Sabra Health Care REIT, Inc. · NASDAQ:SBRA
Sabra Health Care REIT — Q3 2026 Earnings Presentation
32 slides from Sabra Health Care REIT's earnings presentation, Nov 2, 2026
Slide 1: Operator Insight. Investor Discipline.
Investor Presentation | November 2, 2026 Operator Insight. Investor Discipline.
Slide 2: Disclaimers
Disclaimers 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 ident
Slide 3: Disclaimers
Disclaimers Tenant and Borrower Information This presentation 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 t
Slide 4: A Focused Approach to Driving Shareholder Value
A Focused Approach to Driving Shareholder Value Senior housing and skilled nursing have entered a golden era due to demographic tailwinds, and Sabra’s decade-plus experience of successfully investing in both property types positions us to maximize the opportunity ahead. We were an early mover in bui
Slide 5: Positioned to Thrive
Positioned to Thrive $ 7.6B 1.6B Consolidated Enterprise Value1 $ of Closed/Awarded Investments Since 2025 6.1% $ 1.2B 41% 5.9% Dividend Yield2 Total Liquidity3 Annualized NOI From FFO Per Share Senior Housing4 CAGR Since 20235 1 As of 9/30/2026. Common equity value estimated using outstanding commo
Slide 6: Operating Experience
Operating Experience “As more of the sector's and Sabra's earnings are driven by operating performance rather than fixed rent, we believe the ability to understand operations, evaluate operators and identify opportunities within a portfolio is what separates outperformers from the rest. That’s the a
Slide 7: Operator Insight: Interwoven Into Everything We Do
Operator Insight: Interwoven Into Everything We Do Unmatched Expertise as Former Operators Underwriting Investment Structure Benchmarking & Data Assess opportunities through an Structure flexible solutions that reflect the Use proprietary data and comparative operator lens needs of operators while m
Slide 8: Investment Discipline
Investment Discipline “Our disciplined investment approach has allowed us to meaningfully expand our portfolio with high-quality assets aligned with our strategy. Sabra now has the most diversified and balanced portfolio in its history.” DARRIN SMITH Chief Investment Officer, Secretary and Executive
Slide 9: High-Quality Portfolio, Built to Perform
High-Quality Portfolio, Built to Perform Sabra’s thoughtfully curated, high-quality portfolio provides an essential foundation for long-term value creation. As of September 30, 2026 Property Type Concentration1 Skilled Nursing / Transitional Care: 48.0% SHOP: 33.9% Specialty Hospitals and Other: 10.
Slide 10: A Portfolio Benefiting from Favorable Fundamentals
A Portfolio Benefiting from Favorable Fundamentals 2X Expected 80+ Population Growth from 2025 to 2045 4.8x in 2025 Net absorption outpaced 80+ Population in the U.S. (millions) supply growth by 4.8x in 29.4 22.9 26.8 2025, while units under construction reached the 18.8 14.7 lowest level since 2012
Slide 11: Senior Housing: A Rapidly Scaling Growth Platform
Senior Housing: A Rapidly Scaling Growth Platform $ 3.0B Senior Housing Portfolio1 86% 7.6 % of Senior Housing NOI is SHOP3 Cash NOI Yield on Gross Book Value2 1 As of 9/30/2026. 2 Based on Annualized Cash NOI. 3 Property type concentrations use Annualized Cash NOI, as adjusted to reflect Annualized
Slide 12: SHOP Platform Delivers Attractive Results
SHOP Platform Delivers Attractive Results Mid-Teens 7.3 % 34.9 % 2026 Same Store SHOP NOI Same Store RevPOR Same Store SHOP NOI Growth Guidance Growth in 3Q261 Margin in 3Q261 34 of NOI From SHOP % 17 SHOP Operators, Mostly <10 Average Age of SHOP years Comprised of Regional Acquisitions Since 2023
Slide 13: A Track Record of Attractive Organic Growth from SHOP
A Track Record of Attractive Organic Growth from SHOP >17 % Same store SHOP NOI margins have increased 13 Same Store percentage points SHOP NOI CAGR since 2021 Since 2021 As of September 30, 2026 11/2/2026 Operator Insight. Investor Discipline. 13
Slide 14: Update on Net Investment Activity
Update on Net Investment Activity Investments Closed Investment Pipeline $ 750M $ 425M Year-to-date, Sabra has closed Sabra’s pipeline of awarded on nearly $750 million of investments, which are mostly investments, roughly 80% of comprised of SHOP, stands at which are SHOP, with an about $425 millio
Slide 15: Skilled Nursing: Attractive Yield Supported by Healthy Coverage
Skilled Nursing: Attractive Yield Supported by Healthy Coverage 38.7% $ 2.8B Skilled Mix2 Skilled Nursing Portfolio1 2.52x 9.9 % EBITDARM Coverage2 Cash NOI Yield on Gross Book Value3 1 As of 9/30/2026. 2 Skilled Mix and EBITDARM Coverage for each period presented include only Stabilized Facilities
Slide 16: Skilled Nursing: Embedded Rent Upside
