Sabra Health Care Reit, Inc. · NASDAQ:SBRA
Sabra Health Care Reit — Q4 2025 Earnings Presentation
32 slides from Sabra Health Care Reit's earnings presentation, Feb 13, 2026
Slide 1: Strategic. Disciplined. Opportunistic.
Strategic. Disciplined. Opportunistic. Investor Presentation | February 12, 2026
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 (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
Slide 4: Uniquely Positioned to Thrive
LOREM IPSUM Heading Uniquely Positioned to Thrive 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. Fe
Slide 5: Strategy
STRATEGY “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 February 12, 2026 Investor Presentation 5
Slide 6: Portfolio Strategy
STRATEGY Portfolio Strategy Growing Demand Mission-Driven Needs-Based • > 80 population is • Passionate workforce • Lifestyle enhancement expected to grow 4% per • Positive societal impact • Post-acute care year through 2040 • Community backbone • Psychosocial support • Virtually no new senior • Saf
Slide 7: Execution — Passion Meets Know-how
STRATEGY 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 expansi
Slide 8: 2026 Guidance
STRATEGY IN ACTION 2026 Guidance Sabra is initiating 2026 guidance ranges as follows (attributable to Sabra Health Care REIT, INC., per diluted common share): 2026 Guidance: Net Income $ 0.60 — $ 0.64 NFFO and NAFFO FFO $ 1.49 — $ 1.53 midpoints imply Normalized FFO $ 1.49 — $ 1.53 approximately 5%
Slide 9: Strategy
STRATEGY IN ACTION “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 February 12, 202
Slide 10: Sustainability Framework
CORPORATE SUSTAINABILITY Sustainability Framework 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 o
Slide 11: E-Initiative Roadmap
CORPORATE SUSTAINABILITY E-Initiative Roadmap 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. February 12, 2026 Investor Presentation 11
Slide 12: E-Playbook: Turning Vision into Action
CORPORATE SUSTAINABILITY E-Playbook: Turning Vision into Action 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 ext
Slide 13: Going the Extra Green Mile
CORPORATE SUSTAINABILITY Going the Extra Green Mile 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
Slide 14: Committed to Diversity, Equity & Inclusion
CORPORATE SUSTAINABILITY Committed to Diversity, Equity & Inclusion 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. 55% As of December 31, 34% As of December 31
Slide 15: Our Success Is Predicated on a Healthy Portfolio
PORTFOLIO Our Success Is Predicated on a Healthy Portfolio As of December 31, 2025 83% 85% 89% 77% 393 Investments SNF/TC SH - Managed1 Average Occupancy Percentage2 SH - Leased BH/Hosp./Oth. 61 Relationships 38% Skilled Mix2 7 Years Wtd. Avg. 2.38x 1.52x 3.99x SNF/TC SH - Leased BH/Hosp./Oth. Remai
Slide 16: Diverse Portfolio, Positioned to Perform
PORTFOLIO Diverse Portfolio, Positioned to Perform As of December 31, 2025 Relationship Concentration1 Asset Class Concentration1 The Ensign Group, 7.8% Avamere Family of Companies, 7.7% Senior Housing - Managed, 27.4% Other Signature Skilled Nursing/ 34.2% Healthcare, 7.5% Transitional Care, 47.8%
Slide 17: Favorable Supply and Demand Trends
PORTFOLIO Favorable Supply and Demand Trends 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 SNF Beds (000s) Population 85 or older (000s) 8,000 7,047 6,677 7,000 6,304 6,468 6,590 6,467 5,880
Slide 18: Skilled Nursing Medicaid and Medicare Rates
PORTFOLIO Skilled Nursing Medicaid and Medicare Rates As of December 31, 2025 Medicaid Average Daily Rate Medicare Average Daily Rate $350 $750 $719 $307 $700 $300 2.5% CAGR $662 4.5% CAGR $262 $650 $635 $250 $236 $600 $210 $198 $187 $552 $200 $180 $550 $531 $528 $523 $150 $500 Ja 14 Ja 17 Ja 0 Ja 2
Slide 19: We invest in relationships with operators
PORTFOLIO “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 February 12, 2026 Investor Presentation 19
Slide 20: Advancing the Quality of Care
OPERATORS 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 February 12, 2026 Investor Presentation 20
Slide 21: We Support Our Operators
OPERATORS We Support Our Operators We Invest in Our Tenants’ Success: • Redevelopment / Adaptive Reuse • Expansion • Strategic development • Flexible equity and debt capital solutions February 12, 2026 Investor Presentation 21
Slide 22: Operator testimonial: sale/leaseback relationship
OPERATORS “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 cap
Slide 23: Our strong balance sheet and ready access to capital
PERFORMANCE “Our strong balance sheet and ready access to capital allows us to thoughtfully finance investment opportunities and drive value for our shareholders.” –Michael Costa, Chief Financial Officer February 12, 2026 Investor Presentation 23
Slide 24: Prudent Balance Sheet Management
PERFORMANCE Prudent Balance Sheet Management December 31, 2025 • Hedged variable rate exposure, resulting Line of Credit in interest savings of $7.9 million over the 3% Common Equity last 12 months. Value Fixed Rate Bonds 66% 18% • Weighted average debt maturity of approximately 4 years with no mate
Slide 25: Investment-Grade Credit Metrics
PERFORMANCE Investment-Grade Credit Metrics Investment-Grade Sabra 4Q 25 1 peers range 2 Net Debt to Adjusted EBITDA 5.00x 3 0.40x - 5.28x Interest Coverage Ratio 4.72x 4.30x - 9.22x Debt as a % of Asset Value 37% 18% - 39% Secured Debt as a % of Asset Value 1% 0% - 7% We continue to focus on streng
Slide 26: Favorable Profile with Staggered Maturities
PERFORMANCE Favorable Profile with Staggered Maturities Debt maturity profile at December 31, 2025 (Dollars in millions) 1,200 5.0% 4.6% 4.1% 3.9% 3.5% 3.5% 3.5% 3.5% 3.7% 3.4% 3.2% 1,000 $2 800 $782 600 $2 $2 400 $2 800 539 500 200 $218 350 $2 100 $2 $2 $2 $2 $23 0 2026 2027 2028 2029 2030 2031 203
Slide 27: Attractive Valuation Relative to Direct Peers
PERFORMANCE Attractive Valuation Relative to Direct Peers Forward FFO multiples 1 Dividend yield 2 25.5x 19.1x 16.9x 6.3% 5.9% 6.0% 13.6x 14.2x 12.4x 4.3% 3.5% 2.0% SBRA LTC OHI NHI CTRE AHR SBRA AHR CTRE NHI OHI LTC Premium / discount to consensus NAV Portfolio composition (% Annualized Cash NOI) 3
Slide 28: Well-Positioned Portfolio
PERFORMANCE Well-Positioned Portfolio SNF concentration 1 Top five relationships SNF EBITDARM SH EBITDARM concentration 1 Coverage 1,5 Coverage 1 3.16x 3.17x 1.52x 1.53x 79% 1.40x 1.36x 1.38x 2.38x 1.30x 56% 54% 64% 2.15x 2.16x 51% 60% 1.93x 51% 48% 36% 35% 29% SBRA2 NHI LTC OHI3 AHR4CTRE3 SBRA2 OHI
Slide 29: Appendix
Appendix Appendix February 12, 2026 Investor Presentation 29
Slide 30: Definitions
APPENDIX 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.
Slide 31: Definitions
APPENDIX Definitions 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 Nati
Slide 32: Definitions
APPENDIX 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
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