Reconciliations of Non-GAAP Financial Measures

September 30, 2023

(Unaudited)

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

FFO, Normalized FFO, AFFO and Normalized AFFO

(dollars in thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

Net (loss) income

$

(15,101)

$

(50,064)

$

(3,400)

$

7,343

Add:

Depreciation and amortization of real estate assets

43,242

47,427

140,211

137,855

Depreciation, amortization and impairment of real estate assets related

2,255

6,090

6,505

15,856

to unconsolidated joint ventures

Net loss on sales of real estate

46,545

80

75,893

4,581

Net gain on sales of real estate related to unconsolidated joint ventures

-

-

-

(220)

Impairment of real estate

-

60,857

7,064

72,602

FFO

$

76,941

$

64,390

$

226,273

$

238,017

Write-offs of cash and straight-line rental income receivable and lease

939

16,370

1,371

15,831

intangibles

Lease termination income

-

-

-

(2,338)

Loss on extinguishment of debt

-

140

1,541

411

Provision for (recovery of) loan losses and other reserves

328

(217)

549

(12)

Support payments paid to joint venture manager (1)

-

2,254

-

5,880

Other normalizing items (2)

(1,003)

(65)

1,066

2,586

Normalized FFO

$

77,205

$

82,872

$

230,800

$

260,375

FFO

$

76,941

$

64,390

$

226,273

$

238,017

Stock-based compensation expense

2,235

2,117

5,468

5,367

Non-cash rental and related revenues

(1,312)

13,031

(6,781)

4,970

Non-cash interest income

8

(589)

(380)

(1,683)

Non-cash interest expense

3,088

2,798

9,179

8,300

Non-cash portion of loss on extinguishment of debt

-

140

1,541

411

Provision for (recovery of) loan losses and other reserves

328

(217)

549

(12)

Other adjustments related to unconsolidated joint ventures

133

(2,378)

371

(4,056)

Other adjustments (3)

61

36

224

2,430

AFFO

$

81,482

$

79,328

$

236,444

$

253,744

Cash portion of lease termination income

-

-

-

(2,338)

Write-off of cash rental income

-

-

-

71

Support payments paid to joint venture manager (1)

-

2,254

-

5,880

Other normalizing items (2)

(1,017)

(80)

1,021

250

Normalized AFFO

$

80,465

$

81,502

$

237,465

$

257,607

Amounts per diluted common share:

Net (loss) income

$

(0.07)

$

(0.22)

$

(0.01)

$

0.03

FFO

$

0.33

$

0.28

$

0.97

$

1.03

Normalized FFO

$

0.33

$

0.36

$

0.99

$

1.12

AFFO

$

0.35

$

0.34

$

1.01

$

1.09

Normalized AFFO

$

0.34

$

0.35

$

1.02

$

1.11

Weighted average number of common shares outstanding, diluted:

Net (loss) income

231,224,692

230,982,227

231,197,375

231,779,750

FFO and Normalized FFO

232,835,849

231,993,295

232,566,392

231,779,750

AFFO and Normalized AFFO

233,988,463

232,858,600

233,878,874

232,810,528

  1. Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by our Enlivant unconsolidated joint venture from TPG for the issuance of senior preferred interests.
  2. Other normalizing items for FFO and AFFO for the three and nine months ended September 30, 2023 include $3.7 million of gain on insurance proceeds in both periods and $1.3 million and $1.4 million of transition expenses related to the transition of 14 Senior Housing - Managed communities to new operators, respectively. Other normalizing items for FFO for the nine months ended September 30, 2022 include $2.2 million of foreign currency transaction loss related to our Canadian borrowings. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries and certain adjustments for amounts recorded in the current period that relate to a prior period.
  3. Other adjustments for the nine months ended September 30, 2022 includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings.

See reporting definitions.

2

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA

Net Debt and Net Debt to Adjusted EBITDA

(in thousands)

Twelve Months Ended

September 30, 2023

Net loss

$

(88,348)

Interest

112,922

Income tax expense

1,633

Depreciation and amortization

190,138

EBITDA

$

216,345

Loss from unconsolidated joint ventures

32,675

Other-than-temporary impairment of unconsolidated joint ventures

57,778

Distributions from unconsolidated joint venture

1,694

Stock-based compensation expense

7,554

Provision for loan losses and other reserves and non-cash revenue write-offs

2,212

Impairment of real estate

28,504

Loss on extinguishment of debt

1,541

Other expense

(85)

Lease termination income

(139)

Net loss on sales of real estate

83,323

Adjusted EBITDA (1)

