Omega Healthcare Investors, Inc. · NYSE:OHI
Omega Healthcare Investors — Q1 2026 Earnings Presentation
20 slides from Omega Healthcare Investors's earnings presentation, Apr 29, 2026
Slide 1: Supplemental Information Q1 2026
Supplemental Information Q1 2026 Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease
Slide 2: Forward-Looking Statements and Cautionary Language
Forward-Looking Statements and Cautionary Language This supplemental includes forward-looking statements within the meaning of the federal securities laws. All statements regarding Omega’s or its tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations
Slide 3: Portfolio: Summary by Asset and Property Type
Portfolio: Summary by Asset and Property Type PORTFOLIO SUMMARY As of March 31, 2026 Three Months Ended # of Gross March 31, 2026 # of Operating Investment % of % of Facilities (1) Beds (1) ($000’s)(2) Investment Revenues Revenues Income Statement Line Real estate assets SNFs/Transitional care 569 6
Slide 4: Portfolio: Operator Diversification and Lease Maturities
Portfolio: Operator Diversification and Lease Maturities REVENUE CONCENTRATION BY OPERATOR ($ in thousands) 1Q 2026 Annualized Revenue Collections (1) Operator Total % of Total Facilities (2) 1 Communicare (3) $ 109,706 9.0% 58 2 Saber 97,628 8.0% 118 3 Ciena 94,080 7.7% 54 4 Maplewood 77,547 6.4% 1
Slide 5: Portfolio: Operator Geographic Diversification
Portfolio: Operator Geographic Diversification as of March 31, 2026 (No. of Operators No. of Facilities) Operators: 94 (1) Facilities: 1,124(2)(3) States: 44 + DC Foreign Locations: 2 (4) State Concentration Key <10 facilities 1) Many operators have facilities in multiple states 10 to 20 facilitie
Slide 6: Core Portfolio: Operator EBITDARM and EBITDAR Coverage
Core Portfolio: Operator EBITDARM and EBITDAR Coverage OPERATOR EBITDARM COVERAGE DISTRIBUTION AS A PERCENTAGE OF RENT/DEBT SERVICE AT 12/31/2025 TTM (1) OPERATOR EBITDAR COVERAGE DISTRIBUTION AS A PERCENTAGE OF RENT/DEBT SERVICE AT 12/31/2025 TTM (1) Weighted Avg. Coverage: NOTE: Core portfolio rep
Slide 7: Portfolio: Real Estate Investment Activity – 2024 to 2026
Portfolio: Real Estate Investment Activity – 2024 to 2026 ($ in Thousands) Investment Facility Types Totals (1) (2) Amount Location SNF Beds SH Beds Other Beds Facilities Beds/Units 2024 Total Investments $ 1,158,702 6 627 108 5,846 - - 114 6,473 2025 Total Investments $ 1,209,535 8 969 61 3,908 1 2
Slide 8: Capitalization: Capital Structure and Rates
Capitalization: Capital Structure and Rates as of March 31, 2026 CAPITAL STRUCTURE (in 000's, except per share/unit) Total Capacity Month Secured in USD Ending Latest Yrs to Borrowed as of % of % Financial Instrument Rate Basis (Y/N) 3/31/2026 Rate Type Maturity Maturity 3/31/2026 Total Fixed Credit
Slide 9: Capitalization: Selected Covenants and Ratios
Capitalization: Selected Covenants and Ratios SELECTED CREDIT FACILITY AND UNSECURED NOTE COVENANTS (1) CREDIT FACILITY AND TERM LOAN Consolidated Secured Unsecured Fixed Unsecured Current Leverage Leverage Leverage Charge Cov. Interest Cov. Tangible Quarter Ending Ratio Ratio Ratio Ratio Ratio Net
Slide 10: Capitalization: Equity Issuance Summary
Capitalization: Equity Issuance Summary EQUITY ISSUANCE SUMMARY (Shares & Gross Proceeds in 000's) 2026 2021 2022 2023 2024 2025 Q1 Total ATM Programs Number of Shares 4,151 - 7,243 28,714 7,493 2,219 2,219 Average Price per Share $ 37.37 $ - $ 30.61 $ 36.85 $ 37.49 $ 48.08 $ 48.08 Gross Proceeds $
Slide 11: Capitalization: Book and Market Capitalization
