EX-99.3 4 sbraex9932025q2.htm Q2 2025 NON-GAAP RECONCILIATIONS Document

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Reconciliations of Non-GAAP Financial Measures

June 30, 2025

(Unaudited)



SABRA HEALTH CARE REIT, INC.
2025 OUTLOOK

The table below sets forth our 2025 guidance (per diluted common share):
 LowHigh
Net income$0.77 $0.79 
Add:
Depreciation and amortization of real estate assets0.74 0.74 
Depreciation and amortization of real estate assets related to unconsolidated joint ventures0.03 0.03 
Net loss on sales of real estate(0.02)(0.02)
FFO$1.52 $1.54 
Normalizing items(0.07)(0.07)
Normalized FFO attributable to common stockholders$1.45 $1.47 
FFO attributable to common stockholders$1.52 $1.54 
Stock-based compensation expense0.05 0.05 
Non-cash rental and related revenues(0.06)(0.06)
Non-cash interest expense0.03 0.03 
Other adjustments(0.07)(0.07)
AFFO$1.47 $1.49 
Normalizing items0.02 0.02 
Normalized AFFO attributable to common stockholders$1.49 $1.51 


Earnings guidance above assumes:
•low-single-digit Cash NOI growth for the triple-net portfolio, ignoring the impact of acquisitions and dispositions;
•low-to-mid teens Cash NOI growth for the same store Senior Housing - Managed portfolio;
•general and administrative expenses of approximately $50 million, which includes $11 million of stock-based compensation expense;
•cash interest expense of approximately $102 million;
•weighted average share count of approximately 241.5 million and 242.5 million for Normalized FFO and Normalized AFFO, respectively;
•no tenants are placed on cash-basis or moved to accrual-basis for revenue recognition after June 30, 2025; and
•only investments, dispositions and capital markets activity completed as of August 4, 2025.


The foregoing guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.

logo2.jpg See reporting definitions.                        2


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 June 30,Six Months Ended June 30,
 2025202420252024
Net income$65,542 $23,975 $105,846 $50,229 
Add:
Depreciation and amortization of real estate assets43,586 41,681 87,080 84,595 
Depreciation and amortization of real estate assets related to unconsolidated joint ventures2,043 2,208 4,223 4,437 
Net gain loss on sales of real estate(9,974)(1,776)(9,974)(1,776)
Impairment of real estate4,103 15,335 4,103 18,472 
FFO$105,300 $81,423 $191,278 $155,957 
(Recoveries) write-offs of cash and straight-line rental income receivable and lease intangibles(1,463)— (1,463)2,921 
Recovery of loan losses(227)(161)(400)(298)
Other normalizing items (1)
(14,451)1,274 (14,449)2,395 
Normalized FFO$89,159 $82,536 $174,966 $160,975 
FFO$105,300 $81,423 $191,278 $155,957 
Stock-based compensation expense2,704 1,341 5,415 3,862 
Non-cash rental and related revenues(3,903)(2,387)(6,331)(1,796)
Non-cash interest expense1,726 3,068 3,455 6,139 
Recovery of loan losses(227)(161)(400)(298)
Other adjustments related to unconsolidated joint ventures128 135 19 288 
Other adjustments (2)
(16,528)434 (16,082)851 
AFFO$89,200 $83,853 $177,354 $165,003 
Other normalizing items (1)
2,441 1,126 2,525 2,232 
Normalized AFFO$91,641 $84,979 $179,879 $167,235 
Amounts per diluted common share:
Net income$0.27 $0.10 $0.44 $0.22 
FFO$0.44 $0.35 $0.79 $0.67 
Normalized FFO$0.37 $0.35 $0.73 $0.69 
AFFO$0.37 $0.36 $0.73 $0.70 
Normalized AFFO$0.38 $0.36 $0.74 $0.71 
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO240,929,866 233,750,823 240,711,387 233,583,871 
AFFO and Normalized AFFO 241,996,970 234,907,744 241,865,769 234,821,672 




