Sabra Health Care REIT (SBRA) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Sabra Health Care REIT, Inc.
Entity Central Index Key	1,492,298
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		178,282,370

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate investments, net of accumulated depreciation of $377,063 and $340,423 as of March 31, 2018 and December 31, 2017, respectively	$ 6,108,801	$ 5,994,432
Loans receivable and other investments, net	100,888	114,390
Investment in unconsolidated joint venture	354,907	0
Cash and cash equivalents	46,352	518,632
Restricted cash	11,818	68,817
Lease intangible assets, net	161,423	167,119
Accounts receivable, prepaid expenses and other assets, net	200,380	168,887
Total assets	6,984,569	7,032,277
Liabilities
Secured debt, net	254,917	256,430
Revolving credit facility	611,000	641,000
Term loans, net	1,188,623	1,190,774
Senior unsecured notes, net	1,306,566	1,306,286
Accounts payable and accrued liabilities	102,353	102,523
Lease intangible liabilities, net	94,544	98,015
Total liabilities	3,558,003	3,595,028
Commitments and contingencies (Note 13)
Equity
Preferred stock, $.01 par value; 10,000,000 shares authorized, 5,750,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017	58	58
Common stock, $.01 par value; 250,000,000 shares authorized, 178,282,370 and 178,255,843 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	1,783	1,783
Additional paid-in capital	3,638,109	3,636,913
Cumulative distributions in excess of net income	(238,612)	(217,236)
Accumulated other comprehensive income	20,813	11,289
Total Sabra Health Care REIT, Inc. stockholders’ equity	3,422,151	3,432,807
Noncontrolling interests	4,415	4,442
Total equity	3,426,566	3,437,249
Total liabilities and equity	$ 6,984,569	$ 7,032,277

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Accumulated depreciation	$ 377,063	$ 340,423
Preferred stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	5,750,000	5,750,000
Shares outstanding (in shares)	5,750,000	5,750,000
Common stock
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	250,000,000	250,000,000
Shares issued (in shares)	178,282,370	178,255,843
Shares outstanding (in shares)	178,282,370	178,255,843

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Feb. 05, 2018	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental income		$ 144,255	$ 57,224
Interest and other income		4,338	1,945
Resident fees and services		17,493	3,481
Total revenues		166,086	62,650
Expenses:
Depreciation and amortization		48,005	19,137
Interest		35,818	15,788
Operating expenses		12,124	2,420
General and administrative		7,867	6,090
Merger and acquisition costs		330	563
Provision for doubtful accounts and loan losses		1,213	1,770
Impairment of real estate		532	0
Total expenses		105,889	45,768
Other income (expense):
Other income		2,820	2,129
Net loss on sales of real estate		(472)	0
Total other income		2,348	2,129
Income before income from unconsolidated joint venture and income tax expense		62,545	19,011
Income from unconsolidated joint venture		446	0
Income tax expense		(510)	(220)
Net income		62,481	18,791
Net (income) loss attributable to noncontrolling interests		(10)	32
Net income attributable to Sabra Health Care REIT, Inc.		62,471	18,823
Preferred stock dividends		(2,561)	(2,561)
Net income attributable to common stockholders		$ 59,910	$ 16,262
Net income attributable to common stockholders, per:
Basic common share (in dollars per share)		$ 0.34	$ 0.25
Diluted common share (in dollars per share)		$ 0.34	$ 0.25
Weighted-average number of common shares outstanding, basic (in shares)		178,294,605	65,354,649
Weighted-average number of common shares outstanding, diluted (in shares)		178,516,388	65,920,486
Dividends declared per common share (in dollars per share)	$ 0.45	$ 0.45	$ 0.42

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 62,481	$ 18,791
Unrealized gain (loss), net of tax:
Foreign currency translation loss	(374)	(558)
Unrealized gain on cash flow hedges	9,898	728
Total other comprehensive income	9,524	170
Comprehensive income	72,005	18,961
Comprehensive (income) loss attributable to noncontrolling interest	(10)	32
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$ 71,995	$ 18,993

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2016			5,750,000	65,285,614
Balance at Dec. 31, 2016	$ 1,015,609	$ 1,015,574	$ 58	$ 653	$ 1,208,862	$ (192,201)	$ (1,798)	$ 35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,791	18,823				18,823		(32)
Other comprehensive income	170	170					170
Amortization of stock-based compensation	2,860	2,860			2,860
Common stock issuance, net (in shares)				125,054
Common stock issuance, net	(2,814)	(2,814)		$ 1	(2,815)
Preferred dividends	(2,561)	(2,561)				(2,561)
Common dividends	(27,702)	(27,702)				(27,702)
Balance (in shares) at Mar. 31, 2017			5,750,000	65,410,668
Balance at Mar. 31, 2017	1,004,353	1,004,350	$ 58	$ 654	1,208,907	(203,641)	(1,628)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of ASU 2017-12 adoption	0	0				(795)	795
Balance (in shares) at Dec. 31, 2017			5,750,000	178,255,843
Balance at Dec. 31, 2017	3,437,249	3,432,807	$ 58	$ 1,783	3,636,913	(217,236)	11,289	4,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	62,481	62,471				62,471		10
Other comprehensive income	8,729	8,729					8,729
Distributions to noncontrolling interests	(37)							(37)
Amortization of stock-based compensation	1,398	1,398			1,398
Common stock issuance, net (in shares)				26,527
Common stock issuance, net	(202)	(202)		$ 0	(202)
Preferred dividends	(2,561)	(2,561)				(2,561)
Common dividends	(80,491)	(80,491)				(80,491)
Balance (in shares) at Mar. 31, 2018			5,750,000	178,282,370
Balance at Mar. 31, 2018	$ 3,426,566	$ 3,422,151	$ 58	$ 1,783	$ 3,638,109	$ (238,612)	$ 20,813	$ 4,415

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Feb. 05, 2018	Mar. 31, 2018	Mar. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common dividends (in dollars per share)	$ 0.45	$ 0.45	$ 0.42

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 62,481	$ 18,791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	48,005	19,137
Amortization of above and below market lease intangibles, net	(684)	0
Non-cash interest income adjustments	(570)	26
Non-cash interest expense	2,481	1,591
Stock-based compensation expense	1,135	2,588
Straight-line rental income adjustments	(11,563)	(4,607)
Provision for doubtful accounts and loan losses	1,213	1,770
Change in fair value of contingent consideration	0	(822)
Net loss on sales of real estate	472	0
Impairment of real estate	532	0
Income from unconsolidated joint venture	(446)	0
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets	(1,658)	(1,791)
Accounts payable and accrued liabilities	249	(5,096)
Net cash provided by operating activities	101,647	31,587
Cash flows from investing activities:
Acquisition of real estate	(172,001)	0
Origination and fundings of loans receivable	(13,232)	(508)
Origination and fundings of preferred equity investments	(928)	(51)
Additions to real estate	(11,539)	(520)
Repayments of loans receivable	28,805	118
Repayments of preferred equity investments	234	0
Investment in unconsolidated joint venture	(354,461)	0
Net proceeds from the sales of real estate	6,743	0
Net cash used in investing activities	(516,379)	(961)
Cash flows from financing activities:
Net repayments of revolving credit facility	(30,000)	(9,000)
Principal payments on secured debt	(1,061)	(1,021)
Payments of deferred financing costs	(6)	(109)
Distributions to noncontrolling interests	(37)	0
Issuance of common stock, net	(499)	(3,224)
Dividends paid on common and preferred stock	(82,789)	(29,993)
Net cash used in financing activities	(114,392)	(43,347)
Net decrease in cash, cash equivalents and restricted cash	(529,124)	(12,721)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(155)	21
Cash, cash equivalents and restricted cash, beginning of period	587,449	34,665
Cash, cash equivalents and restricted cash, end of period	58,170	21,965
Supplemental disclosure of cash flow information:
Interest paid	$ 42,623	$ 18,127

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Overview Sabra Health Care REIT, Inc. (“Sabra” or the “Company”) was incorporated on May 10, 2010 as a wholly owned subsidiary of Sun Healthcare Group, Inc. (“Sun”) and commenced operations on November 15, 2010 following Sabra's separation from Sun (the “Separation Date”). Sabra elected to be treated as a real estate investment trust (“REIT”) with the filing of its U.S. federal income tax return for the taxable year beginning January 1, 2011. Sabra believes that it has been organized and operated, and it intends to continue to operate, in a manner to qualify as a REIT. Sabra’s primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. Sabra primarily generates revenues by leasing properties to tenants and operators throughout the United States and Canada. Sabra owns substantially all of its assets and properties and conducts its operations through Sabra Health Care Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), of which Sabra is the sole general partner and Sabra’s wholly owned subsidiaries are currently the only limited partners, or by subsidiaries of the Operating Partnership. The Company’s investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities and specialty hospitals and other facilities, in each case leased to third-party operators; senior housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”); investments in loans receivable; preferred equity investments; and an investment in an unconsolidated joint venture. On May 7, 2017, the Company, the Operating Partnership, PR Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Merger Sub”), Care Capital Properties, Inc., a Delaware corporation (“CCP”), and Care Capital Properties, L.P. (“CCPLP”), a Delaware limited partnership and wholly owned subsidiary of CCP, entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, on August 17, 2017, CCP merged with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “CCP Merger”), following which Merger Sub merged with and into the Company, with the Company continuing as the surviving entity (the “Subsequent Merger”), and, simultaneous with the Subsequent Merger, CCPLP merged with and into the Operating Partnership, with the Operating Partnership continuing as the surviving entity. Pursuant to the Merger Agreement, as of the effective time of the CCP Merger, each share of CCP common stock, par value $0.01 per share, issued and outstanding immediately prior to the effective time of the CCP Merger (other than shares of CCP common stock owned directly by CCP, the Company or their respective subsidiaries, in each case not held on behalf of third parties) was converted into the right to receive 1.123 newly issued shares of Company common stock, par value $0.01 per share, plus cash in lieu of any fractional shares. See Note 3, “CCP Merger and Recent Real Estate Acquisitions” for additional information regarding the CCP Merger. The acquisition of CCP has been reflected in the Company’s condensed consolidated financial statements since the effective date of the CCP Merger.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of March 31, 2018 and December 31, 2017 and for the periods ended March 31, 2018 and 2017 . All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC. GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary. The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of March 31, 2018 , the Company determined it was the primary beneficiary of five variable interest entities— four exchange accommodation titleholder variable interest entities and a joint venture variable interest entity owning one skilled nursing/transitional care facility—and has consolidated the operations of these entities in the accompanying condensed consolidated financial statements. As of March 31, 2018 , the Company determined that operations of these entities were not material to the Company’s results of operations, financial condition or cash flows. As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At March 31, 2018 , none of the Company’s investments in loans are accounted for as real estate joint ventures. As it relates to investments in joint ventures, the Company assesses any limited partners’ rights and their impact on the presumption of control of the limited partnership by any single partner. The Company also applies this guidance to managing member interests in limited liability companies. The Company reassesses its determination of which entity controls the joint venture if: there is a change to the terms or in the exercisability of the rights of any partners or members, the sole general partner or managing member increases or decreases its ownership interests, or there is an increase or decrease in the number of outstanding ownership interests. As of March 31, 2018 , the Company’s determination of which entity controls its investments in joint ventures has not changed as a result of any reassessment. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Reclassifications Certain amounts in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. As a result, certain reclassifications were made to the condensed consolidated statements of income. Investment in Unconsolidated Joint Venture The Company reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s condensed consolidated statements of income. The initial carrying value of the investment is based on the amount paid to purchase the joint venture interest. Differences between the Company’s cost basis and the basis reflected at the joint venture level are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings of the joint venture. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its equity method investments may not be recoverable or realized. When indicators of potential impairment are identified, the Company evaluates its equity method investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period and any estimated debt premiums or discounts. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its equity method investment. On January 2, 2018, the Company completed its transaction with affiliates of Enlivant and TPG Real Estate, the real estate platform of TPG, and contributed $352.7 million , before closing costs, to acquire a 49% equity interest in an entity that owns 172 senior housing communities managed by Enlivant (the “Enlivant Joint Venture”). At closing, the Enlivant Joint Venture had outstanding indebtedness of $791.3 million and net working capital of $22.9 million , and the Company’s investment in the Enlivant Joint Venture implied an aggregate portfolio value of $1.49 billion . The joint venture agreement includes an option for the Company to acquire the remainder of the outstanding equity interests in the Enlivant Joint Venture by January 2, 2021 and grants the Company the right of first offer if the Company’s partner in the Enlivant Joint Venture desires to transfer its equity interest (which it may do commencing on January 2, 2020). In addition, Sabra has the right to designate three directors on the seven member board of directors of the Enlivant Joint Venture and has other customary minority rights. As of March 31, 2018 , the book value of the Company’s investment in the Enlivant Joint Venture was $354.9 million . Net Investment in Direct Financing Lease As of March 31, 2018 , the Company had a $23.1 million net investment in one skilled nursing/transitional care facility leased to an operator under a direct financing lease, as the tenant is obligated to purchase the property at the end of the lease term. The net investment in direct financing lease is recorded in accounts receivable, prepaid expenses and other assets, net on the accompanying condensed consolidated balance sheets and represents the total undiscounted rental payments, plus the estimated unguaranteed residual value, less the unearned lease income. Unearned lease income represents the excess of the minimum lease payments and residual value over the cost of the investment. Unearned lease income is deferred and amortized to income over the lease term to provide a constant yield when collectability of the lease payments is reasonably assured. Income from the Company’s net investment in direct financing lease was $0.6 million for the three months ended March 31, 2018 and is reflected in interest and other income on the accompanying condensed consolidated statements of income. Future minimum lease payments contractually due under the direct financing lease at March 31, 2018 , were as follows: $1.6 million for the remainder of 2018; $2.2 million for 2019; $2.3 million for 2020; and $2.1 million for 2021. Recently Issued Accounting Standards Update Adopted Between May 2014 and May 2016, the FASB issued three Accounting Standards Updates (each, an “ASU”) changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”) and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. The Revenue ASUs became effective for the Company on January 1, 2018 with the Company electing to use the modified retrospective approach for its adoption. Further, the Company elected to reassess only contracts that were not completed as of the adoption date. The adoption of these ASUs did not have a material impact to beginning retained earnings as of January 1, 2018. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides specific guidance clarifying how certain cash receipts and payments should be classified. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU 2016-15 and ASU 2016-18 on January 1, 2018. The full retrospective approach of adoption is required for both ASUs and, accordingly, certain line items in the Company’s consolidated statements of cash flows have been reclassified to conform to the current period presentation. The following table illustrates changes in the Company’s cash flows as reported in the accompanying condensed consolidated statements of cash flows and as previously reported prior to the adoption (in thousands): Three Months Ended March 31, 2017 As Reported As Previously Reported Net cash provided by operating activities 31,587 31,438 Net decrease in balance (12,721 ) (12,870 ) Balance - beginning of the year 34,665 25,663 Balance - end of the year 21,965 12,814 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and to simplify the application of the hedge accounting guidance in current GAAP. ASU 2017-12 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2017-12 effective beginning January 1, 2018. ASU 2017-12 requires a modified retrospective transition method in which the Company recognized the cumulative effect of the change on the opening balance of each affected component of equity in the condensed consolidated balance sheet as of the date of adoption, which resulted in a decrease to cumulative distributions in excess of net income and an increase to accumulated other comprehensive income of $0.8 million . Issued but Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 supersedes guidance related to accounting for leases. ASU 2016-02 updates guidance around the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The objective of ASU 2016-02 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 does not fundamentally change lessor accounting; however, some changes have been made to lessor accounting to conform and align that guidance with the lessee guidance and other areas within GAAP. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. Entities currently are required to adopt the new lease requirements using a modified retrospective transition method whereby an entity initially applies the new lease requirements (subject to specific transition requirements and optional practical expedients) at the beginning of the earliest period presented in the financial statements. Upon adoption of ASU 2016-02, the Company will recognize its operating leases for which it is the lessee, mainly corporate office leases and ground leases, on its consolidated balance sheets. Further, as a result of adoption, the Company may be required to increase its revenue and expense for the amount of real estate taxes and insurance paid by its tenants under certain leasing arrangements with no net impact to net income. In January 2018, the FASB issued a proposed amendment to ASU 2016-02 that would allow lessors to elect, as a practical expedient, not to separate lease and nonlease components (such as services rendered) in a contract for the purpose of revenue recognition and disclosure. In March 2018, the FASB voted to move forward with drafting a final ASU related to this proposed amendment. The practical expedient as proposed can only be applied to leasing arrangements for which (i) the timing and pattern of transfer are the same for the lease and nonlease components and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The proposed amendment also would provide for an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. If finalized by the FASB, the Company plans to elect this practical expedient and apply the transition method for its operating leases for which the Company is the lessee. The Company is still evaluating the full impact of the adoption of ASU 2016-02 on January 1, 2019 to its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that a financial asset (or a group of financial assets) measured at amortized cost basis be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The amendments in ASU 2016-13 are an improvement because they eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. ASU 2016-13 is effective for fiscal years and interim periods within those years beginning after December 15, 2019, with early adoption permitted as of the fiscal years beginning after December 15, 2018. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted.

CCP MERGER AND RECENT REAL ESTA

CCP MERGER AND RECENT REAL ESTATE ACQUISITIONS	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
CCP MERGER AND RECENT REAL ESTATE ACQUISITIONS	CCP MERGER AND RECENT REAL ESTATE ACQUISITIONS CCP Merger On August 17, 2017, the Company completed the CCP Merger. Under the terms of the Merger Agreement, each share of CCP common stock issued and outstanding immediately prior to the effective time of the CCP Merger (other than any shares owned directly by CCP, the Company or their respective subsidiaries, in each case not held on behalf of third parties) was converted into the right to receive 1.123 newly issued shares of Company common stock, resulting in the issuance of approximately 94.0 million shares of Company common stock at the effective time of the CCP Merger. As a result of the CCP Merger, the Company acquired 330 properties (consisting of 296 skilled nursing/transitional care facilities, 13 senior housing communities and 21 specialty hospitals and other facilities), one skilled nursing/transitional care facility leased to an operator under a direct financing lease (see Note 2, “Summary of Significant Accounting Policies—Net Investment in Direct Financing Lease”), 18 investments in loans receivable (see Note 6, “Loans Receivable and Other Investments”) and one specialty valuation firm that was subsequently sold in March 2018. Sabra also assumed certain outstanding equity awards and other debt and liabilities of CCP (see Note 7, “Debt”). Based on the closing price of Sabra’s common stock on August 16, 2017, the Company estimates the fair value of the consideration exchanged or assumed to be approximately $2.1 billion . The following table summarizes the purchase price allocation for the CCP Merger based on the Company’s initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed on August 17, 2017 (in thousands): Real estate investments $ 3,727,310 Loans receivable and other investments 58,244 Cash and cash equivalents 77,859 Restricted cash 779 Lease intangible assets, net 145,786 Accounts receivable, prepaid expenses and other assets, net 35,873 Secured debt, net (98,500 ) Revolving credit facility (362,000 ) Unsecured term loans (674,000 ) Senior unsecured notes, net (616,873 ) Accounts payable and accrued liabilities (134,802 ) Lease intangible liabilities, net (102,643 ) Noncontrolling interests (4,455 ) Total consideration $ 2,052,578 The lease intangible assets and lease intangible liabilities acquired in connection with the CCP Merger have weighted-average amortization periods as of the closing date of the CCP Merger of 10 years . Recent Real Estate Acquisitions During the three months ended March 31, 2018 , the Company acquired 11 Senior Housing - Managed communities, two skilled nursing/transitional care facilities and one senior housing community. The Company did not complete any acquisitions during the three months ended March 31, 2017 . The consideration was allocated as follows based on certain valuations and analyses that have yet to be finalized, and accordingly, the allocation is preliminary and is subject to adjustment once the analyses are completed (in thousands): Three Months Ended March 31, 2018 Land $ 20,552 Building and improvements 150,523 Tenant origination and absorption costs intangible assets 722 Tenant relationship intangible assets 209 Total consideration $ 172,006 The tenant origination and absorption costs intangible assets and tenant relationship intangible assets acquired in connection with these acquisitions have weighted-average amortization periods as of the respective dates of acquisition of 13 years and 23 years , respectively. For the three months ended March 31, 2018 , the Company recognized $9.7 million of total revenues and $0.9 million of net income attributable to common stockholders from the facilities acquired during the three months ended March 31, 2018 .

