Omega Healthcare Investors, Inc.

Overview

• Invests in healthcare-related real estate properties and related assets in the United States, United Kingdom, and Canada.
• Operates as a single reporting segment focused on long-term healthcare real estate and related financing.
• Structured as an UPREIT; owns assets directly or through its operating partnership Omega OP, with Omega taxed as a REIT.
• Began using RIDEA structures for some facilities in late 2025 (manager operates the facility through a TRS, subject to REIT rules).

Corporate and ownership structure

• Omega OP is a pass-through for U.S. federal income tax purposes. Omega owned about 95% of Omega OP units as of December 31, 2025; other investors owned about 5%.
• Omega holds interests through entities that are either consolidated or accounted for under the equity method, depending on the structure (real estate assets, mortgages, loans, and unconsolidated investments).

Portfolio statistics (as of December 31, 2025)

• Total consolidated real estate-related investments: 1,027 (composed of 936 facilities and 91 mortgage loans).
• Operated by 89 third-party operators or managers.
• Geographic coverage: 42 states, Washington, D.C., the United Kingdom, and Jersey.

Facility counts by property type (consolidated)

• Skilled nursing facilities (SNFs): 561
• Assisted living facilities (ALFs): 339
• Independent living facilities (ILFs): 19
• Specialty facilities (long-term acute care, rehab, behavioral health, etc.): 16
• Continuing care retirement communities (CCRCs): 1
• Total consolidated facilities: 936
• Note: 18 properties are non-operating/closed and are not included in the bed counts above.

Real estate and loan investments (gross)

• Real estate assets (SNFs/Transitional care, ALFs, ILFs, CCRCs, etc.): 936 facilities with gross investment of $9,633,382 thousand.
• Mortgage loans (on SNFs, ALFs, ILFs): 91 loans with gross investment of $931,616 thousand.
• Total real estate assets and mortgage loans: 1,027 investments with gross investment of $10,564,998 thousand.
• Other real estate loans receivable: $524,169 thousand investment; $7,533 thousand revenue.
• Investments in unconsolidated entities: 84 investments with gross investment of $414,127 thousand; Omega’s share of earnings shown as $2,801 thousand revenue.
• Non-real estate loans receivable: $430,584 thousand investment; $10,143 thousand revenue.
• Total investments (consolidated real estate + loans + unconsolidated + non-real estate loans): $11,937,878 thousand.
• Total revenues associated with investments for the year ended 12/31/2025: $313,034 thousand.

Geographic concentration (by property count)

• United Kingdom: 263 facilities (28.1%)
• Texas: 92 facilities (9.8%)
• Indiana: 69 facilities (7.4%)
• California: 52 facilities (5.6%)
• Florida: 45 facilities (4.8%)
• North Carolina: 45 facilities (4.8%)
• Virginia: 24 facilities (2.6%)
• Pennsylvania: 32 facilities (3.4%)
• Ohio: 29 facilities (3.1%)
• New York: 1 facility (0.1%)
• Remaining locations (33 states): 284 facilities (30.3%)
• Total: 936 facilities (100%)

Geographic concentration (by gross investment)

• United Kingdom: $1,719,740 thousand (17.9%)
• Texas: $903,610 thousand (9.4%)
• Indiana: $629,827 thousand (6.5%)
• California: $583,414 thousand (6.1%)
• Florida: $473,420 thousand (4.9%)
• North Carolina: $410,492 thousand (4.3%)
• Virginia: $389,453 thousand (4.0%)
• Pennsylvania: $364,266 thousand (3.8%)
• Ohio: $357,655 thousand (3.7%)
• New York: $329,586 thousand (3.4%)
• Remaining locations: $3,471,919 thousand (36.0%)
• Total real estate gross investment: $9,633,382 thousand

Investment yields (as of 12/31/2025)

• Triple-net leases: average annualized yield of approximately 10.4%.
• Real estate mortgage loans: average annualized yield of approximately 10.2%.
• Non-real estate loans: average annualized yield of approximately 10.2%.

Operations and business model

Investment strategy

• Focus on long-term healthcare facilities and related financing (real estate, mortgages, and loans).
• Diversified operator and market exposure; selective use of RIDEA structures to enable direct exposure to operations.
• Consider sale or transition of underperforming assets and opportunistic investments in ancillary technology and infrastructure for long-term care.

Real estate and lease structure

• Substantially all leases are triple-net, with operators responsible for rent and most operating costs; capital expenditures are often the operator’s responsibility.
• Leases typically run 5–15 years with renewal options; master leases are common for multiple facilities.
• Some properties are operated under RIDEA via a TRS with independent third-party managers; Omega retains oversight rights but relies on managers for day-to-day operations.
• Average yields on triple-net leases support cash flow objectives, while regulatory and reimbursement developments can affect returns.

Regulatory and tax framework

• Omega is a REIT and must distribute at least 90% of REIT taxable income. Investments in TRSs for non-qualifying activities are taxed separately.
• The company’s activities span U.S. and international operations, with ongoing regulatory and tax considerations for REIT status, foreign operations, and healthcare-specific compliance.
• Key risk drivers include government reimbursement changes (Medicare/Medicaid), home- and community-based services (HCBS) rules, and regulatory developments in the U.K. and Canada.

People and operations

• Employees: 69 as of February 1, 2026 (including 5 executive officers).
• Executive officers (as of Feb 1, 2026): C. Taylor Pickett (CEO), Matthew Gourmand (President), Vikas Gupta (CIO), Robert O. Stephenson (CFO), Gail D. Makode (CLO/GC). Several hold other roles or board positions.

Financial highlights

• Total investments: $11,937,878 thousand.
• Real estate assets: $9,633,382 thousand.
• Mortgage loans: $931,616 thousand.
• Other real estate loans receivable: $524,169 thousand.
• Investments in unconsolidated entities: $414,127 thousand.
• Non-real estate loans receivable: $430,584 thousand.
• Total revenues associated with investments (year ended 12/31/2025): $313,034 thousand.

Summary

Omega Healthcare Investors is a healthcare real estate REIT focused on owning and financing long-term care facilities (SNFs, ALFs, ILFs, CCRCs, and related facilities) across the U.S., U.K., Jersey, and Canada. As of year-end 2025 the portfolio included 936 facilities and related mortgage loans and other investments totaling 1,027 consolidated real estate-related investments, with approximately $11.94 billion in total investments and about $313 million in investment-related revenue for 2025. The company primarily uses triple-net leases and is expanding use of RIDEA structures to increase operational exposure while managing credit and regulatory risks in the healthcare sector.