(1)     Other normalizing items for FFO for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six previously terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur and $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. Other normalizing items for AFFO for the three and six months ended June 30, 2025 include $3.2 million of transition expenses related to the transition of Senior Housing - Managed communities to new operators. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries.
(2)    Other adjustments for the three and six months ended June 30, 2025 include a $17.2 million gain reclassified from other comprehensive loss related to six terminated interest rate swaps as the related forecasted transactions were determined to be probable not to occur.
logo2.jpg See reporting definitions.                        3



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
EBITDA, Adjusted EBITDA, Adjusted EBITDA, as adjusted and Adjusted EBITDA, as adjusted, annualized
Net Debt and Net Debt to Adjusted EBITDA
(in thousands)

Three Months Ended
June 30, 2025
Net income$65,542 
Interest27,548 
Income tax expense497 
Depreciation and amortization43,586 
EBITDA137,173 
Income from unconsolidated joint ventures(832)
Distributions from unconsolidated joint ventures2,233 
Stock-based compensation expense 2,704 
Acquisition and transaction costs462 
Recoveries of non-cash revenue and loan losses(2,155)
Impairment of real estate4,103 
Other income(14,632)
Net gain on sales of real estate(9,974)
Adjusted EBITDA (1)
119,082 
Adjustments for current period activity (2)
(666)
Adjusted EBITDA, as adjusted$118,416 
Adjusted EBITDA, as adjusted, annualized$473,664 
June 30, 2025
Secured debt$45,072 
Revolving credit facility163,023 
Term loans539,860 
Senior unsecured notes1,750,000 
Consolidated Debt2,497,955 
Cash and cash equivalents (3)
(128,697)
Net Debt$2,369,258 
June 30, 2025
Net Debt$2,369,258 
Adjusted EBITDA, as adjusted, annualized$473,664 
Net Debt to Adjusted EBITDA5.00x









(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)    Adjustments for current period activity give effect to the acquisitions and dispositions completed during the period as though such acquisitions and dispositions were completed as of the beginning of the period and adjust for certain income and expense items that the Company does not believe are indicative of its operating results for the current period.
(3)    Includes $33.5 million of net proceeds received on July 1, 2025 related to dispositions that closed on June 30, 2025.
logo2.jpg See reporting definitions.                        4



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income
Supplemental Information
(in thousands)

Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Cash rental income$92,397 $93,527 $182,468 $182,563 
Straight-line rental income1,382 1,176 2,671 2,295 
Recoveries (write-offs) of cash and straight-line rental income receivable and lease intangibles1,463 — 1,463 (2,921)
Above/below market lease amortization1,059 1,211 2,198 2,422 
Operating expense recoveries3,522 3,182 7,060 6,513 
Rental and related revenues$99,823 $99,096 $195,860 $190,872 


logo2.jpg See reporting definitions.                        5



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Senior Housing - Managed Revenues and Cash NOI
(in thousands)

Three Months Ended
 June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025
Revenues:
Resident fees and services$67,939 $73,746 $76,865 $77,447 $78,985 
Income (loss) from unconsolidated joint ventures:
Resident fees and services10,453 10,772 10,646 10,192 10,989 
Resident fees and services not included in same store (1)
(11,687)(16,439)(17,983)(17,864)(19,534)
Same store resident fees and services$66,705 $68,079 $69,528 $69,775 $70,440 
Net income$23,975 $29,788 $46,695 $40,304 $65,542 
Adjustments:
Net income not related to Senior Housing - Managed(17,589)(22,789)(36,888)(32,747)(56,463)
Depreciation and amortization11,278 12,727 12,538 13,654 14,372 
Other income— — (1,334)— (1,038)
Loss (income) from unconsolidated joint ventures(80)(214)96 (218)(832)
Sabra's share of unconsolidated joint ventures' Net Operating Income3,236 3,408 3,131 3,202 3,713 
Net Operating Income$20,820 $22,920 $24,238 $24,195 $25,294 
Non-cash revenue adjustments— — (90)(137)51 
Cash Net Operating Income$20,820 $22,920 $24,148 $24,058 $25,345 
Cash Net Operating Income not included in same store (1)
(1,692)(3,389)(3,515)(2,952)(2,944)
Same store Cash Net Operating Income$19,128 $19,531 $20,633 $21,106 $22,401 















