Investor Presentation May 2020 Forward-looking Statements and - - PowerPoint PPT Presentation

Investor Presentation

May 2020

Investor Presentation - May 2020

Forward-looking Statements and Non-GAAP Information

2

➢

This presentation may include projections and other “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to future events and expectations and involve unknown risks and

• uncertainties. Omega’s actual results or actions may differ materially from those projected in the forward-looking statements.

For a summary of the specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, see Omega’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

➢

This presentation may contain certain non-GAAP financial information including EBITDA, Adjusted EBITDA, Total Adjusted Debt (a/k/a, Funded Debt), Adjusted FFO, FAD, Total Cash Fixed Charges and certain related ratios. A reconciliation of these non-GAAP disclosures is available in the Exhibit to this presentation or on our website under “Non-GAAP Financial Measures” at www.omegahealthcare.com. Other financial information is also available on our website.

➢

Information is provided as of March 31, 2020, unless specifically stated otherwise. We assume no duty to update or supplement the information provided.

Omega Overview

Investor Presentation - May 2020

Omega Overview: Key Credit Highlights

4

Financial Strength Portfolio Strength

◼ Strong core portfolio TTM rent coverage of 1.64x (EBITDARM) and 1.29x (EBITDAR) at

12/31/2019

◼ Geographic and operator diversification with 70 operators across 40 states and the United

Kingdom

◼ No upcoming material lease expirations and no material lease renewal risk ◼ Favorable near-term supply and demand outlook ◼ Conservative leverage level with Funded Debt / Adj. Pro Forma EBITDA of 5.2x (1Q 2020) (1) ◼ Consistent and stable free cash flow with strong fixed charge coverage of 4.1x (1Q 2020)(1) ◼ Minimal secured borrowing; $9.8 billion+ of unencumbered real estate assets ◼ Minimal short-term debt maturities ◼ A history of rating agency upgrades and a commitment to an investment grade profile ◼ Significant liquidity with ~$1.1 billion of cash and credit facility availability at 4/30/2020

Experienced Management Team

◼ Senior management team (CEO, COO, & CFO) with average tenure over 18+ years ◼ Proven ability to execute on strategies ◼ Proven ability to handle troubled assets

1) See 1Q 2020 Supplemental for detailed calculation

Investor Presentation - May 2020

Omega Overview: Facility and Investment Overview at March 31, 2020

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◼

Omega is the largest SNF-focused REIT

◼

As of March 31, 2020, Omega’s portfolio consisted of 966 (1) operating facilities

◼

During 2019, Omega completed approximately $1.7 billion of new investments (including CAPEX funding)

Facility Investment Statistics Rent/Interest Statistics (2)

Skilled Nursing/Transitional Care, 83.7% Senior Housing, 16.3% Rental Property, 86.3% RE Tax & Ground Leases, 1.3% Mortgage Notes, 7.8% Other, 4.6%

1) Excludes facilities which are non-operating, closed and/or not currently providing patient services 2) 3 month period ended March 31, 2020

Investor Presentation - May 2020

Financial Overview: Annual Shareholder Returns

6 1/1/2004 to 12/31/2019 OHI Share Price: 353.9% RMZ Index: 118.5% Annual Dividends as of 5/15/2020 3 Year Total Growth: 6.3% 5 Year Total Growth: 24.1% 10 Year Total Growth: 109.4% 1/1/2004 to 12/31/2019 Real Estate Investments: 17.3% Operating Revenue: 16.8% Adjusted FFO per Share: 8.9% OHI Share Price: 9.9% Dividend Yield at $0.67/Share Per Quarter 10.2%

(based on closing price on 5/11/2020 of $26.29)

Omega Share Price Growth, 12/31/2002-4/30/2020 Compounded Annual Growth Rates Total Growth Percentages

Investor Presentation - May 2020

72.0% 57.0% 338.0% 23.3% 29.9% 177.5%

0% 50% 100% 150% 200% 250% 300% 350% 400%

3 Yr. Returns 5 Yr. Returns 10 Yr. Returns Omega Peers

Financial Overview: Annual Shareholder Returns (cont’d)

7 Total Return (1) Ann. Equiv. Ranking (1) 3 Year: 72.2% 19.9% 4th 5 Year: 56.7% 9.4% 5th 10 Year: (2) 338.0% 15.9% 2nd

1) Ranking among healthcare REITs. Source of Total Returns and Ranking: KeyBanc Capital Markets The Leaderboard, December 31, 2019 2) Ranked 27th among all 113 publicly traded equity REITs with at least 10 years of return history. Source: KeyBanc Capital Markets The Leaderboard, December 31, 2019 3) Source: KeyBanc Capital Markets The Leaderboard, December 31, 2019. Peer returns are simple average of returns of NHI, HR, LTC, SABRA, VTR, WELL, and PEAK

Shareholder Returns Through 12/31/2019 Dividends per Share and Return of Capital % Omega's Total Returns vs Healthcare REIT Averages (3)

(Years ending 12/31/2019)

Tax Treatment ($) Tax Treatment (%) Total Dividends Ordinary (1) Income Return of (1) Capital Capital Gain (1) Distribution % Ordinary Income % Return of Capital % Capital Gain Distribution 2014 2.02 1.83 0.19

• 90.8%

9.2% 0.0% 2015 2.18 1.13 1.05

• 52.0%

48.0% 0.0% 2016 2.36 1.97 0.32 0.07 83.4% 13.6% 3.0% 2017 2.54 1.57 0.93 0.04 61.8% 36.6% 1.6% 2018 2.64 1.69 0.93 0.02 64.0% 35.3% 0.7% 2019 2.65 1.76 0.59 0.30 66.5% 22.3% 11.2% 14.39 $ 9.96 $ 4.00 $ 0.13 $ 69.7% 27.5% 2.7%

1) Rounded to two decimals

Investor Presentation - May 2020

Omega Overview: Quarterly Highlights

8 2Q 2020

➢ Declared a $0.67 per share quarterly common stock dividend ➢ Sold five facilities for $39 million in cash proceeds generating $17 million in gains

1Q 2020

➢ Paid a $0.67 per share quarterly common stock dividend ➢ Sold six facilities for $18 million in cash proceeds generating $2 million in gains ➢ Completed $19 million in new investments ➢ Invested $39 million in capital renovation and construction-in-progress projects

4Q 2019

➢ Completed a $735 million acquisition (the “Encore Portfolio”) ➢ Purchased a 49% interest in a U.K. senior housing joint venture for $90 million ➢ Paid a $0.67 per share quarterly common stock dividend, a $0.01 increase over the prior quarter

3Q 2019

➢ Issued $500 million 3.625% Senior Notes due 2029 ➢ Completed a 7.5 million share forward equity sale of common stock at an offering price of $40.32/share;

shares will be issued by September 2020, as needed, for acquisitions and general corporate activities

➢ Signed a Purchase and Sale Agreement to acquire $735 million of skilled nursing and assisted living facilities ➢ Completed a $25 million acquisition in July ➢ Paid a $0.66 per share quarterly common stock dividend

2Q 2019

➢ Completed the $623 million acquisition by merger of MedEquities ➢ Invested $55 million in capital renovation and construction-in-progress projects ➢ Paid a $0.66 per share quarterly common stock dividend

1Q 2019

➢ Entered into a definitive merger agreement to acquire MedEquities Realty Trust, Inc. ➢ Invested $42 million in capital renovation and construction-in-progress projects ➢ Finalized the Orianna restructuring ➢ Paid a $0.66 per share quarterly common stock dividend

