# EDGAR Filing Document

**Accession Number:** 0001492298
**File Stem:** 0001492298-25-000030
**Filing Date:** 2025-8
**Character Count:** 188145
**Document Hash:** fec40c9de3780184c419a70aa8cdc6f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001492298-25-000030.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001492298-25-000030

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20250804

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sabra Health Care REIT, Inc.
- **CENTRAL INDEX KEY:** 0001492298
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 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:** 251180238

**BUSINESS ADDRESS:**
- **STREET 1:** 1781 FLIGHT WAY
- **CITY:** TUSTIN
- **STATE:** CA
- **ZIP:** 92782
- **BUSINESS PHONE:** 888-393-8248

**MAIL ADDRESS:**
- **STREET 1:** 1781 FLIGHT WAY
- **CITY:** TUSTIN
- **STATE:** CA
- **ZIP:** 92782

?xml version='1.0' encoding='ASCII'? sbra-20250804

**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): August 4, 2025**

**SABRA HEALTH CARE REIT, INC.** 

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

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

---

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| | | | |
|:---|:---|:---|:---|
| **1781 Flight Way** | **Tustin** | **CA** | **92782** |
| **(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:**

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| | | |
|:---|:---|:---|
| **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 August 4, 2025, Sabra Health Care REIT, Inc. ("Sabra") issued a press release reporting its results of operations for the three month period ended June 30, 2025. The press release refers to the Reconciliations of Non-GAAP Financial Measures that is available on the Investors section of Sabra's website, free of charge, at www.sabrahealth.com. The text of the press release and the Reconciliations of Non-GAAP Financial Measures are furnished herewith as Exhibits 99.1 and 99.3, respectively, and are specifically incorporated by reference herein.

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

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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.

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

---

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| | |
|:---|:---|
| (d) | Exhibits. |
| 99.1 | <u>[Press Release of Sabra Health Care REIT, Inc., dated August 4, 2025.](sbraex9912025q2.htm)</u> |
| 99.2 | <u>[Sabra Health Care REIT, Inc. Supplemental Information Package, dated June 30, 2025.](sbraex9922025q2-final.htm)</u> |
| 99.3 | <u>[Reconciliations of Non-GAAP Financial Measures, dated June 30, 2025.](sbraex9932025q2.htm)</u> |
| 99.4 | <u>[Investor Presentation.](sbraex9942025q2-final.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: August 4, 2025 | /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 SECOND QUARTER 2025 RESULTS; UPDATES 2025 GUIDANCE**

TUSTIN, CA, August 4, 2025 — Sabra Health Care REIT, Inc. ("Sabra," the "Company" or "we") (Nasdaq: SBRA) today announced its results of operations for the second quarter of 2025.

***<u>SECOND QUARTER 2025 RESULTS AND RECENT EVENTS</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results per diluted common share for the second quarter of 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Income: $0.27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO: $0.44

&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: $0.37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized AFFO: $0.38

&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: 2.27x

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Senior Housing - Leased: 1.49x

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Behavioral Health, Specialty Hospitals and Other: 3.87x

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same store managed senior housing Cash NOI increased 17.1% on a year-over-year basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the second quarter of 2025, Sabra acquired a managed senior housing property for $53.0 million with an estimated initial cash yield of 7.5%. Subsequent to quarter end, Sabra closed on an additional $61.5 million investment with an estimated initial cash yield of 7.7%, bringing total investments closed year-to-date to $122.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sabra has been awarded approximately $220 million of additional investments with an estimated initial cash yield in the high-7% range. These investments are currently in the Letter of Intent or later stage, and Sabra expects to fund these investments, if consummated, with available liquidity, including proceeds from the forward sales agreements under its at-the-market equity offering program ("ATM program").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 1, 2025, Sabra transitioned 21 managed senior housing properties formerly operated by Holiday by Atria to three trusted operators. Two existing relationships, Discovery Senior Living and Inspirit Senior Living have assumed operations of 11 and five properties, respectively, with Sunshine Retirement Living taking over operations of the remaining five properties. Each operator was specifically selected through a rigorous bidding process for its regional expertise and sophisticated systems and processes, which Sabra believes will maximize the long-term value of these assets. Operational disruption related to the transition has been minimal, and as such, 16 of the 21 properties remain in Sabra's same store managed senior housing pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 30, 2025, Sabra closed on a new $500.0 million unsecured term loan that matures on July 30, 2030. After giving effect to interest rate swaps, the effective interest rate over the full five-year term is fixed at 4.64%. Proceeds were used to redeem the Company's $500.0 million unsecured senior notes due in 2026, which carried an interest rate of 5.125%. The term loan credit agreement also contains an accordion feature that can increase the total available borrowings to $1.0 billion, subject to terms and conditions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement trends remain supportive of the skilled nursing industry, highlighted by the Centers for Medicare & Medicaid Services recently finalizing a 3.2% Medicare rate increase that goes into effect on October 1, 2025. In addition, we estimate Medicaid rates will see an average increase in the mid-3% range across Sabra's entire skilled nursing portfolio, including a 5% average increase in the top five states, which account for half of the portfolio. Most of the Medicaid increases went into effect as of July 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the second quarter of 2025, Sabra utilized the forward feature under the ATM program to allow for the sale of up to 10.4 million shares at an initial weighted average price of $17.86 per share, net of commissions. As of June 30, 2025, 15.1 million shares remained outstanding under the forward sale agreements, with an initial weighted average price of $17.70 per share, net of commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, Net Debt to Adjusted EBITDA was 5.00x.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 4, 2025, Sabra's Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on August 29, 2025, to common stockholders of record as of the close of business on August 15, 2025.

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

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***<u>2025 UPDATED GUIDANCE</u>***

Sabra is updating 2025 earnings guidance ranges as follows (attributable to common stockholders, per diluted common share):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Income: $0.77 - $0.79

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO: $1.52 - $1.54

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized FFO: $1.45 - $1.47

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AFFO: $1.47 - $1.49

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized AFFO: $1.49 - $1.51

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings guidance above assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Low to mid-teens Cash NOI growth for the same store managed senior housing portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash interest expense of approximately $102 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average share count of approximately 241.5 million and 242.5 million for Normalized FFO and Normalized AFFO, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only investments, dispositions, and capital markets activity completed as of the date of this release

The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.

Commenting on the second quarter's results, Rick Matros, CEO and Chair, said, "Sabra had a very productive quarter, and investment opportunities remain plentiful. We have roughly $350 million in closed, in process of closing and awarded investments. These are all senior housing investments, and we are well on our way toward our initial goal of taking our managed senior housing exposure from 20% to 30% of the portfolio. We are seeing some interesting skilled nursing opportunities and hope to transact in that space this year. Rent coverage increased across all of our triple-net segments, and recently announced Medicare and Medicaid rates should be supportive to skilled nursing coverage, which is currently at a new high. We believe the transition of the Holiday portfolio will drive stronger performance and align ourselves with two trusted operators and a new relationship we have been cultivating, diversifying the management of our largest senior housing portfolio. Our leverage dropped to 5.0x net debt to adjusted EBITDA, and we will continue evaluating our leverage target as earnings grow. We have just released our 2024 Sustainability Report and are proud of the work the Sabra team and our operators have done to improve the lives of residents and patients and the work environment for caregivers and staff."

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

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**LIQUIDITY** 

As of June 30, 2025, we had approximately $1.2 billion of liquidity, consisting of unrestricted cash and cash equivalents of $95.2 million, available borrowings under our revolving credit facility of $837.0 million and $266.5 million related to shares outstanding under forward sale agreements under our ATM program. As of June 30, 2025, we also had $109.3 million available under the ATM program.

**CONFERENCE CALL AND COMPANY INFORMATION** 

A conference call with a simultaneous webcast to discuss the 2025 second quarter results will be held on Tuesday, August 5, 2025, at 10:00 am Pacific Time. The webcast URL is https://events.q4inc.com/attendee/198851401. 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 second quarter will also be available on the Company's website in the "Investors" section.

**ABOUT SABRA**

As of June 30, 2025, Sabra's investment portfolio included 359 real estate properties held for investment (consisting of (i) 219 skilled nursing/transitional care facilities, (ii) 36 senior housing communities ("senior housing - leased"), (iii) 73 senior housing communities operated by third-party property managers pursuant to property management agreements ("senior housing - managed"), (iv) 16 behavioral health facilities and (v) 15 specialty hospitals and other facilities), 13 investments in loans receivable (consisting of three mortgage loans and 10 other loans), four preferred equity investments and two investments in unconsolidated joint ventures. As of June 30, 2025, Sabra's real estate properties held for investment included 36,553 beds/units, spread across the United States and Canada.

**FORWARD-LOOKING STATEMENTS SAFE HARBOR**

This release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding our other expectations regarding our future financial position (including our earnings guidance for 2025, as well as the assumptions set forth therein); our expectations regarding our results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions; our expectations regarding our investment activity, including the expected funding for such investments; our expectations regarding the benefits of our transition of the Holiday portfolio; and our plans and objectives for future operations and capital raising activity.

Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: the ability to reach a definitive agreement for awarded investments and our ability to close such acquisitions on the expected terms or at all; increased labor costs and labor shortages; increases in market interest rates and inflation; pandemics or epidemics, such as COVID-19, and the related impact on our tenants, borrowers and senior housing - managed communities; operational risks with respect to our senior housing - managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; 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; 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

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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, 2024. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, unless required by law to do so.

**TENANT AND BORROWER INFORMATION**

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

**NOTE REGARDING NON-GAAP FINANCIAL MEASURES** 

This release includes the following financial measures defined as non-GAAP financial measures by the SEC: Net Debt to Adjusted EBITDA, funds from operations ("FFO"), Normalized FFO, Adjusted FFO ("AFFO"), Normalized AFFO, FFO per diluted common share, Normalized FFO per diluted common share, AFFO per diluted common share, Normalized AFFO per diluted common share, net operating income ("NOI") and Cash NOI. These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. An explanation of these non-GAAP financial measures is included under "Reporting Definitions" in this release, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results.

