SUMMARIZED CONDENSED CONSOLIDATING INFORMATION

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION

The 2024 Notes are issued by the Operating Partnership and fully and unconditionally guaranteed, jointly and severally, by the Company and one of the Company’s non-operating subsidiaries, subject to release under certain customary circumstances as described below. In connection with the Operating Partnership’s assumption of the 2026 Notes, the Company has fully and unconditionally guaranteed the 2026 Notes, subject to release under certain circumstances as described below. The 2029 Notes are issued by the Operating Partnership and guaranteed, fully and unconditionally, by the Company.

These guarantees are subordinated to all existing and future senior debt and senior guarantees of the applicable guarantors and are unsecured. The Company conducts all of its business through and derives virtually all of its income from its subsidiaries. Therefore, the Company’s ability to make required payments with respect to its indebtedness (including the Senior Notes) and other obligations depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries.

A guarantor will be automatically and unconditionally released from its obligations under the guarantee with respect to the 2024 Notes in the event of:

• Any sale of the subsidiary guarantor or of all or substantially all of its assets;

• A merger or consolidation of the subsidiary guarantor with the Operating Partnership or the Company, provided that the surviving entity remains a guarantor;

• The requirements for legal defeasance or covenant defeasance or to discharge the indentures governing the 2024 Notes have been satisfied;

• A liquidation or dissolution, to the extent permitted under the indenture governing the 2024 Notes, of the subsidiary guarantor;

• The release or discharge of the guaranty that resulted in the creation of the subsidiary guaranty, except a discharge or release by or as a result of payment under such guaranty; or

• If the subsidiary guarantor is not a guarantor or is not otherwise liable in respect of any obligations under any credit facility (as defined in the indenture governing the 2024 Notes) of the Company or any of its subsidiaries.

The Company will be automatically and unconditionally released from its obligations under the guarantee with respect to the 2026 Notes in the event of:

• A liquidation or dissolution, to the extent permitted under the indenture governing the 2026 Notes;

• A merger or consolidation, provided that the surviving entity remains a guarantor; or

• The requirements for legal defeasance or covenant defeasance or to discharge the indenture governing the 2026 Notes have been satisfied.

Pursuant to amended Rule 3-10 of Regulation S-X, the following aggregate summarized financial information is provided for the Company (the “Parent Company”), the Operating Partnership and Sabra Health Care, L.L.C. (the guarantor subsidiary of the 2024 Notes). This aggregate summarized financial information has been prepared from the books and records maintained by the Company, the Operating Partnership and Sabra Health Care, L.L.C. The aggregate summarized financial information does not include the investments in non-guarantor subsidiaries nor the earnings from non-guarantor subsidiaries and therefore is not necessarily indicative of the results of operations or financial position had the Operating Partnership and Sabra Health Care, L.L.C. operated as independent entities. Intercompany transactions have been eliminated. The aggregate summarized balance sheet information as of March 31, 2020 and December 31, 2019 and aggregate summarized statement of loss information for the three months ended March 31, 2020 is as follows (in thousands):

	March 31, 2020			December 31, 2019
Total assets	$	70,689		$	52,597
Total liabilities	2,378,729			2,241,501
	Three Months Ended March 31, 2020
Total revenues	12
Total expenses	30,349
Net loss	(30,820		)
Net loss attributable to common stockholders	(30,820		)