Sabra Health Care REIT (SBRA) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-34950
Entity Registrant Name	SABRA HEALTH CARE REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-2560479
Entity Address, Address Line One	18500 Von Karman Avenue, Suite 550
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	888
Local Phone Number	393-8248
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	SBRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		228,678,092
Entity Central Index Key	0001492298
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Real estate investments, net of accumulated depreciation of $805,260 and $681,657 as of September 30, 2021 and December 31, 2020, respectively	$ 5,228,677	$ 5,285,038
Loans receivable and other investments, net	105,896	102,839
Investment in unconsolidated joint venture	109,944	288,761
Cash and cash equivalents	546,338	59,076
Restricted cash	5,080	6,447
Lease intangible assets, net	76,430	82,796
Accounts receivable, prepaid expenses and other assets, net	137,181	160,646
Total assets	6,209,546	5,985,603
Liabilities
Secured debt, net	76,968	79,065
Term loans, net	593,625	1,044,916
Senior unsecured notes, net	2,031,494	1,248,393
Accounts payable and accrued liabilities	126,828	146,276
Lease intangible liabilities, net	51,531	57,725
Total liabilities	2,880,446	2,576,375
Commitments and contingencies (Note 12)
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2021 and December 31, 2020	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 220,858,092 and 210,560,815 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	2,209	2,106
Additional paid-in capital	4,344,273	4,163,228
Cumulative distributions in excess of net income	(1,001,238)	(716,195)
Accumulated other comprehensive loss	(16,144)	(39,911)
Total equity	3,329,100	3,409,228
Total liabilities and equity	$ 6,209,546	$ 5,985,603

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Accumulated depreciation	$ 805,260	$ 681,657
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2021 and December 31, 2020
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Shares outstanding (in shares)	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 220,858,092 and 210,560,815 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	500,000,000	500,000,000
Shares issued (in shares)	220,858,092	210,560,815
Shares outstanding (in shares)	220,858,092	210,560,815

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Rental and related revenues	$ 85,367	$ 100,612	$ 309,533	$ 319,851
Interest and other income	3,405	3,299	9,377	8,756
Resident fees and services	39,819	39,341	114,978	117,908
Total revenues	128,591	143,252	433,888	446,515
Expenses:
Depreciation and amortization	45,046	44,209	133,912	132,579
Interest	24,243	24,904	72,956	75,900
General and administrative	8,683	7,216	26,432	24,650
(Recovery of) provision for loan losses and other reserves	(26)	(90)	1,890	706
Impairment of real estate	495	3,154	495	3,154
Total expenses	114,277	112,387	339,502	335,446
Other income (expense):
Loss on extinguishment of debt	(913)	(139)	(1,760)	(531)
Other income	277	115	386	2,308
Net gain (loss) on sales of real estate	655	2,715	(1,784)	2,828
Total other income (expense)	19	2,691	(3,158)	4,605
Income before (loss) income from unconsolidated joint venture and income tax (expense) benefit	14,333	33,556	91,228	115,674
(Loss) income from unconsolidated joint venture	(4,018)	2,766	(178,817)	(13,037)
Income tax (expense) benefit	(92)	138	(1,314)	(1,337)
Net income (loss)	$ 10,223	$ 36,460	$ (88,903)	$ 101,300
Net income (loss), per:
Basic common share (in dollars per share)	$ 0.05	$ 0.18	$ (0.41)	$ 0.49
Diluted common share (in dollars per share)	$ 0.05	$ 0.18	$ (0.41)	$ 0.49
Weighted-average number of common shares outstanding, basic (in shares)	220,865,518	205,791,699	216,227,221	205,592,806
Weighted-average number of common shares outstanding, diluted (in shares)	222,063,910	206,727,167	216,227,221	206,442,674
Revenue, type [Extensible Enumeration]
Triple-net portfolio
Expenses:
Operating expenses	$ 5,075	$ 5,249	$ 15,210	$ 15,481
Senior housing - managed
Expenses:
Operating expenses	$ 30,761	$ 27,745	$ 88,607	$ 82,976

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 10,223	$ 36,460	$ (88,903)	$ 101,300
Unrealized gain (loss), net of tax:
Foreign currency translation gain (loss)	453	(359)	(16)	814
Unrealized (loss) gain on cash flow hedges	(423)	6,830	23,783	(37,596)
Total other comprehensive income (loss)	30	6,471	23,767	(36,782)
Comprehensive income (loss)	$ 10,253	$ 42,931	$ (65,136)	$ 64,518

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Cumulative effect of Topic 326 adoption	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Net Income	Cumulative Distributions in Excess of Net IncomeCumulative effect of Topic 326 adoption	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2019			205,208,018
Beginning balance at Dec. 31, 2019	$ 3,488,460	$ (167)	$ 2,052	$ 4,072,079	$ (573,283)	$ (167)	$ (12,388)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	101,300				101,300
Other comprehensive income (loss)	(36,782)						(36,782)
Amortization of stock-based compensation	7,582			7,582
Common stock issuance, net (in shares)			1,720,307
Common stock issuance, net	21,625		$ 17	21,608
Common dividends	(217,678)				(217,678)
Ending balance (in shares) at Sep. 30, 2020			206,928,325
Ending balance at Sep. 30, 2020	3,364,340		$ 2,069	4,101,269	(689,828)		(49,170)
Beginning balance (in shares) at Jun. 30, 2020			205,560,680
Beginning balance at Jun. 30, 2020	3,361,251		$ 2,056	4,078,737	(663,901)		(55,641)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,460				36,460
Other comprehensive income (loss)	6,471						6,471
Amortization of stock-based compensation	1,625			1,625
Common stock issuance, net (in shares)			1,367,645
Common stock issuance, net	20,920		$ 13	20,907
Common dividends	(62,387)				(62,387)
Ending balance (in shares) at Sep. 30, 2020			206,928,325
Ending balance at Sep. 30, 2020	3,364,340		$ 2,069	4,101,269	(689,828)		(49,170)
Beginning balance (in shares) at Dec. 31, 2020			210,560,815
Beginning balance at Dec. 31, 2020	3,409,228		$ 2,106	4,163,228	(716,195)		(39,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(88,903)				(88,903)
Other comprehensive income (loss)	23,767						23,767
Amortization of stock-based compensation	8,816			8,816
Common stock issuance, net (in shares)			10,297,277
Common stock issuance, net	172,332		$ 103	172,229
Common dividends	(196,140)				(196,140)
Ending balance (in shares) at Sep. 30, 2021			220,858,092
Ending balance at Sep. 30, 2021	3,329,100		$ 2,209	4,344,273	(1,001,238)		(16,144)
Beginning balance (in shares) at Jun. 30, 2021			220,824,104
Beginning balance at Jun. 30, 2021	3,383,063		$ 2,208	4,341,533	(944,504)		(16,174)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,223				10,223
Other comprehensive income (loss)	30						30
Amortization of stock-based compensation	3,124			3,124
Common stock issuance, net (in shares)			33,988
Common stock issuance, net	(383)		$ 1	(384)
Common dividends	(66,957)				(66,957)
Ending balance (in shares) at Sep. 30, 2021			220,858,092
Ending balance at Sep. 30, 2021	$ 3,329,100		$ 2,209	$ 4,344,273	$ (1,001,238)		$ (16,144)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Aug. 04, 2021	May 05, 2021	Feb. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 1.05

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net (loss) income	$ (88,903)	$ 101,300
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	133,912	132,579
Non-cash rental and related revenues	10,113	1,340
Non-cash interest income	(1,444)	(1,743)
Non-cash interest expense	5,389	6,527
Stock-based compensation expense	6,987	5,651
Loss on extinguishment of debt	(1,760)	(531)
Provision for loan losses and other reserves	1,890	706
Net loss (gain) on sales of real estate	1,784	(2,828)
Impairment of real estate	495	3,154
Other-than-temporary impairment of unconsolidated joint venture	164,126	0
Loss from unconsolidated joint venture	14,691	13,037
Distributions of earnings from unconsolidated joint venture	0	11,318
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	13,062	(3,523)
Accounts payable and accrued liabilities	(5,403)	(2,594)
Net cash provided by operating activities	258,459	265,455
Cash flows from investing activities:
Acquisition of real estate	(62,116)	(92,945)
Origination and fundings of loans receivable	0	(1,651)
Origination and fundings of preferred equity investments	(4,153)	(20,059)
Additions to real estate	(29,278)	(32,416)
Repayments of loans receivable	2,432	3,095
Repayments of preferred equity investments	683	3,399
Net proceeds from the sales of real estate	15,066	8,754
Distributions in excess of earnings from unconsolidated joint venture	0	1,305
Net cash used in investing activities	(77,366)	(130,518)
Cash flows from financing activities:
Net borrowings from revolving credit facility	0	56,000
Proceeds from issuance of senior unsecured notes	791,520	0
Principal payments on term loans	(455,000)	0
Principal payments on secured debt	(2,185)	(2,396)
Payments of deferred financing costs	(7,444)	(819)
Issuance of common stock, net	172,188	20,961
Dividends paid on common stock	(194,311)	(215,747)
Net cash provided by (used in) financing activities	304,768	(142,001)
Net increase (decrease) in cash, cash equivalents and restricted cash	485,861	(7,064)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	34	(230)
Cash, cash equivalents and restricted cash, beginning of period	65,523	49,143
Cash, cash equivalents and restricted cash, end of period	551,418	41,849
Supplemental disclosure of cash flow information:
Interest paid	66,051	67,995
Supplemental disclosure of non-cash investing activities:
Decrease in loans receivable and other investments due to acquisition of real estate	0	20,731
Secured debt assumed by buyer in connection with sale of real estate	$ 0	$ 31,830

BUSINESS

BUSINESS	9 Months Ended
	Sep. 30, 2021
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. Sabra elected to be treated as a real estate investment trust (“REIT”) with the filing of its United States (“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 U.S. 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 a wholly owned subsidiary of Sabra is currently the only limited partner, or by subsidiaries of the Operating Partnership. The Company’s investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities (“Senior Housing - Leased”) 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; and preferred equity investments. COVID-19 The ongoing COVID-19 pandemic and measures intended to prevent its spread have negatively impacted and are expected to continue to negatively impact the Company and its operations in a number of ways, including but not limited to: • Decreased occupancy and increased operating costs for the Company’s tenants and borrowers, which have negatively impacted their operating results and may adversely impact their ability to make full and timely rental payments and debt service payments, respectively, to the Company. In some cases, the Company may have to restructure tenants’ long-term rent obligations and may not be able to do so on terms that are as favorable to the Company as those currently in place. Reduced or modified rental and debt service amounts could result in the determination that the full amounts of the Company’s investments are not recoverable, which could result in an impairment charge. To date, the impact of COVID-19 on the Company’s skilled nursing/transitional care facility operators has been significantly mitigated by the assistance they have received or expect to receive from state and federal assistance programs, including through the CARES Act (as defined and further described below under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Skilled Nursing Facility Reimbursement Rates” in Part I, Item 2), although these benefits on an individual operator basis vary and may not provide enough relief to meet their rental obligations to the Company. As of September 1, 2020, eligible assisted living facility operators may apply for funding through the CARES Act, and the assistance received or expected to be received will partially mitigate the negative impact of COVID-19 on the Company’s eligible assisted living facility operators. From the beginning of the pandemic through September 30, 2021, the Company has agreed to temporary pandemic-related rent deferrals for five tenants of two $11.9 million letter of credit to fund rent for September through November of 2021 due from its tenant, the Avam ere Family of Companies (“Avamere”) (see the related discussion in Note 4, “Investment in Real Estate Properties”). • Decreased occupancy and increased operating costs within the Company’s Senior Housing - Managed portfolio, which have negatively impacted and are expected to continue to negatively impact the operating results of these investments. As noted above, as of September 1, 2020, eligible assisted living facility operators may apply for funding through the CARES Act, and the assistance received or expected to be received will partially mitigate the negative impact of COVID-19 on the Company’s Senior Housing - Managed portfolio. In addition, on October 1, 2020, the Department of Health and Human Services announced $20 billion of new funding for assisted living facility operators that have already received funds and to those who were previously ineligible. During the nine months ended September 30, 2021, the Company recognized government grants of $0.5 million in resident fees and services. Prolonged deterioration in the operating results for the Company’s investments in its Senior Housing - Managed portfolio could result in the determination that the full amounts of the Company’s investments are not recoverable, which could result in an impairment charge. • See Note 4, “Investment in Real Estate Properties,” for discussion of the impact on the Company’s investment in unconsolidated joint venture. The Company’s financial results as of and for the three and nine months ended September 30, 2021 reflect the results of the Company’s evaluation of the impact of COVID-19 on its business including, but not limited to, its evaluation of potential impairments of long-lived or other assets, measurement of credit losses on financial instruments, evaluation of any lease modifications, evaluation of lease accounting impact, estimates of fair value and the Company’s ability to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020 and for the three and nine month periods ended September 30, 2021 and 2020. 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 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 and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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 September 30, 2021, the Company determined that it was not the primary beneficiary of any VIEs. 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 September 30, 2021, none of the Company’s investments in loans were 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 September 30, 2021, 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. Recently Issued Accounting Standards Update Issued but Not Yet Adopted In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2022. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