**CONTACT** 

Investor & Media Inquiries: (888) 393-8248 or investorinquiries@sabrahealth.com

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED STATEMENTS OF INCOME**

(dollars in thousands, except per share data)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental and related revenues <sup>(1)</sup> | $99823 | $99096 | $195860 | $190872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resident fees and services | 78985 | 67939 | 156432 | 133970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 10342 | 9106 | 20401 | 18046 |
| Total revenues | 189150 | 176141 | 372693 | 342888 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 43586 | 41681 | 87080 | 84595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 27548 | 29314 | 54648 | 57722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple-net portfolio operating expenses | 3698 | 4398 | 7177 | 8722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior housing - managed portfolio operating expenses | 57404 | 50355 | 113858 | 100024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 12514 | 12741 | 25242 | 24631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery of loan losses | (227) | (161) | (400) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 4103 | 15335 | 4103 | 18472 |
| Total expenses | 148626 | 153663 | 291708 | 293868 |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 14709 | 78 | 14747 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sales of real estate | 9974 | 1776 | 9974 | 1776 |
| Total other income | 24683 | 1854 | 24721 | 2614 |
| Income before income (loss) from unconsolidated joint ventures and income tax expense | 65207 | 24332 | 105706 | 51634 |
| Income (loss) from unconsolidated joint ventures | 832 | 80 | 1050 | (515) |
| Income tax expense | (497) | (437) | (910) | (890) |
| Net income | $65542 | $23975 | $105846 | $50229 |
| Net income, per: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic common share | $0.28 | $0.10 | $0.44 | $0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted common share | $0.27 | $0.10 | $0.44 | $0.22 |
| Weighted average number of common shares outstanding, basic | 237976314 | 231620291 | 237933910 | 231536286 |
| Weighted average number of common shares outstanding, diluted | 240929866 | 233750823 | 240711387 | 233583871 |

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<sup>(1)</sup> See the following page for additional details regarding rental and related revenues.

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED STATEMENTS OF INCOME - SUPPLEMENTAL INFORMATION**

(in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Cash rental income | $92397 | $93527 | $182468 | $182563 |
| Straight-line rental income | 1382 | 1176 | 2671 | 2295 |
| Recoveries (write-offs) of cash and straight-line rental income receivable and lease intangibles | 1463 |  | 1463 | (2921) |
| Above/below market lease amortization | 1059 | 1211 | 2198 | 2422 |
| Operating expense recoveries | 3522 | 3182 | 7060 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental and related revenues | $99823 | $99096 | $195860 | $190872 |

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED BALANCE SHEETS** 

(dollars in thousands, except per share data)

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| | | |
|:---|:---|:---|
| | June 30, 2025 | December 31, 2024 |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate investments, net of accumulated depreciation of $1,177,377 and $1,102,030 as of June 30, 2025 and December 31, 2024, respectively | $4479291 | $4513734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable and other investments, net | 440970 | 442584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | 126405 | 121803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 95175 | 60468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 6477 | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease intangible assets, net | 24654 | 27464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, prepaid expenses and other assets, net | 155025 | 131755 |
| Total assets | $5327997 | $5303679 |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured debt, net | $44302 | $45316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | 163023 | 106554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loans, net | 535937 | 529753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes, net | 1736398 | 1736025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 113060 | 117896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease intangible liabilities, net | 23792 | 26847 |
| Total liabilities | 2616512 | 2562391 |
| 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 June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 500,000,000 shares authorized, 239,792,173 and 237,586,882 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 2398 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 4625050 | 4592605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative distributions in excess of net income | (1913932) | (1874633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (2031) | 20940 |
| Total equity | 2711485 | 2741288 |
| Total liabilities and equity | $5327997 | $5303679 |

---

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

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**SABRA HEALTH CARE REIT, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in thousands)

---

| | | |
|:---|:---|:---|
| | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $105846 | $50229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 87080 | 84595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash rental and related revenues | (6331) | (1796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income | 7 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 3455 | 6139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 5415 | 3862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery of loan losses | (400) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sales of real estate | (9974) | (1776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 4103 | 18472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from unconsolidated joint ventures | (1050) | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of earnings from unconsolidated joint ventures | 4022 | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | (17190) |  |
| &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;Accounts receivable, prepaid expenses and other assets, net | (6867) | (8706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (6894) | (20984) |
| &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 | 161222 | 132923 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of real estate | (61137) | (36128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination and fundings of loans receivable | (3110) | (19752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination and fundings of preferred equity investments | (9) | (1021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to real estate | (13569) | (25360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of loans receivable | 7048 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of preferred equity investments | 1369 | 4727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | (1241) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from the sales of real estate | 3573 | 6158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from net investment hedges | 4462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds | 1038 |  |
| &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 | (61576) | (70531) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net borrowings from revolving credit facility | 55144 | 36939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on secured debt | (1038) | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (80) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock, net | 24211 | 36403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on common stock | (142754) | (138894) |
| &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 financing activities | (64517) | (66642) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 35129 | (4250) |
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 184 | (160) |
| Cash, cash equivalents and restricted cash, beginning of period | 66339 | 46719 |
| Cash, cash equivalents and restricted cash, end of period | $101652 | $42309 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $49747 | $50847 |

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**SABRA HEALTH CARE REIT, INC.**

**FUNDS FROM OPERATIONS (FFO), NORMALIZED FFO,** 

**ADJUSTED FUNDS FROM OPERATIONS (AFFO) AND NORMALIZED AFFO** 

(dollars in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $65542 | $23975 | $105846 | $50229 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 43586 | 41681 | 87080 | 84595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 2043 | 2208 | 4223 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain loss on sales of real estate | (9974) | (1776) | (9974) | (1776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 4103 | 15335 | 4103 | 18472 |
| **FFO** | $105300 | $81423 | $191278 | $155957 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Recoveries) write-offs of cash and straight-line rental income receivable and lease intangibles | (1463) |  | (1463) | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of loan losses | (227) | (161) | (400) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(1)</sup> | (14451) | 1274 | (14449) | 2395 |
| **Normalized FFO** | $89159 | $82536 | $174966 | $160975 |
| **FFO** | $105300 | $81423 | $191278 | $155957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2704 | 1341 | 5415 | 3862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash rental and related revenues | (3903) | (2387) | (6331) | (1796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 1726 | 3068 | 3455 | 6139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of loan losses | (227) | (161) | (400) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments related to unconsolidated joint ventures | 128 | 135 | 19 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments <sup>(2)</sup> | (16528) | 434 | (16082) | 851 |
| **AFFO** | $89200 | $83853 | $177354 | $165003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(1)</sup> | 2441 | 1126 | 2525 | 2232 |
| **Normalized AFFO** | $91641 | $84979 | $179879 | $167235 |
| Amounts per diluted common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $0.27 | $0.10 | $0.44 | $0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO | $0.44 | $0.35 | $0.79 | $0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized FFO | $0.37 | $0.35 | $0.73 | $0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO | $0.37 | $0.36 | $0.73 | $0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized AFFO | $0.38 | $0.36 | $0.74 | $0.71 |
| Weighted average number of common shares outstanding, diluted: | Weighted average number of common shares outstanding, diluted: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income, FFO and Normalized FFO | 240929866 | 233750823 | 240711387 | 233583871 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO and Normalized AFFO | 241996970 | 234907744 | 241865769 | 234821672 |

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<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Other normalizing items for FFO for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the three and six months ended June 30, 2025 include $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.

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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.

**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 that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company's share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company's share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company's share of non-

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

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**REPORTING DEFINITIONS** 

cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company's operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.

**Investment**

Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities.

**Net Debt\***

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

**Net Debt to Adjusted EBITDA\***

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

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

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

**Normalized FFO and Normalized AFFO\***

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

**Senior Housing** 

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

**Senior Housing - Managed**

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

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12

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**REPORTING DEFINITIONS** 

**Skilled Nursing/Transitional Care** 

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

**Specialty Hospitals and Other**

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

**Stabilized Facility**

At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants' business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented.

**\*Non-GAAP Financial Measures** 

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

![logo.jpg](logo.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13

## Exhibit 99.2

![](sbraex9922025q2-final001.jpg)

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![](sbraex9922025q2-final002.jpg)

2 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 03 COMPANY INFORMATION 04 OVERVIEW 05 PORTFOLIO Triple-Net Portfolio Senior Housing - Managed Portfolio Loans and Other Investments NOI Concentrations Geographic Concentrations - Consolidated Portfolio Triple-Net Lease Expirations 12 INVESTMENTS Summary 13 CAPITALIZATION Overview Indebtedness Debt Maturity Credit Metrics and Ratings 17 FINANCIAL INFORMATION 2025 Outlook Consolidated Financial Statements - Statements of Income Consolidated Financial Statements - Balance Sheets Consolidated Financial Statements - Statements of Cash Flows FFO, Normalized FFO, AFFO and Normalized AFFO Components of Net Asset Value (NAV) 24 APPENDIX Disclaimer Reporting Definitions Discussion and Reconciliation of Certain Non-GAAP Financial Measures: CONTENT https://ir.sabrahealth.com/investors/financials/quarterly-results

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![](sbraex9922025q2-final003.jpg)

3 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 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 Jessica Flores Chief Accounting Officer and Executive Vice President BOARD OF DIRECTORS Rick Matros Michael Foster Jeffrey Malehorn Chief Executive Officer, President Lead Independent Director Director and Chair Craig Barbarosh Lynne Katzmann Director Director Katie Cusack Ann Kono Director Director CONTACT INFORMATION Sabra Health Care REIT, Inc. Transfer Agent 1781 Flight Way Equiniti Trust Company, LLC Tustin, CA 92782 P.O. Box 500 888.393.8248 Newark, NJ 07101 sabrahealth.com 800.937.5449 equiniti.com COMPANY INFORMATION

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![](sbraex9922025q2-final004.jpg)

4 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 Financial Metrics Dollars in thousands, except per share data June 30, 2025 Three Months Ended Six Months Ended Revenues $189,150 $372,693 Net operating income 131,761 258,573 Cash net operating income 127,916 252,172 Diluted per share data: EPS $0.27 $0.44 FFO 0.44 0.79 Normalized FFO 0.37 0.73 AFFO 0.37 0.73 Normalized AFFO 0.38 0.74 Dividends per common share 0.30 0.60 Capitalization and Market Facts Key Credit Metrics (1) June 30, 2025 June 30, 2025 Common shares outstanding 239.8 million Net Debt to Adjusted EBITDA 5.00x Common equity Market Capitalization $4.4 billion Interest Coverage 4.39x Consolidated Debt $2.5 billion Fixed Charge Coverage Ratio 4.30x Consolidated Enterprise Value $6.8 billion Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Common stock closing price $18.44 Unencumbered Assets/Unsecured Debt 266 % Common stock 52-week range $15.11 - $20.03 Common stock ticker symbol SBRA Portfolio Dollars in thousands, units and Cash NOI reflect Sabra's pro rata share Three Months Ended June 30, 2025As of June 30, 2025 Property Count Investment Beds/Units Cash NOI Investment in Real Estate Properties, gross Triple-Net Portfolio: Skilled Nursing/Transitional Care 219 $2,890,238 24,756 $64,937 Senior Housing - Leased 36 502,425 3,260 11,450 Behavioral Health 16 476,355 1,164 11,011 Specialty Hospitals and Other 15 225,498 392 4,828 Total Triple-Net Portfolio 286 4,094,516 29,572 Senior Housing - Managed 73 1,559,372 6,981 21,581 Consolidated Real Estate Investments 359 5,653,888 36,553 Unconsolidated Joint Venture Senior Housing - Managed 16 204,961 1,256 3,764 Total Equity Investments 375 5,858,849 37,809 Investments in Loans Receivable, gross (2) 13 378,021 Preferred Equity Investments, gross (3) 4 63,047 Includes 58 relationships in 40 U.S. states and CanadaTotal Investments 392 $6,299,917 (1) See page 16 of this supplement for important information about these credit metrics. (2) Our loans receivable investments include one investment which has a right of first offer on six addiction treatment centers with 928 beds and one investment which has a purchase option on one Skilled Nursing/ Transitional Care facility with 106 beds. (3) Our preferred equity investments include investments in entities owning three Senior Housing developments with 516 aggregate units and one Skilled Nursing/Transitional Care development with 120 beds. OVERVIEW

