Investor Presentation November 2019 Forward-looking Statements and - - PowerPoint PPT Presentation

Investor Presentation

November 2019

Investor Presentation - November 2019

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 September 30, 2019, unless specifically stated otherwise. We assume no duty to update or supplement the information provided.

Omega Overview

Investor Presentation - November 2019

Omega Overview: Key Credit Highlights

4

Financial Strength Portfolio Strength

◼ Strong core portfolio TTM rent coverage of 1.66x (EBITDARM) and 1.30x (EBITDAR) at

6/30/2019

◼ Geographic and operator diversification with 73 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 5.07x (3Q 2019) (1) ◼ Consistent and stable free cash flow with strong fixed charge coverage of 4.07x (3Q 2019) (1) ◼ Minimal secured borrowing, virtually all $10.7 billion+ of assets are unencumbered (2) ◼ Minimal short-term debt maturities ◼ Positive ratings trajectory with history of upgrades and commitment to investment grade

profile

◼ Significant liquidity with ~$990 million of cash and credit facility availability at 11/1/2019

Experienced Management Team

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

1) See 3Q 2019 Supplemental for detailed calculation 2) See page 37

Investor Presentation - November 2019

Omega Overview: Facility and Investment Overview at September 30, 2019

5

◼

Omega is the largest SNF-focused REIT

◼

As of September 30, 2019, Omega’s portfolio consisted of 910 (1) operating facilities

◼

As of October 31, 2019, completed approximately $1.5 billion of new investments in 2019 (including CAPEX)

Facility Investment Statistics Rent/Interest Statistics (2)

Skilled Nursing/Transitional Care, 83.3% Senior Housing, 16.7% Rental Property, 85.3% RE Tax & Ground Leases, 1.5% Direct Financing Leases, 0.1% Mortgage Notes, 8.5% Other, 4.6%

1) Excludes facilities which are non-operating, closed and/or not currently providing patient services 2) 3 month period ended September 30, 2019

Investor Presentation - November 2019

Financial Overview: Annual Shareholder Returns

6 1/1/2004 to 10/31/2019 OHI Share Price: 372.0% RMZ Index: 125.3% Annual Dividends as of 11/15/2019 3 Year Total Growth: 9.8% 5 Year Total Growth: 28.8% 10 Year Total Growth: 123.3% 1/1/2004 to 12/31/2018 Real Estate Investments: 16.9% Operating Revenue: 17.1% Adjusted FFO per Share: 9.0% OHI Share Price: 9.3% Dividend Yield at $0.67/Share Per Quarter 6.2%

(based on closing price on 11/4/2019 of $43.41)

Omega Share Price Growth, 12/31/2002-10/31/2019 Compounded Annual Growth Rates Total Growth Percentages

Investor Presentation - November 2019

27.9% 66.6% 393.3% 16.1% 44.3% 220.3%

0% 50% 100% 150% 200% 250% 300% 350% 400% 450%

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: 27.9% 8.5% 6th 5 Year: 66.6% 10.7% 5th 10 Year: (2) 393.3% 17.3% 2nd

1) Ranking among healthcare REITs. Source of Total Returns and Ranking: KeyBanc Capital Markets The Leaderboard, December 28, 2018 2) Ranked 20th among all 98 publicly traded equity REITs with at least 10 years of return history. Source: KeyBanc Capital Markets The Leaderboard, December 28, 2018 3) Source: KeyBanc Capital Markets The Leaderboard, December 28, 2018. Peer returns are simple average of returns of NHI, HR, LTC, SABRA, VTR, WELL, and HCP

Shareholder Returns Through 12/31/2018 Dividends per Share and Return of Capital % Omega's Total Returns vs Healthcare REIT Averages (3)

(Years ending 12/31/2018)

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% 11.74 $ 8.20 $ 3.41 $ 0.13 $ 70.4% 28.6% 1.0% Avg.

