Omega Healthcare Investors : Quarterly Supplement Q1 2023

Supplemental Information

Q1 2023

Omega Healthcare Investors, Inc. is a Real Estate Investment Trust ("REIT") providing financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities located in the United States and the United Kingdom.

As of March 31, 2023, Omega has a portfolio of investments that includes over 900 operating facilities located in 42 states and the UK (98 facilities) and operated by 66 different operators.

As a source of capital to the healthcare industry, Omega continually evaluates the opportunities, trends and challenges affecting the industry. Our goal is to identify long-term investments in quality healthcare properties with outstanding operators that provide the most favorable risk/reward ratio to our investors.

Table of Contents
Portfolio
Investment Summary	3
Revenue Summary	3
Operator Payor Mix and Coverage Summary	3
Rent/Interest Concentration by Operator	4
Lease and Mortgage Expirations	4
Diversification
Operator Geographic Diversification	5
Selected Metrics
Occupancy by State	5
EBITDARM & EBITDAR Coverage Stratification	6
EBITDAR Coverages less than 1.0x	6
Investment Activity	7
New Builds, Major Renovations & CAPEX	7
Capitalization
Capital Structure and Rates	8
Debt Maturity Schedule	8
Senior Unsecured Debt Ratings	8
Selected Covenants and Ratios	9
Equity Issuance Summary	10
Book and Market Capitalization	11
Financial Performance
Historical AFFO, FAD and Dividends	12
Quarterly Financials
Income Statements	13
Balance Sheets	14
Statements of Cash Flow	15
Non-GAAP Reconciliations
Net Income, FFO, Adjusted FFO and FAD	16
EBITDA and Debt Coverage Ratios	18
EBITDA and FC and Interest Coverage Ratios	19
Selected Definitions	20

EXECUTIVE OFFICERS

Taylor Pickett, President and Chief Executive Officer

Bob Stephenson, Chief Financial Officer

Dan Booth, Chief Operating Officer

Gail Makode, Chief Legal Officer

BOARD OF DIRECTORS
Craig R. Callen, Chair	Kevin J. Jacobs
Kapila K. Anand	Stephen D. Plavin
Dr. Lisa Egbuonu-Davis	Burke W. Whitman
Barbara B. Hill	Taylor Pickett

ANALYSTS

Baird	Wes Gollady	[phone]
Barclays	Steve Valiquette	[phone]
Bank of America	Joshua Dennerlein....	[phone]
Citi	Michael Griffin	..........	[phone]
Credit Suisse	Tayo Okusanya	[phone]
Green Street Advisors	John Pawlowski	[phone]
Jefferies	Jonathan Petersen....	[phone]
JMP Securities	Aaron Hecht	[phone]
Mizuho Securities	Vikram Malhotra	[phone]
Raymond James	Jonathan Hughes	[phone]
Scotiabank	Nick Yulico	[phone]
Stifel	Stephen Manaker	[phone]
Truist Securities	Michael Lewis	[phone]
Wells Fargo	Connor Siversky	[phone]
Wolfe Research	Andrew Rosivach	[phone]
Stock Symbol: OHI	Exchange:	NYSE	CUSIP Number: 681936100

Shares & Units Outstanding March 31, 2023:	241,197,947
Contact Information
Omega Healthcare Investors, Inc.	Transfer Agent Correspondence
303 International Circle	Computershare, Inc.
Suite 200	P.O. Box 505000
Hunt Valley, MD 21030	Louisville, KY 40233
[phone] (Main)	[phone]

1. 996-6342(Investor Relations)
   www.omegahealthcare.com www.computershare.com

1

Forward-Looking Statements and Cautionary Language

This press release includes forward-looking statements within the meaning of the federal securities laws. All statements regarding Omega's or its tenants', operators', borrowers' or managers' expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega's expectations.

Omega's actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega's properties, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels; (ii) the long-term impacts of the Novel coronavirus ("COVID-19") pandemic on our business and the business of our operators, including without limitation, the impact of the announced termination of the federally declared public health emergency and related government and regulatory support scheduled for May 11, 2023, the levels of staffing shortages, increased costs and decreased occupancy experienced by operators of skilled nursing facilities ("SNFs") and assisted living facilities ("ALFs") arising from the pandemic, the ability of our operators to comply with infection control and vaccine protocols and to manage facility infection rates or future infectious diseases, and the sufficiency of government support and reimbursement rates to offset such costs and the conditions related thereto; (iii) the ability of any of Omega's operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega's mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor's obligations, and other costs and uncertainties associated with operator bankruptcies; (iv) Omega's ability to re-lease, otherwise transition or sell underperforming assets or assets held for sale on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (v) the availability and cost of capital to Omega; (vi) changes in Omega's credit ratings and the ratings of its debt securities; (vii) competition in the financing of healthcare facilities; (viii) competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs; (ix) additional regulatory and other changes in the healthcare sector; (x) changes in the financial position of Omega's operators; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) changes in interest rates or the impact of inflation; (xiii) the timing, amount and yield of any additional investments; (xiv) changes in tax laws and regulations affecting REITs; (xv) the potential impact of changes in the SNF and ALF market or local real estate conditions on the Company's ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to redeploy the proceeds therefrom on favorable terms; (xvi) Omega's ability to maintain its status as a REIT; (xvii) the effect of other factors affecting our business or the businesses of Omega's operators that are beyond Omega's or operators' control, including natural disasters, other health crises or pandemics and governmental action, particularly in the healthcare industry, and (xviii) other factors identified in Omega's filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega's future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward looking statements.