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5 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 Operating Statistics Twelve Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Occupancy Skilled Nursing/Transitional Care 79.0 % 80.3 % 80.9 % 81.7 % 82.6 % Senior Housing - Leased 90.0 % 89.6 % 89.6 % 90.1 % 90.1 % Behavioral Health, Specialty Hospitals and Other 78.8 % 78.6 % 77.9 % 77.7 % 77.5 % Skilled Mix Skilled Nursing/Transitional Care 36.3 % 37.4 % 37.7 % 37.8 % 38.1 % PORTFOLIO Triple-Net Portfolio (1) (1) Occupancy Percentage and Skilled Mix (together, "Operating Statistics") and EBITDARM Coverage for each period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. EBITDARM Coverage Twelve Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Skilled Nursing/Transitional Care 1.85x 1.94x 2.09x 2.19x 2.27x Senior Housing - Leased 1.35x 1.37x 1.36x 1.41x 1.49x Behavioral Health, Specialty Hospitals and Other 3.69x 3.68x 3.66x 3.77x 3.87x Key Triple-Net Relationships EBITDARM Coverage Twelve Months Ended Relationship Primary Property Type December 31, 2024 March 31, 2025 Avamere Family of Companies Skilled Nursing 1.97x 1.95x Ensign Group Skilled Nursing 2.82x 2.83x Signature Healthcare Skilled Nursing 2.17x 2.37x Signature Behavioral Behavioral Hospitals 1.49x 1.56x The McGuire Group Skilled Nursing 1.86x 1.93x Healthmark Group Skilled Nursing 1.40x 1.55x Communicare Skilled Nursing 1.91x 1.77x Leo Brown Group Assisted Living 1.64x 1.64x Cadia Healthcare Skilled Nursing 1.61x 1.69x Focused Post Acute Care Partners Skilled Nursing 1.81x 1.78x Other Mulitple 3.21x 3.38x Total 2.35x 2.43x

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6 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 PORTFOLIO Senior Housing - Managed Portfolio (1) Same store Senior Housing - Managed portfolio includes Stabilized Facilities owned as the same property type for the full period in all comparison periods. Resident fees and services, Cash NOI and REVPOR have been adjusted for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results. Operating Performance Reflects Sabra's pro rata share, except number of properties; dollars in thousands Three Months Ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Consolidated Portfolio Number of Properties 66 68 69 69 73 Number of Units 6,341 6,588 6,680 6,680 6,981 Recurring capital expenditures $1,666 $2,100 $1,547 $1,257 $1,271 Resident fees and services $67,939 $73,746 $76,865 $77,447 $78,985 Cash NOI $17,584 $19,512 $21,107 $20,993 $21,581 Cash NOI Margin % 25.9 % 26.5 % 27.5 % 27.1 % 27.3 % Unconsolidated Portfolio Number of Properties 16 16 16 16 16 Number of Units 1,256 1,256 1,256 1,256 1,256 Recurring capital expenditures $201 $275 $236 $140 $196 Resident fees and services $10,453 $10,772 $10,646 $10,192 $10,989 Cash NOI $3,236 $3,408 $3,041 $3,065 $3,764 Cash NOI Margin % 31.0 % 31.6 % 28.6 % 30.1 % 34.3 % Same Store Operating Performance (1) Reflects Sabra's pro rata share, except number of properties; dollars in thousands, except REVPOR Three Months Ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Number of Properties 68 68 68 68 68 Number of Available Units 6,312 6,312 6,319 6,316 6,313 REVPOR $4,164 $4,220 $4,260 $4,281 $4,326 Occupancy 84.6 % 85.2 % 86.1 % 86.0 % 86.0 % Resident fees and services $66,705 $68,079 $69,528 $69,775 $70,440 Cash NOI $19,128 $19,531 $20,633 $21,106 $22,401 Cash NOI Margin % 28.7 % 28.7 % 29.7 % 30.2 % 31.8 %

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7 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 PORTFOLIO Loans and Other Investments Loans Receivable and Other Investments Dollars in thousands As of June 30, 2025 Loan Type Number of Loans Property Type Principal Balance Book Value Weighted Average Contractual Interest Rate Weighted Average Annualized Effective Interest Rate Interest Income Three Months Ended June 30, 2025 (1) Maturity Date Mortgage 3 Behavioral Health / Skilled Nursing $335,600 $335,600 7.7 % 7.7 % $6,504 11/01/26 - 06/01/29 Other 10 Multiple 51,472 48,017 7.7 % 7.3 % 926 09/30/25 - 08/31/33 13 387,072 383,617 7.7 % 7.7 % $7,430 Allowance for loan losses — (5,694) $387,072 $377,923 Other Investment Type Number of Investments Property Type Total Funding Commitments Total Amount Funded Book Value Rate of Return Other Income Three Months Ended June 30, 2025 (1) Preferred Equity 4 Skilled Nursing / Senior Housing $51,844 $51,844 $63,047 11.0 % $1,669 (1) Includes income related to loans receivable and other investments held as of June 30, 2025.

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8 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 The Ensign Group: 8.3% Signature Healthcare: 8.1% Signature Behavioral: 6.8% Recovery Centers of America: 5.5% The McGuire Group: 3.6% Managed (No Operator Credit Exposure): 20.9% Other: 38.4% Avamere Family of Companies: 8.4% RELATIONSHIP CONCENTRATION PROPERTY TYPE CONCENTRATION PAYOR SOURCE CONCENTRATION (2) PORTFOLIO NOI Concentrations (1) As of June 30, 2025 (1) Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. Payor source concentration excludes Annualized Cash NOI from investments in loans receivable and other investments. (2) Tenant payor source allocation presented one quarter in arrears. Behavioral Health: 13.6% Senior Housing - Leased: 10.2% Specialty Hospital and Other: 3.9% Other: 0.7% Skilled Nursing/Transitional Care: 50.7% Senior Housing - Managed: 20.9% Private Pay: 46.1% Non-Private: 53.9%

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9 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Property Type As of June 30, 2025 Location Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 33 3 7 — 13 56 15.6 % California 23 — 2 3 1 29 8.1 Kentucky 24 2 — 1 1 28 7.8 Indiana 14 4 3 2 — 23 6.4 Oregon 15 1 3 — — 19 5.3 North Carolina 13 — 2 — — 15 4.2 Washington 10 — 2 — — 12 3.3 Missouri 10 — 1 1 — 12 3.3 Massachusetts 11 — — — — 11 3.1 Virginia 6 — 4 — — 10 2.8 Other (30 states & Canada) 60 26 49 9 — 144 40.1 Total 219 36 73 16 15 359 100.0 % % of Total 61.0 % 10.0 % 20.3 % 4.5 % 4.2 % 100.0 % Distribution of Beds/Units As of June 30, 2025 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 56 4,211 350 856 — 325 5,742 15.7 % Kentucky 28 2,572 272 — 60 40 2,944 8.1 Indiana 23 1,429 587 391 138 — 2,545 7.0 California 29 1,924 — 160 313 27 2,424 6.6 Oregon 19 1,520 215 162 — — 1,897 5.2 North Carolina 15 1,454 — 237 — — 1,691 4.6 New York 10 1,576 — 107 — — 1,683 4.6 Massachusetts 11 1,465 — — — — 1,465 4.0 Washington 12 1,123 — 165 — — 1,288 3.5 Virginia 10 894 — 246 — — 1,140 3.1 Other (30 states & Canada) 146 6,588 1,836 4,657 653 — 13,734 37.6 Total 359 24,756 3,260 6,981 1,164 392 36,553 100.0 % % of Total 67.7 % 8.9 % 19.1 % 3.2 % 1.1 % 100.0 %

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10 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 PORTFOLIO Geographic Concentrations - Consolidated Portfolio Continued Investment Dollars in thousands As of June 30, 2025 Property Type Location Total Number of Properties Skilled Nursing/ Transitional Care Senior Housing - Leased Senior Housing - Managed Consolidated Behavioral Health Specialty Hospitals and Other Total % of Total Texas 56 $340,716 $27,335 $202,389 $— $187,387 $757,827 13.4 % California 29 411,326 — 59,041 217,699 7,798 695,864 12.3 Indiana 23 197,016 127,214 110,308 12,156 — 446,694 7.9 Oregon 19 261,316 33,002 57,767 — — 352,085 6.2 Kentucky 28 244,996 59,141 — 9,373 30,313 343,823 6.1 New York 10 298,639 — 22,168 — — 320,807 5.7 North Carolina 15 125,549 — 74,550 — — 200,099 3.5 Washington 12 137,166 — 40,881 — — 178,047 3.2 Arizona 5 — 10,348 39,490 121,757 — 171,595 3.0 Canada (1) 9 — — 156,421 — — 156,421 2.8 Other (31 states) 153 873,514 245,385 796,357 115,370 — 2,030,626 35.9 Total 359 $2,890,238 $502,425 $1,559,372 $476,355 $225,498 $5,653,888 100.0 % % of Total 51.1 % 8.9 % 27.6 % 8.4 % 4.0 % 100.0 % (1) Investment balance in Canada is based on the exchange rate as of June 30, 2025 of $0.7324 per 1 CAD.

