Sabra Health Care REIT (SBRA) Investor presentation summary

Investment strategy and positioning

• More than 300 collective years of former-operator experience inform underwriting, operator selection, asset management, benchmarking and investment structures.

• Since 2025, closed or awarded investments total $1.6B; consolidated enterprise value was $7.6B and total liquidity was $1.2B.

• 2026 dividend yield was 6.1%; Normalized FFO per-share CAGR since 2023 was 5.9%, based on 2023 actual and the midpoint of 2026 guidance.

• Proprietary data and operator relationships support investment and asset-management decisions; top-of-funnel deal flow was more than twice 2023 levels.

Portfolio and market fundamentals

• Portfolio investments totaled $6.6B across 60 relationships as of September 30, 2026; largest property-type concentrations were skilled nursing/transitional care at 48.0% and SHOP at 33.9%.

• Senior housing represented 41% of Annualized NOI; the largest relationship accounted for 8.4%.

• The U.S. 80+ population is projected to double from 14.7M in 2025 to 29.4M in 2045; 2025 senior housing net absorption outpaced supply growth by 4.8x.

• Senior housing portfolio totaled $3.0B, with a 7.6% Cash NOI yield on gross book value; 86% of senior housing NOI came from SHOP.

SHOP growth platform

• 2026 same-store SHOP NOI growth guidance was mid-teens; Q3 2026 same-store RevPOR growth was 7.3% and SHOP NOI margin was 34.9%.

• SHOP contributed 34% of NOI, with a stated path to 40% through organic growth and investment activity; the next target is 50%, with a longer-term goal above that level.

• Same-store SHOP NOI CAGR exceeded 17% since 2021, while same-store SHOP NOI margins increased 13 percentage points over the same period.

• Year-to-date investments closed were nearly $750M, roughly 80% SHOP, at an estimated 8.0% yield; awarded pipeline was about $425M at an estimated 7.0% yield.