Investor Presentation November 2017 Forward-looking Statements and - - PowerPoint PPT Presentation

Investor Presentation

November 2017

Investor Presentation, November 2017

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, 2017, unless specifically stated otherwise. We assume no duty to update or

supplement the information provided.

Omega Overview

Investor Presentation, November 2017

Omega Overview: Key Credit Highlights

4

Financial Strength Portfolio Strength

 Strong core portfolio TTM rent coverage of 1.71x (EBITDARM) and 1.34x (EBITDAR) at

6/30/2017

 Geographic and operator diversification with 77 operators across 42 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 5.1x (Q3 2017)  Consistent and stable free cash flow with strong fixed charge coverage of 4.2x (Q3 2017)  Low Secured Debt / Adj. EBITDA of 0.1x and strong commitment to unsecured borrowing

structure with ~$10.2 billion of unencumbered assets

 Minimal short-term debt maturities  Positive ratings trajectory with history of upgrades and commitment to investment grade

profile

 Significant liquidity with $910 million of cash and credit facility availability at 10/31/2017

Experienced Management Team

 Senior management team with average tenure of 16+ years  Proven ability to execute on strategies  Proven ability to handle troubled assets

Investor Presentation, November 2017

Omega Overview: Facility and Investment Overview at September 30, 2017

5



Omega is the largest SNF-focused REIT



As of September 30, 2017, Omega’s portfolio consisted of 999 (1) operating facilities



Completed approximately $460 million of investments thus far in 2017 Facility Investment Statistics Rent/Interest Statistics

Skilled Nursing/T ransitiona l Care, 84% Senior Housing, 16% Real Estate Investme nts 88% Direct Financing Leases 0% Mortgage s 8% Other 4%

1) Excludes non-operating facilities either held-for-sale, closed and/or not currently providing patient services

Investor Presentation, November 2017

$0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 $28.00 $30.00 $32.00 $34.00 $36.00 $38.00 $40.00 $42.00 $44.00 $46.00

Financial Overview: Shareholder Returns

6 1/1/2004 to 12/31/2016 OHI Share Price: 235.0% RMZ Index: 96.1% Quarterly Dividends as of 11/15/2017 1 Year Total Growth: 6.6% 3 Year Total Growth: 25.0% 5 Year Total Growth: 48.0% 1/1/2004 to 12/31/2016 Real Estate Investments: 20.5% Operating Revenue: 20.6% Adjusted FFO per Share: 12.1% OHI Share Price: 9.7% Dividend Yield at $0.65/Share Per Quarter 9.3%

(based on closing price on 11/1/2017 of $28.06)

Omega Share Price Growth, 12/2002-10/31/2017 Compounded Annual Growth Rates Total Growth Percentages

Investor Presentation, November 2017

Financial Overview: Shareholder Returns (cont’d)

7 Total Return

• Ann. Equiv.

Ranking (2) 3 Year: 26.2% 8.1% 7th 5 Year: 122.6% 17.3% 2nd 7 Year: 154.8% 14.3% 2nd 10 Year: 246.9% 13.2% 2nd (3)

1) Source: Bloomberg Comparative Analytics 2) Healthcare REIT rankings and average total returns include: VTR, HCP, HCN, LTC, HR, NHI, SNH, SBRA and CCP (1 year only) 3) Ranked 9th among all 173 publicly traded equity REITs. Source: KeyBanc Capital Markets “The Leaderboard”, December 30, 2016

Shareholder Returns Through 12/31/2016 (1) Dividends per Share and Return of Capital % Omega's Total Returns vs Healthcare REIT Average (2)

(Years ending 12/31)

0.0% 50.0% 100.0% 150.0% 200.0% 250.0% 300.0% 3 Year 5 Year 7 Year 10 Year Omega's Total Returns

• Avg. Total Returns of Healthcare REITs

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 2012 1.69 0.88 0.81

• 52.3%

47.7% 0.0% 2013 1.86 1.54 0.32

• 82.6%

17.4% 0.0% 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% 10.11 $ 7.36 $ 2.68 $ 0.07 $ 72.8% 26.6% 0.7%

