Toggle SGML Header (+)


Section 1: 10-Q (10-Q)

Document
false--12-31Q3201900014922980P6MP6M02000002000000.451.350.451.350.010.012500000002500000001783065281936969011783065281936969010.0550.048110000060000010000000600000400000013000000 0001492298 2019-01-01 2019-09-30 0001492298 2019-10-24 0001492298 2019-09-30 0001492298 2018-12-31 0001492298 2018-07-01 2018-09-30 0001492298 2018-01-01 2018-09-30 0001492298 2019-07-01 2019-09-30 0001492298 sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 sbra:TripleNetPortfolioMember 2019-01-01 2019-09-30 0001492298 sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-01-01 2018-09-30 0001492298 sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-07-01 2019-09-30 0001492298 sbra:TripleNetPortfolioMember 2018-01-01 2018-09-30 0001492298 sbra:TripleNetPortfolioMember 2019-07-01 2019-09-30 0001492298 sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-07-01 2018-09-30 0001492298 sbra:TripleNetPortfolioMember 2018-07-01 2018-09-30 0001492298 us-gaap:PreferredStockMember 2019-06-30 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-06-30 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-06-30 0001492298 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0001492298 us-gaap:CommonStockMember 2018-06-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001492298 us-gaap:ParentMember 2019-07-01 2019-09-30 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-07-01 2018-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001492298 us-gaap:NoncontrollingInterestMember 2019-06-30 0001492298 2018-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-09-30 0001492298 us-gaap:CommonStockMember 2019-09-30 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-09-30 0001492298 us-gaap:ParentMember 2019-06-30 0001492298 us-gaap:NoncontrollingInterestMember 2019-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-07-01 2019-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001492298 us-gaap:CommonStockMember 2019-06-30 0001492298 us-gaap:ParentMember 2018-07-01 2018-09-30 0001492298 us-gaap:PreferredStockMember 2019-09-30 0001492298 us-gaap:NoncontrollingInterestMember 2018-06-30 0001492298 us-gaap:ParentMember 2019-09-30 0001492298 us-gaap:ParentMember 2018-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001492298 us-gaap:PreferredStockMember 2018-06-30 0001492298 us-gaap:ParentMember 2018-06-30 0001492298 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001492298 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001492298 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001492298 us-gaap:CommonStockMember 2018-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001492298 2019-06-30 0001492298 us-gaap:NoncontrollingInterestMember 2018-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001492298 us-gaap:PreferredStockMember 2018-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001492298 2018-06-30 0001492298 us-gaap:ParentMember 2018-01-01 2018-09-30 0001492298 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001492298 us-gaap:CommonStockMember 2017-12-31 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-12-31 0001492298 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0001492298 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001492298 us-gaap:ParentMember 2019-01-01 2019-09-30 0001492298 us-gaap:NoncontrollingInterestMember 2018-12-31 0001492298 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0001492298 us-gaap:AccountingStandardsUpdate201712Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 0001492298 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0001492298 us-gaap:NoncontrollingInterestMember 2017-12-31 0001492298 us-gaap:AccountingStandardsUpdate201602Member us-gaap:ParentMember 2019-01-01 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 2019-09-30 0001492298 us-gaap:ParentMember 2018-12-31 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-12-31 0001492298 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001492298 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0001492298 us-gaap:PreferredStockMember 2018-01-01 2018-09-30 0001492298 us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 0001492298 us-gaap:CommonStockMember 2018-12-31 0001492298 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 2018-09-30 0001492298 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001492298 us-gaap:PreferredStockMember 2017-12-31 0001492298 us-gaap:PreferredStockMember 2018-12-31 0001492298 2017-12-31 0001492298 us-gaap:AccountingStandardsUpdate201712Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0001492298 us-gaap:ParentMember 2017-12-31 0001492298 sbra:EnlivantJointVentureMember 2018-01-02 2018-01-02 0001492298 sbra:EnlivantJointVentureMember 2018-01-02 0001492298 sbra:EnlivantJointVentureMember 2018-01-02 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember 2018-01-01 2018-09-30 0001492298 sbra:EnlivantJointVentureMember 2019-01-01 2019-09-30 0001492298 sbra:EnlivantJointVentureMember 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember 2018-07-01 2018-09-30 0001492298 sbra:EnlivantJointVentureMember 2019-01-01 2019-09-30 0001492298 sbra:EnlivantJointVentureMember sbra:SeniorHousingFacilitiesMember 2019-01-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember 2019-07-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember 2019-01-01 2019-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2019-07-01 2019-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantRelationshipMember 2018-01-01 2018-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2019-01-01 2019-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantOriginationAndAbsorptionCostsMember 2018-01-01 2018-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-01-01 2018-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-07-01 2018-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantOriginationAndAbsorptionCostsMember 2019-01-01 2019-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantRelationshipMember 2019-01-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-01-01 2018-09-30 0001492298 sbra:SeniorHousingFacilitiesMember