1) Rounded to two decimals

Investor Presentation - November 2019

Omega Overview: Quarterly Highlights

8 4Q 2019

➢ Completed a $735 million acquisition (the “Encore Portfolio”) ➢ Entered into an agreement to purchase a 49% interest in a U.K. senior housing joint venture for $90 million ➢ Declared 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

4Q 2018

➢ Completed $53 million in new investments ➢ Invested $45 million in capital renovation and construction-in-progress projects ➢ Sold 15 assets for cash consideration of $67 million, recognizing a gain of $15.5 million ➢ Paid a $0.66 per share quarterly common stock dividend

Investor Presentation - November 2019

Omega Overview Proven Track Record of Growth and New Investments

◼

Continue to pursue selective investments ➢ Additionally, the Company has approximately $157 million committed to its operators for capital improvement and new construction projects to be completed over the next 12-18 months (as of 9/30/2019)

◼

Continue to pursue accretive transactions

◼

Leverage existing 73 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 $990 million of combined cash and credit facility availability as of November 1, 2019

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; Includes a $25 million acquisition on July 1, 2019, and the $735 million Encore portfolio investment on 10/31

Omega’s Growth Strategy

9

➢

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 (as of 11/1): $1,531 million (3)

$12.1 billion

Demographics to Drive Growth

Investor Presentation - November 2019

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

11

➢ 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 - November 2019

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

12

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 – 2016

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 - November 2019

Industry Overview: Baby Boomers Started Turning 75 in 2016

13

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 - November 2019

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

14

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 - November 2019

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 - November 2019

Attractive Fundamentals: Primary PAC Site

17

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 - November 2019

Growth in SNF Census, by Age Cohort

18

<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 - November 2019

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

19

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 - November 2019

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

20

➢ 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 - November 2019

Industry Overview: Reimbursement Outlook

21

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

➢

Healthy state budgets nationwide (per June 2019 NASBO (1) report) support expectation that rates will generally keep pace with growth in

• perating expenses for FY 2019/2020.

➢

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

Average Medicare and Medicaid Rates by Quarter for Omega’s Entire Portfolio (2) (through June 30, 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 - November 2019

Portfolio Overview: Summary

23

➢ As of September 30, 2019 ▪ 910 operating healthcare facilities, located in 40 states and the UK, operated by 73 third- party operators ▪ Gross real estate investments of approximately $9.6B ➢ 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 - November 2019

Facility Map at September 30, 2019

24

1) Many operators have facilities in multiple states 2) Excludes non-operating facilities, closed and/or not currently providing patient services 3) Includes New York City 2nd Avenue development project

(No. of Operators  No. of Facilities)

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

319 MS 16 NM 22 WI 410 NV 1059 CA 417 WA 48 ID 2 9 AZ 17126 TX 214 CO 29 IA 417 MO 29 AR 112 LA 769 IN 951 OH 220 KY 635 TN 29 AL 1092 FL 310 GA 533 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 49 OK MI 348 WY ND SD 11 NY NJ ME 36 OR 28 SC 622 VA 12 MT 14 NE 13 MN 28 CT

255

United Kingdom

Operators: 73 (1) Facilities: 910 (2) States: 40 (3) Foreign Countries: 1 (UK)

UT IL

Investor Presentation - November 2019

Portfolio Overview: Omega Geographic Diversification as of September 30, 2019

25

Contractual Rent/Interest Concentration by Location

Florida, 10.4% Texas, 10.0% Indiana, 8.1% Michigan, 7.8% Pennsylvania, 6.8% California, 6.6% Ohio, 6.1% United Kingdom, 4.5% North Carolina, 3.6% Tennessee, 3.4% Remaining States, 32.8% ($ in thousands) 3Q 2019 Annualized Contractual Rent/Interest (1)(2) State Total ($000's) % of Total Operators (1) Properties (2)

• Occ. % (3)(4)