Investor Presentation - May 2020

Omega Overview Proven Track Record of Growth and New Investments

◼

Continue to pursue selective investments ➢ Additionally, the Company has approximately $152 million committed to its operators for capital improvement and new construction projects to be completed over the next 12-18 months (as of 3/31/2020)

◼

Continue to pursue accretive transactions

◼

Leverage existing 70 operator relationships

◼

Invest primarily in current core markets

◼

Maintain focus on senior care facilities

◼

Use credit facility to make acquisitions and replenish availability with long-term debt and equity issuances

◼

Approximately $1.1 billion of combined cash and credit facility availability as of April 30, 2020

1)

Includes approximately $3.9 billion acquisition via merger of Aviv REIT on April 1, 2015

2)

Excludes investments made by Aviv prior to acquisition via merger by Omega

3)

Includes approximately $623 million acquisition via merger of MedEquities Realty Trust (MRT) on May 17, 2019

Omega’s Growth Strategy

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$12.4 billion

➢

2004 - 2007 Investments: $686 million

➢

2008 New Investments: $197 million

➢

2009 New Investments: $292 million

➢

2010 New Investments: $638 million

➢

2011 New Investments: $365 million

➢

2012 New Investments: $510 million

➢

2013 New Investments: $621 million

➢

2014 New Investments: $566 million

➢

2015 New Investments: $4,414 million (1)(2)

➢

2016 New Investments: $1,328 million

➢

2017 New Investments: $530 million

➢

2018 New Investments: $471 million

➢

2019 New Investments: $1,692 million (3)

➢

2020 New Investments (thru 1Q): $59 million

Demographics to Drive Growth

Investor Presentation - May 2020

Industry Overview: Demographic Tailwinds Expected to Drive Occupancy Growth for Next 20 Years

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➢ The SNF industry has been battling with unfavorable demographics for more than a decade with the aging of the "baby bust" generation ➢ Based on birth rates beginning in the 1940s and current SNF utilization information, we believe the industry is at the beginning of a 20+ year secular tailwind ➢ This belief is based on the following (as the subsequent slides illustrate): ▪ Medicare utilization of SNFs materially increases from 75 years old ▪ This utilization increases through their late 80's ▪ "Baby boomers" started turning 75 in 2016 ▪ The age 75+ cohort will grow on both an absolute and relative basis through at least 2040 as the baby boomers replace the baby bust generation within the 75+ population ➢ The percentage of hospital discharges to SNFs has remained steady in recent years, suggesting SNFs are in a prime position to benefit from this demographic wave

Investor Presentation - May 2020

Industry Overview: Significant Increase in SNF Utilization by Those Aged 75+

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Source: Avalere analysis of Medicare Part A 100% Standard Analytic File (SAF) for 2016

1,000 2,000 3,000 4,000 5,000 6,000 7,000

65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 SNF Days per 1,000 Beneficiaries

SNF Utilization by Age

Average Annual Increase in SNF Utilization by Age (Per 1,000 Beneficiaries) From age 65 to 75 99 days per year From age 75 to 85 247 days per year

Investor Presentation - May 2020

Industry Overview: Baby Boomers Started Turning 75 in 2016

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Source: www.cdc.gov 1,500 2,000 2,500 3,000 3,500 4,000 4,500

Births (000’s)

U.S. Birthrates, 1909 to 1980

1928 to 1940

• Avg. 2,476

1941 to 1964

• Avg. 3,767

Investor Presentation - May 2020

Industry Overview: Continued Significant Growth of 75+ as Percentage of Total U.S. Population

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Note: Percentages represent percentage of total US population Source: U.S. Census 2010, Weldon Cooper Center for Public Service, Demographics Research Group

4.0% 5.5% 5.7% 4.8% 3.0% 4.4% 5.1% 4.5% 2.4% 3.0% 4.1% 4.3% 1.9% 1.9% 2.8% 3.3% 1.8% 1.9% 2.1% 2.9% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2010 2020 2030 2040

Age Cohort by Year

Age 65+ Cohorts as a Percentage of the Total U.S. Population

65-69 70-74 75-79 80-84 85+

75+ 6.1% (18.8MM) 75+ 6.8% (22.7MM) 75+ 9.0% (32.5MM) 75+ 10.5% (40.2MM)

Investor Presentation - May 2020

Industry Overview: Percentage of Hospital Discharges to SNFs has Remained Steady in Recent Years

15 19.3% 19.8% 20.2% 20.3% 20.0% 16.4% 16.8% 16.8% 17.0% 17.2% 6.0% 6.1% 6.2% 6.2% 6.1% 3.3% 3.4% 3.4% 3.3% 3.3% 2.7% 2.8% 2.9% 3.0% 3.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2012 2013 2014 2015 2016

Medicare FFS Hospital Discharge Destinations, 2012-2016

(excludes discharges back to patients’ homes without home health)

Source: Avalere analysis of Medicare Standard Analytic File (SAF) for the period 2012 – 2016 Skilled Nursing Facilities Home Health Care Other (Incl. IRF & LTACH) Death Hospice

SNF Industry and Reimbursement Overview

Investor Presentation - May 2020

Attractive Fundamentals: Primary PAC Site

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SNFs – preferred post-acute care environment with growing demand and limited supply

Medicare Acute Hospital Discharges 44% Sent to Post-Acute SNFs 48% HHAs 41% IRFs 9% LTACHs 2%

Source: MedPAC Data Book, June 2019

Investor Presentation - May 2020

Growth in SNF Census, by Age Cohort

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<65 210 <65 214 <65 217 <65 220 <65 224 65-74 224 65-74 269 65-74 302 65-74 320 65-74 311 75-84 358 75-84 427 75-84 548 75-84 661 75-84 749 85+ 565 85+ 603 85+ 671 85+ 819 85+ 1,068

• 100

200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500

2015 2020 2025 2030 2035

Number of SNF Residents (000's)

<65 65-74 75-84 85+

Maximum current SNF capacity

Source: CMS Nursing Home Data Compendium (2015 Edition) for percentage of SNF residents by age cohort and US Census Bureau data for population growth projections by age cohort.

82% 91% 105% 122% 142%

Occupancy

Aging demographics would drive SNF occupancy beyond capacity in less than 10 years without efforts to reduce lengths of stay and increased utilization of alternative care sites.

Investor Presentation - May 2020

Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Certified Beds 1,667k 1,670k 1,665k 1,667k 1,666k 1,663k 1,662k 1,662k 1,662k 1,654k Patients in Certified Beds 1,400k 1,394k 1,384k 1,383k 1,372k 1,368k 1,357k 1,347k 1,337k 1,319k Certified Facilities 15.7k 15.7k 15.6k 15.7k 15.7k 15.6k 15.7k 15.7k 15.7k 15.6k 15.0k 15.1k 15.2k 15.3k 15.4k 15.5k 15.6k 15.7k 15.8k 15.9k 16.0k 1,300k 1,350k 1,400k 1,450k 1,500k 1,550k 1,600k 1,650k 1,700k Certified Facilities Beds & Patients

Trend in Certified Nursing Facilities, Beds and Residents

Industry Overview: Attractive Fundamentals

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Supply of facilities and beds to meet increasing future demand is limited due to CON restrictions, increasing occupancy prospects for existing facilities

(figures in 000s, unless

• therwise indicated)

Source: Compiled by American Health Care Association (AHCA) Research Department from CMS OSCAR/CASPER survey data (2009-2018)

Investor Presentation - May 2020

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 OHI Occ. % 84.6% 84.1% 84.0% 83.4% 83.3% 84.5% 82.5% 82.2% 82.2% 82.2% Industry Occ. % 84.0% 83.4% 83.1% 82.9% 82.3% 82.3% 81.6% 81.1% 80.5% 79.7% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0%

SNF Industry and Omega Portfolio Occupancy Trends 2009 through 2018

OHI Occ. % Industry Occ. %

Industry Overview: Attractive Fundamentals

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➢ Occupancy Rate Trends

Source: Industry data compiled by AHCA Research Department from CMS OSCAR/CASPER survey data (2009-2018)

1) 2015 - 2018 OHI occupancy reflects inclusion of legacy Aviv REIT facilities

(1)

Investor Presentation - May 2020

Industry Overview: Reimbursement Outlook

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Medicare

➢

Inflationary increases for fee-for-service PPS rates set at 2.4% effective October 1, 2019.