us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-01-01 2018-09-30 0001492298 sbra:SeniorHousingFacilitiesManagedPortfolioMember us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-01-01 2018-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantOriginationAndAbsorptionCostsMember 2019-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantRelationshipMember 2019-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember sbra:TenantRelationshipMember 2018-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2019-09-30 0001492298 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-09-30 0001492298 us-gaap:OperatingSegmentsMember sbra:SkilledNursingTransitionalCareFacilitiesMember 2019-09-30 0001492298 us-gaap:OperatingSegmentsMember 2019-09-30 0001492298 us-gaap:OperatingSegmentsMember sbra:SeniorHousingFacilitiesLeasedMember 2019-09-30 0001492298 us-gaap:CorporateNonSegmentMember 2019-09-30 0001492298 us-gaap:OperatingSegmentsMember sbra:SpecialtyHospitalsAndOtherMember 2019-09-30 0001492298 us-gaap:OperatingSegmentsMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-09-30 0001492298 sbra:AncillaryServicesMember 2019-07-01 2019-09-30 0001492298 sbra:HolidayRetirementMember 2018-12-19 0001492298 sbra:HolidayRetirementMember 2019-04-01 2019-04-01 0001492298 sbra:AncillaryServicesMember 2018-07-01 2018-09-30 0001492298 sbra:SeniorCareCentersSaleFacilitiesMember 2019-01-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember sbra:SeniorCareCentersSaleFacilitiesMember 2019-04-01 2019-04-01 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember sbra:SeniorCareCentersSaleFacilitiesMember 2019-05-01 2019-05-31 0001492298 sbra:SeniorCareCentersMember 2019-03-01 2019-03-31 0001492298 sbra:SeniorCareCentersMember sbra:SeniorCareCentersSaleFacilitiesMember 2019-04-01 0001492298 sbra:AncillaryServicesMember 2018-01-01 2018-09-30 0001492298 sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember sbra:SeniorCareCentersSaleFacilitiesMember 2019-05-31 0001492298 sbra:SeniorHousingFacilitiesMember sbra:SeniorCareCentersSaleFacilitiesMember 2019-04-01 2019-04-01 0001492298 us-gaap:OperatingSegmentsMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-09-30 0001492298 sbra:SeniorCareCentersMember sbra:SeniorCareCentersSaleFacilitiesMember 2019-04-01 2019-04-01 0001492298 sbra:AncillaryServicesMember 2019-01-01 2019-09-30 0001492298 srt:MinimumMember 2019-09-30 0001492298 srt:MaximumMember 2019-09-30 0001492298 us-gaap:OperatingSegmentsMember sbra:SpecialtyHospitalsAndOtherMember 2018-12-31 0001492298 us-gaap:OperatingSegmentsMember sbra:SkilledNursingTransitionalCareFacilitiesMember 2018-12-31 0001492298 us-gaap:OperatingSegmentsMember 2018-12-31 0001492298 us-gaap:OperatingSegmentsMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-12-31 0001492298 us-gaap:CorporateNonSegmentMember 2018-12-31 0001492298 us-gaap:OperatingSegmentsMember sbra:SeniorHousingFacilitiesLeasedMember 2018-12-31 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesAndSeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2018DispositionsMember 2018-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2018DispositionsMember 2018-01-01 2018-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesAndSeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2019DispositionsMember 2019-01-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesAndSeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2018DispositionsMember 2017-01-01 2017-09-30 0001492298 sbra:SeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2019DispositionsMember 2019-01-01 2019-09-30 0001492298 sbra:SeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2018-01-01 2018-09-30 0001492298 sbra:SeniorHousingFacilitiesMember 2019-01-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesAndSeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2018DispositionsMember 2018-01-01 2018-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesAndSeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2019DispositionsMember 2018-01-01 2018-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesAndSeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2019DispositionsMember 2019-09-30 0001492298 sbra:SeniorHousingFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2018DispositionsMember 2018-01-01 2018-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesAndSeniorHousingFacilitiesMember 2019-01-01 2019-09-30 0001492298 sbra:SeniorCareCentersFacilitiesMember 2019-01-01 2019-09-30 0001492298 sbra:SkilledNursingTransitionalCareFacilitiesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember sbra:A2019DispositionsMember 2019-01-01 2019-09-30 0001492298 sbra:SpecificLoansMember 2018-07-01 2018-09-30 0001492298 sbra:SpecificLoansMember 2019-09-30 0001492298 sbra:PortfolioBasedLoanReceivableMember 2018-01-01 2018-09-30 0001492298 sbra:PortfolioBasedLoanReceivableMember 2018-07-01 2018-09-30 0001492298 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember 2018-12-31 0001492298 us-gaap:NonperformingFinancingReceivableMember 2018-12-31 0001492298 sbra:SpecificLoansMember 2019-07-01 2019-09-30 0001492298 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember 2019-09-30 0001492298 sbra:SpecificLoansMember 2018-12-31 0001492298 sbra:PortfolioBasedLoanReceivableMember 2019-01-01 2019-09-30 0001492298 sbra:SpecificLoansMember 2019-01-01 2019-09-30 0001492298 sbra:PortfolioBasedLoanReceivableMember 2019-07-01 2019-09-30 0001492298 sbra:PortfolioBasedLoanReceivableMember 2019-09-30 0001492298 us-gaap:NonperformingFinancingReceivableMember 2019-09-30 0001492298 sbra:PortfolioBasedLoanReceivableMember 2018-12-31 0001492298 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember 2019-01-01 2019-09-30 0001492298 sbra:ConstructionMortgageLoansMember 2018-12-31 0001492298 sbra:ConstructionMortgageLoansMember 2019-09-30 0001492298 sbra:MortgageLoansReceivableMember 2019-09-30 0001492298 sbra:OtherMember 2019-09-30 0001492298 sbra:MezzanineInvestmentsMember 2019-09-30 0001492298 sbra:MortgageLoansReceivableMember 2018-12-31 0001492298 sbra:MezzanineInvestmentsMember 2018-12-31 0001492298 sbra:OtherMember 2018-12-31 0001492298 sbra:SpecificLoansMember 