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11 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 PORTFOLIO Triple-Net Lease Expirations Triple-Net Lease Expirations Dollars in thousands Skilled Nursing/ Transitional Care Senior Housing - Leased Behavioral Health Specialty Hospitals and Other Total Annualized RevenuesAs of June 30, 2025 % of Total 07/01/25 - 12/31/25 $— $— $— $— $— — % 2026 1,945 719 — — 2,664 0.7 % 2027 22,969 4,417 — — 27,386 7.7 % 2028 22,643 1,109 — 3,595 27,347 7.6 % 2029 46,521 5,193 — 6,291 58,005 16.2 % 2030 — — — 4,818 4,818 1.3 % 2031 85,110 4,277 801 — 90,188 25.2 % 2032 6,310 1,777 34,217 3,842 46,146 12.9 % 2033 — 6,935 5,785 — 12,720 3.6 % 2034 6,162 3,607 — — 9,769 2.7 % Thereafter 59,366 16,218 2,807 765 79,156 22.1 % Total Annualized Revenues $251,026 $44,252 $43,610 $19,311 $358,199 100.0 %

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12 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 INVESTMENTS Summary Investment Activity Dollars in thousands Investment Initial Investment Date Property Type Number of Properties Beds/Units 2025 Amounts Invested (1) Expected Initial Cash Yield Real Estate Legacy Living Jasper (2) 03/21/25 Senior Housing - Leased N/A 24 $7,789 7.50 % The Claiborne at Hattiesburg 06/01/25 Senior Housing - Managed 1 212 53,000 7.50 % Additions to Real Estate (3) Various Multiple N/A N/A 1,589 8.42 % Total Real Estate Investments 62,378 7.52 % Loans Receivable Loans Receivable Fundings Various Multiple N/A N/A 3,110 10.00 % All Investments through June 30, 2025 $65,488 7.64 % (1) Excludes capitalized acquisition costs and origination fees. (2) The Company exercised its option to acquire additional units on the Legacy Living Jasper campus. (3) Excludes capital expenditures for the Senior Housing - Managed portfolio and recurring capital expenditures for the Triple-Net portfolio.

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13 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 CAPITALIZATION Overview Consolidated Debt Dollars in thousands As of June 30, 2025 Secured debt $45,072 Revolving credit facility 163,023 Term loans 539,860 Senior unsecured notes 1,750,000 Total 2,497,955 Deferred financing costs and premiums/discounts, net (18,295) Total, net $2,479,660 Revolving Credit Facility Dollars in thousands As of June 30, 2025 Credit facility availability $836,977 Credit facility capacity 1,000,000 Enterprise Value Dollars in thousands, except per share amounts As of June 30, 2025 Shares Outstanding Price Value Common stock 239,792,173 $18.44 $4,421,768 Consolidated Debt 2,497,955 Cash and cash equivalents (95,175) Consolidated Enterprise Value $6,824,548 Common Stock and Equivalents Weighted Average Common Shares Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 EPS, FFO and Normalized FFO AFFO and Normalized AFFO EPS, FFO and Normalized FFO AFFO and Normalized AFFO Basic common stock 237,976,314 237,976,314 237,933,910 237,933,910 Dilutive securities: Restricted stock units 2,755,911 3,823,015 2,671,820 3,826,202 Forward equity sale agreements 197,641 197,641 105,657 105,657 Diluted common and common equivalents 240,929,866 241,996,970 240,711,387 241,865,769 At-The-Market Common Stock Offering Program Dollars in thousands, except per share amounts Three Months Ended June 30, 2025 Shares issued 1,764,377 Net proceeds $29,876 Weighted average price per share, net of commissions $16.93 Availability as of June 30, 2025 $109,320 Forward sales agreements as of June 30, 2025 Shares outstanding 15,059,259 Weighted average price per share, net of commissions $17.70

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14 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 CAPITALIZATION Indebtedness Fixed \| Variable Rate Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of June 30, 2025 Principal % of Total Fixed Rate Debt Secured debt $45,072 3.36 % 1.8 % Senior unsecured notes 1,750,000 4.04 % 70.1 % Total fixed rate debt 1,795,072 4.03 % 71.9 % Variable Rate Debt (2) Revolving credit facility 163,023 5.43 % 6.5 % Term loans 539,860 4.11 % 21.6 % Total variable rate debt 702,883 4.42 % 28.1 % Consolidated Debt $2,497,955 4.14 % 100.0 % Secured \| Unsecured Debt Dollars in thousands Weighted Average Effective Interest Rate (1)As of June 30, 2025 Principal % of Total Secured Debt Secured debt $45,072 3.36 % 1.8 % Unsecured Debt Senior unsecured notes 1,750,000 4.04 % 70.1 % Revolving credit facility 163,023 5.43 % 6.5 % Term loans 539,860 4.11 % 21.6 % Total unsecured debt 2,452,883 4.15 % 98.2 % Consolidated Debt $2,497,955 4.14 % 100.0 % (1) Weighted average effective interest rate includes private mortgage insurance and impact of interest rate hedges. (2) Variable rate debt includes $430.0 million subject to interest rate swaps that fix SOFR at a weighted average rate of 2.93%, and $109.9 million (CAD $150.0 million) subject to swap agreements that fix CORRA at 2.59% as of June 30, 2025. Excluding these amounts, variable rate debt was 6.5% of Consolidated Debt as of June 30, 2025.

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15 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 CAPITALIZATION Debt Maturity Debt Maturity Schedule Dollars in thousands Secured Debt Senior Unsecured Notes Term Loans Revolving Credit Facility (1) Consolidated Debt As of June 30, 2025 Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) Principal Rate (2) 07/01/25 - 12/31/25 $1,051 2.86 % $— — $— — $— — $1,051 2.86 % 2026 2,147 2.86 % 500,000 5.13 % — — — — 502,147 5.12 % 2027 2,206 2.87 % 100,000 5.88 % — — 163,023 5.43 % 265,229 5.58 % 2028 2,266 2.88 % — — 539,860 5.49 % — — 542,126 5.48 % 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 % 2033 1,940 2.93 % — — — — — — 1,940 2.93 % 2034 1,995 2.94 % — — — — — — 1,995 2.94 % Thereafter 24,767 3.12 % — — — — — — 24,767 3.12 % Total $45,072 $1,750,000 $539,860 $163,023 $2,497,955 Wtd. avg. maturity/years 19.8 4.2 2.5 1.5 4.0 Wtd. avg. interest rate (3) 3.36 % 4.04 % 4.11 % 5.43 % 4.14 % (1) Revolving Credit Facility is subject to two six-month extension options. (2) Represents actual contractual interest rates excluding private mortgage insurance and impact of interest rate hedges. (3) Weighted average interest rate includes private mortgage insurance and impact of interest rate hedges.

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16 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 Key Credit Metrics (1) June 30, 2025 Net Debt to Adjusted EBITDA (2) 5.00x Interest Coverage 4.39x Fixed Charge Coverage Ratio 4.30x Total Debt/Asset Value 37 % Secured Debt/Asset Value 1 % Unencumbered Assets/Unsecured Debt 266 % Cost of Permanent Consolidated Debt (3) 4.05 % Unsecured Notes Ratings S&P (Stable outlook) BBB- Fitch (Stable outlook) BBB- Moody's (Positive outlook) Ba1 CAPITALIZATION Credit Metrics and Ratings (1) Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. (2) Based on the annualized trailing three-month period ended as of the date indicated. (3) Excludes revolving credit facility balance that had an interest rate of 5.43% as of June 30, 2025.

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17 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 2025 Full-Year Guidance Diluted per share data Net income $0.77 — $0.79 FFO $1.52 — $1.54 Normalized FFO $1.45 — $1.47 AFFO $1.47 — $1.49 Normalized AFFO $1.49 — $1.51 FINANCIAL INFORMATION 2025 Outlook Earnings guidance above assumes: • low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions; • low-to-mid teens Cash NOI growth for the same store Senior Housing - Managed portfolio; • general and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense; • cash interest expense of approximately $102 million; • weighted average share count of approximately 241.5 million and 242.5 million for Normalized FFO and Normalized AFFO, respectively; • no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after June 30, 2025; and • only investments, dispositions and capital markets activity completed as of August 4, 2025. The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.

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18 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income Dollars in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Rental and related revenues (1) $99,823 $99,096 $195,860 $190,872 Resident fees and services 78,985 67,939 156,432 133,970 Interest and other income 10,342 9,106 20,401 18,046 Total revenues 189,150 176,141 372,693 342,888 Expenses: Depreciation and amortization 43,586 41,681 87,080 84,595 Interest 27,548 29,314 54,648 57,722 Triple-net portfolio operating expenses 3,698 4,398 7,177 8,722 Senior housing - managed portfolio operating expenses 57,404 50,355 113,858 100,024 General and administrative 12,514 12,741 25,242 24,631 Recovery of loan losses (227) (161) (400) (298) Impairment of real estate 4,103 15,335 4,103 18,472 Total expenses 148,626 153,663 291,708 293,868 Other income: Other income 14,709 78 14,747 838 Net gain on sales of real estate 9,974 1,776 9,974 1,776 Total other income 24,683 1,854 24,721 2,614 Income before income (loss) from unconsolidated joint ventures and income tax expense 65,207 24,332 105,706 51,634 Income (loss) from unconsolidated joint ventures 832 80 1,050 (515) Income tax expense (497) (437) (910) (890) Net income $65,542 $23,975 $105,846 $50,229 Net income, per: Basic common share $0.28 $0.10 $0.44 $0.22 Diluted common share $0.27 $0.10 $0.44 $0.22 Weighted average number of common shares outstanding, basic 237,976,314 231,620,291 237,933,910 231,536,286 Weighted average number of common shares outstanding, diluted 240,929,866 233,750,823 240,711,387 233,583,871 (1) See page 19 for additional details regarding Rental and related revenues.

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19 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Income - Supplemental Information Dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash rental income $92,397 $93,527 $182,468 $182,563 Straight-line rental income 1,382 1,176 2,671 2,295 Recoveries (write-offs) of cash and straight-line rental income receivable and lease intangibles 1,463 — 1,463 (2,921) Above/below market lease amortization 1,059 1,211 2,198 2,422 Operating expense recoveries 3,522 3,182 7,060 6,513 Rental and related revenues $99,823 $99,096 $195,860 $190,872

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20 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Balance Sheets Dollars in thousands, except per share data June 30, 2025 December 31, 2024 Assets Real estate investments, net of accumulated depreciation of $1,177,377 and $1,102,030 as of June 30, 2025 and December 31, 2024, respectively $4,479,291 $4,513,734 Loans receivable and other investments, net 440,970 442,584 Investment in unconsolidated joint ventures 126,405 121,803 Cash and cash equivalents 95,175 60,468 Restricted cash 6,477 5,871 Lease intangible assets, net 24,654 27,464 Accounts receivable, prepaid expenses and other assets, net 155,025 131,755 Total assets $5,327,997 $5,303,679 Liabilities Secured debt, net $44,302 $45,316 Revolving credit facility 163,023 106,554 Term loans, net 535,937 529,753 Senior unsecured notes, net 1,736,398 1,736,025 Accounts payable and accrued liabilities 113,060 117,896 Lease intangible liabilities, net 23,792 26,847 Total liabilities 2,616,512 2,562,391 Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2025 and December 31, 2024 — — Common stock, $0.01 par value; 500,000,000 shares authorized, 239,792,173 and 237,586,882 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2,398 2,376 Additional paid-in capital 4,625,050 4,592,605 Cumulative distributions in excess of net income (1,913,932) (1,874,633) Accumulated other comprehensive (loss) income (2,031) 20,940 Total equity 2,711,485 2,741,288 Total liabilities and equity $5,327,997 $5,303,679

