
Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 North American 77.5% 79.6% 78.7% 78.7% 79.8% 79.7% 78.9% 74.7% 75.6% 79.1% Signature Healthcare 75.5% 76.4% 76.2% 76.5% 76.8% 76.7% 75.9% 75.4% 75.6% 76.0% Avamere 75.5% 75.6% 72.7% 71.7% 69.6% 70.8% 71.8% 69.7% 70.3% 71.3% Cadia 81.8% 83.1% 84.5% 82.9% 83.4% 82.8% 81.5% 83.4% 85.1% 86.9% Healthmark 62.5% 64.0% 64.1% 64.0% 63.7% 64.7% 64.8% 65.7% 68.3% 65.7% The McGuire Group 81.1% 82.7% 85.3% 85.4% 84.2% 83.4% 84.5% 83.0% 83.4% 85.7% CommuniCare 80.2% 80.8% 83.2% 83.0% 81.6% 79.3% 79.0% 77.3% 78.0% 80.5% Total 75.7% 76.7% 76.6% 76.4% 76.0% 76.0% 75.8% 74.6% 75.4% 76.5% COVID-19 Impact on Our Portfolio (Cont.) PORTFOLIO OCCUPANCY TRENDS – SKILLED NURSING ▪ After initial headwinds related to the Omicron variant of COVID-19, Sabra’s seven largest skilled nursing tenants (representing roughly 40% of Annualized Cash NOI) saw a sizable sequential increase in occupancy during the first quarter. May 4, 2022 Investor Presentation 18

 
1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Average Occupancy - AL 68.8% 70.8% 73.5% 73.3% 75.2% Sequential Change 2.0% 2.7% (0.2)% 1.9% Average Occupancy - IL 79.0% 78.6% 79.8% 80.7% 80.4% Sequential Change (0.4)% 1.2% 0.9% (0.3)% Resident fees and services 1 35,644$ 36,604$ 36,970$ 37,820$ 38,696$ Sequential Change 2.7% 1.0% 2.3% 2.3% Cash NOI 1 6,938$ 9,308$ 8,238$ 7,363$ 8,183$ Sequential Change 34.2% (11.5)% (10.6)% 11.1% COVID-19 Impact on Our Portfolio (Cont.) PORTFOLIO SAME-STORE SENIOR HOUSING – MANAGED ▪ Headwinds related to the Omicron variant abated as the first quarter progressed, which drove a healthy sequential increase in occupancy across our needs-based assisted living portfolio. Our independent living portfolio is also showing signs of improvement. However, occupancy saw a slight sequential decline due partly to demand that tends to be more discretionary in nature. Revenue increased sequentially primarily as a result of rent growth, while NOI saw an 11% sequential increase–or 18% year-over-year growth– driven by a combination of revenue growth and operating leverage. 1 Resident fees and services and Cash NOI balances include $0.5 million of Grant Income for 2Q 2021. May 4, 2022 Investor Presentation 19

 
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 May 4, 2022 Investor Presentation 20

 
We Support Our Operators We Invest in Our Tenants’ Success: • Redevelopment / Adaptive Reuse • Expansion • Strategic development • Flexible equity and debt capital solutions OPERATORS May 4, 2022 Investor Presentation 21

 
Driving Performance with Free Access to Industry-Leading Business Intelligence Tools OPERATORS May 4, 2022 Investor Presentation 22

 
PointRight Solutions for SNF Tenants OPERATORS Data Integrity Audit (DIA) Real-time MDS verification analysis. Ensures accuracy and quality of MDS data with insights into PDPM reimbursement. Each MDS is checked for logical and clinical coding accuracy with helpful alerts to identify quality measure triggers and reimbursement items for compliance monitoring. • Using the DIA tool, Sabra facilities using PointRight were able to increase their reimbursement under Medicare Part A by a four-quarter average of $3.50 per day during calendar year 2021. PointRight® Pro 30® Rehospitalization PointRight® Pro 30® Rehospitalization shows overall performance with rehospitalization, which clinical cohorts are being manage well and areas for improvement. Performance can be shared over time with healthcare partners for market positioning with key referral and payer sources. • From December 2019 through October 2021, Sabra facilities using PointRight have been able to reduce rehospitalizations by 0.5%. Five-Star FastTrack PointRight® Five-Star FastTrack® provides interactive monitoring and management of CMS Five- Star Quality Rating performance. The “What If” features allow setting of targets for improvement efforts. Enables proactive Five-Star performance management, helping users quickly attain and maintain optimal Five-Star ratings. • From May 2020 to October 2021, 17% of Sabra's facilities using PointRight have improved their CMS Quality Measure rating to five-stars. May 4, 2022 Investor Presentation 23

