Core Viewpoint - The analyst has extensive experience in researching various industries, particularly in commodities and technology, and has transitioned to a value investing-focused platform to share insights on companies, especially in metals and mining sectors [1]. Group 1: Company Research - The analyst has researched companies across multiple sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1]. - The analyst has a preference for covering metals and mining stocks but is also knowledgeable in consumer discretionary/staples, REITs, and utilities [1]. Group 2: Investment Approach - The analyst has shifted from writing a blog to creating a YouTube channel focused on value investing, where extensive research on hundreds of companies has been conducted [1].

Financial Data and Key Metrics Changes - Sabra's normalized FFO per share for Q4 2025 was $0.36, and normalized AFFO per share was $0.38, totaling $91.2 million and $95.2 million respectively for the quarter [12][15] - Cash NOI from the triple net portfolio decreased by $1.3 million sequentially, while cash NOI from the managed senior housing portfolio increased by $5.5 million, resulting in a net increase of $4.2 million [12][13] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a revenue growth of 15.8% and cash NOI growth of 18.4%, with margin expansion of 60 basis points [8] - The same-store managed senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [10] - The skilled nursing portfolio achieved an all-time high in rent coverage and increased occupancy [7] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [10] - The domestic portfolio occupancy increased by 80 basis points to 84.7% during the same period [10] Company Strategy and Development Direction - The company expects strong NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [5] - Sabra's investment activity is projected to exceed the volume of 2025 investments, with a robust pipeline and $240 million of awarded deals expected to close in Q1 and early Q2 2026 [6][9] - The company continues to focus on SHOP investments, which represent approximately 95% of the investment opportunities being pursued [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth prospects, citing industry tailwinds and a robust pipeline [10] - The regulatory environment remains stable, and management does not foresee significant changes impacting operations [7][82] - The company anticipates continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels [24] Other Important Information - The board declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of the fourth quarter normalized AFFO per share [20] - The company has ample liquidity of approximately $1.2 billion, consisting of cash and available borrowings [19] Q&A Session Summary Question: Can you provide insights on same-store growth and long-term prospects? - Management expects continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels, with potential for rate growth [24][25] Question: What is the status of the RCA loan and tenant health? - The RCA loan is being serviced appropriately, and discussions with the equity sponsor are ongoing, indicating tenant health is stable [27][30] Question: What are the expectations for maintenance CapEx in 2026? - Maintenance CapEx is expected to remain at similar levels, with non-maintenance CapEx projected in the $20-$30 million range [32] Question: How is the investment landscape changing? - The investment activity is significantly weighted towards SHOP, with continued competition but opportunities for high-quality assets at good yields [58] Question: What is the outlook for occupancy growth in Canada? - The Canadian portfolio is expected to continue its growth trajectory, with lower construction rates compared to the U.S. market [52] Question: How does the company view the complexity of operating in the SHOP space? - Management acknowledges the complexities of operating in the SHOP space, emphasizing the importance of experienced operators and continuous improvement in management practices [88][91]

