EX-99.3 4 sbraex9932023q2.htm Q2 2023 NON-GAAP RECONCILIATIONS Document

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Reconciliations of Non-GAAP Financial Measures

June 30, 2023

(Unaudited)



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
FFO, Normalized FFO, AFFO and Normalized AFFO
(dollars in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net income$21,188 $16,805 $11,701 $57,407 
Add:
Depreciation and amortization of real estate assets44,142 45,172 96,969 90,428 
Depreciation, amortization and impairment of real estate assets related to unconsolidated joint ventures2,202 5,133 4,250 9,766 
Net loss on sales of real estate7,833 4,501 29,348 4,501 
Net gain on sales of real estate related to unconsolidated joint ventures— (220)— (220)
Impairment of real estate— 11,745 7,064 11,745 
FFO$75,365 $83,136 $149,332 $173,627 
Write-offs of cash and straight-line rental income receivable and lease intangibles— 709 540 180 
Lease termination income— — — (2,338)
Loss on extinguishment of debt— — 1,541 271 
Provision for (recovery of) loan losses and other reserves429 (270)221 205 
Support payments paid to joint venture manager (1)
— 3,626 — 3,626 
Other normalizing items (2)
1,301 2,699 2,069 2,651 
Normalized FFO$77,095 $89,900 $153,703 $178,222 
FFO$75,365 $83,136 $149,332 $173,627 
Stock-based compensation expense1,004 794 3,233 3,250 
Non-cash rental and related revenues(3,071)(3,587)(5,469)(8,061)
Non-cash interest income4 (547)(388)(1,094)
Non-cash interest expense3,077 2,804 6,091 5,502 
Non-cash portion of loss on extinguishment of debt— — 1,541 271 
Provision for (recovery of) loan losses and other reserves429 (270)221 205 
Other adjustments related to unconsolidated joint ventures169 (692)238 (1,678)
Other adjustments (3)
57 2,211 163 2,394 
AFFO$77,034 $83,849 $154,962 $174,416 
Cash portion of lease termination income— — — (2,338)
Write-off of cash rental income— 404 — 71 
Support payments paid to joint venture manager (1)
— 3,626 — 3,626 
Other normalizing items (2)
1,286 516 2,038 330 
Normalized AFFO$78,320 $88,395 $157,000 $176,105 
Amounts per diluted common share:
Net income$0.09 $0.07 $0.05 $0.25 
FFO$0.32 $0.36 $0.64 $0.75 
Normalized FFO$0.33 $0.39 $0.66 $0.77 
AFFO$0.33 $0.36 $0.66 $0.75 
Normalized AFFO$0.34 $0.38 $0.67 $0.76 
Weighted average number of common shares outstanding, diluted:
Net income, FFO and Normalized FFO 232,244,588 231,681,536 232,214,443 231,641,958 
AFFO and Normalized AFFO 233,586,255 232,708,975 233,560,237 232,713,843 
(1)    Funding for support payments did not require capital contributions from Sabra but rather were funded with proceeds received by our Enlivant unconsolidated joint venture from TPG for the issuance of senior preferred interests.
(2)     Other normalizing items for FFO for the three and six months ended June 30, 2022 includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings. In addition, other normalizing items for FFO and AFFO include triple-net operating expenses, net of recoveries and certain adjustments for amounts recorded in the current period that relate to a prior period.
(3)    Other adjustments for the three and six months ended June 30, 2022 includes $2.2 million of foreign currency transaction loss related to our Canadian borrowings.
logo2.jpg See reporting definitions.                        2



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA
Net Debt and Net Debt to Adjusted EBITDA
(in thousands) 
Twelve Months Ended
June 30, 2023
Net loss$(123,311)
Interest111,837 
Income tax expense1,757 
Depreciation and amortization194,323 
EBITDA$184,606 
Loss from unconsolidated joint ventures36,414 
Other-than-temporary impairment of unconsolidated joint ventures57,778 
Distributions from unconsolidated joint venture1,132 
Stock-based compensation expense 7,436 
Provision for loan losses and other reserves and non-cash revenue write-offs17,280 
Impairment of real estate89,361 
Loss on extinguishment of debt1,681 
Other expense1,449 
Lease termination income(139)
Net loss on sales of real estate36,858 
Adjusted EBITDA (1)
$433,856 
Annualizing adjustments (2)
(3,588)
Annualized Adjusted EBITDA (3)
$430,268 
June 30, 2023
Secured debt$49,140 
Revolving credit facility100,517 
Term loans543,220 
Senior unsecured notes1,750,000 
Consolidated Debt2,442,877 
Cash and cash equivalents(27,234)
Net Debt$2,415,643 
June 30, 2023
Net Debt$2,415,643 
Annualized Adjusted EBITDA$430,268 
Net Debt to Adjusted EBITDA5.61x










(1)    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.
(2)    Annualizing adjustments give effect to the acquisitions and dispositions completed during the twelve months ended for the period as though such acquisitions and dispositions were completed as of the beginning of the period.
(3)    Annualized Adjusted EBITDA is calculated as Adjusted EBITDA as adjusted to give effect to the adjustments described in footnote 2 above.
logo2.jpg See reporting definitions.                        3



