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SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2019
Summarized Condensed Consolidating Information [Abstract]  
Condensed Consolidating Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2019
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net of accumulated depreciation
$
294

 
$
—

 
$
—

 
$
1,423,107

 
$
3,955,473

 
$
—

 
$
5,378,874

Loans receivable and other investments, net
(726
)
 
—

 
—

 
55,453

 
56,476

 
—

 
111,203

Investment in unconsolidated joint venture
—

 
—

 
—

 
—

 
328,207

 
—

 
328,207

Cash and cash equivalents
38,500

 
—

 
—

 
2,604

 
6,491

 
—

 
47,595

Restricted cash
—

 
—

 
—

 
1,881

 
7,998

 
—

 
9,879

Lease intangible assets, net
—

 
—

 
—

 
9,299

 
99,578

 
—

 
108,877

Accounts receivable, prepaid expenses and other assets, net
4,433

 
17,873

 
—

 
29,119

 
95,671

 
(8,552
)
 
138,544

Intercompany
1,993,632

 
2,035,256

 
—

 
—

 
—

 
(4,028,888
)
 
—

Investment in subsidiaries
1,253,100

 
1,690,158

 
—

 
34,271

 
—

 
(2,977,529
)
 
—

Total assets
$
3,289,233

 
$
3,743,287

 
$
—

 
$
1,555,734

 
$
4,549,894

 
$
(7,014,969
)
 
$
6,123,179

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured debt, net
$
—

 
$
—

 
$
—

 
$
—

 
$
114,675

 
$
—

 
$
114,675

Revolving credit facility
—

 
275,000

 
—

 
—

 
—

 
—

 
275,000

Term loans, net
—

 
1,095,102

 
—

 
94,672

 
—

 
—

 
1,189,774

Senior unsecured notes, net
—

 
1,106,518

 
—

 
—

 
—

 
—

 
1,106,518

Accounts payable and accrued liabilities
33,135

 
13,567

 
—

 
2,002

 
60,483

 
(8,552
)
 
100,635

Lease intangible liabilities, net
—

 
—

 
—

 
—

 
76,201

 
—

 
76,201

Intercompany
—

 
—

 
—

 
664,912

 
3,363,976

 
(4,028,888
)
 
—

Total liabilities
33,135

 
2,490,187

 
—

 
761,586

 
3,615,335

 
(4,037,440
)
 
2,862,803

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Sabra Health Care REIT, Inc. stockholders’ equity
3,256,098

 
1,253,100

 
—

 
794,148

 
930,281

 
(2,977,529
)
 
3,256,098

Noncontrolling interests
—

 
—

 
—

 
—

 
4,278

 
—

 
4,278

Total equity
3,256,098

 
1,253,100

 
—

 
794,148

 
934,559

 
(2,977,529
)
 
3,260,376

Total liabilities and equity
$
3,289,233

 
$
3,743,287

 
$
—

 
$
1,555,734

 
$
4,549,894

 
$
(7,014,969
)
 
$
6,123,179

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2018
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate investments, net of accumulated depreciation
$
317

 
$
—

 
$
—

 
$
1,453,451

 
$
4,399,777

 
$
—

 
$
5,853,545

Loans receivable and other investments, net
(560
)
 
—

 
—

 
50,534

 
63,748

 
—

 
113,722

Investment in unconsolidated joint venture
—

 
—

 
—

 
—

 
340,120

 
—

 
340,120

Cash and cash equivalents
40,835

 
—

 
—

 
3,508

 
5,887

 
—

 
50,230

Restricted cash
—

 
—

 
—

 
1,820

 
7,608

 
—

 
9,428

Lease intangible assets, net
—

 
—

 
—

 
13,947

 
117,150

 
—

 
131,097

Accounts receivable, prepaid expenses and other assets, net
798

 
37,075

 
—

 
58,704

 
81,603

 
(11,019
)
 
167,161

Intercompany
1,972,059

 
2,646,669

 
—

 
—

 
—

 
(4,618,728
)
 