We caution you that the foregoing list of important factors may not contain all the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Operator Information: This supplement includes information regarding the operators of our facilities such as EBITDAR and EBITDARM coverage ratios. The information related to operators that is provided in this supplement has been provided by the operators. We have not independently verified this information. We are providing this data for informational purposes only.

Non-GAAPInformation: This supplement also contains certain non-GAAP financial information including EBITDA, Adjusted Total Debt (or Funded Debt), Adjusted Book Capitalization, Nareit FFO, Adjusted FFO (or "AFFO"), Funds Available for Distribution ("FAD"), Total Cash Fixed Charges and certain related ratios. A reconciliation of these non-GAAP disclosures is available in the Financial Performance section of this supplement.

Information is provided as of March 31, 2023, unless specifically stated otherwise. We assume no duty to update or supplement the information provided.

2

Portfolio: Summary by Asset and Property Type

INVESTMENT SUMMARY			As of March 31, 2023
						Total No. of	No. of
Balance Sheet Data	Total No. of		Investment	% of	Operating	Operating
	Facilities		($000's)	Investment	Facilities (3)	Beds (3)
Real estate Investments (1)	872	$	8,830,896	89%		854	84,667
Real estate loans receivable (2)	53		1,061,869	11%		48	5,161
	925	$	9,892,765	100%		902	89,828
Non-real estate loans receivable	-		189,880			-	-
Assets held-for-sale	6		25,766			4	386
Total Investments	931	$	10,108,411			906	90,214
						Total No. of	No. of
Investment Data	Total No. of		Investment	% of	Operating	Operating		Investment
	Facilities		($000's)	Investment	Facilities (3)	Beds (3)		Per Bed
Skilled nursing/transitional care (1)(4)	728	$	7,047,492	74%		711	76,745	$92
Senior housing (4)(5)	197		2,446,058	26%		191	13,083	$187
	925	$	9,493,550	100%		902	89,828	$106
Other real estate loans receivable	-		399,215			-	-
Non-real estate loans receivable	-		189,880			-	-
Assets held for sale	6		25,766			4	386
Total Investments	931	$	10,108,411			906	90,214

1. Includes one asset under direct financing leases totalling $8.7 million.
2. Only includes number of facilities and operating beds related to mortgage notes receivable, not other real estate loans.
3. Excludes properties which are non-operating, closed and/or not currently providing patient services.
4. Includes real estate assets and mortgage notes receivable.
5. Includes ALFs, memory care and independent living properties.

REVENUE SUMMARY

Revenue by Investment Type ($ in thousands)	Three Months Ended
			March 31, 2023
Rental property	$	185,355	85.0%
Real estate tax and ground lease income	3,976	1.8%
Real estate loans interest income	23,397	10.7%
Non-real estate loans interest income and misc income - net		5,474	2.5%
	$	218,202	100.0%
Revenue by Facility Type	($ in thousands)	Three Months Ended
			March 31, 2023
SNFs/transitional care	$	163,863	75.1%
Senior housing			38,040	17.4%
Real estate tax and ground lease income	3,976	1.8%
Other real estate loans interest income	6,849	3.2%
Non-real estate loans interest income and misc income - net		5,474	2.5%
	$	218,202	100.0%

OPERATOR PAYOR MIX AND COVERAGE SUMMARY

% Revenue Mix (1)(3)

Coverage Data (3)

Medicare /

Private /

Three Months Ended…

Medicaid

Insurance

Other

Twelve Months Ended…

Occ. % (2)

EBITDARM

EBITDAR

December 31, 2022

54.3%

31.4%

14.3%

December 31, 2022

77.0%

1.38x

1.04x

September 30, 2022

53.4%

31.5%

15.1%

September 30, 2022

76.2%

1.37x

1.04x

June 30, 2022

53.5%

31.5%

15.0%

June 30, 2022

75.8%

1.39x

1.06x

March 31, 2022

51.0%

35.8%

13.2%

March 31, 2022

75.1%

1.44x

1.10x

December 31, 2021

54.3%

32.2%

13.5%

December 31, 2021

74.5%

1.48x

1.14x

1. Excludes facilities considered non-core and does not include federal stimulus revenue
2. Based on available (operating) beds
3. See page 20 for definitions of Core, and EBITDARM and EBITDAR Coverage

3

Portfolio: Operator Diversification and Lease Maturities

RENT/INTEREST CONCENTRATION BY OPERATOR

($ in thousands)

