# EDGAR Filing Document

**Accession Number:** 0001492298
**File Stem:** 0001492298-23-000005
**Filing Date:** 2023-2
**Character Count:** 217873
**Document Hash:** 6da594f2e05ef4b659cea1a9f4addb73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001492298-23-000005.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001492298-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sabra Health Care REIT, Inc.
- **CENTRAL INDEX KEY:** 0001492298
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 272560479
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34950
- **FILM NUMBER:** 23648095

**BUSINESS ADDRESS:**
- **STREET 1:** 18500 VON KARMAN
- **STREET 2:** SUITE 550
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
- **BUSINESS PHONE:** 888-393-8248

**MAIL ADDRESS:**
- **STREET 1:** 18500 VON KARMAN
- **STREET 2:** SUITE 550
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612

?xml version="1.0" ? sbra-20230221

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**PURSUANT TO SECTION 13 OR 15(d) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934** 

**Date of Report (Date of earliest event reported): February 21, 2023**

**SABRA HEALTH CARE REIT, INC.** 

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-34950** | **27-2560479** |
| **(State of<br>Incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **18500 Von Karman Avenue** | **Suite 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 class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, $0.01 par value** | **SBRA** | **The Nasdaq Stock Market LLC** |

---

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

Emerging growth company ☐

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

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On February 21, 2023, Sabra Health Care REIT, Inc. ("Sabra") issued a press release reporting its results of operations for the three month period ended December 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.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

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

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

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

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| (d) | Exhibits. |
| 99.1 | <u>[Press Release of Sabra Health Care REIT, Inc., dated February 21, 2023.](sbraex9912022q4.htm)</u> |
| 99.2 | <u>[Sabra Health Care REIT, Inc. Supplemental Information Package, dated December 31, 2022.](sbraex9922022q4.htm)</u> |
| 99.3 | <u>[Reconciliations of Non-GAAP Financial Measures, dated December 31, 2022.](sbraex9932022q4.htm)</u> |
| 99.4 | <u>[Investor Presentation.](sbraex9942022q4.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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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. | SABRA HEALTH CARE REIT, INC. |
| Date: February 21, 2023 | /S/&nbsp;&nbsp;&nbsp;&nbsp;MICHAEL COSTA | /S/&nbsp;&nbsp;&nbsp;&nbsp;MICHAEL COSTA |
| | Name: | Michael Costa |
| | Title: | Chief Financial Officer, Secretary and Executive Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo.jpg](logo.jpg)

**FOR IMMEDIATE RELEASE** 

**SABRA REPORTS FOURTH QUARTER 2022 RESULTS**

IRVINE, CA, February 21, 2023 — Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (Nasdaq: SBRA) today announced its results of operations for the fourth quarter of 2022.

***<u>FOURTH QUARTER 2022 RESULTS AND RECENT EVENTS</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results per diluted common share for the fourth quarter of 2022 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Loss: $(0.37)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO: $0.25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized FFO: $0.37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AFFO: $0.34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized AFFO: $0.37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDARM Coverage Summary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Skilled Nursing/Transitional Care:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 1.77x (pro forma for North American transition, Avamere lease amendment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 1.54x (pro forma for North American transition, Avamere lease amendment, and excluding Provider Relief Funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Senior Housing - Leased: 1.19x

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Behavioral Health: 1.71x

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specialty Hospitals & Other: 6.95x

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2023, Sabra completed the transition of the 24-property portfolio previously leased to North American Health Care, Inc. ("North American") to The Ensign Group ("Ensign") and the Avamere Family of Companies ("Avamere"), for a combined initial annual rent of $34.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* During the fourth quarter of 2022, we acquired an 85% interest in three Canadian senior housing managed communities through a newly formed joint venture for $52.1 million with an estimated stabilized cash yield of 7.6%. Additionally, we invested $13.1 million in a property being converted into an addiction treatment center, with Sabra's total investment expected to be $16.3 million at an 8.5% yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to December 31, 2022, Sabra acquired a managed senior housing community from our proprietary development pipeline for a purchase price of $40.8 million, which includes $4.6 million previously funded through the Company's preferred equity investment in the development. This investment has an estimated stabilized cash yield of 7.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the fourth quarter of 2022, we generated $25.9 million of gross proceeds from the disposition of seven skilled nursing facilities. Subsequent to December 31, 2022, Sabra received $158.7 million of gross proceeds from previously disclosed disposition and repayment activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As previously announced, Sabra renewed and extended its credit facility, which improves our debt maturity profile by pushing our nearest material maturity to August 2026, while holding pricing in line with our prior credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pro forma for the activity subsequent to December 31, 2022 described above, our Net Debt to Adjusted EBITDA ratio was 5.38x, a decrease of 0.12x from the prior quarter. We remain committed to maintaining a strong balance sheet and strengthening our portfolio without accessing the capital markets.

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2023, our Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on February 28, 2023 to common stockholders of record as of the close of business on February 13, 2023.

Commenting on the fourth quarter's results, Rick Matros, CEO and Chair, said, "Operationally, while still a difficult environment primarily due to labor issues, our portfolio is quite stable. Skilled nursing and senior housing occupancy have both held steady so far this winter. Fortunately, we have not seen much impact from the flu at this point. We have made substantial progress on our asset recycling initiative. In addition, completing the transition of the North American facilities is a material upgrade in corporate credit quality. We expect 2023 to be relatively quiet as we focus our efforts on continued recovery from the pandemic and building investor confidence in our asset classes with an eye on getting back to earnings growth in 2024."

**LIQUIDITY** 

As of December 31, 2022, we had approximately $852.3 million of liquidity, consisting of unrestricted cash and cash equivalents of $49.3 million and available borrowings of $803.0 million under our revolving credit facility.

**CONFERENCE CALL AND COMPANY INFORMATION** 

A conference call with a simultaneous webcast to discuss the 2022 fourth quarter results will be held on Wednesday, February 22, 2023 at 10:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/407563855. The dial-in number for U.S. participants is (888) 880-4448. For participants outside the U.S., the dial-in number is (646) 960-0572. The conference ID number is 1382596. A digital replay of the call will be available on the Company's website at www.sabrahealth.com. The Company's supplemental information package for the fourth quarter will also be available on the Company's website in the "Investors" section.

**ABOUT SABRA**

As of December 31, 2022, Sabra's investment portfolio included 402 real estate properties held for investment (consisting of (i) 264 Skilled Nursing/Transitional Care facilities, (ii) 47 Senior Housing communities ("Senior Housing - Leased"), (iii) 59 Senior Housing communities operated by third-party property managers pursuant to property management agreements ("Senior Housing - Managed"), (iv) 17 Behavioral Health facilities and (v) 15 Specialty Hospitals and Other facilities), one investment in a sales-type lease, 12 investments in loans receivable (consisting of two mortgage loans and 10 other loans), seven preferred equity investments and three investments in unconsolidated joint ventures. As of December 31, 2022, Sabra's real estate properties held for investment included 39,985 beds/units, spread across the United States and Canada.

**FORWARD-LOOKING STATEMENTS SAFE HARBOR**

This release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our expectations regarding our recent and pending investments and dispositions; our expectations regarding the update in corporate credit quality from our recently completed North American facilities transition; our expectations regarding the stability of our portfolio; our expectations regarding the impact of the current flu season; our expectation that 2023 will be a relatively quiet year for our company; our expectations regarding continued recovery from the pandemic and potential earnings growth in 2024; 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: pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; increased labor costs and historically low unemployment; increases in market interest rates and inflation; 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; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update ("ASU") 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and Senior Housing - Managed communities; increased healthcare regulation and enforcement; our tenants' dependency on reimbursement from

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2

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

Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the "SEC"), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, unless required by law to do so.

**TENANT AND BORROWER INFORMATION**

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

**NOTE REGARDING NON-GAAP FINANCIAL MEASURES** 

This release includes the following financial measures defined as non-GAAP financial measures by the SEC: 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 investorinquiries@sabrahealth.com

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED STATEMENTS OF LOSS**

(dollars in thousands, except per share data)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental and related revenues <sup>(1)</sup> | $103318 | $87183 | $400586 | $396716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resident fees and services | 52699 | 40534 | 186672 | 155512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 8968 | 7940 | 37553 | 17317 |
| Total revenues | 164985 | 135657 | 624811 | 569545 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 49927 | 45079 | 187782 | 178991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 27898 | 25676 | 105471 | 98632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple-net portfolio operating expenses | 4640 | 5011 | 19623 | 20221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior housing - managed portfolio operating expenses | 39155 | 32373 | 142990 | 120980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 10853 | 8237 | 39574 | 34669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves | 153 | 2045 | 141 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 21440 | 9004 | 94042 | 9499 |
| Total expenses | 154066 | 127425 | 589623 | 466927 |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | (32862) | (411) | (34622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 4 | (13) | (1097) | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain on sales of real estate | (7430) | 14085 | (12011) | 12301 |
| Total other expense | (7426) | (18790) | (13519) | (21948) |
| Income (loss) before loss from unconsolidated joint ventures and income tax expense | 3493 | (10558) | 21669 | 80670 |
| Loss from unconsolidated joint ventures | (88317) | (13264) | (98032) | (192081) |
| Income tax expense | (124) | (531) | (1242) | (1845) |
| Net loss | $(84948) | $(24353) | $(77605) | $(113256) |
| Net loss, per: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic common share | $(0.37) | $(0.11) | $(0.34) | $(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted common share | $(0.37) | $(0.11) | $(0.34) | $(0.52) |
| Weighted-average number of common shares outstanding, basic | 230986260 | 227519771 | 230947895 | 219073027 |
| Weighted-average number of common shares outstanding, diluted | 230986260 | 227519771 | 230947895 | 219073027 |

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<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>See page 5 for additional details regarding Rental and related revenues.

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED STATEMENTS OF (LOSS) INCOME - SUPPLEMENTAL INFORMATION**

(in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| Cash rental income | $96501 | $99023 | $385033 | $404503 |
| Straight-line rental income | 1219 | 1945 | 8261 | 13059 |
| Straight-line rental income receivable write-offs |  | (157) | (17068) | (25370) |
| Above/below market lease amortization | 1569 | 1091 | 6299 | 5076 |
| Above/below market lease intangible write-offs |  | (18588) | 326 | (18588) |
| Operating expense recoveries | 4029 | 3869 | 17735 | 18036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental and related revenues | $103318 | $87183 | $400586 | $396716 |

---

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED BALANCE SHEETS** 

(dollars in thousands, except per share data)

---

| | | |
|:---|:---|:---|
| | December 31, 2022 | December 31, 2021 |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate investments, net of accumulated depreciation of $913,345 and $831,324 as of December 31, 2022 and December 31, 2021, respectively | $4959343 | $5162884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable and other investments, net | 411396 | 399086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | 134962 | 96680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 49308 | 111996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 4624 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease intangible assets, net | 40131 | 54063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, prepaid expenses and other assets, net | 147908 | 138108 |
| Total assets | $5747672 | $5966707 |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured debt, net | $49232 | $66663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | 196982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loans, net | 526129 | 594246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes, net | 1734431 | 1733566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 142259 | 142989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease intangible liabilities, net | 42244 | 49713 |
| Total liabilities | 2691277 | 2587177 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2022 and December 31, 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 500,000,000 shares authorized, 231,009,295 and 230,398,655 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 2310 | 2304 |
| Additional paid-in capital | 4486967 | 4482451 |
| Cumulative distributions in excess of net income | (1451945) | (1095204) |
| Accumulated other comprehensive income (loss) | 19063 | (10021) |
| Total equity | 3056395 | 3379530 |
| Total liabilities and equity | $5747672 | $5966707 |

---

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in thousands)

---

| | | |
|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, |
| | 2022 | 2021 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(77605) | $(113256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 187782 | 178991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash rental and related revenues | 2183 | 25823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income | (2285) | (1988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 11094 | 8368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 7453 | 7914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 411 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves | 141 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sales of real estate | 12011 | (12301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 94042 | 9499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other-than-temporary impairment of unconsolidated joint ventures | 57778 | 164126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated joint ventures | 40254 | 27955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 2167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, prepaid expenses and other assets, net | (6443) | 8223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (13250) | 14479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 315733 | 356390 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of real estate | (92204) | (99448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination and fundings of loans receivable | (23812) | (290000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination and fundings of preferred equity investments | (8021) | (9061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to real estate | (54473) | (42651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow deposits for potential investments | (780) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of loans receivable | 5272 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of preferred equity investments | 5376 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | (142910) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from the sales of real estate | 87304 | 100723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits for potential sale of real estate | 8000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (216248) | (336196) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net borrowings from revolving credit facility | 204046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of senior unsecured notes |  | 791520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on senior unsecured notes |  | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on term loans | (63750) | (455000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on secured debt | (17516) | (12661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (20) | (9317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments related to extinguishment of debt |  | (30196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration | (2500) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock, net | (4810) | 308713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on common stock | (277157) | (262919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (161707) | 30140 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (62222) | 50334 |
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 268 | 29 |
| Cash, cash equivalents and restricted cash, beginning of period | 115886 | 65523 |
| Cash, cash equivalents and restricted cash, end of period | $53932 | $115886 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $97723 | $85464 |
| Supplemental disclosure of non-cash investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in loans receivable and other investments due to acquisition of real estate | $14311 | $— |