1 Florida 88,276 10.4% 10 92 92.8% 2 Texas 85,162 10.0% 17 126 71.4% 3 Indiana 69,175 8.1% 7 69 81.8% 4 Michigan 66,097 7.8% 3 48 87.7% 5 Pennsylvania 57,689 6.8% 7 54 87.8% 6 California 56,172 6.6% 10 59 92.8% 7 Ohio 51,609 6.1% 9 51 82.0% 8 United Kingdom 38,049 4.5% 2 55 90.6% 9 North Carolina 30,851 3.6% 5 33 85.9% 10 Tennessee 28,575 3.4% 6 35 71.0% Remaining States 279,594 32.8% 288 83.5% Total 851,249 $ 100.0% 73 910 83.3%

1) Many operators operate in multiple states 2) Excludes facilities which are non-operating, closed and/or not currently providing patient services 3) As of June 30, 2019, TTM 4) Includes Core Portfolio only

Investor Presentation - November 2019

Portfolio Overview: Omega Operator Diversification as of September 30, 2019

26

Contractual Rent/Interest Concentration by Operator

Ciena, $94.4MM Genesis , $61.1MM Communicare, $59.9MM Signature , $52.2MM Saber , $48.MM HHC , $36.2MM Maplewood , $36.MM Guardian , $35.3MM Airamid, $28.2MM Fundamental , $27.7MM Remaining Operators, $371.6MM

($ in thousands)

3Q 2019 Annualized Contractual Rent/Interest (1)(2) Operator Total ($000's) % of Total Properties (1)(3) 1 Ciena 94,428 $ 11.1% 69 2 Genesis 61,115 7.2% 56 3 Communicare 59,905 7.0% 42 4 Signature 52,215 6.1% 58 5 Saber 48,048 5.6% 48 6 HHC 36,179 4.3% 44 7 Maplewood 35,956 4.2% 15 8 Guardian 35,261 4.1% 35 9 Airamid 28,158 3.3% 33 10 Fundamental 27,700 3.3% 19 Remaining Operators 371,565 43.8% 490 850,530 $ 100.0% 909

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

Investor Presentation - November 2019

Portfolio Overview: Capital Investment Summary as of September 30, 2019

27

Commitment Year Location # of Projects Property Type Initial Cash Yield (1) Beds / Units Investment Commitment Inception to Date Funding (2) Remaining Commitment Estimated In Service Date Estimated Additional Quarterly Rent (3) 2014 Middleburg, FL 1 SNF 9.00% 120 20,429,290 $ 16,374,515 $ 4,054,775 $ Q4 2019 368,427 $ 2015 2nd Avenue, NY 1 ALF / MC 8.00% 214 287,711,161 265,314,384 22,396,777 Q1 2020 4,643,002 2016 Pensacola, FL 1 SNF 8.75% 90 19,500,000 15,003,908 4,496,092 Q4 2019 328,210 2018 Thibodaux, LA 1 SNF 7.00% 110 21,000,000 2,998,988 18,001,012 Q1 2021 52,482 2019 Canton, OH 1 SH 9.00% 72 20,500,000 8,634,909 11,865,091 Q3 2020 194,285 Leased Facilities 5 606 369,140,451 $ 308,326,704 $ 60,813,747 $ 5,586,406 $ Additional CapEx (excluding New Builds) 100 242,295,230 146,457,187 95,838,043 Total: 105 606 611,435,681 $ 454,783,891 $ 156,651,790 $

1) Cash yield for 2nd Avenue is 7.0% in year 1, 8.0% in year 2, and 2.5% escalators for the remainder of the lease 2) Includes land and finance costs 3) Inception to Date Funding multiplied by Initial Cash Yield

Investor Presentation - November 2019

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 12/31/09 2.0 1.6 12/31/14 1.8 1.4 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 3/31/2002 to 6/30/2019, Quarterly

Exhibit F: Operator Coverage Trend

28

EBITDAR Coverage EBITDARM Coverage

RUG-IV start

(10/1/2010) →

RUG-IV adjustment

 (10/1/2011)

