Sabra Health Care REIT (SBRA) investor relations material

Executive summary

• Q3 revenue was $249.6M, net income attributable to common shareholders was $28.6M and diluted EPS was $0.11.

• Same-store SHOP Cash NOI grew 14.6% YoY; 2026 guidance was raised at the midpoint, with SHOP targeted at ~40% of the portfolio by year-end.

• Investment activity is expanding SHOP exposure, with a target of 50% by year-end 2027; demographic demand and limited new supply support the outlook.

Financial highlights

• Q3 revenue was $249.6M vs. $190.0M YoY; rental revenue was $103.2M and resident fees and services were $143.2M.

• Q3 net income attributable to shareholders was $28.6M vs. $22.5M; diluted EPS was $0.11 vs. $0.09.

• Q3 FFO was $0.40/share, Normalized FFO $0.39, AFFO $0.45 and Normalized AFFO $0.41; Normalized FFO and AFFO each rose 8% YoY.

• 9M net income attributable to shareholders was $44.3M vs. $128.4M; the $104.6M loan-loss and other-reserves provision included a $100M loan write-off.

Outlook and guidance

• FY26 diluted-share guidance: net income $0.265–$0.275, FFO $1.145–$1.155, Normalized FFO $1.540–$1.550, AFFO $1.625–$1.635 and Normalized AFFO $1.600–$1.610.

• Guidance midpoint implies 7% YoY Normalized FFO growth and 8% Normalized AFFO growth; assumptions include mid-teens same-store SHOP Cash NOI growth and low-single-digit triple-net Cash NOI growth.

• Guidance assumes $63M G&A and $106M cash interest expense at midpoint; it includes investment, disposition and capital-markets activity completed by the guidance date.

• SHOP mix is targeted at ~40% on a run-rate basis by year-end 2026 and 50% by year-end 2027.