REAL ESTATE PROPERTIES HELD FOR

REAL ESTATE PROPERTIES HELD FOR INVESTMENT	3 Months Ended
	Mar. 31, 2018
Real Estate Investments, Net [Abstract]
REAL ESTATE PROPERTIES HELD FOR INVESTMENT	REAL ESTATE PROPERTIES HELD FOR INVESTMENT The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of March 31, 2018 Property Type Number of Properties Number of Beds/Units Total Real Estate at Cost Accumulated Depreciation Total Real Estate Investments, Net Skilled Nursing/Transitional Care 380 42,972 $ 4,384,312 $ (232,080 ) $ 4,152,232 Senior Housing - Leased 89 8,167 1,173,102 (110,342 ) 1,062,760 Senior Housing - Managed 24 1,744 310,377 (13,999 ) 296,378 Specialty Hospitals and Other 22 1,085 617,440 (20,362 ) 597,078 515 53,968 6,485,231 (376,783 ) 6,108,448 Corporate Level 633 (280 ) 353 $ 6,485,864 $ (377,063 ) $ 6,108,801 As of December 31, 2017 Property Type Number of Properties Number of Beds/Units Total Real Estate at Cost Accumulated Depreciation Total Real Estate Investments, Net Skilled Nursing/Transitional Care 384 43,223 $ 4,364,387 $ (209,039 ) $ 4,155,348 Senior Housing - Leased 88 8,137 1,166,687 (102,370 ) 1,064,317 Senior Housing - Managed 13 1,113 189,120 (12,125 ) 176,995 Specialty Hospitals and Other 22 1,085 614,068 (16,620 ) 597,448 507 53,558 6,334,262 (340,154 ) 5,994,108 Corporate Level 593 (269 ) 324 $ 6,334,855 $ (340,423 ) $ 5,994,432 March 31, 2018 December 31, 2017 Building and improvements $ 5,576,282 $ 5,449,415 Furniture and equipment 240,869 232,889 Land improvements 3,507 3,456 Land 665,206 649,095 6,485,864 6,334,855 Accumulated depreciation (377,063 ) (340,423 ) $ 6,108,801 $ 5,994,432 Operating Leases As of March 31, 2018 , the substantial majority of the Company’s real estate properties (excluding 24 Senior Housing - Managed communities) were leased under triple-net operating leases with expirations ranging from less than one year to 15 years. As of March 31, 2018 , the leases had a weighted-average remaining term of nine years. The leases include provisions to extend the lease terms and other negotiated terms and conditions. The Company, through its subsidiaries, retains substantially all of the risks and benefits of ownership of the real estate assets leased to the tenants. The Company may receive additional security under these operating leases in the form of letters of credit and security deposits from the lessee or guarantees from the parent of the lessee. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities on the accompanying condensed consolidated balance sheets and totaled $22.1 million and $20.3 million as of March 31, 2018 and December 31, 2017 , respectively, and letters of credit deposited with the Company totaled $96.6 million and $96.3 million as of March 31, 2018 and December 31, 2017 , respectively. In addition, our tenants have deposited with the Company $25.6 million and $28.3 million as of March 31, 2018 and December 31, 2017 , respectively, for future real estate taxes, insurance expenditures and tenant improvements related to our properties and their operations. As of March 31, 2018 , the Company had a $2.2 million reserve for unpaid cash rental income and a $3.0 million reserve associated with accumulated straight-line rental income. As of December 31, 2017 , the Company had a $3.2 million reserve for unpaid cash rental income and a $12.4 million reserve associated with accumulated straight-line rental income. The Company has entered into memoranda of understanding with Genesis to market for sale up to all of its remaining Genesis facilities and to restructure its lease agreements with Genesis to increase the marketability of these facilities to potential buyers. Effective January 1, 2018, the annual base rent payable under the Genesis leases was reduced by $19.0 million pursuant to a lease restructuring agreement. Subsequent to March 31, 2018 , the Company completed the sale of five facilities leased to Genesis and expects to complete the sale of 41 of its remaining 49 Genesis facilities during the remainder of 2018 and retain eight facilities, although it cannot provide assurance that the sales will be completed in that timeframe, if at all. The five facilities sold subsequent to March 31, 2018 were classified as held for sale as of March 31, 2018 (see Note 5, “Assets Held for Sale and Dispositions”). The Company monitors the creditworthiness of its tenants by reviewing credit ratings (if available) and evaluating the ability of the tenants to meet their lease obligations to the Company based on the tenants’ financial performance, including the evaluation of any parent guarantees (or the guarantees of other related parties) of tenant lease obligations. Because formal credit ratings may not be available for most of the Company’s tenants, the primary basis for the Company’s evaluation of the credit quality of its tenants (and more specifically the tenant’s ability to pay their rent obligations to the Company) is the tenant’s lease coverage ratio or the parent’s fixed charge coverage ratio for those entities with a parent guarantee. These coverage ratios include earnings before interest, taxes, depreciation, amortization and rent (“EBITDAR”) to rent and earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) to rent at the lease level and consolidated EBITDAR to total fixed charges at the parent guarantor level when such a guarantee exists. The Company obtains various financial and operational information from its tenants each month and reviews this information in conjunction with the above-described coverage metrics to identify financial and operational trends, evaluate the impact of the industry’s operational and financial environment (including the impact of government reimbursement), and evaluate the management of the tenant’s operations. These metrics help the Company identify potential areas of concern relative to its tenants’ credit quality and ultimately the tenant’s ability to generate sufficient liquidity to meet its obligations, including its obligation to continue to pay the rent due to the Company. For the three months ended March 31, 2018 , no tenant relationships represented 10% or more of the Company’s total revenues. As of March 31, 2018 , the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows (in thousands): April 1, 2018 through December 31, 2018 $ 416,640 2019 566,530 2020 559,757 2021 558,493 2022 552,102 Thereafter 2,949,305 $ 5,602,827

ASSET HELD FOR SALE DISPOSITION

ASSET HELD FOR SALE DISPOSITIONS	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
ASSET HELD FOR SALE DISPOSITIONS	ASSETS HELD FOR SALE AND DISPOSITIONS Assets Held for Sale As of March 31, 2018 , the Company determined that five skilled nursing/transitional care facilities, with an aggregate net book value of $12.5 million , met the criteria to be classified as held for sale. The net book value is included in accounts receivable, prepaid expenses and other assets, net on the condensed consolidated balance sheets. The facilities were sold on April 2, 2018 for an aggregate gross sales price of $17.0 million . Dispositions During the three months ended March 31, 2018 , the Company completed the sale of one skilled nursing/transitional care facility for consideration, net of closing costs, of $6.8 million . The net carrying value of the assets and liabilities of this facility was $7.2 million , which resulted in a $0.4 million net loss on sale. The Company also recognized an additional $0.1 million of selling expenses for sales completed in 2017. Excluding the net loss on sale, the Company recognized $0.1 million of net income during the three months ended March 31, 2018 from this facility. The sale of this facility does not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results, and therefore the results of operations attributable to this facility have remained in continuing operations. The Company sold no facilities during the three months ended March 31, 2017 .

LOANS RECEIVABLE AND OTHER INVE

LOANS RECEIVABLE AND OTHER INVESTMENTS	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
LOANS RECEIVABLE AND OTHER INVESTMENTS	LOANS RECEIVABLE AND OTHER INVESTMENTS As of March 31, 2018 and December 31, 2017 , the Company’s loans receivable and other investments consisted of the following (dollars in thousands): March 31, 2018 Investment Quantity as of March 31, 2018 Property Type Principal Balance as of March 31, 2018 (1) Book Value as of March 31, 2018 Book Value as of Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date as of March 31, 2018 Loans Receivable: Mortgage 2 Skilled Nursing / Senior Housing $ 18,028 $ 17,032 $ 12,351 9.9 % 11.0 % 12/31/18- 02/10/27 Construction 2 Senior Housing 3,047 3,114 2,733 8.0 % 7.7 % 03/31/21- 05/31/22 Mezzanine 1 Skilled Nursing 25,000 2,548 10,239 10.0 % 41.9 % 05/25/20 Pre-development 1 Senior Housing 2,357 2,357 2,357 9.0 % 8.4 % 04/01/20 Other 15 Multiple 27,780 25,789 38,324 8.7 % 10.6 % 12/31/17- 04/30/27 21 76,212 50,840 66,004 9.4 % 12.0 % Loan loss reserve — (200 ) (97 ) $ 76,212 $ 50,640 $ 65,907 Other Investments: Preferred Equity 13 Skilled Nursing / Senior Housing 49,782 50,248 48,483 12.6 % 12.6 % N/A Total 34 $ 125,994 $ 100,888 $ 114,390 10.7 % 12.3 % (1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees. In connection with the CCP Merger, the Company acquired 18 loans receivable investments with a principal balance of $83.3 million and fair value of $58.2 million as of August 17, 2017. Of these loans, eight loans receivable investments with a principal balance of $36.3 million were considered to have deteriorated credit quality, and based on the collateral or expected cash flows, the fair value was determined to be $11.3 million and the accretable yield was $3.5 million as of August 17, 2017. The accretable yield was $2.0 million and $2.6 million as of March 31, 2018 and December 31, 2017 , respectively. The decrease was due to $0.5 million in interest payments received and $0.1 million of accretion recorded in interest and other income during the three months ended March 31, 2018 . As of March 31, 2018 and December 31, 2017 , the book value of these loans was $9.6 million and $10.0 million , respectively. During the three months ended March 31, 2018 , the Company recorded no provision for specific loan losses and increased its portfolio-based loan loss reserve by $0.1 million . As of March 31, 2018 , the Company had no specific loan loss reserve, and the portfolio-based loan loss reserve was $0.2 million . As of March 31, 2018 , the Company did not consider any loans receivable investments to be impaired, and one loan receivable with a book value of $0 and three preferred equity investments totaling $14.3 million were on nonaccrual status. As of December 31, 2017 , the Company had no specific loan loss reserve and had a $0.1 million portfolio-based loan loss reserve. As of December 31, 2017 , the Company did not consider any loans receivable investments to be impaired, and one loan receivable with a book value of $0 was on nonaccrual status. During the three months ended March 31, 2017 , the Company recorded a provision for loan losses of $1.5 million related to three loans receivable investments and reduced its portfolio-based loan loss reserve by $0.2 million .

DEBT

DEBT	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
DEBT	DEBT Secured Indebtedness The Company’s secured debt consists of the following (dollars in thousands): Interest Rate Type Principal Balance as of (1) Principal Balance as of (1) Weighted Average (2) Maturity Date Fixed Rate $ 159,160 $ 160,702 3.87 % December 2021 - Variable Rate 98,500 98,500 3.68 % July 2019 $ 257,660 $ 259,202 3.80 % (1) Principal balance does not include deferred financing costs, net of $ 2.7 million and $2.8 million as of March 31, 2018 and December 31, 2017 , respectively. (2) Weighted average effective interest rate includes private mortgage insurance. On August 17, 2017, in connection with the CCP Merger (see Note 3, “CCP Merger and Recent Real Estate Acquisitions”), the Company assumed a $98.5 million variable rate secured term loan that bears interest at LIBOR plus 1.80% and matures in July 2019. Senior Unsecured Notes The Company’s senior unsecured notes consist of the following (dollars in thousands): Principal Balance as of Title Maturity Date March 31, 2018 (1) December 31, 2017 (1) 5.5% senior unsecured notes due 2021 (“2021 Notes”) February 1, 2021 $ 500,000 $ 500,000 5.375% senior unsecured notes due 2023 (“2023 Notes”) June 1, 2023 200,000 200,000 5.125% senior unsecured notes due 2026 (“2026 Notes”) August 15, 2026 500,000 500,000 5.38% senior unsecured notes due 2027 (“2027 Notes”) May 17, 2027 100,000 100,000 $ 1,300,000 $ 1,300,000 (1) Principal balance does not include premium, net of $15.6 million and deferred financing costs, net of $9.0 million as of March 31, 2018 and does not include premium, net of $15.9 million and deferred financing costs, net of $9.6 million as of December 31, 2017 . The 2021 Notes and the 2023 Notes were issued by the Operating Partnership and Sabra Capital Corporation, wholly owned subsidiaries of the Company (the “Issuers”). The 2021 Notes accrue interest at a rate of 5.5% per annum payable semiannually on February 1 and August 1 of each year, and the 2023 Notes accrue interest at a rate of 5.375% per annum payable semiannually on June 1 and December 1 of each year. The 2026 Notes and the 2027 Notes were assumed as a result of the CCP Merger (see Note 3, “CCP Merger and Recent Real Estate Acquisitions”) and accrue interest at a rate of 5.125% and 5.38% , respectively, per annum. Interest is payable semiannually on February 15 and August 15 of each year for the 2026 Notes and on May 17 and November 17 of each year for the 2027 Notes. The obligations under the 2021 Notes, 2023 Notes and 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by Sabra and certain subsidiaries of Sabra; provided, however, that such guarantees are subject to release under certain customary circumstances. The obligations under the 2026 Notes are fully and unconditionally guaranteed, on an unsecured basis, by Sabra; provided, however, that such guarantee is subject to release under certain customary circumstances. See Note 12, “Summarized Condensed Consolidating Information” for additional information concerning the circumstances pursuant to which the guarantors will be automatically and unconditionally released from their obligations under the guarantees. The indentures and agreements (the “Senior Notes Indentures”) governing the 2021 Notes, 2023 Notes, 2026 Notes and 2027 Notes (collectively, the “Senior Notes”) include customary events of default and require the Company to comply with specified restrictive covenants. As of March 31, 2018 , the Company was in compliance with all applicable financial covenants under the Senior Notes Indentures. Credit Facility On January 14, 2016, the Operating Partnership and Sabra Canadian Holdings, LLC (together, the “Borrowers”) entered into a third amended and restated unsecured credit facility (the “Prior Credit Facility”). The Prior Credit Facility included a revolving credit facility (the “Prior Revolving Credit Facility”) and U.S. dollar and Canadian dollar term loans (collectively, the “Prior Term Loans”). The Prior Revolving Credit Facility provided for a borrowing capacity of $500.0 million and, in addition, provided for U.S. dollar and Canadian dollar term loans of $245.0 million and CAD $125.0 million , respectively. Further, up to $125.0 million of the Prior Revolving Credit Facility could be used for borrowings in certain foreign currencies. The Prior Credit Facility also contained an accordion feature that allowed for an increase in the total available borrowings to $1.25 billion , subject to terms and conditions. In addition, the Canadian dollar term loan was re-designated as a net investment hedge (see Note 8, “Derivative and Hedging Instruments” for further information). The Prior Revolving Credit Facility had a maturity date of January 14, 2020, and included two six -month extension options. The Prior Term Loans had a maturity date of January 14, 2021. Borrowings under the Prior Revolving Credit Facility bore interest on the outstanding principal amount at a rate equal to an applicable percentage plus, at the Operating Partnership’s option, either (a) LIBOR or (b) a base rate determined as the greater of (i) the federal funds rate plus 0.5% , (ii) the prime rate, and (iii) one-month LIBOR plus 1.0% (the “Base Rate”). The applicable percentage for borrowings varied based on the Consolidated Leverage Ratio, as defined in the credit agreement for the Prior Credit Facility, and ranged from 1.80% to 2.40% per annum for LIBOR based borrowings and 0.80% to 1.40% per annum for borrowings at the Base Rate. In addition, the Operating Partnership paid an unused facility fee to the lenders equal to 0.25% or 0.30% per annum, which was determined by usage under the Prior Revolving Credit Facility. The Prior Term Loans bore interest as follows: the U.S. dollar term loan bore interest on the outstanding principal amount at a rate equal to an applicable percentage plus, at the Operating Partnership’s option, either (a) LIBOR or (b) the Base Rate (the applicable percentage varied based on the Consolidated Leverage Ratio, as defined in the credit agreement for the Prior Credit Facility, and ranged from 1.75% to 2.35% per annum for LIBOR based borrowings and 0.75% to 1.35% per annum for borrowings at the Base Rate); and the Canadian dollar term loan bore interest on the outstanding principal amount at a rate equal to the Canadian Dollar Offered Rate (“CDOR”) plus 1.75% to 2.35% depending on the Consolidated Leverage Ratio. Effective on August 17, 2017, the Borrowers, Sabra and the other parties thereto entered into a fourth amended and restated unsecured credit facility (the “Credit Facility”). The Credit Facility amends and restates the Prior Credit Facility. The Company recognized a $0.6 million loss on extinguishment of debt related to write-offs of deferred financing costs in connection with amending and restating the Prior Credit Facility. The Credit Facility includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), $1.1 billion in U.S. dollar term loans and a CAD $125.0 million Canadian dollar term loan (collectively, the “Term Loans”). Further, up to $175.0 million of the Revolving Credit Facility may be used for borrowings in certain foreign currencies. The Credit Facility also contains an accordion feature that can increase the total available borrowings to $2.5 billion , subject to terms and conditions. The Revolving Credit Facility has a maturity date of August 17, 2021, and includes two six -month extension options. $200.0 million of the U.S. dollar Term Loans has a maturity date of August 17, 2020, and the other Term Loans have a maturity date of August 17, 2022. As of March 31, 2018 , there was $611.0 million outstanding under the Revolving Credit Facility and $389.0 million available for borrowing. Borrowings under the Revolving Credit Facility bear interest on the outstanding principal amount at a rate equal to an applicable interest margin plus, at the Operating Partnership’s option, either (a) LIBOR or (b) the Base Rate. On August 17, 2017, Sabra’s ratings met the Investment Grade Ratings Criteria (as defined in the credit agreement), and Sabra elected to use the ratings-based applicable interest margin for borrowings which will vary based on the Debt Ratings, as defined in the credit agreement, and will range from 0.875% to 1.65% per annum for LIBOR based borrowings and 0.00% to 0.65% per annum for borrowings at the Base Rate. As of March 31, 2018 , the interest rate on the Revolving Credit Facility was 3.13% . In addition, the Operating Partnership pays a facility fee ranging between 0.125% and 0.300% per annum based on the aggregate amount of commitments under the Revolving Credit Facility regardless of amounts outstanding thereunder. The U.S. dollar Term Loans bear interest on the outstanding principal amount at a rate equal to an applicable interest margin plus, at the Operating Partnership’s option, either (a) LIBOR or (b) the Base Rate. The ratings-based applicable interest margin for borrowings will vary based on the Debt Ratings, as defined in the credit agreement, and will range from 0.90% to 1.90% per annum for LIBOR based borrowings and 0.00% to 0.90% per annum for borrowings at the Base Rate. The Canadian dollar Term Loan bears interest on the outstanding principal amount at a rate equal to CDOR plus an interest margin that will range from 0.90% to 1.90% depending on the Debt Ratings. On June 10, 2015, the Company entered into an interest rate swap agreement to fix the CDOR portion of the interest rate for CAD $90.0 million of its Canadian dollar Term Loan at 1.59% . In addition, CAD $90.0 million of the Canadian dollar Term Loan was designated as a net investment hedge. On August 10, 2016, the Company entered into two interest rate swap agreements to fix the LIBOR portion of the interest rate for $245.0 million of its U.S. dollar Term Loans at 0.90% and one interest rate swap agreement to fix the CDOR portion on CAD $35.0 million of its Canadian dollar Term Loan at 0.93% . See Note 8, “Derivative and Hedging Instruments” for further information. As a result of the CCP Merger (see Note 3, “CCP Merger and Recent Real Estate Acquisitions”), the Company assumed eight interest rate swap agreements that fix the LIBOR portion of the interest rate for $600 million of the Company’s U.S. dollar Term Loans at a weighted average rate of 1.31% . See Note 8, “Derivative and Hedging Instruments” for further information. The obligations of the Borrowers under the Credit Facility are guaranteed by Sabra and certain subsidiaries of Sabra. The Credit Facility contains customary covenants that include restrictions or limitations on the ability to make acquisitions and other investments, pay dividends, incur additional indebtedness, engage in non-healthcare related business activities, enter into transactions with affiliates and sell or otherwise transfer certain assets as well as customary events of default. The Credit Facility also requires Sabra, through the Operating Partnership, to comply with specified financial covenants, which include a maximum leverage ratio, a minimum fixed charge coverage ratio and a minimum tangible net worth requirement. As of March 31, 2018 , the Company was in compliance with all applicable financial covenants under the Credit Facility. Interest Expense During the three months ended March 31, 2018 and 2017 , the Company incurred interest expense of $35.8 million and $15.8 million , respectively. Interest expense includes non-cash interest expense of $2.5 million and $1.6 million for the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 and December 31, 2017 , the Company had $15.5 million and $ 24.7 million , respectively, of accrued interest included in accounts payable and accrued liabilities on the accompanying condensed consolidated balance sheets. Maturities The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2018 (in thousands): Secured Indebtedness Revolving Credit Facility (1) Term Loans Senior Notes Total April 1, 2018 through December 31, 2018 $ 3,228 $ — $ — $ — $ 3,228 2019 102,930 — — — 102,930 2020 4,578 — 200,000 — 204,578 2021 20,044 611,000 — 500,000 1,131,044 2022 4,285 — 996,912 — 1,001,197 Thereafter 122,595 — — 800,000 922,595 Total Debt 257,660 611,000 1,196,912 1,300,000 3,365,572 Premium, net — — — 15,568 15,568 Deferred financing costs, net (2,743 ) — (8,289 ) (9,002 ) (20,034 ) Total Debt, Net $ 254,917 $ 611,000 $ 1,188,623 $ 1,306,566 $ 3,361,106 (1) Revolving Credit Facility is subject to two six -month extension options.

