SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables)

3 Months Ended

Mar. 31, 2017

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION [Abstract]

Schedule of Condensed Consolidating Balance Sheet (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2017

(in thousands)

(unaudited)

	Parent Company			Issuers		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries			Elimination			Consolidated
Assets
Real estate investments, net of accumulated depreciation	$	146		$	—	$	1,845,293	$	148,153		$	—		$	1,993,592
Loans receivable and other investments, net	(222		)	—		96,711		—			—			96,489
Cash and cash equivalents	5,285			—		3,707		3,822			—			12,814
Restricted cash	—			—		67		9,084			—			9,151
Assets held for sale	—			—		2,073		—			—			2,073
Prepaid expenses, deferred financing costs and other assets, net	2,556			17,106		97,831		10,403			(1,889		)	126,007
Intercompany	345,081			664,771		—		—			(1,009,852		)	—
Investment in subsidiaries	663,960			942,039		11,712		—			(1,617,711		)	—
Total assets	$	1,016,806		$	1,623,916	$	2,057,394	$	171,462		$	(2,629,452	)	$	2,240,126
Liabilities
Mortgage notes, net	$	—		$	—	$	—	$	159,905		$	—		$	159,905
Revolving credit facility	—			17,000		—		—			—			17,000
Term loans, net	—			243,711		92,881		—			—			336,592
Senior unsecured notes, net	—			688,879		—		—			—			688,879
Accounts payable and accrued liabilities	12,456			10,366		9,128		3,336			(1,889		)	33,397
Intercompany	—			—		1,036,134		(26,282		)	(1,009,852		)	—
Total liabilities	12,456			959,956		1,138,143		136,959			(1,011,741		)	1,235,773
Total Sabra Health Care REIT, Inc. stockholders' equity	1,004,350			663,960		919,251		34,500			(1,617,711		)	1,004,350
Noncontrolling interests	—			—		—		3			—			3
Total equity	1,004,350			663,960		919,251		34,503			(1,617,711		)	1,004,353
Total liabilities and equity	$	1,016,806		$	1,623,916	$	2,057,394	$	171,462		$	(2,629,452	)	$	2,240,126

CONDENSED CONSOLIDATING BALANCE SHEET

December 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	$	150		$	—	$	1,860,850	$	148,939	$	—		$	2,009,939
Loans receivable and other investments, net	(410		)	—		96,446		—		—			96,036
Cash and cash equivalents	18,168			—		2,675		4,820		—			25,663
Restricted cash	—			—		57		8,945		—			9,002
Prepaid expenses, deferred financing costs and other assets, net	2,859			18,023		96,301		10,005		(1,909		)	125,279
Intercompany	368,281			687,493		—		25,125		(1,080,899		)	—
Investment in subsidiaries	640,238			907,136		12,364		—		(1,559,738		)	—
Total assets	$	1,029,286		$	1,612,652	$	2,068,693	$	197,834	$	(2,642,546	)	$	2,265,919
Liabilities
Mortgage notes, net	$	—		$	—	$	—	$	160,752	$	—		$	160,752
Revolving credit facility	—			26,000		—		—		—			26,000
Term loans, net	—			243,626		92,047		—		—			335,673
Senior unsecured notes, net	—			688,246		—		—		—			688,246
Accounts payable and accrued liabilities	13,712			14,542		11,606		1,688		(1,909		)	39,639
Intercompany	—			—		1,080,899		—		(1,080,899		)	—
Total liabilities	13,712			972,414		1,184,552		162,440		(1,082,808		)	1,250,310
Total Sabra Health Care REIT, Inc. stockholders' equity	1,015,574			640,238		884,141		35,359		(1,559,738		)	1,015,574
Noncontrolling interests	—			—		—		35		—			35
Total equity	1,015,574			640,238		884,141		35,394		(1,559,738		)	1,015,609
Total liabilities and equity	$	1,029,286		$	1,612,652	$	2,068,693	$	197,834	$	(2,642,546	)	$	2,265,919

Schedule of Condensed Consolidating Statement of Income (unaudited)

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months EndedMarch 31, 2017

(dollars in thousands, except per share amounts)

(unaudited)

	Parent  Company			Issuers		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—	$	53,039	$	4,969	$	(784	)	$	57,224
Interest and other income	7			—		1,938		—		—			1,945
Resident fees and services	—			—		—		3,481		—			3,481
Total revenues	7			—		54,977		8,450		(784		)	62,650
Expenses:
Depreciation and amortization	216			—		16,956		1,965		—			19,137
Interest	—			13,409		728		1,651		—			15,788
Operating expenses	—			—		—		3,204		(784		)	2,420
General and administrative	5,916			15		797		145		—			6,873
Provision for (recovery of) doubtful accounts and loan losses	(145		)	—		1,915		—		—			1,770
Total expenses	5,987			13,424		20,396		6,965		(784		)	45,988
Other income (expense):
Other income (loss)	1,367			35		727		—		—			2,129
Total other income (expense)	1,367			35		727		—		—			2,129
Income in subsidiary	23,436			36,825		1,779		—		(62,040		)	—
Net income	18,823			23,436		37,087		1,485		(62,040		)	18,791
Net loss attributable to noncontrolling interests	—			—		—		32		—			32
Net income attributable to Sabra Health Care REIT, Inc.	18,823			23,436		37,087		1,517		(62,040		)	18,823
Preferred stock dividends	(2,561		)	—		—		—		—			(2,561		)
Net income attributable to common stockholders	$	16,262		$	23,436	$	37,087	$	1,517	$	(62,040	)	$	16,262
Net loss attributable to common stockholders, per:
Basic common share													$	0.25
Diluted common share													$	0.25
Weighted-average number of common shares outstanding, basic													65,354,649
Weighted-average number of common shares outstanding, diluted													65,920,486

