Omega Healthcare Investors (OHI) Investor presentation summary

Company profile and strategy

• Listed since 1992, with $18.2B enterprise value and $11.6B in real estate investments.

• Operates 1,124 properties across the US, UK, and Jersey, with 94 operators and 102,180 beds.

• Investment grade (BBB-) with an 84% 5-year total shareholder return and 6.1% dividend yield.

• Differentiators include largest SNF-focused REIT, consistent dividend growth, and diversified tenant base.

• Leadership transition planned for 2026, with proven management and strong governance.

Investment thesis and portfolio strengths

• Diversified portfolio with long-term triple net leases and limited new supply.

• Consistent high-yield growth, strong balance sheet, and significant liquidity.

• Well-positioned for future growth due to aging demographics and operator relationships.

• Trades at 13.3x AFFO with 6.6% annualized AFFO growth since 2004.

Skilled nursing facilities (SNFs) market dynamics

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

• Primarily funded by Medicare and Medicaid, with steady reimbursement growth.

• Limited supply growth due to regulatory restrictions, supporting occupancy and pricing.

• SNFs deliver highest investment yields among healthcare real estate assets.