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CONSISTENT STRATEGY. DELIBERATE EXECUTION. Stifel 2021 Seniors Housing and Healthcare Real Estate Conference January 19, 2021 DELIVERING VALUE

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CONSISTENT STRATEGY. DELIBERATE EXECUTION. Stifel 2021 Seniors Housing and Healthcare Real Estate Conference January 19, 2021 DELIVERING VALUE CONSISTENT STRATEGY. DELIBERATE EXECUTION. Stifel 2021 Seniors Housing and Healthcare Real Estate Conference January 19, 2021 DELIVERING VALUE Our vast industry knowledge, experienced executive team and entrepreneurial spirit make Sabra uniquely positioned to succeed in our dynamic industry. We have the size, know-how, balance sheet and passion to deliver long-term value to shareholders. January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 2 STRATEGY “WE’VE BUILT A STRONG AND RESILIENT FOUNDATION.” – Rick Matros, Chief Executive Officer January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 3 STRATEGY SABRA TODAY AS OF SEPTEMBER 30, 2020 35% 71 $6.4B1 DEBT/ASSET VALUE OPERATOR RELATIONSHIPS ENTERPRISE VALUE $975M+ 9% 20.4% LIQUIDITY MAX RELATIONSHIP NOI CAGR SINCE 2011 CONCENTRATION (1) Includes Sabra’s 49% pro rata share of the debt of its unconsolidated joint venture. Share price as of 1/14/2021. January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 4 STRATEGY A RESILIENT AND AGILE REIT Investment ▪ Invest in high-quality, strong-performing senior housing and SNF portfolios ▪ Relationship diversification ▪ Geographic diversification (investments in 43 states and Canada) ▪ Grow private-pay through investments in high-quality managed senior housing ▪ Develop purpose-built senior housing Finance ▪ Maintain a fortress balance sheet ▪ Maintain sustainable dividend policy Operations ▪ Encourage the sharing of best practices among tenants ▪ Provide industry-leading business intelligence tools January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 5 STRATEGY IN ACTION “BY OPPORTUNISTICALLY EXECUTING OUR STRATEGY, WE CONTINUE TO DELIVER LONG-TERM VALUE FOR OUR SHAREHOLDERS.” – Talya Nevo-Hacohen, Chief Investment Officer January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 6 STRATEGY IN ACTION STRENGTHENED BALANCE SHEET BY REDUCING LEVERAGE Lowered cost of PERMANENT DEBT by 75 basis points to 3.53% 34 vs 72 Reduced NET DEBT TO ADJUSTED EBITDA1 ratio from 5.66x to 4.91x DECEMBER 31, 2018 vs SEPTEMBER 30, 2020 (1) Net Debt to Adjusted EBITDA excludes the unconsolidated joint venture. January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 7 STRATEGY IN ACTION SIGNIFICANTLY IMPROVED CREDIT METRICS INTEREST COVERAGE FIXED CHARGE COVERAGE TOTAL DEBT/ASSET VALUE + 1.27x to 5.41x + 1.52x to 5.22x IMPROVED 1400 bps DECEMBER 31, 2018 vs SEPTEMBER 30, 2020 January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 8 INVESTMENT THESIS “WE CUSTOMIZE OUR FINANCIAL SOLUTIONS TO PROVIDE OPERATORS WITH CAPITAL TO INVEST IN THEIR BUSINESS AND SUPPORT THE DELIVERY OF QUALITY CARE.” – Talya Nevo-Hacohen, Chief Investment Officer January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 9 INVESTMENT THESIS OPPORTUNISTICALLY SOURCED, CREATIVELY STRUCTURED AND PRUDENTLY FINANCED Unique, Accretive Investments Utilize our operational and asset management expertise to identify and capitalize on new opportunities where off-market price dislocation exists. Support Operator Expansion Be the capital partner of choice for the expansion and growth aspirations of our leading operators with regional expertise and favorable demographics. Creatively Financed Development Pursue strategic development opportunities. Minimize risk by making smaller initial investments in purpose-built facility development projects. Opportunistically utilize preferred equity and mezzanine debt investment structures. Optimize Portfolio Continue to curate our portfolio to optimize diversification and maintain a mix of assets well positioned for the future of health care delivery. January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 10 PORTFOLIO “OUR PORTFOLIO AND TENANTS ARE POSITIONED TO DELIVER QUALITY CARE NOW AND IN THE FUTURE.” – Peter Nyland, Executive Vice President Asset Management January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 11 PORTFOLIO COVID-19 IMPACT ON OUR BUSINESS ▪ Since the start of the COVID-19 pandemic, we have collected 99.9% of our expected rents. January collections are in line with what we normally receive through this point of the month. ▪ Our balance sheet remains strong, our liquidity increased $23.7 million during the quarter to $979.0 million as of September 30, 2020, and we have no material debt maturities until 2024. We remain committed to maintaining our Net Debt to Adjusted EBITDA below 5.50x and continue to closely manage our debt levels to remain below this target. For additional detail and information regarding