1) Rounded to two decimals

Investor Presentation, November 2017

Omega Overview: Quarterly Highlights

8 4Q 2017

• Increased our quarterly common stock dividend rate to $0.65 per share

3Q 2017

• Completed $203 million in new investments
• Transitioned Orianna’s Texas portfolio to an existing operator
• Invested $36 million in capital renovation and construction-in-progress projects
• Increased our quarterly common stock dividend rate to $0.64 per share

2Q 2017

• Increased our quarterly common stock dividend rate to $0.63 per share
• Redeemed $400 million of 5.875% Senior Notes due 2024
• Issued $550 million 10-year 4.75% Senior Notes and a $150 million 4.50% add-on to our 2025 Senior Notes
• Closed on a new $1.8 billion unsecured, multi-currency credit facility
• Completed $116 million (£90 million) of new UK investments

1Q 2017

• Increased our quarterly common stock dividend rate to $0.62 per share
• Completed $5.7 million in new investments

4Q 2016

• Invested approximately $50 million in a joint venture investment
• Invested $40 million in capital renovation and construction-in-progress projects
• Increased our quarterly common stock dividend rate to $0.61 per share

3Q 2016

• Completed $428 million in new investments
• Invested $38 million in capital renovation and construction-in-progress projects
• Repurchased an outstanding $180 million secured term loan due 2019
• Issued $700 million aggregate principal amounts of our 4.375% Senior Notes due 2023
• Increased our quarterly common stock dividend rate to $0.60 per share

Investor Presentation, November 2017

Omega Overview Proven Track Record of Growth and New Investments



Continue to pursue selective investments

• 2004 New Investments:

$126 million

• 2005 New Investments:

$311 million

• 2006 New Investments:

$203 million

• 2007 New Investments:

$ 46 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:

$507 million (1)

• 2016 New Investments:

$1,328 million

• 2017 New Investments to 9/30:

$458 million

• Additionally, the Company has approximately $324 million committed to its operators for capital

improvement and new construction projects to be completed over the next 24-36 months (as of 9/30/2017)



Continue to pursue accretive transactions



Leverage existing 77 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 $910 million of combined cash and credit facility availability as of October 31, 2017

1)

Investments exclude the approximate $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

Omega’s Growth Strategy $6.1 billion (2)

9

SNF Industry and Reimbursement Overview

Investor Presentation, November 2017

Attractive Fundamentals: Primary PAC Site

11

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

Medicare Acute Hospital Discharges 43% Sent to Post-Acute SNFs 49% HHAs 39% IRFs 9% LTACHs 3%

Source: MedPAC Data Book, June 2016

Investor Presentation, November 2017

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, November 2017

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 (2009-2016) Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Certified Beds 1,667k 1,670k 1,665k 1,667k 1,666k 1,663k 1,662k 1,662k Patients in Certified Beds 1,400k 1,394k 1,384k 1,383k 1,372k 1,368k 1,357k 1,347k Certified Facilities 15.7k 15.7k 15.6k 15.7k 15.7k 15.6k 15.7k 15.7k 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

Investor Presentation, November 2017

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

SNF Industry and Omega Portfolio Occupancy Trends 2009 through 2016

OHI Occ. % Industry Occ. %

Industry Overview: Attractive Fundamentals

14

• Occupancy Rate Trends

Source: Industry data compiled by AHCA Research Department from CMS OSCAR/CASPER survey data (2009-2016)

(1) 2015 and 2016 OHI occupancy reflects inclusion of legacy Aviv REIT facilities

(1)

Investor Presentation, November 2017

50.54 56.78 65.59 75.29 83.63 79.36 83.03 89.31 104.70 120.47 79.43 83.13 86.40 99.99 115.41 79.32 82.79 81.19 91.27 102.83 40 50 60 70 80 90 100 110 120 130 2012 2016 2021 2026 2031 (Millions of Days or Beneficiaries)

Yearly Medicare SNF Volume (Days)

Total Medicare Enrollment (Beneficiaries) Conservative Moderate Aggressive

Industry Overview: Attractive Fundamentals

15

Source: SNF Volume from December 2016 Avalere Health projection model (“Assessment of SNF Reimbursement and Utilization Landscape” Report); Medicare enrollment from 2016 Medicare Trustees’ Report

