Omega Healthcare Investors, Inc. · NYSE:OHI
Omega Healthcare Investors — Investor Presentation (October 2026)
64 slides from Omega Healthcare Investors's investor presentation, October 2026
Slide 1: Omega Healthcare Investors Investor Presentation
OMEGA HEALTHCARE INVESTORS INVESTOR PRESENTATION October 2026
Slide 2: Disclaimers; Forward-looking Statements and Non-GAAP Information
Disclaimers; Forward-looking Statements and Non-GAAP Information • This presentation may include projections and other “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to future events and expectations and involve unknown
Slide 3: Table of Contents
Table of Contents Page 4 Company Profile & Strategy 10 Why Invest? 14 Skilled Nursing Facilities: What Makes it an Attractive Asset Class? 23 Strong Portfolio of Skilled Operators 33 Benefits of Investing in Long-term Care 38 Excellent Financials and Execution Track Record 45 Proven Investment Strat
Slide 4: Company Profile & Strategy
1 Company Profile & Strategy INVESTOR PRESENTATION 4
Slide 5: Omega Snapshot
OMEGA SNAPSHOT (NYSE:OHI) 1992 $11.4B $19.0B Year Listed Total RE Investments Enterprise Value 97 1,108 100,588 Operators Properties (US, UK & Jersey) Number of Beds BBB- 88% 5.7% Investment Grade 5-Year TSR Dividend Yield INVESTOR PRESENTATION 5 For source information see page 57 onwards
Slide 6: Differentiators that Support Today's Strength and Tomorrow's Opportunity
Differentiators that Support Today’s Strength and Tomorrow’s Opportunity Largest Skilled Long-term triple net 1 Nursing Facilities (SNF) focused REIT master leases provide lower risk, steady income 5 2 Consistent dividend growth Positioned to benefit from macro tailwinds 6 3 Diversified geographic e
Slide 7: Experienced and Proven Management Team
Experienced and Proven Management Team Matthew Gourmand Neal Ballew Vikas Gupta Chief Executive Officer Chief Financial Officer Chief Investment Officer 29 years in industry 17 years in industry 24 years in industry 9 years at OHI 6 years at OHI 16 years at OHI Gail Makode Lucas Golem Megan Krull Ch
Slide 8: Strategy that Supports Long-Term Shareholder Value Creation
Strategy that Supports Long-Term Shareholder Value Creation Growth Through Accretive Investments Maintain Shareholder Continued Financial Solid Dividend Value Creation Strength Growth Leverage Sound Corporate Stewardship Practices INVESTOR PRESENTATION 8
Slide 9: Business Update
Business Update Omega To Transition Operations Of 32 Facilities In Florida to PACS Group On October 5th, Omega announced that that it transitioned 32 skilled nursing facilities in Florida from an operator managed by affiliates of Airamid Health Services, LLC (“Airamid”) to subsidiaries of PACS Group
Slide 10: Why Invest?
2 Why Invest? INVESTOR PRESENTATION 10
Slide 11: Investment Thesis
Investment Thesis 1 2 3 4 5 Established, Strong Well Positioned to Consistent Anchored Experienced and Balance Sheet Capitalize on Growth, High-Yield Operating Model Diversified Management Future Growth INVESTOR PRESENTATION 11
Slide 12: Investment Thesis and Supporting Elements
Investment Thesis and Supporting Elements 1 2 3 4 5 Established, Consistent Growth, Anchored Operating Strong Well Positioned to Experienced and High-Yield Model Balance Sheet Capitalize on Future Diversified Management Growth • Experienced and proven • Prudent fixed rent • A low cost, needs-base •
Slide 13: Attractive Investment Opportunity
Attractive Investment Opportunity INCOME STOCK Dividend Yield of 5.7% VALUE STOCK Trades at GROWTH 14.4x AFFO STOCK Annualized AFFO Growth of 6.5% since 2004 SOURCE INDEX Information provided as of June 30, 2026 Books INVESTOR PRESENTATION 13
Slide 14: Skilled Nursing Facilities: What Makes it an Attractive Asset Class?