Financial Data and Key Metrics Changes - Sabra reported normalized FFO per share of $0.36 and normalized AFFO per share of $0.38 for Q4 2025, totaling $91.2 million and $95.2 million respectively [13] - Cash NOI from the managed senior housing portfolio increased by $5.5 million to $35.6 million, while cash NOI from the triple-net portfolio decreased by $1.3 million [14] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a sequential revenue growth of 15.8% and cash NOI growth of 18.4% [9] - The same-store senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [10] - The skilled nursing portfolio achieved an all-time high in rent coverage and increased occupancy [7] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [10] - The overall occupancy in the domestic portfolio increased by 80 basis points to 84.7% [11] - RevPOR in Q4 2025 rose by 4.2% year-over-year, with Canadian portfolio growth at 5.2% [11] Company Strategy and Development Direction - The company expects robust NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [5] - Sabra completed approximately $450 million in investments for 2025 and anticipates exceeding this volume in 2026 [6] - The company remains focused on the senior housing sector, with 95% of investment opportunities in SHOP [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued occupancy growth, expecting the same-store portfolio to reach low 90s occupancy levels [24] - The regulatory environment remains stable, with no significant concerns regarding Medicaid and Medicare rates [82] - Management noted that the Canadian market is ahead of the U.S. in recovery, with lower construction rates contributing to occupancy growth [52] Other Important Information - The company declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of Q4 normalized AFFO per share [20] - Sabra has ample liquidity of approximately $1.2 billion, including unrestricted cash and available borrowings [19] Q&A Session Summary Question: What are the building blocks of same-store growth? - Management expects continued occupancy growth, with the portfolio projected to reach low 90s occupancy levels [24] Question: Can you provide an update on the RCA loan and tenant health? - The RCA loan is being serviced appropriately, indicating tenant health is stable [31] Question: What are the expected maintenance and non-maintenance CapEx for 2026? - Maintenance CapEx is expected to remain similar to previous levels, while non-maintenance CapEx is projected to be in the $20 million-$30 million range [33] Question: How is the investment landscape changing? - The investment activity is significantly weighted towards SHOP, with competition increasing but still finding high-quality assets [58] Question: What is the outlook for occupancy growth in the Canadian portfolio? - The Canadian portfolio is expected to continue its growth trajectory, with occupancy and pricing power improving [65]

Financial Data and Key Metrics Changes - Sabra reported normalized FFO per share of $0.36 and normalized AFFO per share of $0.38 for Q4 2025, totaling $91.2 million and $95.2 million respectively [12][14] - Cash NOI from the triple net portfolio decreased by $1.3 million sequentially, while cash NOI from the managed senior housing portfolio increased by $5.5 million, resulting in a net increase of $4.2 million [12][13] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a sequential revenue growth of 15.8% and cash NOI growth of 18.4%, with margin expansion of 60 basis points [7] - The same-store senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [9] - The skilled nursing portfolio achieved increased rent coverage and occupancy, reaching an all-time high [6] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [9] - The domestic portfolio occupancy increased by 80 basis points to 84.7% during the same period [10] - RevPOR in Q4 2025 rose by 4.2% year-over-year, with the Canadian portfolio increasing by 5.2% [10] Company Strategy and Development Direction - The company expects strong NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [4] - Sabra completed approximately $450 million in investments for 2025 and anticipates exceeding this volume in 2026 [5] - The company is focusing on maintaining a robust pipeline of investments, with $240 million of awarded deals expected to close in Q1 and early Q2 2026 [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth potential of the senior housing portfolio, citing industry tailwinds and a robust pipeline [10] - The regulatory environment remains stable, and the company expects to see continued occupancy growth in its same-store portfolio [6][15] - Management noted that the Canadian market is ahead of the U.S. market in recovery, with lower construction rates contributing to occupancy growth [10][50] Other Important Information - The board declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of the fourth quarter normalized AFFO per share [20] - The company has ample liquidity of approximately $1.2 billion, consisting of unrestricted cash and available borrowings [19] Q&A Session Summary Question: Can you provide insights on same-store growth and future prospects? - Management expects continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels [24] Question: What is the status of the RCA loan and its impact on guidance? - The RCA loan is being serviced appropriately, and guidance assumes the lease remains in place [28] Question: How is the investment landscape changing, particularly regarding skilled nursing? - The majority of the $240 million awarded transactions are focused on SHOP, with minimal skilled nursing investments expected [57] Question: What is the expected maintenance CapEx for 2026? - Maintenance CapEx is expected to remain at similar levels, with non-recurring CapEx projected in the $20-$30 million range [33] Question: How does the company view the competitive landscape in the SHOP sector? - The company acknowledges increased competition but continues to find high-quality assets at attractive yields [58]

Strategic. Disciplined. Opportunistic. Investor Presentation | February 12, 2026 Disclaimers Forward-Looking Statements This presentation contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Ex ...