—

Investment in subsidiaries
1,258,715

 
1,629,795

 
—

 
33,083

 
—

 
(2,921,593
)
 
—

Total assets
$
3,272,164

 
$
4,313,539

 
$
—

 
$
1,615,047

 
$
5,015,893

 
$
(7,551,340
)
 
$
6,665,303

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured debt, net
$
—

 
$
—

 
$
—

 
$
—

 
$
115,679

 
$
—

 
$
115,679

Revolving credit facility
—

 
624,000

 
—

 
—

 
—

 
—

 
624,000

Term loans, net
—

 
1,094,177

 
—

 
90,753

 
—

 
—

 
1,184,930

Senior unsecured notes, net
—

 
1,307,394

 
—

 
—

 
—

 
—

 
1,307,394

Accounts payable and accrued liabilities
21,750

 
29,253

 
—

 
2,570

 
52,273

 
(11,019
)
 
94,827

Lease intangible liabilities, net
—

 
—

 
—

 
—

 
83,726

 
—

 
83,726

Intercompany
—

 
—

 
—

 
810,394

 
3,808,334

 
(4,618,728
)
 
—

Total liabilities
21,750

 
3,054,824

 
—

 
903,717

 
4,060,012

 
(4,629,747
)
 
3,410,556

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Sabra Health Care REIT, Inc. stockholders’ equity
3,250,414

 
1,258,715

 
—

 
711,330

 
951,548

 
(2,921,593
)
 
3,250,414

Noncontrolling interests
—

 
—

 
—

 
—

 
4,333

 
—

 
4,333

Total equity
3,250,414

 
1,258,715

 
—

 
711,330

 
955,881

 
(2,921,593
)
 
3,254,747

Total liabilities and equity
$
3,272,164

 
$
4,313,539

 
$
—

 
$
1,615,047

 
$
5,015,893

 
$
(7,551,340
)
 
$
6,665,303


(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
Condensed Consolidating Statement of Income
CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Three Months Ended June 30, 2019
(dollars in thousands, except per share amounts)
(unaudited) 
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
30,097

 
$
92,073

 
$
(9,370
)
 
$
112,800

Interest and other income
91

 
1,896

 
—

 
68,198

 
2,206

 
(1,896
)
 
70,495

Resident fees and services
—

 
—

 
—

 
—

 
36,071

 
—

 
36,071

Total revenues
91

 
1,896

 
—

 
98,295

 
130,350

 
(11,266
)
 
219,366

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
12

 
—

 
—

 
15,559

 
33,905

 
—

 
49,476

Interest
—

 
31,616

 
—

 
2,666

 
1,222

 
(1,896
)
 
33,608

Triple-net portfolio operating expenses
—

 
—

 
—

 
156

 
6,084

 
—

 
6,240

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
33,609

 
(9,370
)
 
24,239

General and administrative
7,706

 
31

 
—

 
1

 
321

 
—

 
8,059

Provision for doubtful accounts, straight-line rental income and loan losses
193

 
—

 
—

 
—

 
—

 
—

 
193

Impairment of real estate
—

 
—

 
—

 
—

 
2,002

 
—

 
2,002

Total expenses
7,911

 
31,647

 
—

 
18,382

 
77,143

 
(11,266
)
 
123,817

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
—

 
(10,119
)
 
—

 
—

 
—

 
—

 
(10,119
)
Other (expense) income
—

 
(109
)
 
—

 
108

 
—

 
—

 
(1
)
Net gain on sales of real estate
—

 
—

 
—

 
190

 
2,565

 
—

 
2,755

Total other (expense) income
—

 
(10,228
)
 
—

 
298

 
2,565

 
—

 
(7,365
)
Income in subsidiary
91,406

 
131,385

 
—

 
1,691

 
—

 
(224,482
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
83,586

 
91,406

 
—

 
81,902

 
55,772

 
(224,482
)
 
88,184

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(3,647
)
 
—

 
(3,647
)
Income tax benefit (expense)
91

 
—

 
—

 
(542
)
 