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Consolidated Statements of Income
Supplemental Information
(in thousands)

Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Cash rental income$87,381 $95,209 $177,038 $195,566 
Straight-line rental income1,503 2,342 2,850 5,036 
Straight-line rental income receivable write-offs— (323)(518)(462)
Above/below market lease amortization1,568 1,568 3,136 3,161 
Above/below market lease intangible write-offs— — — 326 
Operating expense recoveries3,822 4,372 7,638 9,427 
Rental and related revenues$94,274 $103,168 $190,144 $213,054 


logo2.jpg See reporting definitions.                        4



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Senior Housing - Managed Revenues and Cash NOI
(in thousands)

Three Months Ended
 June 30, 2023March 31, 2023December 31, 2022September 30, 2022June 30, 2022
Revenues:
Resident fees and services$58,428 $56,721 $52,699 $47,610 $44,136 
Resident fees and services not included in same store (1)
(21,990)(20,573)(16,282)(12,570)(9,872)
Same store resident fees and services$36,438 $36,148 $36,417 $35,040 $34,264 
Net income (loss)$21,188 $(9,487)$(84,948)$(50,064)$16,805 
Adjustments:
Net (income) loss not related to Senior Housing - Managed Consolidated(18,985)956 87,968 50,741 (15,985)
Depreciation and amortization12,279 11,131 10,524 10,228 9,290 
Net (gain) loss on sale of real estate(18)10,484 — — — 
Cash Net Operating Income$14,464 $13,084 $13,544 $10,905 $10,110 
Cash Net Operating Income not included in same store (1)
(4,522)(3,020)(2,968)(2,442)(1,854)
Same store Cash Net Operating Income$9,942 $10,064 $10,576 $8,463 $8,256 
























(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.
logo2.jpg See reporting definitions.                        5



SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Cash NOI by Property Type
(in thousands)
Three Months Ended June 30, 2023
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - Managed ConsolidatedSenior Housing - Managed UnconsolidatedTotal Senior HousingOtherCorporateTotal
Net income (loss)$33,172 $6,090 $2,203 $(653)$7,640 $6,857 $3,261 $8,464 $(38,206)$21,188 
Adjustments:
Depreciation and amortization22,731 4,352 12,279 — 16,631 3,293 1,461 — 26 44,142 
Interest209 226 — — 226 — — — 27,893 28,328 
General and administrative— — — — — — — — 9,532 9,532 
Provision for loan losses and other reserves— — — — — — — — 429 429 
Net loss (gain) on sales of real estate7,851 — (18)— (18)— — — — 7,833 
Loss from unconsolidated JV— — — 653 653 — — — — 653 
Income tax expense— — — — — — — — 326 326 
Sabra’s share of unconsolidated JV Net Operating Income— — — 2,681 2,681 — — — — 2,681 
Net Operating Income$63,963 $10,668 $14,464 $2,681 $27,813 $10,150 $4,722 $8,464 $— $115,112 
Non-cash revenue and expense adjustments(1,768)(452)— — (452)(662)(131)4 — (3,009)
Cash Net Operating Income$62,195 $10,216 $14,464 $2,681 $27,361 $9,488 $4,591 $8,468 $— $112,103 













logo2.jpg         See reporting definitions.                                  6

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Property Type
(in thousands)
Six Months Ended June 30, 2023
Skilled Nursing/ Transitional CareSenior HousingBehavioral HealthSpecialty Hospitals and Other
Senior Housing - LeasedSenior Housing - Managed ConsolidatedSenior Housing - Managed UnconsolidatedTotal Senior HousingOtherCorporateTotal
Net income (loss)$49,621 $11,374 $(6,328)$(1,491)$3,555 $13,358 $6,523 $17,197 $(78,553)$11,701 
Adjustments:
Depreciation and amortization55,401 8,720 23,410 — 32,130 6,466 2,922 — 50 96,969 
Interest420 454 — — 454 — — — 55,994 56,868 
General and administrative— — — — — — — — 20,034 20,034 
Provision for loan losses and other reserves— — — — — — — — 221 221 
Impairment of real estate7,064 — — — — — — — — 7,064 
Loss on extinguishment of debt— — — — — — — — 1,541 1,541 
Other income— — — — — — — — (341)(341)
Net loss on sales of real estate17,406 1,476 10,466 — 11,942 — — — — 29,348 
Loss from unconsolidated joint ventures— — — 1,491 1,491 — — — — 1,491 
Income tax expense— — — — — — — — 1,054 1,054 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — 4,707 4,707 — — — — 4,707 
Net Operating Income$129,912 $22,024 $27,548 $4,707 $54,279 $19,824 $9,445 $17,197 $— $230,657 
Non-cash revenue and expense adjustments(3,136)(986)— — (986)(956)(274)(388)— (5,740)
Cash Net Operating Income$126,776 $21,038 $27,548 $4,707 $53,293 $18,868 $9,171 $16,809 $— $224,917 
Annualizing adjustments (1)
127,845 21,710 32,569 5,841 60,120 19,226 9,169 17,221 — 233,581 
Annualized Cash Net Operating Income$254,621 $42,748 $60,117 $10,548 $113,413 $38,094 $18,340 $34,030 $— $458,498 
Reallocation adjustments (2)
605 5,471 — — 5,471 24,426 — (30,502)— — 
Annualized Cash Net Operating Income, as adjusted$255,226 $48,219 $60,117 $10,548 $118,884 $62,520 $18,340 $3,528 $— $458,498 



