EX-99.3 4 sbraex9932024q3.htm Q3 2024 NON-GAAP RECONCILIATIONS Document

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非依照財務會計標準調和

2024年9月30日

(未經查核)



SABRA HEALTH CARE房地產信託投資公司。
2024年展望

以下表格顯示我們2024年的預測指引（每股全稀釋）：
 低高
凈利潤$0.48 $0.49 
增加:
房地產資產的折舊和攤提0.73 0.73 
與未合併聯合企業相關的房地產資產折舊和攤銷0.04 0.04 
房地產銷售淨虧損0.10 0.10 
FFO$1.35 $1.36 
資產歸一化0.04 0.04 
歸一化後的普通股東應佔FFO$1.39 $1.40 
可歸於普通股東的FFO$1.35 $1.36 
以股份為基礎之報酬支出0.04 0.04 
非現金租賃及相關收入(0.02)(0.02)
非現金利息費用0.04 0.04 
AFFO$1.41 $1.42 
資產歸一化0.02 0.02 
Normalized AFFO attributable to common stockholders$1.43 $1.44 


盈利指引如下：
•假設老人住宅-管理組合的同店現金NOI增長率將在中到高十代之間。
•包括所有已宣布的投資和處分活動，以及在市場上股本發行計劃下已宣布的活動；而
•不承擔額外的投資、處置或資本交易，超出已披露的范圍。


上述指引範圍反映管理層對當前和未來市場狀況的看法。公司無法保證其實際結果不會與上述估算有實質差異。除非法律另有要求，否則公司不承擔任何並在此放棄任何更新上述指引範圍的義務，並不會因新資訊或新的或未來的發展而對其進行更新。

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SABRA HEALTH CARE房地產信託投資公司。
非GAAP財務指標的調和
FFO，規範化FFO，AFFO和規範化AFFO
(千元美元，每股資料除外)

截至9月30日的三個月截至9月30日的九個月
 2024202320242023
凈利潤（損失）$29,788 $(15,101)$80,017 $(3,400)
增加:
房地產資產的折舊和攤提42,720 43,242 127,315 140,211 
與非合資聯營企業有關的房地產資產折舊、攤銷和減損2,243 2,255 6,680 6,505 
房地產銷售淨虧損5,745 46,545 3,969 75,893 
房地產的減值— — 18,472 7,064 
FFO$80,496 $76,941 $236,453 $226,273 
現金及直線租金收入應收賬款和租賃無形資產的減值3,086 939 5,539 1,371 
債務清償能造成的損失— — — 1,541 
放回原先的貨款準備(148)328 (446)549 
其他常態化項目 (1)
119 (1,003)2,718 1,066 
常態化FFO$83,553 $77,205 $244,264 $230,800 
FFO$80,496 $76,941 $236,453 $226,273 
以股份為基礎之報酬支出2,586 2,235 6,448 5,468 
非現金租賃及相關收入(433)(1,312)(2,229)(6,781)
非現金利息收入12 8 24 (380)
非現金利息費用2,611 3,088 8,750 9,179 
與債務撲滅損失相關的非現金部分— — — 1,541 
放回原先的貨款準備(148)328 (446)549 
與非合併聯合企業相關的其他調整113 133 401 371 
其他調整353 256 1,192 950 
AFFO$85,590 $81,677 $250,593 $237,170 
現金租金收入的核銷1,189 — 751 — 
其他正規項目 (1)
113 (1,017)2,549 1,021 
調整後AFFO$86,892 $80,660 $253,893 $238,191 
每股摊薄金額：
凈利潤（損失）$0.13 $(0.07)$0.34 $(0.01)
FFO$0.34 $0.33 $1.01 $0.97 
調整後FFO$0.35 $0.33 $1.04 $0.99 
AFFO$0.36 $0.35 $1.06 $1.01 
正常化後的AFFO$0.37 $0.34 $1.08 $1.02 
稀釋後的加權平均普通股份數
凈利潤（損失）237,043,400 231,224,692 234,777,101 231,197,375 
FFO和正常化後的FFO 237,043,400 232,835,849 234,777,101 232,566,392 
AFFO和正常化後的AFFO 237,940,868 233,988,463 235,890,966 233,878,874 