Financial Position - As of December 31, 2025, the company had approximately $1.2 billion in liquidity, including $71.5 million in unrestricted cash and cash equivalents, and available borrowings of $782.4 million under its Revolving Credit Facility[63]. - As of December 31, 2025, the company had $1.3 billion in aggregate principal amount of Senior Notes outstanding and $1.0 billion under Term Loans[294]. - The company had $1.3 billion of outstanding variable rate indebtedness and $782.4 million available for borrowing under its Revolving Credit Facility as of December 31, 2025[294]. - Interest rate swaps were in place for $930.0 million of SOFR-based borrowings at a weighted average rate of 3.20% and CAD $150.0 million of CORRA-based borrowings at 2.59%[295]. - A 100 basis point increase or decrease in the index underlying the variable rate debt would result in a $2.2 million increase or decrease in interest expense for the twelve months following December 31, 2025[297]. - The company has Canadian dollar denominated debt totaling CAD $183.7 million to mitigate foreign currency exposure as of December 31, 2025[297]. Portfolio and Operations - The company’s portfolio consisted of 360 properties, with no single tenant representing 10% or more of total revenues, ensuring a diversified revenue stream[51][53]. - The company held 273 facilities under triple-net leases with a weighted-average remaining term of seven years, providing stable long-term income[54]. - The company operated 87 Senior Housing - Managed communities, which are expected to enhance growth opportunities through capital investment and operational efficiencies[55]. - The company aims to diversify its asset portfolio by acquiring assisted living, independent living, and memory care communities, as well as skilled nursing facilities in the U.S. and Canada[61]. - The company has established 61 relationships with operators to reduce dependence on any single tenant and to support future growth potential[66]. - The company plans to pursue strategic development opportunities, including renovations and expansions of existing facilities, to enhance competitiveness and returns[69]. Management and Workforce - The management team has extensive experience in healthcare and real estate, which is expected to provide a competitive advantage in identifying investment opportunities[70][71]. - The company recognizes the importance of an inclusive workforce, with 55% of employees being women and 34% identifying as ethnic minorities, contributing to a positive work environment[72][74]. Regulatory and Market Risks - The company is subject to federal and state budgetary cuts that could limit reimbursement levels from Medicare and Medicaid, potentially reducing tenant revenues significantly[80]. - Future changes in legislation and regulatory frameworks could impose further limitations on government payments to tenants[80]. - The company is exposed to various market risks, primarily related to adverse changes in interest rates and foreign exchange rates for Canadian dollars[293]. - The company may face significant legal expenses and management attention due to compliance with governmental operating and health standards[80].