$

431,402

Annualizing adjustments (2)

(11,415)

Annualized Adjusted EBITDA (3)

$

419,987

September 30, 2023

Secured debt

$

48,643

Revolving credit facility

32,623

Term loans

540,460

Senior unsecured notes

1,750,000

Consolidated Debt

2,371,726

Cash and cash equivalents

(33,256)

Net Debt

$

2,338,470

September 30, 2023

Net Debt

$

2,338,470

Annualized Adjusted EBITDA

$

419,987

Net Debt to Adjusted EBITDA

5.57x

  1. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization ("EBITDA") excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program and loan loss reserves.
  2. Annualizing adjustments give effect to the acquisitions and dispositions completed during the twelve months ended for the period as though such acquisitions and dispositions were completed as of the beginning of the period.
  3. Annualized Adjusted EBITDA is calculated as Adjusted EBITDA as adjusted to give effect to the adjustments described in footnote 2 above.

See reporting definitions.

3

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Consolidated Statements of (Loss) Income

Supplemental Information

(in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

Cash rental income

$

88,006

$

92,966

$

265,044

$

288,532

Straight-line rental income

849

2,006

3,699

7,042

Straight-line rental income receivable write-offs

(992)

(16,606)

(1,510)

(17,068)

Above/below market lease amortization

1,456

1,569

4,592

4,730

Above/below market lease intangible write-offs

-

-

-

326

Operating expense recoveries

3,766

4,279

11,404

13,706

Rental and related revenues

$

93,085

$

84,214

$

283,229

$

297,268

See reporting definitions.

4

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Senior Housing - Managed Revenues and Cash NOI

(in thousands)

Three Months Ended

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

Revenues:

Resident fees and services

$

59,748

$

58,428

$

56,721

$

52,699

$

47,610

Resident fees and services not

included in same store (1)

(20,119)

(19,369)

(18,144)

(13,945)

(10,389)

Same store resident fees and services

$

39,629

$

39,059

$

38,577

$

38,754

$

37,221

Net (loss) income

$

(15,101)

$

21,188

$

(9,487)

$

(84,948)

$

(50,064)

Adjustments:

Net loss (income) not related to

Senior Housing - Managed

Consolidated

18,920

(18,985)

956

87,968

50,741

Depreciation and amortization

11,885

12,279

11,131

10,524

10,228

Other income

(470)

-

-

-

-

Net (gain) loss on sale of real estate

(9)

(18)

10,484

-

-

Cash Net Operating Income

$

15,225

$

14,464

$

13,084

$

13,544

$

10,905

Cash Net Operating Income not

included in same store (1)

(4,311)

(4,095)

(2,708)

(3,021)

(2,395)

Same store Cash Net Operating

Income

$

10,914

$

10,369

$

10,376

$

10,523

$

8,510

  1. Includes adjustments for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results.

See reporting definitions.

5

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Cash NOI by Property Type

(in thousands)

Three Months Ended September 30, 2023

Skilled

Senior Housing

Nursing/

Senior

Senior Housing

Senior Housing -

Total

Specialty

Transitional

Housing -

- Managed

Managed

Senior

Behavioral

Hospitals

Care

Leased

Consolidated

Unconsolidated

Housing

Health

and Other

Other

Corporate

Total

Net (loss) income

$

(1,422)

$

2,850

$

3,819

$

(645)

$

6,024

$

5,775

$

3,266

$

8,794

$

(37,538)

$

(15,101)

Adjustments:

Depreciation and amortization

22,219

4,296

11,885

-

16,181

3,353

1,460

-

29

43,242

Interest

207

223

-

-

223

-

-

-

27,726

28,156

General and administrative

-

-

-

-

-

-

-

-

10,759

10,759

Provision for loan losses and other reserves

-

-

-

-

-

-

-

-

328

328

Other income

-

-

(470)

-

(470)

-

-

-

(1,759)

(2,229)

Net loss (gain) on sales of real estate

44,286

2,268

(9)

-

2,259

-

-

-

-

46,545

Loss from unconsolidated joint ventures

-

-

-

645

645

-

-

-

-

645

Income tax expense

-

-

-

-

-

-

-

-

455

455

Sabra's share of unconsolidated joint ventures' Net

Operating Income

-

-

-

2,612

2,612

-

-

-

-

2,612

Net Operating Income

$

65,290

$

9,637

$

15,225

$

2,612

$

27,474

$

9,128

$

4,726

$

8,794

$

-

$

115,412

Non-cash revenue and expense adjustments

(1,359)

(429)

-

-

(429)

657

(128)

8

-

(1,251)

Cash Net Operating Income

$

63,931

$

9,208

$

15,225

$

2,612

$

27,045

$

9,785

$

4,598

$

8,802

$

-

$

114,161

See reporting definitions.

