Omega Healthcare Investors (OHI) Investor presentation summary

Company profile and strategy

• Listed since 1992, with $11.4B in real estate investments and $17.9B enterprise value as of September 2025.

• Operates 1,024 properties across the US, UK, and Jersey, with 93,159 beds and 88 operators.

• Maintains investment grade credit (BBB-) and a 6.3% dividend yield.

• Management team averages over 20 years of industry experience.

• Focuses on long-term shareholder value through accretive investments, financial strength, and solid dividend growth.

Investment thesis and portfolio strengths

• Diversified portfolio with long leases, quality operators, and consistent high-yield growth.

• Triple-net leases and prudent rent escalators provide stable earnings and tenant durability.

• Conservative balance sheet, significant liquidity, and proven capital market access.

• Positioned to benefit from demographic tailwinds and limited new supply.

• Trades at 13.4x AFFO with 6.5% annualized AFFO growth since 2004.

Skilled nursing facilities (SNFs) market dynamics

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

• Primarily funded through Medicare and Medicaid, with average occupancy at 82.6%.

• Regulatory restrictions limit new supply, with 86% of states having moratoriums or CON restrictions.

• SNFs deliver the highest investment yields among healthcare real estate assets, averaging 9.4% over five years.