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 ...

| --- | --- | |------------------------------------------------------------------------|------------------| | | | | What Happens Inside Our Buildings Matters Most | | | Stifel 2022 Seniors Housing and Healthcare Real Estate Conference \| | January 27, 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 ...

Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Q3 2021 Earnings Conference Call November 4, 2021 1:00 PM ET Company Participants 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 Richard Anderson - SMBC Nick Joseph - Citi Juan Sanabria - BMO Capital Markets Amanda Sweitzer - Baird Steven Valiquette - Barclays Omotayo Okusanya - Credit Suisse John Pulaski - Green Street Daniel Be ...

Sabra Health Care REIT, Inc. (NASDAQ:SBRA) Q2 2021 Earnings Conference Call August 5, 2021 1:00 PM ET Company Participants Michael Costa - EVP of Finance and Chief Accounting Officer Rick Matros - Chairman and Chief Executive Officer Talya Nevo-Hacohen - Executive Vice President, Chief Investment Officer and Treasurer Harold Andrews - CFO Conference Call Participants Rich Anderson - SMBC Nick Yulico - Scotiabank Juan Sanabria - BMO Capital Nick Joseph - Citi Operator Good day, ladies and gentlemen. And welc ...

Financial Data and Key Metrics Changes - For Q1 2021, total revenues were $152.4 million, rental revenues were $113.4 million, and NOI was $121.3 million, showing slight increases from Q4 2020 [48] - FFO for the quarter was $82.4 million, normalized FFO was $85.5 million or $0.40 per share, compared to normalized FFO of $88.4 million or $0.42 per share in Q4 2020 [50] - AFFO was $82.8 million, normalized AFFO was $83.2 million or $0.39 per share, down from normalized AFFO of $86.9 million or $0.41 per share in Q4 2020 [51] Business Line Data and Key Metrics Changes - Senior housing managed portfolio occupancy was 73.1% in Q1 2021, down from 76.4% in the prior quarter, with REVPOR declining by 1.7% to $3,718 [33] - Cash net operating income for the senior housing managed portfolio declined 33.4% sequentially, and margin decreased by 6% compared to the prior quarter [34] - The skilled operators, comprising 66% of NOI, saw occupancy increase by approximately 431 basis points since their low point in December [25] Market Data and Key Metrics Changes - Over 90% of facilities reported no positive COVID-19 cases, and over 90% of tenants reported over 90% vaccination uptake for patients and residents [12][13] - The occupancy in the wholly owned portfolio improved from a low in mid-March to 75.9% by the end of April [36] - The Enlivant joint venture saw gross move-ins in March at the highest level in 18 months, indicating a backlog of interest in senior housing [38] Company Strategy and Development Direction - The company is focusing on recovery from the pandemic, with a strong emphasis on improving occupancy as a key driver for economic recovery in senior housing [32] - There is a $1.5 billion investment pipeline primarily in senior housing, with a focus on behavioral addiction and substance activity [24] - The company plans to maintain leverage below 5.5 times and expects to close investments totaling $86 million with a weighted average initial cash yield of 9% [59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovery, noting that operators are speaking with an upbeat tone and occupancy is beginning to improve [12][32] - The company is cautious in its Q2 guidance due to ongoing uncertainties related to COVID-19, expecting net income of $0.13 to $0.14 per share and FFO of $0.38 to $0.39 per share [58] - Management highlighted the importance of the successful vaccine distribution as a linchpin for the turnaround in senior housing [33] Other Important Information - The company collected 99.9% of forecasted rents from February 2020 through April 2021, indicating strong rent collection performance [45] - The Board of Directors declared a quarterly cash dividend of $0.30 per share, representing a payout of approximately 77% on AFFO and normalized AFFO per share [57] - The company has over $1 billion in cash and availability on its line, positioning it well for acquisition opportunities [53] Q&A Session Summary Question: Any one-time numbers to the positive in Q1? - Management confirmed there were no one-time items affecting the results, emphasizing pure operating results [63] Question: Change in SNF portfolio occupancy year-to-date? - Management stated they do not have a reconciled number for total SNF portfolio occupancy but noted positive trends among top operators [67] Question: Any operators on the watch list? - Management indicated stability in the watch list and no material concerns with operators, highlighting one operator's exit due to personal stress rather than operational issues [68][69] Question: Concerns regarding revenue and expense visibility? - Management expressed cautious optimism, noting that while occupancy is improving, they remain vigilant about cash collections and potential volatility [90][92] Question: Opportunities in behavioral health hospital acquisitions? - Management reported increased deal flow in the behavioral health sector, particularly in addiction treatment, indicating a rapidly evolving market [97] Question: Challenges in managing the Alaska property? - Management acknowledged potential challenges but noted that asset managers are willing to travel for oversight, and there may be opportunities for expansion [99]

J SABRA Strong. Resilient. Growing. 2 nd Annual Mizuho Healthcare REIT Conference April 6, 2021 4/2/20211 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. April 6, 2021 2nd Annual Mizuho Healthcare REIT Conference 2 | --- | --- | --- | --- | --- | |------------------------------------------|---- ...

CONSISTENT STRATEGY. DELIBERATE EXECUTION. Citi Global Property CEO Conference March 8 - 11, 2021 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. March 8 - 11, 2021 Citi Global Property CEO Conference 2 | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------| ...