DERIVATIVE AND HEDGING INSTRUME

DERIVATIVE AND HEDGING INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING INSTRUMENTS	DERIVATIVE AND HEDGING INSTRUMENTS The Company is exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign exchange rates. The Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and foreign exchange rates. The Company’s derivative financial instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value in the Company’s functional currency, the U.S. dollar, of the Company’s investment in foreign operations, the cash receipts and payments related to these foreign operations and payments of interest and principal under Canadian dollar denominated debt. The Company enters into derivative financial instruments to protect the value of its foreign investments and fix a portion of the interest payments for certain debt obligations. The Company does not enter into derivatives for speculative purposes. Cash Flow Hedges The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Approximately $4.4 million of gains, which are included in accumulated other comprehensive income, as of March 31, 2018 , are expected to be reclassified into earnings in the next 12 months. Net Investment Hedges The Company is exposed to fluctuations in foreign exchange rates on investments it holds in Canada. The Company uses cross currency interest rate swaps to hedge its exposure to changes in foreign exchange rates on these foreign investments. The following presents the notional amount of derivatives instruments as of the dates indicated (in thousands): March 31, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars $ 845,000 $ 845,000 Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 56,300 $ 56,300 Financial instrument designated as net investment hedge: Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivative and Financial Instruments Designated as Hedging Instruments The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at March 31, 2018 and December 31, 2017 (dollars in thousands): Count as of March 31, 2018 Fair Value Maturity Dates Type Designation March 31, 2018 December 31, 2017 Balance Sheet Location Assets: Interest rate swap Cash flow 12 $ 33,374 $ 25,221 2020 - 2023 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 1,273 674 2025 Accounts receivable, prepaid expenses and other assets, net $ 34,647 $ 25,895 Liabilities: CAD term loan Net investment 1 96,912 99,588 2022 Term loans, net $ 96,912 $ 99,588 The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the condensed consolidated statements of income and the condensed consolidated statements of equity for the three months ended March 31, 2018 and 2017 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, 2018 2017 Income Statement Location Cash Flow Hedges: Interest rate products $ 9,123 $ 259 Interest expense Net Investment Hedges: Foreign currency products 607 (916 ) N/A CAD term loan 2,675 (775 ) N/A $ 12,405 $ (1,432 ) Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, 2018 2017 Income Statement Location Cash Flow Hedges: Interest rate products $ (50 ) $ (470 ) Interest expense Net Investment Hedges: Foreign currency products — — N/A CAD term loan — — N/A $ (50 ) $ (470 ) During the three months ended March 31, 2018 , no cash flow hedges were determined to be ineffective. During the three months ended March 31, 2017 , the Company determined that a portion of a cash flow hedge was ineffective and recognized $0.1 million of unrealized losses related to its interest rate swaps to other income in the condensed consolidated statements of income. Derivatives Not Designated as Hedging Instruments During the three months ended March 31, 2017 , the Company recorded $7,000 of other expense related to a cross currency interest rate swap not designated as a hedging instrument. As of March 31, 2018 and December 31, 2017 , the Company’s derivatives were all designated as hedging instruments. Offsetting Derivatives The Company enters into master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2018 and December 31, 2017 (in thousands): As of March 31, 2018 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 34,647 $ — $ 34,647 $ — $ — $ 34,647 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 2017 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 25,895 $ — $ 25,895 $ — $ — $ 25,895 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision pursuant to which the Company could be declared in default on the derivative obligation if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender. As of March 31, 2018 , the Company had no derivatives with a fair value in a net liability position.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and whose markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments whose markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The carrying values of cash and cash equivalents, restricted cash, accounts payable, accrued liabilities and the Credit Facility are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for other financial instruments are derived as follows: Loans receivable : These instruments are presented on the accompanying condensed consolidated balance sheets at their amortized cost and not at fair value. The fair values of the loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans receivable, as well as the underlying collateral value and other credit enhancements as applicable. As such, the Company classifies these instruments as Level 3. Preferred equity investments : These instruments are presented on the accompanying condensed consolidated balance sheets at their cost and not at fair value. The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows for the preferred equity investment, the underlying collateral value and other credit enhancements. As such, the Company classifies these instruments as Level 3. Derivative instruments : The Company’s derivative instruments are presented at fair value on the accompanying condensed consolidated balance sheets. The Company estimates the fair value of derivative instruments, including its interest rate swaps and cross currency swaps, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in Level 2 of the fair value hierarchy. Senior Notes : These instruments are presented on the accompanying condensed consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Senior Notes were determined using third-party market quotes derived from orderly trades. As such, the Company classifies these instruments as Level 2. Secured indebtedness : These instruments are presented on the accompanying condensed consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Company’s secured debt were estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. As such, the Company classifies these instruments as Level 3. The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2018 and December 31, 2017 whose carrying amounts do not approximate their fair value (in thousands): March 31, 2018 December 31, 2017 Face (1) Carrying Amount (2) Fair Value Face (1) Carrying (2) Fair Value Financial assets: Loans receivable $ 76,212 $ 50,640 $ 52,516 $ 91,280 $ 65,907 $ 65,892 Preferred equity investments 49,782 50,248 47,846 48,035 48,483 47,064 Financial liabilities: Senior Notes 1,300,000 1,306,566 1,299,303 1,300,000 1,306,286 1,329,191 Secured indebtedness 257,660 254,917 237,903 259,202 256,430 246,461 (1) Face value represents amounts contractually due under the terms of the respective agreements. (2) Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs. The Company determined the fair value of financial instruments as of March 31, 2018 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Loans receivable $ 52,516 $ — $ — $ 52,516 Preferred equity investments 47,846 — — 47,846 Financial liabilities: Senior Notes 1,299,303 — 1,299,303 — Secured indebtedness 237,903 — — 237,903 Disclosure of the fair value of financial instruments is based on pertinent information available to the Company at the applicable dates and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of fair value at a future date could be materially different. Items Measured at Fair Value on a Recurring Basis During the three months ended March 31, 2018 , the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Recurring Basis: Financial assets: Interest rate swap $ 33,374 $ — $ 33,374 $ — Cross currency swap 1,273 — 1,273 —

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
EQUITY	EQUITY Preferred Stock On March 21, 2013, the Company completed an underwritten public offering of 5.8 million shares of 7.125% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a price of $25.00 per share, pursuant to an effective registration statement. The Company received net proceeds of $138.3 million from the offering, after deducting underwriting discounts and other offering expenses. The Company classified the par value as preferred equity on its condensed consolidated balance sheets with the balance of the liquidation preference, net of any issuance costs, recorded as an increase in paid-in capital. The holders of the Company’s Series A Preferred Stock rank senior to the Company’s common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up of its affairs. At March 31, 2018 , there were no dividends in arrears. The Company intends to redeem all 5,750,000 outstanding shares of its Series A Preferred Stock on June 1, 2018 for $25.00 per share, plus any accrued and unpaid dividends. See Note 14, “Subsequent Events” for additional information. Common Stock As a result of the CCP Merger completed on August 17, 2017, the Company issued approximately 94.0 million shares of its common stock in exchange for shares of CCP common stock and shares underlying share-based awards assumed by the Company outstanding as of the effective time of the CCP Merger. On September 28, 2017, the Company completed an underwritten public offering of 16.0 million newly issued shares of its common stock pursuant to an effective registration statement. The underwriters exercised their option to purchase additional shares, and on October 2, 2017, the Company issued an additional 2.4 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $370.9 million from the offering, after giving effect to the issuance and sale of all 18.4 million shares of common stock, at a price of $21.00 per share. These proceeds were used to repay borrowings outstanding under the Revolving Credit Facility. The following table lists the cash dividends on common stock declared and paid by the Company during the three months ended March 31, 2018 : Declaration Date Record Date Amount Per Share Dividend Payable Date February 5, 2018 February 15, 2018 $ 0.45 February 28, 2018 During the three months ended March 31, 2018 , the Company issued 27,000 shares of common stock as a result of restricted stock unit vestings. Upon any payment of shares as a result of restricted stock unit vestings, the related tax withholding obligation will generally be satisfied by the Company, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. During the three months ended March 31, 2018 and 2017 , the Company incurred $0.2 million and $2.6 million , respectively, in tax withholding obligations on behalf of its employees that were satisfied through a reduction in the number of shares delivered to those participants. Accumulated Other Comprehensive Income The following is a summary of the Company’s accumulated other comprehensive income (in thousands): March 31, 2018 December 31, 2017 Foreign currency translation loss $ (3,287 ) $ (2,913 ) Unrealized gains on cash flow hedges 24,100 14,202 Total accumulated other comprehensive income $ 20,813 $ 11,289

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 (in thousands, except share and per share amounts): Three Months Ended March 31, 2018 2017 Numerator Net income attributable to common stockholders $ 59,910 $ 16,262 Denominator Basic weighted average common shares and common equivalents 178,294,605 65,354,649 Dilutive restricted stock units 221,783 565,837 Diluted weighted average common shares 178,516,388 65,920,486 Net income attributable to common stockholders, per: Basic common share $ 0.34 $ 0.25 Diluted common share $ 0.34 $ 0.25 During the three months ended March 31, 2018 and 2017, approximately 21,400 and 130 restricted stock units, respectively, were not included in computing diluted earnings per share because they were considered anti-dilutive. No stock options were considered anti-dilutive during the three months ended March 31, 2018 , and no stock options were outstanding during the three months ended March 31, 2017 .