3 Skilled Nursing Facilities: What Makes it an Attractive Asset Class? INVESTOR PRESENTATION 14
Slide 15: Skilled Nursing Facilities Meet an Essential Need
Skilled Nursing Facilities Meet an Essential Need LOWER AVG. HIGHER AVG. COST COST INVESTOR PRESENTATION 15
Slide 16: More Patients Are Discharged to Skilled Nursing Facilities Than to Any Other Care Setting
More Patients Are Discharged to Skilled Nursing Facilities Than to Any Other Type of Care Setting MEDICARE FFS HOSPITAL DISCHARGE DESTINATIONS SNFs 18.4% Home Health Care 17.1% IRFs 5.1% Other 3.3% Over the last decade, SNFs have consistently been the highest discharge destination LTACH 0.6% SOURCE
Slide 17: Lowest Cost Provider of Post-Acute 24-Hour Nursing Care
Lowest Cost Provider of Post-Acute 24-Hour Nursing Care SNFs provide care for much higher acuity patients than can be handled in Senior Housing or Home Health settings – so hospital discharges to SNFs have held steady AVG. COST PER DAY PER CARE SETTING $3,297 $2,039 $1,774 $764 Hospital IRF LTACH SN
Slide 18: Skilled Nursing Facilities are Primarily Funded Through Medicare and Medicaid
Skilled Nursing Facilities are Primarily Funded Through Medicare and Medicaid $850 MEDICARE MEDICAID Patient Per Day (PPD) $350 Patient Per Day (PPD) $750 $300 $650 $250 $550 $450 $200 $350 $150 Early 80’s 20-25 Days $650-$750 Early 80’s 18 Months $300 Age of Resident Length of Stay Cost Per Day Age
Slide 19: Omega's Average Facility Statistics
Omega’s Average Facility Statistics ~100 82.6% Avg. Beds in Facility Occupancy OPERATOR PAYOR MIX Medicare 27% 47% Medicaid 26% Private / Other SOURCE INDEX Books INVESTOR PRESENTATION 19
Slide 20: Limited Supply Growth Due to Regulatory Restrictions
Limited Supply Growth Due to Regulatory Restrictions 1.43M Certificate of Need Certified Beds Moratorium on New Beds 86% Both States have a moratorium on None new beds or CON restrictions • Supply of facilities and beds to meet increasing future demand is limited due to Certificate of Need (CON) and
Slide 21: "Stroke-of-the-Pen" Risk Overstated
“Stroke-of-the-Pen” Risk Overstated 1 • Most patients are too sick to 4 SNFs are a necessary care for at home, even with • SNFs are a low-margin business Efficient and lean part of the healthcare home health support • Reimbursement cuts could impact business model continuum • However, they do not re
Slide 22: Highest Investment Yields Compared to Other Healthcare Real Estate Assets
Highest Investment Yields Compared to Other Healthcare Real Estate Assets 11% Investment yields in SNFs have 10% consistently been 9% 9.1% Hospital favorable to all 8.80% SNF 8.40% SH (NNN) other sectors 8% 7.5% MOB 7% 6.80% SH 6.7% LS 6% 5% Average yield over the last five years: 4% SH (NNN) 9.3% S
Slide 23: Strong Portfolio of Skilled Operators
4 Strong Portfolio of Skilled Operators INVESTOR PRESENTATION 23
Slide 24: Portfolio Overview
Portfolio Overview GEOGRAPHIC & OPERATOR DIVERSIFICATION Long-term Triple Net Master Leases: Operators are responsible for all property expenses 1,108 97 44 Facilities Operators States + DC, the UK & Jersey FACILITY INVESTMENT TYPES STRONG OPERATOR COVERAGE 2.01x 1.65x 40% Skilled Nursing/Transition
Slide 25: Diversified Geographic Portfolio
Diversified Geographic Portfolio Omega’s geographic diversification helps 97 1,108 44 2 minimize impact of regulatory or Operators Facilities States + DC Foreign Locations reimbursement changes in any individual state Investment Concentration by Location United Kingdom & Jersey 18.1% Texas 8.8% Indi
Slide 26: United Kingdom: An Attractive and Profitable Market
United Kingdom: An Attractive and Profitable Market 1 Highly Compelling Supply/Demand Dynamic: Between 2012 and 2018, care home beds declined 1.5% while the population over 75 increased by 9.6% 48 2 Attractive Investment Yields: Initial cash yields standardly 9%+ with annual escalators of ~2.5% 3 Pu
