We have no material near-term debt maturities. Our next material debt maturity is in the second half of 2026 and our weighted average debt maturity is currently at six years. Excluding our revolving credit facility, which makes up just 4.1% of our total debt, we have no floating rate debt exposure and our cost of permanent debt is 3.94% as at June 30, 2023. Talya Nevo-Hacohen Yeah. I mean the $0.33 to $0.34 run rate is still a good run rate to use, I would say for the next quarter and then we'll have to rea ...

Thank you. Yeah. Just one quick follow-up for me. Can you guys remind us what percent of your operators are on a cash basis and what the plan is for those tenants overtime, whether you're maybe looking to sell some of those assets or enter into long-term contractual leases with either the current operator or potentially a new operator? before, the activities we're doing on the portfolio, whether it would be sales or transition, that's going to address a large component of that. And there are no further ques ...

And then just to clarify, so the AFFO run rate, given the $0.03 to $0.04 that you mentioned, I think you reported, if I'm not wrong, $0.34 and -- or $0.37 and adjusted $0.34. Without you redeploying the proceeds you have for new acquisitions is the right runway somewhere in the low-30s, is it like 31 in that range? Michael Costa Well, our normalized number is $0.37. So I think you would take that and make those adjustments as you didÂ… Vikram Malhotra And then just last one, any broader comments you can you ...

Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Q3 2022 Results Conference Call November 8, 2022 1:00 PM ET Company Participants Lukas Hartwich - SVP, IR Rick Matros - Chair, President and CEO Talya Nevo-Hacohen - CIO, Treasurer and EVP Michael Costa - CFO Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Juan Sanabria - BMO Capital Markets Steven Valiquette - Barclays Joshua Dennerlein - Bank of America Merrill Lynch Michael Griffin - Citi Research Vikram Malhotra - Mizuho Securities Tayo ...

Financial Data and Key Metrics Changes - For Q2 2022, normalized FFO per share was $0.39 and normalized AFFO per share was $0.38, with normalized FFO per share increasing by $0.01 compared to Q1 2022 due to higher NOI from the senior housing managed portfolio and a decrease in stock compensation expense [35][36][42] - Cash NOI for Q2 totaled $118 million, down from $123.5 million in Q1, primarily due to lower cash rent collections [38][42] - Annualized cash NOI as of June 30, 2022, was $450.3 million, with skilled nursing facility (SNF) exposure representing 60.7% of annualized cash NOI, down 100 basis points from Q1 and down 640 basis points year-over-year [42] Business Line Data and Key Metrics Changes - Occupancy for the senior housing portfolio improved to 80.7%, with a 290 basis point increase in assisted living communities and a 60 basis point rise in independent living communities compared to the prior quarter [22] - Cash NOI for the assisted living portfolio increased nearly 11% over the prior quarter and 44% year-over-year, largely due to higher revenue [25] - Cash NOI margin for assisted living expanded by four percentage points over the prior quarter, driven by revenue growth despite higher expenses [26] Market Data and Key Metrics Changes - The company noted a slowing down in occupancy improvements in July due to seasonality and ongoing labor pressures, although labor pressures have improved compared to their worst levels [14] - The company is optimistic about Medicaid funding, with many states extending FMAPs and providing larger-than-historical Medicaid rate increases, affecting approximately 60% of the skilled nursing portfolio [11][12] Company Strategy and Development Direction - The company is focusing on diversifying its portfolio, with an emphasis on behavioral health investments, which now include 14 properties and two mortgages totaling approximately $730 million [30] - The strategy includes selling poorly performing skilled nursing assets to enhance the quality and durability of earnings, while maintaining a significant portion of the portfolio in skilled nursing [33][49] - The company aims to improve its balance sheet without accessing capital markets, with a focus on capital recycling and selective new investments [48][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery of occupancy and labor availability, although the pace remains slower than expected due to ongoing labor challenges [52] - The management highlighted the importance of state budgets and Medicaid funding in shaping future earnings, indicating a positive dialogue with states regarding funding [90][91] - The company is prepared to support operators with investments in technology to improve labor management and operational efficiency [99] Other Important Information - The Board of Directors declared a quarterly cash dividend of $0.30 per share, representing a payout of 79% of normalized AFFO per share [51] - The company has no material debt maturities until 2024, reducing refinancing risk in the near term [45] Q&A Session Summary Question: Earnings impact of transition assets - Management indicated that the assets being transitioned are not well-performing and are on a cash basis, with expectations of improved earnings from better operators over time [57][58] Question: Dispositions and cash flow - Management stated they cannot discuss specifics of the sales until closed but expect to replace NOI from sold assets with new investments [61][62] Question: Skilled nursing coverage decline - The decline was attributed to moving away from stimulus funding, with stable coverage metrics noted [68][69] Question: Capital markets strategy - Management prefers not to access equity markets currently due to unfavorable pricing and aims to improve portfolio durability through asset sales [70][72] Question: Medicaid funding outlook - Management believes state budgets will dictate future Medicaid funding, with positive momentum expected beyond 2023 [110] Question: Labor pressures and occupancy - Management acknowledged labor pressures impacting admissions but noted that operators are increasing wages and improving occupancy [95][96] Question: Diversification goals - Management aims to maintain skilled nursing as a significant portion of the portfolio while diversifying to mitigate risks associated with market sentiment [84][87]

| --- | --- | |---------------------------------------------------------------------------------------------------------------|-------| | | | | | | | | | | | | | What Happens Cost Inside Our Buildings Matters Most What Happens Cost Inside Our Buildings Matters Most | | | Investor Presentation \| May 4, 2022 Investor Presentation \| August 3, 2022 | | Disclaimers Forward-Looking Statements This presentation contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 19 ...