RECENT REAL ESTATE ACQUISITIONS

RECENT REAL ESTATE ACQUISITIONS	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
RECENT REAL ESTATE ACQUISITIONS	RECENT REAL ESTATE ACQUISITIONS During the nine months ended September 30, 2021, the Company acquired two Senior Housing - Managed communities, one addiction treatment center and one skilled nursing/transitional care facility. During the nine months ended September 30, 2020, the Company acquired three Senior Housing - Leased communities and one Senior Housing - Managed community that were part of the Company’s proprietary development pipeline, and $20.7 million was previously funded through its preferred equity investments in these developments. The consideration was allocated as follows (in thousands): Nine Months Ended September 30, 2021 2020 Land $ 3,610 $ 5,800 Building and improvements 55,971 104,952 Tenant origination and absorption costs intangible assets 2,525 2,578 Tenant relationship intangible assets 10 347 Total consideration $ 62,116 $ 113,677 The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had weighted-average amortization periods as of the respective dates of acquisition of two years and 26 years, respectively, for acquisitions completed during the nine months ended September 30, 2021, and seven years and 25 years, respectively, for acquisitions completed during the nine months ended September 30, 2020. For the three and nine months ended September 30, 2021, the Company recognized $2.8 million and $5.5 million of total revenues, respectively, and $42,000 and $0.3 million of net income, respectively, from the facilities acquired during the nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, the Company recognized $3.4 million and $9.2 million of total revenues, respectively, and $1.4 million and $3.7 million of net income, respectively, from the facilities acquired during the nine months ended September 30, 2020.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	INVESTMENT IN REAL ESTATE PROPERTIES The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of September 30, 2021 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 282 31,245 $ 3,634,132 $ (456,714) $ 3,177,418 Senior Housing - Leased 61 4,079 701,613 (102,171) 599,442 Senior Housing - Managed 49 5,140 1,008,557 (166,459) 842,098 Specialty Hospitals and Other 29 1,228 688,779 (79,459) 609,320 421 41,692 6,033,081 (804,803) 5,228,278 Corporate Level 856 (457) 399 $ 6,033,937 $ (805,260) $ 5,228,677 As of December 31, 2020 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 287 31,761 $ 3,644,470 $ (385,094) $ 3,259,376 Senior Housing - Leased 65 4,282 707,634 (87,600) 620,034 Senior Housing - Managed 47 4,924 942,996 (142,538) 800,458 Specialty Hospitals and Other 27 1,092 670,793 (66,021) 604,772 426 42,059 5,965,893 (681,253) 5,284,640 Corporate Level 802 (404) 398 $ 5,966,695 $ (681,657) $ 5,285,038 September 30, 2021 December 31, 2020 Building and improvements $ 5,175,051 $ 5,120,598 Furniture and equipment 259,827 249,034 Land improvements 3,151 2,220 Land 595,908 594,843 Total real estate at cost 6,033,937 5,966,695 Accumulated depreciation (805,260) (681,657) Total real estate investments, net $ 5,228,677 $ 5,285,038 Operating Leases As of September 30, 2021, the substantial majority of the Company’s real estate properties (excluding 49 Senior Housing - Managed communities) were leased under triple-net operating leases with expirations ranging from less than one year to 16 years. As of September 30, 2021, the leases had a weighted-average remaining term of seven years. The leases generally 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 $11.1 million and $17.5 million as of September 30, 2021 and December 31, 2020, respectively, and letters of credit deposited with the Company totaled approximately $88 million and $85 million as of September 30, 2021 and December 31, 2020, respectively. In addition, the Company’s tenants have deposited with the Company $17.0 million and $16.9 million as of September 30, 2021 and December 31, 2020, respectively, for future real estate taxes, insurance expenditures and tenant improvements related to the Company’s properties and their operations, and these amounts are included in accounts payable and accrued liabilities on the accompanying condensed consolidated balance sheets. Lessor costs that are paid by the lessor and reimbursed by the lessee are included in the measurement of variable lease revenue and the associated expense. As a result, the Company recognized variable lease revenue and the associated expense of $4.6 million and $14.2 million during the three and nine months ended September 30, 2021, respectively, and $5.0 million and $15.7 million during the three and nine months ended September 30, 2020, respectively. 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. As 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. Avamere leases 27 skilled nursing/transitional care facilities and one continuing care retirement community from the Company (primarily in Oregon, Colorado and Washington). Oregon, Colorado and Washington have been hit particularly hard by the latest spike in COVID-19 cases as a result of the Delta variant which, combined with state mandated admissions limitations associated with any COVID-19 cases occurring in skilled nursing facilities in those states and increased labor pressure, has resulted in recent census decline s, labor cost increases and cash flow constraints for Avamere. In response to these constraints, the Company used Avamere ’ s $11.9 million letter of credit to fund rent for September through November of 2021. In addition, the Company continues to assess whether additional assistance will need to be provided to Avamere. Accordingly, the Company concluded that its lease with Avamere should no longer be accounted for on an accrual basis and wrote off $25.2 million of straight-line rent receivable balances related to this lease as of September 30, 2021. This write-off reduced rental and related revenues by $25.2 million for the three and nine months ended September 30, 2021 versus the same periods in the prior year. If the lease is amended in the future, the terms of any such amendment may result in the Company writing off or accelerating the amortization on all or a portion of the above-market lease intangible asset associated with the Avamere lease, which totaled $19.1 million as of September 30, 2021. For the three and nine months ended September 30, 2021, no tenant relationship represented 10% or more of the Company’s total revenues. As of September 30, 2021, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands): October 1 through December 31, 2021 $ 108,699 2022 416,600 2023 406,675 2024 407,607 2025 399,207 Thereafter 1,577,168 $ 3,315,956 Senior Housing - Managed Communities The Company’s Senior Housing - Managed communities offer residents certain ancillary services that are not contemplated in the lease with each resident (i.e., housekeeping, laundry, guest meals, etc.). These services are provided and paid for in addition to the standard services included in each resident lease (i.e., room and board, standard meals, etc.). The Company bills residents for ancillary services one month in arrears and recognizes revenue as the services are provided, as the Company has no continuing performance obligation related to those services. Resident fees and services include ancillary service revenue of $0.3 million and $0.9 million for the three and nine months ended September 30, 2021, respectively, and $0.3 million and $0.7 million for the three and nine months ended September 30, 2020, respectively. Investment in Unconsolidated Joint Venture The Company has a 49% equity interest in a joint venture (the “Enlivant Joint Venture”) with affiliates of TPG Real Estate, the real estate platform of TPG. TPG also owns Enlivant, the senior housing management platform that manages the portfolio owned by the Enlivant Joint Venture. As of September 30, 2021, the Enlivant Joint Venture owned 158 senior housing communities. During the second quarter of 2021, TPG reached out to Sabra to explore the Company acquiring TPG’s 51% interest in the Enlivant Joint Venture. The parties were not able to reach mutually acceptable terms for a transaction, in part due to modifications requested by TPG in the Enlivant management fee structure. At that time, TPG informed the Company of its intent to re-evaluate its plans with respect to the management company. Furthermore, decreased occupancy and revenues and increased operating costs during the COVID-19 pandemic have had a significant negative impact on the financial performance of the Enlivant Joint Venture. As a result, the Company re-evaluated its plans with respect to the Enlivant Joint Venture and determined that it would no longer seek to acquire TPG’s majority interest in the Enlivant Joint Venture and that it expects to sell its 49% equity interest should TPG secure a buyer for the portfolio sometime in the future. In connection with this re-evaluation and the Company’s eventual intent to exit its 49% stake, the Company revisited its estimate of the fair value of its investment in the Enlivant Joint Venture and believes that it has declined below its investment basis. The Company also believes that, given the Company’s intent to sell the portfolio, it is unlikely that the Company will hold its investment for an adequate period of time to recover this estimated decline in value. As such, this decline was deemed to be other-than-temporary and the Company recorded an impairment charge for the amount that the carrying value exceeds the estimated fair value of the investment totaling $164.1 million during the three months ended June 30, 2021. This impairment is included in loss from unconsolidated joint venture on the accompanying condensed consolidated statements of income (loss). As of September 30, 2021, the book value of the Company’s investment in the Enlivant Joint Venture was $109.9 million. Determining the estimated fair value of the Company’s investment as of June 30, 2021 was based on significant unobservable assumptions. The Company estimated the then current fair value of its investment in the Enlivant Joint Venture based on a discounted cash flow analysis, management fee ranging from 6.0% to 7.0% and using a holding period of three years, terminal capitalization rates ranging from 6.75% to 7.25% and discount rates ranging from 11.0% to 11.5%. The assumptions to determine fair value under the income approach are Level 3 inputs in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements and Disclosures.” The ongoing operating performance of the Enlivant Joint Venture, as well as whether TPG is able to secure a buyer on favorable terms or at all, will impact the ultimate amounts realized from the Enlivant Joint Venture and may require the Company to recognize an additional impairment charge in the future with respect to this investment. Accordingly, the amount ultimately realized by the Company for its investment in the Enlivant Joint Venture could materially differ from its estimated fair value as reflected in the condensed consolidated balance sheets as of September 30, 2021. Net Investment in Sales-Type Lease As of September 30, 2021, the Company had a $25.2 million net investment in one skilled nursing/transitional care facility leased to an operator under a sales-type lease, as the tenant is obligated to purchase the property at the end of the lease term. The net investment in sales-type lease is recorded in accounts receivable, prepaid expenses and other assets, net on the accompanying condensed consolidated balance sheets and represents the present value of total rental payments of $3.5 million, plus the estimated purchase price of $25.6 million, less the unearned lease income of $3.7 million and allowance for credit losses of $0.2 million as of September 30, 2021. 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 sales-type lease was $0.6 million and $1.8 million for the three and nine months ended September 30, 2021, respectively, and $0.7 million and $2.0 million for the three and nine months ended September 30, 2020, respectively, and is reflected in interest and other income on the accompanying condensed consolidated statements of income (loss). During the three and nine months ended September 30, 2021, the Company reduced its allowance for credit losses by $26,000 and increased its allowance for credit losses by $0.1 million, respectively. During the three and nine months ended September 30, 2020, the Company reduced its allowance for credit losses by $1,000 and $38,000, respectively. During the nine months ended September 30, 2021, the Company was required to recognize a $1.0 million gain on sale of real estate prior to the sale to the tenant as a result of a lease modification and reassessing the classification of the lease and determining it should be accounted for as a sales-type lease. Future minimum lease payments contractually due under the sales-type lease at September 30, 2021 were as follows: $1.2 million for the remainder of 2021, $2.4 million for 2022 and $0.8 million for 2023.