(403
)
 
—

 
(854
)
Net income
83,677

 
91,406

 
—

 
81,360

 
51,722

 
(224,482
)
 
83,683

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(6
)
 
—

 
(6
)
Net income attributable to common stockholders
$
83,677

 
$
91,406

 
$
—

 
$
81,360

 
$
51,716

 
$
(224,482
)
 
$
83,677

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.46

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.46

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
181,567,464

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
182,254,100

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Three Months Ended June 30, 2018
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
36,355

 
$
112,194

 
$
(4,320
)
 
$
144,229

Interest and other income
40

 
96

 
—

 
1,180

 
3,333

 
(96
)
 
4,553

Resident fees and services
—

 
—

 
—

 
—

 
17,530

 
—

 
17,530

Total revenues
40

 
96

 
—

 
37,535

 
133,057

 
(4,416
)
 
166,312

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
222

 
—

 
—

 
11,795

 
34,811

 
—

 
46,828

Interest
—

 
33,415

 
—

 
810

 
2,628

 
(96
)
 
36,757

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
16,619

 
(4,320
)
 
12,299

General and administrative
8,121

 
14

 
—

 
368

 
880

 
—

 
9,383

Provision for (recovery of) doubtful accounts, straight-line rental income and loan losses
311

 
—

 
—

 
(985
)
 
—

 
—

 
(674
)
Impairment of real estate
—

 
—

 
—

 
881

 
—


—

 
881

Total expenses
8,654

 
33,429

 
—

 
12,869

 
54,938

 
(4,416
)
 
105,474

Other income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (expense)
—

 
32

 
—

 
(32
)
 
—

 
—

 
—

Net gain on sales of real estate
—

 
—

 
—

 
41,520

 
101,383

 
—

 
142,903

Total other income
—

 
32

 
—

 
41,488

 
101,383

 
—

 
142,903

Income in subsidiary
209,456

 
242,758

 
—

 
1,871

 
—

 
(454,085
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
200,842

 
209,457

 
—

 
68,025

 
179,502

 
(454,085
)
 
203,741

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(2,347
)
 
—

 
(2,347
)
Income tax expense
(55
)
 
(1
)
 
—

 
(489
)
 
(60
)
 
—

 
(605
)
Net income
200,787

 
209,456

 
—

 
67,536

 
177,095

 
(454,085
)
 
200,789

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(2
)
 
—

 
(2
)
Net income attributable to Sabra Health Care REIT, Inc.
200,787

 
209,456

 
—

 
67,536

 
177,093

 
(454,085
)
 
200,787

Preferred stock dividends
(7,207
)
 
—

 
—

 
—

 
—

 
—

 
(7,207
)
Net income attributable to common stockholders
$
193,580

 
$
209,456

 
$
—

 
$
67,536

 
$
177,093

 
$
(454,085
)
 
$
193,580

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
1.09

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
1.08

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
178,314,750

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
178,684,024


(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Six Months Ended June 30, 2019
(dollars in thousands, except per share amounts)
(unaudited) 
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
59,398

 
$
183,536

 
$
(13,747
)
 
$
229,187

Interest and other income
120

 
1,991

 
—

 
69,429

 
4,271

 
(1,991
)
 
73,820

Resident fees and services
—

 
—

 
—

 
—

 
53,132

 
—

 
53,132

Total revenues
120

 
1,991

 
—

 
128,827

 
240,939

 
(15,738
)
 
356,139

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
24

 
—

 
—

 
27,241

 
67,160

 
—

 
94,425

Interest
—

 
65,891

 
—

 
3,567

 
2,459

 
(1,991
)
 
69,926

Triple-net portfolio operating expenses
—

 
—

 
—

 
1,170

 
10,359

 
—

 
11,529

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
50,026

 
(13,747
)
 
36,279

General and administrative
15,236

 
62

 
—

 
276

 
669

 
—

 
16,243

Provision for doubtful accounts, straight-line rental income and loan losses
166

 
—

 
—

 
—

 
1,234

 
—

 
1,400

Impairment of real estate
—

 
—

 
—

 
—

 
105,136

 
—

 
105,136

Total expenses
15,426

 
65,953

 
—

 
32,254

 
237,043

 
(15,738
)
 
