SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables)

3 Months Ended

Mar. 31, 2016

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION [Abstract]

Schedule of Condensed Consolidating Balance Sheet (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2016

(in thousands)

(unaudited)

	Parent Company		Issuers		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Assets
Real estate investments, net of accumulated depreciation	$	119	$	—	$	1,701,093	$	222,561	$	—		$	1,923,773
Loans receivable and other investments, net	—		—		299,675		—		(2,167		)	297,508
Cash and cash equivalents	3,789		—		1,726		3,618		—			9,133
Restricted cash	—		—		128		8,645		—			8,773
Assets held for sale	—		—		75,450		—		—			75,450
Prepaid expenses, deferred financing costs and other assets, net	2,568		12,940		96,733		10,549		(3,271		)	119,519
Intercompany	449,851		890,493		—		—		(1,340,344		)	—
Investment in subsidiaries	561,125		796,160		56,849		—		(1,414,134		)	—
Total assets	$	1,017,452	$	1,699,593	$	2,231,654	$	245,373	$	(2,759,916	)	$	2,434,156
Liabilities
Mortgage notes, net	$	—	$	—	$	—	$	175,045	$	—		$	175,045
Revolving credit facility	—		198,000		—		—		—			198,000
Term loans, net	—		243,372		95,257		—		—			338,629
Senior unsecured notes, net	—		686,336		—		—		—			686,336
Liabilities held for sale	—		—		340		—		—			340
Accounts payable and accrued liabilities	10,028		10,760		8,597		1,194		(2,271		)	28,308
Intercompany	—		—		1,323,532		16,812		(1,340,344		)	—
Total liabilities	10,028		1,138,468		1,427,726		193,051		(1,342,615		)	1,426,658
Total Sabra Health Care REIT, Inc. stockholders' equity	1,007,424		561,125		803,928		52,248		(1,417,301		)	1,007,424
Noncontrolling interests	—		—		—		74		—			74
Total equity	1,007,424		561,125		803,928		52,322		(1,417,301		)	1,007,498
Total liabilities and equity	$	1,017,452	$	1,699,593	$	2,231,654	$	245,373	$	(2,759,916	)	$	2,434,156

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015

(in thousands)

	Parent Company		Issuers		Combined Guarantor Subsidiaries		Combined  Non- Guarantor Subsidiaries		Elimination			Consolidated
Assets
Real estate investments, net of accumulated depreciation	$	48	$	—	$	1,816,813	$	222,755	$	—		$	2,039,616
Loans receivable and other investments, net	—		—		302,282		—		(2,105		)	300,177
Cash and cash equivalents	2,548		—		1,008		3,878		—			7,434
Restricted cash	—		—		1,618		8,195		—			9,813
Prepaid expenses, deferred financing costs and other assets, net	2,047		13,384		89,590		9,522		(2,746		)	111,797
Intercompany	489,763		918,209		—		—		(1,407,972		)	—
Investment in subsidiaries	568,841		792,065		55,439		—		(1,416,345		)	—
Total assets	$	1,063,247	$	1,723,658	$	2,266,750	$	244,350	$	(2,829,168	)	$	2,468,837
Liabilities
Mortgage notes, net	$	—	$	—	$	—	$	174,846	$	—		$	174,846
Revolving credit facility	—		255,000		—		—		—			255,000
Term loans, net	—		200,000		64,229		—		—			264,229
Senior unsecured notes, net	—		685,704		—		—		—			685,704
Accounts payable and accrued liabilities	9,477		14,113		11,254		2,084		(1,746		)	35,182
Intercompany	—		—		1,391,115		16,857		(1,407,972		)	—
Total liabilities	9,477		1,154,817		1,466,598		193,787		(1,409,718		)	1,414,961
Total Sabra Health Care REIT, Inc. stockholders' equity	1,053,770		568,841		800,152		50,457		(1,419,450		)	1,053,770
Noncontrolling interests	—		—		—		106		—			106
Total equity	1,053,770		568,841		800,152		50,563		(1,419,450		)	1,053,876
Total liabilities and equity	$	1,063,247	$	1,723,658	$	2,266,750	$	244,350	$	(2,829,168	)	$	2,468,837

Schedule of Condensed Consolidating Statement of Income (unaudited)