Financial Data and Key Metrics Changes - For Q1 2022, normalized FFO per share was $0.38 and normalized AFFO per share was also $0.38, with a sequential increase of $0.01 in normalized AFFO primarily due to higher NOI from the wholly-owned managed senior housing portfolio [32][34] - Cash NOI for the quarter totaled $123.5 million, up from $109.2 million in the previous quarter, reflecting a sequential increase of $6.9 million after normalizing for support payments [34][36] - As of March 31, 2022, annualized cash NOI was $449.6 million, with skilled nursing facility (SNF) exposure representing 61.7% of annualized cash NOI, down from 65.5% a year ago [35] Business Line Data and Key Metrics Changes - The managed senior housing portfolio showed improved operating performance, with occupancy for Q1 2022 at 79.3%, driven by a 190 basis point increase in assisted living communities [20][21] - The Enlivant joint venture also reported increasing occupancy and cash NOI, with occupancy at 74.2%, a 1.6% increase over the prior quarter [22] - Behavioral health facilities now represent 13.4% of annualized cash NOI, with investments totaling about $730 million and a weighted average yield of 8.3% [25][26] Market Data and Key Metrics Changes - Medicaid rates are expected to increase significantly in nine states, with larger than historical rate increases anticipated for 167 skilled nursing facilities [13] - The overall occupancy trends in senior housing are expected to improve, with demographic growth and facility renovations propelling occupancy above pre-pandemic levels [15][16] Company Strategy and Development Direction - The company is focused on diversifying its portfolio with smaller deals in existing asset classes, particularly in behavioral addiction treatment and assisted living [8][9] - The strategy includes reducing skilled nursing exposure through asset sales, with expectations to reach historical lows by the end of the year [9][56] - The company is also investing in ESG initiatives, including partnerships aimed at improving the physical environment of facilities [16] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the recovery trajectory and the inability to provide earnings guidance due to ongoing uncertainties, including the impact of proposed CMS reimbursement changes [39] - The company remains optimistic about occupancy gains and the stability of its tenant relationships, with no current discussions on lease restructurings [11][14] - Management highlighted the importance of monitoring state-level Medicaid rate increases and the potential impact of the public health emergency on operations [81] Other Important Information - The company declared a quarterly cash dividend of $0.30 per share, representing a payout of 79% of normalized AFFO per share [38] - The company maintains a strong balance sheet with liquidity totaling approximately $1 billion as of March 31, 2022 [37] Q&A Session Summary Question: Thoughts on proposed CMS ruling and potential changes - Management indicated that the industry is focused on providing CMS with data to support a phased approach to changes, which would be more beneficial [42][43] Question: Timing on addiction recovery conversions and growth potential - Conversions are expected to commence soon, with a healthy pipeline for behavioral health investments, though the scale of growth remains uncertain [44][46] Question: Changes in the watchlist and coverage improvement - The watchlist has remained stable, with confidence in coverage improvement based on historical performance and recovery trends [52][53] Question: Specifics on SNF exposure reduction and asset sales - The company aims to reduce SNF exposure to around 57% through asset sales and recovery in senior housing, with expectations for asset sales to exceed $100 million this year [54][56] Question: Comments on Healthmark and Enlivant performance - Healthmark is performing well with a strong skilled mix, while Enlivant is recovering from Omicron impacts, showing significant occupancy gains [100][102] Question: Month-to-month occupancy trends and behavioral health segment performance - Occupancy trends are affected by market conditions, with behavioral health experiencing a temporary decline due to Omicron, but expected to recover [106][110]

| --- | --- | |--------------------------------------------------|-------| | | | | | | | | | | What Happens Inside Our Buildings Matters Most | | | Investor Presentation \| May 4, 2022 | | 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 limitati ...

Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Q4 2021 Results Conference Call February 22, 2022 1:00 PM ET Company Participants Lukas Hartwich - SVP of Finance Michael Costa - EVP of Finance and CAO Rick Matros - Chairman and CEO Talya Nevo-Hacohen - EVP, Chief Investment Officer and Treasurer Harold Andrews - CFO Conference Call Participants Nick Joseph - Citi Steven Valiquette - Barclays Vikram Malhotra - Mizuho Rich Anderson - SMBC Juan Sanabria - BMO capital Connor Siversky - Berenberg Tayo Okusanya - Cred ...

| --- | --- | |--------------------------------------------------|-------| | | | | | | | What Happens Inside Our Buildings Matters Most | | | Investor Presentation \| February 22, 2022 | | Disclaimers Forward-Looking Statements This presentation contains "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995, that may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Forward-looki ...