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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)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| Net (loss) income | $(84948) | $(24353) | $(77605) | $(113256) |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 49927 | 45079 | 187782 | 178991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures | 6239 | 9600 | 22095 | 26129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sales of real estate | 7430 | (14085) | 12011 | (12301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate related to unconsolidated joint ventures |  | 3 | (220) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 21440 | 9004 | 94042 | 9499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other-than-temporary impairment of unconsolidated joint ventures | 57778 |  | 57778 | 164126 |
| **FFO** | $57866 | $25248 | $295883 | $253221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs of cash and straight-line rental income receivable and lease intangibles |  | 18745 | 15831 | 40759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease termination income | (139) |  | (2477) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 32862 | 411 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit and loan losses and other reserves | 153 | 2045 | 141 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax valuation allowance related to unconsolidated joint ventures | 19613 |  | 19613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Support payments paid to joint venture manager <sup>(1)</sup> | 6370 | 7350 | 12250 | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(2)</sup> | 842 | 1792 | 3428 | 2644 |
| **Normalized FFO** | $84705 | $88042 | $345080 | $344981 |
| **FFO** | $57866 | $25248 | $295883 | $253221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2086 | 927 | 7453 | 7914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash rental and related revenues | (2787) | 15710 | 2183 | 25823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income | (602) | (544) | (2285) | (1988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 2794 | 2979 | 11094 | 8368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash portion of loss on extinguishment of debt |  | 2666 | 411 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves | 153 | 2045 | 141 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax valuation allowance related to unconsolidated joint ventures | 19613 |  | 19613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments related to unconsolidated joint ventures | (1099) | (3687) | (5155) | (5051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 44 | 172 | 2474 | 492 |
| **AFFO** | $78068 | $45516 | $331812 | $297140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash portion of lease termination income | (139) |  | (2477) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash portion of loss on extinguishment of debt |  | 30196 |  | 30196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of cash rental income |  |  | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Support payments paid to joint venture manager <sup>(1)</sup> | 6370 | 7350 | 12250 | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(2)</sup> | 827 | 1752 | 1077 | 2715 |
| **Normalized AFFO** | $85126 | $84814 | $342733 | $339851 |
| Amounts per diluted common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(0.37) | $(0.11) | $(0.34) | $(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO | $0.25 | $0.11 | $1.28 | $1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized FFO | $0.37 | $0.39 | $1.49 | $1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO | $0.34 | $0.20 | $1.43 | $1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized AFFO | $0.37 | $0.37 | $1.47 | $1.54 |
| Weighted average number of common shares outstanding, diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | 230986260 | 227519771 | 230947895 | 219073027 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO and Normalized FFO | 232059703 | 228591078 | 231851542 | 220102563 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO and Normalized AFFO | 232868137 | 228992103 | 232784543 | 220526512 |

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<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by our Enlivant unconsolidated joint venture from TPG for the issuance of senior preferred interests for 2022 and 4Q 2021 and with cash on hand at the joint venture for 2Q 2021.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>FFO and AFFO for year ended December 31, 2022 and 2021 includes $1.2 million and $0.4 million, respectively, earned during the period related to legacy Care Capital Properties, Inc. investments. FFO for the year ended December 31, 2022, includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.

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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 related to 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 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

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

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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 ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company's share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding merger and acquisition costs, stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company's share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company's operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.

**Grant Income**

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

**Net Debt\***

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

**Net Debt to Adjusted EBITDA\***

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

**Net Operating Income ("NOI")\***

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

**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

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10

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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) leased facilities acquired during the three months preceding the period presented.

**\*Non-GAAP Financial Measures** 

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

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## Exhibit 99.2

![](sbraex9922022q4001.jpg)

Exhibit 99.2

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![](sbraex9922022q4002.jpg)

2 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Same Store Triple-Net Portfolio Top 10 Relationships Senior Housing - Managed Consolidated Portfolio Senior Housing - Managed Unconsolidated Portfolio Loans and Other Investments NOI Concentrations Geographic Concentrations - Consolidated Portfolio Triple-Net Lease Expirations 15 INVESTMENT ACTIVITY Summary 16 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 20 FINANCIAL INFORMATION Consolidated Financial Statements - Statements of Loss Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 27 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results

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![](sbraex9922022q4003.jpg)

3 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 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 & Trust Suite 550 Company, LLC Irvine, CA 92612 6201 15th Avenue 888.393.8248 Brooklyn, NY 11219 sabrahealth.com COMPANY INFORMATION

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![](sbraex9922022q4004.jpg)

4 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 Financial Metrics Dollars in thousands, except per share data December 31, 2022 Three Months Ended Year Ended Revenues $164,985 $624,811 Net operating income 121,654 475,420 Cash net operating income 118,290 475,411 Diluted per share data: EPS $(0.37) $(0.34) FFO 0.25 1.28 Normalized FFO 0.37 1.49 AFFO 0.34 1.43 Normalized AFFO 0.37 1.47 Dividends per common share 0.30 1.20 Capitalization and Market Facts Key Credit Metrics (1) December 31, 2022 December 31, 2022 Common shares outstanding 231.0 million Net Debt to Adjusted EBITDA 5.38x Common equity Market Capitalization $2.9 billion Interest Coverage 4.61x Consolidated Debt $2.5 billion Fixed Charge Coverage Ratio 4.52x Consolidated Enterprise Value $5.3 billion Total Debt/Asset Value 35 % Secured Debt/Asset Value 1 % Common stock closing price $12.43 Unencumbered Assets/Unsecured Debt 278 % Common stock 52-week range $11.44 - $16.60 Common stock ticker symbol SBRA Portfolio (2) Dollars in thousands As of December 31, 2022 Property Count Investment Beds/Units Occupancy Percentage (3) Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing / Transitional Care 264 $3,385,221 29,136 73.5 % Senior Housing - Leased 47 590,694 3,550 84.4 Behavioral Health 17 465,143 965 84.0 Specialty Hospitals and Other 15 225,443 392 77.4 Total Triple-Net Portfolio 343 4,666,501 34,043 Senior Housing - Managed 59 1,205,283 5,942 82.1 Consolidated Real Estate Investments 402 5,871,784 39,985 Unconsolidated Joint Venture Senior Housing - Managed 15 180,793 1,698 89.2 Total Equity Investments 417 6,052,577 41,683 Investment in Sales-Type Lease, net 1 25,488 Investments in Loans Receivable, gross (4) 12 360,412 Preferred Equity Investments, gross (5) 7 51,071 Includes 73 relationships in 41 U.S. states and CanadaTotal Investments 437 $6,489,548 (1) See page 19 of this supplement for important information about these credit metrics. (2) Excludes our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units. (3) Occupancy Percentage is presented for the trailing twelve month period and one quarter in arrears, except for our Senior Housing - Managed portfolio, which is presented for the current period on a trailing three month basis. (4) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds. (5) Our preferred equity investments include investments in entities owning five Senior Housing developments with 697 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. OVERVIEW

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5 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 Operating Statistics (2) Dollars in thousands 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Skilled Nursing/Transitional Care Number of Properties 279 279 272 270 264 Number of Beds 30,920 30,920 30,251 30,205 29,136 Cash NOI $71,726 $75,500 $70,399 $68,120 $70,998 Occupancy 71.4 % 71.8 % 72.8 % 72.9 % 73.5 % Skilled Mix 39.8 % 38.2 % 37.8 % 33.9 % 34.3 % Senior Housing - Leased Number of Properties 60 59 55 52 47 Number of Units 4,099 4,072 3,965 3,822 3,550 Cash NOI $12,097 $11,578 $10,673 $10,166 $10,947 Occupancy 78.1 % 78.5 % 79.7 % 81.8 % 84.4 % Behavioral Health Number of Properties 13 13 14 16 17 Number of Beds (3) 795 795 795 965 965 Cash NOI $9,522 $8,889 $9,229 $9,397 $9,453 Occupancy 84.2 % 84.6 % 83.3 % 83.1 % 84.0 % Specialty Hospitals and Other Number of Properties 15 15 15 15 15 Number of Beds 392 392 392 392 392 Cash NOI $4,560 $4,456 $4,452 $4,464 $4,518 Occupancy 80.6 % 80.5 % 80.0 % 79.7 % 77.4 % PORTFOLIO Triple-Net Portfolio (1) Triple-Net Portfolio Dollars in thousands As of December 31, 2022 Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Number of Properties 264 47 17 15 343 Number of Beds/Units 29,136 3,550 965 392 34,043 Investment $3,385,221 $590,694 $465,143 $225,443 $4,666,501 (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 September 30, 2022. 3Q 2022 and 4Q 2022 Operating Statistics exclude our North American Health Care portfolio due to the February 1, 2023 transition to Ensign (20 real estate properties) and Avamere (four real estate properties). Including our North American Health Care portfolio, Skilled Nursing/Transitional Care Occupancy Percentage and Skilled Mix for 3Q 2022 would have been 73.5% and 37.6%, respectively, and for 4Q 2022 would have been 74.1% and 37.9%, respectively. (3) In 2Q 2022 and 4Q 2022, we transitioned one facility to Behavioral Health with zero beds and acquired one facility with zero beds, respectively, and upon completion of construction, these facilities are expected to have 60 beds and 80 beds, respectively. EBITDARM Coverage (2) 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Skilled Nursing/Transitional Care 1.77x 1.80x 1.80x 1.83x 1.77x Senior Housing - Leased 1.04x 1.02x 1.09x 1.13x 1.19x Behavioral Health 2.06x 1.98x 1.83x 1.72x 1.71x Specialty Hospitals and Other 7.52x 7.52x 7.07x 7.30x 6.95x

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6 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Same Store Triple-Net Portfolio (1) Same store triple-net portfolio includes all facilities held for investment as the same property type for the full period in both comparison periods. (2) Same store EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears for Stabilized Facilities owned as the same property type for the full period in both comparison periods. Same Store Triple-Net Portfolio (1) Dollars in thousands Number of Properties Number of Beds/Units Cash NOI 4Q 2022 3Q 2022 4Q 2022 3Q 2022 Skilled Nursing/Transitional Care 264 29,136 29,607 $70,388 $66,429 Senior Housing - Leased 47 3,550 3,550 $10,596 $10,095 Behavioral Health 14 965 965 $9,466 $9,387 Specialty Hospitals and Other 15 392 392 $4,513 $4,456 EBITDARM Coverage (2) 4Q 2022 3Q 2022 Skilled Nursing/Transitional Care 1.75x 1.82x Senior Housing - Leased 1.18x 1.17x Behavioral Health 1.58x 1.65x Specialty Hospitals and Other 6.95x 7.28x Operating Statistics (2) Occupancy Skilled Mix 4Q 2022 3Q 2022 4Q 2022 3Q 2022 Skilled Nursing/Transitional Care 73.8 % 73.6 % 34.7 % 35.0 % Senior Housing - Leased 85.2 % 84.2 % N/A N/A Behavioral Health 83.0 % 82.5 % N/A N/A Specialty Hospitals and Other 77.4 % 79.7 % N/A N/A

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7 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Top 10 Relationships (1) Top 10 Relationships Tenant/Borrower Credit Exposure Senior Housing - Managed Operator Exposure As of December 31, 2022 (2) EBITDARM Coverage Twelve Months Ended (3) As of December 31, 2022 Relationship Primary Property Type Number of Sabra Investments % of Annualized Cash NOI December 31, 2022 September 30, 2022 Number of Sabra Investments % of Annualized Cash NOI Signature Healthcare Skilled Nursing 45 8.8 % 1.40x 1.55x — — The Ensign Group Skilled Nursing 31 8.5 % N/A N/A — — Avamere Family of Companies Skilled Nursing 29 7.4 % 1.68x 1.43x — — Signature Behavioral Behavioral Hospitals 5 6.9 % 1.34x 1.37x — — Holiday AL Holdings LP Independent Living — — N/A N/A 22 6.0 % Recovery Centers of America Addiction Treatment 3 5.4 % N/A N/A — — Cadia Healthcare Skilled Nursing 10 4.6 % 1.64x 1.73x — — Leo Brown Group Assisted Living 6 2.9 % 1.35x 1.32x 3 0.9 % The McGuire Group Skilled Nursing 8 3.7 % 1.51x 1.96x — — CommuniCare Skilled Nursing 11 3.6 % 1.69x 1.58x — — Top 10 relationships 148 51.8 % 1.50x 1.53x 25 6.9 % Remaining 63 relationships 215 34.8 % 2.61x 2.64x 49 6.5 % Total 363 86.6 % 2.01x 2.05x 74 13.4 % (1) Excludes our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units. (2) Assumes the February 1, 2023 transition of our North American Health Care portfolio to Ensign (20 real estate properties) and Avamere (four real estate properties) was completed as of the end of the current period. (3) EBITDARM Coverage is presented for Stabilized Facilities operated by the applicable tenant and is presented one quarter in arrears. (4) Pro forma EBITDARM Coverage is presented one quarter in arrears and illustrates the impact of (i) the reduction in Avamere's base rent effective February 1, 2022 and (ii) the February 1, 2023 transition of our North American Health Care portfolio to Ensign (20 real estate properties) and Avamere (four real estate properties) on our historical trailing twelve-month EBITDARM Coverages. Pro Forma EBITDARM Coverage (4) Pro Forma EBITDARM Coverage Twelve Months Ended December 31, 2022 September 30, 2022 The Ensign Group 1.69x 1.55x Avamere Family of Companies 1.73x 1.65x Top 10 relationships 1.55x 1.57x Skilled Nursing/Transitional Care 1.77x 1.83x Total 1.98x 2.03x