CONDENSED CONSOLIDATING STATEMENT OF LOSS

For the Three Months EndedMarch 31, 2016

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company			Issuers			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Revenues:
Rental income	$	—		$	—		$	48,858		$	6,690		$	(236	)	$	55,312
Interest and other income	—			119			5,410			(15		)	(182		)	5,332
Resident fees and services	—			—			1,344			571			—			1,915
Total revenues	—			119			55,612			7,246			(418		)	62,559
Expenses:
Depreciation and amortization	183			—			15,509			2,074			—			17,766
Interest	—			14,302			869			1,866			(119		)	16,918
Operating expenses	—			—			967			681			(236		)	1,412
General and administrative	4,473			10			169			62			—			4,714
Provision for doubtful accounts and loan losses	233			—			2,290			—			—			2,523
Impairment of real estate	—			—			29,811			—			—			29,811
Total expenses	4,889			14,312			49,615			4,683			(355		)	73,144
Other income (expense):
Loss on extinguishment of debt	—			(468		)	(88		)	—			—			(556		)
Other income (loss)	—			500			(450		)	(50		)	—			—
Net loss on sales of real estate	—			—			(4,602		)	—			—			(4,602		)
Total other income (expense)	—			32			(5,140		)	(50		)	—			(5,158		)
Income in subsidiary	(10,759		)	3,402			—			—			7,357			—
Net (loss) income	(15,648		)	(10,759		)	857			2,513			7,294			(15,743		)
Net loss attributable to noncontrolling interests	—			—			—			32			—			32
Net (loss) income attributable to Sabra Health Care REIT, Inc.	(15,648		)	(10,759		)	857			2,545			7,294			(15,711		)
Preferred stock dividends	(2,561		)	—			—			—			—			(2,561		)
Net (loss) income attributable to common stockholders	$	(18,209	)	$	(10,759	)	$	857		$	2,545		$	7,294		$	(18,272	)
Net loss attributable to common stockholders, per:
Basic common share																$	(0.28	)
Diluted common share																$	(0.28	)
Weighted-average number of common shares outstanding, basic																65,248,203
Weighted-average number of common shares outstanding, diluted																65,248,203

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months EndedMarch 31, 2015

(dollars in thousands, except per share amounts)

(unaudited)

	Parent Company			Issuers		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—	$	44,601		$	4,904	$	—		$	49,505
Interest and other income	1			—		5,384			—		—			5,385
Resident fees and services	—			—		—			682		—			682
Total revenues	1			—		49,985			5,586		—			55,572
Expenses:
Depreciation and amortization	13			—		12,702			1,435		—			14,150
Interest	—			12,550		—			1,330		—			13,880
Operating expenses	—			—		—			498		—			498
General and administrative	5,902			—		415			44		—			6,361
Provision for doubtful accounts	(464		)	—		1,608			—		—			1,144
Total expenses	5,451			12,550		14,725			3,307		—			36,033
Other income (expense):
Other (expense) income	—			—		(100		)	—		—			(100		)
Total other income (expense)	—			—		(100		)	—		—			(100		)
Income in subsidiary	24,900			37,450		1,395			—		(63,745		)	—
Net income	19,450			24,900		36,555			2,279		(63,745		)	19,439
Net loss attributable to noncontrolling interests	—			—		—			11		—			11
Net income attributable to Sabra Health Care REIT, Inc.	19,450			24,900		36,555			2,290		(63,745		)	19,450
Preferred dividends	(2,561		)	—		—			—		—			(2,561		)
Net income attributable to common stockholders	$	16,889		$	24,900	$	36,555		$	2,290	$	(63,745	)	$	16,889
Net loss attributable to common stockholders, per:
Basic common share														$	0.29
Diluted common share														$	0.28
Weighted-average number of common shares outstanding, basic														59,185,225
Weighted-average number of common shares outstanding, diluted														59,559,253

Schedule of Condensed Consolidating Statement of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Three Months EndedMarch 31, 2016

(dollars in thousands, except per share amounts)

(unaudited)

	Parent Company			Issuers			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Elimination		Consolidated
Net (loss) income	$	(15,648	)	$	(10,759	)	$	857	$	2,513	$	7,294	$	(15,743	)
Other comprehensive (loss) income:
Foreign currency translation	—			(2,643		)	1,632		438		—		(573		)
Unrealized loss on cash flow hedge	—			(1,492		)	—		—		—		(1,492		)
Total other comprehensive (loss) income	—			(4,135		)	1,632		438		—		(2,065		)
Comprehensive (loss) income	(15,648		)	(14,894		)	2,489		2,951		7,294		(17,808		)
Comprehensive loss attributable to noncontrolling interest	—			—			—		32		—		32
Comprehensive (loss) income attributable to Sabra Health Care REIT, Inc.	$	(15,648	)	$	(14,894	)	$	2,489	$	2,983	$	7,294	$	(17,776	)

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2015

(dollars in thousands, except per share amounts)

(unaudited)

