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INVESTMENT IN REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Real Estate Properties Held for Investment

The Company’s real estate properties held for investment consisted of the following (dollars in thousands):

As of December 31, 2022


Property Type	Number of Properties	Number of Beds/Units	Total Real Estate at Cost		Accumulated Depreciation		Total Real Estate Investments, Net
Skilled Nursing/Transitional Care	264	29,136	$	3,385,221	$	(492,495)	$	2,892,726
Senior Housing - Leased	47	3,550	590,694		(97,716)		492,978
Senior Housing - Managed	59	5,942	1,205,283		(222,089)		983,194
Behavioral Health	17	965	465,143		(58,481)		406,662
Specialty Hospitals and Other	15	392	225,443		(42,038)		183,405
	402	39,985	5,871,784		(912,819)		4,958,965
Corporate Level			904		(526)		378
			$	5,872,688	$	(913,345)	$	4,959,343

As of December 31, 2021


Property Type	Number of Properties	Number of Beds/Units	Total Real Estate at Cost		Accumulated Depreciation		Total Real Estate Investments, Net
Skilled Nursing/Transitional Care	279	30,920	$	3,617,359	$	(474,534)	$	3,142,825
Senior Housing - Leased	60	4,099	720,581		(104,046)		616,535
Senior Housing - Managed	49	5,140	1,012,398		(174,098)		838,300
Behavioral Health	13	795	417,659		(41,556)		376,103
Specialty Hospitals and Other	15	392	225,348		(36,623)		188,725
	416	41,346	5,993,345		(830,857)		5,162,488
Corporate Level			863		(467)		396
			$	5,994,208	$	(831,324)	$	5,162,884


	As of December 31,
	2022		2021
Building and improvements	$	5,034,470	$	5,145,096
Furniture and equipment	262,644		262,969
Land improvements	7,085		4,295
Land	568,489		581,848
Total real estate at cost	5,872,688		5,994,208
Accumulated depreciation	(913,345)		(831,324)
Total real estate investments, net	$	4,959,343	$	5,162,884

Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases

As of December 31, 2022, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands):


2023	$	342,132
2024	344,577
2025	339,396
2026	324,028
2027	301,038
Thereafter	1,068,916
	$	2,720,087

Schedule of Investment in Joint Ventures

The following is a summary of the Company’s investment in unconsolidated joint ventures (dollars in thousands):


	Property Type	Number of Properties as of December 31, 2022	Ownership as of December 31, 2022 (1)		Book Value as of December 31,
					2022		2021
Sienna Joint Venture	Senior Housing - Managed	12	50	%	$	120,269	$	—
Marlin Spring Joint Venture	Senior Housing - Managed	3	85	%	14,693		—
Enlivant Joint Venture (2)	Senior Housing - Managed	157	49	%	—		96,680
					$	134,962	$	96,680

(1) These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.

(2) As of December 31, 2021, the book value of the Company’s investment in the Enlivant Joint Venture (as defined below) includes an unamortized basis difference of $293.7 million. The unamortized basis difference is related to the difference between the amount the Company purchased its interest in the Enlivant Joint Venture for and the historical cost basis of the assets.

The following tables present summarized financial information for the Company’s investments in unconsolidated joint ventures (in thousands).


	As of December 31,
	2022		2021
Total assets	$	754,220	$	467,762
Total liabilities	894,969		822,063
Member’s deficit	(140,749)		(354,301)


	Year Ended December 31,
	2022		2021		2020
Total revenues	$	351,073	$	274,693	$	299,031
Operating expenses (1)	324,462		265,194		240,331
Net (loss) income	(66,171)		(35,276)		5,196

Company’s share of net (loss) income	$	(32,581)	$	(17,184)	$	2,546
Basis adjustments	7,673		10,771		19,145
Other-than-temporary impairment	57,778		164,126		—
Loss from unconsolidated joint venture	$	(98,032)	$	(192,081)	$	(16,599)

(1) During the years ended December 31, 2022 and 2021, TPG caused the Enlivant Joint Venture to fund $25.0 million and $20.0 million, respectively, of payments to Enlivant beyond amounts contractually required under the management agreement. These payments were to support the operations of Enlivant and are reflected as operating expenses. Funding for the support payments did not require capital contributions from Sabra but rather were funded with proceeds received by the Enlivant Joint Venture from TPG for the issuance of senior preferred interests or with cash on hand at the Enlivant Joint Venture.