334,938

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
—

 
(10,119
)
 
—

 
—

 
—

 
—

 
(10,119
)
Other (expense) income
—

 
(608
)
 
—

 
601

 
177

 
—

 
170

Net (loss) gain on sales of real estate
—

 
—

 
—

 
(180
)
 
1,415

 
—

 
1,235

Total other (expense) income
—

 
(10,727
)
 
—

 
421

 
1,592

 
—

 
(8,714
)
Income in subsidiary
21,629

 
96,318

 
—

 
3,361

 
—

 
(121,308
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
6,323

 
21,629

 
—

 
100,355

 
5,488

 
(121,308
)
 
12,487

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(5,030
)
 
—

 
(5,030
)
Income tax expense
(350
)
 
—

 
—

 
(647
)
 
(469
)
 
—

 
(1,466
)
Net income
5,973

 
21,629

 
—

 
99,708

 
(11
)
 
(121,308
)
 
5,991

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(18
)
 
—

 
(18
)
Net income attributable to common stockholders
$
5,973

 
$
21,629

 
$
—

 
$
99,708

 
$
(29
)
 
$
(121,308
)
 
$
5,973

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.03

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
0.03

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
179,984,959

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
180,637,059

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Six Months Ended June 30, 2018
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental and related revenues
$
—

 
$
—

 
$
—

 
$
71,569

 
$
225,468

 
$
(8,553
)
 
$
288,484

Interest and other income
50

 
208

 
—

 
2,413

 
6,428

 
(208
)
 
8,891

Resident fees and services
—

 
—

 
—

 
—

 
35,023

 
—

 
35,023

Total revenues
50

 
208

 
—

 
73,982

 
266,919

 
(8,761
)
 
332,398

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
443

 
—

 
—

 
24,130

 
70,260

 
—

 
94,833

Interest
—

 
65,980

 
—

 
1,601

 
5,202

 
(208
)
 
72,575

Senior housing - managed portfolio operating expenses
—

 
—

 
—

 
—

 
32,976

 
(8,553
)
 
24,423

General and administrative
14,279

 
29

 
—

 
783

 
2,489

 
—

 
17,580

Provision for (recovery of) doubtful accounts, straight-line rental income and loan losses
2,492

 
—

 
—

 
(1,956
)
 
3

 
—

 
539

Impairment of real estate
—

 
—

 
—

 
1,413

 
—

 
—

 
1,413

Total expenses
17,214

 
66,009

 
—

 
25,971

 
110,930

 
(8,761
)
 
211,363

Other income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income
1,977

 
233

 
—

 
378

 
232

 
—

 
2,820

Net gain on sales of real estate
—

 
—

 
—

 
41,520

 
100,911

 
—

 
142,431

Total other income
1,977

 
233

 
—

 
41,898

 
101,143

 
—

 
145,251

Income in subsidiary
278,798

 
344,367

 
—

 
3,725

 
—

 
(626,890
)
 
—

Income before loss from unconsolidated joint venture and income tax expense
263,611

 
278,799

 
—

 
93,634

 
257,132

 
(626,890
)
 
266,286

Loss from unconsolidated joint venture
—

 
—

 
—

 
—

 
(1,901
)
 
—

 
(1,901
)
Income tax expense
(353
)
 
(1
)
 
—

 
(542
)
 
(219
)
 
—

 
(1,115
)
Net income
263,258

 
278,798

 
—

 
93,092

 
255,012

 
(626,890
)
 
263,270

Net income attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(12
)
 
—

 
(12
)
Net income attributable to Sabra Health Care REIT, Inc.
263,258

 
278,798

 
—

 
93,092

 
255,000

 
(626,890
)
 
263,258

Preferred stock dividends
(9,768
)
 