6

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Property Type

(in thousands)

Nine Months Ended September 30, 2023

Skilled

Senior Housing

Nursing/

Senior

Senior Housing

Senior Housing -

Total

Specialty

Transitional

Housing -

- Managed

Managed

Senior

Behavioral

Hospitals

Care

Leased

Consolidated

Unconsolidated

Housing

Health

and Other

Other

Corporate

Total

Net income (loss)

$

48,199

$

14,224

$

(2,509)

$

(2,136)

$

9,579

$

19,133

$

9,789

$

25,991

$

(116,091)

$

(3,400)

Adjustments:

Depreciation and amortization

77,620

13,016

35,295

-

48,311

9,819

4,382

-

79

140,211

Interest

627

677

-

-

677

-

-

-

83,720

85,024

General and administrative

-

-

-

-

-

-

-

-

30,793

30,793

Provision for loan losses and other reserves

-

-

-

-

-

-

-

-

549

549

Impairment of real estate

7,064

-

-

-

-

-

-

-

-

7,064

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

1,541

1,541

Other income

-

-

(470)

-

(470)

-

-

-

(2,100)

(2,570)

Net loss on sales of real estate

61,692

3,744

10,457

-

14,201

-

-

-

-

75,893

Loss from unconsolidated joint ventures

-

-

-

2,136

2,136

-

-

-

-

2,136

Income tax expense

-

-

-

-

-

-

-

-

1,509

1,509

Sabra's share of unconsolidated joint ventures' Net

Operating Income

-

-

-

7,319

7,319

-

-

-

-

7,319

Net Operating Income

$

195,202

$

31,661

$

42,773

$

7,319

$

81,753

$

28,952

$

14,171

$

25,991

$

-

$

346,069

Non-cash revenue and expense adjustments

(4,495)

(1,415)

-

-

(1,415)

(299)

(402)

(380)

-

(6,991)

Cash Net Operating Income

$

190,707

$

30,246

$

42,773

$

7,319

$

80,338

$

28,653

$

13,769

$

25,611

$

-

$

339,078

Annualizing adjustments (1)

55,119

11,066

19,709

3,126

33,901

12,230

4,670

8,537

-

114,457

Annualized Cash Net Operating Income

$

245,826

$

41,312

$

62,482

$

10,445

$

114,239

$

40,883

$

18,439

$

34,148

$

-

$

453,535

Reallocation adjustments (2)

606

5,598

-

-

5,598

24,426

-

(30,630)

-

-

Annualized Cash Net Operating Income, as adjusted

$

246,432

$

46,910

$

62,482

$

10,445

$

119,837

$

65,309

$

18,439

$

3,518

$

-

$

453,535

  1. Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries) and the residual rents due to Sabra from prior asset sales under the Company's 2017 memorandum of understanding with Genesis, as well as adjustments to reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.
  2. Adjustments to reflect Annualized Cash Net Operating Income from mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate.

See reporting definitions.

7

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Payor Source

(in thousands)

Nine Months Ended September 30, 2023

Private Payors

Non-Private Payors

Other

Corporate

Total

Net income (loss)

$

26,798

$

59,902

$

25,991

$

(116,091)

$

(3,400)

Adjustments:

Depreciation and amortization

66,936

73,196

-

79

140,211

Interest

727

577

-

83,720

85,024

General and administrative

-

-

-

30,793

30,793

Provision for loan losses and other reserves

-

-

-

549

549

Impairment of real estate

415

6,649

-

-

7,064

Loss on extinguishment of debt

-

-

-

1,541

1,541

Other income

(470)

-

-

(2,100)

(2,570)

Net loss on sales of real estate

31,357

44,536

-

-

75,893

Loss from unconsolidated joint ventures

2,136

-

-

-

2,136

Income tax expense

-

-

-

1,509

1,509

Sabra's share of unconsolidated joint ventures' Net Operating Income

7,319

-

-

-

7,319

Net Operating Income

$

135,218

$

184,860

$

25,991

$

-

$

346,069

Non-cash revenue and expense adjustments

(3,162)

(3,449)

(380)

-

(6,991)

Cash Net Operating Income

$

132,056

$

181,411

$

25,611

$

-

$

339,078

Annualizing adjustments (1)

51,049

54,871

8,537

-

114,457

Annualized Cash Net Operating Income

$

183,105

$

236,282

$

34,148

$

-

$

453,535

  1. Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries) and the residual rents due to Sabra from prior asset sales under the Company's 2017 memorandum of understanding with Genesis, as well as an adjustment to reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.