➢

Fee-for-service payment reform commenced in October 2019. It eliminated PPS RUG-based payments and uses the replacement reimbursement model, Patient-Driven Payment Model (PDPM), effectively reducing payments for therapy services while enhancing payments for complex nursing care and incentivizing lower lengths of stay; overall revenue neutrality budgeted but margin increases should result from a reduction in required MDS patient care assessments and use of cost-effective group and concurrent therapy protocols.

Medicaid

➢

Omega's geographic diversification helps minimize impact of rate changes in any individual state

Average Medicare and Medicaid Rates by Quarter for Omega’s Entire Portfolio (2) (through December 31, 2019)

1) National Association of State Budget Officers 2) Rate for each month is calculated by dividing total Portfolio Operator Medicare/Medicaid revenues by total Portfolio Operator Medicare/Medicaid days.

Portfolio Overview

Investor Presentation - May 2020

Portfolio Overview: Summary

23

➢ As of March 31, 2020 ▪ 966 operating healthcare facilities, located in 40 states and the UK, operated by 70 third- party operators ▪ Gross real estate investments of approximately $10.4B ➢ Focused on leasing long-term care facilities (primarily skilled nursing facilities) to strong regional and local operators ➢ Long term triple-net master leases with cross collateralization provisions ▪ Strong credit profiles ▪ Security deposits of three to six months ▪ Monthly reporting requirements ➢ Property level expenses are operator’s responsibility (labor, insurance, property taxes, capital expenditures) ➢ Omega receives fixed rent payments from tenants, with annual escalators ➢ Operators receive revenues through reimbursement of Medicare, Medicaid and private pay for services

Investor Presentation - May 2020

Facility Map at March 31, 2020

24

1) Many operators have facilities in multiple states 2) Excludes non-operating facilities, closed and/or not currently providing patient services 3) Includes NYC “Inspīre Carnegie Hill” development project

(No. of Operators  No. of Facilities)

<10 facilities 10 to 20 facilities >20 facilities State Concentration Key

425 MS 16 NM 11 WI 410 NV 1059 CA 417 WA 510 ID 2 9 AZ 16124 TX 214 CO 29 IA 518 MO 29 AR 216 LA 770 IN 950 OH 321 KY 635 TN 29 AL 10129 FL 310 GA 541 NC

411 WV

754 PA 29 MA 13 NH 11 VT 14 RI 212 MD 215 KS 36 OK MI 348 WY ND SD 11 NY NJ ME 36 OR 28 SC 622 VA 23 MT 14 NE 13 MN 28 CT

257

United Kingdom

Operators: 70 (1) Facilities: 966 (2) States: 40 (3) Foreign Countries: 1 (UK)

UT IL

Investor Presentation - May 2020

Portfolio Overview: Omega Geographic Diversification as of March 31, 2020

25

Contractual Rent/Interest Concentration by Location

Florida, 15.1% Texas, 8.0% Indiana, 7.5% Michigan, 7.2% Pennsylvania, 6.3% California, 6.1% Ohio, 5.4% United Kingdom, 4.2% North Carolina, 3.9% Tennessee, 3.1% Remaining States, 33.4% ($ in thousands) 1Q 2020 Annualized Contractual Rent/Interest (1)(2) State Total ($000's) % of Total Operators (1) Properties (2)

• Occ. % (3)(4)

1 Florida 140,872 15.1% 10 129 87.8% 2 Texas 73,493 7.9% 16 124 72.5% 3 Indiana 70,519 7.5% 7 70 81.1% 4 Michigan 66,861 7.2% 3 48 86.0% 5 Pennsylvania 58,509 6.3% 7 54 86.9% 6 California 56,963 6.1% 10 59 92.2% 7 Ohio 50,389 5.4% 9 50 81.6% 8 United Kingdom 39,200 4.2% 2 57 90.2% 9 North Carolina 36,436 3.9% 5 41 86.3% 10 Tennessee 28,818 3.1% 6 35 71.2% Remaining States 312,142 33.4% 299 83.8% Total 934,202 $ 100.0% 70 966 83.6%

1) Many operators operate in multiple states 2) Excludes one multi-tenant MOB and facilities which are non-operating, closed and/or not currently providing patient services 3) As of December 31, 2019, TTM 4) Includes Core Portfolio only

Investor Presentation - May 2020

Ciena, $95.6MM Consulate, $86.2MM Genesis, $63.4MM CommuniCare, $61.5MM Maplewood (3), $56.5MM Signature, $52.9MM Saber, $47.1MM HHC, $36.7MM Guardian, $35.6MM Airamid, $28.6MM Remaining Operators (4), $370.1MM

Portfolio Overview: Omega Operator Diversification as of March 31, 2020

Contractual Rent/Interest Concentration by Operator

($ in thousands)

1Q 2020 Annualized Contractual Rent/Interest (1)(2)(3) Operator Total ($000's) % of Total Properties (1)(3) 1 Ciena 95,550 $ 10.2% 69 2 Consulate 86,204 9.2% 82 3 Genesis 63,439 6.8% 56 4 CommuniCare 61,502 6.6% 43 5 Maplewood (3) 56,503 6.0% 15 6 Signature 52,889 5.7% 58 7 Saber 47,071 5.0% 47 8 HHC 36,658 3.9% 44 9 Guardian 35,620 3.8% 35 10 Airamid 28,638 3.1% 33 Remaining Operators (4) 370,128 39.7% 483 934,202 $ 100.0% 965

1) 2) 3) Excludes properties which are non-operating, closed and/or not currently providing patient services Includes mezzanine and term loan interest Includes Inspīr Carnegie Hill revenue which was contractually effective 1/1/2020

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Investor Presentation - May 2020