SUMMARIZED CONDENSED CONSOLIDAT

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION	3 Months Ended
	Mar. 31, 2018
Summarized Condensed Consolidating Information [Abstract]
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION	SUMMARIZED CONDENSED CONSOLIDATING INFORMATION In connection with the offerings of the 2021 Notes and the 2023 Notes by the Issuers, the Company and certain 100% owned subsidiaries of the Company (the “Guarantors”) have, jointly and severally, fully and unconditionally guaranteed the 2021 Notes and the 2023 Notes, subject to release under certain customary circumstances as described below. In connection with the assumption of the 2026 Notes as a result of the CCP Merger (see Note 3, “CCP Merger and Recent Real Estate Acquisitions”), the Company has fully and unconditionally guaranteed the 2026 Notes, subject to release under certain circumstances as described below. These guarantees are subordinated to all existing and future senior debt and senior guarantees of the Guarantors and are unsecured. The Company conducts all of its business through and derives virtually all of its income from its subsidiaries. Therefore, the Company’s ability to make required payments with respect to its indebtedness (including the Senior Notes) and other obligations depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries. A Guarantor will be automatically and unconditionally released from its obligations under the guarantees with respect to the 2021 Notes and the 2023 Notes in the event of: • Any sale of the subsidiary Guarantor or of all or substantially all of its assets; • A merger or consolidation of a subsidiary Guarantor with an issuer of the 2021 Notes or the 2023 Notes or another Guarantor, provided that the surviving entity remains a Guarantor; • A subsidiary Guarantor is declared “unrestricted” for covenant purposes under the indentures governing the 2021 Notes or the 2023 Notes; • The requirements for legal defeasance or covenant defeasance or to discharge the indentures governing the 2021 Notes or the 2023 Notes have been satisfied; • A liquidation or dissolution, to the extent permitted under the indentures governing the 2021 Notes or the 2023 Notes, of a subsidiary Guarantor; or • The release or discharge of the guaranty that resulted in the creation of the subsidiary guaranty, except a discharge or release by or as a result of payment under such guaranty. The Company will be automatically and unconditionally released from its obligations under the guarantees with respect to the 2026 Notes in the event of: • A liquidation or dissolution, to the extent permitted under the indenture governing the 2026 Notes; • A merger or consolidation, provided that the surviving entity remains a Guarantor; or • The requirements for legal defeasance or covenant defeasance or to discharge the indenture governing the 2026 Notes have been satisfied. Pursuant to Rule 3-10 of Regulation S-X, the following summarized condensed consolidating information is provided for the Company (the “Parent Company”), the Operating Partnership, Sabra Capital Corporation, the Guarantors, and the Company’s non-Guarantor subsidiaries with respect to the 2021 Notes and the 2023 Notes. This summarized financial information has been prepared from the books and records maintained by the Company, the Operating Partnership, Sabra Capital Corporation, the Guarantors and the non-Guarantor subsidiaries. The summarized financial information may not necessarily be indicative of the results of operations or financial position had the Operating Partnership, Sabra Capital Corporation, the Guarantors or non-Guarantor subsidiaries operated as independent entities. Sabra’s investments in its consolidated subsidiaries are presented based upon Sabra’s proportionate share of each subsidiary’s net assets. The Guarantor subsidiaries’ investments in the non-Guarantor subsidiaries and non-Guarantor subsidiaries’ investments in Guarantor subsidiaries are presented under the equity method of accounting. Intercompany activities between subsidiaries and the Parent Company are presented within operating activities on the condensed consolidating statement of cash flows. Condensed consolidating financial statements for the Company and its subsidiaries, including the Parent Company only, the Operating Partnership only, Sabra Capital Corporation only, the combined Guarantor subsidiaries and the combined non-Guarantor subsidiaries, are as follows: CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2018 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Assets Real estate investments, net of accumulated depreciation $ 353 $ — $ — $ 1,733,912 $ 4,374,536 $ — $ 6,108,801 Loans receivable and other investments, net (200 ) — — 50,471 50,617 — 100,888 Investment in unconsolidated joint venture — — — — 354,907 — 354,907 Cash and cash equivalents 40,119 — — 354 5,879 — 46,352 Restricted cash — — — 1,948 9,870 — 11,818 Lease intangible assets, net — — — 16,841 144,582 — 161,423 Accounts receivable, prepaid expenses and other assets, net 3,038 44,140 — 96,773 63,855 (7,426 ) 200,380 Intercompany 2,422,147 2,667,397 — — — (5,089,544 ) — Investment in subsidiaries 980,552 1,296,380 — 13,958 — (2,290,890 ) — Total assets $ 3,446,009 $ 4,007,917 $ — $ 1,914,257 $ 5,004,246 $ (7,387,860 ) $ 6,984,569 Liabilities Secured debt, net $ — $ — $ — $ — $ 254,917 $ — $ 254,917 Revolving credit facility — 611,000 — — — — 611,000 Term loans, net — 1,092,856 — 95,767 — — 1,188,623 Senior unsecured notes, net — 1,306,566 — — — — 1,306,566 Accounts payable and accrued liabilities 23,858 16,943 — 3,149 65,829 (7,426 ) 102,353 Lease intangible liabilities, net — — — — 94,544 — 94,544 Intercompany — — — 709,913 4,379,631 (5,089,544 ) — Total liabilities 23,858 3,027,365 — 808,829 4,794,921 (5,096,970 ) 3,558,003 Total Sabra Health Care REIT, Inc. stockholders' equity 3,422,151 980,552 — 1,105,428 204,910 (2,290,890 ) 3,422,151 Noncontrolling interests — — — — 4,415 — 4,415 Total equity 3,422,151 980,552 — 1,105,428 209,325 (2,290,890 ) 3,426,566 Total liabilities and equity $ 3,446,009 $ 4,007,917 $ — $ 1,914,257 $ 5,004,246 $ (7,387,860 ) $ 6,984,569 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Assets Real estate investments, net of accumulated depreciation $ 324 $ — $ — $ 1,756,933 $ 4,237,175 $ — $ 5,994,432 Loans receivable and other investments, net (97 ) — — 55,297 59,190 — 114,390 Cash and cash equivalents 511,670 — — 449 6,513 — 518,632 Restricted cash — — — 36,910 31,907 — 68,817 Lease intangible assets, net — — — 17,577 149,542 — 167,119 Accounts receivable, prepaid expenses and other assets, net 3,499 36,073 — 80,739 53,765 (5,189 ) 168,887 Intercompany 2,043,402 2,721,979 — — — (4,765,381 ) — Investment in subsidiaries 890,462 1,198,305 — 14,661 — (2,103,428 ) — Total assets $ 3,449,260 $ 3,956,357 $ — $ 1,962,566 $ 4,538,092 $ (6,873,998 ) $ 7,032,277 Liabilities Secured debt, net $ — $ — $ — $ — $ 256,430 $ — $ 256,430 Revolving credit facility — 641,000 — — — — 641,000 Term loans, net — 1,092,397 — 98,377 — — 1,190,774 Senior unsecured notes, net — 1,306,286 — — — — 1,306,286 Accounts payable and accrued liabilities 16,453 26,212 — 3,560 61,487 (5,189 ) 102,523 Lease intangible liabilities, net — — — — 98,015 — 98,015 Intercompany — — — 785,120 3,980,261 (4,765,381 ) — Total liabilities 16,453 3,065,895 — 887,057 4,396,193 (4,770,570 ) 3,595,028 Total Sabra Health Care REIT, Inc. stockholders' equity 3,432,807 890,462 — 1,075,509 137,457 (2,103,428 ) 3,432,807 Noncontrolling interests — — — — 4,442 — 4,442 Total equity 3,432,807 890,462 — 1,075,509 141,899 (2,103,428 ) 3,437,249 Total liabilities and equity $ 3,449,260 $ 3,956,357 $ — $ 1,962,566 $ 4,538,092 $ (6,873,998 ) $ 7,032,277 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2018 (dollars in thousands, except per share amounts) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Revenues: Rental income $ — $ — $ — $ 45,464 $ 103,024 $ (4,233 ) $ 144,255 Interest and other income 10 112 — 1,267 3,061 (112 ) 4,338 Resident fees and services — — — — 17,493 — 17,493 Total revenues 10 112 — 46,731 123,578 (4,345 ) 166,086 Expenses: Depreciation and amortization 222 — — 14,930 32,853 — 48,005 Interest — 32,566 — 790 2,574 (112 ) 35,818 Operating expenses — — — — 16,357 (4,233 ) 12,124 General and administrative 5,822 14 — 431 1,600 — 7,867 Merger and acquisition costs 336 — — — (6 ) — 330 Provision for (recovery of) doubtful accounts and loan losses 2,181 — — (971 ) 3 — 1,213 Impairment of real estate — — — 532 — — 532 Total expenses 8,561 32,580 — 15,712 53,381 (4,345 ) 105,889 Other income (expense): Other income 1,977 201 — 410 232 — 2,820 Net loss on sales of real estate — — — (56 ) (416 ) — (472 ) Total other income (expense) 1,977 201 — 354 (184 ) — 2,348 Income in subsidiary 69,343 101,610 — 1,854 — (172,807 ) — Income before income from unconsolidated joint venture and income tax expense 62,769 69,343 — 33,227 70,013 (172,807 ) 62,545 Income from unconsolidated joint venture — — — — 446 — 446 Income tax expense (298 ) — — (53 ) (159 ) — (510 ) Net income 62,471 69,343 — 33,174 70,300 (172,807 ) 62,481 Net income attributable to noncontrolling interests — — — — (10 ) — (10 ) Net income attributable to Sabra Health Care REIT, Inc. 62,471 69,343 — 33,174 70,290 (172,807 ) 62,471 Preferred stock dividends (2,561 ) — — — — — (2,561 ) Net income attributable to common stockholders $ 59,910 $ 69,343 $ — $ 33,174 $ 70,290 $ (172,807 ) $ 59,910 Net loss attributable to common stockholders, per: Basic common share $ 0.34 Diluted common share $ 0.34 Weighted-average number of common shares outstanding, basic 178,294,605 Weighted-average number of common shares outstanding, diluted 178,516,388 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2017 (dollars in thousands, except per share amounts) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Revenues: Rental income $ — $ — $ — $ 53,039 $ 4,969 $ (784 ) $ 57,224 Interest and other income 7 — — 1,938 — — 1,945 Resident fees and services — — — — 3,481 — 3,481 Total revenues 7 — — 54,977 8,450 (784 ) 62,650 Expenses: Depreciation and amortization 216 — — 16,956 1,965 — 19,137 Interest — 13,409 — 728 1,651 — 15,788 Operating expenses — — — — 3,204 (784 ) 2,420 General and administrative 5,259 14 — 767 50 — 6,090 Merger and acquisition costs 533 — — 30 — — 563 (Recovery of) provision for doubtful accounts and loan losses (145 ) — — 1,915 — — 1,770 Total expenses 5,863 13,423 — 20,396 6,870 (784 ) 45,768 Other income: Other income 1,367 35 — 727 — — 2,129 Total other income 1,367 35 — 727 — — 2,129 Income in subsidiary 23,436 36,825 — 1,779 — (62,040 ) — Income before income tax expense 18,947 23,437 — 37,087 1,580 (62,040 ) 19,011 Income tax expense (124 ) (1 ) — — (95 ) — (220 ) Net income 18,823 23,436 — 37,087 1,485 (62,040 ) 18,791 Net loss attributable to noncontrolling interests — — — — 32 — 32 Net income attributable to Sabra Health Care REIT, Inc. 18,823 23,436 — 37,087 1,517 (62,040 ) 18,823 Preferred stock dividends (2,561 ) — — — — — (2,561 ) Net income attributable to common stockholders $ 16,262 $ 23,436 $ — $ 37,087 $ 1,517 $ (62,040 ) $ 16,262 Net loss attributable to common stockholders, per: Basic common share $ 0.25 Diluted common share $ 0.25 Weighted-average number of common shares outstanding, basic 65,354,649 Weighted-average number of common shares outstanding, diluted 65,920,486 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2018 (dollars in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net income $ 62,471 $ 69,343 $ — $ 33,174 $ 70,300 $ (172,807 ) $ 62,481 Other comprehensive income (loss): Unrealized gain (loss), net of tax: Foreign currency translation gain (loss) — 841 — (928 ) (287 ) — (374 ) Unrealized gain (loss) on cash flow hedges — 9,903 — (5 ) — — 9,898 Total other comprehensive income (loss) — 10,744 — (933 ) (287 ) — 9,524 Comprehensive income 62,471 80,087 — 32,241 70,013 (172,807 ) 72,005 Comprehensive income attributable to noncontrolling interest — — — — (10 ) — (10 ) Comprehensive income attributable to Sabra Health Care REIT, Inc. $ 62,471 $ 80,087 $ — $ 32,241 $ 70,003 $ (172,807 ) $ 71,995 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2017 (dollars in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net income $ 18,823 $ 23,436 $ — $ 37,087 $ 1,485 $ (62,040 ) $ 18,791 Other comprehensive income (loss): Unrealized gain (loss), net of tax: Foreign currency translation (loss) gain — (953 ) — 299 96 — (558 ) Unrealized gain on cash flow hedges 285 443 — — — — 728 Total other comprehensive income (loss) 285 (510 ) — 299 96 — 170 Comprehensive income 19,108 22,926 — 37,386 1,581 (62,040 ) 18,961 Comprehensive loss attributable to noncontrolling interest — — — — 32 — 32 Comprehensive income attributable to Sabra Health Care REIT, Inc. $ 19,108 $ 22,926 $ — $ 37,386 $ 1,613 $ (62,040 ) $ 18,993 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2018 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net cash provided by (used in) operating activities $ 97,936 $ — $ — $ (55 ) $ 3,766 $ — $ 101,647 Cash flows from investing activities: Acquisition of real estate — — — (172,001 ) — — (172,001 ) Origination and fundings of loans receivable — — — (1,027 ) (12,205 ) — (13,232 ) Origination and fundings of preferred equity investments — — — (928 ) — — (928 ) Additions to real estate (38 ) — — (3,496 ) (8,005 ) — (11,539 ) Repayments of loans receivable — — — 7,491 21,314 — 28,805 Repayments of preferred equity investments — — — 234 — — 234 Investment in unconsolidated JV — — — — (354,461 ) — (354,461 ) Net proceeds from the sales of real estate — — — — 6,743 — 6,743 Distribution from subsidiaries 2,557 2,557 — — — (5,114 ) — Intercompany financing (488,718 ) (458,712 ) — — — 947,430 — Net cash (used in) provided by investing activities (486,199 ) (456,155 ) — (169,727 ) (346,614 ) 942,316 (516,379 ) Cash flows from financing activities: Net repayments of revolving credit facility — (30,000 ) — — — — (30,000 ) Principal payments on secured debt — — — — (1,061 ) — (1,061 ) Payments of deferred financing costs — (6 ) — — — — (6 ) Distribution to noncontrolling interest — — — — (37 ) — (37 ) Issuance of common stock, net (499 ) — — — — — (499 ) Dividends paid on common and preferred stock (82,789 ) — — — — — (82,789 ) Distribution to parent — (2,557 ) — — (2,557 ) 5,114 — Intercompany financing — 488,718 — 134,797 323,915 (947,430 ) — Net cash (used in) provided by financing activities (83,288 ) 456,155 — 134,797 320,260 (942,316 ) (114,392 ) Net decrease in cash, cash equivalents and restricted cash (471,551 ) — — (34,985 ) (22,588 ) — (529,124 ) Effect of foreign currency translation on cash, cash equivalents and restricted cash — — — (72 ) (83 ) — (155 ) Cash, cash equivalents and restricted cash, beginning of period 511,670 — — 37,359 38,420 — 587,449 Cash, cash equivalents and restricted cash, end of period $ 40,119 $ — $ — $ 2,302 $ 15,749 $ — $ 58,170 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net cash provided by operating activities $ 27,886 $ — $ — $ 1,027 $ 2,674 $ — $ 31,587 Cash flows from investing activities: Origination and fundings of loans receivable — — — (508 ) — — (508 ) Origination and fundings of preferred equity investments — — — (51 ) — — (51 ) Additions to real estate (1 ) — — (474 ) (45 ) — (520 ) Repayments of loans receivable — — — 118 — — 118 Distribution from subsidiaries 2,474 2,474 — — — (4,948 ) — Intercompany financing (10,025 ) (916 ) — — — 10,941 — Net cash (used in) provided by investing activities (7,552 ) 1,558 — (915 ) (45 ) 5,993 (961 ) Cash flows from financing activities: Net repayments of revolving credit facility — (9,000 ) — — — — (9,000 ) Principal payments on secured debt — — — — (1,021 ) — (1,021 ) Payments of deferred financing costs — (109 ) — — — — (109 ) Issuance of common stock, net (3,224 ) — — — — — (3,224 ) Dividends paid on common and preferred stock (29,993 ) — — — — — (29,993 ) Distribution to parent — (2,474 ) — — (2,474 ) 4,948 — Intercompany financing — 10,025 — 916 — (10,941 ) — Net cash (used in) provided by financing activities (33,217 ) (1,558 ) — 916 (3,495 ) (5,993 ) (43,347 ) Net (decrease) increase in cash, cash equivalents and restricted cash (12,883 ) — — 1,028 (866 ) — (12,721 ) Effect of foreign currency translation on cash, cash equivalents and restricted cash — — — 14 7 — 21 Cash, cash equivalents and restricted cash, beginning of period 18,168 — — 2,732 13,765 — 34,665 Cash, cash equivalents and restricted cash, end of period $ 5,285 $ — $ — $ 3,774 $ 12,906 $ — $ 21,965 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. As of March 31, 2018 , the Company does not expect that compliance with existing environmental laws will have a material adverse effect on the Company’s financial condition and results of operations. Legal Matters From time to time, the Company is party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings where the likelihood of a loss contingency is reasonably possible and the amount or range of reasonably possible losses is material to the Company’s results of operations, financial condition or cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued. Dividend Declaration On May 9, 2018 , the Company announced that its board of directors declared a quarterly cash dividend of $0.45 per share of common stock. The dividend will be paid on May 31, 2018 to common stockholders of record as of the close of business on May 21, 2018 . Preferred Stock Redemption On May 2, 2018, the Company announced that it will redeem all 5,750,000 outstanding shares of its Series A Preferred Stock on June 1, 2018 (the “Redemption Date”). The shares of Series A Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus any accrued and unpaid dividends to, but not including, the Redemption Date, without interest, in the amount of $0.4453125 per share of Series A Preferred Stock, for a total redemption price per share of Series A Preferred Stock equal to $25.4453125 .

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	The accompanying condensed consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of March 31, 2018 and December 31, 2017 and for the periods ended March 31, 2018 and 2017 . All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC.
Variable Interest Entities	GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary. The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of March 31, 2018 , the Company determined it was the primary beneficiary of five variable interest entities— four exchange accommodation titleholder variable interest entities and a joint venture variable interest entity owning one skilled nursing/transitional care facility—and has consolidated the operations of these entities in the accompanying condensed consolidated financial statements. As of March 31, 2018 , the Company determined that operations of these entities were not material to the Company’s results of operations, financial condition or cash flows. As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At March 31, 2018 , none of the Company’s investments in loans are accounted for as real estate joint ventures. As it relates to investments in joint ventures, the Company assesses any limited partners’ rights and their impact on the presumption of control of the limited partnership by any single partner. The Company also applies this guidance to managing member interests in limited liability companies. The Company reassesses its determination of which entity controls the joint venture if: there is a change to the terms or in the exercisability of the rights of any partners or members, the sole general partner or managing member increases or decreases its ownership interests, or there is an increase or decrease in the number of outstanding ownership interests.
Use of Estimates	The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Reclassification	Certain amounts in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. As a result, certain reclassifications were made to the condensed consolidated statements of income.
Investment in Unconsolidated Joint Venture	The Company reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s condensed consolidated statements of income. The initial carrying value of the investment is based on the amount paid to purchase the joint venture interest. Differences between the Company’s cost basis and the basis reflected at the joint venture level are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings of the joint venture. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its equity method investments may not be recoverable or realized. When indicators of potential impairment are identified, the Company evaluates its equity method investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period and any estimated debt premiums or discounts. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its equity method investment.
Net Investment in Direct Financing Lease	The net investment in direct financing lease is recorded in accounts receivable, prepaid expenses and other assets, net on the accompanying condensed consolidated balance sheets and represents the total undiscounted rental payments, plus the estimated unguaranteed residual value, less the unearned lease income. Unearned lease income represents the excess of the minimum lease payments and residual value over the cost of the investment. Unearned lease income is deferred and amortized to income over the lease term to provide a constant yield when collectability of the lease payments is reasonably assured.
Recently Issued Accounting Standards Update	Recently Issued Accounting Standards Update Adopted Between May 2014 and May 2016, the FASB issued three Accounting Standards Updates (each, an “ASU”) changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”) and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. The Revenue ASUs became effective for the Company on January 1, 2018 with the Company electing to use the modified retrospective approach for its adoption. Further, the Company elected to reassess only contracts that were not completed as of the adoption date. The adoption of these ASUs did not have a material impact to beginning retained earnings as of January 1, 2018. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides specific guidance clarifying how certain cash receipts and payments should be classified. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU 2016-15 and ASU 2016-18 on January 1, 2018. The full retrospective approach of adoption is required for both ASUs and, accordingly, certain line items in the Company’s consolidated statements of cash flows have been reclassified to conform to the current period presentation. The following table illustrates changes in the Company’s cash flows as reported in the accompanying condensed consolidated statements of cash flows and as previously reported prior to the adoption (in thousands): Three Months Ended March 31, 2017 As Reported As Previously Reported Net cash provided by operating activities 31,587 31,438 Net decrease in balance (12,721 ) (12,870 ) Balance - beginning of the year 34,665 25,663 Balance - end of the year 21,965 12,814 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and to simplify the application of the hedge accounting guidance in current GAAP. ASU 2017-12 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2017-12 effective beginning January 1, 2018. ASU 2017-12 requires a modified retrospective transition method in which the Company recognized the cumulative effect of the change on the opening balance of each affected component of equity in the condensed consolidated balance sheet as of the date of adoption, which resulted in a decrease to cumulative distributions in excess of net income and an increase to accumulated other comprehensive income of $0.8 million . Issued but Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 supersedes guidance related to accounting for leases. ASU 2016-02 updates guidance around the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The objective of ASU 2016-02 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 does not fundamentally change lessor accounting; however, some changes have been made to lessor accounting to conform and align that guidance with the lessee guidance and other areas within GAAP. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. Entities currently are required to adopt the new lease requirements using a modified retrospective transition method whereby an entity initially applies the new lease requirements (subject to specific transition requirements and optional practical expedients) at the beginning of the earliest period presented in the financial statements. Upon adoption of ASU 2016-02, the Company will recognize its operating leases for which it is the lessee, mainly corporate office leases and ground leases, on its consolidated balance sheets. Further, as a result of adoption, the Company may be required to increase its revenue and expense for the amount of real estate taxes and insurance paid by its tenants under certain leasing arrangements with no net impact to net income. In January 2018, the FASB issued a proposed amendment to ASU 2016-02 that would allow lessors to elect, as a practical expedient, not to separate lease and nonlease components (such as services rendered) in a contract for the purpose of revenue recognition and disclosure. In March 2018, the FASB voted to move forward with drafting a final ASU related to this proposed amendment. The practical expedient as proposed can only be applied to leasing arrangements for which (i) the timing and pattern of transfer are the same for the lease and nonlease components and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The proposed amendment also would provide for an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. If finalized by the FASB, the Company plans to elect this practical expedient and apply the transition method for its operating leases for which the Company is the lessee. The Company is still evaluating the full impact of the adoption of ASU 2016-02 on January 1, 2019 to its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires that a financial asset (or a group of financial assets) measured at amortized cost basis be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The amendments in ASU 2016-13 are an improvement because they eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. ASU 2016-13 is effective for fiscal years and interim periods within those years beginning after December 15, 2019, with early adoption permitted as of the fiscal years beginning after December 15, 2018. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted.
Fair Value Disclosures	The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and whose markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments whose markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The carrying values of cash and cash equivalents, restricted cash, accounts payable, accrued liabilities and the Credit Facility are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for other financial instruments are derived as follows: Loans receivable : These instruments are presented on the accompanying condensed consolidated balance sheets at their amortized cost and not at fair value. The fair values of the loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans receivable, as well as the underlying collateral value and other credit enhancements as applicable. As such, the Company classifies these instruments as Level 3. Preferred equity investments : These instruments are presented on the accompanying condensed consolidated balance sheets at their cost and not at fair value. The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows for the preferred equity investment, the underlying collateral value and other credit enhancements. As such, the Company classifies these instruments as Level 3. Derivative instruments : The Company’s derivative instruments are presented at fair value on the accompanying condensed consolidated balance sheets. The Company estimates the fair value of derivative instruments, including its interest rate swaps and cross currency swaps, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in Level 2 of the fair value hierarchy. Senior Notes : These instruments are presented on the accompanying condensed consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Senior Notes were determined using third-party market quotes derived from orderly trades. As such, the Company classifies these instruments as Level 2. Secured indebtedness : These instruments are presented on the accompanying condensed consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Company’s secured debt were estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. As such, the Company classifies these instruments as Level 3.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Changes in Cash Flows Due to Adoption of ASU 2016-15	The following table illustrates changes in the Company’s cash flows as reported in the accompanying condensed consolidated statements of cash flows and as previously reported prior to the adoption (in thousands): Three Months Ended March 31, 2017 As Reported As Previously Reported Net cash provided by operating activities 31,587 31,438 Net decrease in balance (12,721 ) (12,870 ) Balance - beginning of the year 34,665 25,663 Balance - end of the year 21,965 12,814

CCP MERGER AND RECENT REAL ES25

CCP MERGER AND RECENT REAL ESTATE ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Purchase Price Allocation	The following table summarizes the purchase price allocation for the CCP Merger based on the Company’s initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed on August 17, 2017 (in thousands): Real estate investments $ 3,727,310 Loans receivable and other investments 58,244 Cash and cash equivalents 77,859 Restricted cash 779 Lease intangible assets, net 145,786 Accounts receivable, prepaid expenses and other assets, net 35,873 Secured debt, net (98,500 ) Revolving credit facility (362,000 ) Unsecured term loans (674,000 ) Senior unsecured notes, net (616,873 ) Accounts payable and accrued liabilities (134,802 ) Lease intangible liabilities, net (102,643 ) Noncontrolling interests (4,455 ) Total consideration $ 2,052,578 The consideration was allocated as follows based on certain valuations and analyses that have yet to be finalized, and accordingly, the allocation is preliminary and is subject to adjustment once the analyses are completed (in thousands): Three Months Ended March 31, 2018 Land $ 20,552 Building and improvements 150,523 Tenant origination and absorption costs intangible assets 722 Tenant relationship intangible assets 209 Total consideration $ 172,006

REAL ESTATE PROPERTIES HELD F26

REAL ESTATE PROPERTIES HELD FOR INVESTMENT (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate Investments, Net [Abstract]
Real Estate Properties Held for Investment	The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of March 31, 2018 Property Type Number of Properties Number of Beds/Units Total Real Estate at Cost Accumulated Depreciation Total Real Estate Investments, Net Skilled Nursing/Transitional Care 380 42,972 $ 4,384,312 $ (232,080 ) $ 4,152,232 Senior Housing - Leased 89 8,167 1,173,102 (110,342 ) 1,062,760 Senior Housing - Managed 24 1,744 310,377 (13,999 ) 296,378 Specialty Hospitals and Other 22 1,085 617,440 (20,362 ) 597,078 515 53,968 6,485,231 (376,783 ) 6,108,448 Corporate Level 633 (280 ) 353 $ 6,485,864 $ (377,063 ) $ 6,108,801 As of December 31, 2017 Property Type Number of Properties Number of Beds/Units Total Real Estate at Cost Accumulated Depreciation Total Real Estate Investments, Net Skilled Nursing/Transitional Care 384 43,223 $ 4,364,387 $ (209,039 ) $ 4,155,348 Senior Housing - Leased 88 8,137 1,166,687 (102,370 ) 1,064,317 Senior Housing - Managed 13 1,113 189,120 (12,125 ) 176,995 Specialty Hospitals and Other 22 1,085 614,068 (16,620 ) 597,448 507 53,558 6,334,262 (340,154 ) 5,994,108 Corporate Level 593 (269 ) 324 $ 6,334,855 $ (340,423 ) $ 5,994,432 March 31, 2018 December 31, 2017 Building and improvements $ 5,576,282 $ 5,449,415 Furniture and equipment 240,869 232,889 Land improvements 3,507 3,456 Land 665,206 649,095 6,485,864 6,334,855 Accumulated depreciation (377,063 ) (340,423 ) $ 6,108,801 $ 5,994,432
Future Minimum Rental Payments Receivable for Properties Held for Investment Under Non-Cancelable Operating Leases	As of March 31, 2018 , the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows (in thousands): April 1, 2018 through December 31, 2018 $ 416,640 2019 566,530 2020 559,757 2021 558,493 2022 552,102 Thereafter 2,949,305 $ 5,602,827