(1)     其他正規化FFO和AFFO的主要項目主要包括三重淨營業費用，扣除收回。
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SABRA HEALTH CARE房地產信託投資公司。
非GAAP財務指標的調和
EBITDA、調整後的EBITDA、調整後的EBITDA、經調整後的及年化經調整後的EBITDA
淨債務和淨債務對調整後息稅折與折融資產
（以千為單位）

結束於三個月的期間
2024年9月30日
凈利潤$29,788 
利息29,467 
所得稅補充(265)
折舊與攤提42,720 
稅息折舊及攤銷前溢利$101,710 
來自未合併聯合企業的收入(214)
來自未納入合併的合資公司的分配1,190 
股份報酬支出 2,586 
收購和交易成本283 
非現金營收核銷和償還貸款損失1,764 
其他費用1,765 
房地產銷售淨虧損5,745 
調整後的稅前利潤減除折舊及攤銷後的費用 (1)
$114,829 
調整為當前期間的活動 (2)
(430)
調整後的EBITDA，經調整$114,399 
調整後的EBITDA，經調整，年化$457,596 
2024年9月30日
有擔保債務$46,623 
循環授信額度152,558 
定期貸款540,985 
優先無抵押票據1,750,000 
合併債務2,490,166 
現金及現金等價物(63,004)
淨債務$2,427,162 
2024年9月30日
淨債務$2,427,162 
年化調整後的調整後息稅前利潤（Adjusted EBITDA）$457,596 
淨負債與調整後的息稅前利潤比5.30x












(1)    調整後的EBITDA是指在計算息稅折舊及攤銷前的盈利（“EBITDA”）時，排除與合併相關的成本、公司長期股權獎勵計畫下的股票報酬費用以及貸款損失準備的影響。
(2)    對本期活動進行調整，將在此期間完成的收購和處置行為效應視為已於期初完成，並對公司認為不代表本期營運結果的某些收入和費用進行調整。
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SABRA HEALTH CARE房地產信託投資公司。
非GAAP財務指標的調和
綜合損益表（損益）
補充資訊
（以千為單位）

截至9月30日的三個月截至9月30日的九個月
 2024202320242023
現金租金收入$91,829 $88,006 $273,955 $265,044 
直線租金收入1,119 796 3,383 3,561 
現金和直線租金收入應收款項和租賃無形資產的核銷(3,086)(939)(5,539)(1,372)
市場租金上/下的攤銷1,212 1,456 3,634 4,592 
營運費用收回3,481 3,766 9,994 11,404 
租赁及相关收入$94,555 $93,085 $285,427 $283,229 


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SABRA HEALTH CARE房地產信託投資公司。
非GAAP財務指標的調和
高齡住房-管理收入和現金淨利
（以千為單位）

結束於三個月的期間
 2023年9月30日2023年12月31日2024年3月31日2024年6月30日2024年9月30日
收入：
住戶費用及服務$59,748 $61,256 $66,031 $67,939 $73,746 
未納入合併聯合企業之收入（損失）：
住戶費用及服務9,950 10,007 10,362 10,453 10,772 
不包括在同一門市的住戶費用和服務 (1)
(6,700)(6,969)(11,176)(11,960)(16,716)
同一門市住戶費用和服務$62,998 $64,294 $65,217 $66,432 $67,802 
淨（虧損）收益$(15,101)$17,156 $26,254 $23,975 $29,788 
調整：
與高齡住宅管理無關的淨損失（收入）18,275 (13,562)(21,673)(17,589)(22,789)
折舊與攤提11,885 11,707 12,084 11,278 12,727 
其他收益(470)— (898)— — 
房地產業銷售的損益(9)5 — — — 
未合併聯合企業的損失收入645 761 595 (80)(214)
Sabra對未合併聯合企業淨營業收入的份額2,612 2,425 2,690 3,236 3,408 
現金淨營業收入$17,837 $18,492 $19,052 $20,820 $22,920 
未包括在同一商店的現金淨營業收入 (1)
(516)(765)(1,152)(960)(2,523)
同一商店現金淨營業收入$17,321 $17,727 $17,900 $19,860 $20,397 
