2018-01-01 2018-09-30 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember 2017-08-17 0001492298 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember 2019-09-09 2019-09-09 0001492298 sbra:A5.5SeniorUnsecuredNotesDue2021Member us-gaap:SeniorNotesMember 2019-06-29 0001492298 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember 2019-09-09 2019-09-09 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember 2019-09-30 0001492298 sbra:A5.5SeniorUnsecuredNotesDue2021Member us-gaap:SeniorNotesMember 2019-06-29 2019-06-29 0001492298 sbra:SeniorUnsecuredNotesDue2024MemberMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember us-gaap:SeniorNotesMember 2019-05-29 2019-05-29 0001492298 sbra:CareCapitalPropertiesMember sbra:U.S.DollarTermLoanMember 2019-09-30 0001492298 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-09 2019-09-09 0001492298 sbra:SeniorUnsecuredNotesDue2023Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2019-10-27 0001492298 us-gaap:InterestRateSwapMember sbra:U.S.DollarTermLoanMember 2016-08-10 0001492298 sbra:SeniorUnsecuredNotesDue2023Member us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:SecuredDebtMember 2018-12-31 0001492298 sbra:SeniorUnsecuredNotesDue2024MemberMember us-gaap:SeniorNotesMember 2019-05-29 0001492298 us-gaap:SeniorNotesMember 2019-09-30 0001492298 sbra:SeniorUnsecuredNotesDue2024MemberMember us-gaap:SeniorNotesMember 2019-05-29 2019-05-29 0001492298 us-gaap:InterestRateSwapMember sbra:CanadianDollarTermLoanMember 2016-08-10 0001492298 sbra:CanadianDollarTermLoanMember 2015-06-10 0001492298 srt:MinimumMember sbra:FourthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:BaseRateMember 2017-08-17 2017-08-17 0001492298 srt:MaximumMember sbra:FifthAmendedandRestatedCreditAgreementMember sbra:CanadianDollarTermLoanMember sbra:CanadianDollarOfferRateCDORMember 2019-09-09 2019-09-09 0001492298 sbra:CareCapitalPropertiesMember us-gaap:InterestRateSwapMember sbra:U.S.DollarTermLoanMember 2019-09-30 0001492298 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-08-17 2017-08-17 0001492298 sbra:FourthAmendedandRestatedCreditAgreementMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember sbra:U.S.DollarTermLoanMember 2017-08-17 0001492298 sbra:FourthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember 2017-08-17 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember us-gaap:BaseRateMember 2019-01-01 2019-09-30 0001492298 sbra:SeniorUnsecuredNotesDue2023Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2019-10-27 2019-10-27 0001492298 srt:MinimumMember sbra:FifthAmendedandRestatedCreditAgreementMember sbra:CanadianDollarTermLoanMember sbra:CanadianDollarOfferRateCDORMember 2019-09-09 2019-09-09 0001492298 us-gaap:LineOfCreditMember sbra:FourthAmendedandRestatedCreditAgreementMember 2017-08-17 0001492298 srt:MaximumMember sbra:FourthAmendedandRestatedCreditAgreementMember sbra:CanadianDollarTermLoanMember sbra:CanadianDollarOfferRateCDORMember 2017-08-17 2017-08-17 0001492298 sbra:A5.5SeniorUnsecuredNotesDue2021Member us-gaap:SeniorNotesMember 2019-01-01 2019-09-30 0001492298 sbra:FourthAmendedandRestatedCreditAgreementMember 2019-07-01 2019-09-30 0001492298 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember us-gaap:BaseRateMember 2019-09-09 2019-09-09 0001492298 srt:MinimumMember sbra:FifthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-09 2019-09-09 0001492298 us-gaap:SeniorNotesMember 2018-12-31 0001492298 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember us-gaap:BaseRateMember 2019-09-09 2019-09-09 0001492298 sbra:FifthAmendedandRestatedCreditAgreementMember us-gaap:DebtInstrumentRedemptionPeriodOneMember sbra:U.S.DollarTermLoanMember 2019-09-09 0001492298 us-gaap:SecuredDebtMember 2019-09-30 0001492298 sbra:FifthAmendedandRestatedCreditAgreementMember sbra:CanadianDollarTermLoanMember 2019-09-09 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember us-gaap:PrimeRateMember 2019-01-01 2019-09-30 0001492298 srt:MaximumMember sbra:FourthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:BaseRateMember 2017-08-17 2017-08-17 0001492298 srt:MinimumMember sbra:FifthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:BaseRateMember 2019-09-09 2019-09-09 0001492298 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-09 2019-09-09 0001492298 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember us-gaap:BaseRateMember 2017-08-17 2017-08-17 0001492298 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember 2017-08-17 2017-08-17 0001492298 sbra:SeniorUnsecuredNotesDue2026Member us-gaap:SeniorNotesMember 2019-09-30 0001492298 sbra:CanadianDollarTermLoanMember 2016-08-10 0001492298 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember 2017-08-17 2017-08-17 0001492298 sbra:A3.90SeniorUnsecuredNotesDue2029Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2019-10-07 2019-10-07 0001492298 sbra:A3.90SeniorUnsecuredNotesDue2029Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2019-10-07 0001492298 us-gaap:LineOfCreditMember sbra:FifthAmendedandRestatedCreditAgreementMember 2019-09-09 0001492298 sbra:SeniorUnsecuredNotesDue2024MemberMember us-gaap:DebtInstrumentRedemptionPeriodOneMember us-gaap:SeniorNotesMember 2019-05-29 2019-05-29 0001492298 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-08-17 2017-08-17 0001492298 srt:MinimumMember sbra:FourthAmendedandRestatedCreditAgreementMember sbra:CanadianDollarTermLoanMember sbra:CanadianDollarOfferRateCDORMember 2017-08-17 2017-08-17 0001492298 sbra:SeniorUnsecuredNotesDue2027Member us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember 2019-09-09 0001492298 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember us-gaap:BaseRateMember 2017-08-17 2017-08-17 0001492298 srt:MinimumMember sbra:FourthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-08-17 2017-08-17 0001492298 srt:MaximumMember sbra:FifthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:BaseRateMember 2019-09-09 2019-09-09 0001492298 sbra:A3.90SeniorUnsecuredNotesDue2029Member us-gaap:DebtInstrumentRedemptionPeriodOneMember us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2019-10-07 2019-10-07 0001492298 