See reporting definitions.

8

SABRA HEALTH CARE REIT, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Annualized Cash NOI by Relationship

(in thousands)

Nine Months Ended September 30, 2023

Avamere

Recovery

The

Signature

The Ensign

Family of

Signature

Centers of

Holiday AL

Leo Brown

McGuire

Healthmark

All Other

Healthcare

Group

Companies

Behavioral

America

Holdings LP

Group

Group

CommuniCare

Group

Relationships

Corporate

Total

Net income (loss)

$

21,553

$

18,582

$

14,474

$

17,697

$

17,924

$

(7,586)

$

6,926

$ 10,737

$

8,639

$

9,635

$

(5,890)

$

(116,091)

$

(3,400)

Adjustments:

Depreciation and amortization

10,582

10,295

9,103

6,726

908

15,379

10,705

5,345

2,991

2,487

65,611

79

140,211

Interest

-

-

-

-

-

-

367

-

-

-

937

83,720

85,024

General and administrative

-

-

-

-

-

-

-

-

-

-

-

30,793

30,793

Provision for loan losses and other

reserves

-

-

-

-

-

-

-

-

-

-

-

549

549

Impairment of real estate

-

-

-

-

-

-

-

-

-

-

7,064

-

7,064

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

1,541

1,541

Other income

-

-

-

-

-

-

-

-

-

-

(470)

(2,100)

(2,570)

Net loss on sales of real estate

-

-

1,408

-

-

10,457

-

-

-

-

64,028

-

75,893

Loss from unconsolidated joint

ventures

-

-

-

-

-

-

-

-

-

-

2,136

-

2,136

Income tax expense

-

-

-

-

-

-

-

-

-

-

-

1,509

1,509

Sabra's share of unconsolidated

joint ventures' Net Operating

Income

-

-

-

-

-

-

-

-

-

-

7,319

-

7,319

Net Operating Income

$

32,135

$

28,877

$

24,985

$

24,423

$

18,832

$

18,250

$

17,998

$ 16,082

$

11,630

$

12,122

$

140,735

$

-

$

346,069

Non-cash revenue and expense

adjustments

15

13

139

(610)

228

-

(953)

(3,158)

617

2

(3,284)

-

(6,991)

Cash Net Operating Income

$

32,150

$

28,890

$

25,124

$

23,813

$

19,060

$

18,250

$

17,045

$ 12,924

$

12,247

$

12,124

$

137,451

$

-

$

339,078

Annualizing adjustments (1)

10,011

8,764

10,195

8,285

8,024

7,109

6,294

4,408

4,348

4,041

42,978

-

114,457

Annualized Cash Net Operating

Income

$

42,161

$

37,654

$

35,319

$

32,098

$

27,084

$

25,359

$

23,339

$ 17,332

$

16,595

$

16,165

$

180,429

$

-

$

453,535

  1. Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries) and the residual rents due to Sabra from prior asset sales under the Company's 2017 memorandum of understanding with Genesis, as well as an adjustment to reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.

See reporting definitions.

9

SABRA HEALTH CARE REIT, INC.

REPORTING DEFINITIONS

Adjusted EBITDA. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization ("EBITDA") excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.

Annualized Cash Net Operating Income ("Annualized Cash NOI"). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income.

Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company's loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries or additional rents and are adjusted to (i) reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis, (ii) exclude residual rents due to Sabra from prior asset sales under the Company's 2017 memorandum of understanding with Genesis and (iii) reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.

Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling.

Cash Net Operating Income ("Cash NOI"). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income.

Consolidated Debt. The principal balances of the Company's revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company's consolidated financial statements.

Funds From Operations ("FFO") and Adjusted Funds from Operations ("AFFO"). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts ("Nareit"), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company's operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company's share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company's share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding merger and acquisition costs, stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company's share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company's operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company's real estate assets nor do they purport to be indicative of cash available to fund the Company's future cash requirements. Further, the Company's computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.

Net Debt. The principal balances of the Company's revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company's consolidated financial statements, net of cash and cash equivalents as reported in the Company's consolidated financial statements.

Net Debt to Adjusted EBITDA. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.

Net Operating Income ("NOI"). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.

See reporting definitions.

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Sabra Health Care REIT Inc. published this content on 03 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 22:28:43 UTC.