Omega Healthcare Investors (OHI) Investor presentation summary

Company profile and strategy

• Listed since 1992, with $11.4B in real estate investments and $16.1B enterprise value.

• Operates 1,032 properties across the US, UK, and Jersey, with 93,961 beds and 92 operators.

• Maintains investment grade credit (BBB-) and a 7.3% dividend yield.

• Focuses on skilled nursing facilities (SNFs) with long-term triple net leases and diversified tenant base.

• Experienced management team with decades of industry tenure.

Investment thesis and portfolio strengths

• Delivers consistent growth, high yield, and strong balance sheet management.

• Portfolio is diversified by geography and operator, minimizing regulatory and reimbursement risks.

• Triple-net leases provide steady, predictable income with minimal near-term expirations.

• 70% of recent investments are with existing operators, supporting stable relationships.

• UK market offers attractive yields and growth due to supply-demand imbalance.

Skilled nursing facilities as an asset class

• SNFs are the primary post-acute discharge destination, offering lowest cost 24-hour care.

• Primarily funded by Medicare and Medicaid, with stable reimbursement trends.

• Regulatory restrictions limit new supply, supporting occupancy and pricing.

• SNFs deliver higher investment yields than other healthcare real estate sectors.