Portfolio Overview: Capital Investment Summary as of March 31, 2020

27

Investor Presentation - May 2020

Portfolio Overview: Operator Coverage Trend

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Period Trailing Twelve Months (TTM) Period Trailing Twelve Months (TTM) Period Trailing Twelve Months (TTM) Ending EBITDARM EBITDAR Ending EBITDARM EBITDAR Ending EBITDARM EBITDAR 03/31/07 2.1 1.7 03/31/12 2.1 1.7 03/31/17 1.69 1.33 06/30/07 2.2 1.7 06/30/12 2.0 1.6 06/30/17 1.71 1.34 09/30/07 2.2 1.8 09/30/12 2.0 1.5 09/30/17 1.72 1.35 12/31/07 2.2 1.8 12/31/12 2.0 1.5 12/31/17 1.71 1.34 03/31/08 2.2 1.8 03/31/13 2.0 1.5 03/31/18 1.69 1.33 06/30/08 2.1 1.7 06/30/13 1.9 1.5 06/30/18 1.70 1.34 09/30/08 2.1 1.7 09/30/13 1.9 1.5 09/30/18 1.67 1.32 12/31/08 2.0 1.6 12/31/13 1.9 1.4 12/31/18 1.67 1.32 3/31/09 2.0 1.6 3/31/14 1.8 1.4 03/31/19 1.67 1.31 6/30/09 2.0 1.6 6/30/14 1.8 1.4 06/30/19 1.66 1.30 9/30/09 2.0 1.6 9/30/14 1.8 1.4 09/30/19 1.66 1.30 12/31/09 2.0 1.6 12/31/14 1.8 1.4 12/31/19 1.64 1.29 03/31/10 2.0 1.6 03/31/15 1.78 1.38 06/30/10 2.0 1.6 06/30/15 1.80 1.41 09/30/10 2.1 1.6 09/30/15 1.79 1.40 12/31/10 2.1 1.7 12/31/15 1.78 1.40 3/31/11 2.2 1.8 3/31/16 1.75 1.37 6/30/11 2.3 1.8 6/30/16 1.72 1.34 9/30/11 2.3 1.8 9/30/16 1.68 1.31 12/31/11 2.2 1.8 12/31/16 1.69 1.33

1.0 1.3 1.5 1.8 2.0 2.3 2.5

TTM EBITDARM & EBITDAR Coverage 6/30/2002 to 12/31/2019, Quarterly

EBITDAR Coverage EBITDARM Coverage

RUG-IV start

(10/1/2010) →

RUG-IV adjustment

 (10/1/2011)

Investor Presentation - May 2020

Portfolio Overview: Minimal Near-Term Expirations as of March 31, 2020

Minimal Near-Term Expirations

• Approximately 94% of portfolio expirations occur after 2023
• Combined TTM EBITDAR coverage of lease and mortgages expiring through 2023 is 1.02x (1)

Note: Expiration percentages based on 1Q 2020 contractual rents and interest, annualized 1) Operator coverage, TTM December 31, 2019 2) Excludes one multi-tenant medical office building

Percentage of Portfolio Lease and Mortgage Expirations by Year (2)

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter

0.2% 1.1% 4.0% 0.8% 4.2% 1.9% 1.4% 14.0% 18.3% 13.8% 40.3%

29

Financial Overview

Investor Presentation - May 2020

Financial Overview: Consistent Financial Policy

31

1Q 2020 (unless otherwise noted) ➢ Conservative capitalization ▪ Debt to adjusted proforma EBITDA ratio: 5.2x (see 1Q 2020 Financial Supplement (1) ) ➢ Significant liquidity ▪ $1.25B revolving credit facility: ~$1.1 billion of availability (at 4/30/2020) ▪ Well-laddered debt maturities: No material maturities until 2022 (assuming allowable credit facility extensions) ➢ Financial flexibility ▪ Capital markets access ▪ Minimize encumbered assets 6.2% of Total Assets are encumbered ▪ Funded Debt to Total Asset Value: 52% (determined pursuant to bond covenants) ▪ Adjusted Fixed Charge Ratio >3.5x: 4.1x (see 1Q 2020 Financial Supplement (1) ) ➢ Dividend payout ratios (2) ▪ AFFO Payout Ratio: 84.4% ▪ FAD Payout Ratio: 90.2% ▪ 17 consecutive yearly dividend increases: $0.67 as of 1Q 2020 ($2.68 annualized)

1) Quarterly Financial Supplements are located in the Investor Relations tab at www.omegahealthcare.com 2) Historically, the Company has maintained AFFO and FAD payout ratios of less then 85% and 90%, respectively. See page 12 of Omega’s 1Q 2020 Financial Supplement.

Investor Presentation - May 2020

Financial Overview: Long-Term Growth Strategy

32

➢ Pursue selective acquisitions ➢ Leverage existing 70 operator relationships ➢ Invest primarily in current core markets ➢ Maintain focus on senior care facilities ➢ Use credit facility to make acquisitions and replenish availability with long

term debt and equity issuances

Investor Presentation - May 2020

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Acquisitions 114,287 245,550 196,000 39,500 112,135 269,393 588,718 187,696 468,153 561,190 131,689 4,313,953 972,190 364,246 104,855 1,382,710 19,056 Mortgages 6,500 61,750

• 345

70,000 3,509 20,656 130,041 11,969 3,379 412,307 47,696 31,482 11,000 44,200

• Capex

5,536 3,821 6,805 6,187 14,683 18,609 28,403 18,896 29,436 56,289 21,514 52,295 41,033 59,424 52,985 66,464 15,418 CIP (2)

• 62,197

78,432 127,945 125,444 24,063 Other (3)

• 28,000
• 221,367

16,625 141,315 117,510

• Total

126,323 311,121 202,805 46,032 196,818 291,511 637,777 364,633 509,558 620,858 565,510 4,413,944 1,328,269 529,727 471,300 1,692,128 58,537

• 200

400 600 800 1,000 1,200 1,400 1,600

Thousands

Other (3) CIP (2) Capex Mortgages Acquisitions

Total 10,071,321 854,834 497,798 418,081 524,817 12,366,852

Financial Overview: Investment History

33

Investments - 2004 through March 31, 2020

$11.2 billion of new investments since January 2010 (1)

1) Includes the $3.9 billion Aviv acquisition via merger on April 1, 2015; and the $623 million MRT acquisition via merger on May 17, 2019 2) Included in “Acquisitions” prior to 2016 3) Consists primarily of mezzanine and JV investments

For graphing purposes bar does not reflect total investments for 2015

Investor Presentation - May 2020

$179 $251 $292 $350 $419 $505 $744 $901 $908 $882 $929

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

$1.80 $2.50 $2.83 $3.33 $3.92 $4.47 $8.11 $9.17 $9.09 $9.13 $10.40

$0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Financial Overview: Attractive Growth Profile

34

Core Operations Revenue (1) Gross Investments

($ in billions) ($ in millions)

$10.4B as of 1Q:20 $253M through 1Q:20

1) See our 1Q 2020 Financial Supplement posted on our website, www.omegahealthcare.com

Investor Presentation - May 2020

$123 $156 $193 $236 $299 $363 $564 $689 $683 $638 $681 $0 $100 $200 $300 $400 $500 $600 $700 $800 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $170 $236 $279 $334 $402 $487 $716 $870 $882 $843 $893 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Financial Overview: Attractive Growth Profile

35

Adjusted Funds from Operations (2) Adjusted EBITDA (1)

1) Reflects adjustments for nursing home revenues and expenses, nonrecurring items, restricted stock amortization, provisions for impairment, provisions for uncollectible accounts, and adjustments to fair value (see Exhibit I “Adjusted EBITDA Reconciliation”) 2) See the Non-GAAP Reconciliations in our 1Q 2020 Earnings Release and Supplement

($ in millions) ($ in millions)

$242M through 1Q:20 $186M through 1Q:20

Investor Presentation - May 2020

4.3x 4.8x 4.7x 4.4x 4.6x 4.5x 4.7x 4.9x 5.2x 5.1x 0.7x 0.9x 0.9x 0.6x 0.5x 0.3x 0.1x 0.1x 0.0x 0.4x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total Debt / Adj. EBITDA Secured Debt / Adj. EBITDA