LOANS RECEIVABLE AND OTHER IN27

LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Loans Receivable and Other Investments	As of March 31, 2018 and December 31, 2017 , the Company’s loans receivable and other investments consisted of the following (dollars in thousands): March 31, 2018 Investment Quantity as of March 31, 2018 Property Type Principal Balance as of March 31, 2018 (1) Book Value as of March 31, 2018 Book Value as of Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date as of March 31, 2018 Loans Receivable: Mortgage 2 Skilled Nursing / Senior Housing $ 18,028 $ 17,032 $ 12,351 9.9 % 11.0 % 12/31/18- 02/10/27 Construction 2 Senior Housing 3,047 3,114 2,733 8.0 % 7.7 % 03/31/21- 05/31/22 Mezzanine 1 Skilled Nursing 25,000 2,548 10,239 10.0 % 41.9 % 05/25/20 Pre-development 1 Senior Housing 2,357 2,357 2,357 9.0 % 8.4 % 04/01/20 Other 15 Multiple 27,780 25,789 38,324 8.7 % 10.6 % 12/31/17- 04/30/27 21 76,212 50,840 66,004 9.4 % 12.0 % Loan loss reserve — (200 ) (97 ) $ 76,212 $ 50,640 $ 65,907 Other Investments: Preferred Equity 13 Skilled Nursing / Senior Housing 49,782 50,248 48,483 12.6 % 12.6 % N/A Total 34 $ 125,994 $ 100,888 $ 114,390 10.7 % 12.3 % (1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Instrument [Line Items]
Schedule of Maturities for Outstanding Debt	The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2018 (in thousands): Secured Indebtedness Revolving Credit Facility (1) Term Loans Senior Notes Total April 1, 2018 through December 31, 2018 $ 3,228 $ — $ — $ — $ 3,228 2019 102,930 — — — 102,930 2020 4,578 — 200,000 — 204,578 2021 20,044 611,000 — 500,000 1,131,044 2022 4,285 — 996,912 — 1,001,197 Thereafter 122,595 — — 800,000 922,595 Total Debt 257,660 611,000 1,196,912 1,300,000 3,365,572 Premium, net — — — 15,568 15,568 Deferred financing costs, net (2,743 ) — (8,289 ) (9,002 ) (20,034 ) Total Debt, Net $ 254,917 $ 611,000 $ 1,188,623 $ 1,306,566 $ 3,361,106 (1) Revolving Credit Facility is subject to two six -month extension options.
Secured Debt
Debt Instrument [Line Items]
Debt	The Company’s secured debt consists of the following (dollars in thousands): Interest Rate Type Principal Balance as of (1) Principal Balance as of (1) Weighted Average (2) Maturity Date Fixed Rate $ 159,160 $ 160,702 3.87 % December 2021 - Variable Rate 98,500 98,500 3.68 % July 2019 $ 257,660 $ 259,202 3.80 % (1) Principal balance does not include deferred financing costs, net of $ 2.7 million and $2.8 million as of March 31, 2018 and December 31, 2017 , respectively. (2) Weighted average effective interest rate includes private mortgage insurance.
Senior Notes
Debt Instrument [Line Items]
Debt	The Company’s senior unsecured notes consist of the following (dollars in thousands): Principal Balance as of Title Maturity Date March 31, 2018 (1) December 31, 2017 (1) 5.5% senior unsecured notes due 2021 (“2021 Notes”) February 1, 2021 $ 500,000 $ 500,000 5.375% senior unsecured notes due 2023 (“2023 Notes”) June 1, 2023 200,000 200,000 5.125% senior unsecured notes due 2026 (“2026 Notes”) August 15, 2026 500,000 500,000 5.38% senior unsecured notes due 2027 (“2027 Notes”) May 17, 2027 100,000 100,000 $ 1,300,000 $ 1,300,000 (1) Principal balance does not include premium, net of $15.6 million and deferred financing costs, net of $9.0 million as of March 31, 2018 and does not include premium, net of $15.9 million and deferred financing costs, net of $9.6 million as of December 31, 2017 .

DERIVATIVE AND HEDGING INSTRU29

DERIVATIVE AND HEDGING INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount of Derivatives Instruments	The following presents the notional amount of derivatives instruments as of the dates indicated (in thousands): March 31, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars $ 845,000 $ 845,000 Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 56,300 $ 56,300 Financial instrument designated as net investment hedge: Denominated in Canadian Dollars $ 125,000 $ 125,000
Derivative and Financial Instruments Designated as Hedging Instruments	The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at March 31, 2018 and December 31, 2017 (dollars in thousands): Count as of March 31, 2018 Fair Value Maturity Dates Type Designation March 31, 2018 December 31, 2017 Balance Sheet Location Assets: Interest rate swap Cash flow 12 $ 33,374 $ 25,221 2020 - 2023 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 1,273 674 2025 Accounts receivable, prepaid expenses and other assets, net $ 34,647 $ 25,895 Liabilities: CAD term loan Net investment 1 96,912 99,588 2022 Term loans, net $ 96,912 $ 99,588
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Equity	The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the condensed consolidated statements of income and the condensed consolidated statements of equity for the three months ended March 31, 2018 and 2017 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, 2018 2017 Income Statement Location Cash Flow Hedges: Interest rate products $ 9,123 $ 259 Interest expense Net Investment Hedges: Foreign currency products 607 (916 ) N/A CAD term loan 2,675 (775 ) N/A $ 12,405 $ (1,432 ) Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, 2018 2017 Income Statement Location Cash Flow Hedges: Interest rate products $ (50 ) $ (470 ) Interest expense Net Investment Hedges: Foreign currency products — — N/A CAD term loan — — N/A $ (50 ) $ (470 )
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2018 and December 31, 2017 (in thousands): As of March 31, 2018 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 34,647 $ — $ 34,647 $ — $ — $ 34,647 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 2017 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 25,895 $ — $ 25,895 $ — $ — $ 25,895 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ —
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Liabilities	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2018 and December 31, 2017 (in thousands): As of March 31, 2018 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 34,647 $ — $ 34,647 $ — $ — $ 34,647 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 2017 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 25,895 $ — $ 25,895 $ — $ — $ 25,895 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ —

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Face Values, Carrying Amounts and Fair Values of Financial Instruments	The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2018 and December 31, 2017 whose carrying amounts do not approximate their fair value (in thousands): March 31, 2018 December 31, 2017 Face (1) Carrying Amount (2) Fair Value Face (1) Carrying (2) Fair Value Financial assets: Loans receivable $ 76,212 $ 50,640 $ 52,516 $ 91,280 $ 65,907 $ 65,892 Preferred equity investments 49,782 50,248 47,846 48,035 48,483 47,064 Financial liabilities: Senior Notes 1,300,000 1,306,566 1,299,303 1,300,000 1,306,286 1,329,191 Secured indebtedness 257,660 254,917 237,903 259,202 256,430 246,461 (1) Face value represents amounts contractually due under the terms of the respective agreements. (2) Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.
Fair Value of Financial Instruments	The Company determined the fair value of financial instruments as of March 31, 2018 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Loans receivable $ 52,516 $ — $ — $ 52,516 Preferred equity investments 47,846 — — 47,846 Financial liabilities: Senior Notes 1,299,303 — 1,299,303 — Secured indebtedness 237,903 — — 237,903
Items Measured at Fair Value on a Recurring Basis	During the three months ended March 31, 2018 , the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Recurring Basis: Financial assets: Interest rate swap $ 33,374 $ — $ 33,374 $ — Cross currency swap 1,273 — 1,273 —

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Cash Dividends on Common Stock Declared and Paid	The following table lists the cash dividends on common stock declared and paid by the Company during the three months ended March 31, 2018 : Declaration Date Record Date Amount Per Share Dividend Payable Date February 5, 2018 February 15, 2018 $ 0.45 February 28, 2018
Accumulated Other Comprehensive Income	The following is a summary of the Company’s accumulated other comprehensive income (in thousands): March 31, 2018 December 31, 2017 Foreign currency translation loss $ (3,287 ) $ (2,913 ) Unrealized gains on cash flow hedges 24,100 14,202 Total accumulated other comprehensive income $ 20,813 $ 11,289

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 (in thousands, except share and per share amounts): Three Months Ended March 31, 2018 2017 Numerator Net income attributable to common stockholders $ 59,910 $ 16,262 Denominator Basic weighted average common shares and common equivalents 178,294,605 65,354,649 Dilutive restricted stock units 221,783 565,837 Diluted weighted average common shares 178,516,388 65,920,486 Net income attributable to common stockholders, per: Basic common share $ 0.34 $ 0.25 Diluted common share $ 0.34 $ 0.25

SUMMARIZED CONDENSED CONSOLID33

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2018
Summarized Condensed Consolidating Information [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2018 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Assets Real estate investments, net of accumulated depreciation $ 353 $ — $ — $ 1,733,912 $ 4,374,536 $ — $ 6,108,801 Loans receivable and other investments, net (200 ) — — 50,471 50,617 — 100,888 Investment in unconsolidated joint venture — — — — 354,907 — 354,907 Cash and cash equivalents 40,119 — — 354 5,879 — 46,352 Restricted cash — — — 1,948 9,870 — 11,818 Lease intangible assets, net — — — 16,841 144,582 — 161,423 Accounts receivable, prepaid expenses and other assets, net 3,038 44,140 — 96,773 63,855 (7,426 ) 200,380 Intercompany 2,422,147 2,667,397 — — — (5,089,544 ) — Investment in subsidiaries 980,552 1,296,380 — 13,958 — (2,290,890 ) — Total assets $ 3,446,009 $ 4,007,917 $ — $ 1,914,257 $ 5,004,246 $ (7,387,860 ) $ 6,984,569 Liabilities Secured debt, net $ — $ — $ — $ — $ 254,917 $ — $ 254,917 Revolving credit facility — 611,000 — — — — 611,000 Term loans, net — 1,092,856 — 95,767 — — 1,188,623 Senior unsecured notes, net — 1,306,566 — — — — 1,306,566 Accounts payable and accrued liabilities 23,858 16,943 — 3,149 65,829 (7,426 ) 102,353 Lease intangible liabilities, net — — — — 94,544 — 94,544 Intercompany — — — 709,913 4,379,631 (5,089,544 ) — Total liabilities 23,858 3,027,365 — 808,829 4,794,921 (5,096,970 ) 3,558,003 Total Sabra Health Care REIT, Inc. stockholders' equity 3,422,151 980,552 — 1,105,428 204,910 (2,290,890 ) 3,422,151 Noncontrolling interests — — — — 4,415 — 4,415 Total equity 3,422,151 980,552 — 1,105,428 209,325 (2,290,890 ) 3,426,566 Total liabilities and equity $ 3,446,009 $ 4,007,917 $ — $ 1,914,257 $ 5,004,246 $ (7,387,860 ) $ 6,984,569 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Assets Real estate investments, net of accumulated depreciation $ 324 $ — $ — $ 1,756,933 $ 4,237,175 $ — $ 5,994,432 Loans receivable and other investments, net (97 ) — — 55,297 59,190 — 114,390 Cash and cash equivalents 511,670 — — 449 6,513 — 518,632 Restricted cash — — — 36,910 31,907 — 68,817 Lease intangible assets, net — — — 17,577 149,542 — 167,119 Accounts receivable, prepaid expenses and other assets, net 3,499 36,073 — 80,739 53,765 (5,189 ) 168,887 Intercompany 2,043,402 2,721,979 — — — (4,765,381 ) — Investment in subsidiaries 890,462 1,198,305 — 14,661 — (2,103,428 ) — Total assets $ 3,449,260 $ 3,956,357 $ — $ 1,962,566 $ 4,538,092 $ (6,873,998 ) $ 7,032,277 Liabilities Secured debt, net $ — $ — $ — $ — $ 256,430 $ — $ 256,430 Revolving credit facility — 641,000 — — — — 641,000 Term loans, net — 1,092,397 — 98,377 — — 1,190,774 Senior unsecured notes, net — 1,306,286 — — — — 1,306,286 Accounts payable and accrued liabilities 16,453 26,212 — 3,560 61,487 (5,189 ) 102,523 Lease intangible liabilities, net — — — — 98,015 — 98,015 Intercompany — — — 785,120 3,980,261 (4,765,381 ) — Total liabilities 16,453 3,065,895 — 887,057 4,396,193 (4,770,570 ) 3,595,028 Total Sabra Health Care REIT, Inc. stockholders' equity 3,432,807 890,462 — 1,075,509 137,457 (2,103,428 ) 3,432,807 Noncontrolling interests — — — — 4,442 — 4,442 Total equity 3,432,807 890,462 — 1,075,509 141,899 (2,103,428 ) 3,437,249 Total liabilities and equity $ 3,449,260 $ 3,956,357 $ — $ 1,962,566 $ 4,538,092 $ (6,873,998 ) $ 7,032,277 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes.
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2018 (dollars in thousands, except per share amounts) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Revenues: Rental income $ — $ — $ — $ 45,464 $ 103,024 $ (4,233 ) $ 144,255 Interest and other income 10 112 — 1,267 3,061 (112 ) 4,338 Resident fees and services — — — — 17,493 — 17,493 Total revenues 10 112 — 46,731 123,578 (4,345 ) 166,086 Expenses: Depreciation and amortization 222 — — 14,930 32,853 — 48,005 Interest — 32,566 — 790 2,574 (112 ) 35,818 Operating expenses — — — — 16,357 (4,233 ) 12,124 General and administrative 5,822 14 — 431 1,600 — 7,867 Merger and acquisition costs 336 — — — (6 ) — 330 Provision for (recovery of) doubtful accounts and loan losses 2,181 — — (971 ) 3 — 1,213 Impairment of real estate — — — 532 — — 532 Total expenses 8,561 32,580 — 15,712 53,381 (4,345 ) 105,889 Other income (expense): Other income 1,977 201 — 410 232 — 2,820 Net loss on sales of real estate — — — (56 ) (416 ) — (472 ) Total other income (expense) 1,977 201 — 354 (184 ) — 2,348 Income in subsidiary 69,343 101,610 — 1,854 — (172,807 ) — Income before income from unconsolidated joint venture and income tax expense 62,769 69,343 — 33,227 70,013 (172,807 ) 62,545 Income from unconsolidated joint venture — — — — 446 — 446 Income tax expense (298 ) — — (53 ) (159 ) — (510 ) Net income 62,471 69,343 — 33,174 70,300 (172,807 ) 62,481 Net income attributable to noncontrolling interests — — — — (10 ) — (10 ) Net income attributable to Sabra Health Care REIT, Inc. 62,471 69,343 — 33,174 70,290 (172,807 ) 62,471 Preferred stock dividends (2,561 ) — — — — — (2,561 ) Net income attributable to common stockholders $ 59,910 $ 69,343 $ — $ 33,174 $ 70,290 $ (172,807 ) $ 59,910 Net loss attributable to common stockholders, per: Basic common share $ 0.34 Diluted common share $ 0.34 Weighted-average number of common shares outstanding, basic 178,294,605 Weighted-average number of common shares outstanding, diluted 178,516,388 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2017 (dollars in thousands, except per share amounts) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Revenues: Rental income $ — $ — $ — $ 53,039 $ 4,969 $ (784 ) $ 57,224 Interest and other income 7 — — 1,938 — — 1,945 Resident fees and services — — — — 3,481 — 3,481 Total revenues 7 — — 54,977 8,450 (784 ) 62,650 Expenses: Depreciation and amortization 216 — — 16,956 1,965 — 19,137 Interest — 13,409 — 728 1,651 — 15,788 Operating expenses — — — — 3,204 (784 ) 2,420 General and administrative 5,259 14 — 767 50 — 6,090 Merger and acquisition costs 533 — — 30 — — 563 (Recovery of) provision for doubtful accounts and loan losses (145 ) — — 1,915 — — 1,770 Total expenses 5,863 13,423 — 20,396 6,870 (784 ) 45,768 Other income: Other income 1,367 35 — 727 — — 2,129 Total other income 1,367 35 — 727 — — 2,129 Income in subsidiary 23,436 36,825 — 1,779 — (62,040 ) — Income before income tax expense 18,947 23,437 — 37,087 1,580 (62,040 ) 19,011 Income tax expense (124 ) (1 ) — — (95 ) — (220 ) Net income 18,823 23,436 — 37,087 1,485 (62,040 ) 18,791 Net loss attributable to noncontrolling interests — — — — 32 — 32 Net income attributable to Sabra Health Care REIT, Inc. 18,823 23,436 — 37,087 1,517 (62,040 ) 18,823 Preferred stock dividends (2,561 ) — — — — — (2,561 ) Net income attributable to common stockholders $ 16,262 $ 23,436 $ — $ 37,087 $ 1,517 $ (62,040 ) $ 16,262 Net loss attributable to common stockholders, per: Basic common share $ 0.25 Diluted common share $ 0.25 Weighted-average number of common shares outstanding, basic 65,354,649 Weighted-average number of common shares outstanding, diluted 65,920,486 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes.
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2018 (dollars in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net income $ 62,471 $ 69,343 $ — $ 33,174 $ 70,300 $ (172,807 ) $ 62,481 Other comprehensive income (loss): Unrealized gain (loss), net of tax: Foreign currency translation gain (loss) — 841 — (928 ) (287 ) — (374 ) Unrealized gain (loss) on cash flow hedges — 9,903 — (5 ) — — 9,898 Total other comprehensive income (loss) — 10,744 — (933 ) (287 ) — 9,524 Comprehensive income 62,471 80,087 — 32,241 70,013 (172,807 ) 72,005 Comprehensive income attributable to noncontrolling interest — — — — (10 ) — (10 ) Comprehensive income attributable to Sabra Health Care REIT, Inc. $ 62,471 $ 80,087 $ — $ 32,241 $ 70,003 $ (172,807 ) $ 71,995 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2017 (dollars in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net income $ 18,823 $ 23,436 $ — $ 37,087 $ 1,485 $ (62,040 ) $ 18,791 Other comprehensive income (loss): Unrealized gain (loss), net of tax: Foreign currency translation (loss) gain — (953 ) — 299 96 — (558 ) Unrealized gain on cash flow hedges 285 443 — — — — 728 Total other comprehensive income (loss) 285 (510 ) — 299 96 — 170 Comprehensive income 19,108 22,926 — 37,386 1,581 (62,040 ) 18,961 Comprehensive loss attributable to noncontrolling interest — — — — 32 — 32 Comprehensive income attributable to Sabra Health Care REIT, Inc. $ 19,108 $ 22,926 $ — $ 37,386 $ 1,613 $ (62,040 ) $ 18,993 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes.
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2018 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net cash provided by (used in) operating activities $ 97,936 $ — $ — $ (55 ) $ 3,766 $ — $ 101,647 Cash flows from investing activities: Acquisition of real estate — — — (172,001 ) — — (172,001 ) Origination and fundings of loans receivable — — — (1,027 ) (12,205 ) — (13,232 ) Origination and fundings of preferred equity investments — — — (928 ) — — (928 ) Additions to real estate (38 ) — — (3,496 ) (8,005 ) — (11,539 ) Repayments of loans receivable — — — 7,491 21,314 — 28,805 Repayments of preferred equity investments — — — 234 — — 234 Investment in unconsolidated JV — — — — (354,461 ) — (354,461 ) Net proceeds from the sales of real estate — — — — 6,743 — 6,743 Distribution from subsidiaries 2,557 2,557 — — — (5,114 ) — Intercompany financing (488,718 ) (458,712 ) — — — 947,430 — Net cash (used in) provided by investing activities (486,199 ) (456,155 ) — (169,727 ) (346,614 ) 942,316 (516,379 ) Cash flows from financing activities: Net repayments of revolving credit facility — (30,000 ) — — — — (30,000 ) Principal payments on secured debt — — — — (1,061 ) — (1,061 ) Payments of deferred financing costs — (6 ) — — — — (6 ) Distribution to noncontrolling interest — — — — (37 ) — (37 ) Issuance of common stock, net (499 ) — — — — — (499 ) Dividends paid on common and preferred stock (82,789 ) — — — — — (82,789 ) Distribution to parent — (2,557 ) — — (2,557 ) 5,114 — Intercompany financing — 488,718 — 134,797 323,915 (947,430 ) — Net cash (used in) provided by financing activities (83,288 ) 456,155 — 134,797 320,260 (942,316 ) (114,392 ) Net decrease in cash, cash equivalents and restricted cash (471,551 ) — — (34,985 ) (22,588 ) — (529,124 ) Effect of foreign currency translation on cash, cash equivalents and restricted cash — — — (72 ) (83 ) — (155 ) Cash, cash equivalents and restricted cash, beginning of period 511,670 — — 37,359 38,420 — 587,449 Cash, cash equivalents and restricted cash, end of period $ 40,119 $ — $ — $ 2,302 $ 15,749 $ — $ 58,170 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 (in thousands) (unaudited) Combined Non-Guarantor Subsidiaries of 2026 Notes (6) Parent (1) Operating Partnership (2) Sabra Capital Corporation (3) Combined (4) Combined Non- (5) Elimination Consolidated Net cash provided by operating activities $ 27,886 $ — $ — $ 1,027 $ 2,674 $ — $ 31,587 Cash flows from investing activities: Origination and fundings of loans receivable — — — (508 ) — — (508 ) Origination and fundings of preferred equity investments — — — (51 ) — — (51 ) Additions to real estate (1 ) — — (474 ) (45 ) — (520 ) Repayments of loans receivable — — — 118 — — 118 Distribution from subsidiaries 2,474 2,474 — — — (4,948 ) — Intercompany financing (10,025 ) (916 ) — — — 10,941 — Net cash (used in) provided by investing activities (7,552 ) 1,558 — (915 ) (45 ) 5,993 (961 ) Cash flows from financing activities: Net repayments of revolving credit facility — (9,000 ) — — — — (9,000 ) Principal payments on secured debt — — — — (1,021 ) — (1,021 ) Payments of deferred financing costs — (109 ) — — — — (109 ) Issuance of common stock, net (3,224 ) — — — — — (3,224 ) Dividends paid on common and preferred stock (29,993 ) — — — — — (29,993 ) Distribution to parent — (2,474 ) — — (2,474 ) 4,948 — Intercompany financing — 10,025 — 916 — (10,941 ) — Net cash (used in) provided by financing activities (33,217 ) (1,558 ) — 916 (3,495 ) (5,993 ) (43,347 ) Net (decrease) increase in cash, cash equivalents and restricted cash (12,883 ) — — 1,028 (866 ) — (12,721 ) Effect of foreign currency translation on cash, cash equivalents and restricted cash — — — 14 7 — 21 Cash, cash equivalents and restricted cash, beginning of period 18,168 — — 2,732 13,765 — 34,665 Cash, cash equivalents and restricted cash, end of period $ 5,285 $ — $ — $ 3,774 $ 12,906 $ — $ 21,965 (1) The Parent Company guarantees the 2021 Notes, the 2023 Notes and the 2026 Notes. (2) The Operating Partnership is the co-issuer of the 2021 Notes and the 2023 Notes and the issuer of the 2026 Notes. (3) Sabra Capital Corporation is the co-issuer of the 2021 Notes and the 2023 Notes. (4) The Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2021 Notes and the 2023 Notes. (5) The Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes consist of the subsidiaries that do not guarantee the 2021 Notes and the 2023 Notes. (6) None of Sabra Capital Corporation, the Combined Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes, nor the Combined Non-Guarantor Subsidiaries of the 2021 Notes and the 2023 Notes guarantee the 2026 Notes.

