CONSISTENT STRATEGY. DELIBERATE EXECUTION. REITworld 2020 Annual Conference November 17-19, 2020 DELIVERING VALUE Our vast industry knowledge, experienced executive team and entrepreneurial spirit make Sabra uniquely positioned to succeed in our dynamic industry. We have the size, know-how, balance sheet and passion to deliver long-term value to shareholders. November 17-19, 2020 REITworld 2020 Annual Conference 2 | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|-- ...

Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Q3 2020 Earnings Conference Call November 6, 2020 12:00 PM ET Company Participants Michael Costa - Executive Vice President of Finance Rick Matros - Chairman & Chief Executive Officer Talya Nevo-Hacohen - Chief Investment Officer & Treasurer Harold Andrews - Chief Financial Officer Conference Call Participants Josh Brown - Scotiabank Nick Joseph - Citigroup Rich Anderson - SMBC John MaGee - Green Street Advisors Steve Valiquette - Barclays Operator Ladies and gentl ...

Financial Data and Key Metrics Changes - For the quarter ended June 30, 2020, the company recorded revenues of $153.9 million and NOI of $126.9 million, representing increases of $4.6 million and $1.3 million respectively compared to the first quarter of 2020 [97] - FFO for the quarter was $88.1 million, with a normalized FFO of $93.3 million or $0.45 per share, which is comparable to the normalized FFO of $92.1 million or $0.45 per share in the first quarter of 2020 [99] - AFFO was $87.3 million, with a normalized AFFO of $91.5 million or $0.44 per share, similar to the normalized AFFO of $90.5 million or $0.44 per share in the first quarter of 2020 [100] Business Line Data and Key Metrics Changes - The skilled nursing portfolio experienced a decline of 811 basis points in occupancy but showed signs of stabilization since the end of May [13] - The triple net senior housing portfolio was only down 136 basis points, indicating resilience compared to peers [18] - Managed portfolio occupancy decreased by 393 basis points, with specific geographic areas significantly impacting performance [19][60] Market Data and Key Metrics Changes - The company noted that occupancy trends varied significantly by market, with some areas experiencing spikes in COVID-19 cases affecting occupancy [27] - The managed portfolio's revenue decreased by 3.7% in the second quarter compared to the first quarter of 2020, while revenue per occupied room (RevPOR) declined by only 0.6% [63] - The occupancy for the Enlivant joint venture portfolio averaged 78.9%, reflecting a 2.6% decrease on a stabilized same-store basis [65] Company Strategy and Development Direction - The company is focusing on maintaining its financial health by avoiding significant acquisitions and managing leverage carefully during the pandemic [31] - The strategic emphasis is on enhancing the skilled mix of operators to improve occupancy and revenue, particularly in the context of COVID-19 [23] - The company is optimistic about future growth opportunities as it continues to adapt to the changing landscape of senior housing and healthcare [56] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the ongoing impact of COVID-19 on occupancy and operational costs, but noted improvements in occupancy trends in certain markets [10][24] - The company highlighted the importance of testing and PPE availability as critical factors in managing the pandemic's impact on operations [28] - Management remains cautious about providing future performance outlooks due to uncertainties surrounding the pandemic [96] Other Important Information - The company has not needed to provide COVID-19 related rent relief to any tenants to date, indicating strong rent collection performance [94] - The company has a strong liquidity position with over $950 million in cash and availability, allowing it to navigate challenges effectively [109] - The Board of Directors declared a quarterly cash dividend of $0.30 per share, representing a payout of 68% on normalized AFFO per share [108] Q&A Session Summary Question: How much government support or loans need to be repaid versus how much is grant? - Management indicated that very little government support is expected to impact operators' balance sheets, with most operators not taking advantage of advanced Medicare payments [113]

Sabra Health Care REIT, Inc.(NASDAQ:SBRA) Q1 2020 Earnings Conference Call May 7, 2020 1:00 PM ET Company Participants Michael Costa - Executive Vice President of Finance Rick Matros - Chairman and CEO Talya Nevo-Hacohen - Chief Investment Officer and Treasurer Harold Andrews - Chief Financial Officer Conference Call Participants Michael Griffin - Citi Steven Valiquette - Barclays Omotayo Okusanya - Mizuho Daniel Bernstein - Capital One Operator Good day, ladies and gentlemen, and welcome to the Sabra Healt ...

Portfolio Overview - As of December 31, 2019, Sabra's total equity investments comprised 599 properties with 50,650 beds/units, amounting to an investment of $6620776 thousand [10] - The triple-net portfolio consisted of 383 properties with 38,303 beds/units and an investment of $4972075 thousand [10, 13] - The senior housing - managed portfolio included 46 properties with 4,809 beds/units and an investment of $907771 thousand [10] Financial Performance - For the three months ended December 31, 2019, revenues were $155763 thousand, and net operating income was $134778 thousand [9] - For the year ended December 31, 2019, revenues totaled $661736 thousand, and net operating income reached $592658 thousand [9] - The company's net debt to adjusted EBITDA stood at 489x, including unconsolidated joint venture, it was 538x as of December 31, 2019 [10] Capitalization and Debt - As of December 31, 2019, the company's total debt was $28 billion, with a total enterprise value of $71 billion [10] - The company had 2052 million common shares outstanding as of December 31, 2019 [10] - The weighted average interest rate on total debt was 379% as of December 31, 2019 [85] Investment Activity - In 2019, the company invested $67024 thousand in real estate and $13004 thousand in loans receivable, totaling $80028 thousand in all investments [55] - Subsequent to year-end, the company invested $82363 thousand in real estate [55] 2020 Outlook - The company anticipates net income per share between $081 and $091, FFO per share between $169 and $179, and normalized FFO per share between $171 and $181 for 2020 [97]

Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Q4 2019 Earnings Conference Call February 24, 2020 1:00 PM ET Company Participants Michael Costa - EVP, Finance Rick Matros - Chairman & CEO Talya Nevo-Hacohen - EVP, CIO & Treasurer Harold Andrews - CFO Conference Call Participants Nick Yulico - Scotiabank Nick Joseph - Citi Chad Vanacore - Stifel Rich Anderson - SMBC John Kim - BMO Capital Markets Steven Valiquette - Barclays Daniel Bernstein - Capital One Connor Siversky - Berenberg Lukas Hartwich - Green Street ...