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21 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 FINANCIAL INFORMATION Consolidated Financial Statements Consolidated Statements of Cash Flows Dollars in thousands Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $105,846 $50,229 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 87,080 84,595 Non-cash rental and related revenues (6,331) (1,796) Non-cash interest income 7 12 Non-cash interest expense 3,455 6,139 Stock-based compensation expense 5,415 3,862 Recovery of loan losses (400) (298) Net gain on sales of real estate (9,974) (1,776) Impairment of real estate 4,103 18,472 (Income) loss from unconsolidated joint ventures (1,050) 515 Distributions of earnings from unconsolidated joint ventures 4,022 2,659 Other non-cash items (17,190) — Changes in operating assets and liabilities: Accounts receivable, prepaid expenses and other assets, net (6,867) (8,706) Accounts payable and accrued liabilities (6,894) (20,984) Net cash provided by operating activities 161,222 132,923 Cash flows from investing activities: Acquisition of real estate (61,137) (36,128) Origination and fundings of loans receivable (3,110) (19,752) Origination and fundings of preferred equity investments (9) (1,021) Additions to real estate (13,569) (25,360) Repayments of loans receivable 7,048 1,189 Repayments of preferred equity investments 1,369 4,727 Investment in unconsolidated joint ventures (1,241) (344) Net proceeds from the sales of real estate 3,573 6,158 Proceeds from net investment hedges 4,462 — Insurance proceeds 1,038 — Net cash used in investing activities (61,576) (70,531) Cash flows from financing activities: Net borrowings from revolving credit facility 55,144 36,939 Principal payments on secured debt (1,038) (1,010) Payments of deferred financing costs (80) (80) Issuance of common stock, net 24,211 36,403 Dividends paid on common stock (142,754) (138,894) Net cash used in financing activities (64,517) (66,642) Net increase (decrease) in cash, cash equivalents and restricted cash 35,129 (4,250) Effect of foreign currency translation on cash, cash equivalents and restricted cash 184 (160) Cash, cash equivalents and restricted cash, beginning of period 66,339 46,719 Cash, cash equivalents and restricted cash, end of period $101,652 $42,309 Supplemental disclosure of cash flow information: Interest paid $49,747 $50,847

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22 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 FINANCIAL INFORMATION FFO, Normalized FFO, AFFO and Normalized AFFO (1) Other normalizing items for FFO for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the three and six months ended June 30, 2025 include $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries. (2) Other adjustments for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur. FFO, Normalized FFO, AFFO and Normalized AFFO Dollars in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $65,542 $23,975 $105,846 $50,229 Add: Depreciation and amortization of real estate assets 43,586 41,681 87,080 84,595 Depreciation and amortization of real estate assets related to unconsolidated joint ventures 2,043 2,208 4,223 4,437 Net gain loss on sales of real estate (9,974) (1,776) (9,974) (1,776) Impairment of real estate 4,103 15,335 4,103 18,472 FFO $105,300 $81,423 $191,278 $155,957 (Recoveries) write-offs of cash and straight-line rental income receivable and lease intangibles (1,463) — (1,463) 2,921 Recovery of loan losses (227) (161) (400) (298) Other normalizing items (1) (14,451) 1,274 (14,449) 2,395 Normalized FFO $89,159 $82,536 $174,966 $160,975 FFO $105,300 $81,423 $191,278 $155,957 Stock-based compensation expense 2,704 1,341 5,415 3,862 Non-cash rental and related revenues (3,903) (2,387) (6,331) (1,796) Non-cash interest expense 1,726 3,068 3,455 6,139 Recovery of loan losses (227) (161) (400) (298) Other adjustments related to unconsolidated joint ventures 128 135 19 288 Other adjustments (2) (16,528) 434 (16,082) 851 AFFO $89,200 $83,853 $177,354 $165,003 Other normalizing items (1) 2,441 1,126 2,525 2,232 Normalized AFFO $91,641 $84,979 $179,879 $167,235 Amounts per diluted common share: Net income $0.27 $0.10 $0.44 $0.22 FFO $0.44 $0.35 $0.79 $0.67 Normalized FFO $0.37 $0.35 $0.73 $0.69 AFFO $0.37 $0.36 $0.73 $0.70 Normalized AFFO $0.38 $0.36 $0.74 $0.71 Weighted average number of common shares outstanding, diluted: Net income, FFO and Normalized FFO 240,929,866 233,750,823 240,711,387 233,583,871 AFFO and Normalized AFFO 241,996,970 234,907,744 241,865,769 234,821,672

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23 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 FINANCIAL INFORMATION Components of Net Asset Value (NAV) As of June 30, 2025 (1) Amounts represent principal amounts due and exclude deferred financing costs, net and premiums/discounts, net. (2) Includes balances that impact cash or NOI and excludes non-cash items. Annualized Cash NOI Dollars in thousands Skilled Nursing/Transitional Care $251,026 Senior Housing - Leased 44,252 Senior Housing - Managed Consolidated Portfolio 88,960 Senior Housing - Managed Unconsolidated Portfolio 15,058 Behavioral Health 43,610 Specialty Hospitals and Other 19,311 Annualized Cash NOI (excluding loans receivable and other investments) $462,217 Obligations Dollars in thousands Secured debt (1) $45,072 Senior unsecured notes (1) 1,750,000 Revolving credit facility 163,023 Term loans (1) 539,860 Sabra's share of unconsolidated joint venture debt 77,506 Total Debt 2,575,461 Add (less): Cash and cash equivalents and restricted cash (101,652) Sabra's share of unconsolidated joint venture cash and cash equivalents and restricted cash (3,555) Accounts payable and accrued liabilities (2) 102,064 Net obligations $2,572,318 Other Assets Dollars in thousands Loans receivable and other investments, net $440,970 Accounts receivable, prepaid expenses and other assets, net (2) 67,798 Total other assets $508,768 Common Shares Outstanding Total shares 239,792,173 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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24 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 APPENDIX Disclaimer Disclaimer This supplement contains "forward-looking" information as that term is defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position (including our earnings guidance for 2025, as well as the assumptions set forth therein), results of operations, cash flows, liquidity, business strategy, growth opportunities, potential investments, and plans and objectives for future operations. You can identify some of the forward-looking statements by the use of forward-looking words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "should," "may" and other similar expressions, although not all forward-looking statements contain these identifying words. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increased labor costs and labor shortages; increases in market interest rates and inflation; pandemics or epidemics, such as COVID-19, and the related impact on our tenants, borrowers and Senior Housing - Managed communities; operational risks with respect to our Senior Housing - Managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; 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; 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, 2024. 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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25 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 APPENDIX Reporting Definitions Adjusted EBITDA\* Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization ("EBITDA") excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance. Annualized Cash Net Operating Income ("Annualized Cash NOI")\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income. Annualized Revenues The annual contractual rental revenues under leases and interest and other income generated by the Company's loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis. Behavioral Health Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. Cash Net Operating Income ("Cash NOI")\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income. 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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26 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 APPENDIX Reporting Definitions Funds From Operations ("FFO") and Adjusted Funds from Operations ("AFFO")\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts ("Nareit"), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company's operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company's share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company's share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company's share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company's operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Grant Income Grant income consists of funds specifically paid to communities in our Senior Housing - Managed portfolio from state or federal governments related to the pandemic and were incremental to the amounts that would have otherwise been received for providing care to residents. Investment Represents the carrying amount of real estate assets after adding back accumulated depreciation and amortization and excludes net intangible assets and liabilities. Market Capitalization Total common shares of Sabra outstanding multiplied by the closing price per common share as of a given period. Net Debt\* The principal balances of the Company's revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company's consolidated financial statements, net of cash and cash equivalents as reported in the Company's consolidated financial statements. Net Debt to Adjusted EBITDA\* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income ("NOI")\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.

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27 SABRA 2Q 2025 SUPPLEMENTAL INFORMATION June 30, 2025 APPENDIX Reporting Definitions Normalized FFO and Normalized AFFO\* Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company's operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does. Occupancy Percentage Occupancy Percentage represents the facilities' average operating occupancy for the period indicated. The percentages are calculated by dividing the actual census from the period presented by the available beds/units for the same period. Occupancy includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. REVPOR REVPOR represents the average revenues generated per occupied unit per month at Senior Housing - Managed communities for the period indicated. It is calculated as resident fees and services revenues, excluding Grant Income, divided by average monthly occupied unit days. REVPOR includes only Stabilized Facilities. Senior Housing Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants' business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. \*Non-GAAP Financial Measures Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this supplement can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results.

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## Exhibit 99.3

![logo2.jpg](logo2.jpg)

**Reconciliations of Non-GAAP Financial Measures**

**June 30, 2025** 

**(Unaudited)**

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**SABRA HEALTH CARE REIT, INC.**

**2025 OUTLOOK**

The table below sets forth our 2025 guidance (per diluted common share):

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| | | |
|:---|:---|:---|
| | Low | High |
| Net income | $0.77 | $0.79 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 0.74 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sales of real estate | (0.02) | (0.02) |
| FFO | $1.52 | $1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalizing items | (0.07) | (0.07) |
| Normalized FFO attributable to common stockholders | $1.45 | $1.47 |
| FFO attributable to common stockholders | $1.52 | $1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash rental and related revenues | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | (0.07) | (0.07) |
| AFFO | $1.47 | $1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalizing items | 0.02 | 0.02 |
| Normalized AFFO attributable to common stockholders | $1.49 | $1.51 |

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Earnings guidance above assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• low-to-mid teens Cash NOI growth for the same store Senior Housing - Managed portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash interest expense of approximately $102 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weighted average share count of approximately 241.5 million and 242.5 million for Normalized FFO and Normalized AFFO, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after June 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• only investments, dispositions and capital markets activity completed as of August 4, 2025.

The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.