—

 
—

 
—

 
—

 
—

 
(9,768
)
Net income attributable to common stockholders
$
253,490

 
$
278,798

 
$
—

 
$
93,092

 
$
255,000

 
$
(626,890
)
 
$
253,490

Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
 
 
 
 
 
 
 
 
 
 
 
 
$
1.42

Diluted common share
 
 
 
 
 
 
 
 
 
 
 
 
$
1.42

Weighted-average number of common shares outstanding, basic
 
 
 
 
 
 
 
 
 
 
 
 
178,304,733

Weighted-average number of common shares outstanding, diluted
 
 
 
 
 
 
 
 
 
 
 
 
178,600,789

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
Condensed Consolidating Statement of Comprehensive (Loss) Income
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME
For the Three Months Ended June 30, 2019
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
83,677

 
$
91,406

 
$
—

 
$
81,360

 
$
51,722

 
$
(224,482
)
 
$
83,683

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation (loss) gain
—

 
(264
)
 
—

 
629

 
202

 
—

 
567

Unrealized (loss) gain on cash flow hedges
—

 
(9,808
)
 
—

 
52

 
—

 
—

 
(9,756
)
Total other comprehensive (loss) income
—

 
(10,072
)
 
—

 
681

 
202

 
—

 
(9,189
)
Comprehensive income
83,677

 
81,334

 
—

 
82,041

 
51,924

 
(224,482
)
 
74,494

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(6
)
 
—

 
(6
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
83,677

 
$
81,334

 
$
—

 
$
82,041

 
$
51,918

 
$
(224,482
)
 
$
74,488

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Three Months Ended June 30, 2018
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
200,787

 
$
209,456

 
$
—

 
$
67,536

 
$
177,095

 
$
(454,085
)
 
$
200,789

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation gain (loss)
—

 
1,064

 
—

 
(608
)
 
(195
)
 
—

 
261

Unrealized gain on cash flow hedges
—

 
3,335

 
—

 
3

 
—

 
—

 
3,338

Total other comprehensive income (loss)
—

 
4,399

 
—

 
(605
)
 
(195
)
 
—

 
3,599

Comprehensive income
200,787

 
213,855

 
—

 
66,931

 
176,900

 
(454,085
)
 
204,388

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(2
)
 
—

 
(2
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
200,787

 
$
213,855

 
$
—

 
$
66,931

 
$
176,898

 
$
(454,085
)
 
$
204,386

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.





























CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME
For the Six Months Ended June 30, 2019
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
5,973

 
$
21,629

 
$
—

 
$
99,708

 
$
(11
)
 
$
(121,308
)
 
$
5,991

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation (loss) gain
—

 
(1,700
)
 
—

 
1,307

 
400

 
—

 
7

Unrealized (loss) gain on cash flow hedges
—

 
(23,294
)
 
—

 
50

 
—

 
—

 
(23,244
)
Total other comprehensive (loss) income
—

 
(24,994
)
 
—

 
1,357

 
400

 
—

 
(23,237
)
Comprehensive income (loss)
5,973

 
(3,365
)
 
—

 
101,065

 
389

 
(121,308
)
 
(17,246
)
Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(18
)
 
—

 
(18
)
Comprehensive income (loss) attributable to Sabra Health Care REIT, Inc.
$
5,973

 
$
(3,365
)
 
$
—

 
$
101,065

 
$
371

 
$
(121,308
)
 
$
(17,264
)
(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Six Months Ended June 30, 2018
(dollars in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net income
$
263,258

 
$
278,798

 
$
—

 
$
93,092

 
$
255,012

 
$
(626,890
)
 
$
263,270

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation gain (loss)
—

 
1,905

 
—

 
(1,536
)
 
(482
)
 
—

 
(113
)
Unrealized gain (loss) on cash flow hedges
—

 
13,238

 
—

 
(2
)
 
—

 
—

 
13,236

Total other comprehensive income (loss)
—

 
15,143

 
—

 
(1,538
)
 
(482
)
 
—

 
13,123

Comprehensive income
263,258

 
293,941

 
—

 
91,554

 
254,530

 
(626,890
)
 