ASSET HELD FOR SALE, IMPAIRMENT

ASSET HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
ASSET HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS	ASSET HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS 2021 Asset Held for Sale As of September 30, 2021, the Company determined that one skilled nursing/transitional care facility with an aggregate net book value of $1.2 million met the criteria to be classified as an asset held for sale, and this balance is included in accounts receivable, prepaid expenses and other assets, net on the condensed consolidated balance sheets. Subsequent to September 30, 2021, the Company completed the sale of the facility for a gross sales price of $1.2 million. Impairment of Real Estate During the nine months ended September 30, 2021, the Company recognized a $0.5 million real estate impairment related to one skilled nursing/transitional care facility which was classified as an asset held for sale as of September 30, 2021 and one senior housing community. Dispositions During the nine months ended September 30, 2021, the Company completed the sale of four skilled nursing/transitional care facilities and four senior housing communities for aggregate consideration, net of closing costs, of $17.9 million. The net carrying value of the assets and liabilities of the facilities was $20.5 million, which resulted in an aggregate $2.6 million net loss on sale. During the nine months ended September 30, 2021, the Company recognized $2.7 million of net loss, which includes the $2.6 million net loss on sale, and during the nine months ended September 30, 2020, recognized $1.8 million of net loss, which includes $1.5 million of real estate impairment, in each case from these facilities. The sale of these facilities 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 these facilities have remained in continuing operations. 2020 Impairment of Real Estate During the nine months ended September 30, 2020, the Company recognized a $3.2 million real estate impairment related to three senior housing communities, two of which were subsequently sold, and one skilled nursing/transitional care facility which was subsequently sold. Dispositions During the nine months ended September 30, 2020, the Company completed the sale of seven skilled nursing/transitional care facilities for aggregate consideration, net of closing costs, of $41.1 million. The net carrying value of the assets and liabilities of these facilities was $38.3 million, which resulted in an aggregate $2.8 million net gain on sale. During the nine months ended September 30, 2020, the Company recognized $3.9 million of net income, which includes the $2.8 million net gain on sale, from these facilities. The sale of these facilities 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 these facilities have remained in continuing operations.

LOANS RECEIVABLE AND OTHER INVE

LOANS RECEIVABLE AND OTHER INVESTMENTS	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
LOANS RECEIVABLE AND OTHER INVESTMENTS	LOANS RECEIVABLE AND OTHER INVESTMENTS As of September 30, 2021 and December 31, 2020, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): September 30, 2021 Investment Quantity Property Type Principal Balance as of September 30, 2021 (1) Book Value Book Value Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date Loans Receivable: Mortgage 1 Specialty Hospital $ 19,000 $ 19,000 $ 19,000 10.0 % 10.0 % 01/31/27 Construction 1 Senior Housing 3,343 3,348 3,352 8.0 % 7.8 % 09/30/22 Other 15 Multiple 40,333 36,549 39,005 6.8 % 6.9 % 12/03/21- 08/31/28 17 62,676 58,897 61,357 7.9 % 7.9 % Allowance for loan losses — (4,269) (2,458) $ 62,676 $ 54,628 $ 58,899 Other Investments: Preferred Equity 8 Skilled Nursing / Senior Housing 51,035 51,268 43,940 11.2 % 11.2 % N/A Total 25 $ 113,711 $ 105,896 $ 102,839 9.3 % 9.4 % (1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees. As of September 30, 2021 and December 31, 2020, the Company had four loans receivable investments, with an aggregate principal balance of $1.9 million and $2.1 million, respectively, that were considered to have deteriorated credit quality. As of September 30, 2021 and December 31, 2020, the book value of the outstanding loans with deteriorated credit quality was $0.3 million and $0.5 million, respectively. During the three months ended September 30, 2021, no adjustment to the Company’s allowance for loan losses was necessary, and during the nine months ended September 30, 2021, the Company increased its allowance for loan losses by $1.8 million. During the three months ended September 30, 2020, the Company decreased its allowance for loan losses by $0.1 million, and during the nine months ended September 30, 2020, the Company increased its allowance for loan losses by $0.7 million. As of September 30, 2021, the Company had a $4.3 million allowance for loan losses and three loans receivable investments with no book value were on nonaccrual status. As of September 30, 2021, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status. As of December 31, 2020, the Company had a $2.5 million allowance for loan losses and two loans receivable investments with no book value were on nonaccrual status. As of December 31, 2020, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
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 Fixed Rate $ 78,060 $ 80,199 3.40 % December 2021 - (1) Principal balance does not include deferred financing costs, net of $1.1 million as of each of September 30, 2021 and December 31, 2020. (2) Weighted average interest rate includes private mortgage insurance. Senior Unsecured Notes The Company’s senior unsecured notes consist of the following (dollars in thousands): Principal Balance as of Title Maturity Date September 30, 2021 (1) December 31, 2020 (1) 4.80% senior unsecured notes due 2024 (“2024 Notes”) (2) June 1, 2024 $ 300,000 $ 300,000 5.125% senior unsecured notes due 2026 (“2026 Notes”) August 15, 2026 500,000 500,000 5.88% senior unsecured notes due 2027 (“2027 Notes”) May 17, 2027 100,000 100,000 3.90% senior unsecured notes due 2029 (“2029 Notes”) October 15, 2029 350,000 350,000 3.20% senior unsecured notes due 2031 (“2031 Notes”) December 1, 2031 800,000 — $ 2,050,000 $ 1,250,000 (1) Principal balance does not include discount, net of $3.0 million and deferred financing costs, net of $15.6 million as of September 30, 2021 and does not include premium, net of $6.4 million and deferred financing costs, net of $8.0 million as of December 31, 2020. (2) The 2024 Notes were redeemed in full on October 7, 2021. The 2024 Notes and the 2029 Notes were issued by the Operating Partnership and Sabra Capital Corporation, wholly owned subsidiaries of the Company (the “Issuers”), and accrue interest at a rate of 4.80% and 3.90%, respectively, per annum. Interest is payable semiannually on June 1 and December 1 of each year for the 2024 Notes and on April 15 and October 15 of each year for the 2029 Notes. The 2026 Notes and the 2027 Notes were assumed as a result of the Company’s merger with Care Capital Properties, Inc. in 2017 and accrue interest at a rate of 5.125% and 5.88%, 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. On September 30, 2021, the Operating Partnership completed an underwritten public offering of $800.0 million aggregate principal amount of 3.20% senior unsecured notes due 2031 (the “2031 Notes”). The net proceeds were $782.9 million after deducting underwriting discounts and other offering expenses. On September 30, 2021, a portion of the net proceeds was used to repay $345.0 million of the Company’s U.S. dollar Term Loans (as defined below), and subsequent to September 30, 2021, the remaining proceeds were used to redeem all of the 2024 Notes, as discussed below, and to fund a portion of the RCA Mortgage Loan (see Note 13, “Subsequent Events—RCA Mortgage Loan”). The 2031 Notes accrue interest at a rate of 3.20% per annum payable semiannually on June 1 and December 1 of each year, commencing on June 1, 2022. The 2031 Notes are redeemable at the option of the Operating Partnership, in whole or in part at any time and from time to time, prior to September 1, 2031, at a price equal to 100% of the principal amount, together with any accrued and unpaid interest to the redemption date, plus a “make-whole” premium. The Operating Partnership may also redeem the 2031 Notes on or after September 1, 2031, at a price equal to 100% of the principal amount, together with any accrued and unpaid interest to the redemption date. Assuming the 2031 Notes are not redeemed, the 2031 Notes mature on December 1, 2031. On September 22, 2021, the Issuers issued a notice of redemption for all $300.0 million aggregate principal amount outstanding of the 2024 Notes. On October 7, 2021, the Issuers redeemed the 2024 Notes at a cash redemption price of 110.045% of the principal amount being redeemed, plus accrued and unpaid interest. As a result of the redemption, the Company recognized $32.7 million of redemption related costs and write-offs subsequent to September 30, 2021, consisting of $30.2 million in payments made to noteholders and legal fees for early redemption and $2.5 million of write-offs associated with unamortized discount and deferred financing costs. The obligations under the 2027 Notes are, and, until their redemption, the obligations under the 2024 Notes were, fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by Sabra and one of its non-operating subsidiaries, subject to release under certain customary circumstances. The obligations under the 2026 Notes, 2029 Notes and 2031 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. The indentures and agreements (the “Senior Notes Indentures”) governing the 2024 Notes, 2026 Notes, 2027 Notes, 2029 Notes and 2031 Notes (collectively, the “Senior Notes”) include customary events of default and require the Company to comply with specified restrictive covenants. As of September 30, 2021, the Company was in compliance with all applicable financial covenants under the Senior Notes Indentures. Credit Agreement On September 9, 2019, the Operating Partnership and Sabra Canadian Holdings, LLC (together, the “Borrowers”), Sabra and the other parties thereto entered into a fifth amended and restated unsecured credit agreement (the “Credit Agreement”). The Credit Agreement includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), $500.0 million 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 Agreement also contains an accordion feature that can increase the total available borrowings to $2.75 billion, subject to terms and conditions. The Revolving Credit Facility has a maturity date of September 9, 2023, and includes two six-month extension options. The Term Loans have a maturity date of September 9, 2024. During the three and nine months ended September 30, 2021, the Company recognized $0.9 million and $1.8 million of loss on extinguishment of debt, respectively, related to write-offs of deferred financing costs in connection with the partial pay down of the U.S. dollar Term Loans. As of September 30, 2021, there were no amounts outstanding under the Revolving Credit Facility and $1.0 billion available for borrowing. Borrowings under the Revolving Credit Facility bear interest on the outstanding principal amount at a rate equal to a ratings-based applicable interest margin 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 ratings-based applicable interest margin for borrowings will vary based on the Debt Ratings, as defined in the Credit Agreement, and will range from 0.775% to 1.45% per annum for LIBOR based borrowings and 0.00% to 0.45% per annum for borrowings at the Base Rate. As of September 30, 2021, the interest rate on the Revolving Credit Facility was 1.18%. 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 a ratings-based 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 and will range from 0.85% 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 September 30, 2021, the interest rate on the U.S. dollar Term Loans was 1.33%. The Canadian dollar Term Loan bears interest on the outstanding principal amount at a rate equal to the Canadian Dollar Offered Rate (“CDOR”) plus an interest margin that ranges from 0.85% to 1.65% depending on the Debt Ratings. As of September 30, 2021, the interest rate on the Canadian dollar Term Loan was 1.68%. The Company has interest rate swaps that fix the LIBOR portion of the interest rate for $436.3 million of LIBOR-based borrowings under its U.S. dollar Term Loans at a weighted average rate of 1.14% and interest rate swaps that fix the CDOR portion of the interest rate for CAD $125.0 million of CDOR-based borrowings under its Canadian dollar Term Loan at a rate of 1.10%. In addition, CAD $125.0 million of the Canadian dollar Term Loan is designated as a net investment hedge. See Note 8, “Derivative and Hedging Instruments,” for further information. The obligations of the Borrowers under the Credit Agreement are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by Sabra and one of its non-operating subsidiaries, subject to release under certain customary circumstances. The Credit Agreement contains customary covenants that include restrictions or limitations on the ability to 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 Agreement also requires Sabra, through the Operating Partnership, to comply with specified financial covenants, which include a maximum total leverage ratio, a minimum secured debt leverage ratio, a minimum fixed charge coverage ratio, a maximum unsecured leverage ratio, a minimum tangible net worth requirement and a minimum unsecured interest coverage ratio. As of September 30, 2021, the Company was in compliance with all applicable financial covenants under the Credit Agreement. Interest Expense The Company incurred interest expense of $24.2 million and $73.0 million during the three and nine months ended September 30, 2021, respectively, and $24.9 million and $75.9 million during the three and nine months ended September 30, 2020, respectively. Interest expense includes non-cash interest expense of $1.7 million and $5.4 million for the three and nine months ended September 30, 2021, respectively, and $2.1 million and $6.5 million for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 and December 31, 2020, the Company had $18.2 million and $16.1 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 September 30, 2021 (in thousands): Secured Term Loans Senior Notes Total October 1 through December 31, 2021 $ 16,280 $ — $ — $ 16,280 2022 2,412 — — 2,412 2023 2,478 — — 2,478 2024 (1) 2,545 598,337 300,000 900,882 2025 2,615 — — 2,615 Thereafter 51,730 — 1,750,000 1,801,730 Total Debt 78,060 598,337 2,050,000 2,726,397 Premium, net — — (2,954) (2,954) Deferred financing costs, net (1,092) (4,712) (15,552) (21,356) Total Debt, Net $ 76,968 $ 593,625 $ 2,031,494 $ 2,702,087 (1) The 2024 Notes were redeemed in full on October 7, 2021.