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8 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Senior Housing - Managed Consolidated Portfolio (1) REVPOR and Occupancy Percentage are presented for the three months ended at the end of the respective period and include only Stabilized Facilities owned by the Company as of the end of such period and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. (2) Balances related to properties in Canada are based on the exchange rate as of the end of the period presented. The exchange rate as of December 31, 2022 was $0.7383 per 1 CAD. (3) Resident fees and services and Cash NOI include $0.1 million of Grant Income for 2Q 2022. (4) Same store Senior Housing - Managed portfolio includes all facilities owned as the same property type 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 as the same property type for the full period in all comparison periods. In addition, resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. Senior Housing - Managed Consolidated Portfolio (1) Dollars in thousands, except REVPOR As of December 31, 2022 Holiday Enlivant Sienna Other Total Property Type IL AL IL AL AL / IL Number of Properties 22 11 8 18 59 Number of Units 3,117 631 757 1,437 5,942 Investment (2) $603,648 $131,668 $128,058 $341,909 $1,205,283 Capital Expenditures: (2) Recurring $783 $294 $321 $557 $1,955 Non-recurring $3,232 $162 $377 $242 $4,013 Resident fees and services (3) $19,925 $9,914 $5,134 $17,726 $52,699 Cash NOI (3) $6,870 $1,706 $1,565 $3,403 $13,544 Cash NOI Margin % 34.5 % 17.2 % 30.5 % 19.2 % 25.7 % REVPOR $2,789 $6,948 $2,637 $6,024 $3,749 Occupancy 81.1 % 75.4 % 85.7 % 89.5 % 82.1 % Operating Performance (1) Dollars in thousands, except REVPOR 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Number of Properties 49 50 50 54 59 Number of Units 5,140 5,266 5,266 5,669 5,942 Capital Expenditures: (2) Recurring $1,618 $499 $1,350 $1,307 $1,955 Non-recurring $2,863 $920 $1,643 $2,825 $4,013 Resident fees and services (3) $40,089 $41,798 $43,731 $47,337 $52,699 Cash NOI (3) $8,039 $8,999 $9,986 $10,813 $13,544 Cash NOI Margin % 20.1 % 21.5 % 22.8 % 22.8 % 25.7 % REVPOR - AL $6,067 $6,100 $6,164 $6,182 $6,491 REVPOR - IL $2,503 $2,554 $2,647 $2,697 $2,751 Occupancy - AL 74.7 % 76.8 % 80.3 % 79.7 % 81.8 % Occupancy - IL 80.7 % 79.0 % 79.9 % 81.2 % 82.2 % Same Store Operating Performance (4) Dollars in thousands, except REVPOR 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Number of Properties 49 49 49 49 49 Resident fees and services (3) $40,089 $40,887 $42,481 $43,080 $44,717 Cash NOI (3) $8,039 $8,815 $9,919 $9,789 $12,032 Cash NOI Margin % 20.1 % 21.6 % 23.3 % 22.7 % 26.9 % REVPOR - AL $6,067 $6,137 $6,250 $6,278 $6,608 REVPOR - IL $2,581 $2,621 $2,661 $2,707 $2,751 Occupancy - AL 74.7 % 76.1 % 79.0 % 78.2 % 80.6 % Occupancy - IL 81.3 % 80.7 % 81.2 % 82.7 % 82.2 %

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9 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Senior Housing - Managed Unconsolidated Portfolio (1) (1) Excludes our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units. (2) Balances related to properties in Canada are based on the exchange rate as of the end of the period presented. The exchange rate as of December 31, 2022 was $0.7383 per 1 CAD. (3) Book value is net of debt. (4) Due to the timing of acquisitions in these portfolios, not all periods presented reflect the operating performance of all properties for the full three-month period. REVPOR and Occupancy Percentage are presented for the three months ended at the end of the respective period and include only Stabilized Facilities owned by the Company as of the end of such period and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable. Senior Housing - Managed Unconsolidated Portfolio Dollars in thousands, at Sabra's pro rata share As of December 31, 2022 Ownership % Property Type Number of Properties Number of Units Investment (2) Book Value (3) Debt Principal (2) Rate Sienna Joint Venture 50.0 % IL 12 1,234 $131,818 $120,269 $19,327 2.24 % Marlin Spring Joint Venture 85.0 % AL / IL 3 464 48,975 14,693 40,707 6.04 % Total 15 1,698 $180,793 $134,962 $60,034 4.82 % Operating Performance (4) Dollars in thousands, except REVPOR, at Sabra's pro rata share 2Q 2022 3Q 2022 4Q 2022 Capital Expenditures: (2) Recurring $10 $63 $83 Non-recurring $17 $68 $227 Resident Fees and Services $2,657 $5,377 $6,580 Cash NOI $636 $1,325 $1,122 Cash NOI Margin % 23.9 % 24.6 % 17.1 % REVPOR - AL N/A N/A $2,774 REVPOR - IL $3,519 $3,589 $3,249 Occupancy - AL N/A N/A 89.5 % Occupancy - IL 84.9 % 85.5 % 89.1 %

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10 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of December 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 December 31, 2022 (1) Maturity Date Mortgage 2 Behavioral Health $319,000 $319,000 7.6 % 7.6 % $6,048 11/01/26 - 01/31/27 Other 10 Multiple 51,364 47,936 7.1 % 6.6 % 747 02/03/23 - 08/31/28 12 370,364 366,936 7.6 % 7.5 % $6,795 Allowance for loan losses — (6,611) $370,364 $360,325 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended December 31, 2022 (1) Preferred Equity 7 Skilled Nursing / Senior Housing $80,291 $46,729 $51,071 10.8 % $1,325 (1) Includes income related to loans receivable and other investments held as of December 31, 2022.

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11 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 The Ensign Group: 8.5% Avamere Family of Companies: 7.4% Signature Behavioral: 6.9% Recovery Centers of America: 5.4% Managed (No Operator Credit Exposure): 13.4% Other: 49.6% Signature Healthcare: 8.8% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of December 31, 2022 (1) Concentrations exclude our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units and assume the February 1, 2023 transition of our North American Health Care portfolio to Ensign and Avamere was completed as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our 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 6.0%Sienna 2.1%Other 5.3% Senior Housing - Managed: 13.4% Senior Housing - Leased: 10.4% Specialty Hospital and Other: 4.0% Other: 0.7% Skilled Nursing/Transitional Care: 58.1% Behavioral Health: 13.4% Private Pay: 42.7% Non-Private: 57.3%

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12 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Property Type As of December 31, 2022 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 36 5 6 — 13 60 14.9 % California 24 — 2 3 1 30 7.5 Kentucky 25 1 — 1 1 28 7.0 Oregon 15 1 3 — — 19 4.7 Indiana 12 4 1 2 — 19 4.7 Washington 15 — 2 — — 17 4.2 North Carolina 13 — 2 — — 15 3.7 Missouri 12 — 1 1 — 14 3.5 Massachusetts 12 — — — — 12 3.0 Michigan 1 6 4 — — 11 2.8 Other (31 states & Canada) 99 30 38 10 — 177 44.0 Total 264 47 59 17 15 402 100.0 % % of Total 65.7 % 11.7 % 14.7 % 4.2 % 3.7 % 100.0 % Distribution of Beds/Units As of December 31, 2022 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 60 4,419 470 856 — 325 6,070 15.2 % Kentucky 28 2,598 142 — 60 40 2,840 7.1 California 30 2,058 — 160 313 27 2,558 6.4 Indiana 19 1,411 545 169 138 — 2,263 5.7 Oregon 19 1,520 215 162 — — 1,897 4.7 Washington 17 1,591 — 165 — — 1,756 4.4 North Carolina 15 1,454 — 237 — — 1,691 4.2 New York 10 1,566 — 107 — — 1,673 4.2 Massachusetts 12 1,469 — — — — 1,469 3.7 Virginia 10 894 128 118 — — 1,140 2.8 Other (31 states & Canada) 182 10,156 2,050 3,968 454 — 16,628 41.6 Total 402 29,136 3,550 5,942 965 392 39,985 100.0 % % of Total 72.9 % 8.9 % 14.8 % 2.4 % 1.0 % 100.0 %

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13 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued Investment Dollars in thousands As of December 31, 2022 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 60 $355,577 $55,818 $185,251 $— $187,387 $784,033 13.4 % California 30 435,612 — 57,995 217,764 7,743 719,114 12.3 Oregon 19 261,316 33,002 53,887 — — 348,205 5.9 Indiana 19 158,666 119,208 37,624 12,155 — 327,653 5.6 New York 10 297,637 — 20,417 — — 318,054 5.4 Kentucky 28 245,797 23,668 — 9,374 30,313 309,152 5.3 Washington 17 189,251 — 38,681 — — 227,932 3.9 Maryland 8 195,787 — — — — 195,787 3.3 North Carolina 15 124,448 — 70,969 — — 195,417 3.3 Arizona 5 — 10,348 39,180 121,757 — 171,285 2.9 Other (31 states & Canada) (1) 191 1,121,130 348,650 701,279 104,093 — 2,275,152 38.7 Total 402 $3,385,221 $590,694 $1,205,283 $465,143 $225,443 $5,871,784 100.0 % % of Total 57.7 % 10.1 % 20.5 % 7.9 % 3.8 % 100.0 % (1) Investment balance in Canada is based on the exchange rate as of December 31, 2022 of $0.7383 per 1 CAD.

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14 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 PORTFOLIO Triple-Net Lease Expirations Triple-Net Lease Expirations (1) Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of December 31, 2022 % of Total 2023 (2) $9,775 $— $— $— $9,775 2.7 % 2024 9,000 — — — 9,000 2.5 % 2025 6,625 3,289 — 1,442 11,356 3.1 % 2026 17,055 1,380 — — 18,435 5.1 % 2027 28,445 4,217 — — 32,662 9.0 % 2028 20,171 7,117 — 3,370 30,658 8.5 % 2029 45,456 4,765 — 5,988 56,209 15.5 % 2030 713 — — 3,095 3,808 1.1 % 2031 79,114 5,966 1,114 — 86,194 23.8 % 2032 6,045 1,618 31,996 3,657 43,316 12.0 % Thereafter 41,934 14,236 3,683 726 60,579 16.7 % Total Annualized Revenues $264,333 $42,588 $36,793 $18,278 $361,992 100.0 % (1) Assumes the February 1, 2023 transition of our North American Health Care portfolio to Ensign and Avamere was completed as of the end of the current period. (2) Includes $7.5 million related to a portfolio that was sold subsequent to December 31, 2022.

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15 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 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) Expected Cash Yield Real Estate Traditions of Deerfield (2) 02/01/22 Senior Housing - Managed 1 126 $26,000 6.70 % Traditions at North Willow (3) 08/01/22 Senior Housing - Managed 1 169 39,220 6.90 % New Hope Valley 08/01/22 Senior Housing - Managed 1 139 32,500 7.50 % Raytown (4) 10/27/22 Behavioral Health 1 80 13,064 8.50 % Additions to Real Estate (5) Various Multiple N/A N/A 41,321 8.34 % Total Real Estate Investments 152,105 7.52 % Unconsolidated Joint Venture Sienna Joint Venture (6) 05/16/22 & 06/01/22 Senior Housing - Managed 12 1,234 147,374 6.50 % Marlin Spring Joint Venture (7) 11/01/22 & 12/01/22 Senior Housing - Managed 3 464 52,050 7.60 % Total Unconsolidated Joint Venture Investments 199,424 6.79 % Preferred Equity Discovery Senior Living (8) 06/30/22 Senior Housing 1 180 3,942 12.00 % Additional Preferred Equity Fundings Various Multiple N/A N/A 4,074 10.00 % Total Preferred Equity Investments 8,016 10.98 % Loans Receivable McGuire Working Capital Loan 07/13/22 Skilled Nursing/ Transitional Care N/A N/A 5,000 7.50 % Additional Loans Receivable Fundings Various Multiple N/A N/A 18,800 7.73 % Total Loans Receivable 23,800 7.68 % All Investments through December 31, 2022 $383,345 7.22 % (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) Amount invested reflects the gross investment, of which $8.6 million was used to repay our preferred equity investment. Transaction includes a potential earnout if certain performance metrics are achieved after the earlier of 15 months or when specified milestones are met. (4) Bed count reflects expected capacity at the completion of an $8.1 million construction project currently in progress, with $3.2 million remaining to be funded. (5) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio. (6) Amount invested reflects Sabra's 50% pro rata share of the gross investment of CAD $379.0 million and is based on the exchange rate as of the investment date. In addition, the Sienna Joint Venture assumed CAD $53.4 million of debt. (7) Amount invested reflects Sabra's 85% pro rata share of the gross investment of CAD $82.5 million and is based on the exchange rate as of the investment date. In addition, the Marlin Spring Joint Venture financed and assumed an aggregate CAD $65.0 million of debt. (8) Unit count reflects expected capacity at the completion of development. Sabra has the option to purchase the development at fair market value upon achievement of specified milestones.