Investor Presentation - November 2019

Portfolio Overview: Minimal Near-Term Expirations as of September 30, 2019

29

Minimal Near-Term Expirations

• Approximately 92% of portfolio expirations occur after 2023
• Combined TTM EBITDAR coverage of lease and mortgages expiring through 2023 is 1.17x (1)

Note: Expiration percentages based on 3Q 2019 contractual rents and interest, annualized 1) Operator coverage, TTM June 30, 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% 50.0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter

0.0% 0.5% 1.2% 4.4% 1.4% 4.5% 1.5% 1.3% 16.7% 19.8% 48.6%

Financial Overview

Investor Presentation - November 2019

Financial Overview: Consistent Financial Policy

31

3Q 2019 (unless otherwise noted) ➢ Conservative capitalization ▪ Debt to adjusted proforma EBITDA ratio: 5.07x (see 3Q 2019 Financial Supplement (1) ) ➢ Significant liquidity ▪ $1.25B revolving credit facility: ~$990 million of availability (at 11/1/2019) ▪ Well-laddered debt maturities: No material maturities until 2022 (assuming allowable credit facility extensions) ➢ Financial flexibility ▪ Capital markets access ▪ Minimize encumbered assets 0.0% of Total Assets are encumbered ▪ Funded Debt to Total Asset Value: 49% (determined pursuant to bond covenants) ▪ Adjusted Fixed Charge Ratio >3.5x: 4.07x (see 3Q 2019 Financial Supplement (1) ) ➢ Dividend payout ratios (2) ▪ AFFO Payout Ratio: 87.9% ▪ FAD Payout Ratio: 96.9% ▪ 17 consecutive yearly dividend increases: $0.67 as of 4Q 2019 ($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 3Q 2019 Financial Supplement.

Investor Presentation - November 2019

Financial Overview: Long-Term Growth Strategy

32

➢ Pursue selective acquisitions ➢ Leverage existing 73 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 - November 2019

Totals 10,052,081 854,834 463,651 355,860 420,856 12,147,283 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 1,382,526 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 47,735 CIP (2)

• 62,197

78,432 127,945 87,286 Other (3)

• 28,000
• 221,367

16,625 141,315 13,549 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 1,531,096

• 200

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

Thousands

Other (3) CIP (2) Capex Mortgages Acquisitions

Financial Overview: Investment History

33

Investments - 2004 through November 1, 2019

$11 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 - November 2019

$87 $110 $136 $160 $170 $179 $251 $292 $350 $419 $505 $744 $901 $908 $882

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

$0.9 $1.1 $1.3 $1.3 $1.5 $1.8 $2.5 $2.8 $3.3 $3.9 $4.5 $8.1 $9.2 $9.1 $9.1

$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Financial Overview: Attractive Growth Profile

34

Core Operations Revenue (1) Gross Investments

($ in billions) ($ in millions)

$9.6B as of 3Q:19 $682M YTD through 3Q:19

1) See our 3Q 2019 Financial Supplement posted on our website, www.omegahealthcare.com

Investor Presentation - November 2019

$52 $77 $91 $109 $123 $156 $193 $236 $299 $363 $564 $689 $683 $638 $0 $100 $200 $300 $400 $500 $600 $700 $800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $101 $127 $145 $159 $170 $236 $279 $334 $402 $487 $716 $870 $882 $843 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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 Funds from Operations walk-down in our 3Q 2019 Earnings Release and Supplement

($ in millions) ($ in millions)

$658M YTD through 3Q:19 $503M YTD through 3Q:19

Investor Presentation - November 2019

3.1x 3.3x 3.5x 4.0x 4.1x 4.7x 5.1x 4.5x 4.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018 4.3x 4.8x 4.7x 4.4x 4.6x 4.5x 4.7x 4.9x 5.2x 0.7x 0.9x 0.9x 0.6x 0.5x 0.3x 0.1x 0.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018

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

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 3Q 2019 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

