Omega Healthcare Investors, Inc. (OHI) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone, thank you for joining us and welcome to Omega Healthcare Investors' second quarter earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Michele Reber. Please go ahead. Thank you and good morning. With me today is Omega's CEO, Taylor Pickett, President, Matthew Gourmand, CFO, Bob Stephenson, CIO, Vikas Gupta, CAO, Neal Ballew, and Megan Krull, Senior Vice President, Data, Intelligence, and Government Relations. Comments made during this conference call that are not historical facts may be forward-looking statements, such as statements regarding our financial projections, potential transactions, or Thank you for joining us. Thanks, Michele. Good morning and thank you for joining our second quarter 2026 earnings conference call. For me and Bob, this is our 100th and our final Omega earnings call. Today, I'm going to reflect back on the evolution of the skilled nursing and senior housing industry and look forward to Omega's extremely bright future. In the 1990s, skilled nursing and senior housing facilities traded at very similar cap rates. Thank you for joining us. Over the last 25 years, the cap rate difference between SNFs and senior housing has meaningfully separated. Why? In the late 1990s, Medicare reimbursement changed from an inefficient cost-based system to a fixed-fee, acuity-driven system called PPS. Five of the seven largest SNF public companies filed for bankruptcy, mostly caused by significant leverage used to acquire facilities and ancillary companies, rehab, pharmacy, respiratory, etc., Thank you for joining us. The housing compone...