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16 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of December 31, 2022 Secured debt $50,123 Revolving credit facility (1) 178,525 Term loans (1) 540,745 Senior unsecured notes 1,750,000 Total 2,519,393 Deferred financing costs and premiums/discounts, net (18,869) Total, net $2,500,524 Revolving Credit Facility (1) Dollars in thousands As of December 31, 2022 Credit facility availability $821,475 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of December 31, 2022 Shares Outstanding Price Value Common stock 231,009,295 $12.43 $2,871,446 Consolidated Debt (1) 2,519,393 Cash and cash equivalents (49,308) Consolidated Enterprise Value $5,341,531 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended December 31, 2022 Year Ended December 31, 2022 EPS FFO and Normalized FFO AFFO and Normalized AFFO EPS EPS, FFO and Normalized FFO AFFO and Normalized AFFO Common stock 230,977,317 230,977,317 230,977,317 230,938,952 230,938,952 230,938,952 Common equivalents 8,943 8,943 8,943 8,943 8,943 8,943 Basic common and common equivalents 230,986,260 230,986,260 230,986,260 230,947,895 230,947,895 230,947,895 Dilutive securities: Restricted stock units — 1,073,443 1,881,877 — 903,647 1,836,648 Diluted common and common equivalents 230,986,260 232,059,703 232,868,137 230,947,895 231,851,542 232,784,543 (1) Assumes the January 4, 2023 amendment and restatement of our credit agreement was completed as of December 31, 2022 and does not give effect to acquisitions, dispositions and other transactions completed after December 31, 2022.

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17 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 CAPITALIZATION Indebtedness Fixed \| Variable Rate Debt Dollars in thousands Weighted Average Interest Rate (1)As of December 31, 2022 Principal % of Total Fixed Rate Debt Secured debt $50,123 3.33 % 2.0 % Senior unsecured notes 1,750,000 4.04 % 69.5 % Total fixed rate debt 1,800,123 4.02 % 71.5 % Variable Rate Debt (2) Revolving credit facility (3) 178,525 5.75 % 7.1 % Term loans (3) 540,745 3.16 % 21.4 % Total variable rate debt 719,270 3.81 % 28.5 % Consolidated Debt $2,519,393 3.96 % 100.0 % Secured \| Unsecured Debt Dollars in thousands Weighted Average Interest Rate (1)As of December 31, 2022 Principal % of Total Secured Debt Secured debt $50,123 3.33 % 2.0 % Unsecured Debt Senior unsecured notes 1,750,000 4.04 % 69.5 % Revolving credit facility (3) 178,525 5.75 % 7.1 % Term loans (3) 540,745 3.16 % 21.4 % Total unsecured debt 2,469,270 3.97 % 98.0 % Consolidated Debt $2,519,393 3.96 % 100.0 % (1) Weighted average interest rate includes private mortgage insurance and impact of interest rate derivative agreements. (2) Variable rate debt includes $436.3 million subject to interest rate swaps and interest rate collars that fix and set a cap and floor, respectively, for LIBOR at a weighted average rate of 1.14%, and $92.3 million (CAD $125.0 million) subject to swap agreements that fix CDOR at 1.10%. Excluding these amounts, variable rate debt was 7.6% of Consolidated Debt as of December 31, 2022. (3) Assumes the January 4, 2023 amendment and restatement of our credit agreement was completed as of December 31, 2022 and does not give effect to acquisitions, dispositions and other transactions completed after December 31, 2022.

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18 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes Term Loans (1) Revolving Credit Facility (1) Consolidated Debt As of December 31, 2022 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 2023 $1,979 2.84 % $— — $— — $— — $1,979 2.84 % 2024 2,034 2.85 % — — — — — — 2,034 2.85 % 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 % — — 178,525 5.75 % 280,731 5.77 % 2028 2,266 2.88 % — — 540,745 5.72 % — — 543,011 5.71 % 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 % 2032 1,887 2.92 % — — — — — — 1,887 2.92 % Thereafter 28,702 3.09 % — — — — — — 28,702 3.09 % Total 50,123 1,750,000 540,745 178,525 2,519,393 Discount, net — (3,545) — — (3,545) Deferred financing costs, net (891) (12,024) (2,409) — (15,324) Total, net $49,232 $1,734,431 $538,336 $178,525 $2,500,524 Wtd. avg. maturity/years 21.9 6.7 5.0 4.0 6.5 Wtd. avg. interest rate (3) 3.33 % 4.04 % 3.16 % 5.75 % 3.96 % (1) Assumes the January 4, 2023 amendment and restatement of our credit agreement was completed as of December 31, 2022 and does not give effect to acquisitions, dispositions and other transactions completed after December 31, 2022. 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.

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19 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 Key Credit Metrics (1) December 31, 2022 Net Debt to Adjusted EBITDA (2) 5.38x Interest Coverage (2) 4.61x Fixed Charge Coverage Ratio (2) 4.52x Total Debt/Asset Value 35 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 278 % Cost of Permanent Consolidated Debt (3) 3.82 % 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 as amended and restated on January 4, 2023 relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. (2) Based on the trailing twelve month period ended as of the date indicated. (3) Excludes revolving credit facility balance that had an interest rate of 5.75% and 1.20% as of December 31, 2022 and December 31, 2021, respectively.

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20 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Loss Dollars in thousands, except per share data Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Revenues: Rental and related revenues (1) $103,318 $87,183 $400,586 $396,716 Resident fees and services 52,699 40,534 186,672 155,512 Interest and other income 8,968 7,940 37,553 17,317 Total revenues 164,985 135,657 624,811 569,545 Expenses: Depreciation and amortization 49,927 45,079 187,782 178,991 Interest 27,898 25,676 105,471 98,632 Triple-net portfolio operating expenses 4,640 5,011 19,623 20,221 Senior housing - managed portfolio operating expenses 39,155 32,373 142,990 120,980 General and administrative 10,853 8,237 39,574 34,669 Provision for loan losses and other reserves 153 2,045 141 3,935 Impairment of real estate 21,440 9,004 94,042 9,499 Total expenses 154,066 127,425 589,623 466,927 Other (expense) income: Loss on extinguishment of debt — (32,862) (411) (34,622) Other income (expense) 4 (13) (1,097) 373 Net (loss) gain on sales of real estate (7,430) 14,085 (12,011) 12,301 Total other expense (7,426) (18,790) (13,519) (21,948) Income (loss) before loss from unconsolidated joint ventures and income tax expense 3,493 (10,558) 21,669 80,670 Loss from unconsolidated joint ventures (88,317) (13,264) (98,032) (192,081) Income tax expense (124) (531) (1,242) (1,845) Net loss $(84,948) $(24,353) $(77,605) $(113,256) Net loss, per: Basic common share $(0.37) $(0.11) $(0.34) $(0.52) Diluted common share $(0.37) $(0.11) $(0.34) $(0.52) Weighted-average number of common shares outstanding, basic 230,986,260 227,519,771 230,947,895 219,073,027 Weighted-average number of common shares outstanding, diluted 230,986,260 227,519,771 230,947,895 219,073,027 (1) See page 21 for additional details regarding Rental and related revenues.

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21 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Loss - Supplemental Information Dollars in thousands Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Cash rental income $96,501 $99,023 $385,033 $404,503 Straight-line rental income 1,219 1,945 8,261 13,059 Straight-line rental income receivable write-offs — (157) (17,068) (25,370) Above/below market lease amortization 1,569 1,091 6,299 5,076 Above/below market lease intangible write-offs — (18,588) 326 (18,588) Operating expense recoveries 4,029 3,869 17,735 18,036 Rental and related revenues $103,318 $87,183 $400,586 $396,716

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22 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data December 31, 2022 December 31, 2021 (unaudited) Assets Real estate investments, net of accumulated depreciation of $913,345 and $831,324 as of December 31, 2022 and December 31, 2021, respectively $4,959,343 $5,162,884 Loans receivable and other investments, net 411,396 399,086 Investment in unconsolidated joint ventures 134,962 96,680 Cash and cash equivalents 49,308 111,996 Restricted cash 4,624 3,890 Lease intangible assets, net 40,131 54,063 Accounts receivable, prepaid expenses and other assets, net 147,908 138,108 Total assets $5,747,672 $5,966,707 Liabilities Secured debt, net $49,232 $66,663 Revolving credit facility 196,982 — Term loans, net 526,129 594,246 Senior unsecured notes, net 1,734,431 1,733,566 Accounts payable and accrued liabilities 142,259 142,989 Lease intangible liabilities, net 42,244 49,713 Total liabilities 2,691,277 2,587,177 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2022 and December 31, 2021 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 231,009,295 and 230,398,655 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively 2,310 2,304 Additional paid-in capital 4,486,967 4,482,451 Cumulative distributions in excess of net income (1,451,945) (1,095,204) Accumulated other comprehensive income (loss) 19,063 (10,021) Total equity 3,056,395 3,379,530 Total liabilities and equity $5,747,672 $5,966,707

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23 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Year Ended December 31, 2022 2021 Cash flows from operating activities: Net loss $(77,605) $(113,256) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 187,782 178,991 Non-cash rental and related revenues 2,183 25,823 Non-cash interest income (2,285) (1,988) Non-cash interest expense 11,094 8,368 Stock-based compensation expense 7,453 7,914 Loss on extinguishment of debt 411 34,622 Provision for loan losses and other reserves 141 3,935 Net loss (gain) on sales of real estate 12,011 (12,301) Impairment of real estate 94,042 9,499 Other-than-temporary impairment of unconsolidated joint ventures 57,778 164,126 Loss from unconsolidated joint ventures 40,254 27,955 Other non-cash items 2,167 — Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (6,443) 8,223 Accounts payable and accrued liabilities (13,250) 14,479 Net cash provided by operating activities 315,733 356,390 Cash flows from investing activities: Acquisition of real estate (92,204) (99,448) Origination and fundings of loans receivable (23,812) (290,000) Origination and fundings of preferred equity investments (8,021) (9,061) Additions to real estate (54,473) (42,651) Escrow deposits for potential investments (780) — Repayments of loans receivable 5,272 2,949 Repayments of preferred equity investments 5,376 1,292 Investment in unconsolidated joint ventures (142,910) — Net proceeds from the sales of real estate 87,304 100,723 Deposits for potential sale of real estate 8,000 — Net cash used in investing activities (216,248) (336,196) Cash flows from financing activities: Net borrowings from revolving credit facility 204,046 — Proceeds from issuance of senior unsecured notes — 791,520 Principal payments on senior unsecured notes — (300,000) Principal payments on term loans (63,750) (455,000) Principal payments on secured debt (17,516) (12,661) Payments of deferred financing costs (20) (9,317) Payments related to extinguishment of debt — (30,196) Payment of contingent consideration (2,500) — Issuance of common stock, net (4,810) 308,713 Dividends paid on common stock (277,157) (262,919) Net cash (used in) provided by financing activities (161,707) 30,140 Net (decrease) increase in cash, cash equivalents and restricted cash (62,222) 50,334 Effect of foreign currency translation on cash, cash equivalents and restricted cash 268 29 Cash, cash equivalents and restricted cash, beginning of period 115,886 65,523 Cash, cash equivalents and restricted cash, end of period $53,932 $115,886

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24 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows (Continued) Dollars in thousands Year Ended December 31, 2022 2021 Supplemental disclosure of cash flow information: Interest paid $97,723 $85,464 Income taxes paid $1,657 $1,839 Supplemental disclosure of non-cash investing activities: Decrease in loans receivable and other investments due to acquisition of real estate $14,311 $—

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25 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by our Enlivant unconsolidated joint venture from TPG for the issuance of senior preferred interests for 2022 and 4Q 2021 and with cash on hand at the joint venture for 2Q 2021. (2) FFO and AFFO for year ended December 31, 2022 and 2021 includes $1.2 million and $0.4 million, respectively, earned during the period related to legacy Care Capital Properties, Inc. investments. FFO for the year ended December 31, 2022, includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net loss $(84,948) $(24,353) $(77,605) $(113,256) Add: Depreciation and amortization of real estate assets 49,927 45,079 187,782 178,991 Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures 6,239 9,600 22,095 26,129 Net loss (gain) on sales of real estate 7,430 (14,085) 12,011 (12,301) Net loss (gain) on sales of real estate related to unconsolidated joint ventures — 3 (220) 33 Impairment of real estate 21,440 9,004 94,042 9,499 Other-than-temporary impairment of unconsolidated joint ventures 57,778 — 57,778 164,126 FFO $57,866 $25,248 $295,883 $253,221 Write-offs of cash and straight-line rental income receivable and lease intangibles — 18,745 15,831 40,759 Lease termination income (139) — (2,477) — Loss on extinguishment of debt — 32,862 411 34,622 Provision for credit and loan losses and other reserves 153 2,045 141 3,935 Deferred tax valuation allowance related to unconsolidated joint ventures 19,613 — 19,613 — Support payments paid to joint venture manager (1) 6,370 7,350 12,250 9,800 Other normalizing items (2) 842 1,792 3,428 2,644 Normalized FFO $84,705 $88,042 $345,080 $344,981 FFO $57,866 $25,248 $295,883 $253,221 Stock-based compensation expense 2,086 927 7,453 7,914 Non-cash rental and related revenues (2,787) 15,710 2,183 25,823 Non-cash interest income (602) (544) (2,285) (1,988) Non-cash interest expense 2,794 2,979 11,094 8,368 Non-cash portion of loss on extinguishment of debt — 2,666 411 4,426 Provision for loan losses and other reserves 153 2,045 141 3,935 Deferred tax valuation allowance related to unconsolidated joint ventures 19,613 — 19,613 — Other adjustments related to unconsolidated joint ventures (1,099) (3,687) (5,155) (5,051) Other adjustments 44 172 2,474 492 AFFO $78,068 $45,516 $331,812 $297,140 Cash portion of lease termination income (139) — (2,477) — Cash portion of loss on extinguishment of debt — 30,196 — 30,196 Write-off of cash rental income — — 71 — Support payments paid to joint venture manager (1) 6,370 7,350 12,250 9,800 Other normalizing items (2) 827 1,752 1,077 2,715 Normalized AFFO $85,126 $84,814 $342,733 $339,851 Amounts per diluted common share: Net loss $(0.37) $(0.11) $(0.34) $(0.52) FFO $0.25 $0.11 $1.28 $1.15 Normalized FFO $0.37 $0.39 $1.49 $1.57 AFFO $0.34 $0.20 $1.43 $1.35 Normalized AFFO $0.37 $0.37 $1.47 $1.54 Weighted average number of common shares outstanding, diluted: Net loss 230,986,260 227,519,771 230,947,895 219,073,027 FFO and Normalized FFO 232,059,703 228,591,078 231,851,542 220,102,563 AFFO and Normalized AFFO 232,868,137 228,992,103 232,784,543 220,526,512

