Sabra Health Care Reit, Inc. · NASDAQ:SBRA
Sabra Health Care Reit — Investor Presentation (May 2026)
32 slides from Sabra Health Care Reit's investor presentation, May 28, 2026
Slide 1: Strategic. Disciplined. Opportunistic.
Strategic. Disciplined. Opportunistic. Investor Presentation | May 28, 2026
Slide 2: Forward-Looking Statements
May 28, 2026 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
Slide 3: Tenant and Borrower Information; Non-GAAP Financial Measures
May 28, 2026 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.
Slide 4: Update on Net Investment Activity
May 28, 2026 Investor Presentation Update on Net Investment Activity 4 • Acquisitions: Year-to-date, Sabra has closed on $277 million of managed senior housing and skilled nursing investments with an estimated initial cash yield of 7.9%. • Pipeline: In addition, Sabra’s pipeline of awarded investmen
Slide 5: Uniquely Positioned to Thrive
LOREM IPSUM Heading May 28, 2026 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 shareholder
Slide 6: Quote from CEO Rick Matros on operators
May 28, 2026 Investor Presentation 6 “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
Slide 7: Portfolio Strategy
May 28, 2026 Investor Presentation Portfolio Strategy 7 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 i
Slide 8: Execution — Passion Meets Know-how
May 28, 2026 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
Slide 9: Strategy in Action
May 28, 2026 Investor Presentation “We deliver long-term value to our shareholders by deliberately executing on our strategy and investing in our tenants’ success by providing flexible capital solutions that keep them at the forefront of healthcare delivery.” -Darrin Smith, Chief Investment Officer
Slide 10: Sustainability Framework
May 28, 2026 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 q
Slide 11: E-Initiative Roadmap
May 28, 2026 Investor Presentation E-Initiative Roadmap 11 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.
Slide 12: E-Playbook: Turning Vision into Action
May 28, 2026 Investor Presentation E-Playbook: Turning Vision into Action 12 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 o
Slide 13: Going the Extra Green Mile
May 28, 2026 Investor Presentation Going the Extra Green Mile 13 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 equipmen
Slide 14: Committed to Diversity, Equity & Inclusion
May 28, 2026 Investor Presentation Committed to Diversity, Equity & Inclusion 54% As of March 31, 2026, women comprised 54% of our workforce and 57% of our management level/ leadership roles. 35% As of March 31, 2026, 35% of our team members self-identified as being members of one or more ethnic min
Slide 15: Our Success Is Predicated on a Healthy Portfolio
May 28, 2026 Investor Presentation Our Success Is Predicated on a Healthy Portfolio 1 Represents average occupancy for the total consolidated portfolio. 2 Excludes three real estate properties held for sale as of the end of the current period. Occupancy Percentage and Skilled Mix (together, “Operati
Slide 16: Diverse Portfolio, Positioned to Perform
May 28, 2026 Investor Presentation 1 Excludes three real estate properties held for sale as of the end of the current period. Relationship and asset class concentrations include real estate investments and investments in loans receivable and other investments. Relationship concentrations use Annuali
Slide 17: Favorable Supply and Demand Trends
May 28, 2026 Investor Presentation Favorable Supply and Demand Trends 17 PORTFOLIO Source: Census.gov, AHCA, Care Compare Since 2000, the 85-or-older population has grown by 64%, compared to a 12% decline in skilled nursing beds over the same time frame. SNF Supply and Demand 1,780 1,757 1,725 1,712
Slide 18: Skilled Nursing Medicaid and Medicare Rates
May 28, 2026 Investor Presentation Skilled Nursing Medicaid and Medicare Rates Medicaid Average Daily Rate Medicare Average Daily Rate As of March 31, 2026 18 PORTFOLIO $180 $187 $198 $210 $236 $262 $285 $321 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
Slide 19: Quote from Peter Nyland on operator relationships
May 28, 2026 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, Strategic Initiatives 19 PORTFOLIO
Slide 20: Advancing the Quality of Care
May 28, 2026 Investor Presentation Advancing the Quality of Care We Work with Operators Who Are: • Committed to their mission • Nimble • Regional experts • In markets with favorable demographics • Well-positioned for the future of healthcare delivery OPERATORS 20
Slide 21: We Support Our Operators
May 28, 2026 Investor Presentation We Support Our Operators We Invest in Our Tenants’ Success: • Redevelopment / Adaptive Reuse • Expansion • Strategic development • Flexible equity and debt capital solutions OPERATORS 21
Slide 22: Operator testimonial: Leo Brown Group
May 28, 2026 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 fir
Slide 23: Quote from CFO Michael Costa on balance sheet
May 28, 2026 Investor Presentation “Our strong balance sheet and ready access to capital allows us to thoughtfully finance investment opportunities and drive value for our shareholders.” –Michael Costa, Chief Financial Officer 23 PERFORMANCE
Slide 24: Prudent Balance Sheet Management
May 28, 2026 Investor Presentation Common Equity Value 67% Secured Debt 1% Hedged Term Loans 15% Fixed Rate Bonds 18% Line of Credit 5% Prudent Balance Sheet Management 1 As of 3/31/2026. Common equity value estimated using outstanding common stock of 252.2 million shares and Sabra’s closing price o
Slide 25: Key Credit Metrics
May 28, 2026 Investor Presentation Key Credit Metrics 1 Net Debt to Adjusted EBITDA 5.04x 2 Interest Coverage Ratio 4.59x Debt as a % of Asset Value 38% Secured Debt as a % of Asset Value 1% Balance Sheet Built for Growth 1 Key credit statistics (except Net Debt to Adjusted EBITDA) are calculated in
Slide 26: Favorable Profile with Staggered Maturities
May 28, 2026 Investor Presentation 100 350 800 538 500 $2 $2 $2 $2 $2 $2 $2 $2 $2 $23 $355 $645 3.4% 4.8% 4.1% 3.9% 4.6% 3.2% 3.5% 3.5% 3.5% 3.5% 3.7% Unsecured Bonds Term Loans Mortgage Debt / Secure Debt Line of Credit Available Line of Credit Wtd. Avg. Interest 2026 2027 2028 2029 2030 2031 2032
Slide 27: Attractive Valuation Relative to Direct Peers
May 28, 2026 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: Visible Alpha as of 5/22/2026, unless otherwise noted. 1 Forward FFO multiple is calc
Slide 28: Well-Positioned Portfolio
May 28, 2026 Investor Presentation Well-Positioned Portfolio SNF concentration 1 1 Represents latest available concentration and coverage for peers as of 5/22/2026. 2 Based on Annualized Cash NOI as of 3/31/2026 for real estate investments, investments in loans receivable and other investments. See
Slide 29: Appendix
May 28, 2026 Investor Presentation Appendix 29 i
Slide 30: Definitions: Adjusted EBITDA and Annualized Cash NOI
May 28, 2026 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
Slide 31: Definitions: FFO and AFFO
May 28, 2026 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 us
Slide 32: Definitions: Normalized FFO and Normalized AFFO
May 28, 2026 Investor Presentation 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 Norm
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