(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.
logo2.jpg See reporting definitions.                        6



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Property Type
(in thousands)

Three Months Ended June 30, 2025
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - Managed ConsolidatedSenior Housing - Managed UnconsolidatedTotal Senior HousingOtherCorporateTotal
Net income (loss)$53,453 $6,366 $8,247 $832 $15,445 $9,301 $3,354 $10,342 $(26,353)$65,542 
Adjustments:
Depreciation and amortization20,430 3,692 14,372 — 18,064 3,537 1,461 — 94 43,586 
Interest195 207 — — 207 — — — 27,146 27,548 
General and administrative— — — — — — — — 12,514 12,514 
Recovery of loan losses— — — — — — — — (227)(227)
Impairment of real estate4,103 — — — — — — — — 4,103 
Other income— — (1,038)— (1,038)— — — (13,671)(14,709)
Net gain on sales of real estate(8,246)— — — — (1,728)— — — (9,974)
Income from unconsolidated joint ventures— — — (832)(832)— — — — (832)
Income tax expense— — — — — — — — 497 497 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — 3,713 3,713 — — — — 3,713 
Net Operating Income$69,935 $10,265 $21,581 $3,713 $35,559 $11,110 $4,815 $10,342 $— $131,761 
Non-cash revenue and expense adjustments(4,998)1,185 — 51 1,236 (99)13 3 — (3,845)
Cash Net Operating Income$64,937 $11,450 $21,581 $3,764 $36,795 $11,011 $4,828 $10,345 $— $127,916 













logo2.jpg         See reporting definitions.                                  7

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI, Annualized Cash NOI and Annualized Cash NOI, as adjusted by Property Type
(in thousands)

Six Months Ended June 30, 2025
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - Managed ConsolidatedSenior Housing - Managed UnconsolidatedTotal Senior HousingOtherCorporateTotal
Net income (loss)$97,609 $14,119 $15,586 $1,050 $30,755 $16,470 $6,685 $20,401 $(66,074)$105,846 
Adjustments:
Depreciation and amortization41,301 7,559 28,026 — 35,585 7,080 2,923 — 191 87,080 
Interest392 416 — — 416 — — — 53,840 54,648 
General and administrative— — — — — — — — 25,242 25,242 
Recovery of loan losses— — — — — — — — (400)(400)
Impairment of real estate4,103 — — — — — — — — 4,103 
Other income— — (1,038)— (1,038)— — — (13,709)(14,747)
Net gain on sales of real estate(8,246)— — — — (1,728)— — — (9,974)
Income from unconsolidated joint ventures— — — (1,050)(1,050)— — — — (1,050)
Income tax expense— — — — — — — — 910 910 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — 6,915 6,915 — — — — 6,915 
Net Operating Income$135,159 $22,094 $42,574 $6,915 $71,583 $21,822 $9,608 $20,401 $— $258,573 
Non-cash revenue and expense adjustments(6,490)373 — (86)287 (250)45 7 — (6,401)
Cash Net Operating Income$128,669 $22,467 $42,574 $6,829 $71,870 $21,572 $9,653 $20,408 $— $252,172 
Annualizing adjustments (1)
122,357 21,785 46,386 8,229 76,400 22,038 9,658 16,098 — 246,551 
Annualized Cash Net Operating Income$251,026 $44,252 $88,960 $15,058 $148,270 $43,610 $19,311 $36,506 $— $498,723 
Reallocation adjustments (2)
1,778 6,734 — — 6,734 24,426 — (32,938)— — 
Annualized Cash Net Operating Income, as adjusted$252,804 $50,986 $88,960 $15,058 $155,004 $68,036 $19,311 $3,568 $— $498,723 