276,393

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(12
)
 
—

 
(12
)
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
263,258

 
$
293,941

 
$
—

 
$
91,554

 
$
254,518

 
$
(626,890
)
 
$
276,381

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
Condensed Consolidating Statement of Cash Flows
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2019
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net cash (used in) provided by operating activities
$
185,681

 
$
—

 
$
—

 
$
438

 
$
5,759

 
$
—

 
$
191,878

Cash flows from investing activities:

 

 

 

 

 

 

Origination and fundings of loans receivable
—

 
—

 
—

 
(5,400
)
 
(3,423
)
 
—

 
(8,823
)
Additions to real estate
—

 
—

 
—

 
(4,009
)
 
(4,587
)
 
—

 
(8,596
)
Repayments of loans receivable
—

 
—

 
—

 
92

 
10,010

 
—

 
10,102

Repayments of preferred equity investments
—

 
—

 
—

 
2,463

 
—

 
—

 
2,463

Net proceeds from the sales of real estate
—

 
—

 
—

 
22,605

 
300,131

 
—

 
322,736

Distribution from subsidiaries
2,531

 
2,531

 
—

 
—

 
—

 
(5,062
)
 
—

Intercompany financing
(240,387
)
 
319,921

 
—

 
—

 
—

 
(79,534
)
 
—

Net cash (used in) provided by investing activities
(237,856
)
 
322,452

 
—

 
15,751

 
302,131

 
(84,596
)
 
317,882

Cash flows from financing activities:

 

 

 

 

 

 

Net repayments of revolving credit facility
—

 
(349,000
)
 
—

 
—

 
—

 
—

 
(349,000
)
Proceeds from issuance of senior unsecured notes
—

 
300,000

 
—

 
—

 
—

 
—

 
300,000

Principal payments on senior unsecured notes
—

 
(500,000
)
 


 
—

 
—

 
—

 
(500,000
)
Principal payments on secured debt
—

 
—

 
—

 
—

 
(1,703
)
 
—

 
(1,703
)
Payments of deferred financing costs
—

 
(4,413
)
 
—

 
—

 
—

 
—

 
(4,413
)
Payments related to extinguishment of debt
—

 
(6,895
)
 
—

 
—

 
—

 
—

 
(6,895
)
Distributions to noncontrolling interest
—

 
—

 
—

 
—

 
(73
)
 
—

 
(73
)
Issuance of common stock, net
211,575

 
—

 
—

 
—

 
—

 
—

 
211,575

Dividends paid on common stock
(161,735
)
 
—

 
—

 
—

 
—

 
—

 
(161,735
)
Distribution to parent
—

 
(2,531
)
 
—

 
—

 
(2,531
)
 
5,062

 
—

Intercompany financing
—

 
240,387

 
—

 
(17,230
)
 
(302,691
)
 
79,534

 
—

Net cash provided by (used in) financing activities
49,840

 
(322,452
)
 
—

 
(17,230
)
 
(306,998
)
 
84,596

 
(512,244
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(2,335
)
 
—

 
—

 
(1,041
)
 
892

 
—

 
(2,484
)
Effect of foreign currency translation on cash, cash equivalents and restricted cash
—

 
—

 
—

 
198

 
102

 
—

 
300

Cash, cash equivalents and restricted cash, beginning of period
40,835

 
—

 
—

 
5,328

 
13,495

 
—

 
59,658

Cash, cash equivalents and restricted cash, end of period
$
38,500

 
$
—

 
$
—

 
$
4,485

 
$
14,489

 
$
—

 
$
57,474

(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2018
(in thousands)
(unaudited)
 
 
 
 
 
Combined Non-Guarantor Subsidiaries of 2026 Notes(6)
 
 
 
 
 
Parent
Company(1)
 
Operating Partnership(2)
 
Sabra Capital Corporation(3)
 
Combined
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(4)
 
Combined Non-
Guarantor
Subsidiaries of 2023 Notes and 2024 Notes(5)
 
