Strategic. Disciplined. Opportunistic. Investor Presentation | November 5, 2025 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 identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Exa ...

Sabra Healthcare (SBRA) reported $190.04 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 6.8%. EPS of $0.38 for the same period compares to $0.13 a year ago.The reported revenue represents a surprise of -1.08% over the Zacks Consensus Estimate of $192.12 million. With the consensus EPS estimate being $0.38, the company has not delivered EPS surprise.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

Sabra Healthcare (SBRA) came out with quarterly funds from operations (FFO) of $0.38 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.37 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this health care real estate investment trust would post FFO of $0.37 per share when it actually produced FFO of $0.38, delivering a surprise of +2.7%.Over the last four quarters, the company has surpassed consensus FFO estimates tw ...

Investment Portfolio - As of September 30, 2025, the investment portfolio consisted of 363 real estate properties held for investment, down from 373 properties as of September 30, 2024[133]. - The company expects to continue diversifying its investment portfolio by tenant, facility type, and geography within the healthcare sector[121]. - The company’s portfolio consisted of 363 real estate properties held for investment, diversified across the U.S. and Canada[203]. Revenue and Income - Rental and related revenues for the three months ended September 30, 2025, were $85.4 million, a decrease of 10% compared to $94.6 million for the same period in 2024[134]. - Resident fees and services increased by 25% to $92.0 million for the three months ended September 30, 2025, compared to $73.7 million for the same period in 2024[138]. - Interest and other income rose by 31% to $12.7 million for the three months ended September 30, 2025, compared to $9.7 million for the same period in 2024[139]. - Rental and related revenues for the nine months ended September 30, 2025, were $281.2 million, down from $285.4 million in 2024, reflecting a $4.2 million decrease attributed to revenue write-offs and property disposals[154]. - Resident fees and services increased to $248.4 million for the nine months ended September 30, 2025, compared to $207.7 million in 2024, marking a $40.7 million increase due to new acquisitions and increased occupancy[156]. - Interest and other income rose to $33.1 million for the nine months ended September 30, 2025, up from $27.7 million in 2024, reflecting a $5.3 million increase driven by lease termination income and late fees[157]. Expenses - Depreciation and amortization expense increased to $48.5 million for the three months ended September 30, 2025, up from $42.7 million in the same period of 2024, reflecting a net increase of $5.8 million[140]. - Senior Housing - Managed portfolio operating expenses rose to $65.9 million for the three months ended September 30, 2025, an increase of $11.7 million from $54.2 million in 2024, driven by acquisitions and increased occupancy[143]. - General and administrative expenses were $12.6 million for the three months ended September 30, 2025, slightly up from $12.4 million in 2024, mainly due to increased legal and professional fees[145]. - Senior Housing - Managed portfolio operating expenses increased by $25.5 million to $179.8 million for the nine months ended September 30, 2025, compared to $154.3 million for the same period in 2024[161]. - General and administrative expenses rose by $0.8 million to $37.8 million for the nine months ended September 30, 2025, from $37.0 million in 2024, primarily due to increased compensation and legal fees[162]. Impairment and Gains - Impairment of real estate recognized was $6.7 million for the nine months ended September 30, 2025, down from $18.5 million in 2024, indicating a $11.8 million decrease[158]. - A net gain of $5.5 million was recognized from the sale of real estate during the nine months ended September 30, 2025, in contrast to a net loss of $4.0 million in 2024[167]. - The company reported a net loss of $4.4 million on sales of real estate for the three months ended September 30, 2025, compared to a net loss of $5.7 million in the same period of 2024[150]. Debt and Financing - The company redeemed all $500.0 million of 5.125% senior unsecured notes due 2026 on July 31, 2025[130]. - The company recognized a $1.2 million loss on extinguishment of debt during the nine months ended September 30, 2025, while no loss was recorded in the same period of 2024[165]. - The company established an At-The-Market Common Stock Offering Program with a gross sales price of up to $750.0 million on August 5, 2025[131]. - The company expects to finance future investments in properties using proceeds from the ATM Program, among other sources[181]. Cash Flow and Liquidity - As of September 30, 2025, the company had approximately $1.1 billion in liquidity, including $200.6 million in cash and cash equivalents and $717.8 million available under its Revolving Credit Facility[174]. - The company utilized the forward feature of the Prior ATM Program to sell 15.3 million shares at an initial weighted average price of $17.69 per share, resulting in net proceeds of $194.9 million for the nine months ended September 30, 2025[177]. - Net cash used in investing activities was $261.4 million, including $301.6 million for the acquisition of seven facilities and $24.2 million for additions to real estate[185]. - The company paid dividends of $214.7 million during the nine months ended September 30, 2025, with a quarterly cash dividend of $0.30 per share declared on November 5, 2025[199]. - As of September 30, 2025, the company had net cash provided by operating activities of $261.2 million, primarily from rental payments and resident fees[184]. Market Conditions and Regulations - Economic conditions, including increases in interest rates and inflation, are expected to impact the company's operations and financial position[124]. - On July 31, 2025, CMS announced a 3.2% estimated net increase in Medicare rates for skilled nursing facilities for fiscal year 2026, effective October 1, 2025[208]. - The estimated net increase in Medicare rates for skilled nursing facilities for fiscal year 2025 was 4.2%, effective October 1, 2024[207]. - The Minimum Staffing Standards were vacated by a federal judge on April 7, 2025, and a 10-year moratorium on enforcement was signed into law on July 4, 2025[206]. - The Assessment Requirements for long-term care facilities remain in effect, which may exacerbate staffing challenges[206]. - No tenant relationship represented 10% or more of the company's total revenues for the three and nine months ended September 30, 2025[204]. - There have been no material changes to the quantitative and qualitative disclosures about market risk since the 2024 Annual Report[209].