sbra:FifthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember 2019-09-09 0001492298 srt:MaximumMember sbra:FourthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-08-17 2017-08-17 0001492298 sbra:FourthAmendedandRestatedCreditAgreementMember sbra:CanadianDollarTermLoanMember 2017-08-17 0001492298 srt:MaximumMember sbra:FifthAmendedandRestatedCreditAgreementMember sbra:U.S.DollarTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-09 2019-09-09 0001492298 sbra:A3.90SeniorUnsecuredNotesDue2029Member us-gaap:DebtInstrumentRedemptionPeriodTwoMember us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2019-10-07 2019-10-07 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember 2019-09-09 0001492298 sbra:U.S.DollarTermLoanMember 2016-08-10 0001492298 sbra:FifthAmendedandRestatedCreditAgreementMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember sbra:U.S.DollarTermLoanMember 2019-09-09 0001492298 sbra:FixedRateMortgagesMember us-gaap:SecuredDebtMember 2019-09-30 0001492298 sbra:FixedRateMortgagesMember us-gaap:SecuredDebtMember 2018-12-31 0001492298 sbra:SeniorUnsecuredNotesDue2027Member us-gaap:SeniorNotesMember 2018-12-31 0001492298 sbra:SeniorUnsecuredNotesDue2026Member us-gaap:SeniorNotesMember 2018-12-31 0001492298 sbra:SeniorUnsecuredNotesDue2023Member us-gaap:SeniorNotesMember 2018-12-31 0001492298 sbra:A5.5SeniorUnsecuredNotesDue2021Member us-gaap:SeniorNotesMember 2018-12-31 0001492298 sbra:SeniorUnsecuredNotesDue2024MemberMember us-gaap:SeniorNotesMember 2019-09-30 0001492298 sbra:SeniorUnsecuredNotesDue2024MemberMember us-gaap:SeniorNotesMember 2018-12-31 0001492298 sbra:A5.5SeniorUnsecuredNotesDue2021Member us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:LineOfCreditMember 2019-09-30 0001492298 us-gaap:LoansPayableMember 2019-09-30 0001492298 sbra:FourthAmendedandRestatedCreditAgreementMember 2019-01-01 2019-09-30 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FifthAmendedandRestatedCreditAgreementMember 2019-09-09 2019-09-09 0001492298 us-gaap:RevolvingCreditFacilityMember sbra:FourthAmendedandRestatedCreditAgreementMember 2019-09-09 2019-09-09 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:NondesignatedMember 2018-12-31 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:NondesignatedMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 sbra:ForwardStartingInterestRateSwapsEffectiveAugust2020Member us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateSwapsMember 2019-05-01 2019-05-31 0001492298 sbra:ForwardStartingInterestRateCollarEffectiveJanuary2021Member us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2019-01-01 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateSwapsEffectiveJanuary2021Member us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-09-30 0001492298 srt:ScenarioForecastMember sbra:ForwardStartingInterestRateSwapsAndForwardStartingInterestRateCollarsMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-31 0001492298 us-gaap:CreditRiskContractMember 2019-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2019-07-01 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2019-07-01 2019-09-30 0001492298 sbra:ForwardStartingInterestRateSwapsAndForwardStartingInterestRateCollarsMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2018-07-01 2018-09-30 0001492298 sbra:ForwardStartingInterestRateCollarEffectiveAugust2020Member us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:InterestRateContractMember 2019-01-01 2019-09-30 0001492298 us-gaap:ForeignExchangeContractMember 2019-07-01 2019-09-30 0001492298 us-gaap:ForeignExchangeContractMember 2019-01-01 2019-09-30 0001492298 us-gaap:CurrencySwapMember 2019-07-01 2019-09-30 0001492298 us-gaap:CurrencySwapMember 2018-01-01 2018-09-30 0001492298 us-gaap:CurrencySwapMember 2019-01-01 2019-09-30 0001492298 us-gaap:ForeignExchangeContractMember 2018-07-01 2018-09-30 0001492298 us-gaap:ForeignExchangeContractMember 2018-01-01 2018-09-30 0001492298 us-gaap:CurrencySwapMember 2018-07-01 2018-09-30 0001492298 us-gaap:InterestRateContractMember 2018-01-01 2018-09-30 0001492298 us-gaap:InterestRateContractMember 2018-07-01 2018-09-30 0001492298 us-gaap:InterestRateContractMember 2019-07-01 2019-09-30 0001492298 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2018-01-01 2018-09-30 0001492298 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2019-07-01 2019-09-30 0001492298 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2019-01-01 2019-09-30 0001492298 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2018-07-01 2018-09-30 0001492298 us-gaap:AccountsPayableAndAccruedLiabilitiesMember sbra:ForwardStartingInterestRateCollarMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 us-gaap:AccountsPayableAndAccruedLiabilitiesMember sbra:ForwardStartingInterestRateSwapsMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 sbra:LoansPayableToBankMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 us-gaap:AccountsPayableAndAccruedLiabilitiesMember sbra:ForwardStartingInterestRateSwapsMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 sbra:AccountsReceivablePrepaidExpensesDeferredFinancingCostsAndOtherAssetsNetMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:AccountsPayableAndAccruedLiabilitiesMember sbra:ForwardStartingInterestRateCollarMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 sbra:AccountsReceivablePrepaidExpensesDeferredFinancingCostsAndOtherAssetsNetMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 sbra:AccountsReceivablePrepaidExpensesDeferredFinancingCostsAndOtherAssetsNetMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 sbra:LoansPayableToBankMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001492298 sbra:AccountsReceivablePrepaidExpensesDeferredFinancingCostsAndOtherAssetsNetMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2018-01-01 2018-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2018-01-01 2018-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2018-07-01 