Financial Analysis

COMMITMENTS AND CONTINGENCIES Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Companys properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. As of March 31, 2026, the Company does not expect that compliance with existing environmental laws will have a material adverse effect on the Companys financial condition and results of operations. Legal Matters From time to time, the Company and its subsidiaries are party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings where the likelihood of a loss contingency is reasonably possible and the amount or range of reasonably possible losses is material to the Companys results of operations, financial condition or cash flows. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT Secured Indebtedness The Companys secured debt consisted of the following (dollars in thousands): Principal Balance as of As of March 31, 2026 Interest Rate Type March 31, 2026 (1) December 31, 2025 (1) Weighted Average Interest Rate Weighted Average Effective Interest Rate (2) Maturity Date Fixed Rate $ 43,490 $ 44,021 2.86 % 3.37 % May 2031 - August 2051 (1) Principal balance does not include deferred financing costs, net of $0.7 million as of each of March 31, 2026 and December 31, 2025. (2) Weighted average effective interest rate includes private mortgage insurance. Senior Unsecured Notes The Companys senior unsecured notes consisted of the following (dollars in thousands): Principal Balance as of Title Maturity Date March 31, 2026 (1) December 31, 2025 (1) 5.38% senior unsecured notes due 2027 (2027 Notes) May 17, 2027 $ 100,000 $ 100,000 3.90% senior unsecured notes due 2029 (2029 Notes) October 15, 2029 350,000 350,000 3.20% senior unsecured notes due 2031 (2031 Notes) December 1, 2031 800,000 800,000 $ 1,250,000 $ 1,250,000 (1) Principal balance does not include discount, net of $6.6 million and deferred financing costs, net of $7.0 million as of March 31, 2026 and does not include discount, net of $6.9 million and deferred financing costs, net of $7.4 million as of December 31, 2025. In addition, the weighted average effective interest rate as of March 31, 2026 was 3.66%. The 2027 Notes were assumed as a result of the Companys merger with Care Capital Propertie …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price tra …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

OPERATING LEASES Lessor Accounting As of March 31, 2026, 271 of the Companys real estate properties were leased under triple-net operating leases with expirations ranging from less than one year to 18 years. As of March 31, 2026, the leases had a weighted average remaining term of seven years. The leases generally include provisions to extend the lease terms and other negotiated terms and conditions. Certain leases include purchase options whereby the tenant may elect to acquire the underlying real estate assets at a purchase price based on factors including fair market value, the Companys investment and specified capitalization rates or internal rates of return. The Company, through its subsidiaries, retains substantially all of the risks and benefits of ownership of the real estate assets leased to the tenants. The Company may receive additional security under these operating leases in the form of letters of credit and security deposits from the lessee or guarantees from the parent of the lessee. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets and totaled $10.8 million and $10.5 million as of March 31, 2026 and December 31, 2025, respectively, and letters of credit deposited with the Company totaled approximately $66 million and $63 million as of March 31, 2026 and December 31, 2025, respectively. In addition, the Companys tenants have deposited with the Comp …

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Recently Issued Accounting Standards Updates In November 2024, the FASB issued Accounting Standards Update (ASU) 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01 to clarify the effective date (together, herein referred to as ASU 2024-03). ASU 2024-03 is intended to improve expense disclosures, primarily through disaggregated disclosures of specified information about certain costs and expenses included in relevant expense captions on the statement of income. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. …

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of March 31, 2026 and December 31, 2025 and for the three month periods ended March 31, 2026 and 2025. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information as contained within the Financial Accounting Standards Board (FASB) Accounting Standards Codification and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the Companys consolidated financial statements and notes thereto for the year ended December 31, …

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EQUITY Common Stock On February 23, 2023, the Company established an at-the-market equity offering program (the Prior ATM Program) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. On August 5, 2025, the Company terminated the Prior ATM Program pursuant to its termination rights. As of March 31, 2026, 3.2 million shares remained outstanding under the Prior ATM Programs forward sale agreements, with an initial weighted average price of $18.10 per share, net of commissions. On August 5, 2025, the Company established a new at-the-market equity offering program (the ATM Program) pursuant to which shares of its common stock having an aggregate gross sales price of up to $750.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sal …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Dividend Declaration On April 29, 2026, the Companys board of directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 29, 2026 to common stockholders of record as of the close of business on May 15, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing