SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables)

6 Months Ended

Jun. 30, 2016

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION [Abstract]

Schedule of Condensed Consolidating Balance Sheet (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2016

(in thousands)

(unaudited)

	Parent Company			Issuers		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Assets
Real estate investments, net of accumulated depreciation	$	159		$	—	$	1,687,594	$	220,914	$	—		$	1,908,667
Loans receivable and other investments, net	(340		)	—		122,873		—		(2,233		)	120,300
Cash and cash equivalents	95,604			—		1,890		6,374		—			103,868
Restricted cash	—			—		128		8,851		—			8,979
Prepaid expenses, deferred financing costs and other assets, net	2,259			12,279		89,138		11,122		(3,266		)	111,532
Intercompany	348,663			683,436		—		—		(1,032,099		)	—
Investment in subsidiaries	582,667			832,058		59,991		—		(1,474,716		)	—
Total assets	$	1,029,012		$	1,527,773	$	1,961,614	$	247,261	$	(2,512,314	)	$	2,253,346
Liabilities
Mortgage notes, net	$	—		$	—	$	—	$	174,053	$	—		$	174,053
Term loans, net	—			243,456		95,404		—		—			338,860
Senior unsecured notes, net	—			686,968		—		—		—			686,968
Accounts payable and accrued liabilities	12,165			14,682		10,363		1,608		(2,265		)	36,553
Intercompany	—			—		997,315		34,784		(1,032,099		)	—
Total liabilities	12,165			945,106		1,103,082		210,445		(1,034,364		)	1,236,434
Total Sabra Health Care REIT, Inc. stockholders' equity	1,016,847			582,667		858,532		36,751		(1,477,950		)	1,016,847
Noncontrolling interests	—			—		—		65		—			65
Total equity	1,016,847			582,667		858,532		36,816		(1,477,950		)	1,016,912
Total liabilities and equity	$	1,029,012		$	1,527,773	$	1,961,614	$	247,261	$	(2,512,314	)	$	2,253,346

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 INCOME

For the Three Months EndedJune 30, 2016

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company			Issuers		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Revenues:
Rental income	$	—		$	—	$	48,782		$	6,754		$	(239	)	$	55,297
Interest and other income	1			119		17,078			(9		)	(196		)	16,993
Resident fees and services	—			—		1,413			546			—			1,959
Total revenues	1			119		67,273			7,291			(435		)	74,249
Expenses:
Depreciation and amortization	201			—		14,138			2,066			—			16,405
Interest	—			13,720		964			1,862			(119		)	16,427
Operating expenses	—			—		1,015			675			(250		)	1,440
General and administrative	3,713			12		857			54			—			4,636
Provision for doubtful accounts and loan losses	(888		)	—		1,111			—			—			223
Total expenses	3,026			13,732		18,085			4,657			(369		)	39,131
Other income (expense):
Other income (loss)	2,098			16		309			(23		)	—			2,400
Net loss on sales of real estate	—			—		(52		)	—			—			(52		)
Total other income (expense)	2,098			16		257			(23		)	—			2,348
Income in subsidiary	38,468			52,065		2,686			—			(93,219		)	—
Net income	37,541			38,468		52,131			2,611			(93,285		)	37,466
Net loss attributable to noncontrolling interests	—			—		—			9			—			9
Net income attributable to Sabra Health Care REIT, Inc.	37,541			38,468		52,131			2,620			(93,285		)	37,475
Preferred stock dividends	(2,560		)	—		—			—			—			(2,560		)
Net income attributable to common stockholders	$	34,981		$	38,468	$	52,131		$	2,620		$	(93,285	)	$	34,915
Net loss attributable to common stockholders, per:
Basic common share															$	0.53
Diluted common share															$	0.53
Weighted-average number of common shares outstanding, basic															65,303,057
Weighted-average number of common shares outstanding, diluted															65,503,383