Skilled Nursing: Embedded Rent Upside SNF NOI growth has historically been Tenant driven by inflation-like rent bumps due to Cushion long-term triple-net leases. However, today’s high rent coverage Potential levels highlight the opportunity for Current Upside substantial fair-market rent resets as E
Slide 17: Case Study: Avamere Transition Demonstrates Proactive SNF Management
Case Study: Avamere Transition Demonstrates the Value of Proactive SNF Portfolio Management • In 2022, Sabra restructured its lease with Avamere as a result of the pandemic, providing Avamere with immediate rent relief and Sabra with potential upside through percentage-rent participation and a rent
Slide 18: Strategic Operator Relationships That Drive Performance
Strategic Operator Relationships That Drive Performance The Right Operators Work with both longstanding and new operator relationships that bring local-market expertise, a commitment to quality care and a shared ambition to grow, innovate and succeed, especially in higher- “Sabra’s industry experien
Slide 19: A Platform Built to Turn Insights into Performance
A Platform Built to Turn Insights into Performance Our proprietary data, hands-on industry experience and long-tenured team compound into a sharper view of the sectors we invest in — driving opportunities for outperformance through better underwriting, stronger asset-level results and greater capaci
Slide 20: Practical Sustainability
Practical Sustainability “We approach sustainability with a focus on practical results: identifying what works, scaling proven solutions and deploying resources where we can create lasting value. Since 2022, we’ve invested $104 million in portfolio modernization that improves efficiencies and benefi
Slide 21: Harnessing AI to Improve Care and Performance
Harnessing AI to Improve Care and Performance Streamlined Vitals Proactive Resident Predictive Monitoring Monitoring Clinical Care Vitals Monitoring Fall Management Risk Stratification ~91,000 64% 37% 21% error-free vitals recorded in 2025, reduction in night shift falls in reduction in improvement
Slide 22: Financial Strength
Financial Strength “Our strong balance sheet, ample liquidity and focused investment strategy support our long-term growth and drive value for our shareholders.” MICHAEL COSTA Chief Financial Officer, Treasurer and Executive Vice President 11/2/2026 Operator Insight. Investor Discipline. 22
Slide 23: 2026 Guidance
2026 Guidance Sabra’s updated 2026 guidance range as follows (attributable to Sabra Health Care REIT, Inc., per diluted common share): Earnings guidance assumes: NFFO and NAFFO midpoints • low-single-digit Cash NOI growth for the imply approximately 7% and 8% triple-net portfolio at the midpoint, ig
Slide 24: Balance Sheet for Growth
Balance Sheet for Growth As of September 30, 2026 4.54x 5.17x BBB- Net Debt to Interest Coverage Adjusted EBITDA1 Ratio S&P (Positive Outlook) 5.06x Fixed Charge 3.92% Cost of Permanent BBB- Fitch (Stable Outlook) Coverage Ratio Consolidated Debt2 35% 1% Baa3 Debt as a Percentage of Secured Debt as
Slide 25: An Attractive Opportunity: Yield, Growth and Value
An Attractive Opportunity: Yield, Growth and Value Sabra offers income today, growth ahead and a valuation that leaves room to run as demographic tailwinds build. Yield Growth Value 6.1% Dividend ’26 NFFO 7% Growth 12.0x Forward FFO Yield1 at Guidance Midpoint Multiple Compared to 14.9x for Closest
Slide 26: Attractive Total Returns
Attractive Total Returns Industry tailwinds and strong execution have driven attractive long-term total returns. 20% OHI 18% CTRE Sabra has delivered Five-Year Annualized Total Return 16% SBRA 14% LTC HC REIT Index 1 total returns that 12% NHI stack up well against 10% peers without the tailwinds pr
Slide 27: What sets Sabra apart
“What sets Sabra apart is the combination of deep operator experience, the tenure of the team, strong relationships with leading operators and a commitment to innovation. Together, these strengths create a differentiated platform built to perform in a dynamic healthcare real estate market.” RICK MAT
Slide 28: Appendix
Appendix 11/2/2026 Operator Insight. Investor Discipline. 28
Slide 29: Definitions
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
Slide 30: Definitions
Definitions EBITDARM Coverage. Represents the ratio of EBITDARM to cash rent for owned facilities (excluding SHOP 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 op
Slide 31: Definitions
Definitions Net Debt to Adjusted EBITDA.* The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Net Debt to Adjusted EBITDA an important supplemental measure because it provides investors, analysts and its management with a meaningful
Slide 32: Definitions
Definitions 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-stabil
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