3.1x 3.3x 3.5x 4.0x 4.1x 4.7x 5.1x 4.5x 4.1x 4.2x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Financial Overview: Conservative Capitalization

36

1) Adjusted annualized proforma EBITDA includes revenue for all new investments as if they occurred January 1 of their respective year. Debt amounts exclude the fair value adjustments on HUD debt and the net premium or discount on the unsecured notes (See “Selected Credit Statistics” in our 1Q 2020 Financial Supplement posted on our website, www.omegahealthcare.com) 2) See Leverage Reconciliation in Exhibit 1 to this presentation 3) Reflects adjusted EBITDA divided by the sum of cash interest and preferred dividends, if any (See Exhibit I: Non-GAAP Financial Reconciliation: Adjusted EBITDA Reconciliation for calculation )

Leverage (1)(2) Fixed Charge Coverage (3) Target Funded Debt to Adjusted EBITDA Ratio of 4.0x – 5.0x

• Typically have used drawings under the revolver to make acquisitions and

replenished revolver availability with long term debt and equity issuances

5.2x for 1Q:20 Annualized 4.3x for 1Q:20

Investor Presentation - May 2020

$250M $700M 4.375% Notes $400M 4.95% Notes $400M 4.50% Notes $600M 5.25% Notes $700M 4.50% Notes $550M 4.75% Notes

$500M 3.625% Notes

$384M

$14M $124M

$75M $350M $616M $634M

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 $2,100 $2,200 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2046+ $ Millions

• $1.8B unsecured revolving credit

and term loan facilities

➢

$1.25B revolver with a May 2021 maturity, and an additional one- year option

✓ $634MM available at 5/11/2020 *

➢

$549MM unsecured term loans

✓ $75MM fixed at 3.29%

• $250MM unsecured term loan

➢

Fixed at 3.8%

• No near-term bond maturities
• Minimal secured debt (~$387MM)
• 81% of debt is fixed rate at 5/11/2020

Financial Overview: Conservative Capitalization

37

Debt Maturity Schedule at 5/11/2020

$1.25B Revolving Credit Facility: $616M drawn at 5/11/2020 Credit Facility Term Loans

(1) 1) Represents the £100 million term loan at the spot exchange rate of approximately $1.24 at 5/11/2020 2) Represents current HUD debt balance assumed via acquisition of the Encore portfolio on 4/30/2020 (2)

• Note: Omega’s cash balance at 5/11/2020

was ~$536MM per credit facility draws for cash liquidity due to uncertainty regarding the COVID-19 pandemic

Investor Presentation - May 2020

Financial Covenant Review

• Strong balance sheet with significant cushion
• n all covenants
• Leverage ratios are key covenants

➢ Defined as “Funded Debt to Total

Asset Value” and “Unsecured Debt to Total Asset Value”, both not to exceed 60%, were 52% and 57%, respectively, at 1Q 2020

• Debt to Adjusted proforma EBITDA is 5.2x

for 1Q 2020 (2)

• Minimal secured debt (~$387MM)

Financial Overview: Conservative Capitalization

38 Key Bond Covenants (1) Key Credit Facility Covenants (1)

1) Covenants are based on calculations as defined in the Company’s Credit Agreement 2) See page 19 in our 1Q 2020 Financial Supplement posted on our website, www.omegahealthcare.com for detail (1) Covenants are based on calculations as defined in the Company’s Senior Note Indentures

Quarter Ending Debt / Adj. Total Assets Unencumbered Assets / Unsecured Debt Secured Debt /

• Adj. Total Assets

Requirement <= 60% >= 150% <= 40% June 30, 2019 49% 203% 0% September 30, 2019 49% 206% 0% December 31, 2019 50% 200% 0% March 31, 2020 51% 191% 0% Consolidated Quarter Ending Leverage Ratio Unsecured Leverage Ratio Fixed Charge Cov. Ratio Unsecured Interest Cov. Ratio Current Tangible Net Worth Requirement <= 60% <= 60% >=1.50 to 1 >=2.00 to 1 >$3,885MM June 30, 2019 49% 52% 4.4 3.9 Pass September 30, 2019 50% 54% 4.4 3.9 Pass December 31, 2019 51% 54% 4.4 3.9 Pass March 31, 2020 52% 57% 4.5 4.1 Pass

Investor Presentation - May 2020

Financial Overview: Financial Flexibility

Capital Markets Accessibility

• Seasoned market issuer
• Investment grade senior unsecured notes rated BBB- by S&P and Fitch; Baa3 by Moody’s

Note: Common Equity includes shares issued under Omega’s DRIP/DSPP and Omega’s ATM/ESP; 2015 Common Equity excludes 52.9MM combined shares and units issued for Aviv on April 1, 2015 (~$3.9B) and excludes 7.5MM shares to acquire MedEquities Reatly Trust.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Senior Notes 260,000 225,000

• 775,000
• 400,000
• 650,000

1,300,000 700,000 700,000

• 500,000
• Preferred Equity

118,488

• Common Equity

74,909 68,019 33,171 138,359 230,574 102,120 221,474 91,363 191,690 338,847 134,954 609,721 260,433 59,796 124,518 529,614 5,747

• 200,000

400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000

Totals

5,510,000 118,488 3,215,310 8,843,797

Investor Presentation - May 2020

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 AFFO Payout Ratio Total Yearly Dividend ($)

Yearly Dividends and AFFO Payout Ratio

2003 through 1Q 2020 (1)

Dividends Paid Dividends Annualized Series2

Financial Overview: Dividend History

40

79.7% (2)

1) As per page 12 in our 1Q 2020 Financial Supplement 2) Reflects the unweighted AFFO Payout average from 2003 through 1Q 2020

Historically Strong Dividend Growth with Conservative AFFO Payout Ratios

• 17 consecutive yearly increases
• Increased dividend and AFFO during the 2007-9 financial crisis
• Current quarterly dividend rate of $0.67 per share

Exhibits

Investor Presentation - May 2020

Exhibit I: Non-GAAP Financial Reconciliation: Adjusted EBITDA Reconciliation

42

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 2020 Net Income.......................................................................................................................... $ 82,111 $ 58,436 $ 52,606 $ 120,698 $ 172,521 $ 221,349 $ 233,315 $ 383,367 $ 104,910 $ 293,884 $ 351,947 $ 72,182 $ 92,279 Depreciation and amortization......................................................................................... 44,694 84,623 100,337 112,983 128,646 123,257 210,703 267,062 287,591 281,279 301,683 70,852 82,643 Depreciation and amortization unconsolidated joint ventures.......................................... - - - - - - - 1,107 6,630 5,876 6,513 1,372 3,632 Interest expense - net & refinancing costs......................................................................... 39,075 90,602 86,899 106,096 92,048 126,869 183,208 175,561 219,976 201,269 208,269 50,285 55,161 Provision for income taxes................................................................................................ - - - - - - 1,211 1,405 3,248 3,010 2,844 675 1,005 EBITDA.......................................................................................................................... 165,880 233,661 239,842 339,777 393,215 471,475 628,437 828,502 622,355 785,318 871,256 195,366 234,720 Nursing home revenues.................................................................................................... (18,430) (7,336) - - - - - - - - -

• -

Nursing home expenses.................................................................................................... 20,632 7,998 653 - - - - - - - -

• -

Litigation/contractual settlement...................................................................................... (4,527) (1,111) - - - - - - (10,412) - -

