Supplemental Information

Q1 2021

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 to a lesser extent the United Kingdom.

As of March 31, 2021, Omega has a portfolio of investments that includes over 950 properties located in 42 states and the UK (57 facilities) and operated by 70 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

Current Year Guidance ........................................

13

Quarterly Financials

Income Statements .............................................

14

Balance Sheets ....................................................

15

Statements of Cash Flow.....................................

16

Non‐GAAP Reconciliations

Net Income, FFO, Adjusted FFO and FAD............

17

EBITDA and Debt Coverage Ratios ......................

19

EBITDA and FC and Interest Coverage Ratios......

20

Selected Definitions ............................................

21

EXECUTIVE OFFICERS

Taylor Pickett, President and Chief Executive Officer

Dan Booth, Chief Operating Officer

Steven Insoft, Chief Corporate Development Officer

Bob Stephenson, Chief Financial Officer

Gail Makode, Chief Legal Officer

BOARD OF DIRECTORS

Craig R. Callen, Chair

Edward Lowenthal

Kapila K. Anand

Stephen D. Plavin

Barbara B. Hill

Burke W. Whitman

Kevin J. Jacobs

Taylor Pickett

ANALYSTS

Bank of America.........................

Joshua Dennerlein.......

(646) 855‐1681

Berenberg....................................

Connor Siversky...........

(646) 949‐9037

BTIG.............................................

Michael Gorman..........

(212) 738‐6138

Capital One Securities................

Daniel Bernstein..........

(571) 835‐7202

Citi...............................................

Nick Joseph..................

(212) 816‐1909

Green Street Advisors.................

Lukas Hartwich............

(949) 640‐8780

Jefferies.......................................

Jonathan Petersen.......

(212) 284‐1705

JMP Securities.............................

Aaron Hecht.................

(415) 835‐3963

Mizuho Securities.......................

Omotayo Okusanya.....

(646) 949‐9672

Raymond James..........................

Jonathan Hughes.........

(727) 567‐2438

Scotiabank...................................

Nick Yulico...................

(212) 225‐6904

SMBC Nikko Securities...............

Rich Anderson.............

(646) 521‐2351

Stifel............................................

Stephen Manaker........

(212) 271‐3716

Truist Securities..........................

Michael Lewis..............

(212) 319‐5659

Wells Fargo.................................

Todd Stender...............

(562) 637‐1371

Stock Symbol: OHI

Exchange:

NYSE

CUSIP Number: 681936100

Shares & Units Outstanding March 31, 2021:

239,783,170

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

(410) 427‐1700 (Main)

(800) 368‐5948

(866) 996‐6342 (Investor Relations)

www.computershare.com

www.omegahealthcare.com

1

Forward‐Looking Statements and Cautionary Language

Novel coronavirus ("COVID‐19") data has been provided by our operators. We caution that we have not independently validated facility virus incidence information, it may be reported on an inconsistent basis by our operators, and we can provide no assurance regarding its accuracy or that there have not been any changes since the time the information was obtained from our operators; we also undertake no duty to update this information.

This supplement 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 real estate investment trust ("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 impact of COVID‐19 on our business and the business of our operators, including without limitation, the extent and duration of the COVID‐19 pandemic, increased costs experienced by operators of SNFs and assisted living facilities ("ALFs") in connection therewith, the ability of operators to comply with new infection control and vaccine protocols, and the extent to which continued government support may be available to operators 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 us; (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 our operators; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) changes in interest rates; (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 our operators that are beyond our or their 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 SEC. 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 supplement. 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 included 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‐GAAP Information: 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, 2021, 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

($ in thousands)

As of March 31, 2021

Total No. of

No. of

Balance Sheet Data

Total No. of

% of

Operating

Operating

Properties

Investment

Investment

Properties (2)

Beds (2)

Real Estate Investments (1)

905

$

9,271,947

91%

896

90,383

Mortgage Notes Receivable

63

890,068

9%

58

6,270

968

$

10,162,015

100%

954

96,653

Assets Held for Sale

6

7,922

Total Investments

974

$

10,169,937

Total No. of

No. of

Investment Data

Total No. of

% of

Operating

Operating

Investment

Skilled Nursing/Transitional Care

Properties

Investment

Investment

Properties (2)

Beds (2)

Per Bed

812

$

7,967,363

78%

801

85,980

$93

Senior Housing (3)

156

2,194,652

22%

153

10,673

$206

968

$

10,162,015

100%

954

96,653

$105

Assets Held for Sale

6

7,922

Total Investments

974

$

10,169,937

  1. Includes one asset under direct financing leases totaling $10.8 million
  2. Excludes facilities which are non‐operating, closed and/or not currently providing patient services
  3. Includes assisted living facilities, memory care and independent living facilities

REVENUE SUMMARY

($ in thousands)

Revenue by Investment Type

Three Months Ended

March 31, 2021

Rental Property (1)

$

235,083

86%

Real Estate Tax and Ground Lease Income

2,936

1%

Mortgage Notes

23,625

9%

Other Investment Income & Misc Income ‐ net

12,124

4%

$

273,768

100.0%

Revenue by Facility Type

Three Months Ended

Skilled Nursing / Transitional Care

March 31, 2021

$

215,069

78%

Senior Housing

43,639

16%

Real Estate Tax and Ground Lease Income

2,936

1%

Other

12,124

4%

$

273,768

100%

  1. Includes one asset under a direct financing lease totaling $0.3 million for the three months ended March 31, 2021

OPERATOR PAYOR MIX AND COVERAGE SUMMARY (1)