2018-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateCollarMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateCollarMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateSwapsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateCollarMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateSwapsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateSwapsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateCollarMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 sbra:ForwardStartingInterestRateSwapsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:SecuredDebtMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:SecuredDebtMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:SecuredDebtMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:SecuredDebtMember 2019-09-30 0001492298 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001492298 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001492298 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember 2018-12-31 0001492298 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0001492298 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-09-30 0001492298 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-09-30 0001492298 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001492298 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2018-12-31 0001492298 2019-08-07 2019-08-07 0001492298 2019-02-05 2019-02-05 0001492298 2019-05-08 2019-05-08 0001492298 us-gaap:PreferredStockMember 2018-06-01 2018-06-01 0001492298 sbra:EquityDistributionAgreementATMProgramMember 2019-09-30 0001492298 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001492298 sbra:EquityDistributionAgreementATMProgramMember 2019-02-25 2019-02-25 0001492298 sbra:EquityDistributionAgreementATMProgramMember 2019-01-01 2019-09-30 0001492298 sbra:EquityDistributionAgreementATMProgramMember 2019-07-01 2019-09-30 0001492298 2013-03-21 2013-03-21 0001492298 2018-06-01 2018-06-01 0001492298 2018-06-01 0001492298 2013-03-21 0001492298 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0001492298 us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember 2019-09-30 0001492298 us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember 2018-12-31 0001492298 us-gaap:AccumulatedTranslationAdjustmentMember 2019-09-30 0001492298 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001492298 us-gaap:RestrictedStockUnitsRSUMember 2019-07-01 2019-09-30 0001492298 us-gaap:RestrictedStockUnitsRSUMember 2018-07-01 2018-09-30 0001492298 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-09-30 0001492298 us-gaap:EmployeeStockOptionMember 2018-07-01 2018-09-30 0001492298 us-gaap:EmployeeStockOptionMember 2019-09-30 0001492298 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001492298 srt:ConsolidationEliminationsMember 2018-01-01 2018-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001492298 srt:ConsolidationEliminationsMember 2018-07-01 2018-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-07-01 2018-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-07-01 2018-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-07-01 2018-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-07-01 2018-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-07-01 2018-09-30 0001492298 srt:ConsolidationEliminationsMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-07-01 2018-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001492298 srt:ConsolidationEliminationsMember 2019-07-01 2019-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001492298 srt:ConsolidationEliminationsMember 2019-01-01 2019-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-12-31 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-12-31 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2018-12-31 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001492298 srt:ConsolidationEliminationsMember 2018-12-31 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2019-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-09-30 0001492298 srt:ConsolidationEliminationsMember 2019-09-30 0001492298 srt:ConsolidationEliminationsMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-01-01 2018-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-01-01 2018-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-01-01 2018-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-01-01 2018-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-01-01 2018-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2018-01-01 2018-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:ConsolidationEliminationsMember sbra:TripleNetPortfolioMember 2019-07-01 2019-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:ConsolidationEliminationsMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-07-01 2019-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-07-01 2019-09-30 0001492298 srt:ConsolidationEliminationsMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:ConsolidationEliminationsMember sbra:TripleNetPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-01-01 2019-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember sbra:TripleNetPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember sbra:SeniorHousingFacilitiesManagedPortfolioMember 2019-01-01 2019-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-09-30 0001492298 srt:ConsolidationEliminationsMember 2017-12-31 0001492298 srt:ConsolidationEliminationsMember 2018-09-30 0001492298 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2017-12-31 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2017-12-31 0001492298 sbra:SabraCapitalCorporationMember srt:ReportableLegalEntitiesMember 2018-09-30 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2017-12-31 0001492298 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-09-30 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-09-30 0001492298 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2017-12-31 0001492298 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2017-12-31 0001492298 us-gaap:SubsequentEventMember 2019-10-30 2019-10-30 sbra:Bed sbra:Property xbrli:shares sbra:director sbra:preferred_equity_investment iso4217:USD sbra:Investment iso4217:USD xbrli:shares sbra:facility sbra:loan xbrli:pure sbra:derivative iso4217:CAD sbra:extension_option sbra:instrument sbra:agreement
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-34950
 