Net Debt to Adjusted EBITDA, refer to the Credit Metrics and Ratings section of our corresponding Supplemental Report and the Reconciliation of Non-GAAP Financial Measures, both available in the Investor Relations section of our website at http://www.sabrahealth.com/investors/financials/reports-presentations. ▪ Our growth expectations continue to be impacted by our cost of capital. We have recently seen significant improvements in our cost of debt while seeing continued volatility in our cost of equity. While we have successfully made investments of over $154.5 million during the nine months ended September 30, 2020, these dynamics continue to challenge our growth opportunities. We remain focused on maintaining a strong balance sheet with ample liquidity and a well-covered dividend, and we continue to pursue opportunities for accretive growth, which we believe can primarily come from the skilled nursing, behavioral and addiction asset classes until our cost of equity stabilizes. January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 12 PORTFOLIO COVID-19 IMPACT ON OUR PORTFOLIO The COVID-19 pandemic continues to have a significant impact on the operations of our facilities, although mitigated by government relief packages providing assistance to our Skilled Nursing/Transitional Care and Specialty Hospital and Other portfolios, and our Senior Housing - Leased and Senior Housing - Managed portfolios. OCCUPANCY ▪ Occupancy for our portfolio has declined from February 2020 through December 2020 as follows: ▪ Skilled Nursing/Transitional Care: 1,200 basis points ▪ Skilled Mix census in our Skilled Nursing/Transitional Care portfolio increased 431 basis points during this same period ▪ Senior Housing - Leased: 509 basis points ▪ Senior Housing - Managed: 857 basis points ▪ Specialty Hospitals and Other: 113 basis points SENIOR HOUSING – MANAGED OPERATIONS ▪ Despite Occupancy Percentage decreases in our Senior Housing – Managed portfolio during the quarter, Revenue Per Occupied Room (“REVPOR”), which excludes government grant income, has remained strong. REVPOR for wholly-owned majority assisted living, wholly-owned independent living REVPOR and our Enlivant joint venture increased 1.4%, 0.6% and 2.5%, respectively, from the second quarter. ▪ In a difficult operating environment, Enlivant implemented an annual increase in rates of approximately 4% for eligible residents effective October 1, 2020. ▪ During the third quarter of 2020, total operating expenses in our Senior Housing -Managed portfolio decreased $1.3 million from the second quarter, mainly due to a $1.4 million decrease in COVID-19 related expenses during the quarter. ▪ Despite a 270 basis point drop in occupancy from the second quarter, cash NOI margin for the third quarter of 2020 in our Senior Housing - Managed portfolio was 26.7% (22.5% excluding CARES Act funds), compared to 22.6% in the second quarter. January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 13 PORTFOLIO COVID-19 IMPACT ON OUR PORTFOLIO (CONT.) ▪ The combined impact of these factors noted on slide 13 has lowered EBITDARM for our leased portfolios and earnings recognized in our Senior Housing-Managed portfolio, though their impact has been partially mitigated thus far due to the provision of the government relief. At this time, we cannot predict the duration or extent of the negative impact; however, we believe that absent further governmental support, a recovery in occupancy levels is critical to avoid providing rent relief for certain of our operators in the future. ▪ The following is a comparison of changes in occupancy, NOI and NOI margin for our Senior Housing – Managed portfolio compared to three publicly traded peers: SHOP Occupancy Loss (Feb – Oct)1 SHOP Same-Store NOI YoY Change2 SHOP Same-Store NOI Margin YoY Change2 (1) Company data sourced from company filings as of 1/14/2021. (2) As of 9/30/2020 company filings. January 19, 2021 Stifel Seniors Housing and Healthcare Real Estate Conference 14 PORTFOLIO COVID-19: MITIGATION ▪ In response to the COVID-19 pandemic, the federal government approved several relief packages that have benefited our Skilled Nursing/Transitional Care facility operators. Prior to September 1, 2020, few of these programs were available to our Senior Housing operators; as of September 1, 2020, eligible assisted living and memory care facility operators were permitted to apply for funding through the CARES Act, with the assistance received or expected to be received partially mitigating the negative impact of COVID-19. ▪ The following summarizes the aggregate amounts reported as being received by or made available to our operators from funding sources provided under the CARES Act. Please refer to the Top 10 Relationships and COVID-19 Mitigation Summary section of our Supplemental Report, available in the Investor
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