Sabra Health Care REIT (SBRA) investor relations material

Executive summary

• Over $400 million in investments closed or awarded year-to-date, expected to materially exceed 2025's total investments, with acquisitions including three managed senior housing properties and one skilled nursing facility for $102 million in Q1 2026.

• SHOP and skilled nursing segments showed occupancy and margin growth, with private pay concentration surpassing 50% for the first time and same property managed senior housing Cash NOI rising 14.4% year-over-year.

• Affirmed 2026 earnings guidance, with plans to revisit in Q2 as trends evolve.

• AI and automation initiatives are underway to enhance operational efficiency and scalability.

• Focus on quality care, deep industry experience, and sustainability initiatives position the company for long-term value creation in healthcare real estate.

Financial highlights

• Q1 2026 total revenues were $221.8 million, up from $183.5 million in Q1 2025, with net income attributable to shareholders at $40.9 million.

• Normalized FFO per share was $0.38 and normalized AFFO per share was $0.39, up 9% and 5% year-over-year, respectively.

• Cash NOI from the triple net portfolio increased $2.2 million sequentially; managed senior housing cash NOI rose to $39 million from $35.6 million last quarter.

• Quarterly cash dividend of $0.30 per share declared, representing a 77% payout of normalized AFFO per share.

• Portfolio as of March 31, 2026: 395 investments across 62 relationships, with a weighted average remaining lease term of 7 years.

Outlook and guidance

• 2026 earnings guidance reaffirmed, with current quarter results in line with assumptions and guidance to be reevaluated in Q2 as investment pipeline and SHOP NOI growth trends become clearer.

• Over $200 million in additional investments expected to close in Q2 2026, with an estimated initial cash yield of 8.2%.

• Population aged 80+ expected to grow 4% annually through 2040, driving demand for senior housing and skilled nursing.