DERIVATIVE AND HEDGING INSTRUME

DERIVATIVE AND HEDGING INSTRUMENTS	9 Months Ended
	Sep. 30, 2021
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 and collars as part of its interest rate risk management strategy. In September 2021, the Company terminated six forward starting interest rate swaps and five interest rate swaps, resulting in net proceeds totaling $3.0 million. The balance of the net gain in other comprehensive income will be reclassified to earnings through 2034. As of September 30, 2021, approximately $11.0 million of losses, which are included in accumulated other comprehensive income, 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 derivative instruments as of the dates indicated (in thousands): September 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 436,250 $ 1,340,000 Denominated in Canadian Dollars (2) $ 125,000 $ 250,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 51,767 $ 52,778 Financial instrument designated as net investment hedge: Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ 4,533 $ 3,522 (1) Balance includes swaps with an aggregate notional amount of $175.0 million, which accretes to $262.5 million in January 2023. Balance as of December 31, 2020 includes six forward starting interest rate swaps with an effective date of May 2024 and an aggregate notional amount of $250.0 million, and two forward starting interest rate swaps and one forward starting interest rate collar with an effective date of January 2021 and an aggregate notional amount of $245.0 million. (2) Balance as of December 31, 2020 includes two forward starting interest rate swaps with an effective date of January 2021 and an aggregate notional amount of CAD $125.0 million. 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Count as of September 30, 2021 Fair Value Maturity Dates Type Designation September 30, 2021 December 31, 2020 Balance Sheet Location Assets: Interest rate swaps Cash flow 2 $ 290 $ — 2024 Accounts receivable, prepaid expenses and other assets, net Forward starting interest rate swaps Cash flow — — 10,652 2034 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 2,029 2,150 2025 Accounts receivable, prepaid expenses and other assets, net $ 2,319 $ 12,802 Liabilities: Interest rate swaps Cash flow 4 $ 6,220 $ 23,849 2023- 2024 Accounts payable and accrued liabilities Interest rate collar Cash flow 2 1,053 1,626 2024 Accounts payable and accrued liabilities Forward starting interest rate swaps Cash flow — — 10,723 2024 Accounts payable and accrued liabilities Forward starting interest rate collars Cash flow — — 820 2024 Accounts payable and accrued liabilities CAD term loan Net investment 1 98,338 98,100 2024 Term loans, net $ 105,611 $ 135,118 The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the condensed consolidated statements of income (loss) and the condensed consolidated statements of equity for the three and nine months ended September 30, 2021 and 2020 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cash Flow Hedges: Interest rate products $ (3,780) $ 3,836 $ 13,995 $ (42,826) Net Investment Hedges: Foreign currency products 1,077 (1,044) (115) 1,544 CAD term loan 2,500 (1,913) (238) 2,488 $ (203) $ 879 $ 13,642 $ (38,794) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income Statement Location Cash Flow Hedges: Interest rate products $ (3,373) $ (2,985) $ (9,916) $ (5,148) Interest expense During the three and nine months ended September 30, 2021 and 2020, no cash flow hedges were determined to be ineffective. Derivatives Not Designated as Hedging Instruments As of September 30, 2021, the Company had one outstanding cross currency interest rate swap, of which a portion was not designated as a hedging instrument, in an asset position with a fair value of $0.2 million and included this amount in accounts receivable, prepaid expenses and other assets, net on the condensed consolidated balance sheets. During the three and nine months ended September 30, 2021, the Company recorded $0.1 million of other income and $5,000 of other expense, respectively, related to the portion of derivatives not designated as hedging instruments. During the three and nine months ended September 30, 2020, the Company recorded $0.1 million of other expense and $13,000 of other income, respectively, related to the portion of derivatives not 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 September 30, 2021 and December 31, 2020 (in thousands): As of September 30, 2021 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 $ 2,319 $ — $ 2,319 $ (1,021) $ — $ 1,298 Offsetting Liabilities: Derivatives $ 7,273 $ — $ 7,273 $ (1,021) $ — $ 6,252 As of December 31, 2020 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 $ 12,802 $ — $ 12,802 $ (7,420) $ — $ 5,382 Offsetting Liabilities: Derivatives $ 37,018 $ — $ 37,018 $ (7,420) $ — $ 29,598 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 September 30, 2021, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $6.3 million. As of September 30, 2021, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2021, it could have been required to settle its obligations under the agreements at their termination value of $6.1 million.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. 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 Agreement 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. The Company utilized discount rates ranging from 7% to 11% with a weighted average rate of 9% in its fair value calculation. 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 investments, the underlying collateral value and other credit enhancements. The Company utilized discount rates ranging from 10% to 15% with a weighted average rate of 11% in its fair value calculation. 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. The Company utilized interest rates ranging from 2% to 3% with a weighted average interest rate of 3% in its fair value calculation. 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 September 30, 2021 and December 31, 2020 whose carrying amounts do not approximate their fair value (in thousands): September 30, 2021 December 31, 2020 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 62,676 $ 54,628 $ 55,604 $ 65,320 $ 58,899 $ 60,421 Preferred equity investments 51,035 51,268 51,948 43,724 43,940 44,597 Financial liabilities: Senior Notes 2,050,000 2,031,494 2,153,898 1,250,000 1,248,393 1,362,678 Secured indebtedness 78,060 76,968 76,512 80,199 79,065 79,326 (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 September 30, 2021 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 Significant Other Observable Inputs Significant Unobservable Inputs Total Financial assets: Loans receivable $ 55,604 $ — $ — $ 55,604 Preferred equity investments 51,948 — — 51,948 Financial liabilities: Senior Notes 2,153,898 — 2,153,898 — Secured indebtedness 76,512 — — 76,512 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. Transaction volume for certain of the Company’s financial instruments remains relatively low, which has made the estimation of fair values difficult. 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 nine months ended September 30, 2021, the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Recurring Basis: Financial assets: Interest rate swaps $ 290 $ — $ 290 $ — Cross currency interest rate swaps 2,029 — 2,029 — Financial liabilities: Interest rate swaps 6,220 — 6,220 — Interest rate collars 1,053 — 1,053 —

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
EQUITY	EQUITY Common Stock On December 11, 2019, the Company established an at-the-market equity offering program (the “Prior ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $400.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. On August 6, 2021, the Company terminated the Prior ATM Program pursuant to its termination rights. During the three months ended September 30, 2021, no shares were sold under the Prior ATM Program and the Company did not utilize the forward feature of the Prior ATM Program. During the nine months ended September 30, 2021, the Company sold 2.2 million shares under the Prior ATM Program at an average price of $17.78 per share, generating gross proceeds of $38.8 million, before $0.6 million of commissions (excluding sales utilizing the forward feature of the Prior ATM Program, as described below). Additionally, during the nine months ended September 30, 2021, the Company utilized the forward feature of the Prior ATM Program to allow for the sale of up to 6.8 million shares of the Company’s common stock at an initial weighted average price of $17.49 per share, net of commissions. During the nine months ended September 30, 2021, the Company settled all of the open forward positions under the Prior ATM Program by issuing 7.9 million shares (inclusive of the 6.8 million shares referenced in the immediately preceding sentence) at a weighted average net price of $17.36 per share, after commissions and fees, resulting in net proceeds of $137.0 million. On August 6, 2021, the Company established a new at-the-market equity offering program (the “ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sale of the shares until a later date. The Company may also elect to cash settle or net share settle all or a portion of its obligations under any forward sale agreement. The forward sale agreements have a one year term during which time the Company may settle the forward sales by delivery of physical shares of common stock to the forward purchasers or, at the Company’s election, in cash or net shares. The forward sale price that the Company expects to receive upon settlement will be the initial forward price established upon the effective date, subject to adjustments for (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement. During each of the three and nine months ended September 30, 2021, no shares were sold under the ATM Program. Additionally, during each of the three and nine months ended September 30, 2021, the Company utilized the forward feature of the ATM Program to allow for the sale of up to 0.2 million shares of the Company’s common stock at an initial weighted average price of $15.00 per share, net of commissions, and these shares remained outstanding under the forward sale agreements as of September 30, 2021. As of September 30, 2021, the Company had $497.3 million available under the ATM Program. On October 15, 2021, the Company completed an underwritten public offering of 7.8 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $112.6 million from the offering at a price of $14.40 per share. These proceeds were used to fund a portion of the RCA Mortgage Loan. The following table lists the cash dividends on common stock declared and paid by the Company during the nine months ended September 30, 2021: Declaration Date Record Date Amount Per Share Dividend Payable Date February 2, 2021 February 12, 2021 $ 0.30 February 26, 2021 May 5, 2021 May 17, 2021 $ 0.30 May 28, 2021 August 4, 2021 August 17, 2021 $ 0.30 August 31, 2021 During the nine months ended September 30, 2021, the Company issued 0.2 million shares of common stock as a result of restricted stock unit vestings. Upon any payment of shares to team members as a result of restricted stock unit vestings, the team members’ 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 nine months ended September 30, 2021 and 2020, the Company incurred $1.9 million and $0.9 million, respectively, in tax withholding obligations on behalf of its team members that were satisfied through a reduction in the number of shares delivered to those participants. Accumulated Other Comprehensive Loss The following is a summary of the Company’s accumulated other comprehensive loss (in thousands): September 30, 2021 December 31, 2020 Foreign currency translation loss $ (1,847) $ (1,831) Unrealized loss on cash flow hedges (14,297) (38,080) Total accumulated other comprehensive loss $ (16,144) $ (39,911)

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2021
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 and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net income (loss) $ 10,223 $ 36,460 $ (88,903) $ 101,300 Denominator Basic weighted average common shares and common equivalents 220,865,518 205,791,699 216,227,221 205,592,806 Dilutive restricted stock units 1,198,392 935,468 — 849,868 Diluted weighted average common shares 222,063,910 206,727,167 216,227,221 206,442,674 Net income (loss), per: Basic common share $ 0.05 $ 0.18 $ (0.41) $ 0.49 Diluted common share $ 0.05 $ 0.18 $ (0.41) $ 0.49

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021, 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued. RCA Mortgage Loan On October 15, 2021, the Company funded a $290.0 million mortgage loan receivable to Recovery Centers of America Holdings, LLC (the “RCA Mortgage Loan”) secured by six inpatient addiction treatment centers with a 7.50% rate of return. The transaction provides Sabra a right of first offer to acquire the underlying facilities and includes an additional $35.0 million commitment to be funded after specific performance metrics are achieved by the portfolio and by the two additional properties currently in lease-up. Dividend Declaration On November 3, 2021, the Company’s board of directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on November 30, 2021 to common stockholders of record as of the close of business on November 16, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting	The accompanying condensed consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of September 30, 2021 and December 31, 2020 and for the three and nine month periods ended September 30, 2021 and 2020. 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 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 and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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 September 30, 2021, the Company determined that it was not the primary beneficiary of any VIEs. 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 September 30, 2021, none of the Company’s investments in loans were accounted for as real estate joint ventures.
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.
Recently Issued Accounting Standards Update	Issued but Not Yet Adopted In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2022. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Fair Value of Financial Instruments	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. 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 Agreement 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. The Company utilized discount rates ranging from 7% to 11% with a weighted average rate of 9% in its fair value calculation. 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 investments, the underlying collateral value and other credit enhancements. The Company utilized discount rates ranging from 10% to 15% with a weighted average rate of 11% in its fair value calculation. 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. The Company utilized interest rates ranging from 2% to 3% with a weighted average interest rate of 3% in its fair value calculation. As such, the Company classifies these instruments as Level 3.