![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

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**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)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $65542 | $23975 | $105846 | $50229 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 43586 | 41681 | 87080 | 84595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets related to unconsolidated joint ventures | 2043 | 2208 | 4223 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain loss on sales of real estate | (9974) | (1776) | (9974) | (1776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 4103 | 15335 | 4103 | 18472 |
| **FFO** | $105300 | $81423 | $191278 | $155957 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Recoveries) write-offs of cash and straight-line rental income receivable and lease intangibles | (1463) |  | (1463) | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of loan losses | (227) | (161) | (400) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(1)</sup> | (14451) | 1274 | (14449) | 2395 |
| **Normalized FFO** | $89159 | $82536 | $174966 | $160975 |
| **FFO** | $105300 | $81423 | $191278 | $155957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2704 | 1341 | 5415 | 3862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash rental and related revenues | (3903) | (2387) | (6331) | (1796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 1726 | 3068 | 3455 | 6139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of loan losses | (227) | (161) | (400) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments related to unconsolidated joint ventures | 128 | 135 | 19 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments <sup>(2)</sup> | (16528) | 434 | (16082) | 851 |
| **AFFO** | $89200 | $83853 | $177354 | $165003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other normalizing items <sup>(1)</sup> | 2441 | 1126 | 2525 | 2232 |
| **Normalized AFFO** | $91641 | $84979 | $179879 | $167235 |
| Amounts per diluted common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $0.27 | $0.10 | $0.44 | $0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO | $0.44 | $0.35 | $0.79 | $0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized FFO | $0.37 | $0.35 | $0.73 | $0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO | $0.37 | $0.36 | $0.73 | $0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Normalized AFFO | $0.38 | $0.36 | $0.74 | $0.71 |
| Weighted average number of common shares outstanding, diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income, FFO and Normalized FFO | 240929866 | 233750823 | 240711387 | 233583871 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO and Normalized AFFO | 241996970 | 234907744 | 241865769 | 234821672 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup> Other normalizing items for FFO for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the three and six months ended June 30, 2025 include $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.

![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**

EBITDA, Adjusted EBITDA, Adjusted EBITDA, as adjusted and Adjusted EBITDA, as adjusted, annualized

Net Debt and Net Debt to Adjusted EBITDA

(in thousands)

---

| | |
|:---|:---|
| | Three Months Ended<br>June 30, 2025 |
| Net income | $65542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 27548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 43586 |
| **EBITDA** | 137173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated joint ventures | (832) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from unconsolidated joint ventures | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and transaction costs | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries of non-cash revenue and loan losses | (2155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate | 4103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | (14632) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sales of real estate | (9974) |
| **Adjusted EBITDA** <sup>(1)</sup> | 119082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments for current period activity <sup>(2)</sup> | (666) |
| **Adjusted EBITDA, as adjusted** | $118416 |
| **Adjusted EBITDA, as adjusted, annualized** | $473664 |
|  | June 30, 2025 |
| Secured debt | $45072 |
| Revolving credit facility | 163023 |
| Term loans | 539860 |
| Senior unsecured notes | 1750000 |
| Consolidated Debt | 2497955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents <sup>(3)</sup> | (128697) |
| **Net Debt** | $2369258 |
|  | June 30, 2025 |
| Net Debt | $2369258 |
| Adjusted EBITDA, as adjusted, annualized | $473664 |
| Net Debt to Adjusted EBITDA | 5.00x |

---

<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>Adjustments for current period activity give effect to the acquisitions and dispositions completed during the period as though such acquisitions and dispositions were completed as of the beginning of the period and adjust for certain income and expense items that the Company does not believe are indicative of its operating results for the current period.

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes $33.5 million of net proceeds received on July 1, 2025 related to dispositions that closed on June 30, 2025.

![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**

Consolidated Statements of Income

Supplemental Information

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Cash rental income | $92397 | $93527 | $182468 | $182563 |
| Straight-line rental income | 1382 | 1176 | 2671 | 2295 |
| Recoveries (write-offs) of cash and straight-line rental income receivable and lease intangibles | 1463 |  | 1463 | (2921) |
| Above/below market lease amortization | 1059 | 1211 | 2198 | 2422 |
| Operating expense recoveries | 3522 | 3182 | 7060 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental and related revenues | $99823 | $99096 | $195860 | $190872 |

---

![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**

Senior Housing - Managed Revenues and Cash NOI

(in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 |
| Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Resident fees and services | $67939 | $73746 | $76865 | $77447 | $78985 |
| Income (loss) from unconsolidated joint ventures: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Resident fees and services | 10453 | 10772 | 10646 | 10192 | 10989 |
| Resident fees and services not included in same store <sup>(1)</sup> | (11687) | (16439) | (17983) | (17864) | (19534) |
| **Same store resident fees and services** | $66705 | $68079 | $69528 | $69775 | $70440 |
| Net income | $23975 | $29788 | $46695 | $40304 | $65542 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income not related to Senior Housing - Managed | (17589) | (22789) | (36888) | (32747) | (56463) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 11278 | 12727 | 12538 | 13654 | 14372 |
| &nbsp;&nbsp;&nbsp;Other income |  |  | (1334) |  | (1038) |
| &nbsp;&nbsp;&nbsp;Loss (income) from unconsolidated joint ventures | (80) | (214) | 96 | (218) | (832) |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated joint ventures' Net Operating Income | 3236 | 3408 | 3131 | 3202 | 3713 |
| **Net Operating Income** | $20820 | $22920 | $24238 | $24195 | $25294 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue adjustments |  |  | (90) | (137) | 51 |
| **Cash Net Operating Income** | $20820 | $22920 | $24148 | $24058 | $25345 |
| &nbsp;&nbsp;Cash Net Operating Income not included in same store <sup>(1)</sup> | (1692) | (3389) | (3515) | (2952) | (2944) |
| **Same store Cash Net Operating Income** | $19128 | $19531 | $20633 | $21106 | $22401 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes adjustments for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results.

![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;6

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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 June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 |
| | 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) | $53453 | $6366 | $8247 | $832 | $15445 | $9301 | $3354 | $10342 | $(26353) | $65542 |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 20430 | 3692 | 14372 |  | 18064 | 3537 | 1461 |  | 94 | 43586 |
| &nbsp;&nbsp;&nbsp;Interest | 195 | 207 |  |  | 207 |  |  |  | 27146 | 27548 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 12514 | 12514 |
| &nbsp;&nbsp;&nbsp;Recovery of loan losses |  |  |  |  |  |  |  |  | (227) | (227) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 4103 |  |  |  |  |  |  |  |  | 4103 |
| &nbsp;&nbsp;&nbsp;Other income |  |  | (1038) |  | (1038) |  |  |  | (13671) | (14709) |
| &nbsp;&nbsp;&nbsp;Net gain on sales of real estate | (8246) |  |  |  |  | (1728) |  |  |  | (9974) |
| &nbsp;&nbsp;&nbsp;Income from unconsolidated joint ventures |  |  |  | (832) | (832) |  |  |  |  | (832) |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 497 | 497 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated joint ventures' Net Operating Income |  |  |  | 3713 | 3713 |  |  |  |  | 3713 |
| **Net Operating Income** | $69935 | $10265 | $21581 | $3713 | $35559 | $11110 | $4815 | $10342 | $— | $131761 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (4998) | 1185 |  | 51 | 1236 | (99) | 13 | 3 |  | (3845) |
| **Cash Net Operating Income** | $64937 | $11450 | $21581 | $3764 | $36795 | $11011 | $4828 | $10345 | $— | $127916 |

---

![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, Annualized Cash NOI and Annualized Cash NOI, as adjusted by Property Type

(in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
| | 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) | $97609 | $14119 | $15586 | $1050 | $30755 | $16470 | $6685 | $20401 | $(66074) | $105846 |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 41301 | 7559 | 28026 |  | 35585 | 7080 | 2923 |  | 191 | 87080 |
| &nbsp;&nbsp;&nbsp;Interest | 392 | 416 |  |  | 416 |  |  |  | 53840 | 54648 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  |  | 25242 | 25242 |
| &nbsp;&nbsp;&nbsp;Recovery of loan losses |  |  |  |  |  |  |  |  | (400) | (400) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 4103 |  |  |  |  |  |  |  |  | 4103 |
| &nbsp;&nbsp;&nbsp;Other income |  |  | (1038) |  | (1038) |  |  |  | (13709) | (14747) |
| &nbsp;&nbsp;&nbsp;Net gain on sales of real estate | (8246) |  |  |  |  | (1728) |  |  |  | (9974) |
| &nbsp;&nbsp;&nbsp;Income from unconsolidated joint ventures |  |  |  | (1050) | (1050) |  |  |  |  | (1050) |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 910 | 910 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated joint ventures' Net Operating Income |  |  |  | 6915 | 6915 |  |  |  |  | 6915 |
| **Net Operating Income** | $135159 | $22094 | $42574 | $6915 | $71583 | $21822 | $9608 | $20401 | $— | $258573 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (6490) | 373 |  | (86) | 287 | (250) | 45 | 7 |  | (6401) |
| **Cash Net Operating Income** | $128669 | $22467 | $42574 | $6829 | $71870 | $21572 | $9653 | $20408 | $— | $252172 |
| &nbsp;&nbsp;&nbsp;Annualizing adjustments <sup>(1)</sup> | 122357 | 21785 | 46386 | 8229 | 76400 | 22038 | 9658 | 16098 |  | 246551 |
| **Annualized Cash Net Operating Income** | $251026 | $44252 | $88960 | $15058 | $148270 | $43610 | $19311 | $36506 | $— | $498723 |
| &nbsp;&nbsp;&nbsp;Reallocation adjustments <sup>(2)</sup> | 1778 | 6734 |  |  | 6734 | 24426 |  | (32938) |  |  |
| **Annualized Cash Net Operating Income, as adjusted** | $252804 | $50986 | $88960 | $15058 | $155004 | $68036 | $19311 | $3568 | $— | $498723 |

---

<sup>(1)</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.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Adjustments to reflect Annualized Cash Net Operating Income from mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate.

![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

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**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Annualized Cash NOI by Payor Source

(in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
| | Private Payors | Non-Private Payors | Other | Corporate | Total |
| Net income (loss) | $58610 | $92909 | $20401 | $(66074) | $105846 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 46247 | 40642 |  | 191 | 87080 |
| &nbsp;&nbsp;&nbsp;Interest | 413 | 395 |  | 53840 | 54648 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  | 25242 | 25242 |
| &nbsp;&nbsp;&nbsp;Recovery of loan losses |  |  |  | (400) | (400) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 817 | 3286 |  |  | 4103 |
| &nbsp;&nbsp;&nbsp;Other income | (1038) |  |  | (13709) | (14747) |
| &nbsp;&nbsp;&nbsp;Net gain on sales of real estate | (5199) | (4775) |  |  | (9974) |
| &nbsp;&nbsp;&nbsp;Income from unconsolidated joint ventures | (1050) |  |  |  | (1050) |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  | 910 | 910 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated joint ventures' Net Operating Income | 6915 |  |  |  | 6915 |
| **Net Operating Income** | $105715 | $132457 | $20401 | $— | $258573 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (924) | (5484) | 7 |  | (6401) |
| **Cash Net Operating Income** | $104791 | $126973 | $20408 | $— | $252172 |
| &nbsp;&nbsp;&nbsp;Annualizing adjustments <sup>(1)</sup> | 108157 | 122296 | 16098 |  | 246551 |
| **Annualized Cash Net Operating Income** | $212948 | $249269 | $36506 | $— | $498723 |

---

<sup>(1)&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.