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months EndedJune 30, 2015

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company			Issuers		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—	$	44,888		$	5,008	$	—		$	49,896
Interest and other income	—			74		5,925			—		—			5,999
Resident fees and services	—			—		—			691		—			691
Total revenues	—			74		50,813			5,699		—			56,586
Expenses:
Depreciation and amortization	14			—		12,981			1,502		—			14,497
Interest	—			12,665		136			1,251		—			14,052
Operating expenses	—			—		—			499		—			499
General and administrative	3,589			2		5,714			58		—			9,363
Provision for doubtful accounts	(136		)	—		3,108			—		—			2,972
Total expenses	3,467			12,667		21,939			3,310		—			41,383
Other income (expense):
Other expense	—			—		(100		)	—		—			(100		)
Gain on sales of real estate	—			—		1,723			—		—			1,723
Total other income (expense)	—			—		1,623			—		—			1,623
Income in subsidiary	20,302			32,895		1,469			—		(54,666		)	—
Net income	16,835			20,302		31,966			2,389		(54,666		)	16,826
Net loss attributable to noncontrolling interests	—			—		—			9		—			9
Net income attributable to Sabra Health Care REIT, Inc.	16,835			20,302		31,966			2,398		(54,666		)	16,835
Preferred stock dividends	(2,560		)	—		—			—		—			(2,560		)
Net income attributable to common stockholders	$	14,275		$	20,302	$	31,966		$	2,398	$	(54,666	)	$	14,275
Net income attributable to common stockholders, per:
Basic common share														$	0.24
Diluted common share														$	0.24
Weighted-average number of common shares outstanding, basic														59,323,799
Weighted-average number of common shares outstanding, diluted														59,543,781

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Six Months EndedJune 30, 2016

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company			Issuers			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Revenues:
Rental income	$	—		$	—		$	97,642		$	13,444		$	(477	)	$	110,609
Interest and other income	2			238			22,488			(26		)	(377		)	22,325
Resident fees and services	—			—			2,758			1,116			—			3,874
Total revenues	2			238			122,888			14,534			(854		)	136,808
Expenses:
Depreciation and amortization	384			—			29,647			4,140			—			34,171
Interest	—			28,023			1,832			3,728			(238		)	33,345
Operating expenses	—			—			1,985			1,356			(489		)	2,852
General and administrative	8,187			22			1,029			112			—			9,350
Provision for doubtful accounts and loan losses	(655		)	—			3,401			—			—			2,746
Impairment of real estate	—			—			29,811			—			—			29,811
Total expenses	7,916			28,045			67,705			9,336			(727		)	112,275
Other income (expense):
Loss on extinguishment of debt	—			(468		)	(88		)	—			—			(556		)
Other income (expense)	2,098			516			(141		)	(73		)	—			2,400
Net loss on sales of real estate	—			—			(4,654		)	—			—			(4,654		)
Total other income (expense)	2,098			48			(4,883		)	(73		)	—			(2,810		)
Income in subsidiary	27,707			55,466			5,304			—			(88,477		)	—
Net income	21,891			27,707			55,604			5,125			(88,604		)	21,723
Net loss attributable to noncontrolling interests	—			—			—			41			—			41
Net income attributable to Sabra Health Care REIT, Inc.	21,891			27,707			55,604			5,166			(88,604		)	21,764
Preferred stock dividends	(5,121		)	—			—			—			—			(5,121		)
Net income attributable to common stockholders	$	16,770		$	27,707		$	55,604		$	5,166		$	(88,604	)	$	16,643
Net income attributable to common stockholders, per:
Basic common share																$	0.25
Diluted common share																$	0.25
Weighted-average number of common shares outstanding, basic																65,274,845
Weighted-average number of common shares outstanding, diluted																65,454,337

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Six Months EndedJune 30, 2015