RECENT REAL ESTATE ACQUISITIO_2

RECENT REAL ESTATE ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The consideration was allocated as follows (in thousands): Nine Months Ended September 30, 2021 2020 Land $ 3,610 $ 5,800 Building and improvements 55,971 104,952 Tenant origination and absorption costs intangible assets 2,525 2,578 Tenant relationship intangible assets 10 347 Total consideration $ 62,116 $ 113,677

INVESTMENT IN REAL ESTATE PRO_2

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Real Estate Properties Held for Investment	The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of September 30, 2021 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 282 31,245 $ 3,634,132 $ (456,714) $ 3,177,418 Senior Housing - Leased 61 4,079 701,613 (102,171) 599,442 Senior Housing - Managed 49 5,140 1,008,557 (166,459) 842,098 Specialty Hospitals and Other 29 1,228 688,779 (79,459) 609,320 421 41,692 6,033,081 (804,803) 5,228,278 Corporate Level 856 (457) 399 $ 6,033,937 $ (805,260) $ 5,228,677 As of December 31, 2020 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 287 31,761 $ 3,644,470 $ (385,094) $ 3,259,376 Senior Housing - Leased 65 4,282 707,634 (87,600) 620,034 Senior Housing - Managed 47 4,924 942,996 (142,538) 800,458 Specialty Hospitals and Other 27 1,092 670,793 (66,021) 604,772 426 42,059 5,965,893 (681,253) 5,284,640 Corporate Level 802 (404) 398 $ 5,966,695 $ (681,657) $ 5,285,038 September 30, 2021 December 31, 2020 Building and improvements $ 5,175,051 $ 5,120,598 Furniture and equipment 259,827 249,034 Land improvements 3,151 2,220 Land 595,908 594,843 Total real estate at cost 6,033,937 5,966,695 Accumulated depreciation (805,260) (681,657) Total real estate investments, net $ 5,228,677 $ 5,285,038
Future Minimum Rental Payments Receivable for Properties Held for Investment Under Non-Cancelable Operating Leases	As of September 30, 2021, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands): October 1 through December 31, 2021 $ 108,699 2022 416,600 2023 406,675 2024 407,607 2025 399,207 Thereafter 1,577,168 $ 3,315,956

LOANS RECEIVABLE AND OTHER IN_2

LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Loans Receivable and Other Investments	As of September 30, 2021 and December 31, 2020, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): September 30, 2021 Investment Quantity Property Type Principal Balance as of September 30, 2021 (1) Book Value Book Value Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date Loans Receivable: Mortgage 1 Specialty Hospital $ 19,000 $ 19,000 $ 19,000 10.0 % 10.0 % 01/31/27 Construction 1 Senior Housing 3,343 3,348 3,352 8.0 % 7.8 % 09/30/22 Other 15 Multiple 40,333 36,549 39,005 6.8 % 6.9 % 12/03/21- 08/31/28 17 62,676 58,897 61,357 7.9 % 7.9 % Allowance for loan losses — (4,269) (2,458) $ 62,676 $ 54,628 $ 58,899 Other Investments: Preferred Equity 8 Skilled Nursing / Senior Housing 51,035 51,268 43,940 11.2 % 11.2 % N/A Total 25 $ 113,711 $ 105,896 $ 102,839 9.3 % 9.4 %

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of 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 Fixed Rate $ 78,060 $ 80,199 3.40 % December 2021 - (1) Principal balance does not include deferred financing costs, net of $1.1 million as of each of September 30, 2021 and December 31, 2020. (2) Weighted average interest rate includes private mortgage insurance. The Company’s senior unsecured notes consist of the following (dollars in thousands): Principal Balance as of Title Maturity Date September 30, 2021 (1) December 31, 2020 (1) 4.80% senior unsecured notes due 2024 (“2024 Notes”) (2) June 1, 2024 $ 300,000 $ 300,000 5.125% senior unsecured notes due 2026 (“2026 Notes”) August 15, 2026 500,000 500,000 5.88% senior unsecured notes due 2027 (“2027 Notes”) May 17, 2027 100,000 100,000 3.90% senior unsecured notes due 2029 (“2029 Notes”) October 15, 2029 350,000 350,000 3.20% senior unsecured notes due 2031 (“2031 Notes”) December 1, 2031 800,000 — $ 2,050,000 $ 1,250,000 (1) Principal balance does not include discount, net of $3.0 million and deferred financing costs, net of $15.6 million as of September 30, 2021 and does not include premium, net of $6.4 million and deferred financing costs, net of $8.0 million as of December 31, 2020. (2) The 2024 Notes were redeemed in full on October 7, 2021.
Schedule of Maturities for Outstanding Debt	The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2021 (in thousands): Secured Term Loans Senior Notes Total October 1 through December 31, 2021 $ 16,280 $ — $ — $ 16,280 2022 2,412 — — 2,412 2023 2,478 — — 2,478 2024 (1) 2,545 598,337 300,000 900,882 2025 2,615 — — 2,615 Thereafter 51,730 — 1,750,000 1,801,730 Total Debt 78,060 598,337 2,050,000 2,726,397 Premium, net — — (2,954) (2,954) Deferred financing costs, net (1,092) (4,712) (15,552) (21,356) Total Debt, Net $ 76,968 $ 593,625 $ 2,031,494 $ 2,702,087 (1) The 2024 Notes were redeemed in full on October 7, 2021.

DERIVATIVE AND HEDGING INSTRU_2

DERIVATIVE AND HEDGING INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amount of Derivatives Instruments	The following presents the notional amount of derivative instruments as of the dates indicated (in thousands): September 30, 2021 December 31, 2020 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 436,250 $ 1,340,000 Denominated in Canadian Dollars (2) $ 125,000 $ 250,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 51,767 $ 52,778 Financial instrument designated as net investment hedge: Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ 4,533 $ 3,522 (1) Balance includes swaps with an aggregate notional amount of $175.0 million, which accretes to $262.5 million in January 2023. Balance as of December 31, 2020 includes six forward starting interest rate swaps with an effective date of May 2024 and an aggregate notional amount of $250.0 million, and two forward starting interest rate swaps and one forward starting interest rate collar with an effective date of January 2021 and an aggregate notional amount of $245.0 million. (2) Balance as of December 31, 2020 includes two forward starting interest rate swaps with an effective date of January 2021 and an aggregate notional amount of CAD $125.0 million.
Schedule of 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 September 30, 2021 and December 31, 2020 (dollars in thousands): Count as of September 30, 2021 Fair Value Maturity Dates Type Designation September 30, 2021 December 31, 2020 Balance Sheet Location Assets: Interest rate swaps Cash flow 2 $ 290 $ — 2024 Accounts receivable, prepaid expenses and other assets, net Forward starting interest rate swaps Cash flow — — 10,652 2034 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 2,029 2,150 2025 Accounts receivable, prepaid expenses and other assets, net $ 2,319 $ 12,802 Liabilities: Interest rate swaps Cash flow 4 $ 6,220 $ 23,849 2023- 2024 Accounts payable and accrued liabilities Interest rate collar Cash flow 2 1,053 1,626 2024 Accounts payable and accrued liabilities Forward starting interest rate swaps Cash flow — — 10,723 2024 Accounts payable and accrued liabilities Forward starting interest rate collars Cash flow — — 820 2024 Accounts payable and accrued liabilities CAD term loan Net investment 1 98,338 98,100 2024 Term loans, net $ 105,611 $ 135,118
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) 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 (loss) and the condensed consolidated statements of equity for the three and nine months ended September 30, 2021 and 2020 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cash Flow Hedges: Interest rate products $ (3,780) $ 3,836 $ 13,995 $ (42,826) Net Investment Hedges: Foreign currency products 1,077 (1,044) (115) 1,544 CAD term loan 2,500 (1,913) (238) 2,488 $ (203) $ 879 $ 13,642 $ (38,794) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income Statement Location Cash Flow Hedges: Interest rate products $ (3,373) $ (2,985) $ (9,916) $ (5,148) Interest expense
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 September 30, 2021 and December 31, 2020 (in thousands): As of September 30, 2021 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 $ 2,319 $ — $ 2,319 $ (1,021) $ — $ 1,298 Offsetting Liabilities: Derivatives $ 7,273 $ — $ 7,273 $ (1,021) $ — $ 6,252 As of December 31, 2020 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 $ 12,802 $ — $ 12,802 $ (7,420) $ — $ 5,382 Offsetting Liabilities: Derivatives $ 37,018 $ — $ 37,018 $ (7,420) $ — $ 29,598
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 September 30, 2021 and December 31, 2020 (in thousands): As of September 30, 2021 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 $ 2,319 $ — $ 2,319 $ (1,021) $ — $ 1,298 Offsetting Liabilities: Derivatives $ 7,273 $ — $ 7,273 $ (1,021) $ — $ 6,252 As of December 31, 2020 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 $ 12,802 $ — $ 12,802 $ (7,420) $ — $ 5,382 Offsetting Liabilities: Derivatives $ 37,018 $ — $ 37,018 $ (7,420) $ — $ 29,598

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of 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 September 30, 2021 and December 31, 2020 whose carrying amounts do not approximate their fair value (in thousands): September 30, 2021 December 31, 2020 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 62,676 $ 54,628 $ 55,604 $ 65,320 $ 58,899 $ 60,421 Preferred equity investments 51,035 51,268 51,948 43,724 43,940 44,597 Financial liabilities: Senior Notes 2,050,000 2,031,494 2,153,898 1,250,000 1,248,393 1,362,678 Secured indebtedness 78,060 76,968 76,512 80,199 79,065 79,326 (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.
Schedule of Fair Value of Financial Instruments	The Company determined the fair value of financial instruments as of September 30, 2021 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 Significant Other Observable Inputs Significant Unobservable Inputs Total Financial assets: Loans receivable $ 55,604 $ — $ — $ 55,604 Preferred equity investments 51,948 — — 51,948 Financial liabilities: Senior Notes 2,153,898 — 2,153,898 — Secured indebtedness 76,512 — — 76,512
Schedule of Items Measured at Fair Value on a Recurring Basis	During the nine months ended September 30, 2021, the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Recurring Basis: Financial assets: Interest rate swaps $ 290 $ — $ 290 $ — Cross currency interest rate swaps 2,029 — 2,029 — Financial liabilities: Interest rate swaps 6,220 — 6,220 — Interest rate collars 1,053 — 1,053 —

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of 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 nine months ended September 30, 2021: Declaration Date Record Date Amount Per Share Dividend Payable Date February 2, 2021 February 12, 2021 $ 0.30 February 26, 2021 May 5, 2021 May 17, 2021 $ 0.30 May 28, 2021 August 4, 2021 August 17, 2021 $ 0.30 August 31, 2021
Schedule of Accumulated Other Comprehensive Loss	The following is a summary of the Company’s accumulated other comprehensive loss (in thousands): September 30, 2021 December 31, 2020 Foreign currency translation loss $ (1,847) $ (1,831) Unrealized loss on cash flow hedges (14,297) (38,080) Total accumulated other comprehensive loss $ (16,144) $ (39,911)

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
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 and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net income (loss) $ 10,223 $ 36,460 $ (88,903) $ 101,300 Denominator Basic weighted average common shares and common equivalents 220,865,518 205,791,699 216,227,221 205,592,806 Dilutive restricted stock units 1,198,392 935,468 — 849,868 Diluted weighted average common shares 222,063,910 206,727,167 216,227,221 206,442,674 Net income (loss), per: Basic common share $ 0.05 $ 0.18 $ (0.41) $ 0.49 Diluted common share $ 0.05 $ 0.18 $ (0.41) $ 0.49

BUSINESS (Details)

BUSINESS (Details) $ in Millions	9 Months Ended	19 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)tenant
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of tenants granted temporary pandemic-related rent deferral | tenant		5
Temporary pandemic-related rent deferrals		$ 2.2
Government grants received under the CARES Act	$ 0.5
Minimum
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Temporary pandemic-related rent deferral period (in months)		2 months
Maximum
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Temporary pandemic-related rent deferral period (in months)		9 months