	Parent Company		Issuers			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Net income	19,450		24,900			36,555		2,279		(63,745		)	19,439
Other comprehensive loss:
Unrealized loss on cash flow hedge	—		(1,545		)	—		—		—			(1,545		)
Total other comprehensive loss	—		(1,545		)	—		—		—			(1,545		)
Comprehensive income	19,450		23,355			36,555		2,279		(63,745		)	17,894
Comprehensive loss attributable to noncontrolling interest	—		—			—		11		—			11
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$	19,450	$	23,355		$	36,555	$	2,290	$	(63,745	)	$	17,905

Schedule of Condensed Consolidating Statement of Cash Flows (unaudited)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2016

(in thousands) (unaudited)

	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined  Non- Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	21,718		$	—		$	439		$	2,569		$	—		$	24,726
Cash flows from investing activities:
Origination and fundings of loans receivable	—			—			(5,850		)	—			—			(5,850		)
Origination and fundings of preferred equity investments	—			—			(984		)	—			—			(984		)
Additions to real estate	(74		)	—			(400		)	—			—			(474		)
Repayment of loans receivable	—			—			8,874			—			—			8,874
Investment in subsidiary	(200		)	(200		)	—			—			400			—
Net proceeds from the sale of real estate	—			—			398			—			—			398
Distribution from subsidiary	2,025			2,025			—			—			(4,050		)	—
Intercompany financing	8,347			25,621			—			—			(33,968		)	—
Net cash provided by investing activities	10,098			27,446			2,038			—			(37,618		)	1,964
Cash flows from financing activities:
Net repayments from revolving credit facility	—			(57,000		)	—			—			—			(57,000		)
Proceeds from term loan	—			45,000			24,360			—			—			69,360
Principal payments on mortgage notes	—			—			—			(1,022		)	—			(1,022		)
Payments of deferred financing costs	—			(5,274		)	(611		)	—			—			(5,885		)
Issuance of common stock	(1,274		)	—			—			—			—			(1,274		)
Dividends paid on common and preferred stock	(29,301		)	—			—			—			—			(29,301		)
Contribution from parent	—			200			—			200			(400		)	—
Distribution to parent	—			(2,025		)	—			(2,025		)	4,050			—
Intercompany financing	—			(8,347		)	(25,621		)	—			33,968			—
Net cash used by financing activities	(30,575		)	(27,446		)	(1,872		)	(2,847		)	37,618			(25,122		)
Net increase (decrease) in cash and cash equivalents	1,241			—			605			(278		)	—			1,568
Effect of foreign currency translation on cash and cash equivalents	—			—			113			18			—			131
Cash and cash equivalents, beginning of period	2,548			—			1,008			3,878			—			7,434
Cash and cash equivalents, end of period	$	3,789		$	—		$	1,726		$	3,618		$	—		$	9,133

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2015

(in thousands)

(unaudited)

	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined  Non- Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	23,502		$	—		$	—		$	1,199		$	—		$	24,701
Cash flows from investing activities:
Origination and fundings of loans receivable	—			—			(7,303		)	—			—			(7,303		)
Origination and funding of preferred equity investments	—			—			(311		)	—			—			(311		)
Additions to real estate	(3		)	—			(501		)	(171		)	—			(675		)
Repayment of note receivable	—			—			2,052			—			—			2,052
Investment in subsidiaries	(414		)	(414		)				—			828			—
Distribution from subsidiaries	1,355			1,355			—			—			(2,710		)	—
Intercompany financing	(48,175		)	(6,063		)	—			—			54,238			—
Net cash used in investing activities	(47,237		)	(5,122		)	(6,063		)	(171		)	52,356			(6,237		)
Cash flows from financing activities:
Net repayments from prior revolving credit facility	—			(42,000		)	—			—			—			(42,000		)
Principal payments on mortgage notes	—			—			—			(697		)	—			(697		)
Payments of deferred financing costs	—			(112		)	—			(18		)	—			(130		)
Issuance of common stock	(7,587		)	—			—			—			—			(7,587		)
Dividends paid	(25,672		)	—			—			—			—			(25,672		)
Contribution from parent	—			414			—			414			(828		)	—
Distribution to parent	—			(1,355		)	—			(1,355		)	2,710			—
Intercompany financing	—			48,175			6,063			—			(54,238		)	—
Net cash (used in) provided by financing activities	(33,259		)	5,122			6,063			(1,656		)	(52,356		)	(76,086		)
Net decrease in cash and cash equivalents	(56,994		)	—			—			(628		)	—			(57,622		)
Cash and cash equivalents, beginning of period	58,799			—			—			2,994			—			61,793
Cash and cash equivalents, end of period	$	1,805		$	—		$	—		$	2,366		$	—		$	4,171