Slide 27: Triple-Net Leases Provide a Secure, Steady Source of Revenue
Triple-Net Leases Provide a Secure, Steady Source of Revenue Long-term triple-net master leases with cross collateralization provisions • • Seek strong credit profiles Security deposits of generally 3 to 6 87% • months Monthly reporting requirements 90% Rent & Interest tied to Fixed-Rate Rent & Inte
Slide 28: Favorable Portfolio Composition to Peers
Favorable Portfolio Composition to Peers EBITDA / Total Revenue Compared to other Healthcare REITS 4th 90.6% Highest Concentration of ALL REITs Top 5 relationships: 34%; Peer Avg: 50% 61.7% Favorable 56.7% portfolio diversification & exposure Reduced state-specific State diversification: risks relat
Slide 29: Long-Term Leases with Minimal Near-Term Expirations
Long-Term Leases with Minimal Near-Term Expirations % OF PORTFOLIO LEASE AND MORTGAGE EXPIRATIONS BY YEAR 54.1% 9.4 ~98% of portfolio years expirations after Avg. lease term 2026 17.1% 8.2% 4.8% 4.5% 1.8% 2.9% 2.8% 1.6% 1.2% 1.0% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter SOURCE IN
Slide 30: Strong Returns Start with Strong Operators
Strong Returns Start with Strong Operators Diversified Group of Operators OPERATOR CONCENTRATION 70% of all investments in the past five years have been with current operators Saber Maplewood 11% 6% PACS Genesis Communic 5% 5% are 6% Brookdale Nexion 4% 3% Remaining operators Ciena HHC Gold Care 47%
Slide 31: Skilled Operators with Extensive Patient Expertise
Skilled Operators with Extensive Patient Expertise Highly Reputable Highly Engaged Typically repeat business with Over 85% of our operator strong relationships to local businesses are privately doctors and hospitals. owned and operated. Highly Experienced Geographic Experts Our average operator has
Slide 32: Operators Continue to be Profitable
Operators Continue to be Profitable RECENT HEADWINDS Since 2007, despite declining operator EBITDAR coverage across The Baby Bust healthcare REITs, our operators continue to be profitable. Average birth rate between 1928 and 1940 was 15% lower than prior decade. This smaller cohort drove lower occup
Slide 33: Benefits of Investing in Long-term Care
5 Benefits of Investing in Long-term Care INVESTOR PRESENTATION 33
Slide 34: A Growing Aging Population Provides Opportunity
A Growing Aging Population Provides Opportunity 65+ Age Population 80.8 78.0 73.1 65.2 56.1 22% 21% 21% 19% 17% Aging Baby Boomers expected to drive a 1 multi-decade increase in demand for SNFs 44% projected increase in Adults 65+ 2020 2025 2030 2035 2040 2 in the next 20 years Census Estimates % of
Slide 35: Demographic Tailwinds Expected to Drive Occupancy Growth For the Next 20 Years
Demographic Tailwinds Expected to Drive Occupancy Growth For the Next 20 Years 1 Medicare utilization of SNFs materially increases from 75 years old The SNF industry has been Based on birth rates beginning in the 1940s and current SNF 2 This utilization increases through their late 80s battling with
Slide 36: Significant Increase in SNF Utilization by Those Aged 75+
Significant Increase in SNF Utilization by Those Aged 75+ SNF UTILIZATION BY AGE AVERAGE SNF DAYS PER 6,500 1,000 BENEFICIARIES BY AGE RANGE 6,000 SNF Days per 1,000 Beneficiaries 5,500 5,000 4,500 75-84 65-74 2,461 849 4,000 3,500 3,000 85+ 2,500 2,000 1,500 5,331 1,000 500 0 65 66 67 68 69 70 71 7
Slide 37: SNF Demand Estimated to Outstrip Supply by 2030
SNF Demand Estimated to Outstrip Supply by 2030 1 116% Aging demographics 113% should drive SNF 102% occupancy beyond 79% 83% 100% capacity in the next decade. 2 Prudent incremental supply will create 2023 2025 2030 2035 2040 additional Residents Capacity Occupancy development growth opportunities.