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2021variableInterestEntityinvestment
Accounting Policies [Line Items]
Number of investments in loans accounted for as real estate joint ventures | investment	0
Primary beneficiary
Accounting Policies [Line Items]
Number of variable interest entities | variableInterestEntity	0

RECENT REAL ESTATE ACQUISITIO_3

RECENT REAL ESTATE ACQUISITIONS - Narrative (Details) - Recent Real Estate Acquisitions $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property
Business Acquisition [Line Items]
Total revenues | $	$ 2,800	$ 3,400	$ 5,500	$ 9,200
Net income | $	$ 42	$ 1,400	$ 300	$ 3,700
Tenant origination and absorption costs
Business Acquisition [Line Items]
Weighted-average amortization period of intangible assets			2 years	7 years
Tenant relationships
Business Acquisition [Line Items]
Weighted-average amortization period of intangible assets			26 years	25 years
Senior Housing Facilities
Business Acquisition [Line Items]
Amount previously funded through preferred equity investments | $				$ 20,700
Senior Housing - Managed
Business Acquisition [Line Items]
Number of acquired properties			2	1
Senior Housing - Leased
Business Acquisition [Line Items]
Number of acquired properties				3
Addiction treatment center
Business Acquisition [Line Items]
Number of acquired properties			1
Skilled nursing transitional care facility
Business Acquisition [Line Items]
Number of acquired properties			1

RECENT REAL ESTATE ACQUISITIO_4

RECENT REAL ESTATE ACQUISITIONS - Purchase Price Allocation for Recent Real Estate Acquisitions (Details) - Recent Real Estate Acquisitions - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Land	$ 3,610	$ 5,800
Building and improvements	55,971	104,952
Total consideration	62,116	113,677
Tenant origination and absorption costs intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	2,525	2,578
Tenant relationship intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	$ 10	$ 347

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES - Real Estate Properties Held for Investment (Details) $ in Thousands	Sep. 30, 2021USD ($)facilitybed	Dec. 31, 2020USD ($)bedfacility
Real Estate Properties [Line Items]
Building and improvements	$ 5,175,051	$ 5,120,598
Furniture and equipment	259,827	249,034
Land improvements	3,151	2,220
Land	595,908	594,843
Total Real Estate at Cost	6,033,937	5,966,695
Accumulated Depreciation	(805,260)	(681,657)
Total Real Estate Investments, Net	$ 5,228,677	$ 5,285,038
Operating Segments
Real Estate Properties [Line Items]
Number of Properties | facility	421	426
Number of Beds/Units | bed	41,692	42,059
Total Real Estate at Cost	$ 6,033,081	$ 5,965,893
Accumulated Depreciation	(804,803)	(681,253)
Total Real Estate Investments, Net	$ 5,228,278	$ 5,284,640
Operating Segments | Skilled Nursing/Transitional Care
Real Estate Properties [Line Items]
Number of Properties | facility	282	287
Number of Beds/Units | bed	31,245	31,761
Total Real Estate at Cost	$ 3,634,132	$ 3,644,470
Accumulated Depreciation	(456,714)	(385,094)
Total Real Estate Investments, Net	$ 3,177,418	$ 3,259,376
Operating Segments | Senior Housing - Leased
Real Estate Properties [Line Items]
Number of Properties | facility	61	65
Number of Beds/Units | bed	4,079	4,282
Total Real Estate at Cost	$ 701,613	$ 707,634
Accumulated Depreciation	(102,171)	(87,600)
Total Real Estate Investments, Net	$ 599,442	$ 620,034
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of Properties | facility	49	47
Number of Beds/Units | bed	5,140	4,924
Total Real Estate at Cost	$ 1,008,557	$ 942,996
Accumulated Depreciation	(166,459)	(142,538)
Total Real Estate Investments, Net	$ 842,098	$ 800,458
Operating Segments | Specialty Hospitals and Other
Real Estate Properties [Line Items]
Number of Properties | facility	29	27
Number of Beds/Units | bed	1,228	1,092
Total Real Estate at Cost	$ 688,779	$ 670,793
Accumulated Depreciation	(79,459)	(66,021)
Total Real Estate Investments, Net	609,320	604,772
Corporate Level
Real Estate Properties [Line Items]
Total Real Estate at Cost	856	802
Accumulated Depreciation	(457)	(404)
Total Real Estate Investments, Net	$ 399	$ 398

INVESTMENT IN REAL ESTATE PRO_4

INVESTMENT IN REAL ESTATE PROPERTIES - Operating Leases Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended
	Nov. 30, 2021USD ($)	Sep. 30, 2021USD ($)facility	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)facility	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)facility
Real Estate Properties [Line Items]
Weighted-average remaining term of operating leases		7 years		7 years
Security deposit liability		$ 11.1		$ 11.1		$ 17.5
Letters of credit deposited		88		88		85
Tenant deposits for future real estate taxes, insurance expenditures, and tenant improvements		17		17		$ 16.9
Variable lease revenue		$ 4.6	$ 5	$ 14.2	$ 15.7
Operating Segments
Real Estate Properties [Line Items]
Number of properties | facility		421		421		426
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of properties | facility		49		49		47
Minimum
Real Estate Properties [Line Items]
Operating lease expiration term		1 year		1 year
Maximum
Real Estate Properties [Line Items]
Operating lease expiration term		16 years		16 years
Avamere | Above-market lease
Real Estate Properties [Line Items]
Lease intangible asset		$ 19.1		$ 19.1
Avamere | Non-cash rent receivable | Rental and related revenues
Real Estate Properties [Line Items]
Write off of non-cash rent receivable		$ 25.2		$ 25.2
Avamere | Forecast
Real Estate Properties [Line Items]
Letter of credit utilized to fund rent	$ 11.9
Avamere | Skilled nursing transitional care facility
Real Estate Properties [Line Items]
Number of properties | facility		27		27
Avamere | Continuing care retirement center
Real Estate Properties [Line Items]
Number of properties | facility		1		1

INVESTMENT IN REAL ESTATE PRO_5

INVESTMENT IN REAL ESTATE PROPERTIES - Future Minimum Rental Payments Receivable for Properties Held for Investment Under Non-Cancelable Operating Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases:
October 1 through December 31, 2021	$ 108,699
2022	416,600
2023	406,675
2024	407,607
2025	399,207
Thereafter	1,577,168
Total	$ 3,315,956

INVESTMENT IN REAL ESTATE PRO_6

INVESTMENT IN REAL ESTATE PROPERTIES - Senior Housing - Managed Communities Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 39,819	$ 39,341	$ 114,978	$ 117,908
Ancillary Services
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 300	$ 300	$ 900	$ 700

INVESTMENT IN REAL ESTATE PRO_7

INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Unconsolidated Joint Venture Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Unconsolidated Joint Venture
Other-than-temporary impairment of unconsolidated joint venture		$ 164,126	$ 0
Investment in unconsolidated joint venture		$ 109,944		$ 288,761
Enlivant Joint Venture
Unconsolidated Joint Venture
Equity interest in joint venture		49.00%
Other-than-temporary impairment of unconsolidated joint venture	$ 164,100
Investment in unconsolidated joint venture	$ 109,900
Enlivant Joint Venture | Management fee | Discounted cash flow analysis | Level 3 | Minimum
Unconsolidated Joint Venture
Equity interest, measurement input	0.060
Enlivant Joint Venture | Management fee | Discounted cash flow analysis | Level 3 | Maximum
Unconsolidated Joint Venture
Equity interest, measurement input	0.070
Enlivant Joint Venture | Holding period | Discounted cash flow analysis | Level 3
Unconsolidated Joint Venture
Equity interest, measurement input (term)	3 years
Enlivant Joint Venture | Terminal capitalization rate | Discounted cash flow analysis | Level 3 | Minimum
Unconsolidated Joint Venture
Equity interest, measurement input	0.0675
Enlivant Joint Venture | Terminal capitalization rate | Discounted cash flow analysis | Level 3 | Maximum
Unconsolidated Joint Venture
Equity interest, measurement input	0.0725
Enlivant Joint Venture | Discount rate | Discounted cash flow analysis | Level 3 | Minimum
Unconsolidated Joint Venture
Equity interest, measurement input	0.110
Enlivant Joint Venture | Discount rate | Discounted cash flow analysis | Level 3 | Maximum
Unconsolidated Joint Venture
Equity interest, measurement input	0.115
Enlivant Joint Venture | Senior Housing Facilities
Unconsolidated Joint Venture
Number of properties | property		158
TPG | Enlivant Joint Venture
Unconsolidated Joint Venture
Equity interest in joint venture	51.00%

INVESTMENT IN REAL ESTATE PRO_8

INVESTMENT IN REAL ESTATE PROPERTIES - Net Investment in Sales-Type Lease Narrative (Details) - Skilled nursing transitional care facility $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)
Real Estate Properties [Line Items]
Net investment in sales type lease	$ 25,200		$ 25,200
Properties in sales-type | property	1		1
Total rental payments	$ 3,500		$ 3,500
Estimated purchase price	25,600		25,600
Unearned lease income			3,700
Allowance for credit losses related to sales-type lease	200		200
Lease income	600	$ 700	1,800	$ 2,000
Increase (reduction) in allowance for credit losses related to sales-type lease	(26)	$ (1)	100	$ (38)
Future minimum lease payments contractually due under the direct financing lease for the remainder of this year	1,200		1,200
Future minimum lease payments contractually due under the direct financing lease due for next year	2,400		2,400
Future minimum lease payments contractually due under the direct financing lease due for year two	$ 800		800
Sales-Type Lease
Real Estate Properties [Line Items]
Aggregate net gain (loss) on sale of real estate			$ 1,000

ASSET HELD FOR SALE, IMPAIRME_2

ASSET HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)facility	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)facility	Sep. 30, 2020USD ($)facility	Nov. 03, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate	$ 495	$ 3,154	$ 495	$ 3,154
Skilled nursing transitional care facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties impaired | facility			1	1
Senior housing communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties impaired | facility			1	3
Number of real estate properties impaired subsequently sold | facility				2
Held for Sale | Skilled nursing transitional care facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | facility	1		1
Held for Sale | Senior housing communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net carrying value of assets and liabilities	$ 1,200		$ 1,200
Dispositions | Skilled nursing transitional care facility | 2021 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities sold | facility			4
Net carrying value of assets and liabilities	20,500		$ 20,500
Aggregate consideration	$ 17,900		17,900
Net income (loss) from facilities			(2,700)	$ 1,800
Net gain (loss) on sale			$ (2,600)
Impairment of real estate				$ 1,500
Dispositions | Skilled nursing transitional care facility | 2020 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities sold | facility				7
Net carrying value of assets and liabilities		38,300		$ 38,300
Aggregate consideration		$ 41,100		41,100
Net income (loss) from facilities				3,900
Net gain (loss) on sale				$ 2,800
Dispositions | Senior housing communities | Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration					$ 1,200
Dispositions | Senior housing communities | 2021 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities sold | facility			4

