Sabra Health Care REIT, Inc. Announces 2013 Guidance; Increases Quarterly Dividend

Sabra Health Care REIT, Inc. Announces 2013 Guidance; Increases Quarterly
Dividend

IRVINE, Calif., Jan. 7, 2013 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc.
("Sabra," the "Company" or "we") (Nasdaq:SBRA) announced its outlook for the
year ending December 31, 2013, and Sabra's board of directors declared a
quarterly cash dividend of $0.34 per share of common stock.

2013 Outlook

The Company expects FFO to range between $1.85 and $1.89 per diluted common
share, AFFO to range between $1.74 and $1.78 per diluted common share and net
income to range between $1.03 and $1.07 per diluted common share.

The table below sets forth Sabra's 2013 full year guidance:

                                         Low     High
Net income from continuing operations     $1.03 $1.07
                                                
Add:                                             
Depreciation and amortization             0.82    0.82
FFO                                       $1.85 $1.89
                                                
Acquisition pursuit costs                 0.04    0.04
Stock-based compensation expense          0.11    0.11
Straight-line rental income adjustments   (0.32)  (0.32)
Amortization of deferred financing costs  0.08    0.08
Amortization of debt premium              (0.02)  (0.02)
AFFO                                      $1.74 $1.78

The Company's guidance excludes the impact of investments that may be made
during 2013. The Company does, however, expect to make investments of between
$150.0 million and $200.0 million during 2013, with a significant portion
closing in the latter part of the year and with a continued focus on senior
housing and memory care facilities. Investments in 2013 are expected to be
funded with existing cash, borrowings available under the secured revolving
credit facility or the proceeds from additional issuances of common stock
(through an At-the-Market common equity offering program or through other
equity issuances), debt or other securities.

Commenting on the Company's 2013 outlook, Rick Matros, CEO and Chairman, said,
"Our guidance excludes the impact of investments we expect to make in 2013
given the uncertainty of the timing of closing such investments.Our guidance
assumes that we will issue, subject to market conditions and other factors,
$75-$100 million of equity securities from time to time in 2013.We would
expect to utilize the proceeds from these equity issuances to fund investments
and replenish our borrowing capacity under the revolving credit facility as
necessary." The Company's guidance assumes that the outstanding balance on its
secured revolving credit facility of $92.5 million as of December 31, 2012
will be repaid during 2013 using the proceeds from an At-the-Market common
equity offering program.

Except as otherwise noted above, the foregoing projections reflect
management's view of current and future market conditions. There can be no
assurance that the Company's actual results will not differ materially from
the estimates set forth above. Except as otherwise required by law, the
Company assumes no, and hereby disclaims any, obligation to update any of the
foregoing projections as a result of new information or new or future
developments.

Dividend Declaration

On January 7, 2013, our board of directors declared a quarterly cash dividend
of $0.34 per share of common stock, which represents a 3% increase over our
previous dividend payment of $0.33 per share. The dividend will be paid on
February 28, 2013 to stockholders of record as of the close of business on
February 15, 2013.

ABOUT SABRA

Sabra Health Care REIT, Inc. (Nasdaq:SBRA), a Maryland corporation, operates
as a self-administered, self-managed real estate investment trust (a "REIT")
that, through its subsidiaries, owns and invests in real estate serving the
healthcare industry. Sabra leases properties to tenants and operators
throughout the United States. As of January 7, 2013, Sabra's investment
portfolio included 120 properties leased to operators/tenants under triple-net
lease agreements (consisting of (i) 97 skilled nursing/post-acute facilities,
(ii) 22 senior housing facilities, and (iii) one acute care hospital) and two
mortgage loan investments.As of January 7, 2013, Sabra's properties were
located in 27 states and included 12,552 licensed beds/units.