Reconciliations of Non-GAAP Financial Measures September 30, 2025 (Unaudited) SABRA HEALTH CARE REIT, INC. 2025 OUTLOOK The table below sets forth our 2025 guidance (per diluted common share): | | | Low | | High | | --- | --- | --- | --- | --- | | Net income | $ | 0.655 | $ | 0.665 | | Add: | | | | | | Depreciation and amortization of real estate assets | | 0.78 | | 0.78 | | Depreciation and amortization of real estate assets related to unconsolidated joint ventures | | 0.03 | | 0.03 | | FFO | $ | 1.465 | $ ...

I am a financial analyst currently studying for the Chartered Financial Analyst (CFA) - I have learned to invest mostly by Mark Meldrum courses. My analyses follow an approach based on the triangulation between valuation by multiples, discounted cash flow (DCF) and Dividend Yield. In addition to individual research on the respective companies, drivers and risks. I focus on the Consumer Discretionary and Consumer Staples sectors, prioritizing companies with smaller capitalization and low institutional covera ...

Group 1 - The current prevailing trend in the market is robust growth in AI, which drives demand for power, data centers, software, and semiconductors [2] - There is a focus on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] Group 2 - The investment strategy emphasizes defensive stocks with a medium- to long-term horizon [2]

TUSTIN, Calif.--(BUSINESS WIRE)---- $SBRA #CONFERENCES--Sabra Health Care REIT, Inc. (Nasdaq: SBRA) announced today that Rick Matros, the company's Chair and Chief Executive Officer, Michael Costa, the company's Chief Financial Officer, Talya Nevo-Hacohen, the company's Chief Investment Officer, Darrin Smith, the company's Executive Vice President of Investments, and Lukas Hartwich, the company's Executive Vice President of Finance, will host Jefferies during their So Cal Tour on September 30, 2025, at Sabr ...

Core Viewpoint - The article discusses the performance of three high-yield healthcare stocks during the COVID-19 pandemic, highlighting the contrasting strategies and outcomes of Sabra Healthcare, Omega Healthcare, and Alexandria Real Estate [1][2]. Group 1: Sabra Healthcare (SBRA) - Sabra Healthcare made decisions during the pandemic that ensured its long-term survival, but it significantly cut its dividend from $0.45 to $0.30 per share, a 33% reduction, which has remained unchanged since then [4][5]. - The company generates approximately 70% of its rents from senior housing, a sector severely impacted by the pandemic, leading to challenges for income investors relying on dividends [5][6]. - Compared to other healthcare REITs that have started to raise their dividends again, Sabra is lagging behind, making it less attractive for dividend-focused investors [6]. Group 2: Omega Healthcare (OHI) - Omega Healthcare maintained its dividend at $0.67 per share since 2019, avoiding cuts during the pandemic, which is reassuring for passive income investors [8][10]. - The company reported an 8% year-over-year increase in adjusted funds from operations (FFO) in Q2 2025 and made over half a billion in investments, indicating a readiness for growth [9]. - With the recovery in the senior housing sector, Omega is positioned as a reliable high-yield option for investors, despite not expecting significant dividend increases [10]. Group 3: Alexandria Real Estate (ARE) - Alexandria Real Estate focuses on medical research office assets and has increased its dividend annually for 15 consecutive years, even during the pandemic [11]. - The REIT's occupancy rate fell from 94.6% to 90.8% in 2025, and its FFO has been weak, but the dividend remains well-covered with an FFO payout ratio of approximately 57% [12]. - Despite concerns about the office downturn and changes in the healthcare industry, Alexandria's business model is expected to endure, making it a potential high-yield investment for conservative income investors [13][14].

Core Insights - Sunshine Retirement Living is expanding its national presence through a new management agreement with Sabra Health Care REIT, Inc., adding five independent living communities and increasing its portfolio from 35 to 40 communities across 17 states [1][5] - This marks Sunshine Retirement Living's first third-party management agreement, transitioning the company from an owner-operator to a full-scale third-party management provider [2][5] - The demand for senior housing is growing, and the company aims to enhance the lives of seniors nationwide by extending its service model to third-party owners [3][5] Company Strategy - Sunshine Retirement Living focuses on affordability, compassionate care, community engagement, and culinary excellence, addressing the needs of the underserved mid-market segment in senior housing [2][4] - The company is committed to wellness-focused living, offering innovative programs that promote physical fitness, mindfulness, and lifelong learning, including the introduction of the Blue Zones program [4][5] - Sunshine Retirement Living is actively seeking partnerships with real estate investment trusts (REITs) and other senior housing owners to maximize occupancy and enhance resident satisfaction [6][5] Market Trends - The senior housing market is experiencing favorable long-term demographic trends, with the 85+ population expected to triple by 2050, driving demand for quality senior housing [4][5] - The mid-market segment remains one of the fastest-growing areas in senior housing, and Sunshine Retirement Living is positioned to pioneer innovative solutions to make high-quality senior living accessible [3][4]