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26 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 31, 2022 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of December 31, 2022 (1) Assumes the February 1, 2023 transition of our North American Health Care portfolio to Ensign and Avamere was completed as of the end of the current period. (2) Excludes our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units. (3) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (4) Assumes the January 4, 2023 amendment and restatement of our credit agreement was completed as of December 31, 2022 and does not give effect to acquisitions, dispositions and other transactions completed after December 31, 2022. (5) Includes balances that impact cash or NOI and excludes non-cash items. Annualized Cash NOI (1) Dollars in thousands Skilled Nursing/Transitional Care $264,333 Senior Housing - Leased 42,588 Senior Housing - Managed Consolidated Portfolio 55,202 Senior Housing - Managed Unconsolidated Portfolio (2) 5,855 Behavioral Health 36,793 Specialty Hospitals and Other 18,278 Annualized Cash NOI (excluding loans receivable and other investments) $423,049 Obligations Dollars in thousands Secured debt (3) $50,123 Senior unsecured notes (3) 1,750,000 Revolving credit facility (4) 178,525 Term loans (3)(4) 540,745 Sabra's share of unconsolidated joint venture debt (2) 60,034 Total Debt 2,579,427 Add (less): Cash and cash equivalents and restricted cash (53,932) Sabra's share of unconsolidated joint venture cash and cash equivalents and restricted cash (2) (4,491) Accounts payable and accrued liabilities (5) 132,882 Net obligations $2,653,886 Other Assets Dollars in thousands Loans receivable and other investments, net $411,396 Accounts receivable, prepaid expenses and other assets, net (5) 52,778 Total other assets $464,174 Common Shares Outstanding Total shares 231,009,295 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.

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27 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 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: pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; increased labor costs and historically low unemployment; increases in market interest rates and inflation; 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; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update ("ASU") 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and Senior Housing - Managed communities; increased healthcare regulation and enforcement; our tenants' dependency on reimbursement from governmental and other third-party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants', borrowers' or operators' failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants', borrowers' or operators' information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets; risks associated with our ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust ("REIT") under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the "SEC"), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this supplement or to reflect the occurrence of unanticipated events, unless required by law to do so. Note Regarding Non-GAAP Financial Measures This supplement includes the following financial measures defined as non-GAAP financial measures by the SEC: net operating income ("NOI"), Cash NOI, funds from operations ("FFO"), Normalized FFO, Adjusted FFO ("AFFO"), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share, Normalized AFFO per diluted common share and Adjusted EBITDA (defined below). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under "Reporting Definitions" in this supplement and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/ financials/quarterly-results. Tenant and Borrower Information This supplement includes information regarding our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this supplement has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Sabra Information The information in this supplemental information package should be read in conjunction with the Company's Annual Report on Form 10- K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the SEC. The Reporting Definitions and Reconciliations of Non-GAAP Measures are an integral part of the information presented herein. On Sabra's website, www.sabrahealth.com, you can access, free of charge, Sabra's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after such material is filed with, or furnished to, the SEC. The information contained on Sabra's website is not incorporated by reference into, and should not be considered a part of, this supplemental information package. All material filed with the SEC can also be accessed through its website, www.sec.gov. For more information, contact Investor Relations at (888) 393-8248 or investorrelations@sabrahealth.com.

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28 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 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 related to 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 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.

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29 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 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 ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company's share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding merger and acquisition costs, stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including ineffectiveness gain/loss on derivative instruments, and non- cash revenue and expense amounts related to noncontrolling interests) and the Company's share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company's operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Grant Income Grant income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents. Investment Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities. Market Capitalization Total common shares of Sabra outstanding multiplied by the closing price per common share as of a given period. Net Debt\* The principal balances of the Company's revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company's consolidated financial statements, net of cash and cash equivalents as reported in the Company's consolidated financial statements. Net Debt to Adjusted EBITDA\* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income ("NOI")\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.

------

![](sbraex9922022q4030.jpg)

30 SABRA 4Q 2022 SUPPLEMENTAL INFORMATION December 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) leased facilities acquired during the three months preceding the period presented. \*Non-GAAP Financial Measures Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.

------

## Exhibit 99.3

![logo2.jpg](logo2.jpg)

**Reconciliations of Non-GAAP Financial Measures**

**December 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 December 31, | Three Months Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| Net loss | $(84948) | $(24353) | $(77605) | $(113256) |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 49927 | 45079 | 187782 | 178991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures | 6239 | 9600 | 22095 | 26129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sales of real estate | 7430 | (14085) | 12011 | (12301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate related to unconsolidated joint ventures |  | 3 | (220) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 21440 | 9004 | 94042 | 9499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other-than-temporary impairment of unconsolidated joint ventures | 57778 |  | 57778 | 164126 |
| **FFO** | $57866 | $25248 | $295883 | $253221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs of cash and straight-line rental income receivable and lease intangibles |  | 18745 | 15831 | 40759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease termination income | (139) |  | (2477) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 32862 | 411 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit and loan losses and other reserves | 153 | 2045 | 141 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax valuation allowance related to unconsolidated joint ventures | 19613 |  | 19613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Support payments paid to joint venture manager <sup>(1)</sup> | 6370 | 7350 | 12250 | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(2)</sup> | 842 | 1792 | 3428 | 2644 |
| **Normalized FFO** | $84705 | $88042 | $345080 | $344981 |
| **FFO** | $57866 | $25248 | $295883 | $253221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2086 | 927 | 7453 | 7914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash rental and related revenues | (2787) | 15710 | 2183 | 25823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income | (602) | (544) | (2285) | (1988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 2794 | 2979 | 11094 | 8368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash portion of loss on extinguishment of debt |  | 2666 | 411 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves | 153 | 2045 | 141 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax valuation allowance related to unconsolidated joint ventures | 19613 |  | 19613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments related to unconsolidated joint ventures | (1099) | (3687) | (5155) | (5051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 44 | 172 | 2474 | 492 |
| **AFFO** | $78068 | $45516 | $331812 | $297140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash portion of lease termination income | (139) |  | (2477) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash portion of loss on extinguishment of debt |  | 30196 |  | 30196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of cash rental income |  |  | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Support payments paid to joint venture manager <sup>(1)</sup> | 6370 | 7350 | 12250 | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(2)</sup> | 827 | 1752 | 1077 | 2715 |
| **Normalized AFFO** | $85126 | $84814 | $342733 | $339851 |
| Amounts per diluted common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(0.37) | $(0.11) | $(0.34) | $(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO | $0.25 | $0.11 | $1.28 | $1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized FFO | $0.37 | $0.39 | $1.49 | $1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO | $0.34 | $0.20 | $1.43 | $1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized AFFO | $0.37 | $0.37 | $1.47 | $1.54 |
| Weighted average number of common shares outstanding, diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | 230986260 | 227519771 | 230947895 | 219073027 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO and Normalized FFO | 232059703 | 228591078 | 231851542 | 220102563 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO and Normalized AFFO | 232868137 | 228992103 | 232784543 | 220526512 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by our Enlivant unconsolidated joint venture from TPG for the issuance of senior preferred interests for 2022 and 4Q 2021 and with cash on hand at the joint venture for 2Q 2021.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup> FFO and AFFO for year ended December 31, 2022 and 2021 includes $1.2 million and $0.4 million, respectively, earned during the period related to legacy Care Capital Properties, Inc. investments. FFO for the year ended December 31, 2022, includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.

![logo2.jpg](logo2.jpg)See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA

Net Debt and Net Debt to Adjusted EBITDA

(in thousands)

---

| | |
|:---|:---|
| | Year Ended<br>December 31, 2022 |
| Net loss | $(77605) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 105471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 187782 |
| **EBITDA** | $216890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated joint ventures | 40254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other-than-temporary impairment of unconsolidated joint ventures | 57778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 7453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and acquisition costs | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves and non-cash revenue write-offs | 17070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 94042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease termination income | (2477) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sales of real estate | 12011 |
| **Adjusted EBITDA** <sup>(1)</sup> | $446445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualizing adjustments <sup>(2)</sup> | (3040) |
| **Annualized Adjusted EBITDA** <sup>(3)</sup> | $443405 |
| Pro Forma adjustments for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Post-quarter dispositions and acquisitions <sup>(4)</sup> | (5151) |
| **Pro Forma Annualized Adjusted EBITDA** <sup>(5)</sup> | $438254 |
|  | December 31, 2022 |
| Secured debt | $50123 |
| Revolving credit facility | 178525 |
| Term loans | 540745 |
| Senior unsecured notes | 1750000 |
| Consolidated Debt | 2519393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | (49308) |
| **Net Debt** <sup>(6)</sup> | $2470085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Post-quarter dispositions and acquisitions <sup>(4)</sup> | (111117) |
| **Pro Forma Net Debt** | $2358968 |
|  | December 31, 2022 |
| Net Debt | $2358968 |
| Annualized Adjusted EBITDA | $438254 |
| Net Debt to Adjusted EBITDA | 5.38x |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualizing adjustments give effect to the acquisitions and dispositions completed during the twelve months ended for the period as though such acquisitions and dispositions were completed as of the beginning of the period.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized Adjusted EBITDA is calculated as Adjusted EBITDA as adjusted to give effect to the adjustments described in footnote 2 above.

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Adjustment that gives effect to dispositions and acquisitions completed subsequent to the end of the period as though such dispositions and acquisitions were completed at the beginning of the period.

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Annualized Adjusted EBITDA is calculated as Annualized Adjusted EBITDA to give effect to the adjustment described in footnote 4 above.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net Debt assumes the January 4, 2023 amendment and restatement of our credit agreement was completed as of December 31, 2022.

![logo2.jpg](logo2.jpg)See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Consolidated Statements of Loss

Supplemental Information

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| Cash rental income | $96501 | $99023 | $385033 | $404503 |
| Straight-line rental income | 1219 | 1945 | 8261 | 13059 |
| Straight-line rental income receivable write-offs |  | (157) | (17068) | (25370) |
| Above/below market lease amortization | 1569 | 1091 | 6299 | 5076 |
| Above/below market lease intangible write-offs |  | (18588) | 326 | (18588) |
| Operating expense recoveries | 4029 | 3869 | 17735 | 18036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental and related revenues | $103318 | $87183 | $400586 | $396716 |

---

![logo2.jpg](logo2.jpg)See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

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**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Senior Housing - Managed Revenues

(in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 |
| Revenues: <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Resident fees and services | $52699 | $47337 | $43731 | $41798 | $40089 |
| &nbsp;&nbsp;&nbsp;Resident fees and services not included in same store | (7982) | (4257) | (1250) | (911) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same store resident fees and services | $44717 | $43080 | $42481 | $40887 | $40089 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Revenues have been adjusted for changes in the foreign currency exchange rate where applicable.