SABRA HEALTH CARE REIT, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
 
Maryland
 
27-2560479
(State of Incorporation)
 
(I.R.S. Employer Identification No.)
18500 Von Karman Avenue, Suite 550
Irvine, CA 92612
(888) 393-8248
(Address, zip code and telephone number of Registrant)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, $.01 par value
SBRA
The Nasdaq Stock Market LLC
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 24, 2019, there were 193,696,901 shares of the registrant’s $0.01 par value Common Stock outstanding.


Table of Contents

SABRA HEALTH CARE REIT, INC. AND SUBSIDIARIES
Index
 
 
Page
Numbers
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
Item 1.
 
 
 
Item 1a.
 
 
 
Item 6.
 
 

1

Table of Contents

References throughout this document to “Sabra,” “we,” “our,” “ours” and “us” refer to Sabra Health Care REIT, Inc. and its direct and indirect consolidated subsidiaries and not any other person.
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q (this “10-Q”) contain “forward-looking” information as that term is defined by the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. Examples of forward-looking statements include all statements regarding our expected future financial position, results of operations, cash flows, liquidity, financing plans, business strategy, tenants, the expected amounts and timing of dividends and other distributions, projected expenses and capital expenditures, competitive position, growth opportunities, potential investments, potential dispositions, plans and objectives for future operations, and compliance with and changes in governmental regulations. You can identify some of the forward-looking statements by the use of forward-looking words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “should,” “may” and other similar expressions, although not all forward-looking statements contain these identifying words.
Our actual results may differ materially from those projected or contemplated by our forward-looking statements as a result of various factors, including, among others, the following:
our dependence on the operating success of our tenants;
the potential variability of our reported rental and related revenues following the adoption of Topic 842 (as defined below) on January 1, 2019;
operational risks with respect to our Senior Housing - Managed communities (as defined below);
the effect of our tenants declaring bankruptcy or becoming insolvent;
our ability to find replacement tenants and the impact of unforeseen costs in acquiring new properties;
the impact of litigation and rising insurance costs on the business of our tenants;
the possibility that Sabra may not acquire the remaining majority interest in the Enlivant Joint Venture (as defined below);
risks associated with our investments in joint ventures;
changes in healthcare regulation and political or economic conditions;
the impact of required regulatory approvals of transfers of healthcare properties;
competitive conditions in our industry;
our concentration in the healthcare property sector, particularly in skilled nursing/transitional care facilities and senior housing communities, which makes our profitability more vulnerable to a downturn in a specific sector than if we were investing in multiple industries;
the significant amount of and our ability to service our indebtedness;
covenants in our debt agreements that may restrict our ability to pay dividends, make investments, incur additional indebtedness and refinance indebtedness on favorable terms;
increases in market interest rates;
the potential phasing out of the London Interbank Offered Rate (“LIBOR”) benchmark after 2021;
our ability to raise capital through equity and debt financings;
changes in foreign currency exchange rates;
the relatively illiquid nature of real estate investments;
the loss of key management personnel;
uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities;
the impact of a failure or security breach of information technology in our operations;
our ability to maintain our status as a real estate investment trust (“REIT”);
changes in tax laws and regulations affecting REITs (including the potential effects of the Tax Cuts and Jobs Act);
compliance with REIT requirements and certain tax and tax regulatory matters related to our status as a REIT; and
the ownership limits and takeover defenses in our governing documents and under Maryland law, which may restrict change of control or business combination opportunities.
We urge you to carefully consider these risks and review the additional disclosures we make concerning risks and other factors that may materially affect the outcome of our forward-looking statements and our future business and operating results, including those made in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2018 (our “2018 Annual Report on Form 10-K”) and in Part II, Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (the “SEC”), including subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. We caution you that any forward-looking statements made in this 10-Q are

2

Table of Contents

not guarantees of future performance, events or results, and you should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. We do not intend, and we undertake no obligation, to update any forward-looking information to reflect events or circumstances after the date of this 10-Q or to reflect the occurrence of unanticipated events, unless required by law to do so.


3

Table of Contents

PART I. FINANCIAL INFORMATION
 
ITEM 1.
FINANCIAL STATEMENTS
SABRA HEALTH CARE REIT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)  
 
 
September 30, 2019
 
December 31, 2018
 
(unaudited)
 
 
Assets
 
 
 
Real estate investments, net of accumulated depreciation of $502,777 and $402,338 as of September 30, 2019 and December 31, 2018, respectively
$
5,344,997

 
$
5,853,545

Loans receivable and other investments, net
108,242

 
113,722

Investment in unconsolidated joint venture
324,324

 
340,120

Cash and cash equivalents
29,431

 
50,230

Restricted cash
10,231

 
9,428

Lease intangible assets, net
104,977

 
131,097

Accounts receivable, prepaid expenses and other assets, net
145,801

 
167,161

Total assets
$
6,068,003

 
$
6,665,303

 
 
 
 