• -

Acquisition and merger related costs................................................................................ 1,561 1,554 1,204 909 245 3,948 57,525 9,582 (22) 383 5,115 2,949 (225) (Gain) loss on assets sold - net.......................................................................................... (753) 4 (1,670) (11,799) 1,151 (2,863) (6,353) (50,208) (53,912) (24,774) (55,696) (3) (1,838) (Gain) loss on assets sold - unconsolidated joint ventures................................................. - - - - - - - - - 670 (9,345)

• (117)

One-time termination payment........................................................................................ - - - - - - - - - - 1,118 1,118 - Interest refinancing expense - unconsolidated joint ventures............................................ - - - - - - - - - - 2,014

• -

One-time straightline revenue write-off............................................................................ - - - - - - - - - - -

• -

Restructuring costs........................................................................................................... - - - - - - - - - - 1,683 1,040 - One-time revenue............................................................................................................. - - - (536) (1,405) - - - (2,394) (1,110) (2,409) (972) (666) Unrealized (gain) loss on warrents................................................................................... - - - - - - - - - (160) (410) (284) 775 (Deduct gain) add back loss foreign currency.................................................................... - - - - - - - - (311) (32) 42 (26) 70 One-time non-cash deferred mortgage interest income.................................................... - - - (236) - (585) - - - - -

• -

One-time buy-out of purchase option............................................................................... - - - - - - - - - 2,000 -

• -

FIN 46R adjustment.......................................................................................................... - - - - - - - - - - -

• -

Settlement of prior operator's past due obligation............................................................ - - - - - - - - - - -

• -

Gain on Sale of CSFB Mortgage Certificates....................................................................... - (789) - - - - - - - - -

• -

Provisions for real estate impairment............................................................................... 159 155 26,344 272 415 3,660 17,681 58,726 99,070 29,839 45,264

• 3,639

Provisions for real estate impairment of unconsolidated joint ventures............................ - - - - - - - - - 608 -

• -

Impairment on direct financing leases.............................................................................. - - - - - - - - 198,199 27,168 7,917 7,700 - Provisions for uncollectible mortgages, notes and A/R...................................................... 3,935 - 6,439 - 2,141 2,723 7,871 9,845 14,580 6,689 11,120 1,229 1,486 Restricted Stock amortization expense............................................................................. 1,918 2,211 6,037 5,942 5,942 8,592 11,133 13,790 15,212 15,987 14,871 4,070 4,635 Adjusted EBITDA........................................................................................................... 170,375 $ 236,347 $ 278,849 $ 334,329 $ 401,704 $ 486,950 $ 716,294 $ 870,237 $ 882,365 $ 842,586 $ 892,540 $ 212,187 $ 242,479 $ Proforma acquisition income............................................................................................ 30,315 32,807 37,153 45,420 55,696 22,194 70,727 47,335 24,702 21,266 96,614 688 605 Proforma CIP income........................................................................................................ - - - - - - - - 14,568 19,379 22,463 5,714 6,017 Incremental proforma depreciation from unconsolidated joint ventures........................... - - - - - - - - - - 1,836

• -

Incremental revenue from Orianna transitioned assets..................................................... - - - - - - - - 8,000 3,032 -

• -

Incremental revenue from Daybreak................................................................................. - - - - - - - - 7,146 2,909 -

• -

Proforma revenue from asset divestitures........................................................................ - - - - - - - - (5,052) (6,716) (3,921)

• (196)

Adjusted Proforma EBITDA (1)..................................................................................... 200,690 $ 269,154 $ 316,002 $ 379,749 $ 457,400 $ 509,144 $ 787,021 $ 917,572 $ 931,729 $ 882,456 $ 1,009,532 $ 218,589 $ 248,905 $ Cash Interest (2)............................................................................................................... 36,077 $ 67,282 $ 81,643 $ 95,822 $ 100,459 $ 119,153 $ 150,915 $ 170,516 $ 196,486 $ 203,537 $ 212,706 $ 51,578 $ 56,410 $ Preferred Dividends.......................................................................................................... 9,086 9,086 1,691

• Total Fixed Charges......................................................................................................

45,163 $ 76,368 $ 83,334 $ 95,822 $ 100,459 $ 119,153 $ 150,915 $ 170,516 $ 196,486 $ 203,537 $ 212,706 $ 51,578 $ 56,410 $ Adjusted EBITDA / Cash Fixed Charge coverage ratio...................................................... 3.8 x 3.1 x 3.3 x 3.5 x 4.0 x 4.1 x 4.7 x 5.1 x 4.5 x 4.1 x 4.2 x 4.1 x 4.3 x Adjusted Proforma EBITDA / Cash Fixed Charge coverage ratio...................................... 4.4 x 3.5 x 3.8 x 4.0 x 4.6 x 4.3 x 5.2 x 5.4 x 4.7 x 4.3 x 4.7 x 4.2 x 4.4 x (1) Adjusted Proforma EBITDA assumes all new investments in each respective year had closed on January 1 of that respective year. (2) Excludes interest refinance costs such as early extingishment premiums, amortization of deferred financing costs, HUD FMV and Amort of MIP. Three Months Ended, Year Ended December 31,

Investor Presentation - May 2020

Exhibit I: Non-GAAP Financial Reconciliation (cont’d): Leverage Reconciliation

43

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 2020 Funded Debt Revolving Line of Credit - secured............................................................. 94,100 $

• $
• $
• $
• $
• $
• $
• $
• $
• $
• $
• $
• $

Revolving Line of Credit - unsecured.........................................................

• 272,500

158,000 326,000 85,000 230,000 190,000 290,000 313,000 125,000 195,000 516,760 Term Loan - secured................................................................................. 100,000

• 2,275

2,275 2,275 2012 Term Loan - unsecured....................................................................

• 100,000

200,000

• 2014 Term Loan - unsecured Trache 1......................................................
• 200,000

200,000 200,000

• 2015 Term Loan - unsecured Trache 2......................................................
• 200,000

200,000

• 2016 Term Loan - unsecured Trache 3......................................................
• 350,000
• $425M 2017 Term Loan...........................................................................
• 425,000

425,000 350,000 425,000 350,000 $100M GDP Term Loan............................................................................

• 135,130

127,990 132,480 130,310 124,000 2015 OP Term Loan - unsecured...............................................................

• 100,000

100,000 100,000 100,000 75,000 100,000 75,000 2015 7 Yr Term Loan - unsecured.............................................................

• 250,000

250,000 250,000 250,000 250,000 250,000 250,000 HUD Debt - secured (1).............................................................................

• 180,890

279,558 335,711 280,425 237,881 56,204 54,955 53,666

• 387,405
• 385,560

GEMSA - secured......................................................................................

• 180,000
• Other Borrowings - secured......................................................................