1Q 2023 Annualized Contractual

Rent/Interest (1)(2) per non-GAAP disclosures

								Operator									Total					% of Total	Facilities (1)(3)
							1 LaVie (f/k/a Consulate)			87,064					9.0%	74
							2 Ciena								85,888					8.9%	54
							3 Communicare								72,088					7.5%	44
							4 Maplewood								69,264					7.2%	17
							5 Genesis								68,459					7.1%	43
							6 Saber								62,222					6.5%	57
							7 Brookdale								47,317					4.9%	24
							8 HHC													38,902					4.0%	44
							9 Providence								38,212					4.0%	37
							10 Nexion								33,570					3.5%	45
								Remaining Operators (3)				359,979					37.4%	467
																$			962,965					100.0%	906
LEASE AND MORTGAGE EXPIRATIONS
				1Q 2023 (1)(2)(3)								Gross Investment Amounts (1)(3)					Operating Facilites			Operating Beds
					Contractual												Mortgage &
				Rent/Interest											Other RE Backed
		Year			Annualized	%						Lease		Investments			Total	%				No.	%					No.	%
	1	2023	$		8,429			0.9%				$	43,011	$		50,572	$	93,583		0.9%			7		0.8%		719	0.8%
2	2024				17,980			1.9%					41,099			100,466		141,565		1.4%			4		0.4%		568	0.6%
	3	2025				10,262			1.0%					20,458			97,957		118,415		1.2%			1		0.1%		162	0.2%
4	2026				12,395			1.3%					148,439			5,000		153,439		1.6%			9		1.0%		930	1.0%
	5	2027				143,402			14.9%					1,287,186			124,793		1,411,979		14.3%			130		14.3%		13,278	14.7%
6	2028				40,053			4.1%					393,036			-			393,036		4.0%			48		5.3%		5,518	6.1%
	7	2029				44,627			4.6%					480,034			-			480,034		4.9%			47		5.2%		4,018	4.5%
8	2030				119,685			12.4%					747,849			465,765		1,213,614		12.3%			117		12.9%		11,267	12.5%
	9	2031				96,670			10.0%					615,076			73,755		688,831		7.0%			79		8.7%		7,736	8.6%
10	2032				108,425			11.3%					969,549			72,420		1,041,969		10.5%			92		10.2%		10,194	11.3%
		2033+				361,037			37.5%					3,898,112			258,997		4,157,109		41.9%			372		41.1%		35,824	39.7%
		TOTAL	$		962,965			100.0%				$	8,643,849	$		1,249,725	$	9,893,574		100.0%			906		100.0%		90,214	100.0%
Note: $ in thousands and all percentages rounded to one decimal
		40.0%																																												37.5%
		35.0%
		30.0%
		25.0%
		20.0%
																				14.9%
																													12.4%
		15.0%																																				11.3%
																																10.0%
		10.0%
																											4.6%
																								4.1%
							1.9%									1.3%
				0.9%
		5.0%					1.0%
		0.0%
			2023		2024			2025					2026			2027	2028	2029	2030	2031			2032		2033+

1. Excludes facilities from unconsolidated joint ventures, non-operating, closed and/or not currently providing patient services. Also excludes rent/facilities from Q1 asset divestitures and principal repayments assuming a January 1st sale date. Includes incremental rent and interest from new investments in Q1 assuming a January 1st inservice date. Includes $96.6 million of Q1 annualized contractual deferred rent and interest.
2. Includes interest from mortgages and other real estate backed other investments
3. UK investments and rents translated at foreign currency exchange rates as of March 31, 2023

4

Portfolio: Operator Geographic Diversification as of March 31, 2023

(No. of Operators  No. of Facilities)	Operators:	66	(1)
	Facilities:	906	(2)
	States:	42
	Foreign Countries:	1 (UK)

State Concentration Key

<10 facilities

10 to 20 facilities

1. Many operators have facilities in multiple states
2. Excludes non-operating facilities, closed and/or not currently providing patient services

>20 facilities

GEOGRAPHIC CONCENTRATION BY INVESTMENT

($ in thousands)			As of March 31, 2023
	No. of			%	%
	Facilities (1)	Investment (1)(2)	Investment	Occupancy (3)(4)
Florida	98	$	1,104,418	11.5%	81.4%
Texas	110		982,552	10.3%	62.4%
Indiana	69		637,058	6.7%	73.5%
California	51		565,215	5.9%	87.4%
Michigan	38		503,920	5.3%	79.1%
Ohio	43		492,643	5.1%	76.1%
Pennsylvania	41		462,029	4.8%	80.6%
Virginia	28		424,361	4.4%	77.6%
North Carolina	45		406,736	4.3%	83.1%
New York	1		332,153	3.5%	n/a
Remaining states	303		3,094,290	32.3%	76.8%
	827	$	9,005,375	94.1%
United Kingdom	98		564,343	5.9%	86.3%
Total	925	$	9,569,718	100.0%	77.0%

1. Excludes 6 properties with total investment of $25.8 million classified as assets held for sale
2. Excludes $76.2 million reserve for credit losses
3. As of December 31, 2022, TTM
4. Includes real estate assets, mortgages notes receivable and a direct financing lease

5