Omega Healthcare Investors (OHI) Investor presentation summary

Portfolio and investment strategy

• Listed in 1992; $11.4B in real estate investments, $19.0B enterprise value, 1,108 properties and 100,588 beds across the US, UK and Jersey; 97 operators; BBB- rating.

• Portfolio spans 44 states plus DC, the UK and Jersey; long-term triple-net master leases make operators responsible for property expenses and provide fixed rent with escalators.

• Rent and interest tied to master leases: 90%; tied to fixed-rate escalators: 87%; weighted-average fixed escalator: 2.2%.

• Average lease term 9.4 years; ~98% of portfolio expirations occur after 2026; TTM operator coverage was 2.01x EBITDARM and 1.65x EBITDAR.

• Investment thesis centers on experienced operators, lease-backed income, a 5.7% dividend yield, and AFFO growth of 6.5% annually since 2004; valuation was 14.4x AFFO as of June 30, 2026.

Skilled nursing market and demand

• Skilled nursing facilities accounted for 18.4% of Medicare fee-for-service hospital discharges; average daily costs shown were $764 for SNFs versus $3,297 for hospitals.

• Certified supply was 1.43M beds across 14,600 facilities; 86% of states had bed moratoria or Certificate of Need restrictions.

• US population aged 65+ is projected to rise from 56.1M in 2020 to 80.8M in 2040, a projected 44% increase over 20 years.

• SNF demand projections show occupancy reaching 102% of capacity in 2030, 113% in 2035 and 116% in 2040, creating potential for incremental development.

• UK care-home beds declined 1.5% from 2012 to 2018 while the population over 75 grew 9.6%; initial cash yields were typically 9%+ with ~2.5% annual escalators.

Financial performance and shareholder returns

• 2025 EBITDA margin was 80%; the presentation cited consistent triple-net revenue and conservative G&A as drivers of high margins.

• Annualized dividend was $2.72 per share, with a 5.7% yield, 6.5% dividend CAGR and 84% 2025 AFFO payout ratio.

• Total shareholder returns through December 31, 2025: 101.1% over 3 years, 83.0% over 5 years and 182.0% over 10 years.

• 2025 returns on assets were 5.51%, returns on invested capital 8.89% and returns on equity 11.26%; healthcare-sector ranks were 2nd, 1st and 1st, respectively.