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company			Issuers		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—	$	89,489		$	9,912	$	—		$	99,401
Interest and other income	1			72		11,309			1		—			11,383
Resident fees and services	—			—		—			1,374		—			1,374
Total revenues	1			72		100,798			11,287		—			112,158
Expenses:
Depreciation and amortization	27			—		25,683			2,937		—			28,647
Interest	—			25,216		136			2,580		—			27,932
Operating expenses	—			—		—			997		—			997
General and administrative	9,491			3		6,128			102		—			15,724
Provision for doubtful accounts	(600		)	—		4,716			—		—			4,116
Total expenses	8,918			25,219		36,663			6,616		—			77,416
Other income (expense):
Other expense	—			—		(200		)	—		—			(200		)
Gain on sales of real estate	—			—		1,723			—		—			1,723
Total other income (expense)	—			—		1,523			—		—			1,523
Income in subsidiary	45,202			70,349		2,864			—		(118,415		)	—
Net income	36,285			45,202		68,522			4,671		(118,415		)	36,265
Net loss attributable to noncontrolling interests	—			—		—			20		—			20
Net income attributable to Sabra Health Care REIT, Inc.	36,285			45,202		68,522			4,691		(118,415		)	36,285
Preferred stock dividends	(5,121		)	—		—			—		—			(5,121		)
Net income attributable to common stockholders	$	31,164		$	45,202	$	68,522		$	4,691	$	(118,415	)	$	31,164
Net income attributable to common stockholders, per:
Basic common share														$	0.53
Diluted common share														$	0.52
Weighted-average number of common shares outstanding, basic														59,254,895
Weighted-average number of common shares outstanding, diluted														59,510,164

Schedule of Condensed Consolidating Statement of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months EndedJune 30, 2016

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company		Issuers			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Net income	$	37,541	$	38,468		$	52,131	$	2,611	$	(93,285	)	$	37,466
Other comprehensive (loss) income:
Foreign currency translation	—		287			29		8		—			324
Unrealized loss on cash flow hedge	—		(206		)	—		—		—			(206		)
Total other comprehensive (loss) income	—		81			29		8		—			118
Comprehensive income	37,541		38,549			52,160		2,619		(93,285		)	37,584
Comprehensive loss attributable to noncontrolling interest	—		—			—		9		—			9
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$	37,541	$	38,549		$	52,160	$	2,628	$	(93,285	)	$	37,593

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months EndedJune 30, 2015

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company		Issuers			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Net income	$	16,835	$	20,302		$	31,966		$	2,389		$	(54,666	)	$	16,826
Other comprehensive loss:
Foreign currency translation	—		(164		)	(326		)	(105		)	—			(595		)
Unrealized loss on cash flow hedge	—		(1,144		)	—			—			—			(1,144		)
Total other comprehensive loss	—		(1,308		)	(326		)	(105		)	—			(1,739		)
Comprehensive income	16,835		18,994			31,640			2,284			(54,666		)	15,087
Comprehensive loss attributable to noncontrolling interest	—		—			—			9			—			9
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$	16,835	$	18,994		$	31,640		$	2,293		$	(54,666	)	$	15,096

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Six Months EndedJune 30, 2016

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company		Issuers			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Net income	$	21,891	$	27,707		$	55,604	$	5,125	$	(88,604	)	$	21,723
Other comprehensive (loss) income:
Foreign currency translation	—		(2,357		)	1,663		445		—			(249		)
Unrealized loss on cash flow hedge	—		(1,698		)	—		—		—			(1,698		)
Total other comprehensive (loss) income	—		(4,055		)	1,663		445		—			(1,947		)
Comprehensive income	21,891		23,652			57,267		5,570		(88,604		)	19,776
Comprehensive loss attributable to noncontrolling interest	—		—			—		41		—			41
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$	21,891	$	23,652		$	57,267	$	5,611	$	(88,604	)	$	19,817

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Six Months EndedJune 30, 2015

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company		Issuers			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Net income	$	36,285	$	45,202		$	68,522		$	4,671		$	(118,415	)	$	36,265
Other comprehensive loss:
Foreign currency translation	—		(164		)	(326		)	(105		)	—			(595		)
Unrealized loss on cash flow hedge	—		(2,689		)	—			—			—			(2,689		)
Total other comprehensive loss	—		(2,853		)	(326		)	(105		)	—			(3,284		)
Comprehensive income	36,285		42,349			68,196			4,566			(118,415		)	32,981
Comprehensive loss attributable to noncontrolling interest	—		—			—			20			—			20
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$	36,285	$	42,349		$	68,196		$	4,586		$	(118,415	)	$	33,001

Schedule of Condensed Consolidating Statement of Cash Flows (unaudited)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2016

(in thousands)

(unaudited)