![logo2.jpg](logo2.jpg)See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

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**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Cash NOI by Property Type

(in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 |
| | Skilled Nursing/ Transitional Care | Senior Housing | Senior Housing | Senior Housing | Senior Housing | Behavioral Health | Specialty Hospitals and Other | | | |
| | Skilled Nursing/ Transitional Care | Senior Housing - Leased | Senior Housing - Managed Consolidated | Senior Housing - Managed Unconsolidated <sup>(1)</sup> | Total Senior Housing | Behavioral Health | Specialty Hospitals and Other |<br>Other |<br>Corporate |<br>Total |
| Net income (loss) | $14536 | $5623 | $3020 | $(88317) | $(79674) | $6594 | $3232 | $8968 | $(38604) | $(84948) |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 29289 | 5476 | 10524 |  | 16000 | 3155 | 1461 |  | 22 | 49927 |
| &nbsp;&nbsp;&nbsp;Interest | 212 | 230 |  |  | 230 |  |  |  | 27456 | 27898 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 10853 | 10853 |
| &nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves |  |  |  |  |  |  |  |  | 153 | 153 |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 21440 |  |  |  |  |  |  |  |  | 21440 |
| &nbsp;&nbsp;&nbsp;Other income |  |  |  |  |  |  |  |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;Net loss (gain) on sales of real estate | 7519 | (89) |  |  | (89) |  |  |  |  | 7430 |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV |  |  |  | 88317 | 88317 |  |  |  |  | 88317 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 124 | 124 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income |  |  |  | 464 | 464 |  |  |  |  | 464 |
| **Net Operating Income** | $72996 | $11240 | $13544 | $464 | $25248 | $9749 | $4693 | $8968 | $— | $121654 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (1998) | (293) |  |  | (293) | (296) | (175) | (602) |  | (3364) |
| **Cash Net Operating Income** | $70998 | $10947 | $13544 | $464 | $24955 | $9453 | $4518 | $8366 | $— | $118290 |
| &nbsp;&nbsp;&nbsp;Cash Net Operating Income not included in same store | (610) | (351) | (1512) | (464) | (2327) | 13 | (5) |  |  |  |
| **Same store Cash Net Operating Income** | $70388 | $10596 | $12032 | $— | $22628 | $9466 | $4513 |  |  |  |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Net Operating Income and Cash Net Operating Income include $0.1 million of Grant Income.

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 6

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Cash NOI by Property Type

(in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 |
| | Skilled Nursing/ Transitional Care | Senior Housing | Senior Housing | Senior Housing | Senior Housing | Behavioral Health | Specialty Hospitals and Other | | | |
| | Skilled Nursing/ Transitional Care | Senior Housing - Leased | Senior Housing - Managed Consolidated | Senior Housing - Managed Unconsolidated <sup>(1)</sup> | Total Senior Housing | Behavioral Health | Specialty Hospitals and Other |<br>Other |<br>Corporate |<br>Total |
| Net (loss) income | $(33921) | $4602 | $677 | $(4384) | $895 | $6639 | $3213 | $8940 | $(35830) | $(50064) |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 27586 | 5068 | 10228 |  | 15296 | 3062 | 1461 |  | 22 | 47427 |
| &nbsp;&nbsp;&nbsp;Interest | 214 | 233 |  |  | 233 |  |  |  | 26624 | 27071 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 9676 | 9676 |
| &nbsp;&nbsp;&nbsp;Recovery of loan losses and other reserves |  |  |  |  |  |  |  |  | (217) | (217) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 60857 |  |  |  |  |  |  |  |  | 60857 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 140 | 140 |
| &nbsp;&nbsp;&nbsp;Other income |  |  |  |  |  |  |  |  | (994) | (994) |
| &nbsp;&nbsp;&nbsp;Net loss on sales of real estate | 80 |  |  |  |  |  |  |  |  | 80 |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV |  |  |  | 4384 | 4384 |  |  |  |  | 4384 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 579 | 579 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income |  |  |  | 4160 | 4160 |  |  |  |  | 4160 |
| **Net Operating Income** | $54816 | $9903 | $10905 | $4160 | $24968 | $9701 | $4674 | $8940 | $— | $103099 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | 13304 | 263 |  |  | 263 | (304) | (210) | (589) |  | 12464 |
| &nbsp;&nbsp;&nbsp;Foreign exchange rate adjustment |  |  | (92) |  | (92) |  |  |  |  | (92) |
| **Cash Net Operating Income** | $68120 | $10166 | $10813 | $4160 | $25139 | $9397 | $4464 | $8351 | $— | $115471 |
| &nbsp;&nbsp;&nbsp;Cash Net Operating Income not included in same store | (1691) | (71) | (1024) | (4160) | (5255) | (10) | (8) |  |  |  |
| **Same store Cash Net Operating Income** | $66429 | $10095 | $9789 | $— | $19884 | $9387 | $4456 |  |  |  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income and Cash Net Operating Income include $0.1 million of Grant Income.

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 7

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Cash NOI by Property Type

(in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 |
| | Skilled Nursing/ Transitional Care | Senior Housing | Senior Housing | Senior Housing | Senior Housing | Behavioral Health | Specialty Hospitals and Other | | | |
| | Skilled Nursing/ Transitional Care | Senior Housing - Leased | Senior Housing - Managed Consolidated <sup>(1)</sup> | Senior Housing - Managed Unconsolidated <sup>(2)</sup> | Total Senior Housing | Behavioral Health | Specialty Hospitals and Other |<br>Other |<br>Corporate |<br>Total |
| Net income (loss) | $32201 | $3742 | $820 | $(2529) | $2033 | $6609 | $3207 | $8653 | $(35898) | $16805 |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 26214 | 5246 | 9290 |  | 14536 | 2939 | 1461 |  | 22 | 45172 |
| &nbsp;&nbsp;&nbsp;Interest | 216 | 235 |  |  | 235 |  |  |  | 25079 | 25530 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 8649 | 8649 |
| &nbsp;&nbsp;&nbsp;Recovery of loan losses and other reserves |  |  |  |  |  |  |  |  | (270) | (270) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 11745 |  |  |  |  |  |  |  |  | 11745 |
| &nbsp;&nbsp;&nbsp;Other expense |  |  |  |  |  |  |  |  | 2163 | 2163 |
| &nbsp;&nbsp;&nbsp;Net loss on sales of real estate | 2615 | 1886 |  |  | 1886 |  |  |  |  | 4501 |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV |  |  |  | 2529 | 2529 |  |  |  |  | 2529 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 255 | 255 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income |  |  |  | 5055 | 5055 |  |  |  |  | 5055 |
| **Net Operating Income** | $72991 | $11109 | $10110 | $5055 | $26274 | $9548 | $4668 | $8653 | $— | $122134 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (2592) | (436) |  |  | (436) | (319) | (216) | (547) |  | (4110) |
| &nbsp;&nbsp;&nbsp;Foreign exchange rate adjustment |  |  | (124) |  | (124) |  |  |  |  | (124) |
| **Cash Net Operating Income** | $70399 | $10673 | $9986 | $5055 | $25714 | $9229 | $4452 | $8106 | $— | $117900 |
| &nbsp;&nbsp;&nbsp;Cash Net Operating Income not included in same store |  |  | (67) |  |  |  |  |  |  |  |
| **Same store Cash Net Operating Income** |  |  | $9919 |  |  |  |  |  |  |  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income, Cash Net Operating Income and Same store Cash Net Operating Income include $0.1 million of Grant Income

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Net Operating Income and Cash Net Operating Income include $3.4 million of Grant Income.

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 8

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Cash NOI by Property Type

(in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 |
| | Skilled Nursing/ Transitional Care | Senior Housing | Senior Housing | Senior Housing | Senior Housing | Behavioral Health | Specialty Hospitals and Other | | | |
| | Skilled Nursing/ Transitional Care | Senior Housing - Leased | Senior Housing - Managed Consolidated | Senior Housing - Managed Unconsolidated | Total Senior Housing | Behavioral Health | Specialty Hospitals and Other |<br>Other |<br>Corporate |<br>Total |
| Net income (loss) | $51927 | $6797 | $(93) | $(2802) | $3902 | $6314 | $3224 | $10992 | $(35757) | $40602 |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 26303 | 5340 | 9216 |  | 14556 | 2917 | 1460 |  | 20 | 45256 |
| &nbsp;&nbsp;&nbsp;Interest | 217 | 376 |  |  | 376 |  |  |  | 24379 | 24972 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 10396 | 10396 |
| &nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves |  |  |  |  |  |  |  |  | 475 | 475 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 271 | 271 |
| &nbsp;&nbsp;&nbsp;Other income |  |  |  |  |  |  |  |  | (68) | (68) |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV |  |  |  | 2802 | 2802 |  |  |  |  | 2802 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 284 | 284 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income |  |  |  | 3543 | 3543 |  |  |  |  | 3543 |
| **Net Operating Income** | $78447 | $12513 | $9123 | $3543 | $25179 | $9231 | $4684 | $10992 | $— | $128533 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (2947) | (935) |  |  | (935) | (342) | (228) | (547) |  | (4999) |
| &nbsp;&nbsp;&nbsp;Foreign exchange rate adjustment |  |  | (124) |  | (124) |  |  |  |  | (124) |
| **Cash Net Operating Income** | $75500 | $11578 | $8999 | $3543 | $24120 | $8889 | $4456 | $10445 | $— | $123410 |
| &nbsp;&nbsp;&nbsp;Cash Net Operating Income not included in same store |  |  | (184) |  |  |  |  |  |  |  |
| **Same store Cash Net Operating Income** |  |  | $8815 |  |  |  |  |  |  |  |

---

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 9

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Cash NOI by Property Type

(in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 |
| | Skilled Nursing/ Transitional Care | Senior Housing | Senior Housing | Senior Housing | Senior Housing | Behavioral Health | Specialty Hospitals and Other | | | |
| | Skilled Nursing/ Transitional Care | Senior Housing - Leased | Senior Housing - Managed Consolidated | Senior Housing - Managed Unconsolidated | Total Senior Housing | Behavioral Health | Specialty Hospitals and Other |<br>Other |<br>Corporate |<br>Total |
| Net income (loss) | $26649 | $9213 | $(626) | $(13264) | $(4677) | $7354 | $7135 | $7940 | $(68754) | $(24353) |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 26302 | 5353 | 8787 |  | 14140 | 3124 | 1494 |  | 19 | 45079 |
| &nbsp;&nbsp;&nbsp;Interest | 229 | 400 |  |  | 400 |  |  |  | 25047 | 25676 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 8237 | 8237 |
| &nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves |  |  |  |  |  |  |  |  | 2045 | 2045 |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 9004 |  |  |  |  |  |  |  |  | 9004 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 32862 | 32862 |
| &nbsp;&nbsp;&nbsp;Other expense |  |  |  |  |  |  |  |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;Net gain on sales of real estate | (7153) | (2287) |  |  | (2287) | (816) | (3829) |  |  | (14085) |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV |  |  |  | 13264 | 13264 |  |  |  |  | 13264 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 531 | 531 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income |  |  |  | (4240) | (4240) |  |  |  |  | (4240) |
| **Net Operating Income** | $55031 | $12679 | $8161 | $(4240) | $16600 | $9662 | $4800 | $7940 | $— | $94033 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | 16695 | (582) |  |  | (582) | (140) | (240) | (544) |  | 15189 |
| &nbsp;&nbsp;&nbsp;Foreign exchange rate adjustment |  |  | (122) |  | (122) |  |  |  |  | (122) |
| **Cash Net Operating Income** | $71726 | $12097 | $8039 | $(4240) | $15896 | $9522 | $4560 | $7396 | $— | $109100 |
| &nbsp;&nbsp;&nbsp;Cash Net Operating Income not included in same store |  |  |  |  |  |  |  |  |  |  |
| **Same store Cash Net Operating Income** |  |  | $8039 |  |  |  |  |  |  |  |

---

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 10

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Annualized Cash NOI by Property Type

(in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 |
| | Skilled Nursing/ Transitional Care | Senior Housing | Senior Housing | Senior Housing | Senior Housing | Behavioral Health | Specialty Hospitals and Other | | | |
| | Skilled Nursing/ Transitional Care | Senior Housing - Leased | Senior Housing - Managed Consolidated <sup>(1)</sup> | Senior Housing - Managed Unconsolidated <sup>(2)</sup> | Total Senior Housing | Behavioral Health | Specialty Hospitals and Other |<br>Other |<br>Corporate |<br>Total |
| Net income (loss) | $64743 | $20764 | $4424 | $(98032) | $(72844) | $26156 | $12876 | $37553 | $(146089) | $(77605) |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 109392 | 21130 | 39258 |  | 60388 | 12073 | 5843 |  | 86 | 187782 |
| &nbsp;&nbsp;&nbsp;Interest | 859 | 1074 |  |  | 1074 |  |  |  | 103538 | 105471 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 39574 | 39574 |
| &nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves |  |  |  |  |  |  |  |  | 141 | 141 |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 94042 |  |  |  |  |  |  |  |  | 94042 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 411 | 411 |
| &nbsp;&nbsp;&nbsp;Other expense |  |  |  |  |  |  |  |  | 1097 | 1097 |
| &nbsp;&nbsp;&nbsp;Net loss on sales of real estate | 10214 | 1797 |  |  | 1797 |  |  |  |  | 12011 |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV |  |  |  | 98032 | 98032 |  |  |  |  | 98032 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 1242 | 1242 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income |  |  |  | 13222 | 13222 |  |  |  |  | 13222 |
| **Net Operating Income** | $279250 | $44765 | $43682 | $13222 | $101669 | $38229 | $18719 | $37553 | $— | $475420 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | 5768 | (1400) |  |  | (1400) | (1262) | (830) | (2285) |  | (9) |
| **Cash Net Operating Income** | $285018 | $43365 | $43682 | $13222 | $100269 | $36967 | $17889 | $35268 | $— | $475411 |
| &nbsp;&nbsp;&nbsp;Annualizing adjustments <sup>(3)</sup> | (20685) | (777) | 11520 | (7367) | 3376 | (174) | 389 | (2110) |  | (19204) |
| **Annualized Cash Net Operating Income** | $264333 | $42588 | $55202 | $5855 | $103645 | $36793 | $18278 | $33158 | $— | $456207 |
| &nbsp;&nbsp;&nbsp;Reallocation adjustments <sup>(4)</sup> | 804 | 4686 |  |  | 4686 | 24426 |  | (29916) |  |  |
| **Annualized Cash Net Operating Income, as adjusted** | $265137 | $47274 | $55202 | $5855 | $108331 | $61219 | $18278 | $3242 | $— | $456207 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income and Cash Net Operating Income include $0.1 million of Grant Income.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Net Operating Income and Cash Net Operating Income include $3.6 million of Grant Income.