(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. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries) and the residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis, as well as adjustments to reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.
(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.
logo2.jpg         See reporting definitions.                                  7

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Payor Source
(in thousands)
Six Months Ended June 30, 2023
Private PayorsNon-Private PayorsOtherCorporateTotal
Net income (loss)$20,057 $53,000 $17,197 $(78,553)$11,701 
Adjustments:
Depreciation and amortization45,624 51,295 — 50 96,969 
Interest486 388 — 55,994 56,868 
General and administrative— — — 20,034 20,034 
Provision for loan losses and other reserves— — — 221 221 
Impairment of real estate456 6,608 — — 7,064 
Loss on extinguishment of debt— — — 1,541 1,541 
Other income— — — (341)(341)
Net loss on sales of real estate19,395 9,953 — — 29,348 
Loss from unconsolidated joint ventures1,491 — — — 1,491 
Income tax expense— — — 1,054 1,054 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income4,707 — — — 4,707 
Net Operating Income$92,216 $121,244 $17,197 $— $230,657 
Non-cash revenue and expense adjustments(2,625)(2,727)(388)— (5,740)
Cash Net Operating Income$89,591 $118,517 $16,809 $— $224,917 
Annualizing adjustments (1)
96,171 120,189 17,221 — 233,581 
Annualized Cash Net Operating Income$185,762 $238,706 $34,030 $— $458,498 









(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. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries) and the residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis, as well as an adjustment to reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.
logo2.jpg         See reporting definitions.                                  8

SABRA HEALTH CARE REIT, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Annualized Cash NOI by Relationship
(in thousands)
Six Months Ended June 30, 2023
Signature HealthcareThe Ensign GroupAvamere Family of CompaniesSignature BehavioralRecovery Centers of AmericaHoliday AL Holdings LPLeo Brown GroupThe McGuire GroupCommuniCareHealthmark GroupAll Other RelationshipsCorporateTotal
Net income (loss)$13,533 $12,313 $7,708 $11,744 $11,822 $(8,268)$4,487 $7,143 $5,860 $6,400 $17,512 $(78,553)$11,701 
Adjustments:
Depreciation and amortization7,073 7,159 6,135 4,484 606 10,106 7,140 3,563 2,098 1,658 46,897 50 96,969 
Interest— — — — — — 245 — — — 629 55,994 56,868 
General and administrative— — — — — — — — — — — 20,034 20,034 
Recovery of loan losses and other reserves— — — — — — — — — — — 221 221 
Impairment of real estate— — — — — — — — — — 7,064 — 7,064 
Loss on extinguishment of debt— — — — — — — — — — — 1,541 1,541 
Other income— — — — — — — — — — — (341)(341)
Net loss on sales of real estate— — 1,409 — — 10,466 — — — — 17,473 — 29,348 
Loss from unconsolidated joint ventures— — — — — — — — — — 1,491 — 1,491 
Income tax expense— — — — — — — — — — — 1,054 1,054 
Sabra’s share of unconsolidated joint ventures’ Net Operating Income— — — — — — — — — — 4,707 — 4,707 
Net Operating Income$20,606 $19,472 $15,252 $16,228 $12,428 $12,304 $11,872 $10,706 $7,958 $8,058 $95,773 $— $230,657 
Non-cash revenue and expense adjustments7 4 92 (440)(109)— (660)(2,114)382 2 (2,904)— (5,740)
Cash Net Operating Income$20,613 $19,476 $15,344 $15,788 $12,319 $12,304 $11,212 $8,592 $8,340 $8,060 $92,869 $— $224,917 
Annualizing adjustments (1)
20,632 18,178 18,655 16,310 12,319 11,710 11,784 8,699 8,764 7,678 98,852 — 233,581 
Annualized Cash Net Operating Income$41,245 $37,654 $33,999 $32,098 $24,638 $24,014 $22,996 $17,291 $17,104 $15,738 $191,721 $— $458,498 






(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. Annualizing adjustments also include the removal of triple-net operating expenses (net of recoveries) and the residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis, as well as an adjustment to reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.
logo2.jpg         See reporting definitions.                                  9
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 (i) 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, (ii) exclude residual rents due to Sabra from prior asset sales under the Company’s 2017 memorandum of understanding with Genesis and (iii) reflect the February 1, 2023 transition of four real estate properties formerly operated by North American Health Care to Avamere.
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 merger and acquisition costs, 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 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 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.
logo2.jpg         See reporting definitions.                                  10
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.
logo2.jpg         See reporting definitions.                                  11