Slide 38: Excellent Financials and Execution Track Record
6 Excellent Financials and Execution Track Record INVESTOR PRESENTATION 38
Slide 39: Consistently Performing and Growing
Consistently Performing and Growing Omega Gross Investments Omega Core Operations Revenue ($ in billions) ($ in millions) $11.9 $1,190 $10.3 $10.9 $1,063 $10.4 $10.1 $1,051 $10.1 $9.9 $929 $950 $9.2 $9.1 $9.1 $901$908$882 $892 $878 $8.1 12.7% $744 12.6% CAGR CAGR $505 $4.5 $3.9 $419 $3.3 $350 $2.8 $
Slide 40: Strong Growth in Profitability
Strong Growth in Profitability Adjusted EBITDA Adjusted Funds from Operations ($ in millions) ($ in millions) $946 $1,158 $810 $1,047 $778 $988 $1,001 $760 $967 $730 $924 $689$683 $681 $699 $870$882$843$893 $638 $564 13.6% $716 12.7% CAGR CAGR $487 $363 $402 $299 $334 $236 $279 $193 $236 $156 $170 $
Slide 41: Outstanding Financial Performance Among ALL REITs
Outstanding Financial Performance Among ALL REITs EBITDA / TOTAL REVENUES Exceptional EBITDA margins are driven by: 94% 93% 91% 93% 92% 88% 90% 86% 89% 91% 80% Consistency Genuine Triple- Conservative of Revenue Net Nature of G&A Load Streams Leases #2 #2 #2 #2 #2 #6 #3 #9 #13 #7 #4 Resulting in: 1
Slide 42: High-Yield and Historically Consistent Dividend
High-Yield and Historically Consistent Dividend $3.00 $2.68 $2.68 $2.68 $2.68 $2.72 $2.64 $2.66 $2.68 $2.68 $2.58 $2.50 $2.41 $2.22 $2.06 $2.00 $1.90 $1.73 $1.59 $1.50 $1.42 $1.20 $1.22 $1.11 $0.98 $1.00 $0.88 $0.75 $0.64 $0.50 $0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
Slide 43: Top-Tier Total Shareholder Returns
Top-Tier Total Shareholder Returns Shareholder Returns Through 12/31/25 OHI Total Returns vs. Healthcare REIT Averages (Years ending 12/31/2025) 182.0% 3 5 TOTAL RETURN TOTAL RETURN 101.1% 83.0% ANN. EQUIV. ANN. EQUIV. YEAR 26.2% YEAR 12.8% 103.2% 101.1% 81.4% 83.0% 71.0% 10 TOTAL RETURN 182.0% YEAR
Slide 44: Top-Tier Returns on Investments
Top-Tier Returns on Investments Higher than 2025 Healthcare Rank Industry Average ROAA 5.51% +458bps 2 ROIC 8.89% +292bps 1 ROAE 11.26% +1,013bps 1 SOURCE INDEX Books INVESTOR PRESENTATION 44
Slide 45: Proven Investment Strategy for Future Growth
7 Proven Investment Strategy for Future Growth INVESTOR PRESENTATION 45
Slide 46: A Long History of Prudent Capital Allocation
A Long History of Prudent Capital Allocation INVESTMENTS In billions Acquisitions Mortgages $4.4 $16.1 Capex billion CIP (2) New investments since January 2010 (1) $1.7 Other (3) $1.3 $1.2 $1.2 $0.8 $0.6 $0.6 $0.6 $0.7 $0.5 $0.5 $0.5 $0.4 $0.4 $0.4 $0.3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2
Slide 47: Proven Investment Strategy for Future Growth
Proven Investment Strategy for Future Growth Partner with quality operators 1 Continue to pursue accretive transactions with ambition to grow 2 Leverage existing 97 operator relationships Justify the cost of capital advantage through strong growth 3 Invest primarily in current core markets 4 Maintai
Slide 48: Ample Opportunity to Expand Portfolio
Ample Opportunity to Expand Portfolio SNF OWNERSHIP Omega Publicly Traded REITs Other Even as the largest owner of SNFs, we still only own 5% of the market. Given the accretion created from acquisitions, the fragmented ownership of SNFs provides a significant opportunity for further growth. EXPECTAT
Slide 49: Liquidity Structure & Credit Profile
8 Liquidity Structure & Credit Profile INVESTOR PRESENTATION 49
Slide 50: Effective Balance Sheet Management Provides Financial Flexibility
Effective Balance Sheet Management Provides Financial Flexibility CONSERVATIVE SIGNIFICANT FINANCIAL DIVIDEND PAYOUT CAPITALIZATION LIQUIDITY FLEXIBILITY RATIOS Debt to adjusted Availability under $2.0B Minimal encumbered assets: AFFO Payout Ratio: Normalized EBITDA ratio: revolving credit facility:
Slide 51: Conservative Capitalization Policy
Conservative Capitalization Policy Targeted Funded Debt to Adjusted EBITDA Ratio Typically have used borrowings under the revolver to make acquisitions and replenished revolver 4.0x – 5.0x availability with long-term debt and equity issuances Leverage Fixed Charge Coverage 5.2x 5.3x 5.3x 5.8x 5.1x 5
Slide 52: Well-Laddered Debt Provides Stability
Well-Laddered Debt Provides Stability Debt Maturity Schedule as of 6/30/26 $2.0B unsecured revolving credit facility • No debt Maturing in 2026 • 99.9% of debt is fixed rate $2.0B Revolving Credit Facility $1,994M $6.0 M Term Loan $300M $700M $700M $700M $600M $550M $500M 4.50% 4.75% 3.625% 5.20% 3.