Financial Performance - Net income attributable to Sabra Health Care REIT, Inc. for Q4 2025 was $27.2 million, compared to $46.7 million in Q4 2024, reflecting a decrease of approximately 41% year-over-year[7] - Net income for the quarter ended December 31, 2025, was $27,147, compared to $46,695 in the same quarter of 2024, indicating a decrease of 41.6%[14] - Net income for the year ended December 31, 2025, was $155.510 million, with a net loss of $154.616 million attributed to corporate expenses[20] - Total net income for the year ended December 31, 2025, was $155.510 million, with a net loss of $(154.616) million in corporate[25] Cash Flow and Income - Cash rental income for Q4 2025 was $87.5 million, slightly down from $90.0 million in Q4 2024[12] - Cash Net Operating Income (NOI) for the year was $517.330 million, reflecting a pro rata Cash NOI of $312.318 million[25] - Cash Net Operating Income - pro rata for the quarter ended December 31, 2025, was $133,621, compared to $24,148 in the same quarter of 2024, showing significant growth[17] - Cash NOI growth for the triple-net portfolio is projected to be low-single-digit at the midpoint, while same-store Senior Housing - Managed portfolio is expected to grow in the low to mid-teens[5] Expenses and Adjustments - General and administrative expenses for 2026 are estimated at $52 million, which includes $12 million of stock-based compensation expense[5] - Stock-based compensation expense for Q4 2025 was $3.1 million, compared to $2.5 million in Q4 2024[7] - Depreciation and amortization for the quarter ended December 31, 2025, totaled $51,405, up from $12,538 in the same quarter of 2024[17] - Depreciation and amortization expenses totaled $186.996 million, with $81.358 million from skilled nursing and $71.745 million from senior housing[20] Operational Metrics - The company reported an Adjusted EBITDA of $123.9 million for Q4 2025, with an annualized figure of $495.6 million[9] - Adjusted EBITDA is a key performance measure, excluding merger-related costs and stock-based compensation, highlighting operational efficiency[28] - The company emphasizes the importance of Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) as indicators of ongoing operational results[34] - The weighted average share count for Normalized FFO and Normalized AFFO is projected to be 255 million and 256 million, respectively, for 2026[5] Debt and Liabilities - Net Debt as of December 31, 2025, was $2.48 billion, with a Net Debt to Adjusted EBITDA ratio of 5.00x[9] - Interest expenses amounted to $112.489 million, with $110.892 million attributed to corporate[20] - The company reported a loss on extinguishment of debt of $1.154 million, impacting overall financial performance[20] Joint Ventures and Other Income - Income from unconsolidated joint ventures for the quarter ended December 31, 2025, was $(1,652)[17] - The company’s share of unconsolidated joint ventures' Net Operating Income was $4,061 for the quarter ended December 31, 2025[17] - The company’s share of unconsolidated joint ventures' Net Operating Income was $15.010 million, contributing to overall performance metrics[25] Real Estate and Asset Management - The company reported a net loss on sales of real estate amounting to $9,063 for the quarter ended December 31, 2025[17] - Impairment of real estate was recorded at $7.322 million, indicating potential asset devaluation[20] - Non-cash revenue and expense adjustments resulted in a net adjustment of $(1.075) million, affecting the cash flow statement[22] - The annualized effect of acquisitions and lease modifications contributed to the adjustments needed for Cash Net Operating Income representation[23]

Group 1 - Sabra Health Care REIT, Inc. will release its 2025 fourth quarter earnings on February 12, 2026, after market close [1] - A conference call to discuss the earnings will take place on February 13, 2026, at 11:00 a.m. Pacific Time, with specific dial-in numbers provided for U.S. and international participants [1] - A digital replay of the conference call will be available on Sabra's website [2] Group 2 - On February 2, 2026, Sabra's board declared a quarterly cash dividend of $0.30 per share, payable on February 27, 2026, to stockholders of record as of February 13, 2026 [2] - Sabra operates as a self-administered, self-managed real estate investment trust (REIT) focused on the healthcare industry in the U.S. and Canada [3]

Core Insights - Sabra Health Care REIT (SBRA) has shown significant recovery post-pandemic, indicating potential for further growth while providing dividends [1] Group 1: Company Performance - The company has been recovering well in recent years after being significantly impacted during the pandemic [1] - There is still considerable potential for growth in Sabra Health Care REIT, suggesting it may be an attractive investment opportunity [1] Group 2: Analyst Background - The analyst has over a decade of experience in researching various industries, including commodities and technology, which enhances the credibility of the insights provided [1] - The analyst has transitioned from writing a blog to a value investing-focused YouTube channel, indicating a commitment to thorough research and analysis [1]

Group 1 - The company has announced a series of ordinary dividends totaling $1.2000000 per share for the year 2025, with a consistent distribution of $0.3000000 per share across four payment dates [1][2] - The breakdown of the dividends includes qualified dividends of $0.9755384 per share and non-qualified dividends of $0.2244616 per share, indicating a clear distinction in the types of dividends being distributed [2] - The payment dates for the dividends are set for February 28, May 30, August 29, and November 28 in 2025, ensuring regular cash flow for shareholders throughout the year [1][2] Group 2 - The total ordinary dividends for the year represent a distribution rate of 100.00%, with qualified dividends making up 81.29% and non-qualified dividends accounting for 18.71% of the total [2] - The company has maintained a consistent dividend policy, reflecting its commitment to returning value to shareholders while managing its earnings effectively [1][2]