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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 adjustments to reflect the reduction in Avamere's annual base rent effective February 1, 2022 and the February 1, 2023 transition of our North American portfolio to Ensign and Avamere.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 11

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Annualized Cash NOI by Payor Source

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 |
| | Private Payors <sup>(1)</sup> | Non-Private Payors | Other | Senior Housing - Managed Unconsolidated <sup>(2)</sup> | Corporate | Total |
| Net income (loss) | $63345 | $64266 | $37553 | $(96680) | $(146089) | $(77605) |
| Adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 89140 | 98556 |  |  | 86 | 187782 |
| &nbsp;&nbsp;&nbsp;Interest | 1151 | 782 |  |  | 103538 | 105471 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  | 39574 | 39574 |
| &nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves |  |  |  |  | 141 | 141 |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 11121 | 82921 |  |  |  | 94042 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  | 411 | 411 |
| &nbsp;&nbsp;&nbsp;Other expense |  |  |  |  | 1097 | 1097 |
| &nbsp;&nbsp;&nbsp;Net loss on sales of real estate | 3595 | 8416 |  |  |  | 12011 |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV | 1352 |  |  | 96680 |  | 98032 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  | 1242 | 1242 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income | 3172 |  |  | 10050 |  | 13222 |
| **Net Operating Income** | $172876 | $254941 | $37553 | $10050 | $— | $475420 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (1982) | 4258 | (2285) |  |  | (9) |
| **Cash Net Operating Income** | $170894 | $259199 | $35268 | $10050 | $— | $475411 |
| &nbsp;&nbsp;&nbsp;Annualizing adjustments <sup>(3)</sup> | 9772 | (16816) | (2110) | (10050) |  | (19204) |
| **Annualized Cash Net Operating Income** | $180666 | $242383 | $33158 | $— | $— | $456207 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income and Cash Net Operating Income include $0.1 million of Grant Income.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Reflects our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units. Net Operating Income and Cash Net Operating Income include $3.6 million of Grant Income.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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 effective February 1, 2022 and the February 1, 2023 transition of our North American portfolio to Ensign and Avamere.

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 12

------

**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Annualized Cash NOI by Relationship

(in thousands)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 |
| | Signature Healthcare | The Ensign Group | Avamere Family of Companies | Signature Behavioral | Holiday AL Holdings LP | Recovery Centers of America | Cadia Healthcare | Leo Brown Group | The McGuire Group | CommuniCare | All Other Relationships <sup>(1)</sup> | Corporate | Total |
| Net income (loss) | $25216 | $12237 | $24039 | $23164 | $3703 | $23029 | $(68616) | $8644 | $13972 | $8201 | $(5105) | $(146089) | $(77605) |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 14365 | 18024 | 12737 | 8969 | 20152 | 1211 | 10244 | 8064 | 7127 | 4475 | 82328 | 86 | 187782 |
| &nbsp;&nbsp;&nbsp;Interest |  |  |  |  |  |  |  | 494 |  |  | 1439 | 103538 | 105471 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  |  |  |  | 39574 | 39574 |
| &nbsp;&nbsp;&nbsp;Provision for loan losses and other reserves |  |  |  |  |  |  |  |  |  |  |  | 141 | 141 |
| &nbsp;&nbsp;&nbsp;Impairment of real estate |  |  |  |  |  |  | 79236 |  |  | 3061 | 11745 |  | 94042 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | 411 | 411 |
| &nbsp;&nbsp;&nbsp;Other expense |  |  |  |  |  |  |  |  |  |  |  | 1097 | 1097 |
| &nbsp;&nbsp;&nbsp;Net (gain) loss on sales of real estate |  |  |  |  |  |  |  |  |  | (15) | 12026 |  | 12011 |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated JV |  |  |  |  |  |  |  |  |  |  | 98032 |  | 98032 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 1242 | 1242 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated JV Net Operating Income |  |  |  |  |  |  |  |  |  |  | 13222 |  | 13222 |
| **Net Operating Income** | $39581 | $30261 | $36776 | $32133 | $23855 | $24240 | $20864 | $17202 | $21099 | $15722 | $213687 | $— | $475420 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | 8 | 12210 | 2267 | (1072) |  | (231) | (823) | (1498) | (4530) | 595 | (6935) |  | (9) |
| **Cash Net Operating Income** | $39589 | $42471 | $39043 | $31061 | $23855 | $24009 | $20041 | $15704 | $16569 | $16317 | $206752 | $— | $475411 |
| &nbsp;&nbsp;&nbsp;Annualizing adjustments <sup>(2)</sup> | 594 | (3817) | (5163) | 254 | 3627 | 629 | 807 | 1847 | 247 | 181 | (18410) |  | (19204) |
| **Annualized Cash Net Operating Income** | $40183 | $38654 | $33880 | $31315 | $27482 | $24638 | $20848 | $17551 | $16816 | $16498 | $188342 | $— | $456207 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income and Cash Net Operating Income include $3.6 million of Grant Income.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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 effective February 1, 2022 and the February 1, 2023 transition of our North American portfolio to Ensign and Avamere.

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 13

------

**SABRA HEALTH CARE REIT, INC.**

**REPORTING DEFINITIONS**

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

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

**Annualized Revenues.** The annual contractual rental revenues under leases and interest and other income generated by the Company's loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries or additional rents and are adjusted to (i) reflect actual payments received related to 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 effective February 1, 2022.

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

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

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

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

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

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

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

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

![logo2.jpg](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 14

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**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](logo2.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See reporting definitions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 15

## Exhibit 99.4

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Cost What Happens Inside Our Buildings Matters Most Investor Presentation \| February 21, 2023

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February 21, 2023 Investor Presentation Forward-Looking Statements This presentation contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward looking statements. These statements may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our expectations regarding our recent and pending investments and dispositions, 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: pandemics or epidemics, including COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; increased labor costs and historically low unemployment; increases in market interest rates and inflation; 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; potential impairment charges and adjustments related to the accounting of our assets; the potential variability of our reported rental and related revenues as a result of Accounting Standards Update ("ASU") 2016-02, Leases, as amended by subsequent ASUs; risks associated with our investment in our unconsolidated joint ventures; catastrophic weather and other natural or man-made disasters, the effects of climate change on our properties and a failure to implement sustainable and energy-efficient measures; increased operating costs and competition for our tenants, borrowers and Senior Housing - Managed Communities; increased healthcare regulation and enforcement; our tenants' dependency on reimbursement from governmental and other third-party payor programs; the effect of our tenants, operators or borrowers declaring bankruptcy or becoming insolvent; our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties; the impact of litigation and rising insurance costs on the business of our tenants; the impact of required regulatory approvals of transfers of healthcare properties; environmental compliance costs and liabilities associated with real estate properties we own; our tenants', borrowers' or operators' failure to adhere to applicable privacy and data security laws, or a material breach of our or our tenants', borrowers' or operators' information technology; our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms; adverse changes in our credit ratings; our ability to make dividend distributions at expected levels; our ability to raise capital through equity and debt financings; changes and uncertainty in macroeconomic conditions and disruptions in the financial markets, risks associated with our ownership of property outside the U.S., including currency fluctuations; the relatively illiquid nature of real estate investments; our ability to maintain our status as a real estate investment trust ("REIT") under the federal tax laws; compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; changes in tax laws and regulations affecting REITs; the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities; and the exclusive forum provisions in our bylaws. Additional information concerning risks and uncertainties that could affect our business can be found in our filings with the Securities and Exchange Commission (the "SEC"), including in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022. Forward-looking statements made in this presentation are not guarantees of future performance, events or results, and you should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. Disclaimers 2

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February 21, 2023 Investor Presentation Tenant and Borrower Information This presentation includes information (e.g., EBITDARM Coverage and Occupancy Percentage) regarding certain of our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this presentation has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures related to Sabra Health Care REIT, Inc., including Annualized Cash NOI, Net Debt to Adjusted EBITDA and funds from operations (FFO). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under "Definitions" in the Appendix, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results. Disclaimers 3

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LOREM IPSUM Heading February 21, 2023 Investor Presentation Our passion for quality care and deep industry experience uniquely position Sabra to succeed in the dynamic healthcare real estate market. We have the size, know-how and resilient balance sheet necessary to deliver long-term value to shareholders. Uniquely Positioned to Thrive 4

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February 21, 2023 Investor Presentation 5 "We know what happens inside our buildings matters most. That's why we align ourselves with operators who skillfully and compassionately care for the residents and patients in the buildings we own." -Rick Matros (he/him), Chief Executive Officer STRATEGY

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February 21, 2023 Investor Presentation Our Strategy — Passion Meets Know-how Unique, Accretive Investments - Utilize our operational and asset management experience to identify and capitalize on new opportunities where off-market price dislocation exists. Support Operator Expansion - Be the capital partner of choice for the expansion and growth of leading operators with regional expertise and concentrated in markets with favorable demographics. Structure deals opportunistically across the capital stack. Creatively Financed Development - Pursue strategic development opportunities and long-term partnerships with leading developers. Optimize Portfolio - Continue to curate our portfolio to optimize diversification and maintain a mix of assets well-positioned for the future of healthcare delivery. Prudent Financing – Maintain balance sheet strength and lower leverage, while prioritizing available liquidity and recycled capital over new debt and equity issuances to fund any near-term investing activity. 6 STRATEGY

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February 21, 2023 Investor Presentation Recent Highlights 7 STRATEGY IN ACTION North American Transition ▪ On February 1, 2023, Sabra completed the transition of the 24-property portfolio previously leased to North American Health Care, Inc. to The Ensign Group and the Avamere Family of Companies, for a combined initial annual rent of $34.5 million. Capital Recycling ▪ During the fourth quarter of 2022, we generated $25.9 million of gross proceeds from the disposition of seven skilled nursing facilities. ▪ Subsequent to December 31, 2022, Sabra received $158.7 million of gross proceeds from previously disclosed disposition and repayment activity. • This disposition activity included a sizeable portfolio that sold for over $200,000 per bed and a cash yield in the mid-single digit range for the twelve- month period ending September 30, 2022. ▪ In aggregate, the cash yield on this activity was approximately 7% for the twelve- month period ending September 30, 2022, and the net proceeds were used to repay borrowings under the Company's revolving credit facility.

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February 21, 2023 Investor Presentation Amended and Restated Credit Facility 8 STRATEGY IN ACTION ▪ $1.0 billion unsecured revolving credit facility maturing in January 2027, with two additional six- month extension options ▪ $430 million USD unsecured term loan maturing in January 2028 ▪ $150 million CAD (~$110 million USD) unsecured term loan maturing in January 2028 ▪ Pricing is consistent with the prior credit facility and will be based on adjusted SOFR/CDOR plus a spread of 77.5-145 bps for the revolver, and 85-165 bps for the term loans. At closing, the spread Sabra's borrowings under the revolver and term loans were 110 bps and 125 bps, respectively ▪ Additionally, an accordion feature affords Sabra the optionality to seek an increase in the capacity of the credit facility to $2.75 billion, subject to customary terms and conditions ▪ Key changes: • Doubles our foreign currency borrowing sublimit from $175.0 million to $350.0 million, giving us added flexibility to pursue deals in foreign markets like Canada • Improves our covenant package • Added language that allows us to incorporate sustainability-linked pricing adjustments in the future ▪ Shortly after closing on the amended and restated credit facility, we entered into a combination of current and forward starting interest rate swaps that fix the average interest rate on our term loan borrowings at 4.0% over the duration of the term loans.

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February 21, 2023 Investor Presentation "By consistently and deliberately executing our strategy, we deliver long-term value to our shareholders and provide the capital our tenants need to invest in their business and deliver quality care." -Talya Nevo-Hacohen (she/her), Chief Investment Officer 9 STRATEGY IN ACTION

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February 21, 2023 Investor Presentation • Sabra's growing behavioral health portfolio represents a total investment of approximately $784 million, which accounts for roughly 13% of the Company's Annualized Cash NOI as of December 31, 2022. • In total, eleven 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. Advanced Recovery Systems \| Raytown, MO • Acquired a vacant skilled nursing facility on October 27, 2022, to be converted into an 80-bed addiction treatment facility • Advanced Recovery Systems has pre-leased the asset under a long-term triple-net lease • Sabra purchased the asset for $1.9 million and has agreed to invest up to $14.4 million in conversion renovations Adaptive Reuse for Behavioral Health 10 STRATEGY IN ACTION

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February 21, 2023 Investor Presentation Good for the Planet. Good for Our Stakeholders. Learn more about our commitment to strong corporate governance and our ongoing ESG efforts in our latest corporate sustainability report available on our website at sabrahealth.com. "We endeavor to operate efficiently, sustainably and always in the best interest of our stakeholders." -Rick Matros (he/him), Chief Executive Officer 11 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

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February 21, 2023 Investor Presentation Sabra's ESG Priorities 12 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

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February 21, 2023 Investor Presentation Committed to Diversity, Equity & Inclusion 55% As of December 31, 2022, women comprised 55% of our workforce and 64% of our management level/leadership roles. 33% As of December 31, 2022, 33% 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 17% of our team members chose not to self-identify. 13 ENVIRONMENTAL, SOCIAL AND GOVERNANCE We believe a diverse workforce is essential to our continued success, and are integrating our DE&I efforts into our hiring process so that we can achieve our aspirations for an even more diverse and culturally inclusive team.