	Parent  Company			Issuers			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	87,170		$	—		$	608		$	6,716		$	—		$	94,494
Cash flows from investing activities:
Origination and fundings of loans receivable	—			—			(6,283		)	—			—			(6,283		)
Origination and fundings of preferred equity investments	—			—			(6,172		)	—			—			(6,172		)
Additions to real estate	(120		)	—			(400		)	(354		)	—			(874		)
Repayment of loans receivable	—			—			193,893			—			—			193,893
Investment in subsidiary	(200		)	(200		)	—			—			400			—
Net proceeds from the sale of real estate	—			—			75,456			—			—			75,456
Distribution from subsidiary	2,025			2,025			—			—			(4,050		)	—
Intercompany financing	64,758			280,078			—			—			(344,836		)	—
Net cash provided by (used in) investing activities	66,463			281,903			256,494			(354		)	(348,486		)	256,020
Cash flows from financing activities:
Net repayments from revolving credit facility	—			(255,000		)	—			—			—			(255,000		)
Proceeds from term loan	—			45,000			24,360			—			—			69,360
Principal payments on mortgage notes	—			—			—			(2,060		)	—			(2,060		)
Payments of deferred financing costs	—			(5,320		)	(611		)	—			—			(5,931		)
Issuance of common stock	(1,289		)	—			—			—			—			(1,289		)
Dividends paid on common and preferred stock	(59,288		)	—			—			—			—			(59,288		)
Contribution from parent	—			200			—			200			(400		)	—
Distribution to parent	—			(2,025		)	—			(2,025		)	4,050			—
Intercompany financing	—			(64,758		)	(280,078		)	—			344,836			—
Net cash used in financing activities	(60,577		)	(281,903		)	(256,329		)	(3,885		)	348,486			(254,208		)
Net increase (decrease) in cash and cash equivalents	93,056			—			773			2,477			—			96,306
Effect of foreign currency translation on cash and cash equivalents	—			—			109			19			—			128
Cash and cash equivalents, beginning of period	2,548			—			1,008			3,878			—			7,434
Cash and cash equivalents, end of period	$	95,604		$	—		$	1,890		$	6,374		$	—		$	103,868

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2015

(in thousands)

(unaudited)

	Parent  Company			Issuers			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	37,007		$	—		$	—		$	14,300		$	—		$	51,307
Cash flows from investing activities:
Acquisitions of real estate	—			—			(290,604		)	(11,247		)	—			(301,851		)
Origination and fundings of loans receivable	—			—			(21,737		)	—			—			(21,737		)
Preferred equity investments	—			—			(5,131		)	—			—			(5,131		)
Additions to real estate	(11		)	—			(851		)	(171		)	—			(1,033		)
Release of contingent consideration held in escrow	—			—			5,240			—			—			5,240
Repayment of loans receivable	—			—			2,052			—			—			2,052
Investment in subsidiaries	(414		)	(414		)	—			—			828			—
Net proceeds from the sale of real estate	—			—			1,800			—			—			1,800
Distribution from subsidiaries	1,355			1,355			—			—			(2,710		)	—
Intercompany financing	(182,815		)	(236,689		)	—			—			419,504			—
Net cash used in investing activities	(181,885		)	(235,748		)	(309,231		)	(11,418		)	417,622			(320,660		)
Cash flows from financing activities:
Net repayments from revolving credit facility	—			54,000			—			—			—			54,000
Proceeds from term loan	—			—			73,242			—			—			73,242
Principal payments on mortgage notes	—			—			—			(1,340		)	—			(1,340		)
Payments of deferred financing costs	—			(126		)	(700		)	(8		)	—			(834		)
Issuance of common stock	140,062			—			—			—			—			140,062
Dividends paid on common and preferred stock	(51,343		)	—			—			—			—			(51,343		)
Contribution from parent	—			414			—			414			(828		)	—
Distribution to parent	—			(1,355		)	—			(1,355		)	2,710			—
Intercompany financing	—			182,815			236,689			—			(419,504		)	—
Net cash provided by (used in) financing activities	88,719			235,748			309,231			(2,289		)	(417,622		)	213,787
Net (decrease) in cash and cash equivalents	(56,159		)	—			—			593			—			(55,566		)
Effect of foreign currency translation on cash and cash equivalents	(185		)	—			—			—			—			(185		)
Cash and cash equivalents, beginning of period	58,799			—			—			2,994			—			61,793
Cash and cash equivalents, end of period	$	2,455		$	—		$	—		$	3,587		$	—		$	6,042