LOANS RECEIVABLE AND OTHER IN_3

LOANS RECEIVABLE AND OTHER INVESTMENTS - Composition of Loans Receivable and Other Investments (Details) $ in Thousands	Sep. 30, 2021USD ($)loanpreferredEquityInvestmentinvestment	Dec. 31, 2020USD ($)
Loans Receivable:
Quantity | loan	17
Principal balance	$ 62,676	$ 65,320
Book Value	58,897	61,357
Allowance for loan losses	(4,269)	(2,458)
Book Value	$ 54,628	58,899
Weighted Average Contractual Interest Rate / Rate of Return	7.90%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.90%
Other Investments:
Quantity | preferredEquityInvestment	8
Principal Balance	$ 51,035	43,724
Book Value	$ 51,268	43,940
Weighted Average Contractual Interest Rate / Rate of Return	11.20%
Weighted Average Annualized Effective Interest Rate / Rate of Return	11.20%
Total Quantity | investment	25
Total Principal Balance	$ 113,711
Total Book Value	$ 105,896	102,839
Total Weighted Average Contractual Interest Rate / Rate of Return	9.30%
Total Weighted Average Annualized Effective Interest Rate / Rate of Return	9.40%
Mortgage
Loans Receivable:
Quantity | loan	1
Principal balance	$ 19,000
Book Value	$ 19,000	19,000
Weighted Average Contractual Interest Rate / Rate of Return	10.00%
Weighted Average Annualized Effective Interest Rate / Rate of Return	10.00%
Construction
Loans Receivable:
Quantity | loan	1
Principal balance	$ 3,343
Book Value	$ 3,348	3,352
Weighted Average Contractual Interest Rate / Rate of Return	8.00%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.80%
Other
Loans Receivable:
Quantity | loan	15
Principal balance	$ 40,333
Book Value	$ 36,549	$ 39,005
Weighted Average Contractual Interest Rate / Rate of Return	6.80%
Weighted Average Annualized Effective Interest Rate / Rate of Return	6.90%

LOANS RECEIVABLE AND OTHER IN_4

LOANS RECEIVABLE AND OTHER INVESTMENTS - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	$ 62,676,000		$ 62,676,000		$ 65,320,000
Book value	54,628,000		54,628,000		58,899,000
Increase (decrease) in the allowance for loan losses	0	$ (100,000)	1,800,000	$ 700,000
Allowance for loan losses	$ 4,269,000		$ 4,269,000		$ 2,458,000
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable on nonaccrual status | loan	3		3		2
Book value of loans receivable on nonaccrual status	$ 0		$ 0		$ 0
Portfolio-Based Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses					$ 2,500,000
Receivables Acquired with Deteriorated Credit Quality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable considered to be impaired | loan	4		4		4
Principal balance	$ 1,900,000		$ 1,900,000		$ 2,100,000
Book value	$ 300,000		$ 300,000		$ 500,000

DEBT - Secured Debt (Details)

DEBT - Secured Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing costs, net	$ 21,356
Secured Debt
Debt Instrument [Line Items]
Deferred financing costs, net	1,092	$ 1,100
Secured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal balance	$ 78,060	$ 80,199
Weighted average interest rate	3.40%

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Discount (premium), net	$ 2,954
Deferred financing costs	21,356
Senior Notes
Debt Instrument [Line Items]
Principal balance	2,050,000	$ 1,250,000
Discount (premium), net	2,954	(6,400)
Deferred financing costs	$ 15,552	8,000
Senior Notes | 4.80% senior unsecured notes due 2024 (“2024 Notes”) (2)
Debt Instrument [Line Items]
Interest rate	4.80%
Principal balance	$ 300,000	300,000
Senior Notes | 5.125% senior unsecured notes due 2026 (“2026 Notes”)
Debt Instrument [Line Items]
Interest rate	5.125%
Principal balance	$ 500,000	500,000
Senior Notes | 5.88% senior unsecured notes due 2027 (“2027 Notes”)
Debt Instrument [Line Items]
Interest rate	5.88%
Principal balance	$ 100,000	100,000
Senior Notes | 3.90% senior unsecured notes due 2029 (“2029 Notes”)
Debt Instrument [Line Items]
Interest rate	3.90%
Principal balance	$ 350,000	350,000
Senior Notes | 3.20% senior unsecured notes due 2031 (“2031 Notes”)
Debt Instrument [Line Items]
Interest rate	3.20%
Principal balance	$ 800,000	$ 0

DEBT - Senior Unsecured Notes N

DEBT - Senior Unsecured Notes Narrative (Details) - USD ($)	Oct. 07, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from issuance of senior unsecured notes					$ 791,520,000	$ 0
Repayment of term loans					455,000,000	0
Loss on extinguishment of debt			$ 913,000	$ 139,000	1,760,000	$ 531,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 2,050,000,000	$ 2,050,000,000		$ 2,050,000,000		$ 1,250,000,000
Senior Notes | 4.80% senior unsecured notes due 2024 (“2024 Notes”) (2)
Debt Instrument [Line Items]
Interest rate		4.80%	4.80%		4.80%
Senior Notes | 4.80% senior unsecured notes due 2024 (“2024 Notes”) (2) | Subsequent event
Debt Instrument [Line Items]
Aggregate principal amount redeemed	$ 300,000,000
Redemption price (percent)	110.045%
Loss on extinguishment of debt	$ 32,700,000
Payments made to noteholders and legal fees for early redemption	30,200,000
Write-offs associated with unamortized discount and deferred financing costs	$ 2,500,000
Senior Notes | 3.90% senior unsecured notes due 2029 (“2029 Notes”)
Debt Instrument [Line Items]
Interest rate		3.90%	3.90%		3.90%
Senior Notes | 5.125% senior unsecured notes due 2026 (“2026 Notes”)
Debt Instrument [Line Items]
Interest rate		5.125%	5.125%		5.125%
Senior Notes | 5.88% senior unsecured notes due 2027 (“2027 Notes”)
Debt Instrument [Line Items]
Interest rate		5.88%	5.88%		5.88%
Senior Notes | 3.20% senior unsecured notes due 2031 (“2031 Notes”)
Debt Instrument [Line Items]
Interest rate		3.20%	3.20%		3.20%
Aggregate principal amount		$ 800,000,000	$ 800,000,000		$ 800,000,000
Proceeds from issuance of senior unsecured notes		$ 782,900,000
Senior Notes | 3.20% senior unsecured notes due 2031 (“2031 Notes”) | Prior to September 1, 2031 with make-whole premium
Debt Instrument [Line Items]
Redemption price (percent)		100.00%
Senior Notes | 3.20% senior unsecured notes due 2031 (“2031 Notes”) | On or after September 1, 2031
Debt Instrument [Line Items]
Redemption price (percent)		100.00%
U.S. dollar term loan
Debt Instrument [Line Items]
Repayment of term loans		$ 345,000,000

DEBT - Credit Agreement Narrati

DEBT - Credit Agreement Narrative (Details)	Sep. 09, 2019USD ($)property	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021CAD ($)	Sep. 09, 2019CAD ($)property
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 913,000	$ 139,000	$ 1,760,000	$ 531,000
Fifth amended and restated 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 | property	2						2
Extension period	6 months
Amount outstanding under credit facility		0		0
Available borrowing capacity		$ 1,000,000,000		$ 1,000,000,000
Interest rate		1.18%		1.18%		1.18%
Fifth amended and restated credit agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.125%
Fifth amended and restated credit agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.30%
Fifth amended and restated credit agreement | Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Fifth amended and restated credit agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Fifth amended and restated credit agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Fifth amended and restated credit agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.45%
Fifth amended and restated credit agreement | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.775%
Fifth amended and restated credit agreement | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
Fifth amended and restated credit agreement | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 2,750,000,000
U.S. dollar term loan | Fifth amended and restated credit agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000
Loss on extinguishment of debt		$ 900,000		$ 1,800,000
Interest rate		1.33%		1.33%		1.33%
U.S. dollar term loan | Fifth amended and restated credit agreement | Interest rate swaps
Debt Instrument [Line Items]
Aggregate principal amount		$ 436,300,000		$ 436,300,000
Fixed interest rate under swap		1.14%		1.14%		1.14%
U.S. dollar term loan | Fifth amended and restated credit agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
U.S. dollar term loan | Fifth amended and restated credit agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%
U.S. dollar term loan | Fifth amended and restated credit agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
U.S. dollar term loan | Fifth amended and restated credit agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Canadian dollar term loan | Fifth amended and restated credit agreement
Debt Instrument [Line Items]
Aggregate principal amount						$ 125,000,000	$ 125,000,000
Interest rate		1.68%		1.68%		1.68%
Canadian dollar term loan | Fifth amended and restated credit agreement | Interest rate swaps
Debt Instrument [Line Items]
Aggregate principal amount						$ 125,000,000
Fixed interest rate under swap		1.10%		1.10%		1.10%
Canadian dollar term loan | Fifth amended and restated credit agreement | CDOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Canadian dollar term loan | Fifth amended and restated credit agreement | CDOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%

DEBT - Interest Expense Narrati

DEBT - Interest Expense Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Disclosure [Abstract]
Interest expense	$ 24,243	$ 24,904	$ 72,956	$ 75,900
Non-cash interest expense	1,700	$ 2,100	5,389	$ 6,527
Accrued interest	$ 18,200		$ 18,200		$ 16,100

DEBT - Schedule of Maturities f

DEBT - Schedule of Maturities for Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
October 1 through December 31, 2021	$ 16,280
2022	2,412
2023	2,478
2024	900,882
2025	2,615
Thereafter	1,801,730
Total Debt	2,726,397
Discount, net	(2,954)
Deferred financing costs, net	(21,356)
Long-term Debt	2,702,087
Secured Indebtedness
Debt Instrument [Line Items]
October 1 through December 31, 2021	16,280
2022	2,412
2023	2,478
2024	2,545
2025	2,615
Thereafter	51,730
Total Debt	78,060
Discount, net	0
Deferred financing costs, net	(1,092)	$ (1,100)
Long-term Debt	76,968
Term Loans
Debt Instrument [Line Items]
October 1 through December 31, 2021	0
2022	0
2023	0
2024	598,337
2025	0
Thereafter	0
Total Debt	598,337
Discount, net	0
Deferred financing costs, net	(4,712)
Long-term Debt	593,625
Senior Notes
Debt Instrument [Line Items]
October 1 through December 31, 2021	0
2022	0
2023	0
2024	300,000
2025	0
Thereafter	1,750,000
Total Debt	2,050,000
Discount, net	(2,954)	6,400
Deferred financing costs, net	(15,552)	$ (8,000)
Long-term Debt	$ 2,031,494

DERIVATIVE AND HEDGING INSTRU_3

DERIVATIVE AND HEDGING INSTRUMENTS - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)derivative	Sep. 30, 2021USD ($)derivative	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)derivative	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Fair value of derivatives in a net liability position	$ 7,273,000	$ 7,273,000		$ 7,273,000		$ 37,018,000
Forward Starting Interest Rate Swaps
Derivative [Line Items]
Number of derivative contracts terminated | derivative	6
Proceeds from counterparties upon termination of derivatives	$ 3,000,000
Interest Rate Swap
Derivative [Line Items]
Number of derivative contracts terminated | derivative	5
Credit Risk
Derivative [Line Items]
Fair value of derivatives in a net liability position	$ 6,300,000	6,300,000		6,300,000
Termination value	6,100,000	6,100,000		6,100,000
Cash Flow Hedges | Interest Rate Swap
Derivative [Line Items]
Ineffectiveness on cash flow hedges		0	$ 0	0	$ 0
Designated as Hedging Instrument
Derivative [Line Items]
Fair value of derivatives in a net liability position	$ 105,611,000	$ 105,611,000		105,611,000		$ 135,118,000
Designated as Hedging Instrument | Cash Flow Hedges
Derivative [Line Items]
Losses included in accumulated other comprehensive income expected to be reclassified into retained earnings in the next 12 months				$ 11,000,000
Not Designated as Hedging Instrument | Cross Currency Interest Rate Swaps
Derivative [Line Items]
Number of derivative instruments held | derivative	1	1		1
Fair value of derivative asset	$ 200,000	$ 200,000		$ 200,000
Other income (expense) related to derivatives		$ 100,000	$ (100,000)	$ (5,000)	$ 13,000