Liabilities
 
 
 
Secured debt, net
$
113,644

 
$
115,679

Revolving credit facility
200,000

 
624,000

Term loans, net
1,182,983

 
1,184,930

Senior unsecured notes, net
1,106,484

 
1,307,394

Accounts payable and accrued liabilities
109,401

 
94,827

Lease intangible liabilities, net
73,074

 
83,726

Total liabilities
2,785,586

 
3,410,556

 
 
 
 
Commitments and contingencies (Note 13)

 

 
 
 
 
Equity
 
 
 
Common stock, $.01 par value; 250,000,000 shares authorized, 193,696,901 and 178,306,528 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
1,937

 
1,783

Additional paid-in capital
3,823,584

 
3,507,925

Cumulative distributions in excess of net income
(523,709
)
 
(271,595
)
Accumulated other comprehensive (loss) income
(19,395
)
 
12,301

Total Sabra Health Care REIT, Inc. stockholders’ equity
3,282,417

 
3,250,414

Noncontrolling interests

 
4,333

Total equity
3,282,417

 
3,254,747

Total liabilities and equity
$
6,068,003

 
$
6,665,303


See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

SABRA HEALTH CARE REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)  
(unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Rental and related revenues
$
110,104

 
$
130,467

 
$
339,291

 
$
418,951

Interest and other income
3,325

 
3,932

 
77,145

 
12,823

Resident fees and services
36,405

 
17,403

 
89,537

 
52,426

 
 
 
 
 
 
 
 
Total revenues
149,834

 
151,802

 
505,973

 
484,200

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Depreciation and amortization
43,092

 
48,468

 
137,517

 
143,301

Interest
29,255

 
37,305

 
99,181

 
109,880

Triple-net portfolio operating expenses
5,611

 

 
17,140

 

Senior housing - managed portfolio operating expenses
23,979

 
12,611

 
60,258

 
37,034

General and administrative
8,709

 
8,173

 
24,952

 
25,753

Provision for doubtful accounts, straight-line rental income and loan losses
57

 
8,910

 
1,457

 
9,449

Impairment of real estate
13,966

 

 
119,102

 
1,413

 
 
 
 
 
 
 
 
Total expenses
124,669

 
115,467

 
459,607

 
326,830

 
 
 
 
 
 
 
 
Other income (expense):
 
 
 
 
 
 
 
Loss on extinguishment of debt
(644
)
 

 
(10,763
)
 

Other income
215

 
1,336

 
385

 
4,156

Net (loss) gain on sales of real estate
(19
)
 
14

 
1,216

 
142,445

 
 
 
 
 
 
 
 
Total other income (expense)
(448
)
 
1,350

 
(9,162
)
 
146,601

 
 
 
 
 
 
 
 
Income before loss from unconsolidated joint venture and income tax expense
24,717

 
37,685

 
37,204

 
303,971

 
 
 
 
 
 
 
 
Loss from unconsolidated joint venture
(605
)
 
(1,725
)
 
(5,635
)
 
(3,626
)
Income tax expense
(826
)
 
(732
)
 
(2,292
)
 
(1,847
)
 
 
 
 
 
 
 
 
Net income
23,286

 
35,228

 
29,277

 
298,498

 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
(4
)
 
(10
)
 
(22
)
 
(22
)
 
 
 
 
 
 
 
 
Net income attributable to Sabra Health Care REIT, Inc.
23,282

 
35,218

 
29,255

 
298,476

 
 
 
 
 
 
 
 
Preferred stock dividends

 

 

 
(9,768
)
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
$
23,282

 
$
35,218

 
$
29,255

 
$
288,708

 
 
 
 
 
 
 
 
Net income attributable to common stockholders, per:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic common share
$
0.12

 
$
0.20

 
$
0.16

 
$
1.62

 
 
 
 
 
 
 
 
Diluted common share
$
0.12

 
$
0.20

 
$
0.16

 
$
1.62

 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding, basic
190,650,400

 
178,317,769

 
183,578,254

 
178,309,127

 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding, diluted
191,952,389

 
178,941,213

 
184,698,411

 
178,729,853


See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

SABRA HEALTH CARE REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income
$
23,286

 
$
35,228

 
$
29,277

 
$
298,498

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation gain (loss)
917

 
(65
)
 
924

 
(178
)
Unrealized (loss) gain on cash flow hedges
(9,376
)
 
2,010

 
(32,620
)
 
15,246

 
 
 
 
 
 
 
 
Total other comprehensive (loss) income
(8,459
)
 
1,945

 
(31,696
)
 
15,068

 
 
 
 
 
 
 
 
Comprehensive income
14,827

 
37,173

 
(2,419
)
 
313,566

 
 
 
 
 
 
 
 
Comprehensive income attributable to noncontrolling interests
(4
)
 
(10
)
 
(22
)
 
(22
)
 
 
 
 
 
 
 
 
Comprehensive income attributable to Sabra Health Care REIT, Inc.
$
14,823

 
$
37,163

 
$
(2,441
)
 
$
313,544



See accompanying notes to condensed consolidated financial statements.