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February 21, 2023 Investor Presentation Addressing Critical Health And Wellness Issues In Senior Facilities Sabra is a proud Alliance Member of the Well Living Lab and active participant in WISE—Wellness Innovation in Senior Living—initiative. The initiative will leverage scientific research conducted in simulated real-world environments and the field, and will share practical findings that can be applied to improving indoor spaces in senior living communities. 14 ENVIRONMENTAL, SOCIAL AND GOVERNANCE 2022 STUDY UPDATE: COVID-19 & Beyond Well Living Lab Safe Indoor Environment Program KEY TAKEAWAY: We know that viruses can remain viable in the air for hours, increasing the likelihood of infection in a poorly ventilated space where an infectious individual is present. From tuberculosis to the common cold to influenza, nearly all upper respiratory conditions have the same potential for airborne spread as COVID-19, thus making stand- alone/portable air purification technology of continued importance in a post-pandemic world. The study showed that portable air filtration units made the air exchange rate 4x more efficient, resulting in up to 7x lower particle concentration in the air and up to 7x less virus accumulation on surfaces.

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February 21, 2023 Investor Presentation WELL Health-Safety Ratings Claiborne, Paradigm and Solvere, three of Sabra's Senior Housing - Managed operators, are the latest to achieve the WELL Health-Safety Rating for their Sabra-owned portfolios. We are encouraging all our operators to pursue the WELL Health-Safety Rating. 15 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

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February 21, 2023 Investor Presentation Dedicated to Effective Corporate Governance Our strong, independent and diverse 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 16 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

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February 21, 2023 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 Excludes our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units. 2 Occupancy Percentage and Skilled Mix (together, "Operating Statistics") and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of such period and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears, and therefore, EBITDARM Coverage and Operating Statistics exclude assets acquired after September 30, 2022. 4Q 2022 Operating Statistics exclude our North American Health Care portfolio due to the February 1, 2023 transition to Ensign (20 real estate properties) and Avamere (four real estate properties). Including our North American Health Care portfolio, Skilled Nursing/Transitional Care Occupancy Percentage and Skilled Mix for 4Q 2022 would have been 74.1% and 37.9%, respectively. 3 Pro forma EBITDARM Coverage is presented one quarter in arrears and illustrates the impact of (i) the reduction in Avamere's base rent effective February 1, 2022 and (ii) the February 1, 2023 transition of our North American Health Care portfolio to Ensign (20 real estate properties) and Avamere (four real estate properties) on our historical trailing twelve-month EBITDARM Coverages. 7 Years Wtd. Avg. Remaining Lease Term 437 Investments1 1.77x 1.19x 1.71x 6.95x 73 Relationships 34% Skilled Mix2 Average Occupancy Percentage2 74% 84% 82% 84% 77% SH - Leased SH - Managed Hosp./Oth.SNF/TC SNF/TC SH - Leased Pro Forma Rent Coverage2 As of December 31, 2022 BH BH Hosp./Oth. 17 PORTFOLIO 3

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February 21, 2023 Investor Presentation 1 Concentrations exclude our Enlivant unconsolidated joint venture which consists of 157 facilities and 6,996 units and assume the February 1, 2023 transition of our North American Health Care portfolio to Ensign and Avamere was completed as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our sales-type lease, mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. See the Appendix to this presentation for the definition of Annualized Cash NOI. Diverse Portfolio, Positioned to Perform Relationship Concentration1 Asset Class Concentration1 As of December 31, 2022 18 PORTFOLIO Signature Healthcare, 8.8% The Ensign Group, 8.5% Avamere Family of Companies, 7.4% Signature Behavioral, 6.9% Recovery Centers of America, 5.4% Holiday, 6.0% Sienna, 2.1%Other, 5.3% Other, 49.6% Behavioral Health, 13.4% Senior Housing - Managed, 13.4% Senior Housing - Leased, 10.4% Specialty Hospital and Other, 4.0% Other, 0.7% Skilled Nursing/ Transitional Care, 58.1% Managed (No Operator Credit Exposure), 13.4%

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February 21, 2023 Investor Presentation "We invest in relationships with operators who are nimble and poised to deliver excellent care now and in the future." -Peter Nyland, Executive Vice President, Asset Management 19 PORTFOLIO

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February 21, 2023 Investor Presentation Advancing the Quality of Care We Work with Operators Who Are: • Committed to their mission • Nimble • Regional experts • In markets with favorable demographics • Well-positioned for the future of healthcare delivery OPERATORS 20

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February 21, 2023 Investor Presentation We Support Our Operators We Invest in Our Tenants' Success: • Redevelopment / Adaptive Reuse • Expansion • Strategic development • Flexible equity and debt capital solutions OPERATORS 21

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February 21, 2023 Investor Presentation "What started with a single sale/leaseback transaction for a senior living community in Indiana has grown into a multi-state, multi- community relationship. We truly value the collaboration, insight and support we receive from Sabra. Sabra is who we think about first when it comes to a capital partner to support our company's growth." – Tom Smith, Chief Executive Officer & Co-Founder Leo Brown Group 22 OPERATORS

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February 21, 2023 Investor Presentation "Our strong balance sheet and ready access to capital allows us to thoughtfully finance investment opportunities and drive value for our shareholders." –Michael Costa, Chief Financial Officer 23 PERFORMANCE

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February 21, 2023 Investor Presentation Balanced Capital Structure 1 As of 12/31/2022 and does not give effect to acquisitions, dispositions and other transactions completed after 12/31/2022. Common equity value estimated using outstanding common stock of 231.0 million shares and Sabra's closing price of $13.05 as of 2/16/2023. 24 PERFORMANCE Capital Structure 1 Our diverse menu of capital options and $0.9 billion of available liquidity ensures that we have ready access to low cost capital to fund our growth. Our credit facility, amended January 4, 2023, contains an accordion feature that can increase the total available borrowings to $2.75 billion. Other than borrowings under our revolving line of credit, we have no unhedged variable rate debt. Through our hedging activities, we have fixed the average interest rate over the term of our five year term loans at 4.0%. Because of this hedging activity, our annual interest expense is over $12 million lower than it otherwise would be at today's market rates. Common Equity Value 55% Secured Debt 1% Unsecured Debt 44% CONSOLIDATED ENTERPRISE VALUE $5.5B

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February 21, 2023 Investor Presentation Sabra 4Q 22 1 Investment grade peers median 2 Net Debt to Adjusted EBITDA 5.38x 3 5.82x Interest Coverage Ratio 4.61x 3 4.10x Debt as a % of Asset Value 35% 38 % 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 as amended and restated on January 4, 2023 relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. 2 Investment-Grade Peers consists of WELL, VTR, OHI 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. 25 PERFORMANCE We continue to focus on strengthening our balance sheet and portfolio without accessing the capital markets.

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February 21, 2023 Investor Presentation Favorable Profile with Staggered Maturities 1 Assumes the January 4, 2023 amendment and restatement of our credit agreement was completed as of December 31, 2022 and does not give effect to acquisitions, dispositions and other transactions completed after December 31, 2022. Revolving Credit Facility is subject to two six-month extension options. 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 hedges. (Dollars in millions) Debt maturity profile at December 31, 2022 26 500 100 350 800 — 541 $2 $2 $2 $2 $2 $2 $2 $2 $2 $29 179 $821 2.8% 2.9% 2.9% 5.1% 5.8% 5.7% 3.9% 2.9% 3.2% 2.9% 3.1% Unsecured Bonds Term Loans Mortgage Debt / Secure Debt Line of Credit Available Line of Credit Wtd. Avg. Interest 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter $0 $200 $400 $600 $800 $1,000 $1,200 PERFORMANCE 1 2 We have no material debt maturities before 2026. 1

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February 21, 2023 Investor Presentation Attractive Valuation Relative to Direct Peers Forward FFO multiples 1 Dividend yield 2 Premium / discount to consensus NAV Portfolio composition (% Annualized Cash NOI) 3 Sources: SNL Financial as of 2/16/2023, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 2/16/2023 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 2/16/2023. 3 Represents latest available concentration for peers from company filings as of 2/16/2023. 4 Based on Annualized Cash NOI for the quarter ended 12/31/2022 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. Concentrations exclude our Enlivant joint venture which consists of 157 facilities and 6,996 units and assume the February 1, 2023 transition of our North American Health Care portfolio to Ensign and Avamere was completed as of the end of the current period. 27 PERFORMANCE 9.3x 10.7x 13.2x 13.6x 13.9x SBRA OHI NHI LTC CTRE 9.2% 5.3% 6.1% 6.1% 9.4% SBRA CTRE LTC NHI OHI -3.5% 13.6% 14.4% 15.5% 18.9% SBRA CTRE OHI NHI LTC 24% 8% 13% 45% 60% 58% 92% 75% 54% 35% 18% 12% 1% 5% Senior Housing Skilled Nursing Other SBRA CTRE OHI LTC NHI4

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February 21, 2023 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 2/16/2023. 2 Based on Annualized Cash NOI as of 12/31/2022 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. Concentrations exclude our Enlivant joint venture which consists of 157 facilities and 6,996 units and assume the February 1, 2023 transition of our North American Health Care portfolio to Ensign and Avamere was completed as of the end of the current period. 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 Pro forma EBITDARM Coverage is presented one quarter in arrears and illustrates the impact of (i) the reduction in Avamere's base rent effective February 1, 2022 and (ii) the February 1, 2023 transition of our North American Health Care portfolio to Ensign (20 real estate properties) and Avamere (four real estate properties) on our historical trailing twelve-month EBITDARM Coverages. Top five relationships concentration 1 SNF EBITDARM Coverage 1,3 SH EBITDARM Coverage 1 28 PERFORMANCE 58% 35% 54% 75% 92% SBRA NHI LTC OHI CTRE 37% 40% 47% 65% 70% SBRA OHI LTC NHI CTRE 1.77x 1.37x 1.95x 2.47x 2.66x SBRA OHI LTC NHI CTRE 1.19x 1.02x 1.10x 1.14x 1.16x SBRA LTC VTR NHI WELL2 2 4,5 4

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February 21, 2023 Investor Presentation Appendix 29 i

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February 21, 2023 Investor Presentation Adjusted EBITDA.\* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization ("EBITDA") excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non- GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income ("Annualized Cash NOI").\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income. Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company's loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries or additional rents and are adjusted to (i) reflect actual payments received related to 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 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. Consolidated Debt. The principal balances of the Company's revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company's consolidated financial statements. Consolidated Enterprise Value. The Company believes Consolidated Enterprise Value is an important measurement as it is a measure of a company's value. The Company calculates Consolidated Enterprise Value as market equity capitalization plus Consolidated Debt. Market equity capitalization is calculated as (i) the number of shares of common stock multiplied by the closing price of the Company's common stock on the last day of the period presented plus (ii) the number of shares of preferred stock multiplied by the closing price of the Company's preferred stock on the last day of the period presented. Consolidated Enterprise Value includes the Company's market equity capitalization and Consolidated Debt, less cash and cash equivalents. EBITDARM. Earnings before interest, taxes, depreciation, amortization, rent and management fees ("EBITDARM") for a particular facility accruing to the operator/tenant of the property (not the Company), for the period presented. The Company uses EBITDARM in determining EBITDARM Coverage. EBITDARM has limitations as an analytical tool. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent a property's net income or cash flows from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDARM to evaluate the core operations of the properties by eliminating management fees, which may vary by operator/tenant and operating structure, and as a supplemental measure of the ability of the Company's operators/tenants and relevant guarantors to generate sufficient liquidity to meet related obligations to the Company. EBITDARM Coverage. Represents the ratio of EBITDARM to cash rent for owned facilities (excluding Senior Housing - Managed communities) for the period presented. EBITDARM Coverage is a supplemental measure of a property's ability to generate cash flows for the operator/tenant (not the Company) to meet the operator's/ tenant's related cash rent and other obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDARM. EBITDARM Coverage includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Definitions 30 APPENDIX

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February 21, 2023 Investor Presentation Funds From Operations ("FFO") and Adjusted FFO ("AFFO").\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts ("Nareit"), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company's operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company's share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company's share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding merger and acquisition costs, stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company's share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company's operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Net Debt.\* The principal balances of the Company's revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company's consolidated financial statements, net of cash and cash equivalents as reported in the Company's consolidated financial statements. Net Debt to Adjusted EBITDA.\* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income ("NOI").\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income. Definitions 31 APPENDIX

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February 21, 2023 Investor Presentation Occupancy Percentage. Occupancy Percentage represents the facilities' average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix. Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility. At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants' business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent occupancy (85% for Skilled Nursing/Transitional Care facilities and 90% for Senior Housing communities) or 24 months after the date of classification as non-stabilized. Stabilized Facilities exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. \* Non-GAAP Financial Measures: Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results. APPENDIX Definitions 32

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