5.07x for 3Q:19 Annualized 4.1x for 3Q:19

Investor Presentation - November 2019

$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

$389M

$23M $129M

$75M $350M $267M $983M

$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

✓ $983MM available at 11/1/2019

➢

$554MM unsecured term loans

✓ $75MM fixed at 3.29%

• $250MM unsecured term loan

➢

Fixed at 3.8%

• No near-term bond maturities
• Minimal secured debt (~$391MM)
• 86% of debt is fixed rate at 11/1/2019

Financial Overview: Conservative Capitalization

37

Debt Maturity Schedule at 11/1/2019

$1.25B Revolving Credit Facility: $267M drawn at 11/1/2019 Credit Facility Term Loans

(1) 1) Represents the £100 million term loan at the spot exchange rate of approximately $1.29 at 11/1/2019 2) Represents HUD debt assumed via acquisition of the Encore portfolio on 10/31/2019 (2)

Investor Presentation - November 2019

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 50% and 54%, respectively, at 3Q 2019

• Debt to Adjusted proforma EBITDA is 5.07x

for 3Q 2019 (2)

• Minimal secured debt (~$391MM)

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 “Selected Credit Statistics” in our 3Q 2019 Financial Supplement posted on our website, www.omegahealthcare.com (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 Requirement <= 60% >= 150% December 31, 2018 50% 199% March 31, 2019 49% 203% June 30, 2019 49% 203% September 30, 2019 49% 206% Status Pass Pass 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 >$3,640MM December 31, 2018 51% 54% 4.3 3.6 Pass March 31, 2019 50% 53% 4.3 3.7 Pass June 30, 2019 49% 52% 4.4 3.9 Pass September 30, 2019 50% 54% 4.4 3.9 Pass Status Pass Pass Pass Pass Pass

Investor Presentation - November 2019

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Forward Equity

• 300,000

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 59,796 124,518 201,661

• 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

Financial Overview: Financial Flexibility

39

Capital Markets Accessibility

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

1) Represents a forward sale of 7.5MM shares of common stock at $40.32/share. The shares are required to be issued prior to September 2020, although the Company intends to issue the shares by 12/31/2019. 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.

(1) Totals

300,000 5,510,000 118,488 2,881,610 8,810,097

Investor Presentation - November 2019

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 $3.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 AFFO Payout Ratio Total Yearly Dividend ($)

Yearly Dividends and AFFO Payout Ratio

2003 through 3Q 2019 (1)

Dividends Paid Dividends Annualized AFFO Payout Ratio

Financial Overview: Dividend History

40

79.4% (2)

1) As per page 12 in our 3Q 2019 Financial Supplement 2) Reflects the unweighted AFFO Payout average from 2003 through 3Q 2019

Historically Strong Dividend Growth with Conservative AFFO Payout Ratios

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

Exhibits

Investor Presentation - November 2019

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

42

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 2019 Net Income.......................................................................................................................... $ 78,137 $ 82,111 $ 58,436 $ 52,606 $ 120,698 $ 172,521 $ 221,349 $ 233,315 $ 383,367 $ 104,910 $ 293,884 $ 228,981 $ 290,801 Depreciation and amortization......................................................................................... 39,890 44,694 84,623 100,337 112,983 128,646 123,257 210,703 267,062 287,591 281,279 210,681 221,185 Depreciation and amortization unconsolidated joint ventures.......................................... - - - - - - - - 1,107 6,630 5,876 4,504 4,888 Interest expense - net & refinancing costs......................................................................... 39,746 39,075 90,602 86,899 106,096 92,048 126,869 183,208 175,561 219,976 201,269 150,455 152,820 Provision for income taxes................................................................................................ (72) - - - - - - 1,211 1,405 3,248 3,010 2,185 1,951 EBITDA.......................................................................................................................... 157,701 165,880 233,661 239,842 339,777 393,215 471,475 628,437 828,502 622,355 785,318 596,806 671,645 Nursing home revenues.................................................................................................... (24,170) (18,430) (7,336) - - - - - - - -

• -

Nursing home expenses.................................................................................................... 27,601 20,632 7,998 653 - - - - - - -