The Sabra Health Care REIT, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8563

FORWARD-LOOKING STATEMENTS SAFE HARBOR

Statements made in this release that are not historical facts are
"forward-looking" statements (as defined in the Private Securities Litigation
Reform Act of 1995) that involve risks and uncertainties and are subject to
change at any time. These statements may be identified, without limitation, by
the use of "expects," "believes," "intends," "should" or comparable terms or
the negative thereof. Forward-looking statements in this release include all
statements regarding our expectations concerning our outlook for the full year
2013 and the assumptions made therein, including expectations concerning the
issuance of equity securities in 2013. Forward-looking statements in this
release also include our expectations for the amount and timing of investments
during 2013.

These statements are made as of the date hereof and are subject to known and
unknown risks, uncertainties, assumptions and other factors-many of which are
out of the Company's control and difficult to forecast-that could cause actual
results to differ materially from those set forth in or implied by
forward-looking statements. These risks and uncertainties include but are not
limited to: our dependence on Genesis HealthCare LLC, the parent company of
Sun Healthcare Group, Inc., until we are able to further diversify our
portfolio; our dependence on the operating success of our tenants; changes in
general economic conditions and volatility in financial and credit markets;
the dependence of our tenants on reimbursement from governmental and other
third-party payors; the significant amount of and our ability to service our
indebtedness; covenants in our debt agreements that may restrict our ability
to make acquisitions, incur additional indebtedness and refinance indebtedness
on favorable terms; increases in market interest rates; conditions in the
capital markets and our ability to raise capital through equity financings;
the relatively illiquid nature of real estate investments; competitive
conditions in our industry; the loss of key management personnel or other
employees; the impact of litigation and rising insurance costs on the business
of our tenants; uninsured or underinsured losses affecting our properties and
the possibility of environmental compliance costs and liabilities; our ability
to maintain our status as a REIT; compliance with REIT requirements and
certain tax matters related to our status as a REIT; and other factors
discussed from time to time in our news releases, public statements and/or
filings with the Securities and Exchange Commission (the "SEC"), especially
the "Risk Factors" sections of our Annual and Quarterly Reports on Forms 10-K
and 10-Q. We assume no, and hereby disclaim any, obligation to update any of
the foregoing or any other forward-looking statements as a result of new
information or new or future developments, except as otherwise required by
law.

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

This release includes the following financial measures defined as non-GAAP
financial measures by the SEC: funds from operations ("FFO"), Adjusted FFO
("AFFO"), FFO per diluted share, and AFFO per diluted share. These measures
may be different than non-GAAP financial measures used by other companies, and
the presentation of these measures is not intended to be considered in
isolation or as a substitute for financial information prepared and presented
in accordance with U.S. generally accepted accounting principles. The Company
believes that net income as defined by GAAP is the most appropriate earnings
measure. The Company also believes that FFO as defined in accordance with the
definition used by the National Association of Real Estate Investment Trusts
("NAREIT"), and AFFO (and related per share amounts) are important non-GAAP
supplemental measures of operating performance for a real estate investment
trust. 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, plus real estate depreciation and amortization. AFFO is
defined as FFO excluding non-cash revenues (including straight-line rental
income adjustments, amortization of acquired above/below market lease
intangibles and non-cash interest income adjustments), non-cash expenses
(including stock-based compensation expense, amortization of deferred
financing costs and amortization of debt discounts and premiums) and
acquisition pursuit costs. 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 operating results of real estate
investment trusts among investors and makes comparisons of operating results
among such companies more meaningful. The Company considers FFO and AFFO to be
useful measures for reviewing comparative operating and financial performance
because, by excluding gains or losses related to sales of previously
depreciated operating real estate assets and real estate depreciation and
amortization, and, for AFFO, by excluding non-cash revenues (including
straight-line rental income adjustments, amortization of acquired above/below
market lease intangibles and non-cash interest income adjustments), non-cash
expenses (including stock-based compensation expense, amortization of deferred
financing costs and amortization of debt discounts and premiums) and
acquisition pursuit costs, 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.

CONTACT: Investor & Media Inquiries: (949) 679-0410

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