DERIVATIVE AND HEDGING INSTRU_4

DERIVATIVE AND HEDGING INSTRUMENTS - Notional Amount of Derivatives Instruments (Details)	Jan. 31, 2023USD ($)	Sep. 30, 2021USD ($)derivative	Sep. 30, 2021CAD ($)derivative	Dec. 31, 2020USD ($)derivative	Dec. 31, 2020CAD ($)derivative
Not Designated as Hedging Instrument | Cross Currency Interest Rate Swaps
Derivative [Line Items]
Number of derivative instruments held | derivative		1	1
Cash Flow Hedges | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount		$ 436,250,000		$ 1,340,000,000
Cash Flow Hedges | Designated as Hedging Instrument | Cross Currency Interest Rate Swaps
Derivative [Line Items]
Notional amount			$ 125,000,000		$ 250,000,000
Cash Flow Hedges | Designated as Hedging Instrument | Cross Currency Interest Rate Contract with Accreting Balance | Denominated in U.S. Dollars
Derivative [Line Items]
Notional amount		$ 175,000,000
Cash Flow Hedges | Designated as Hedging Instrument | Cross Currency Interest Rate Contract with Accreting Balance | Forecast | Denominated in U.S. Dollars
Derivative [Line Items]
Notional amount	$ 262,500,000
Cash Flow Hedges | Designated as Hedging Instrument | Forward Starting Interest Rate Swaps - Effective January 2021 | Denominated in U.S. Dollars
Derivative [Line Items]
Number of derivative instruments held | derivative				2	2
Cash Flow Hedges | Designated as Hedging Instrument | Forward Starting Interest Rate Swaps - Effective January 2021 | Denominated in Canadian Dollars
Derivative [Line Items]
Notional amount					$ 125,000,000
Number of derivative instruments held | derivative				2	2
Cash Flow Hedges | Designated as Hedging Instrument | Forward Starting Interest Rate Collar - Effective January 2021 | Denominated in U.S. Dollars
Derivative [Line Items]
Number of derivative instruments held | derivative				1	1
Cash Flow Hedges | Designated as Hedging Instrument | Forward Starting Interest Rate Swap - Effective May 2024 | Denominated in U.S. Dollars
Derivative [Line Items]
Notional amount				$ 250,000,000
Number of derivative instruments held | derivative				6	6
Cash Flow Hedges | Designated as Hedging Instrument | Forward Starting Interest Rate Swaps And Forward Starting Interest Rate Collars | Denominated in U.S. Dollars
Derivative [Line Items]
Notional amount				$ 245,000,000
Net Investment Hedges | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount			125,000,000		$ 125,000,000
Net Investment Hedges | Designated as Hedging Instrument | Cross Currency Interest Rate Swaps
Derivative [Line Items]
Notional amount			51,767,000		52,778,000
Net Investment Hedges | Not Designated as Hedging Instrument | Cross Currency Interest Rate Swaps
Derivative [Line Items]
Notional amount			$ 4,533,000		$ 3,522,000

DERIVATIVE AND HEDGING INSTRU_5

DERIVATIVE AND HEDGING INSTRUMENTS - Derivative and Financial Instruments Designated as Hedging Instruments (Details) $ in Thousands	Sep. 30, 2021USD ($)instrument	Dec. 31, 2020USD ($)
Assets:
Fair Value	$ 2,319	$ 12,802
Liabilities:
Fair Value	7,273	37,018
Designated as Hedging Instrument
Assets:
Fair Value	2,319	12,802
Liabilities:
Fair Value	$ 105,611	135,118
Designated as Hedging Instrument | Interest rate swaps | Cash flow | Accounts receivable, prepaid expenses and other assets, net
Assets:
Count | instrument	2
Fair Value	$ 290	0
Designated as Hedging Instrument | Interest rate swaps | Cash flow | Accounts payable and accrued liabilities
Liabilities:
Count | instrument	4
Fair Value	$ 6,220	23,849
Designated as Hedging Instrument | Interest rate collar | Cash flow | Accounts payable and accrued liabilities
Liabilities:
Count | instrument	2
Fair Value	$ 1,053	1,626
Designated as Hedging Instrument | Forward starting interest rate swaps | Cash flow | Accounts receivable, prepaid expenses and other assets, net
Assets:
Count | instrument	0
Fair Value	$ 0	10,652
Designated as Hedging Instrument | Forward starting interest rate swaps | Cash flow | Accounts payable and accrued liabilities
Liabilities:
Count | instrument	0
Fair Value	$ 0	10,723
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	$ 2,029	2,150
Designated as Hedging Instrument | Forward starting interest rate collars | Cash flow | Accounts payable and accrued liabilities
Liabilities:
Count | instrument	0
Fair Value	$ 0	820
Designated as Hedging Instrument | CAD term loan | Net investment | Term loans, net
Liabilities:
Count | instrument	1
Fair Value	$ 98,338	$ 98,100

DERIVATIVE AND HEDGING INSTRU_6

DERIVATIVE AND HEDGING INSTRUMENTS - Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in other comprehensive income (loss), cash flow hedges and net investment hedges	$ (203)	$ 879	$ 13,642	$ (38,794)
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), cash flow hedges	(3,780)	3,836	13,995	(42,826)
Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive (loss) income into income, cash flow hedges	(3,373)	(2,985)	(9,916)	(5,148)
Foreign currency products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), net investment hedges	1,077	(1,044)	(115)	1,544
CAD term loan
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), net investment hedges	$ 2,500	$ (1,913)	$ (238)	$ 2,488

DERIVATIVE AND HEDGING INSTRU_7

DERIVATIVE AND HEDGING INSTRUMENTS - Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Offsetting Assets:
Gross amounts of recognized assets	$ 2,319	$ 12,802
Gross amounts offset in the balance sheet	0	0
Net amounts of assets presented in the balance sheet	2,319	12,802
Financial instruments	(1,021)	(7,420)
Cash collateral received	0	0
Net amount	1,298	5,382
Offsetting Liabilities:
Gross amounts of recognized liabilities	7,273	37,018
Gross amounts offset in the balance sheet	0	0
Liabilities presented in the balance sheet	7,273	37,018
Financial instruments	(1,021)	(7,420)
Cash collateral received	0	0
Net amount, liabilities	$ 6,252	$ 29,598

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - Discount rate	Sep. 30, 2021
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.07
Preferred equity investments, measurement input	0.10
Minimum | Secured Indebtedness
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.02
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.11
Preferred equity investments, measurement input	0.15
Maximum | Secured Indebtedness
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.03
Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.09
Preferred equity investments, measurement input	0.11
Weighted Average | Secured Indebtedness
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.03

FAIR VALUE DISCLOSURES - Face V

FAIR VALUE DISCLOSURES - Face Values, Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Loans receivable	$ 62,676,000	$ 65,320,000
Preferred equity investments	51,035,000	43,724,000
Senior Notes
Financial liabilities:
Financial liabilities	2,050,000,000	1,250,000,000
Secured Indebtedness
Financial liabilities:
Financial liabilities	78,060,000	80,199,000
Carrying Amount
Financial assets:
Loans receivable	54,628,000	58,899,000
Preferred equity investments	51,268,000	43,940,000
Carrying Amount | Senior Notes
Financial liabilities:
Financial liabilities	2,031,494,000	1,248,393,000
Carrying Amount | Secured Indebtedness
Financial liabilities:
Financial liabilities	76,968,000	79,065,000
Fair Value
Financial assets:
Loans receivable	55,604,000	60,421,000
Preferred equity investments	51,948,000	44,597,000
Fair Value | Senior Notes
Financial liabilities:
Financial liabilities	2,153,898,000	1,362,678,000
Fair Value | Secured Indebtedness
Financial liabilities:
Financial liabilities	$ 76,512,000	$ 79,326,000

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value of Financial Instruments (Details) - Measured on a Recurring Basis $ in Thousands	Sep. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	$ 55,604
Preferred equity investments	51,948
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	2,153,898
Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	76,512
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
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
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
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
Significant Other Observable Inputs (Level 2) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	2,153,898
Significant Other Observable Inputs (Level 2) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	55,604
Preferred equity investments	51,948
Significant Unobservable Inputs (Level 3) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Significant Unobservable Inputs (Level 3) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 76,512

FAIR VALUE DISCLOSURES - Items

FAIR VALUE DISCLOSURES - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 2,319	$ 12,802
Financial liabilities	7,273	$ 37,018
Measured on a Recurring Basis | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	290
Financial liabilities	6,220
Measured on a Recurring Basis | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	2,029
Measured on a Recurring Basis | Interest rate collar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,053
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	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 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate collar
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) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	290
Financial liabilities	6,220
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	2,029
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Interest rate collar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,053
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	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 | Significant Unobservable Inputs (Level 3) | Interest rate collar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 0

EQUITY - Common Stock (Details)

EQUITY - Common Stock (Details) - USD ($)	Oct. 15, 2021	Aug. 06, 2021	Dec. 11, 2019	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax withholding obligations incurred on behalf of employees					$ 1,900,000	$ 900,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon vesting (in shares)					200,000
Prior ATM Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds possible from sales of common stock under equity distribution agreement (up to)			$ 400,000,000
Shares issued				0	2,200,000
Average price per share (in dollars per share)					$ 17.78
Gross proceeds from issuance of common stock					$ 38,800,000
Payments for stock issuance commissions					$ 600,000
Prior ATM Program - Forward Feature
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued					7,900,000
Gross proceeds from issuance of common stock					$ 137,000,000
Shares sold under the forward feature of the ATM Program (in shares)					6,800,000
Initial weighted average price (in dollars per share)					$ 17.49
Prior ATM Program - Forward Feature | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per share (in dollars per share)					$ 17.36
ATM Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds possible from sales of common stock under equity distribution agreement (up to)		$ 500,000,000
Shares issued				0	0
Forward sale agreements term		1 year
Amount available under ATM Program				$ 497,300,000	$ 497,300,000
ATM Program - Forward Feature
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold under the forward feature of the ATM Program (in shares)				200,000	200,000
Initial weighted average price (in dollars per share)				$ 15	$ 15
Underwritten public offering | Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	7,800,000
Gross proceeds from issuance of common stock	$ 112,600,000
Price per share (in dollars per share)	$ 14.40

EQUITY - Cash Dividends on Comm

EQUITY - Cash Dividends on Common Stock Declared and Paid (Details) - $ / shares	Aug. 04, 2021	May 05, 2021	Feb. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 1.05

EQUITY - Accumulated Other Comp

EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 3,329,100	$ 3,383,063	$ 3,409,228	$ 3,364,340	$ 3,361,251	$ 3,488,460
Total accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(16,144)	$ (16,174)	(39,911)	$ (49,170)	$ (55,641)	$ (12,388)
Foreign currency translation loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(1,847)		(1,831)
Unrealized loss on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (14,297)		$ (38,080)

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net income (loss)	$ 10,223	$ 36,460	$ (88,903)	$ 101,300
Denominator
Basic weighted average common shares and common equivalents (in shares)	220,865,518	205,791,699	216,227,221	205,592,806
Dilutive restricted stock units (in shares)	1,198,392	935,468	0	849,868
Diluted weighted average common shares (in shares)	222,063,910	206,727,167	216,227,221	206,442,674
Net income (loss), per:
Basic common share (in dollars per share)	$ 0.05	$ 0.18	$ (0.41)	$ 0.49
Diluted common share (in dollars per share)	$ 0.05	$ 0.18	$ (0.41)	$ 0.49

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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)	2,400	99,700	1,700	113,300
Forward Equity Sale Agreements
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		300

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	Nov. 03, 2021$ / shares	Aug. 04, 2021$ / shares	May 05, 2021$ / shares	Feb. 02, 2021$ / shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020$ / shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020$ / shares	Oct. 15, 2021USD ($)property	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Loans receivable					$ 62,676		$ 62,676			$ 65,320
Rate of return (percent)					7.90%		7.90%
Quarterly cash dividend declared on common stock (in dollars per share) | $ / shares		$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 1.05
Mortgage
Subsequent Event [Line Items]
Loans receivable					$ 19,000		$ 19,000
Rate of return (percent)					10.00%		10.00%
Subsequent event
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share) | $ / shares	$ 0.30
Subsequent event | Mortgage | RCA Mortgage Loan
Subsequent Event [Line Items]
Loans receivable									$ 290,000
Number of properties to secure loan | property									6
Rate of return (percent)									7.50%
Additional funding commitment available upon achievement of performance metrics									$ 35,000
Number of properties in lease-up related to performance metrics | property									2

Uncategorized Items - sbra-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]