• -

Litigation/contractual settlement...................................................................................... (526) (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

• 5,072

(Gain) loss on assets sold - net.......................................................................................... (12,292) (753) 4 (1,670) (11,799) 1,151 (2,863) (6,353) (50,208) (53,912) (24,774) (9,248) (52,803) (Gain) loss on assets sold - unconsolidated joint ventures................................................. - - - - - - - - - - 670 670 (9,345) One-time termination payment........................................................................................ - - - - - - - - - - -

• 1,118

Interest refinancing expense - unconsolidated joint ventures............................................ - - - - - - - - - - -

• 2,014

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

• -

Restructuring costs........................................................................................................... - - - - - - - - - - -

• 1,662

One-time revenue............................................................................................................. (702) - - - (536) (1,405) - - - (2,394) (1,110)

• (972)

Unrealized (gain) loss on warrents................................................................................... - - - - - - - - - - (160) (371) 170 (Deduct gain) add back loss foreign currency.................................................................... - - - - - - - - - (311) (32) (20) 146 One-time non-cash deferred mortgage interest income.................................................... - - - - (236) - (585) - - - -

• -

One-time buy-out of purchase option............................................................................... - - - - - - - - - - 2,000 2,000 - FIN 46R adjustment.......................................................................................................... (90) - - - - - - - - - -

• -

Settlement of prior operator's past due obligation............................................................ (650) - - - - - - - - - -

• -

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

• -

Provisions for real estate impairment............................................................................... 5,584 159 155 26,344 272 415 3,660 17,681 58,726 99,070 29,839 26,685 9,545 Provisions for real estate impairment of unconsolidated joint ventures............................ - - - - - - - - - - 608 608 - Impairment on direct financing leases.............................................................................. - - - - - - - - - 198,199 27,168 15 7,700 Provisions for uncollectible mortgages, notes and A/R...................................................... 4,248 3,935 - 6,439 - 2,141 2,723 7,871 9,845 14,580 6,689 6,363 10,970 Restricted Stock amortization expense............................................................................. 2,103 1,918 2,211 6,037 5,942 5,942 8,592 11,133 13,790 15,212 15,987 12,107 11,031 Adjusted EBITDA........................................................................................................... 158,807 $ 170,375 $ 236,347 $ 278,849 $ 334,329 $ 401,704 $ 486,950 $ 716,294 $ 870,237 $ 882,365 $ 842,586 $ 635,615 $ 657,953 $ Proforma acquisition income............................................................................................ 15,360 30,315 32,807 37,153 45,420 55,696 22,194 70,727 47,335 24,702 21,266 24,616 53,051 Proforma CIP income........................................................................................................ - - - - - - - - - 14,568 19,379 17,536 22,332 Incremental revenue from Orianna transitioned assets..................................................... - - - - - - - - - 8,000 3,032 3,283 - Incremental revenue from Daybreak................................................................................. - - - - - - - - - 7,146 2,909 2,909 - Proforma revenue from asset divestitures........................................................................ - - - - - - - - - (5,052) (6,716) (10,793) (4,074) Adjusted Proforma EBITDA (1)..................................................................................... 174,167 $ 200,690 $ 269,154 $ 316,002 $ 379,749 $ 457,400 $ 509,144 $ 787,021 $ 917,572 $ 931,729 $ 882,456 $ 673,166 $ 729,262 $ Cash Interest (2)............................................................................................................... 37,745 $ 36,077 $ 67,282 $ 81,643 $ 95,822 $ 100,459 $ 119,153 $ 150,915 $ 170,516 $ 196,486 $ 203,501 $ 151,616 $ 156,967 $ Preferred Dividends.......................................................................................................... 9,714 9,086 9,086 1,691

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

47,459 $ 45,163 $ 76,368 $ 83,334 $ 95,822 $ 100,459 $ 119,153 $ 150,915 $ 170,516 $ 196,486 $ 203,501 $ 151,616 $ 156,967 $ Adjusted EBITDA / Cash Fixed Charge coverage ratio...................................................... 3.3 x 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 4.2 x Adjusted Proforma EBITDA / Cash Fixed Charge coverage ratio...................................... 3.7 x 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 4.4 x 4.6 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. Nine Months Ended, Year Ended December 31,