Elimination
 
Consolidated
Net cash provided by operating activities
$
204,440

 
$
—

 
$
—

 
$
1,014

 
$
6,099

 
$
—

 
$
211,553

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of real estate
—

 
—

 
—

 
(29,711
)
 
(184,271
)
 
—

 
(213,982
)
Origination and fundings of loans receivable
—

 
—

 
—

 
(1,973
)
 
(26,184
)
 
—

 
(28,157
)
Origination and fundings of preferred equity investments
—

 
—

 
—

 
(945
)
 
—

 
—

 
(945
)
Additions to real estate
(40
)
 
—

 
—

 
(4,660
)
 
(12,117
)
 
—

 
(16,817
)
Repayments of loans receivable
—

 
—

 
—

 
6,577

 
32,310

 
—

 
38,887

Repayments of preferred equity investments
—

 
—

 
—

 
375

 
—

 
—

 
375

Investment in unconsolidated JV
—

 
—

 
—

 
—

 
(354,461
)
 
—

 
(354,461
)
Net proceeds from the sales of real estate
—

 
—

 
—

 
78,072

 
200,129

 
—

 
278,201

Distribution from subsidiaries
2,669

 
2,669

 
—

 
—

 
—

 
(5,338
)
 
—

Intercompany financing
(378,485
)
 
(413,473
)
 
—

 
—

 
—

 
791,958

 
—

Net cash (used in) provided by investing activities
(375,856
)
 
(410,804
)
 
—

 
47,735

 
(344,594
)
 
786,620

 
(296,899
)
Cash flows from financing activities:

 

 
 
 

 

 

 

Net borrowings from revolving credit facility
—

 
35,000

 
—

 
—

 
—

 
—

 
35,000

Principal payments on secured debt
—

 
—

 
—

 
—

 
(2,128
)
 
—

 
(2,128
)
Payments of deferred financing costs
—

 
(12
)
 
—

 
—

 
—

 
—

 
(12
)
Distributions to noncontrolling interest
—

 
—

 
—

 
—

 
(72
)
 
—

 
(72
)
Preferred stock redemption
(143,750
)
 
—

 
—

 
—

 
—

 
—

 
(143,750
)
Issuance of common stock, net
(499
)
 
—

 
—

 
—

 
—

 
—

 
(499
)
Dividends paid on common and preferred stock
(164,736
)
 
—

 
—

 
—

 
—

 
—

 
(164,736
)
Distribution to parent
—

 
(2,669
)
 
—

 
—

 
(2,669
)
 
5,338

 
—

Intercompany financing
—

 
378,485

 
—

 
(8,130
)
 
421,603

 
(791,958
)
 
—

Net cash (used in) provided by financing activities
(308,985
)
 
410,804

 
—

 
(8,130
)
 
416,734

 
(786,620
)
 
(276,197
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(480,401
)
 
—

 
—

 
40,619

 
78,239

 
—

 
(361,543
)
Effect of foreign currency translation on cash, cash equivalents and restricted cash
—

 
—

 
—

 
(146
)
 
(106
)
 
—

 
(252
)
Cash, cash equivalents and restricted cash, beginning of period
511,670

 
—

 
—

 
6,761

 
69,018

 
—

 
587,449

Cash, cash equivalents and restricted cash, end of period
$
31,269

 
$
—

 
$
—

 
$
47,234

 
$
147,151

 
$
—

 
$
225,654


(1) 
The Parent Company guarantees the 2023 Notes, the 2024 Notes and the 2026 Notes.
(2) 
The Operating Partnership is the co-issuer of the 2023 Notes and the 2024 Notes and the issuer of the 2026 Notes.
(3) 
Sabra Capital Corporation is the co-issuer of the 2023 Notes and the 2024 Notes.
(4) 
The Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2023 Notes and the 2024 Notes.
(5) 
The Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes consist of the subsidiaries that do not guarantee the 2023 Notes and the 2024 Notes.
(6) 
None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2023 Notes and the 2024 Notes guarantee the 2026 Notes.