(1)    Includes adjustments for changes in the foreign currency exchange rate where applicable by applying the average exchange rate for the current period to prior period results.
logo2a.jpg See reporting definitions.                        6



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Property Type
(in thousands)

Three Months Ended September 30, 2024
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - Managed ConsolidatedSenior Housing - Managed UnconsolidatedTotal Senior HousingOtherCorporateTotal
Net income (loss)$38,778 $4,962 $6,785 $214 $11,961 $7,184 $3,299 $9,700 $(41,134)$29,788 
Adjustments:
Depreciation and amortization21,119 3,769 12,727 — 16,496 3,553 1,461 — 91 42,720 
Interest201 214 — — 214 — — — 29,052 29,467 
General and administrative— — — — — — — — 12,404 12,404 
Recovery of loan losses and other reserves— — — — — — — — (148)(148)
Net loss on sales of real estate5,745 — — — — — — — — 5,745 
Income from unconsolidated joint ventures— — — (214)(214)— — — — (214)
Income tax benefit— — — — — — — — (265)(265)
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — 3,408 3,408 — — — — 3,408 
Net Operating Income$65,843 $8,945 $19,512 $3,408 $31,865 $10,737 $4,760 $9,700 $— $122,905 
Non-cash revenue and expense adjustments(1,252)1,015 — — 1,015 (141)(42)12 — (408)
Cash Net Operating Income$64,591 $9,960 $19,512 $3,408 $32,880 $10,596 $4,718 $9,712 $— $122,497 













logo2a.jpg         See reporting definitions.                                  7

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI and Annualized Cash NOI, as adjusted by Property Type
(in thousands)

Nine Months Ended September 30, 2024
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - Managed ConsolidatedSenior Housing - Managed UnconsolidatedTotal Senior HousingOtherCorporateTotal
Net income (loss)$121,227 $20,746 $18,267 $(301)$38,712 $6,325 $9,932 $27,746 $(123,925)$80,017 
Adjustments:
Depreciation and amortization64,172 11,673 36,089 — 47,762 10,748 4,384 — 249 127,315 
Interest607 649 — — 649 — — — 85,933 87,189 
General and administrative— — — — — — — — 37,035 37,035 
Recovery of loan losses— — — — — — — — (446)(446)
Impairment of real estate5,679 — — — — 12,324 — — 469 18,472 
Other (income) expense— — (898)— (898)— — — 60 (838)
Net loss on sales of real estate3,969 — — — — — — — — 3,969 
Loss from unconsolidated joint ventures— — — 301 301 — — — — 301 
Income tax expense— — — — — — — — 625 625 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — 9,334 9,334 — — — — 9,334 
Net Operating Income$195,654 $33,068 $53,458 $9,334 $95,860 $29,397 $14,316 $27,746 $— $362,973 
Non-cash revenue and expense adjustments(3,794)(591)— — (591)2,383 (153)24 — (2,131)
Cash Net Operating Income$191,860 $32,477 $53,458 $9,334 $95,269 $31,780 $14,163 $27,770 $— $360,842 
Annualizing adjustments (1)
60,968 13,459 24,589 4,300 42,348 11,772 4,776 8,702 — 128,566 
Annualized Cash Net Operating Income$252,828 $45,936 $78,047 $13,634 $137,617 $43,552 $18,939 $36,472 $— $489,408 
Reallocation adjustments (2)
1,760 6,218 — — 6,218 24,426 — (32,404)— — 
Annualized Cash Net Operating Income, as adjusted$254,588 $52,154 $78,047 $13,634 $143,835 $67,978 $18,939 $4,068 $— $489,408 







(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year.
(2)    Adjustments to reflect Annualized Cash Net Operating Income from mortgage and construction loans receivable and preferred equity investments in the related asset class of the underlying real estate.
logo2a.jpg         See reporting definitions.                                  8

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Payor Source
(in thousands)