(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.
(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.
logo2.jpg         See reporting definitions.                                  8

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Payor Source
(in thousands)

Six Months Ended June 30, 2025
Private PayorsNon-Private PayorsOtherCorporateTotal
Net income (loss)$58,610 $92,909 $20,401 $(66,074)$105,846 
Adjustments:
Depreciation and amortization46,247 40,642 — 191 87,080 
Interest413 395 — 53,840 54,648 
General and administrative— — — 25,242 25,242 
Recovery of loan losses— — — (400)(400)
Impairment of real estate817 3,286 — — 4,103 
Other income(1,038)— — (13,709)(14,747)
Net gain on sales of real estate(5,199)(4,775)— — (9,974)
Income from unconsolidated joint ventures(1,050)— — — (1,050)
Income tax expense— — — 910 910 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income6,915 — — — 6,915 
Net Operating Income$105,715 $132,457 $20,401 $— $258,573 
Non-cash revenue and expense adjustments(924)(5,484)7 — (6,401)
Cash Net Operating Income$104,791 $126,973 $20,408 $— $252,172 
Annualizing adjustments (1)
108,157 122,296 16,098 — 246,551 
Annualized Cash Net Operating Income$212,948 $249,269 $36,506 $— $498,723 












(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.
logo2.jpg         See reporting definitions.                                  9

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Relationship
(in thousands)

Six Months Ended June 30, 2025
Avamere Family of CompaniesEnsign GroupSignature HealthcareSignature BehavioralRecovery Centers of AmericaThe McGuire GroupAll Other RelationshipsCorporateTotal
Net income (loss)$18,597 $14,199 $14,452 $12,247 $12,704 $7,190 $92,531 $(66,074)$105,846 
Adjustments:
Depreciation and amortization5,652 6,495 6,025 4,478 1,083 3,563 59,593 191 87,080 
Interest— — — — — — 808 53,840 54,648 
General and administrative— — — — — — — 25,242 25,242 
Recovery of loan losses— — — — — — — (400)(400)
Impairment of real estate— — — — — — 4,103 — 4,103 
Other income— — — — — — (1,038)(13,709)(14,747)
Net gain on sales of real estate— — — — — — (9,974)— (9,974)
Income from unconsolidated joint ventures— — — — — — (1,050)— (1,050)
Income tax expense— — — — — — — 910 910 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — — — — 6,915 — 6,915 
Net Operating Income$24,249 $20,694 $20,477 $16,725 $13,787 $10,753 $151,888 $— $258,573 
Non-cash revenue and expense adjustments(3,211)39 6 (138)(54)(1,777)(1,266)— (6,401)
Cash Net Operating Income$21,038 $20,733 $20,483 $16,587 $13,733 $8,976 $150,622 $— $252,172 
Annualizing adjustments (1)
20,981 20,863 19,698 17,136 13,732 9,033 145,108 — 246,551 
Annualized Cash Net Operating Income$42,019 $41,596 $40,181 $33,723 $27,465 $18,009 $295,730 $— $498,723 













(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.
logo2.jpg         See reporting definitions.                                  10
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 and are adjusted to 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.
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 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 (recovery of) 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 noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, 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.
logo2.jpg         See reporting definitions.                                  11
SABRA HEALTH CARE REIT, INC.
REPORTING DEFINITIONS
Normalized FFO and Normalized AFFO. Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO 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. Normalized FFO and Normalized 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 Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized 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 FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does.
Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities.
Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements.
Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities.
Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health.
logo2.jpg         See reporting definitions.                                  12