![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

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**SABRA HEALTH CARE REIT, INC.**

**RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES**

Annualized Cash NOI by Relationship

(in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |
| | Avamere Family of Companies | Ensign Group | Signature Healthcare | Signature Behavioral | Recovery Centers of America | The McGuire Group | All Other Relationships | Corporate | Total |
| Net income (loss) | $18597 | $14199 | $14452 | $12247 | $12704 | $7190 | $92531 | $(66074) | $105846 |
| Adjustments: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 5652 | 6495 | 6025 | 4478 | 1083 | 3563 | 59593 | 191 | 87080 |
| &nbsp;&nbsp;&nbsp;Interest |  |  |  |  |  |  | 808 | 53840 | 54648 |
| &nbsp;&nbsp;&nbsp;General and administrative |  |  |  |  |  |  |  | 25242 | 25242 |
| &nbsp;&nbsp;&nbsp;Recovery of loan losses |  |  |  |  |  |  |  | (400) | (400) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate |  |  |  |  |  |  | 4103 |  | 4103 |
| &nbsp;&nbsp;&nbsp;Other income |  |  |  |  |  |  | (1038) | (13709) | (14747) |
| &nbsp;&nbsp;&nbsp;Net gain on sales of real estate |  |  |  |  |  |  | (9974) |  | (9974) |
| &nbsp;&nbsp;&nbsp;Income from unconsolidated joint ventures |  |  |  |  |  |  | (1050) |  | (1050) |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  | 910 | 910 |
| &nbsp;&nbsp;&nbsp;Sabra's share of unconsolidated joint ventures' Net Operating Income |  |  |  |  |  |  | 6915 |  | 6915 |
| **Net Operating Income** | $24249 | $20694 | $20477 | $16725 | $13787 | $10753 | $151888 | $— | $258573 |
| &nbsp;&nbsp;&nbsp;Non-cash revenue and expense adjustments | (3211) | 39 | 6 | (138) | (54) | (1777) | (1266) |  | (6401) |
| **Cash Net Operating Income** | $21038 | $20733 | $20483 | $16587 | $13733 | $8976 | $150622 | $— | $252172 |
| &nbsp;&nbsp;&nbsp;Annualizing adjustments <sup>(1)</sup> | 20981 | 20863 | 19698 | 17136 | 13732 | 9033 | 145108 |  | 246551 |
| **Annualized Cash Net Operating Income** | $42019 | $41596 | $40181 | $33723 | $27465 | $18009 | $295730 | $— | $498723 |

---

<sup>(1)&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.

![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

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**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 and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis.

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

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

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

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

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

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

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

![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

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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; 12

## Exhibit 99.4

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Strategic. Disciplined. Opportunistic. Investor Presentation \| August 4, 2025

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August 4, 2025 Investor Presentation Forward-Looking Statements This presentation contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Examples of forward-looking statements include all statements regarding population and demand growth; and our other expectations regarding our future financial position, results of operations (including our earnings guidance for 2025, as well as the assumptions set forth therein), our expectations regarding Medicare and Medicaid reimbursement trends and rate increases, cash flows, liquidity, business strategy, growth opportunities, potential investments and dispositions, plans and objectives for future operations and capital raising activity. Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following: increased labor costs and labor shortages; increases in market interest rates and inflation; pandemics or epidemics, such as COVID-19, and the related impact on our tenants, borrowers and senior housing - managed communities; operational risks with respect to our senior housing - managed communities; competitive conditions in our industry; the loss of key management personnel; uninsured or underinsured losses affecting our properties; 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, 2024. 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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August 4, 2025 Investor Presentation Tenant and Borrower Information This presentation includes information (e.g., EBITDARM Coverage and Occupancy Percentage) regarding certain of our tenants that lease properties from us and our borrowers, most of which are not subject to SEC reporting requirements. The information related to our tenants and borrowers that is provided in this presentation has been provided by, or derived from information provided by, such tenants and borrowers. We have not independently verified this information. We have no reason to believe that such information is inaccurate in any material respect. We are providing this data for informational purposes only. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures related to Sabra Health Care REIT, Inc., including Annualized Cash NOI, Net Debt to Adjusted EBITDA and funds from operations (FFO). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP). An explanation of these non-GAAP financial measures is included under "Definitions" in the Appendix, and reconciliations of these non-GAAP financial measures to the GAAP financial measures we consider most comparable are included on the Investors section of our website at https://ir.sabrahealth.com/investors/financials/quarterly-results. Disclaimers 3

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LOREM IPSUM Heading August 4, 2025 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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August 4, 2025 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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August 4, 2025 Investor Presentation Portfolio Strategy 6 STRATEGY Growing Demand • > 80 population is expected to grow 4% per year through 2040 • Virtually no new senior housing or skilled nursing supply in the foreseeable future Mission-Driven Needs-Based • Passionate workforce • Positive societal impact • Community backbone • Safety net infrastructure • Lifestyle enhancement • Post-acute care • Psychosocial support • Dementia care Skilled Nursing \| Senior Housing

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August 4, 2025 Investor Presentation Execution — Passion Meets Know-how Unique, Accretive Investments - Utilize our operational and asset management experience to identify and capitalize on new opportunities where off-market price dislocation exists. Support Operator Expansion - Be the capital partner of choice for the expansion and growth of leading operators with regional expertise and concentrated in markets with favorable demographics. Structure deals opportunistically across the capital stack. Creatively Financed Development - Pursue strategic development opportunities and long-term partnerships with leading developers. Optimize Portfolio - Continue to curate our portfolio to optimize diversification and maintain a mix of assets well-positioned for the future of healthcare delivery. Prudent Financing – Maintain balance sheet strength and lower leverage by match funding accretive investing activity with a combination of available liquidity, recycled capital and ATM proceeds. 7 STRATEGY

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August 4, 2025 Investor Presentation 2025 Full-Year Guidance 8 STRATEGY IN ACTION 2025 Guidance: Net Income $0.77 — $0.79 FFO $1.52 — $1.54 Normalized FFO $1.45 — $1.47 AFFO $1.47 — $1.49 Normalized AFFO $1.49 — $1.51 Earnings guidance above assumes: • Low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions • Low to mid-teens Cash NOI growth for the same store managed senior housing portfolio • General and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense • Cash interest expense of approximately $102 million • Weighted average share count of approximately 241.5 million and 242.5 million for Normalized FFO and Normalized AFFO, respectively • No tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after June 30, 2025 • Only investments, dispositions, and capital markets activity completed as of August 4, 2025 Sabra is updating 2025 guidance ranges as follows (attributable to common stockholders, per diluted common share): The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. NAFFO midpoint implies 4% year-over- year growth

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August 4, 2025 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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August 4, 2025 Investor Presentation Good for the Planet. Good for Our Stakeholders. Learn how our sustainability approach—grounded in thoughtful investments and collaborative relationships—drives meaningful outcomes for our communities and long-term value for our investors in our latest corporate sustainability report at sabrahealth.com/about/corporate-sustainability. "The strategic investments we've made in our properties— and those we've supported our operators in making—are designed to improve the lives of residents, foster healthier working environments for caregivers and strengthen the resilience and performance of our portfolio." -Rick Matros (he/him), Chief Executive Officer 10 CORPORATE SUSTAINABILITY

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August 4, 2025 Investor Presentation Sustainability Framework "Sabra's unwavering commitment to supporting operators' success and prioritizing seniors' well-being extends seamlessly to our corporate sustainability projects, aimed at empowering operators' energy and water efficiency and enhancing the quality of residents' lives." -Armand Markarian, Manager, Asset Management 11 CORPORATE SUSTAINABILITY We understand that good governance underpins sustainability, strengthens the accountability of our Board and management team and supports the long-term interests of our stakeholders. Our corporate sustainability principles are intrinsically tied to our objective to drive shareholder value by operating efficiently, sustainably, and with our stakeholders' best interests in mind.

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August 4, 2025 Investor Presentation E-Initiative Roadmap 12 CORPORATE SUSTAINABILITY Our efforts to improve the environment start with enabling our operators. We take a comprehensive, integrated and collaborative approach to environmental stewardship, as demonstrated by our E-Initiative Roadmap.

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August 4, 2025 Investor Presentation E-Playbook: Turning Vision into Action 13 CORPORATE SUSTAINABILITY Sabra's E-Playbook builds on our E-Roadmap and green initiatives to provide a structured framework for advancing initiatives that drive measurable environmental and operational improvements across our portfolio. • Align internal and external resources • Establish and evaluate preferred vendors • Combine technical expertise with senior living insight • Use data to identify, implement and validate solutions • Scale proven practices and incentives portfolio-wide • Advance from quick wins to long-term improvements • Integrate across asset management, origination and risk "What began as a Roadmap has evolved into a Playbook— one that translates vision into action, enabling environmental and operational improvements at the property level through collaboration, data and scale." -Peter Nyland, EVP, Asset Management

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August 4, 2025 Investor Presentation Going the Extra Green Mile 14 CORPORATE SUSTAINABILITY At Gardens of Wakefield, Sabra worked with Blue Sky E3 Partners and Carrier engineers to design a custom, energy-efficient solution for the community's heating and cooling system. By replacing outdated equipment, the project achieved a combined 44 percent improvement in unit efficiency. Building on that success, Sabra completed similar HVAC retrofits at two additional Texas communities, leveraging utility incentives to upgrade systems and enhance performance. These efforts improved unit efficiency by 30 percent, resident comfort, staff working conditions and overall grid resilience.

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August 4, 2025 Investor Presentation Committed to Diversity, Equity & Inclusion 58% As of June 30, 2025, women comprised 58% of our workforce and 63% of our management level/ leadership roles. 35% As of June 30, 2025, 35% 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 13% of our team members chose not to self-identify. 15 CORPORATE SUSTAINABILITY We believe a diverse workforce is essential to our continued success and gives us a competitive advantage. We believe we attract the best talent by embracing the diversity of our country.