Investor Presentation - November 2019

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

43

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 2019 Funded Debt Revolving Line of Credit - secured............................................................. 63,500 $ 94,100 $

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

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

• 272,500

158,000 326,000 85,000 230,000 190,000 290,000 313,000 360,000

• Term Loan - secured.................................................................................
• 100,000
• 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

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

• 135,130

127,990 130,410 123,230 2015 OP Term Loan - unsecured...............................................................

• 100,000

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

• 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

• 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 20,000 20,000 Notes - unsecured (3)............................................................................... 485,000 485,000 950,000 950,000 1,175,000 1,175,000 1,825,000 2,350,000 3,053,000 3,351,500 3,350,000 3,350,000 3,850,000 Total Funded Debt................................................................................ 548,500 $ 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 $ 4,635,410 $ 4,670,505 $ Less: Cash on-hand................................................................................... (209) (2,170) (6,921) (351) (1,711) (2,616) (4,489) (5,424) (93,687) (85,937) (10,300) (9,768) (40,860) Adjusted Net Funded Debt................................................................... 548,291 $ 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 $ 4,625,642 $ 4,629,645 $ Secured Funded Debt (1).......................................................................... 63,500 253,454 180,890 279,558 335,711 280,425 237,881 236,204 54,955 53,666

• 2,275

Unsecured Funded Debt (2)(3).................................................................. 485,000 485,000 970,000 1,242,500 1,453,000 1,721,000 2,130,000 3,350,000 4,363,000 4,571,630 4,585,990 4,635,410 4,668,230 Less: Cash on-hand (209) (2,170) (6,921) (351) (1,711) (2,616) (4,489) (5,424) (93,687) (85,937) (10,300) (9,768) (40,860) Adjusted Net Funded Debt................................................................... 548,291 $ 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 $ 4,625,642 $ 4,629,645 $ Net Debt/Adjusted Proforma Annualized EBITDA (2).............................. 3.1x 3.7x 4.3x 4.8x 4.7x 4.4x 4.6x 4.5x 4.7x 4.9x 5.2x 5.2x 4.8x Secured Funded Debt/Adjusted Proforma Annualized EBITDA (2).......... 0.4x 1.3x 0.7x 0.9x 0.9x 0.6x 0.5x 0.3x 0.1x 0.1x 0.0x 0.0x 0.0x 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, 2018, 2017, 2016, 2015, 2014, 2013, 2012 and 2011 excludes $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 September 30, 2019 and 2018, excludes $0.2 million, $0.3 million of adjustments related to the acquisition date fair value premium, respectively. Nine Months Ended Year Ended December 31,

Investor Presentation - November 2019

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

44 2019 Revised Guidance AFFO: $3.04 - $3.07

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 2009 3/31/2009 $14.08 8.5% 0.3701 $ 0.30 $ 81.1% 0.3550 $ 84.5% $1.47 - $1.50 6/30/2009 $15.52 7.7% 0.3714 $ 0.30 80.8% 0.3569 $ 84.1% 9/30/2009 $16.02 7.5% 0.3657 $ 0.30 82.0% 0.3529 $ 85.0% 12/31/2009 $19.45 6.2% 0.3604 $ 0.32 88.8% 0.3401 $ 94.1% $1.47 0.9% $1.40 2.1% $1.22 1.7% 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% * 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

Investor Presentation - November 2019

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 $ Total DRIP / DSPP: 41,380,429 26.315 $ 1,088,936,891 $

Investor Presentation - November 2019

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 (thru 3Q 2019) 3,077,627 $35.68 109,816,206 $ Program #5 Total 6,727,479 $34.34 231,000,037 $ ATM/ESP Grand Totals 28,175,181 $27.37 771,177,783 $