 
“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 OPERATORS May 4, 2022 Investor Presentation 24

 
PERFORMANCE “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 May 4, 2022 Investor Presentation 25

 
Balanced Capital Structure Common Equity Value 53% Secured Debt 1% Unsecured Debt 46% Capital Structure 1 Our diverse menu of capital options and $1.0 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). CONSOLIDATED ENTERPRISE VALUE $5.0B PERFORMANCE 1 As of 3/31/2022. Common equity value estimated using outstanding common stock of 231.0 million shares and Sabra’s closing price of $11.64 as of 5/2/2022. May 4, 2022 Investor Presentation 26

 
Sabra 1Q 22 1 Investment grade peers median 2 Net Debt to Adjusted EBITDA 5.11x 3 6.11x Interest Coverage Ratio 5.21x 3 4.24x Debt as a % of Asset Value 34% 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 unsecured senior 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. PERFORMANCE May 4, 2022 Investor Presentation 27

 
Favorable Profile with Staggered Maturities PERFORMANCE 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 March 31, 2022 21 May 4, 2022 Investor Presentation 28

 
Attractive Relative Valuation PERFORMANCE -22.1% -8.4% -6.8% 2.2% 7.1% 27.7% SBRA CTRE OHI NHI LTC Big 2 Average 10.3% 3.0% 6.5% 7.0% 7.1% 10.7% SBRA Big 2 Average CTRE LTC NHI OHI 7.6x 8.9x 10.9x 11.4x 13.0x 21.9x SBRA OHI CTRE NHI LTC Big 2 Average 20% 13% 20% 55% 41% 63% 62% 87% 74% 8% 57% 32% 18% 6% 37% 2% 5% SBRA CTRE OHI Big 2 Average LTC NHI Senior Housing Skilled Nursing Other Forward FFO multiples 1 Dividend yield 2 Premium / discount to consensus NAV Portfolio composition (% Annualized Cash NOI) 4 Sources: SNL Financial as of 5/2/2022, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 5/2/2022 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 5/2/2022. 3 Big 2 average consists of WELL and VTR. 4 Represents latest available concentration for peers from company filings as of 5/2/2022. 5 Based on Annualized Cash NOI for the quarter ended 3/31/2022. See the appendix to this presentation for the definition of Annualized Cash NOI. 3 3 3 3 5 May 4, 2022 Investor Presentation 29

 
Well-Positioned Portfolio PERFORMANCE SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 5/2/2022. 2 Based on Annualized Cash NOI as of 3/31/2022 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 62% 32% 59% 75% 87% SBRA NHI LTC OHI CTRE 36% 39% 49% 64% 64% SBRA OHI LTC NHI CTRE 1.02x 0.95x 0.99x 1.06x 1.10x SBRA WELL LTC NHI VTR 1.87x 1.48x 1.92x 2.70x 2.80x SBRA OHI LTC CTRE NHI2 2 4,5 4 May 4, 2022 Investor Presentation 30

 
May 4, 2022 Investor Presentation 31 Appendix

 
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. APPENDIX Definitions May 4, 2022 Investor Presentation 32

 
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 venture, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint venture, and real estate impairment charges 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 noncash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint venture. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income 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. APPENDIX Definitions May 4, 2022 Investor Presentation 33

 
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) facilities acquired during the three months preceding the period presented. * Non-GAAP Financial Measures: Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this presentation can be found in the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results. APPENDIX Definitions May 4, 2022 Investor Presentation 34