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August 4, 2025 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 Occupancy Percentage and Skilled Mix (together, "Operating Statistics") and EBITDARM Coverage for the period presented include only Stabilized Facilities owned by the Company as of the end of the quarter following the period presented and only for the duration such facilities were owned by the Company and classified as Stabilized Facilities. In addition, EBITDARM Coverage and Operating Statistics are presented for the twelve months ended at the end of the respective period and one quarter in arrears, and therefore, EBITDARM Coverage and Operating Statistics exclude assets acquired after March 31, 2025. 7 Years Wtd. Avg. Remaining Lease Term 392 Investments 2.27x 1.49x 3.87x 58 Relationships 38% Skilled Mix1 Average Occupancy Percentage1 83% 90% 78% SH - LeasedSNF/TC SNF/TC SH - Leased EBITDARM Coverage1 As of June 30, 2025 BH/Hosp./Oth. BH/Hosp./Oth. 16 PORTFOLIO

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August 4, 2025 Investor Presentation 1 Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annualized Cash NOI, and asset class concentrations use Annualized Cash NOI, as adjusted to reflect Annualized Cash NOI from our mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate. See the Appendix to this presentation for the definition of Annualized Cash NOI. Diverse Portfolio, Positioned to Perform Relationship Concentration1 Asset Class Concentration1 As of June 30, 2025 17 PORTFOLIO Avamere Family of Companies, 8.4% The Ensign Group, 8.3% Signature Healthcare, 8.1% Signature Behavioral, 6.8% Recovery Centers of America, 5.5% The McGuire Group, 3.6% Managed (No Operator Credit Exposure), 20.9% Other 38.4% Senior Housing - Managed, 20.9% Behavioral Health, 13.6% Senior Housing - Leased, 10.2% Specialty Hospital and Other, 3.9% Other, 0.7% Skilled Nursing/ Transitional Care, 50.7%

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August 4, 2025 Investor Presentation Favorable Supply and Demand Trends 18 PORTFOLIO SNF Supply and Demand 1,795 1,769 1,744 1,716 1,704 1,703 1,703 1,694 1,690 1,687 1,639 1,617 1,581 4,296 4,512 4,783 5,121 5,444 5,753 5,905 6,166 6,380 6,539 6,483 6,486 6,859 SNF Beds (000s) Population 85 or older (000s) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 — 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Source: Census.gov, AHCA, Care Compare Since 2000, the 85-or-older population has grown by 60%, compared to a 12% decline in skilled nursing beds over the same time frame.

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August 4, 2025 Investor Presentation Skilled Nursing Medicaid and Medicare Rates Medicaid Average Daily Rate Medicare Average Daily Rate As of June 30, 2025 19 PORTFOLIO $179 $184 $193 $204 $217 $236 $246 $262 $285 $312 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja n-17 Ja n-18 Ja n-19 Ja n-2 0 Ja n-2 1 Ja n-2 2 Ja n-2 3 Ja n-2 4 Ja n-2 5 $150 $200 $250 $300 $350 4.2% CAGR $544 $519 $522 $531 $531 $544 $558 $582 $635 $657 $674 $720 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja n-17 Ja n-18 Ja n-19 Ja n-2 0 Ja n-2 1 Ja n-2 2 Ja n-2 3 Ja n-2 4 Ja n-2 5 $500 $550 $600 $650 $700 $750 2.1% CAGR The Centers for Medicare & Medicaid Services recently finalized a 3.2% Medicare increase. We estimate Medicaid rates will see a 5% average increase in the top five states, which account for half of Sabra's skilled nursing portfolio.

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August 4, 2025 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 20 PORTFOLIO

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August 4, 2025 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 21

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August 4, 2025 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 22

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August 4, 2025 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 23 OPERATORS

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August 4, 2025 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 24 PERFORMANCE

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August 4, 2025 Investor Presentation Common Equity Value 64% Secured Debt 1% Hedged Term Loans 15% Fixed Rate Bonds 18% Line of Credit 2% Prudent Balance Sheet Management 1 Assumes the July 30, 2025 redemption of $500 million of 5.125% senior unsecured notes due 2026 and issuance of $500 million of term loans hedged at 4.64% due 2030 occurred as of June 30, 2025. 2 As of 6/30/2025. Common equity value estimated using outstanding common stock of 239.8 million shares and Sabra's closing price of $18.03 as of 7/31/2025. 25 PERFORMANCE • Hedged variable rate exposure, resulting in interest savings of $8.6 million over the last 12 months. • Weighted average debt maturity of nearly 5 years with no material debt maturities until 2028. • Weighted average effective interest rate on permanent debt of 4.04%. • Ample liquidity of approximately $1.2 billion ensures we have ready access to capital. • $109 million of availability under at-the- market (ATM) equity offering program. • 98% of borrowings are unsecured, providing additional balance sheet flexibility. CONSOLIDATED ENTERPRISE VALUE2 $6.7B Pro forma June 30, 20251

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August 4, 2025 Investor Presentation Sabra 2Q 25 1 Investment-Grade peers range 2 Net Debt to Adjusted EBITDA 5.00x 3 0.50x - 5.63x Interest Coverage Ratio 4.39x 4.10x - 13.45x Debt as a % of Asset Value 37% 21% - 41% Secured Debt as a % of Asset Value 1% 0% - 8% Investment-Grade Credit Metrics 1 Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in accordance with the credit agreement relating to the revolving credit facility and the indentures relating to our senior unsecured notes. In addition, key credit statistics give effect to dispositions and acquisitions completed after the period presented as though such dispositions and acquisitions occurred at the beginning of the period. 2 Investment-Grade Peers consists of WELL, VTR, OHI, NHI and CTRE. The metrics used to calculate Investment-Grade peers range are sourced from the most recent public filings with the SEC and may not be calculated in a manner identical to Sabra's metrics. 3 Based on the annualized trailing three-month period ended as of the date indicated. 26 PERFORMANCE We continue to focus on strengthening our balance sheet and portfolio.

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August 4, 2025 Investor Presentation 100 350 800 540 500 $1 $2 $2 $2 $2 $2 $2 $2 $2 $25 163 $837 2.9% 2.9% 5.6% 4.1% 3.9% 4.6% 3.2% 2.9% 2.9% 2.9% 3.1% Unsecured Bonds Term Loans Mortgage Debt / Secure Debt Line of Credit Available Line of Credit Wtd. Avg. Interest 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter 0 200 400 600 800 1,000 1,200 Favorable Profile with Staggered Maturities 1 Assumes the July 30, 2025 redemption of $500 million of 5.125% senior unsecured notes due 2026 and issuance of $500 million of term loans hedged at 4.64% due 2030 occurred as of June 30, 2025. 2 Revolving Credit Facility is subject to two six-month extension options. 3 Represents the impact of interest rate hedges. (Dollars in millions) Pro forma debt maturity profile at June 30, 20251 27 PERFORMANCE 2 3

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August 4, 2025 Investor Presentation Attractive Valuation Relative to Direct Peers Forward FFO multiples 1 Dividend yield 2 Premium / discount to consensus NAV Portfolio composition (% Annualized Cash NOI) 3 Sources: S&P Capital IQ as of 7/31/2025, unless otherwise noted. 1 Forward FFO multiple is calculated as stock price as of 7/31/2025 divided by the forward four quarter consensus FFO from S&P Capital IQ. 2 Dividend yield is calculated as most recent quarterly dividends declared per share annualized divided by stock price as of 7/31/2025. 3 Represents latest available concentration for peers from company filings as of 7/31/2025. 4 Based on Annualized Cash NOI for the quarter ended 6/30/2025 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. 5 AHR SNF concentration includes only Triple-Net Leased NOI and does not include SNF NOI from Integrated Senior Health Campuses. 28 PERFORMANCE 12.0x 12.6x 12.8x 14.4x 16.6x 22.6x SBRA LTC OHI NHI CTRE AHR 6.7% 2.6% 4.2% 5.2% 6.7% 6.9% SBRA AHR CTRE NHI LTC OHI 25.8% 0.3% 27.9% 32.9% 47.7% 59.3% SBRA LTC NHI OHI CTRE AHR 31% 5% 32% 43% 64% 14% 51% 92% 60% 56% 30% 3% 18% 3% 8% 1% 6% 83% Senior Housing Skilled Nursing Other SBRA CTRE OHI LTC NHI AHR4 5

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August 4, 2025 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 7/31/2025. 2 Based on Annualized Cash NOI as of 6/30/2025 for real estate investments, investments in loans receivable and other investments. See the appendix to this presentation for the definition of Annualized Cash NOI. 3 AHR SNF concentration includes only Triple-Net Leased NOI and does not include SNF NOI from Integrated Senior Health Campuses, which accounts for 59% of AHR's Annualized Cash NOI. 4 Represents SNF EBITDARM Coverage for LTC, AHR and NHI; total portfolio EBITDARM Coverage for OHI and CTRE. 5 See appendix to this presentation for the definition of EBITDARM Coverage. Top five relationships concentration 1 SNF EBITDARM Coverage 1,4 SH EBITDARM Coverage 1 29 PERFORMANCE 51% 3% 30% 56% 60% 92% SBRA AHR NHI LTC OHI CTRE 37% 36% 47% 58% 65% SBRA OHI LTC NHI CTRE 2.27x 1.88x 2.03x2.04x 2.90x 3.06x SBRA OHI AHR LTC CTRE NHI 1.49x 1.38x 1.39x 1.40x 1.40x 1.53x SBRA AHR WELL LTC VTR NHI2 2 5 53

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August 4, 2025 Investor Presentation Appendix 30 i

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August 4, 2025 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 and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis. Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling. 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 31 APPENDIX

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August 4, 2025 Investor Presentation Funds From Operations ("FFO") and Adjusted FFO ("AFFO").\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts ("Nareit"), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company's operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company's share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company's share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company's share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company's operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does. Net Debt.\* The principal balances of the Company's revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company's consolidated financial statements, net of cash and cash equivalents as reported in the Company's consolidated financial statements. Net Debt to Adjusted EBITDA.\* Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented. Net Operating Income ("NOI")\* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income. 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. Definitions 32 APPENDIX

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August 4, 2025 Investor Presentation Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities. Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements. Skilled Mix. Skilled Mix is defined as the total Medicare and non-Medicaid managed care patient revenue at Skilled Nursing/Transitional Care facilities divided by the total revenues at Skilled Nursing/Transitional Care facilities for the period indicated. Skilled Mix includes only Stabilized Facilities and excludes facilities for which data is not available or meaningful. Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities. Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health. Stabilized Facility. At the time of acquisition, the Company classifies each facility as either stabilized or non-stabilized. In addition, the Company may classify a facility as non-stabilized after acquisition. Circumstances that could result in a facility being classified as non-stabilized include newly completed developments, facilities undergoing major renovations or additions, facilities being repositioned or transitioned to new operators, and significant transitions within the tenants' business model. Such facilities are typically reclassified to stabilized upon the earlier of maintaining consistent performance or 24 months after the date of classification as non-stabilized. Stabilized Facilities generally exclude (i) facilities held for sale, (ii) strategic disposition candidates, (iii) facilities being transitioned to a new operator, (iv) facilities being transitioned from being leased by the Company to being operated by the Company and (v) leased facilities acquired during the three months preceding the period presented. \* Non-GAAP Financial Measures: Reconciliations, definitions and important discussions regarding the usefulness and limitations of the Non-GAAP Financial Measures used in this presentation can be found at https://ir.sabrahealth.com/investors/financials/quarterly-results. APPENDIX Definitions 33

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