% Revenue Mix

Coverage Data (3)

Medicare /

Private /

Occ. % (2)

Three Months Ended…

Medicaid

Insurance

Other

Twelve Months Ended…

EBITDARM

EBITDAR

December 31, 2020

51.0%

38.1%

10.9%

December 31, 2020

78.1%

1.86x

1.50x

September 30, 2020

51.6%

37.2%

11.2%

September 30, 2020

80.1%

1.87x

1.51x

June 30, 2020

52.4%

36.4%

11.2%

June 30, 2020

82.2%

1.84x

1.48x

March 31, 2020

52.6%

35.7%

11.7%

March 31, 2020

83.6%

1.68x

1.32x

December 31, 2019

52.7%

34.6%

12.7%

December 31, 2019

83.6%

1.64x

1.29x

  1. Includes Core Portfolio only (see page 21 for definition)
  2. Based on available (operating) beds
  3. See page 21 for definitions of EBITDARM and EBITDAR Coverage

3

Portfolio: Operator Diversification and Lease Maturities

RENT/INTEREST CONCENTRATION BY OPERATOR

($ in thousands)

1Q 2021 Annualized Contractual

Rent/Interest (1)(2)

Operator

Total ($000's)

% of Total

Properties (1)(3)

1

Ciena

$

96,438

9.7%

65

2

Consulate

94,403

9.5%

86

3

Maplewood

62,351

6.3%

15

4

Genesis

57,290

5.8%

45

5

Communicare

55,752

5.6%

36

6

Agemo

53,646

5.4%

54

7

Saber

51,993

5.2%

49

8

Brookdale

43,101

4.4%

24

9

HHC

37,391

3.8%

44

10

Guardian

36,313

3.7%

35

Remaining Operators (3)

401,911

40.6%

500

$

990,589

100.0%

953

  1. Excludes properties which are non‐operating, closed and/or not currently providing patient services
  2. Includes mezzanine and term loan interest
  3. Excludes one multi‐tenant medical office building

LEASE AND MORTGAGE EXPIRATIONS (1)(2)

($ in thousands)

1Q 2021

Operating Facilites (1)

Contractual

Investment Amounts

Operating Beds

Rent/Interest

Year

Annualized

%

Lease

Capital Lease

Mortgage

Total

%

No.

%

No.

%

1

2021

$

6,710

0.7%

$

54,877

$

$

77,344

$

132,220

1.3%

17

1.8%

512

0.5%

2

2022

41,664

4.2%

304,698

304,698

3.0%

45

4.7%

4,414

4.6%

3

2023

4,444

0.4%

36,928

7,544

44,472

0.4%

6

0.6%

467

0.5%

4

2024

12,836

1.3%

126,669

126,669

1.2%

8

0.8%

944

1.0%

5

2025

18,018

1.8%

81,730

66,621

148,351

1.5%

10

1.1%

1,197

1.2%

6

2026

34,919

3.5%

329,704

329,704

3.2%

28

3.0%

3,242

3.3%

7

2027

161,321

16.3%

1,591,777

112,500

1,704,277

16.8%

162

17.0%

14,168

14.7%

8

2028

122,188

12.3%

1,094,879

35,964

1,130,843

11.1%

108

11.3%

13,054

13.5%

9

2029

118,768

12.0%

553,439

617,332

1,170,772

11.5%

100

10.5%

9,664

10.0%

10

2030

107,427

10.9%

1,162,353

1,162,353

11.4%

141

14.8%

15,293

15.8%

Thereafter

362,295

36.6%

3,911,709

11,446

3,923,155

38.6%

328

34.4%

33,698

34.9%

TOTAL

$

990,589

100.0%

$

9,248,763

$

11,446

$

917,305

$

10,177,513

100.0%

953

100.0%

96,653

100.0%

Note: All percentages rounded to one decimal

  1. Excludes one multi‐tenant medical office building
  2. Excludes $29 million provision for credit losses

4

Portfolio: Operator Geographic Diversification at March 31, 2020

(No. of Operators No. of Facilities)

Operators:

70

(1)

Facilities:

954

(2)

States:

42

Foreign Countries:

1

(UK)

State Concentration Key

<10 facilities

10 to 20 facilities

>20 facilities

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

GEOGRAPHIC CONCENTRATION BY INVESTMENT

($ in thousands)

As of March 31, 2021

No. of

%

%

Properties (1)

Investment (1)(2)

Investment

Occupancy (3)(4)

Florida

135

$

1,561,075

15.3%

83.0%

Texas

118

1,009,015

9.9%

65.6%

Michigan

49

651,885

6.4%

79.8%

Indiana

70

639,590

6.3%

76.9%

California

53

580,659

5.7%

83.5%

Pennsylvania

54

580,216

5.7%

80.6%

Ohio

42

530,988

5.2%

78.8%

Virginia

28

419,743

4.1%

82.6%

New York

1

333,780

3.3%

n/a

North Carolina

39

327,531

3.2%

79.8%

Remaining 32 states

322

3,109,102

30.5%

75.9%

911

$

9,743,584

95.6%

United Kingdom

57

446,356

4.4%

86.5%

Total

968

$

10,189,940

100.0%

78.1%

  1. Excludes six properties with total investment of $7.9 million classified as Assets held for sale ‐ net
  2. Excludes $28 million reserve for credit losses
  3. As of December 31, 2020, TTM
  4. Includes Core Portfolio only (see page 21 for definition of Core Portfolio)

5

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Disclaimer

Omega Healthcare Investors Inc. published this content on 03 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2021 21:52:02 UTC.