BUSINESS (Details)

BUSINESS (Details) - $ / shares	Aug. 17, 2017	Mar. 31, 2018	Dec. 31, 2017
Business [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Care Capital Properties
Business [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Shares of Sabra common stock issued per share of CCP common stock (in shares)	1.123

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2018variable_interest_entityInvestment
Variable Interest Entity [Line Items]
Number of investments in loans accounted for as real estate joint ventures | Investment	0
Primary Beneficiary
Variable Interest Entity [Line Items]
Number of VIEs	5
Exchange Accommodation Titleholder | Primary Beneficiary
Variable Interest Entity [Line Items]
Number of VIEs	4
Skilled Nursing Transitional Care Facilities | Primary Beneficiary
Variable Interest Entity [Line Items]
Number of VIEs	1

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment in Unconsolidated Joint Venture (Details) $ in Thousands	Jan. 02, 2018USD ($)Propertydirector	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in joint venture		$ 354,907	$ 0
Enlivant Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of properties | Property	172
Enlivant Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash contributed to acquire equity interests	$ 352,700
Equity interest in joint venture	49.00%
Outstanding indebtedness	$ 791,300
Net working capital	22,900
Aggregate portfolio value	$ 1,490,000
Number of directors appointed by Sabra | director	3
Number of directors on board | director	7
Investment in joint venture		$ 354,900

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Investment in Direct Financing Lease (Details) - Skilled Nursing Transitional Care Facilities $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)Property
Lessor, Lease, Description [Line Items]
Net investment in direct financing lease	$ 23.1
Properties in direct financing lease | Property	1
Lease income	$ 0.6
Minimum lease payments contractually due under direct financing leases
Due for the remainder of 2018	1.6
Due in 2019	2.2
Due in 2020	2.3
Due in 2021	$ 2.1

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Cash Flows Due to Adoption of ASU 2016-15 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities	$ 101,647	$ 31,587
Net decrease in balance	(529,124)	(12,721)
Balance	$ 58,170	21,965	$ 587,449	$ 34,665
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by operating activities		31,438
Net decrease in balance		(12,870)
Balance		$ 12,814		$ 25,663

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Update (Details) $ in Thousands	Dec. 31, 2017USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of ASU 2017-12 adoption	$ 0
Accumulated Other Comprehensive Income (Loss)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of ASU 2017-12 adoption	795
Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2017-12
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of ASU 2017-12 adoption	800
Cumulative Distributions in Excess of Net Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of ASU 2017-12 adoption	(795)
Cumulative Distributions in Excess of Net Income | Accounting Standards Update 2017-12
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of ASU 2017-12 adoption	$ (800)

CCP MERGER AND RECENT REAL ES40

CCP MERGER AND RECENT REAL ESTATE ACQUISITIONS - Narrative (Details) $ in Thousands	Aug. 17, 2017USD ($)	Aug. 17, 2017USD ($)Property	Aug. 17, 2017USD ($)shares	Aug. 17, 2017USD ($)direct_financing_lease_property	Aug. 17, 2017USD ($)firm	Aug. 17, 2017USD ($)Investment	Mar. 31, 2018USD ($)Facilitiy	Mar. 31, 2017USD ($)
Business Acquisition [Line Items]
Total revenues							$ 166,086	$ 62,650
Net income attributable to common stockholders							59,910	$ 16,262
Care Capital Properties
Business Acquisition [Line Items]
Shares of Sabra common stock issued per share of CCP common stock (in shares) | shares			1.123
Shares of common stock issued in merger (in shares) | shares			94,000,000
Number of acquired properties | Property		330
Number of loan receivable investments acquired | Investment						18
Number of specialty valuation firms | firm					1
Fair value of consideration exchanged or assumed	$ 2,052,578	$ 2,052,578	$ 2,052,578	$ 2,052,578	$ 2,052,578	$ 2,052,578
Care Capital Properties | Lease Intangible Assets and Liabilities
Business Acquisition [Line Items]
Weighted average amortization period of finite-lived intangible assets	10 years
Weighted average amortization period of finite-lived intangible liabilities	10 years
Care Capital Properties | Skilled Nursing/Transitional Care
Business Acquisition [Line Items]
Number of acquired properties		296		1
Care Capital Properties | Senior Housing Facilities
Business Acquisition [Line Items]
Number of acquired properties | Property		13
Care Capital Properties | Specialty Hospitals and Other
Business Acquisition [Line Items]
Number of acquired properties | Property		21
Recent Real Estate Acquisitions
Business Acquisition [Line Items]
Fair value of consideration exchanged or assumed							172,006
Total revenues							9,700
Net income attributable to common stockholders							$ 900
Recent Real Estate Acquisitions | Tenant Origination and Absorption Costs
Business Acquisition [Line Items]
Weighted average amortization period of finite-lived intangible assets							13 years
Recent Real Estate Acquisitions | Tenant Relationship
Business Acquisition [Line Items]
Weighted average amortization period of finite-lived intangible assets							23 years
Recent Real Estate Acquisitions | Skilled Nursing/Transitional Care
Business Acquisition [Line Items]
Number of acquired properties | Facilitiy							2
Recent Real Estate Acquisitions | Senior Housing Facilities
Business Acquisition [Line Items]
Number of acquired properties | Facilitiy							1
Recent Real Estate Acquisitions | Senior Housing - Managed
Business Acquisition [Line Items]
Number of acquired properties | Facilitiy							11

CCP MERGER AND RECENT REAL ES41

CCP MERGER AND RECENT REAL ESTATE ACQUISITIONS - Purchase Price Allocation for CCP Merger (Details) - Care Capital Properties $ in Thousands	Aug. 17, 2017USD ($)
Business Acquisition [Line Items]
Real estate investments	$ 3,727,310
Loans receivable and other investments	58,244
Cash and cash equivalents	77,859
Restricted cash	779
Lease intangible assets, net	145,786
Accounts receivable, prepaid expenses and other assets, net	35,873
Secured debt, net	(98,500)
Revolving credit facility	(362,000)
Unsecured term loans	(674,000)
Senior unsecured notes, net	(616,873)
Accounts payable and accrued liabilities	(134,802)
Lease intangible liabilities, net	(102,643)
Noncontrolling interests	(4,455)
Total consideration	$ 2,052,578

CCP MERGER AND RECENT REAL ES42

CCP MERGER AND RECENT REAL ESTATE ACQUISITIONS - Purchase Price Allocation for Recent Real Estate Acquisitions (Details) - Recent Real Estate Acquisitions $ in Thousands	Mar. 31, 2018USD ($)
Business Acquisition [Line Items]
Land	$ 20,552
Building and improvements	150,523
Total consideration	172,006
Tenant Origination and Absorption Costs
Business Acquisition [Line Items]
Tenant intangible assets	722
Tenant Relationship
Business Acquisition [Line Items]
Tenant intangible assets	$ 209

REAL ESTATE PROPERTIES HELD F43

REAL ESTATE PROPERTIES HELD FOR INVESTMENT - Real Estate Properties Held for Investment (Details) $ in Thousands	Mar. 31, 2018USD ($)BedFacilitiy	Dec. 31, 2017USD ($)BedFacilitiy
Real Estate Properties [Line Items]
Building and improvements	$ 5,576,282	$ 5,449,415
Furniture and equipment	240,869	232,889
Land improvements	3,507	3,456
Land	665,206	649,095
Total Real Estate at Cost	6,485,864	6,334,855
Accumulated Depreciation	(377,063)	(340,423)
Total Real Estate Investments, Net	$ 6,108,801	$ 5,994,432
Operating Segments
Real Estate Properties [Line Items]
Number of Properties | Facilitiy	515	507
Number of Beds/Units | Bed	53,968	53,558
Total Real Estate at Cost	$ 6,485,231	$ 6,334,262
Accumulated Depreciation	(376,783)	(340,154)
Total Real Estate Investments, Net	$ 6,108,448	$ 5,994,108
Operating Segments | Skilled Nursing/Transitional Care
Real Estate Properties [Line Items]
Number of Properties | Facilitiy	380	384
Number of Beds/Units | Bed	42,972	43,223
Total Real Estate at Cost	$ 4,384,312	$ 4,364,387
Accumulated Depreciation	(232,080)	(209,039)
Total Real Estate Investments, Net	$ 4,152,232	$ 4,155,348
Operating Segments | Senior Housing - Leased
Real Estate Properties [Line Items]
Number of Properties | Facilitiy	89	88
Number of Beds/Units | Bed	8,167	8,137
Total Real Estate at Cost	$ 1,173,102	$ 1,166,687
Accumulated Depreciation	(110,342)	(102,370)
Total Real Estate Investments, Net	$ 1,062,760	$ 1,064,317
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of Properties | Facilitiy	24	13
Number of Beds/Units | Bed	1,744	1,113
Total Real Estate at Cost	$ 310,377	$ 189,120
Accumulated Depreciation	(13,999)	(12,125)
Total Real Estate Investments, Net	$ 296,378	$ 176,995
Operating Segments | Specialty Hospitals and Other
Real Estate Properties [Line Items]
Number of Properties | Facilitiy	22	22
Number of Beds/Units | Bed	1,085	1,085
Total Real Estate at Cost	$ 617,440	$ 614,068
Accumulated Depreciation	(20,362)	(16,620)
Total Real Estate Investments, Net	597,078	597,448
Corporate Level
Real Estate Properties [Line Items]
Total Real Estate at Cost	633	593
Accumulated Depreciation	(280)	(269)
Total Real Estate Investments, Net	$ 353	$ 324

REAL ESTATE PROPERTIES HELD F44

REAL ESTATE PROPERTIES HELD FOR INVESTMENT - Operating Leases (Details) $ in Millions	Apr. 02, 2018Facilitiy	Mar. 31, 2018USD ($)Facilitiy	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Security deposit liability | $		$ 22.1		$ 20.3
Letters of credit deposited | $		96.6		96.3
Tenant deposits for future real estate taxes, insurance expenditures, and tenant improvements | $		25.6		28.3
Reserve for unpaid cash rents | $		2.2		3.2
Reserve for accumulated straight-line rental income | $		$ 3		$ 12.4
Genesis
Real Estate Properties [Line Items]
Number of properties | Facilitiy		49
Reduction of annual base rent payable under operating leases | $			$ 19
Number of facilities expected to be sold | Facilitiy		41
Number of facilities expected to be retained | Facilitiy		8
Minimum
Real Estate Properties [Line Items]
Lease expiration period		1 year
Maximum
Real Estate Properties [Line Items]
Lease expiration period		15 years
Weighted Average
Real Estate Properties [Line Items]
Weighted average lease expiration period		9 years
Skilled Nursing Transitional Care Facilities | Held for Sale
Real Estate Properties [Line Items]
Number of facilities held for sale | Facilitiy		5
Skilled Nursing Transitional Care Facilities | Held for Sale | Subsequent Event
Real Estate Properties [Line Items]
Number of facilities sold | Facilitiy	5
Senior Housing - Managed Communities | Operating Segments
Real Estate Properties [Line Items]
Number of properties | Facilitiy		24

REAL ESTATE PROPERTIES HELD F45

REAL ESTATE PROPERTIES HELD FOR INVESTMENT - Future Minimum Rental Payments Receivable for Properties Held for Investment Under Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2018USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
April 1, 2018 through December 31, 2018	$ 416,640
2,019	566,530
2,020	559,757
2,021	558,493
2,022	552,102
Thereafter	2,949,305
Total	$ 5,602,827

ASSET HELD FOR SALE DISPOSITI46

ASSET HELD FOR SALE DISPOSITIONS (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)Facilitiy	Mar. 31, 2017Facilitiy	Dec. 31, 2017USD ($)	Apr. 02, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Selling expenses			$ 0.1
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities sold | Facilitiy		0
Carrying value of assets and liabilities of facility	$ 7.2
Aggregate sale price of facility	6.8
Net loss on sale	$ 0.4
Skilled Nursing Transitional Care Facilities | Assets Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities held for sale | Facilitiy	5
Carrying value of assets and liabilities of facility	$ 12.5
Skilled Nursing Transitional Care Facilities | Assets Held for Sale | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sale price of facility				$ 17
Skilled Nursing Transitional Care Facilities | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities sold | Facilitiy	1
Net income (loss) from facilities	$ 0.1

LOANS RECEIVABLE AND OTHER IN47

LOANS RECEIVABLE AND OTHER INVESTMENTS - Composition of Loans Receivable and Other Investments (Details) $ in Thousands	Mar. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
Loans Receivable:
Quantity | loan	21
Principal Balance	$ 76,212
Book Value	$ 50,840	$ 66,004
Weighted Average Contractual Interest Rate / Rate of Return	9.40%
Weighted Average Annualized Effective Interest Rate / Rate of Return	12.00%
Loan loss reserve	$ (200)	(97)
Loans Receivable, Net Amount	$ 50,640	65,907
Other Investments:
Quantity | loan	13
Principal Balance	$ 49,782	48,035
Book Value	$ 50,248	48,483
Weighted Average Contractual Interest Rate / Rate of Return	12.60%
Weighted Average Annualized Effective Interest Rate / Rate of Return	12.60%
Total Quantity | loan	34
Total Principal Balance	$ 125,994
Total Book Value	$ 100,888	114,390
Total Weighted Average Contractual Interest Rate / Rate of Return	10.70%
Total Weighted Average Annualized Effective Interest Rate / Rate of Return	12.30%
Mortgage
Loans Receivable:
Quantity | loan	2
Principal Balance	$ 18,028
Book Value	$ 17,032	12,351
Weighted Average Contractual Interest Rate / Rate of Return	9.90%
Weighted Average Annualized Effective Interest Rate / Rate of Return	11.00%
Construction
Loans Receivable:
Quantity | loan	2
Principal Balance	$ 3,047
Book Value	$ 3,114	2,733
Weighted Average Contractual Interest Rate / Rate of Return	8.00%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.70%
Mezzanine
Loans Receivable:
Quantity | loan	1
Principal Balance	$ 25,000
Book Value	$ 2,548	10,239
Weighted Average Contractual Interest Rate / Rate of Return	10.00%
Weighted Average Annualized Effective Interest Rate / Rate of Return	41.90%
Pre-development
Loans Receivable:
Quantity | loan	1
Principal Balance	$ 2,357
Book Value	$ 2,357	2,357
Weighted Average Contractual Interest Rate / Rate of Return	9.00%
Weighted Average Annualized Effective Interest Rate / Rate of Return	8.40%
Other
Loans Receivable:
Quantity | loan	15
Principal Balance	$ 27,780
Book Value	$ 25,789	$ 38,324
Weighted Average Contractual Interest Rate / Rate of Return	8.70%
Weighted Average Annualized Effective Interest Rate / Rate of Return	10.60%

LOANS RECEIVABLE AND OTHER IN48

LOANS RECEIVABLE AND OTHER INVESTMENTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)loanpreferred_equity_investment	Mar. 31, 2017USD ($)loan	Dec. 31, 2017USD ($)loan	Aug. 17, 2017USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable instruments acquired | loan	21
Principal balance	$ 76,212,000
Loan loss reserve	200,000		$ 97,000
Portfolio-Based Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in portfolio-based loan loss reserve	100,000	$ (200,000)
Loan loss reserve	200,000		100,000
Specific Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan loss reserve	0		$ 0
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan loss reserve in period	$ 0	$ 1,500,000
Number of loans receivable on nonaccrual status | loan	1		1
Book value of loans receivable on nonaccrual status	$ 0		$ 0
Number of preferred equity investments on nonaccrual status | preferred_equity_investment	3
Book value of preferred equity investments on nonaccrual status	$ 14,300,000
Number of loans on which provision for losses were recorded | loan		3
Care Capital Properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable instruments acquired | loan				18
Principal balance				$ 83,300,000
Fair value of loans receivable				$ 58,200,000
Care Capital Properties | Receivables Acquired with Deteriorated Credit Quality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable instruments acquired | loan				8
Principal balance				$ 36,300,000
Fair value of loans receivable				11,300,000
Accretable yield	2,000,000		2,600,000	$ 3,500,000
Interest payments received	500,000
Accretion recorded in interest and other income	100,000
Book value of loans receivable	$ 9,600,000		$ 10,000,000

DEBT - Secured Debt (Details)

DEBT - Secured Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Deferred financing costs, net	$ 20,034
Secured Debt
Debt Instrument [Line Items]
Fixed rate, principal amount	159,160	$ 160,702
Variable rate, principal amount	98,500	98,500
Total principal amount	$ 257,660	259,202
Weighted average effective interest rate	3.80%
Deferred financing costs, net	$ 2,743	$ 2,800
Secured Debt | Fixed Rate
Debt Instrument [Line Items]
Weighted average effective interest rate	3.87%
Secured Debt | Variable Rate
Debt Instrument [Line Items]
Weighted average effective interest rate	3.68%

DEBT - Narrative (Details)