59,354

• Industrial Revenue Bonds - unsecured......................................................
• Subordinated Debt - unsecured (2)(4).......................................................
• 20,000

20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 13,541 20,000 13,541 Notes - unsecured (3)............................................................................... 485,000 950,000 950,000 1,175,000 1,175,000 1,825,000 2,350,000 3,053,000 3,351,500 3,350,000 3,850,000 3,350,000 3,850,000 Total Funded Debt................................................................................ 738,454 $ 1,150,890 $ 1,522,058 $ 1,788,711 $ 2,001,425 $ 2,367,881 $ 3,586,204 $ 4,417,955 $ 4,625,296 $ 4,585,990 $ 5,185,701 $ 4,472,585 $ 5,567,136 $ Less: Cash on-hand................................................................................... (2,170) (6,921) (351) (1,711) (2,616) (4,489) (5,424) (93,687) (85,937) (10,300) (24,117) (40,028) (347,965) Adjusted Net Funded Debt................................................................... 736,284 $ 1,143,969 $ 1,521,707 $ 1,787,000 $ 1,998,809 $ 2,363,392 $ 3,580,780 $ 4,324,268 $ 4,539,359 $ 4,575,690 $ 5,161,584 $ 4,432,557 $ 5,219,171 $ Secured Funded Debt (1).......................................................................... 253,454 180,890 279,558 335,711 280,425 237,881 236,204 54,955 53,666

• 389,680

2,275 387,835 Unsecured Funded Debt (2)(3).................................................................. 485,000 970,000 1,242,500 1,453,000 1,721,000 2,130,000 3,350,000 4,363,000 4,571,630 4,585,990 4,796,021 4,470,310 5,179,301 Less: Cash on-hand (2,170) (6,921) (351) (1,711) (2,616) (4,489) (5,424) (93,687) (85,937) (10,300) (24,117) (40,028) (347,965) Adjusted Net Funded Debt................................................................... 736,284 $ 1,143,969 $ 1,521,707 $ 1,787,000 $ 1,998,809 $ 2,363,392 $ 3,580,780 $ 4,324,268 $ 4,539,359 $ 4,575,690 $ 5,161,584 $ 4,432,557 $ 5,219,171 $ Net Debt/Adjusted Proforma Annualized EBITDA (2).............................. 3.7x 4.3x 4.8x 4.7x 4.4x 4.6x 4.5x 4.7x 4.9x 5.2x 5.1x 5.1x 5.2x Secured Funded Debt/Adjusted Proforma Annualized EBITDA (2).......... 1.3x 0.7x 0.9x 0.9x 0.6x 0.5x 0.3x 0.1x 0.1x 0.0x 0.4x 0.0x 0.4x Notes: All debt shown above excludes deferred financing related costs. 1) HUD debt for December 31, 2014, 2013, 2012 and 2011 excludes 13.6 million, $18.1 million, $30.8 million and $24.1 million of adjustments related to the acquisition date fair value premium, respectively. 2) Subordinated debt for December 31, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012 and 2011 excludes $0.2 million, $0.3 million, $0.4 million, $0.5 million, $ 0.6 million, $0.7 million, $0.9 million, $1.0 million and $1.2 million of adjustments related to the acquisition date fair value premium, respectively. 3) The 2016 and 2017 unsecured note balance includes $3.0 million and $1.5 million, respectively of notes payable to a seller related to the purchase price consideration. 4) Subordinated debt for March 31, 2020 and 2019, excludes $0.1 million, $0.2 million of adjustments related to the acquisition date fair value premium, respectively. Three Months Ended Year Ended December 31,

Investor Presentation - May 2020

Exhibit 2: Growth of Per Share AFFO, FAD and Dividends (10 Years)

44

Quarterly Annually Quarter Ended Ending Share Price

• Div. *

Yield AFFO/ Share Dividend Payout Ratio FAD/ Share FAD Payout Ratio Omega AFFO Guidance (1) AFFO/ Share % Change FAD/ Share % Change Annual Dividend % Change 2010 3/31/2010 $19.49 6.6% 0.3766 $ 0.32 $ 85.0% 0.3704 $ 86.4% $1.60 - $1.68 6/30/2010 $19.93 6.4% 0.3652 $ 0.36 98.6% 0.3957 $ 91.0% 9/30/2010 $22.45 6.4% 0.4531 $ 0.37 81.7% 0.4218 $ 87.7% 12/31/2010 $22.44 6.6% 0.4566 $ 0.37 81.0% 0.4074 $ 90.8% $1.65 12.5% $1.60 13.6% $1.42 16.4% 2011 3/31/2011 $22.34 6.6% 0.4432 $ 0.38 $ 85.7% 0.4009 $ 94.8% $1.80 - $1.86 6/30/2011 $21.01 7.2% 0.4748 $ 0.40 84.2% 0.4345 $ 92.1% 9/30/2011 $15.93 10.0% 0.4769 $ 0.40 83.9% 0.4392 $ 91.1% 12/31/2011 $19.35 8.3% 0.4963 $ 0.41 82.6% 0.4623 $ 88.7% $1.89 14.5% $1.74 8.9% $1.59 12.0% 2012 3/31/2012 $21.26 7.7% 0.5469 $ 0.42 $ 76.8% 0.4738 $ 88.6% $2.06 - $2.12 6/30/2012 $22.50 7.5% 0.5252 $ 0.42 80.0% 0.4535 $ 92.6% 9/30/2012 $22.73 7.4% 0.5353 $ 0.44 82.2% 0.4702 $ 93.6% 12/31/2012 $23.85 7.4% 0.5776 $ 0.45 77.9% 0.5236 $ 85.9% $2.18 15.3% $1.92 10.6% $1.73 8.8% 2013 3/31/2013 $30.36 5.9% 0.6313 $ 0.46 $ 72.9% 0.5739 $ 80.2% $2.45 - $2.50 6/30/2013 $31.02 5.9% 0.6227 $ 0.47 75.5% 0.5614 $ 83.7% 9/30/2013 $29.87 6.3% 0.6260 $ 0.48 76.7% 0.5682 $ 84.5% 12/31/2013 $29.80 6.4% 0.6471 $ 0.49 75.7% 0.5861 $ 83.6% $2.53 15.9% $2.29 19.2% $1.90 9.8% 2014 3/31/2014 $33.52 5.8% 0.7112 $ 0.50 $ 70.3% 0.6506 $ 76.9% $2.69 - $2.72 6/30/2014 $36.86 5.4% 0.6859 $ 0.51 74.4% 0.6257 $ 81.5% 9/30/2014 $34.19 6.0% 0.7320 $ 0.52 71.0% 0.6690 $ 77.7% 12/31/2014 $39.07 5.3% 0.7232 $ 0.53 73.3% 0.6621 $ 80.0% $2.85 12.9% $2.61 13.9% $2.06 8.4% 2015 3/31/2015 $40.57 5.2% 0.7084 $ 0.54 $ 76.2% 0.6492 $ 83.2% $2.98 - $3.04 6/30/2015 $34.33 6.3% 0.7696 $ 0.55 71.5% 0.7000 $ 78.6% 9/30/2015 $35.15 6.3% 0.7913 $ 0.56 70.8% 0.7168 $ 78.1% 12/31/2015 $34.98 6.4% 0.8067 $ 0.57 70.7% 0.7237 $ 78.8% $3.08 7.8% $2.79 7.0% $2.22 7.8% 2016 3/31/2016 $35.30 6.5% 0.8336 $ 0.58 $ 69.6% 0.7488 $ 77.5% $3.25 - $3.30 6/30/2016 $33.95 6.8% 0.8684 $ 0.60 69.1% 0.7731 $ 77.6% 9/30/2016 $35.45 6.8% 0.8327 $ 0.61 73.3% 0.7477 $ 81.6% 12/31/2016 $31.26 7.8% 0.8803 $ 0.62 70.4% 0.7965 $ 77.8% $3.42 11.0% $3.07 9.9% $2.41 8.6% 2017 3/31/2017 $32.99 7.5% 0.8569 $ 0.63 $ 73.5% 0.7730 $ 81.5% $3.40 - $3.44 6/30/2017 $33.02 7.6% 0.8661 $ 0.64 73.9% 0.7838 $ 81.7% 9/30/2017 $31.91 8.0% 0.7918 $ 0.65 82.1% 0.7285 $ 89.2% 12/31/2017 $27.54 9.4% 0.7882 $ 0.66 83.7% 0.7178 $ 91.9% $3.30