Nine Months Ended September 30, 2024
Private PayorsNon-Private PayorsOtherCorporateTotal
Net income (loss)$60,286 $115,910 $27,746 $(123,925)$80,017 
Adjustments:
Depreciation and amortization64,731 62,335 — 249 127,315 
Interest675 581 — 85,933 87,189 
General and administrative— — — 37,035 37,035 
Recovery of loan losses— — — (446)(446)
Impairment of real estate11,831 6,172 — 469 18,472 
Other (income) expense(898)— — 60 (838)
Net (gain) loss on sales of real estate(649)4,618 — — 3,969 
Loss from unconsolidated joint ventures301 — — — 301 
Income tax expense— — — 625 625 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income9,334 — — — 9,334 
Net Operating Income$145,611 $189,616 $27,746 $— $362,973 
Non-cash revenue and expense adjustments776 (2,931)24 — (2,131)
Cash Net Operating Income$146,387 $186,685 $27,770 $— $360,842 
Annualizing adjustments (1)
59,126 60,738 8,702 — 128,566 
Annualized Cash Net Operating Income$205,513 $247,423 $36,472 $— $489,408 













(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year.
logo2a.jpg         See reporting definitions.                                  9

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Relationship
(in thousands)

Nine Months Ended September 30, 2024
Signature HealthcareEnsign GroupAvamere Family of CompaniesSignature BehavioralRecovery Centers of AmericaThe McGuire GroupAll Other RelationshipsCorporateTotal
Net income (loss)$18,877 $20,697 $10,331 $18,073 $19,038 $10,784 $106,142 $(123,925)$80,017 
Adjustments:
Depreciation and amortization10,103 9,737 8,812 6,721 1,563 5,345 84,785 249 127,315 
Interest— — — — — — 1,256 85,933 87,189 
General and administrative— — — — — — — 37,035 37,035 
Recovery of loan losses— — — — — — — (446)(446)
Impairment of real estate2,661 — — — — — 15,342 469 18,472 
Other (income) expense— — — — — — (898)60 (838)
Net loss (gain) on sales of real estate3 — 10,509 — — — (6,543)— 3,969 
Loss from unconsolidated joint ventures— — — — — — 301 — 301 
Income tax expense— — — — — — — 625 625 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — — — — 9,334 — 9,334 
Net Operating Income$31,644 $30,434 $29,652 $24,794 $20,601 $16,129 $209,719 $— $362,973 
Non-cash revenue and expense adjustments22 40 58 (386)(83)(2,906)1,124 — (2,131)
Cash Net Operating Income$31,666 $30,474 $29,710 $24,408 $20,518 $13,223 $210,843 $— $360,842 
Annualizing adjustments (1)
10,953 10,107 9,425 8,492 6,947 4,444 78,198 — 128,566 
Annualized Cash Net Operating Income$42,619 $40,581 $39,135 $32,900 $27,465 $17,667 $289,041 $— $489,408 