Capitalization: Book and Market Capitalization Percentages of Adjusted total debt to Adjusted book capitalization and Adjusted total debt to Total market capitalization at March 31, 2026 were 45.1% and 24.6%, respectively. Adjusted total debt is Total debt plus the discount or less the premium deriv
Slide 12: Financial Performance: AFFO, FAD, Dividends and 2026 Guidance
Financial Performance: AFFO, FAD, Dividends and 2026 Guidance Quarterly Annually Ending FAD Share Div. * AFFO/ Payout FAD/ Payout Omega AFFO AFFO/ % FAD/ % Annual % Quarter Ended Price Yield Share Dividend Ratio Share Ratio Guidance (1)(3) Share Change Share Change Dividend Change 2019 3/31/2019 $38
Slide 13: Financial Performance: Consolidated Statement of Operations
Financial Performance: Consolidated Statement of Operations Unaudited (in thousands, except per share amounts) Three Months Ended March 31, 2026 2025 Revenues Rental income $ 266,864 $ 228,375 Real estate tax and ground lease income 3,753 3,803 Real estate loans interest income 32,566 33,162 Non-rea
Slide 14: Financial Performance: Consolidated Balance Sheets
Financial Performance: Consolidated Balance Sheets Unaudited (in thousands, except per share amounts) March 31, December 31, 2026 2025 (Unaudited) ASSETS Real estate assets Buildings and improvements $ 7,696,967 $ 7,901,652 Land 1,160,474 1,179,463 Furniture and equipment 531,005 539,775 Constructio
Slide 15: Financial Performance: Consolidated Statements of Cash Flow
Financial Performance: Consolidated Statements of Cash Flow Unaudited (in thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income $ 158,576 $ 112,060 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortizati
Slide 16: Financial Performance: Nareit FFO, Adjusted FFO and FAD Reconciliation
Financial Performance: Nareit FFO, Adjusted FFO and FAD Reconciliation Unaudited (in thousands, except per share amounts) Three Months Ended March 31, 2026 2025 Net income (1) $ 158,576 $ 112,060 Deduct gain from real estate dispositions (3,024) (10,075) Sub-total 155,552 101,985 Elimination of non-
Slide 17: Financial Performance: Non-GAAP Reconciliations
Financial Performance: Non-GAAP Reconciliations Nareit Funds From Operations (“Nareit FFO”), Adjusted FFO and Funds Available for Distribution (“FAD”) are non-GAAP financial measures. As used in this supplement, GAAP refers to generally accepted accounting principles in the United States of America.
Slide 18: Financial Performance: Non-GAAP Reconciliations
Financial Performance: Non-GAAP Reconciliations EBITDA Reconciliation and Debt Coverage Ratio Calculation Our ratios of Funded Debt to annualized Adjusted EBITDA and Funded Debt to annualized Adjusted normalized EBITDA as of March 31, 2026 were 3.54x and 3.53x, respectively. Funded Debt is defined a
Slide 19: Financial Performance: Non-GAAP Reconciliations
Financial Performance: Non-GAAP Reconciliations EBITDA Reconciliation and Fixed Charge and Interest Expense Coverage Calculations Our Adjusted EBITDA to Total interest expense ratio and Adjusted EBITDA to Fixed charges as of March 31, 2026 were 6.3x and 6.3x, respectively. Fixed charge coverage is t
Slide 20: Selected Definitions
Selected Definitions PORTFOLIO METRICS Core Portfolio: Refers to all stable properties including generally, any triple-net rental property unless it 1) is new development that is not yet complete/open; 2) has not yet stabilized and is still within 12 months following the budgeted stabilization date;
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