• 3.3%

$3.00

• 2.1%

$2.58 7.1% 2018 3/31/2018 $27.04 9.8% 0.7760 $ 0.66 $ 85.1% 0.6920 $ 95.4% $2.96 - $3.06 6/30/2018 $31.00 8.5% 0.7633 $ 0.66 86.5% 0.6730 $ 98.1% 9/30/2018 $32.77 8.1% 0.7727 $ 0.66 85.4% 0.6844 $ 96.4% 12/31/2018 $35.15 7.5% 0.7323 $ 0.66 90.1% 0.6517 $ 101.3% $3.04

• 7.8%

$2.70

• 10.1%

$2.64 2.3% 2019 3/31/2019 $38.15 6.9% 0.7552 $ 0.66 $ 87.4% 0.6802 $ 97.0% $3.00 - $3.12 6/30/2019 $36.75 7.2% 0.7676 $ 0.66 86.0% 0.6831 $ 96.6% 9/30/2019 $41.79 6.3% 0.7618 $ 0.67 87.9% 0.6912 $ 96.9% 12/31/2019 $42.35 6.3% 0.7823 $ 0.67 85.6% 0.7180 $ 93.3% $3.07 0.7% 2.7725 $ 2.6% 2.66 $ 0.8% 2020 3/31/2020 $26.54 10.1% 0.7942 $ 0.67 $ 84.4% 0.7431 $ 90.2% $3.12 - $3.20 (2) * Based on the annualized dividend announced the previous quarter 1) This was the guidance provided at the beginning of each fiscal year and does not reflect mid-year guidance changes 2) Subsequently withdrawn due to the uncertaintly arising from the COVID-19 pandemic

Investor Presentation - May 2020

Exhibit 3: DRIP/DSPP and Equity Shelf Program (ESP) Activity

45

Dividend Reinvestment Optional/Initial Purchases/Waiver Total Purchases Date Shares

• Avg. Price

Net Proceeds Shares

• Avg. Price

Net Proceeds Shares

• Avg. Price

Net Proceeds 2009 54,888 15.345 $ 842,261 $ 1,636,690 16.170 $ 26,465,921 $ 1,691,578 16.144 $ 27,308,181 $ 2010 47,110 19.812 $ 933,356 $ 2,913,613 20.458 $ 59,605,405 $ 2,960,723 20.447 $ 60,538,761 $ 2011 687,944 18.432 $ 12,680,187 $ 2,164,804 21.521 $ 46,588,707 $ 2,852,748 20.776 $ 59,268,894 $ 2012 799,082 21.885 $ 17,487,618 $ 4,262,944 22.157 $ 94,453,583 $ 5,062,026 22.114 $ 111,941,200 $ 2013 801,917 30.649 $ 24,577,834 $ 1,128,490 27.731 $ 31,294,119 $ 1,930,407 28.943 $ 55,871,953 $ 2014 466,354 34.436 $ 16,059,177 $ 1,617,145 34.284 $ 55,442,759 $ 2,083,499 34.318 $ 71,501,936 $ 2015 722,187 35.496 $ 25,634,519 $ 3,461,644 36.178 $ 125,236,640 $ 4,183,831 36.061 $ 150,871,159 $ 2016 1,438,336 30.890 $ 44,429,942 $ 5,776,939 33.861 $ 195,611,433 $ 7,215,275 33.268 $ 240,041,375 $ 2017 1,094,555 30.563 $ 33,453,095 $ 104,052 31.415 $ 3,268,773 $ 1,198,607 30.637 $ 36,721,869 $ 2018 1,092,995 30.229 $ 33,040,342 $ 455,772 30.191 $ 13,760,342 $ 1,548,767 30.218 $ 46,800,684 $ January-19

• $
• $

3,408 37.349 $ 127,284 $ 3,408 37.349 $ 127,284 $ February-19 881,518 36.185 $ 31,897,905 $ 3,155 36.551 $ 115,317 $ 884,673 36.187 $ 32,013,223 $ March-19

• $
• $

3,981 36.460 $ 145,146 $ 3,981 36.460 $ 145,146 $ April-19

• $
• $

3,595 36.813 $ 132,344 $ 3,595 36.813 $ 132,344 $ May-19 579,270 37.021 $ 21,444,923 $ 2,789 37.394 $ 104,293 $ 582,059 37.022 $ 21,549,216 $ June-19

• $
• $

3,641 37.279 $ 135,734 $ 3,641 37.279 $ 135,734 $ July-19

• $
• $

319,794 37.853 $ 12,105,175 $ 319,794 37.853 $ 12,105,175 $ August-19 670,902 37.856 $ 25,397,733 $ 2,913 38.238 $ 111,389 $ 673,815 37.858 $ 25,509,122 $ September-19

• $
• $

3,130 40.889 $ 127,983 $ 3,130 40.889 $ 127,983 $ October-19

• $
• $

3,173 43.393 $ 137,685 $ 3,173 43.393 $ 137,685 $ November-19 559,689 40.820 $ 22,846,225 $ 2,666 41.232 $ 109,924 $ 562,355 40.821 $ 22,956,149 $ December-19

• $
• $

2,732 41.015 $ 112,053 $ 2,732 41.015 $ 112,053 $ January-20

• $
• $

2,676 43.257 $ 115,757 $ 2,676 43.257 $ 115,757 $ February-20 76,847 43.706 $ 3,358,652 $ 2,637 44.423 $ 117,143 $ 79,484 43.729 $ 3,475,795 $ March-20

• $
• $

7,484 20.809 $ 155,732 $ 7,484 20.809 $ 155,732 $ April-20 *

• $
• $
• $
• $
• $
• $

Total DRIP / DSPP: 42,038,333 26.545 $ 1,115,890,063 $ * DRIP & DSPP Suspended on 3/23/2020

Investor Presentation - May 2020

Exhibit 3: DRIP/DSPP and Equity Shelf Program (ESP) Activity (cont’d)

46

ATM/ESP Program Program Settlement Year / Month Total Shares Average Price (Net) Gross Proceeds 1) $100MM 2009 1,412,835 $17.16 24,250,810 $ 2010 3,786,565 $19.99 75,699,809 Program #1 Total 5,199,400 $19.22 99,950,620 $ 2) $140MM 2010 3,078,808 $21.67 66,712,751 $ 2011 1,419,149 $22.61 32,093,672 2012 758,719 $21.27 16,135,656 Program #2 Total 5,256,676 $21.87 114,942,079 $ 3) $245MM 2012 2,639,643 $24.10 63,613,501 $ 2013 983,766 $28.29 27,827,048 Program #3 Total 3,623,409 $25.24 91,440,548 $ 4) $250MM 2013 5,520,047 $30.87 170,392,847 $ 2014 1,848,170 $34.33 63,451,652 Program #4 Total 7,368,217 $31.74 233,844,499 $ 5) $500MM 2016 655,635 $31.10 20,392,064 $ 2017 717,853 $32.14 23,074,336 2018 2,276,364 $34.14 77,717,431 2019 3,133,109 $35.80 112,163,256 2020 48,726 $41.05 1,999,993 Program #5 Total 6,831,687 $34.45 235,347,079 $