DEBT - Narrative (Details)	Aug. 17, 2017USD ($)extension_option	Jan. 14, 2016USD ($)extension_option	Mar. 31, 2018USD ($)instrument	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Aug. 17, 2017CAD ($)extension_option	Aug. 10, 2016USD ($)agreement	Aug. 10, 2016CAD ($)agreement	Jan. 14, 2016CAD ($)extension_option	Jun. 10, 2015CAD ($)
Debt Instrument [Line Items]
Amount outstanding under credit facility			$ 611,000,000		$ 641,000,000
Interest expense			35,818,000	$ 15,788,000
Non-cash interest expense			2,500,000	$ 1,600,000
Accrued interest			15,500,000		24,700,000
Secured Debt
Debt Instrument [Line Items]
Face amount of debt			$ 257,660,000		$ 259,202,000
5.5% Senior Unsecured Notes due 2021
Debt Instrument [Line Items]
Interest rate			5.50%
5.375% Senior Unsecured Notes due 2023
Debt Instrument [Line Items]
Interest rate			5.375%
5.125% Senior Unsecured Notes due 2026
Debt Instrument [Line Items]
Interest rate			5.125%
5.38% Senior Unsecured Notes due 2027
Debt Instrument [Line Items]
Interest rate			5.38%
Prior Credit Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 600,000
Prior Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 500,000,000
Borrowing capacity in certain foreign currencies (up to)		$ 125,000,000
Number of extension options | extension_option		2							2
Extension period		6 months
Prior Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Annum percent unused borrowing fee			0.25%
Prior Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Annum percent unused borrowing fee			0.30%
Prior Credit Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Prior Credit Facility | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.80%
Prior Credit Facility | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.40%
Prior Credit Facility | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Prior Credit Facility | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.80%
Prior Credit Facility | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Prior U.S. Dollar Term Loan
Debt Instrument [Line Items]
Face amount of debt		$ 245,000,000
Prior U.S. Dollar Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Prior U.S. Dollar Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.35%
Prior U.S. Dollar Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Prior U.S. Dollar Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%
Prior U.S. Dollar Term Loan | CDOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Prior U.S. Dollar Term Loan | CDOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.35%
Prior Canadian Term Loan
Debt Instrument [Line Items]
Face amount of debt									$ 125,000,000	$ 90,000,000
Fixed interest rate under swap										1.59%
Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 1,250,000,000
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	1,000,000,000
Borrowing capacity in certain foreign currencies (up to)	$ 175,000,000
Number of extension options | extension_option	2					2
Extension period	6 months
Interest rate			3.13%
Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.125%
Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.30%
Credit Agreement | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%
Credit Agreement | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Credit Agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Credit Agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%
Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 2,500,000,000
U.S. Dollar Term Loan
Debt Instrument [Line Items]
Face amount of debt							$ 245,000,000
U.S. Dollar Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate under swap							0.90%	0.90%
Number of derivative agreements | agreement							2	2
U.S. Dollar Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
U.S. Dollar Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
U.S. Dollar Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
U.S. Dollar Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
U.S. Dollar Term Loan | CDOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
U.S. Dollar Term Loan | CDOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
U.S. Dollar Term Loan | Redemption Period One
Debt Instrument [Line Items]
Face amount of debt	$ 1,100,000,000
U.S. Dollar Term Loan | Redemption Period Two
Debt Instrument [Line Items]
Face amount of debt	200,000,000
Canadian Term Loan
Debt Instrument [Line Items]
Face amount of debt						$ 125,000,000		$ 35,000,000
Canadian Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate under swap							0.93%	0.93%
Number of derivative agreements | agreement							1	1
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding under credit facility			$ 611,000,000
Available borrowing capacity			$ 389,000,000
Care Capital Properties | Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate under swap			1.31%
Number of derivative agreements | instrument			8
Care Capital Properties | Variable Rate Term Loan | Secured Debt
Debt Instrument [Line Items]
Face amount of debt	$ 98,500,000
Care Capital Properties | Variable Rate Term Loan | Secured Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.80%
Care Capital Properties | U.S. Dollar Term Loan
Debt Instrument [Line Items]
Face amount of debt			$ 600,000,000

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Premium, net	$ 15,568
Deferred financing costs	20,034
Senior Notes
Debt Instrument [Line Items]
Principal balance	1,300,000	$ 1,300,000
Premium, net	15,568	15,900
Deferred financing costs	9,002	9,600
Senior Notes | 5.5% Senior Unsecured Notes due 2021
Debt Instrument [Line Items]
Principal balance	500,000	500,000
Senior Notes | 5.375% Senior Unsecured Notes due 2023
Debt Instrument [Line Items]
Principal balance	200,000	200,000
Senior Notes | 5.125% Senior Unsecured Notes due 2026
Debt Instrument [Line Items]
Principal balance	500,000	500,000
Senior Notes | 5.38% Senior Unsecured Notes due 2027
Debt Instrument [Line Items]
Principal balance	$ 100,000	$ 100,000

DEBT - Schedule of Maturities f

DEBT - Schedule of Maturities for Outstanding Debt (Details) $ in Thousands	Aug. 17, 2017extension_option	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
April 1, 2018 through December 31, 2018		$ 3,228
2,019		102,930
2,020		204,578
2,021		1,131,044
2,022		1,001,197
Thereafter		922,595
Total Debt		3,365,572
Premium, net		15,568
Deferred financing costs, net		(20,034)
Total Debt, Net		3,361,106
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Number of extension options | extension_option	2
Extension period	6 months
Secured Indebtedness
Debt Instrument [Line Items]
April 1, 2018 through December 31, 2018		3,228
2,019		102,930
2,020		4,578
2,021		20,044
2,022		4,285
Thereafter		122,595
Total Debt		257,660
Premium, net		0
Deferred financing costs, net		(2,743)	$ (2,800)
Total Debt, Net		254,917
Revolving Credit Facility
Debt Instrument [Line Items]
April 1, 2018 through December 31, 2018		0
2,019		0
2,020		0
2,021		611,000
2,022		0
Thereafter		0
Total Debt		611,000
Premium, net		0
Deferred financing costs, net		0
Total Debt, Net		611,000
Term Loans
Debt Instrument [Line Items]
April 1, 2018 through December 31, 2018		0
2,019		0
2,020		200,000
2,021		0
2,022		996,912
Thereafter		0
Total Debt		1,196,912
Premium, net		0
Deferred financing costs, net		(8,289)
Total Debt, Net		1,188,623
Senior Notes
Debt Instrument [Line Items]
April 1, 2018 through December 31, 2018		0
2,019		0
2,020		0
2,021		500,000
2,022		0
Thereafter		800,000
Total Debt		1,300,000
Premium, net		15,568	15,900
Deferred financing costs, net		(9,002)	$ (9,600)
Total Debt, Net		$ 1,306,566

DERIVATIVE AND HEDGING INSTRU53

DERIVATIVE AND HEDGING INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flow Hedges | Interest Rate Swap
Derivative [Line Items]
Unrealized gains (losses) recognized in in other income	$ 0	$ (100)
Designated as Hedging Instrument | Cash Flow Hedges
Derivative [Line Items]
Gains included in accumulated other comprehensive loss which are expected to be reclassified into earnings in the next 12 months	$ 4,400
Not Designated as Hedging Instrument | Cross Currency Interest Rate Swaps
Derivative [Line Items]
Other expenses		$ 7

DERIVATIVE AND HEDGING INSTRU54

DERIVATIVE AND HEDGING INSTRUMENTS - Notional Amount of Derivatives Instruments (Details) - Cross Currency Interest Rate Swaps - Designated as Hedging Instrument $ in Thousands, $ in Thousands	Mar. 31, 2018USD ($)	Mar. 31, 2018CAD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2017CAD ($)
Cash Flow Hedges
Derivative [Line Items]
Notional amount	$ 845,000	$ 125,000	$ 845,000	$ 125,000
Net Investment Hedges
Derivative [Line Items]
Notional amount		56,300		56,300
Notional amount		$ 125,000		$ 125,000

DERIVATIVE AND HEDGING INSTRU55

DERIVATIVE AND HEDGING INSTRUMENTS - Derivative and Financial Instruments Designated as Hedging Instruments (Details) $ in Thousands	Mar. 31, 2018USD ($)instrument	Dec. 31, 2017USD ($)
Assets:
Fair Value	$ 34,647	$ 25,895
Liabilities:
Fair Value	0	0
Designated as Hedging Instrument
Assets:
Fair Value	34,647	25,895
Liabilities:
Fair Value	$ 96,912	99,588
Designated as Hedging Instrument | Interest rate swap | Cash flow | Accounts receivable, prepaid expenses and other assets, net
Assets:
Count | instrument	12
Fair Value	$ 33,374	25,221
Designated as Hedging Instrument | Cross currency interest rate swaps | Net investment | Accounts receivable, prepaid expenses and other assets, net
Assets:
Count | instrument	2
Fair Value	$ 1,273	674
Designated as Hedging Instrument | CAD term loan | Net investment | Term loans, net
Liabilities:
Count | instrument	1
Fair Value	$ 96,912	$ 99,588

DERIVATIVE AND HEDGING INSTRU56

DERIVATIVE AND HEDGING INSTRUMENTS - Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, cash flow hedges	$ 9,898	$ 728
Gain (loss) recognized in other comprehensive income, cash flow hedges and net investment hedges	12,405	(1,432)
Gain (loss) reclassified from accumulated other comprehensive income into income, cash flow hedges and net investment hedges	(50)	(470)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, cash flow hedges	9,123	259
Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income, cash flow hedges	(50)	(470)
Foreign currency products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	607	(916)
Gain (loss) reclassified from accumulated other comprehensive income into income, net investment hedges	0	0
CAD term loan
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	2,675	(775)
Gain (loss) reclassified from accumulated other comprehensive income into income, net investment hedges	$ 0	$ 0

DERIVATIVE AND HEDGING INSTRU57

DERIVATIVE AND HEDGING INSTRUMENTS - Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Offsetting Assets:
Gross amounts of recognized assets	$ 34,647	$ 25,895
Gross amounts offset in the balance sheet	0	0
Net amounts of assets presented in the balance sheet	34,647	25,895
Financial instruments	0	0
Cash collateral received	0	0
Net amount	34,647	25,895
Offsetting Liabilities:
Gross amounts of recognized liabilities	0	0
Gross amounts offset in the balance sheet	0	0
Liabilities presented in the balance sheet	0	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 0	$ 0

FAIR VALUE DISCLOSURES - Face V

FAIR VALUE DISCLOSURES - Face Values, Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial Assets [Abstract]
Loans receivable	$ 76,212	$ 91,280
Preferred equity investments	49,782	48,035
Senior Notes
Financial Liabilities Fair Value Disclosure [Abstract]
Senior Notes	1,300,000	1,300,000
Secured Indebtedness
Financial Liabilities Fair Value Disclosure [Abstract]
Senior Notes	257,660	259,202
Carrying Amount
Financial Assets [Abstract]
Loans receivable	50,640	65,907
Preferred equity investments	50,248	48,483
Carrying Amount | Senior Notes
Financial Liabilities Fair Value Disclosure [Abstract]
Secured indebtedness	1,306,566	1,306,286
Carrying Amount | Secured Indebtedness
Financial Liabilities Fair Value Disclosure [Abstract]
Secured indebtedness	254,917	256,430
Fair Value
Financial Assets [Abstract]
Loans receivable	52,516	65,892
Preferred equity investments	47,846	47,064
Fair Value | Senior Notes
Financial Liabilities Fair Value Disclosure [Abstract]
Secured indebtedness	1,299,303	1,329,191
Fair Value | Secured Indebtedness
Financial Liabilities Fair Value Disclosure [Abstract]
Secured indebtedness	$ 237,903	$ 246,461

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	$ 52,516	$ 65,892
Preferred equity investments	47,846	47,064
Total | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,299,303	1,329,191
Total | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	237,903	$ 246,461
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	0
Preferred equity investments	0
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	0
Preferred equity investments	0
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,299,303
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	52,516
Preferred equity investments	47,846
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	237,903
Measured on a Recurring Basis | Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	52,516
Preferred equity investments	47,846
Measured on a Recurring Basis | Total | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,299,303
Measured on a Recurring Basis | Total | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 237,903

FAIR VALUE DISCLOSURES - Items

FAIR VALUE DISCLOSURES - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 34,647	$ 25,895
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	33,374
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	1,273
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Measured on a Recurring Basis | Total | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	33,374
Measured on a Recurring Basis | Total | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 1,273

EQUITY - Preferred Stock (Detai

EQUITY - Preferred Stock (Details) - USD ($)	Mar. 21, 2013	Mar. 31, 2018	Jun. 01, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Shares of preferred stock issued (in shares)	5,750,000	5,750,000		5,750,000
Preferred stock dividend rate	7.125%
Price per share of preferred stock (in dollars per share)	$ 25
Net proceeds from preferred stock offering	$ 138,300,000
Preferred stock dividends in arrears		$ 0
Shares of preferred stock outstanding (in shares)		5,750,000		5,750,000
Scenario, Forecast
Class of Stock [Line Items]
Redemption price (in dollars per share)			$ 25

EQUITY - Common Stock (Details)

EQUITY - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 02, 2017	Sep. 28, 2017	Aug. 17, 2017	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax withholding obligations incurred on behalf of employees				$ 0.2	$ 2.6
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon vesting (in shares)				27,000
Underwritten Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold in offering (in shares)	18,400,000	16,000,000
Proceeds from offering	$ 370.9
Share price (in dollars per share)	$ 21	$ 21
Over-Allotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold in offering (in shares)	2,400,000
Care Capital Properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in merger (in shares)			94,000,000

EQUITY - Cash Dividends on Comm

EQUITY - Cash Dividends on Common Stock Declared and Paid (Details) - $ / shares	Feb. 05, 2018	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Common dividends (in dollars per share)	$ 0.45	$ 0.45	$ 0.42

EQUITY - Accumulated Other Comp

EQUITY - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 3,426,566	$ 3,437,249	$ 1,004,353	$ 1,015,609
Total accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	20,813	11,289	$ (1,628)	$ (1,798)
Foreign currency translation loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(3,287)	(2,913)
Unrealized gains on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 24,100	$ 14,202

EARNINGS PER COMMON SHARE - Com

EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator
Net income attributable to common stockholders	$ 59,910	$ 16,262
Denominator
Basic weighted average common shares and common equivalents (in shares)	178,294,605	65,354,649
Dilutive restricted stock units (in shares)	221,783	565,837
Diluted weighted average common shares (in shares)	178,516,388	65,920,486
Net income attributable to common stockholders, per:
Basic common share (in dollars per share)	$ 0.34	$ 0.25
Diluted common share (in dollars per share)	$ 0.34	$ 0.25

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)		0
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)	21,400	130
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)	0

SUMMARIZED CONDENSED CONSOLID67

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Real estate investments, net of accumulated depreciation	$ 6,108,801	$ 5,994,432
Loans receivable and other investments, net	100,888	114,390
Investment in unconsolidated joint venture	354,907	0
Cash and cash equivalents	46,352	518,632
Restricted cash	11,818	68,817
Lease intangible assets, net	161,423	167,119
Accounts receivable, prepaid expenses and other assets, net	200,380	168,887
Intercompany	0	0
Investment in subsidiaries	0	0
Total assets	6,984,569	7,032,277
Liabilities
Secured debt, net	254,917	256,430
Revolving credit facility	611,000	641,000
Term loans, net	1,188,623	1,190,774
Senior unsecured notes, net	1,306,566	1,306,286
Accounts payable and accrued liabilities	102,353	102,523
Lease intangible liabilities, net	94,544	98,015
Intercompany	0	0
Total liabilities	3,558,003	3,595,028
Total Sabra Health Care REIT, Inc. stockholders' equity	3,422,151	3,432,807
Noncontrolling interests	4,415	4,442
Total equity	3,426,566	3,437,249	$ 1,004,353	$ 1,015,609
Total liabilities and equity	6,984,569	7,032,277
Elimination
Assets
Real estate investments, net of accumulated depreciation	0	0
Loans receivable and other investments, net	0	0
Investment in unconsolidated joint venture	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Lease intangible assets, net	0	0
Accounts receivable, prepaid expenses and other assets, net	(7,426)	(5,189)
Intercompany	(5,089,544)	(4,765,381)
Investment in subsidiaries	(2,290,890)	(2,103,428)
Total assets	(7,387,860)	(6,873,998)
Liabilities
Secured debt, net	0	0
Revolving credit facility	0	0
Term loans, net	0	0
Senior unsecured notes, net	0	0
Accounts payable and accrued liabilities	(7,426)	(5,189)
Lease intangible liabilities, net	0	0
Intercompany	(5,089,544)	(4,765,381)
Total liabilities	(5,096,970)	(4,770,570)
Total Sabra Health Care REIT, Inc. stockholders' equity	(2,290,890)	(2,103,428)
Noncontrolling interests	0	0
Total equity	(2,290,890)	(2,103,428)
Total liabilities and equity	(7,387,860)	(6,873,998)
Parent Company | Reportable Legal Entities
Assets
Real estate investments, net of accumulated depreciation	353	324
Loans receivable and other investments, net	(200)	(97)
Investment in unconsolidated joint venture	0
Cash and cash equivalents	40,119	511,670
Restricted cash	0	0
Lease intangible assets, net	0	0
Accounts receivable, prepaid expenses and other assets, net	3,038	3,499
Intercompany	2,422,147	2,043,402
Investment in subsidiaries	980,552	890,462
Total assets	3,446,009	3,449,260
Liabilities
Secured debt, net	0	0
Revolving credit facility	0	0
Term loans, net	0	0
Senior unsecured notes, net	0	0
Accounts payable and accrued liabilities	23,858	16,453
Lease intangible liabilities, net	0	0
Intercompany	0	0
Total liabilities	23,858	16,453
Total Sabra Health Care REIT, Inc. stockholders' equity	3,422,151	3,432,807
Noncontrolling interests	0	0
Total equity	3,422,151	3,432,807
Total liabilities and equity	3,446,009	3,449,260
Operating Partnership | Reportable Legal Entities
Assets
Real estate investments, net of accumulated depreciation	0	0
Loans receivable and other investments, net	0	0
Investment in unconsolidated joint venture	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Lease intangible assets, net	0	0
Accounts receivable, prepaid expenses and other assets, net	44,140	36,073
Intercompany	2,667,397	2,721,979
Investment in subsidiaries	1,296,380	1,198,305
Total assets	4,007,917	3,956,357
Liabilities
Secured debt, net	0	0
Revolving credit facility	611,000	641,000
Term loans, net	1,092,856	1,092,397
Senior unsecured notes, net	1,306,566	1,306,286
Accounts payable and accrued liabilities	16,943	26,212
Lease intangible liabilities, net	0	0
Intercompany	0	0
Total liabilities	3,027,365	3,065,895
Total Sabra Health Care REIT, Inc. stockholders' equity	980,552	890,462
Noncontrolling interests	0	0
Total equity	980,552	890,462
Total liabilities and equity	4,007,917	3,956,357
Sabra Capital Corporation | Reportable Legal Entities
Assets
Real estate investments, net of accumulated depreciation	0	0
Loans receivable and other investments, net	0	0
Investment in unconsolidated joint venture	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Lease intangible assets, net	0	0
Accounts receivable, prepaid expenses and other assets, net	0	0
Intercompany	0	0
Investment in subsidiaries	0	0
Total assets	0	0
Liabilities
Secured debt, net	0	0
Revolving credit facility	0	0
Term loans, net	0	0
Senior unsecured notes, net	0	0
Accounts payable and accrued liabilities	0	0
Lease intangible liabilities, net	0	0
Intercompany	0	0
Total liabilities	0	0
Total Sabra Health Care REIT, Inc. stockholders' equity	0	0
Noncontrolling interests	0	0
Total equity	0	0
Total liabilities and equity	0	0
Combined Guarantor Subsidiaries | Reportable Legal Entities
Assets
Real estate investments, net of accumulated depreciation	1,733,912	1,756,933
Loans receivable and other investments, net	50,471	55,297
Investment in unconsolidated joint venture	0
Cash and cash equivalents	354	449
Restricted cash	1,948	36,910
Lease intangible assets, net	16,841	17,577
Accounts receivable, prepaid expenses and other assets, net	96,773	80,739
Intercompany	0	0
Investment in subsidiaries	13,958	14,661
Total assets	1,914,257	1,962,566
Liabilities
Secured debt, net	0	0
Revolving credit facility	0	0
Term loans, net	95,767	98,377
Senior unsecured notes, net	0	0
Accounts payable and accrued liabilities	3,149	3,560
Lease intangible liabilities, net	0	0
Intercompany	709,913	785,120
Total liabilities	808,829	887,057
Total Sabra Health Care REIT, Inc. stockholders' equity	1,105,428	1,075,509
Noncontrolling interests	0	0
Total equity	1,105,428	1,075,509
Total liabilities and equity	1,914,257	1,962,566
Combined Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Real estate investments, net of accumulated depreciation	4,374,536	4,237,175
Loans receivable and other investments, net	50,617	59,190
Investment in unconsolidated joint venture	354,907
Cash and cash equivalents	5,879	6,513
Restricted cash	9,870	31,907
Lease intangible assets, net	144,582	149,542
Accounts receivable, prepaid expenses and other assets, net	63,855	53,765
Intercompany	0	0
Investment in subsidiaries	0	0
Total assets	5,004,246	4,538,092
Liabilities
Secured debt, net	254,917	256,430
Revolving credit facility	0	0
Term loans, net	0	0
Senior unsecured notes, net	0	0
Accounts payable and accrued liabilities	65,829	61,487
Lease intangible liabilities, net	94,544	98,015
Intercompany	4,379,631	3,980,261
Total liabilities	4,794,921	4,396,193
Total Sabra Health Care REIT, Inc. stockholders' equity	204,910	137,457
Noncontrolling interests	4,415	4,442
Total equity	209,325	141,899
Total liabilities and equity	$ 5,004,246	$ 4,538,092