6


SABRA HEALTH CARE REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(dollars in thousands, except per share data)  
(unaudited)
 
 
 
Three Months Ended September 30, 2018
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Net Income
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling Interests
 
Total Equity
 
 
Shares
 
Amounts
 
Shares
 
Amounts
 
 
 
 
 
 
Balance, June 30, 2018
 

 
$

 
178,283,590

 
$
1,783

 
$
3,502,954

 
$
(125,606
)
 
$
24,412

 
$
3,403,543

 
$
4,382

 
$
3,407,925

Net income
 

 

 

 

 

 
35,218

 

 
35,218

 
10

 
35,228

Other comprehensive income
 

 

 

 

 

 

 
1,945

 
1,945

 

 
1,945

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 

 
(35
)
 
(35
)
Amortization of stock-based compensation
 

 

 

 

 
2,923

 

 

 
2,923

 

 
2,923

Common stock issuance, net
 

 

 
1,385

 

 

 

 

 

 

 

Common dividends ($0.45 per share)
 

 

 

 

 

 
(80,728
)
 

 
(80,728
)
 

 
(80,728
)
Balance, September 30, 2018
 

 
$

 
178,284,975

 
$
1,783

 
$
3,505,877

 
$
(171,116
)
 
$
26,357

 
$
3,362,901

 
$
4,357

 
$
3,367,258

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Net Income
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling Interests
 
Total Equity
 
 
Shares
 
Amounts
 
Shares
 
Amounts
 
 
 
 
 
 
Balance, June 30, 2019
 

 
$

 
189,515,024

 
$
1,895

 
$
3,725,971

 
$
(460,832
)
 
$
(10,936
)
 
$
3,256,098

 
$
4,278

 
$
3,260,376

Net income
 

 

 

 

 

 
23,282

 

 
23,282

 
4

 
23,286

Other comprehensive loss
 

 

 

 

 

 

 
(8,459
)
 
(8,459
)
 

 
(8,459
)
Buyout of noncontrolling interests
 

 

 

 

 
4,039

 

 

 
4,039

 
(4,239
)
 
(200
)
Distributions to noncontrolling interests
 

 

 

 

 

 

 

 

 
(43
)
 
(43
)
Amortization of stock-based compensation
 

 

 

 

 
3,930

 

 

 
3,930

 

 
3,930

Common stock issuance, net
 

 

 
4,181,877

 
42

 
89,644

 

 

 
89,686

 

 
89,686

Common dividends ($0.45 per share)
 

 

 

 

 

 
(86,159
)
 

 
(86,159
)
 

 
(86,159
)
Balance, September 30, 2019
 

 
$

 
193,696,901

 
$
1,937

 
$
3,823,584

 
$
(523,709
)
 
$
(19,395
)
 
$
3,282,417

 
$

 
$
3,282,417

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See accompanying notes to condensed consolidated financial statements.


7


SABRA HEALTH CARE REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)
(dollars in thousands, except per share data)  
(unaudited)
 
 
 
Nine Months Ended September 30, 2018
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Net Income
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling Interests
 
Total Equity
 
 
Shares
 
Amounts
 
Shares
 
Amounts
 
 
 
 
 
 
Balance, December 31, 2017
 
5,750,000

 
$
58

 
178,255,843

 
$
1,783

 
$
3,636,913

 
$
(217,236
)
 
$
11,289

 
$
3,432,807

 
$
4,442

 
$
3,437,249

Cumulative effect of ASU 2017-12 adoption
 

 

 

 

 

 
(795
)
 
795

 

 

 

Net income
 

 

 

 

 

 
298,476

 

 
298,476

 
22

 
298,498

Other comprehensive income
 

 

 

 

 

 

 
14,273

 
14,273

 

 
14,273

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 

 
(107
)
 
(107
)
Amortization of stock-based compensation
 

 

 

 

 
7,357

 

 

 
7,357

 

 
7,357

Preferred stock redemption
 
(5,750,000
)
 
(58
)
 

 

 
(138,191
)
 
(5,501
)
 

 
(143,750
)
 

 
(143,750
)
Common stock issuance, net
 

 

 
29,132

 

 
(202
)
 

 

 
(202
)
 

 
(202
)
Preferred dividends
 

 

 

 

 

 
(4,267
)
 

 
(4,267
)
 

 
(4,267
)
Common dividends ($1.35 per share)
 

 

 

 

 

 
(241,793
)
 

 
(241,793
)
 

 
(241,793
)
Balance, September 30, 2018
 

 
$

 
178,284,975

 
$
1,783

 
$
3,505,877

 
$
(171,116
)
 
$
26,357

 
$
3,362,901

 
$
4,357

 
$
3,367,258

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Net Income
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling Interests
 
Total Equity
 
 
Shares
 
Amounts
 
Shares
 
Amounts
 
 
 
 
 
 
Balance, December 31, 2018
 

 
$

 
178,306,528

 
$
1,783

 
$
3,507,925

 
$
(271,595
)
 
$
12,301

 
$
3,250,414

 
$
4,333

 
$
3,254,747

Cumulative effect of Topic 842 adoption
 

 

 

 

 

 
(32,502
)
 

 
(32,502
)
 

 
(32,502
)
Net income
 

 

 

 

 

 
29,255

 

 
29,255

 
22

 
29,277

Other comprehensive loss
 

 

 

 

 

 

 
(31,696
)
 
(31,696
)
 

 
(31,696
)
Buyout of noncontrolling interests
 

 

 

 

 
4,039

 

 

 
4,039

 
(4,239
)
 
(200
)
Distributions to noncontrolling interests
 

 

 

 

 

 

 

 

 
(116
)
 
(116
)
Amortization of stock-based compensation