Slide 53: Strong Balance Sheet and Secure Credit Ratings
Strong Balance Sheet and Secure Credit Ratings Funded Debt/Adj. Ann. EBITDA 3.2X Adj. EBITDA/Total Interest Expense Ratio 6.5X BBB- Adj. Total Debt/Adj. Book Capitalization 41.8% Baa3 Adj. EBITDA/Fixed Coverage Ratio 6.5X Adj. Total Debt/Total Market Capitalization 21.4% 2Q26 Funds Available for Dis
Slide 54: Readily Accessible Capital Markets as a Seasoned Issuer
Readily Accessible Capital Markets as a Seasoned Issuer Capital Markets Accessibility Common Equity $1,910 Preferred Equity Senior Unsecured Notes $1,246 $1,212 1,300 $996 $1,030 $960 $982 $859 600 $785 $760 500 $592 700 775 700 $453 700 650 400 $339 700 $339 $293 260 $231 610 612 530 $169 225 $138
Slide 55: Commitment to ESG Principles
9 Commitment to ESG Principles INVESTOR PRESENTATION 55
Slide 56: Prudent and Responsible Sustainability Program
Prudent and Responsible Sustainability Program MANAGING OUR SUPPORTING OUR INVESTING IN OUR PROTECTING OUR FOOTPRINT PEOPLE COMMUNITIES STAKEHOLDERS 62%+ Of Omega’s development since 2015 has Offers extensive employee benefits, Invested in several local charitable Independence been built to LEED cer
Slide 57: Sources & Appendix
Sources & Appendix INVESTOR PRESENTATION 57
Slide 58: Source Index
SOURCE INDEX Page 5 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com. 5-Year TSR as of 6/30/20256 Page 9 - Information as of 10/5/2026 Page 13 - Historical AFFO and dividend information can be found in the Investor Relations tab at www.omegah
Slide 59: Source Index
SOURCE INDEX Page 44 - Source for ranking is “2025 KeyBanc Capital Markets: The Leaderboard” as of 12/31/2025 Page 45 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com. 1) Includes the $3.9 billion 2015 Aviv acquisition; and the $
Slide 60: 2025 Quarterly Highlights
2025 Quarterly Highlights 1Q 2025 2Q 2025 3Q 2025 4Q 2025 • Paid a $0.67 per share • Paid a $0.67 per share • Paid a $0.67 per share • Paid a $0.67 per share quarterly cash dividend on quarterly cash dividend on quarterly cash dividend on quarterly cash dividend on common stock in February. common s
Slide 61: 2026 Quarterly Highlights
2026 Quarterly Highlights 1Q 2026 2Q 2026 3Q 2026 4Q 2026 • Paid a $0.67 per share • Paid a $0.67 per share • Paid a $0.68 per share quarterly cash dividend on quarterly cash dividend on quarterly cash dividend on common stock in February. common stock in May. common stock in August. • Completed $25
Slide 62: Industry Overview: Baby Boomers Started Turning 75 in 2016
Industry Overview: Baby Boomers Started Turning 75 in 2016 U.S. Birthrates, 1909 to 1980 5,000 4,500 4,000 Births (000’s) 3,500 3,000 2,500 2,000 1928 to 1940 1941 to 1964 Avg. 2,476 Avg. 3,767 1,500 SOURCE INDEX Books INVESTOR PRESENTATION 62
Slide 63: Industry Overview: Percentage of Historical Hospital Discharges to SNFs
Industry Overview: Percentage of Historical Hospital Discharges to SNFs has Remained Steady in Recent Years Discharge Disposition by Year 21.8% 21.4% 21.0% 21.3% 21.3% 20.9% 20.5% 19.3% Skilled Nursing Facilities 18.6% 18.4% 18.3% 18.4% 18.3% 19.6% 19.7% 17.9% 19.4% 19.5% 19.4% 18.8% 18.5% Home Heal
Slide 64: Industry Overview: Limited Supply Availability
Industry Overview: Limited Supply Availability Trend in Certified Nursing Facilities, Beds and Residents 1,800k 16.0k 1,700k 15.8k 1,600k Certified Facilities 15.5k 1,500k Beds & Patients 1,400k 15.3k 1,300k 15.0k 1,200k 14.8k 1,100k 1,000k 14.5k Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-
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