SUMMARIZED CONDENSED CONSOLID68

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION - Condensed Consolidating Statement of Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental income	$ 144,255	$ 57,224
Interest and other income	4,338	1,945
Resident fees and services	17,493	3,481
Total revenues	166,086	62,650
Expenses:
Depreciation and amortization	48,005	19,137
Interest	35,818	15,788
Operating expenses	12,124	2,420
General and administrative	7,867	6,090
Merger and acquisition costs	330	563
Provision for (recovery of) doubtful accounts and loan losses	1,213	1,770
Impairment of real estate	532	0
Total expenses	105,889	45,768
Other income (expense):
Other income (expense)	2,820	2,129
Net loss on sales of real estate	(472)	0
Total other income	2,348	2,129
Income in subsidiary	0	0
Income before income from unconsolidated joint venture and income tax expense	62,545	19,011
Income from unconsolidated joint venture	446	0
Income tax expense	(510)	(220)
Net income	62,481	18,791
Net income attributable to noncontrolling interests	(10)	32
Net income attributable to Sabra Health Care REIT, Inc.	62,471	18,823
Preferred stock dividends	(2,561)	(2,561)
Net income attributable to common stockholders	$ 59,910	$ 16,262
Net income attributable to common stockholders, per:
Basic common share (in dollars per share)	$ 0.34	$ 0.25
Diluted common share (in dollars per share)	$ 0.34	$ 0.25
Weighted-average number of common shares outstanding, basic (in shares)	178,294,605	65,354,649
Weighted-average number of common shares outstanding, diluted (in shares)	178,516,388	65,920,486
Elimination
Revenues:
Rental income	$ (4,233)	$ (784)
Interest and other income	(112)	0
Resident fees and services	0	0
Total revenues	(4,345)	(784)
Expenses:
Depreciation and amortization	0	0
Interest	(112)	0
Operating expenses	(4,233)	(784)
General and administrative	0	0
Merger and acquisition costs	0	0
Provision for (recovery of) doubtful accounts and loan losses	0	0
Impairment of real estate	0
Total expenses	(4,345)	(784)
Other income (expense):
Other income (expense)	0	0
Net loss on sales of real estate	0
Total other income	0	0
Income in subsidiary	(172,807)	(62,040)
Income before income from unconsolidated joint venture and income tax expense	(172,807)	(62,040)
Income from unconsolidated joint venture	0
Income tax expense	0	0
Net income	(172,807)	(62,040)
Net income attributable to noncontrolling interests	0	0
Net income attributable to Sabra Health Care REIT, Inc.	(172,807)	(62,040)
Preferred stock dividends	0	0
Net income attributable to common stockholders	(172,807)	(62,040)
Parent Company | Reportable Legal Entities
Revenues:
Rental income	0	0
Interest and other income	10	7
Resident fees and services	0	0
Total revenues	10	7
Expenses:
Depreciation and amortization	222	216
Interest	0	0
Operating expenses	0	0
General and administrative	5,822	5,259
Merger and acquisition costs	336	533
Provision for (recovery of) doubtful accounts and loan losses	2,181	(145)
Impairment of real estate	0
Total expenses	8,561	5,863
Other income (expense):
Other income (expense)	1,977	1,367
Net loss on sales of real estate	0
Total other income	1,977	1,367
Income in subsidiary	69,343	23,436
Income before income from unconsolidated joint venture and income tax expense	62,769	18,947
Income from unconsolidated joint venture	0
Income tax expense	(298)	(124)
Net income	62,471	18,823
Net income attributable to noncontrolling interests	0	0
Net income attributable to Sabra Health Care REIT, Inc.	62,471	18,823
Preferred stock dividends	(2,561)	(2,561)
Net income attributable to common stockholders	59,910	16,262
Operating Partnership | Reportable Legal Entities
Revenues:
Rental income	0	0
Interest and other income	112	0
Resident fees and services	0	0
Total revenues	112	0
Expenses:
Depreciation and amortization	0	0
Interest	32,566	13,409
Operating expenses	0	0
General and administrative	14	14
Merger and acquisition costs	0	0
Provision for (recovery of) doubtful accounts and loan losses	0	0
Impairment of real estate	0
Total expenses	32,580	13,423
Other income (expense):
Other income (expense)	201	35
Net loss on sales of real estate	0
Total other income	201	35
Income in subsidiary	101,610	36,825
Income before income from unconsolidated joint venture and income tax expense	69,343	23,437
Income from unconsolidated joint venture	0
Income tax expense	0	(1)
Net income	69,343	23,436
Net income attributable to noncontrolling interests	0	0
Net income attributable to Sabra Health Care REIT, Inc.	69,343	23,436
Preferred stock dividends	0	0
Net income attributable to common stockholders	69,343	23,436
Sabra Capital Corporation | Reportable Legal Entities
Revenues:
Rental income	0	0
Interest and other income	0	0
Resident fees and services	0	0
Total revenues	0	0
Expenses:
Depreciation and amortization	0	0
Interest	0	0
Operating expenses	0	0
General and administrative	0	0
Merger and acquisition costs	0	0
Provision for (recovery of) doubtful accounts and loan losses	0	0
Impairment of real estate	0
Total expenses	0	0
Other income (expense):
Other income (expense)	0	0
Net loss on sales of real estate	0
Total other income	0	0
Income in subsidiary	0	0
Income before income from unconsolidated joint venture and income tax expense	0	0
Income from unconsolidated joint venture	0
Income tax expense	0	0
Net income	0	0
Net income attributable to noncontrolling interests	0	0
Net income attributable to Sabra Health Care REIT, Inc.	0	0
Preferred stock dividends	0	0
Net income attributable to common stockholders	0	0
Combined Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
Rental income	45,464	53,039
Interest and other income	1,267	1,938
Resident fees and services	0	0
Total revenues	46,731	54,977
Expenses:
Depreciation and amortization	14,930	16,956
Interest	790	728
Operating expenses	0	0
General and administrative	431	767
Merger and acquisition costs	0	30
Provision for (recovery of) doubtful accounts and loan losses	(971)	1,915
Impairment of real estate	532
Total expenses	15,712	20,396
Other income (expense):
Other income (expense)	410	727
Net loss on sales of real estate	(56)
Total other income	354	727
Income in subsidiary	1,854	1,779
Income before income from unconsolidated joint venture and income tax expense	33,227	37,087
Income from unconsolidated joint venture	0
Income tax expense	(53)	0
Net income	33,174	37,087
Net income attributable to noncontrolling interests	0	0
Net income attributable to Sabra Health Care REIT, Inc.	33,174	37,087
Preferred stock dividends	0	0
Net income attributable to common stockholders	33,174	37,087
Combined Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues:
Rental income	103,024	4,969
Interest and other income	3,061	0
Resident fees and services	17,493	3,481
Total revenues	123,578	8,450
Expenses:
Depreciation and amortization	32,853	1,965
Interest	2,574	1,651
Operating expenses	16,357	3,204
General and administrative	1,600	50
Merger and acquisition costs	(6)	0
Provision for (recovery of) doubtful accounts and loan losses	3	0
Impairment of real estate	0
Total expenses	53,381	6,870
Other income (expense):
Other income (expense)	232	0
Net loss on sales of real estate	(416)
Total other income	(184)	0
Income in subsidiary	0	0
Income before income from unconsolidated joint venture and income tax expense	70,013	1,580
Income from unconsolidated joint venture	446
Income tax expense	(159)	(95)
Net income	70,300	1,485
Net income attributable to noncontrolling interests	(10)	32
Net income attributable to Sabra Health Care REIT, Inc.	70,290	1,517
Preferred stock dividends	0	0
Net income attributable to common stockholders	$ 70,290	$ 1,517

SUMMARIZED CONDENSED CONSOLID69

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION - Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net income	$ 62,481	$ 18,791
Unrealized gain (loss), net of tax:
Foreign currency translation loss	(374)	(558)
Unrealized gain on cash flow hedges	9,898	728
Total other comprehensive income	9,524	170
Comprehensive income	72,005	18,961
Comprehensive income attributable to noncontrolling interest	(10)	32
Comprehensive income attributable to Sabra Health Care REIT, Inc.	71,995	18,993
Elimination
Condensed Financial Statements, Captions [Line Items]
Net income	(172,807)	(62,040)
Unrealized gain (loss), net of tax:
Foreign currency translation loss	0	0
Unrealized gain on cash flow hedges	0	0
Total other comprehensive income	0	0
Comprehensive income	(172,807)	(62,040)
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Sabra Health Care REIT, Inc.	(172,807)	(62,040)
Parent Company | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income	62,471	18,823
Unrealized gain (loss), net of tax:
Foreign currency translation loss	0	0
Unrealized gain on cash flow hedges	0	285
Total other comprehensive income	0	285
Comprehensive income	62,471	19,108
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Sabra Health Care REIT, Inc.	62,471	19,108
Operating Partnership | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income	69,343	23,436
Unrealized gain (loss), net of tax:
Foreign currency translation loss	841	(953)
Unrealized gain on cash flow hedges	9,903	443
Total other comprehensive income	10,744	(510)
Comprehensive income	80,087	22,926
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Sabra Health Care REIT, Inc.	80,087	22,926
Sabra Capital Corporation | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income	0	0
Unrealized gain (loss), net of tax:
Foreign currency translation loss	0	0
Unrealized gain on cash flow hedges	0	0
Total other comprehensive income	0	0
Comprehensive income	0	0
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Sabra Health Care REIT, Inc.	0	0
Combined Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income	33,174	37,087
Unrealized gain (loss), net of tax:
Foreign currency translation loss	(928)	299
Unrealized gain on cash flow hedges	(5)	0
Total other comprehensive income	(933)	299
Comprehensive income	32,241	37,386
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Sabra Health Care REIT, Inc.	32,241	37,386
Combined Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income	70,300	1,485
Unrealized gain (loss), net of tax:
Foreign currency translation loss	(287)	96
Unrealized gain on cash flow hedges	0	0
Total other comprehensive income	(287)	96
Comprehensive income	70,013	1,581
Comprehensive income attributable to noncontrolling interest	(10)	32
Comprehensive income attributable to Sabra Health Care REIT, Inc.	$ 70,003	$ 1,613

SUMMARIZED CONDENSED CONSOLID70

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	$ 101,647	$ 31,587
Cash flows from investing activities:
Acquisition of real estate	(172,001)	0
Origination and fundings of loans receivable	(13,232)	(508)
Origination and fundings of preferred equity investments	(928)	(51)
Additions to real estate	(11,539)	(520)
Repayments of loans receivable	28,805	118
Repayments of preferred equity investments	234	0
Investment in unconsolidated JV	(354,461)	0
Net proceeds from the sales of real estate	6,743	0
Distribution from subsidiaries	0	0
Intercompany financing	0	0
Net cash used in investing activities	(516,379)	(961)
Cash flows from financing activities:
Net repayments of revolving credit facility	(30,000)	(9,000)
Principal payments on secured debt	(1,061)	(1,021)
Payments of deferred financing costs	(6)	(109)
Distributions to noncontrolling interests	(37)	0
Issuance of common stock, net	(499)	(3,224)
Dividends paid on common and preferred stock	(82,789)	(29,993)
Distribution to parent	0	0
Intercompany financing	0	0
Net cash used in financing activities	(114,392)	(43,347)
Net decrease in cash, cash equivalents and restricted cash	(529,124)	(12,721)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(155)	21
Cash, cash equivalents and restricted cash, beginning of period	587,449	34,665
Cash, cash equivalents and restricted cash, end of period	58,170	21,965
Elimination
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Acquisition of real estate	0
Origination and fundings of loans receivable	0	0
Origination and fundings of preferred equity investments	0	0
Additions to real estate	0	0
Repayments of loans receivable	0	0
Repayments of preferred equity investments	0
Investment in unconsolidated JV	0
Net proceeds from the sales of real estate	0
Distribution from subsidiaries	(5,114)	(4,948)
Intercompany financing	947,430	10,941
Net cash used in investing activities	942,316	5,993
Cash flows from financing activities:
Net repayments of revolving credit facility	0	0
Principal payments on secured debt	0	0
Payments of deferred financing costs	0	0
Distributions to noncontrolling interests	0
Issuance of common stock, net	0	0
Dividends paid on common and preferred stock	0	0
Distribution to parent	5,114	4,948
Intercompany financing	(947,430)	(10,941)
Net cash used in financing activities	(942,316)	(5,993)
Net decrease in cash, cash equivalents and restricted cash	0	0
Effect of foreign currency translation on cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash, cash equivalents and restricted cash, end of period	0	0
Parent Company | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	97,936	27,886
Cash flows from investing activities:
Acquisition of real estate	0
Origination and fundings of loans receivable	0	0
Origination and fundings of preferred equity investments	0	0
Additions to real estate	(38)	(1)
Repayments of loans receivable	0	0
Repayments of preferred equity investments	0
Investment in unconsolidated JV	0
Net proceeds from the sales of real estate	0
Distribution from subsidiaries	2,557	2,474
Intercompany financing	(488,718)	(10,025)
Net cash used in investing activities	(486,199)	(7,552)
Cash flows from financing activities:
Net repayments of revolving credit facility	0	0
Principal payments on secured debt	0	0
Payments of deferred financing costs	0	0
Distributions to noncontrolling interests	0
Issuance of common stock, net	(499)	(3,224)
Dividends paid on common and preferred stock	(82,789)	(29,993)
Distribution to parent	0	0
Intercompany financing	0	0
Net cash used in financing activities	(83,288)	(33,217)
Net decrease in cash, cash equivalents and restricted cash	(471,551)	(12,883)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	511,670	18,168
Cash, cash equivalents and restricted cash, end of period	40,119	5,285
Operating Partnership | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Acquisition of real estate	0
Origination and fundings of loans receivable	0	0
Origination and fundings of preferred equity investments	0	0
Additions to real estate	0	0
Repayments of loans receivable	0	0
Repayments of preferred equity investments	0
Investment in unconsolidated JV	0
Net proceeds from the sales of real estate	0
Distribution from subsidiaries	2,557	2,474
Intercompany financing	(458,712)	(916)
Net cash used in investing activities	(456,155)	1,558
Cash flows from financing activities:
Net repayments of revolving credit facility	(30,000)	(9,000)
Principal payments on secured debt	0	0
Payments of deferred financing costs	(6)	(109)
Distributions to noncontrolling interests	0
Issuance of common stock, net	0	0
Dividends paid on common and preferred stock	0	0
Distribution to parent	(2,557)	(2,474)
Intercompany financing	488,718	10,025
Net cash used in financing activities	456,155	(1,558)
Net decrease in cash, cash equivalents and restricted cash	0	0
Effect of foreign currency translation on cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash, cash equivalents and restricted cash, end of period	0	0
Sabra Capital Corporation | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Acquisition of real estate	0
Origination and fundings of loans receivable	0	0
Origination and fundings of preferred equity investments	0	0
Additions to real estate	0	0
Repayments of loans receivable	0	0
Repayments of preferred equity investments	0
Investment in unconsolidated JV	0
Net proceeds from the sales of real estate	0
Distribution from subsidiaries	0	0
Intercompany financing	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Net repayments of revolving credit facility	0	0
Principal payments on secured debt	0	0
Payments of deferred financing costs	0	0
Distributions to noncontrolling interests	0
Issuance of common stock, net	0	0
Dividends paid on common and preferred stock	0	0
Distribution to parent	0	0
Intercompany financing	0	0
Net cash used in financing activities	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Effect of foreign currency translation on cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash, cash equivalents and restricted cash, end of period	0	0
Combined Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	(55)	1,027
Cash flows from investing activities:
Acquisition of real estate	(172,001)
Origination and fundings of loans receivable	(1,027)	(508)
Origination and fundings of preferred equity investments	(928)	(51)
Additions to real estate	(3,496)	(474)
Repayments of loans receivable	7,491	118
Repayments of preferred equity investments	234
Investment in unconsolidated JV	0
Net proceeds from the sales of real estate	0
Distribution from subsidiaries	0	0
Intercompany financing	0	0
Net cash used in investing activities	(169,727)	(915)
Cash flows from financing activities:
Net repayments of revolving credit facility	0	0
Principal payments on secured debt	0	0
Payments of deferred financing costs	0	0
Distributions to noncontrolling interests	0
Issuance of common stock, net	0	0
Dividends paid on common and preferred stock	0	0
Distribution to parent	0	0
Intercompany financing	134,797	916
Net cash used in financing activities	134,797	916
Net decrease in cash, cash equivalents and restricted cash	(34,985)	1,028
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(72)	14
Cash, cash equivalents and restricted cash, beginning of period	37,359	2,732
Cash, cash equivalents and restricted cash, end of period	2,302	3,774
Combined Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	3,766	2,674
Cash flows from investing activities:
Acquisition of real estate	0
Origination and fundings of loans receivable	(12,205)	0
Origination and fundings of preferred equity investments	0	0
Additions to real estate	(8,005)	(45)
Repayments of loans receivable	21,314	0
Repayments of preferred equity investments	0
Investment in unconsolidated JV	(354,461)
Net proceeds from the sales of real estate	6,743
Distribution from subsidiaries	0	0
Intercompany financing	0	0
Net cash used in investing activities	(346,614)	(45)
Cash flows from financing activities:
Net repayments of revolving credit facility	0	0
Principal payments on secured debt	(1,061)	(1,021)
Payments of deferred financing costs	0	0
Distributions to noncontrolling interests	(37)
Issuance of common stock, net	0	0
Dividends paid on common and preferred stock	0	0
Distribution to parent	(2,557)	(2,474)
Intercompany financing	323,915	0
Net cash used in financing activities	320,260	(3,495)
Net decrease in cash, cash equivalents and restricted cash	(22,588)	(866)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(83)	7
Cash, cash equivalents and restricted cash, beginning of period	38,420	13,765
Cash, cash equivalents and restricted cash, end of period	$ 15,749	$ 12,906

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - $ / shares	May 09, 2018	Feb. 05, 2018	Mar. 31, 2018	Mar. 31, 2017	Jun. 01, 2018	May 02, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)		$ 0.45	$ 0.45	$ 0.42
Shares of preferred stock outstanding (in shares)			5,750,000				5,750,000
Subsequent Event
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)	$ 0.45
Series A Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Shares of preferred stock outstanding (in shares)						5,750,000
Scenario, Forecast
Subsequent Event [Line Items]
Redemption price (in dollars per share)					$ 25
Scenario, Forecast | Series A Preferred Stock
Subsequent Event [Line Items]
Redemption price (in dollars per share)					25
Accrued and unpaid dividends (in dollars per share)					0.4453125
Total redemption price (in dollars per share)					$ 25.4453125