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	$	—		$	—		$	50,748		$	4,800			$	(236	)	$	55,312
Interest and other income	—			119			5,395			—				(182		)	5,332
Resident fees and services	—			—			—			1,915				—			1,915
Total revenues	—			119			56,143			6,715				(418		)	62,559
Expenses:
Depreciation and amortization	183			—			16,015			1,568				—			17,766
Interest	—			14,302			1,019			1,716				(119		)	16,918
Operating expenses	—			—			—			1,648				(236		)	1,412
General and administrative	4,473			10			177			54				—			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			49,312			4,986				(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		)	1,691			1,679				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		)	1,691			1,711				7,294			(15,711		)
Preferred stock dividends	(2,561		)	—			—			—				—			(2,561		)
Net (loss) income attributable to common stockholders	$	(18,209	)	$	(10,759	)	$	1,691		$	1,711			$	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

Schedule of Condensed Consolidating Statement of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months EndedMarch 31, 2017

(dollars in thousands)

(unaudited)

	Parent  Company		Issuers			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Elimination			Consolidated
Net income	$	18,823	$	23,436		$	37,087	$	1,485	$	(62,040	)	$	18,791
Other comprehensive income (loss):
Foreign currency translation (loss) income	—		(953		)	299		96		—			(558		)
Unrealized gain on cash flow hedge	285		443			—		—		—			728
Total other comprehensive (loss) income	285		(510		)	299		96		—			170
Comprehensive income	19,108		22,926			37,386		1,581		(62,040		)	18,961
Comprehensive loss attributable to noncontrolling interest	—		—			—		32		—			32
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$	19,108	$	22,926		$	37,386	$	1,613	$	(62,040	)	$	18,993

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Three Months EndedMarch 31, 2016

(dollars in thousands)

(unaudited)

	Parent  Company			Issuers			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Elimination		Consolidated
Net (loss) income	$	(15,648	)	$	(10,759	)	$	1,691	$	1,679	$	7,294	$	(15,743	)
Other comprehensive (loss) income:
Foreign currency translation (loss) income	—			(2,643		)	1,516		554		—		(573		)
Unrealized loss on cash flow hedge	—			(1,492		)	—		—		—		(1,492		)
Total other comprehensive (loss) income	—			(4,135		)	1,516		554		—		(2,065		)
Comprehensive (loss) income	(15,648		)	(14,894		)	3,207		2,233		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	)	$	3,207	$	2,265	$	7,294	$	(17,776	)

Schedule of Condensed Consolidating Statement of Cash Flows (unaudited)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2017

(in thousands)

(unaudited)

	Parent  Company			Issuers			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	27,886		$	—		$	1,017		$	2,535		$	—		$	31,438
Cash flows from investing activities:
Fundings of loans receivable	—			—			(508		)	—			—			(508		)
Fundings of preferred equity investments	—			—			(51		)	—			—			(51		)
Additions to real estate	(1		)	—			(474		)	(45		)	—			(520		)
Repayment of loans receivable	—			—			118			—			—			118
Distribution from subsidiary	2,474			2,474			—			—			(4,948		)	—
Intercompany financing	(10,025		)	(916		)	—			—			10,941			—
Net cash (used in) provided by investing activities	(7,552		)	1,558			(915		)	(45		)	5,993			(961		)
Cash flows from financing activities:
Net repayments from revolving credit facility	—			(9,000		)	—			—			—			(9,000		)
Principal payments on mortgage notes	—			—			—			(1,021		)	—			(1,021		)
Payments of deferred financing costs	—			(109		)	—			—			—			(109		)
Issuance of common stock	(3,224		)	—			—			—			—			(3,224		)
Dividends paid on common and preferred stock	(29,993		)	—			—			—			—			(29,993		)
Distribution to parent	—			(2,474		)	—			(2,474		)	4,948			—
Intercompany financing	—			10,025			916			—			(10,941		)	—
Net cash (used in) provided by financing activities	(33,217		)	(1,558		)	916			(3,495		)	(5,993		)	(43,347		)
Net (decrease) increase in cash and cash equivalents	(12,883		)	—			1,018			(1,005		)	—			(12,870		)
Effect of foreign currency translation on cash and cash equivalents	—			—			14			7			—			21
Cash and cash equivalents, beginning of period	18,168			—			2,675			4,820			—			25,663
Cash and cash equivalents, end of period	$	5,285		$	—		$	3,707		$	3,822		$	—		$	12,814

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		$	—		$	1,430		$	1,578		$	—		$	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 subsidiaries	(200		)	(200		)	—			—			400			—
Net proceeds from the sale of real estate	—			—			398			—			—			398
Distribution from subsidiaries	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	—			—			(38		)	(984		)	—			(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 in financing activities	(30,575		)	(27,446		)	(1,910		)	(2,809		)	37,618			(25,122		)
Net increase (decrease) in cash and cash equivalents	1,241			—			1,558			(1,231		)	—			1,568
Effect of foreign currency translation on cash and cash equivalents	—			—			70			61			—			131
Cash and cash equivalents, beginning of period	2,548			—			456			4,430			—			7,434
Cash and cash equivalents, end of period	$	3,789		$	—		$	2,084		$	3,260		$	—		$	9,133