(1)    Represents the annual effect of acquisitions, dispositions, lease modifications and scheduled rent increases completed during the period and mathematical adjustments needed to make Cash Net Operating Income for the period representative of Cash Net Operating Income for a full year.
logo2a.jpg         See reporting definitions.                                  10
SABRA HEALTH CARE REIT, INC.
REPORTING DEFINITIONS
Adjusted EBITDA. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the impact of merger-related costs, stock-based compensation expense under the Company's long-term equity award program, and loan loss reserves. Adjusted EBITDA is an important non-GAAP supplemental measure of operating performance.
Annualized Cash Net Operating Income (“Annualized Cash NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Annualized Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Annualized Cash NOI as Annualized Revenues less operating expenses and non-cash revenues and expenses. Annualized Cash NOI excludes all other financial statement amounts included in net income.
Annualized Revenues. The annual contractual rental revenues under leases and interest and other income generated by the Company’s loans receivable and other investments based on amounts invested and applicable terms as of the end of the period presented. Annualized Revenues do not include tenant recoveries or additional rents and are adjusted to reflect actual payments received related to the twelve months ended at the end of the respective period for leases no longer accounted for on an accrual basis.
Behavioral Health. Includes behavioral hospitals that provide inpatient and outpatient care for patients with mental health conditions, chemical dependence or substance addictions and addiction treatment centers that provide treatment services for chemical dependence and substance addictions, which may include inpatient care, outpatient care, medical detoxification, therapy and counseling.
Cash Net Operating Income (“Cash NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers Cash NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines Cash NOI as total revenues less operating expenses and non-cash revenues and expenses. Cash NOI excludes all other financial statement amounts included in net income.
Consolidated Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements.
Funds From Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that funds from operations, or FFO, as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“Nareit”), and adjusted funds from operations, or AFFO (and related per share amounts) are important non-GAAP supplemental measures of the Company’s operating performance. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions and the Company’s share of gains or losses from real estate dispositions related to its unconsolidated joint ventures, plus real estate depreciation and amortization, net of amounts related to noncontrolling interests, plus the Company’s share of depreciation and amortization related to its unconsolidated joint ventures, and real estate impairment charges of both consolidated and unconsolidated entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is defined as FFO excluding stock-based compensation expense, non-cash rental and related revenues, non-cash interest income, non-cash interest expense, non-cash portion of loss on extinguishment of debt, provision for (recovery of) loan losses and other reserves, non-cash lease termination income and deferred income taxes, as well as other non-cash revenue and expense items (including noncapitalizable acquisition costs, transaction costs related to operator transitions and organizational or other restructuring activities, ineffectiveness gain/loss on derivative instruments, and non-cash revenue and expense amounts related to noncontrolling interests) and the Company’s share of non-cash adjustments related to its unconsolidated joint ventures. The Company believes that the use of FFO and AFFO (and the related per share amounts), combined with the required GAAP presentations, improves the understanding of the Company’s operating results among investors and makes comparisons of operating results among real estate investment trusts more meaningful. The Company considers FFO and AFFO to be useful measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. While FFO and AFFO are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO and AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of FFO and AFFO may not be comparable to FFO and AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define AFFO differently than the Company does.
Net Debt. The principal balances of the Company’s revolving credit facility, term loans, senior unsecured notes, and secured indebtedness as reported in the Company’s consolidated financial statements, net of cash and cash equivalents as reported in the Company’s consolidated financial statements.
Net Debt to Adjusted EBITDA. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by Annualized Adjusted EBITDA, which is Adjusted EBITDA, as adjusted for annualizing adjustments that give effect to the acquisitions and dispositions completed during the respective period as though such acquisitions and dispositions were completed as of the beginning of the period presented.
Net Operating Income (“NOI”). The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company considers NOI an important supplemental measure because it allows investors, analysts and its management to evaluate the operating performance of its investments. The Company defines NOI as total revenues less operating expenses. NOI excludes all other financial statement amounts included in net income.
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SABRA HEALTH CARE REIT, INC.
REPORTING DEFINITIONS
Normalized FFO and Normalized AFFO. Normalized FFO and Normalized AFFO represent FFO and AFFO, respectively, adjusted for certain income and expense items that the Company does not believe are indicative of its ongoing operating results. The Company considers Normalized FFO and Normalized AFFO to be useful measures to evaluate the Company’s operating results excluding these income and expense items to help investors compare the operating performance of the Company between periods or as compared to other companies. Normalized FFO and Normalized AFFO do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. Normalized FFO and Normalized AFFO also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of Normalized FFO and Normalized AFFO may not be comparable to Normalized FFO and Normalized AFFO reported by other real estate investment trusts that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FFO and AFFO or Normalized FFO and Normalized AFFO differently than the Company does.
Senior Housing. Senior Housing communities include independent living, assisted living, continuing care retirement and memory care communities.
Senior Housing - Managed. Senior Housing communities operated by third-party property managers pursuant to property management agreements.
Skilled Nursing/Transitional Care. Skilled Nursing/Transitional Care facilities include skilled nursing, transitional care, multi-license designation and mental health facilities.
Specialty Hospitals and Other. Includes acute care, long-term acute care and rehabilitation hospitals, facilities that provide residential services, which may include assistance with activities of daily living, and other facilities not classified as Skilled Nursing/Transitional Care, Senior Housing or Behavioral Health.
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