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BFS vs SBRA

Saul Centers, Inc. and Sabra Healthcare REIT, Inc.

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Saul Centers, Inc.

As of March 31, 2025, 93.9% of the commercial portfolio was leased compared to 94.6% as of March 31, 2024. As of March 31, 2025, excluding The Milton at Twinbrook Quarter, the residential portfolio was 99.3% leased compared to 98.7% as of March 31, 2024. Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 62 properties, which includes (a) 50 community and neighborhood shopping centers and eight mixed-use properties with approximately 10.2 million square feet of leasable area and (b) four non-operating land and development properties. Over 85% of the Saul Centers' property net operating income is generated by properties in the metropolitan Washington, D.C./Baltimore area.

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Sabra Healthcare REIT, Inc.

As of June 30, 2025, Sabra's investment portfolio included 359 real estate properties held for investment (consisting of (i) 219 skilled nursing/transitional care facilities, (ii) 36 senior housing communities ("senior housing - leased"), (iii) 73 senior housing communities operated by third-party property managers pursuant to property management agreements ("senior housing - managed"), (iv) 16 behavioral health facilities and (v) 15 specialty hospitals and other facilities), 13 investments in loans receivable (consisting of three mortgage loans and 10 other loans), four preferred equity investments and two investments in unconsolidated joint ventures. As of June 30, 2025, Sabra's real estate properties held for investment included 36,553 beds/units, spread across the United States and Canada.

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