SNF Medicare patient days projected to grow due to increasing enrollment, even while lengths

• f stay decline under alternative payment models (bundling, managed care, ACOs, VBP)

Note: Conservative, Moderate, and Aggressive refer to model assumptions about rate of growth in alternative payment models (not traditional fee-for-service)

Investor Presentation, November 2017

$115 $125 $135 $145 $155 $165 $175 $185 $195 $205 $215

Medicaid PPD

$300 $325 $350 $375 $400 $425 $450 $475 $500

$PPD

Medicare PPD

Industry Overview: Reimbursement Outlook

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Medicare

• Growth in alternative payment models expected to continue under new DHHS/CMS leadership, but at a slower pace and with an

emphasis on voluntary participation.

• Inflationary increases for fee-for-service PPS rates reduced to 1% effective October 1, 2017, due to MACRA “doc fix” legislation.
• Potential fee-for-service payment reform commencing October 2018 would eliminate PPS RUG-based payments and use alternative

Resident Classification System (RCS), effectively reducing payments for therapy services while enhancing payments for complex nursing care and incentivizing lower lengths of stay; overall budget neutrality expected.

Medicaid

• 2017 Congressional legislative efforts to repeal/replace ACA and incorporate Medicaid payment reform has so far failed, leaving

existing SNF funding under federal matching program intact.

• 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 (1) (through June 30, 2017)

1) 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 2017

Portfolio Overview: Summary

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• As of September 30, 2017
• 999 operating healthcare facilities, located in 42 states and the UK, operated by 77 third-

party operators

• Gross real estate investments of approximately $9.3B
• 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 2017

Facility Map at September 30, 2017

19

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 310 NM 68 WI 36 NV 854 CA 418 WA 49 ID 3 10 AZ 12109 TX 314 CO 311 IA 519 MO 431 AR 213 LA 417 IL 874 IN 1283 OH 331 KY 841 TN 29 AL 1194 FL 513 GA 631 NC

411 WV

742 PA 311 MA 13 NH 11 VT 14 RI 212 MD 316 KS 49 OK MI 349 WY ND SD 11 NY NJ ME 11 UT 36 OR 322 SC 517 VA 12 MT 17 NE 13 MN 16 CT

253

United Kingdom

Operators: 77 (1) Facilities: 999 (2) States: 42 (3) Foreign Countries: 1 (UK)

Investor Presentation, November 2017

Ohio 10% Florida 10% Texas 8% Indiana 7% Michigan 7% Pennsylvania 5% California5% Tennessee 4% United Kingdom 4% North Carolina 3% Other States 37%

Portfolio Overview: Omega Geographic Diversification as of September 30, 2017

20

Rent/Interest Concentration by Location 1

1) Rent excludes all GAAP required non-cash straight-line or lease inducement revenue 2) Excludes facilities closed and/or not currently providing patient services 3) Many operators have facilities in multiple locations

($ in thousands)

3Q 2017 Annualized Rent/Interest

Location Total $ % of Total Properties (2) Operators (3)

• 1. Ohio

87,152 $ 9.9% 83 12

• 2. Florida

84,177 9.6% 94 11

• 3. Texas

72,613 8.3% 109 12

• 4. Indiana

61,881 7.0% 74 8

• 5. Michigan

59,264 6.7% 49 3

• 6. Pennsylvania

44,009 5.0% 42 7

• 7. California

43,011 4.9% 54 8

• 8. Tennessee

35,499 4.0% 41 8

• 9. United Kingdom

35,217 4.0% 53 2

• 10. North Carolina

26,739 3.0% 31 6

Other States

329,414 37.5%

369

878,976 $ 100.0%

999 77

Investor Presentation, November 2017

Ciena, $86.2MM Communicare, $66.7MM Signature, $58.8MM Genesis, $57.6MM Orianna (f/k/a Ark), $46.1MM Saber, $40.7MM Maplewood, $36.4MM HHC, $34.8MM Guardian, $29.8MM Diversicare, $28.2MM Remaining 67 Operators, $393.6MM

Portfolio Overview: Omega Operator Diversification as of September 30, 2017

21

Rent/Interest Concentration by Operator *

($ in thousands)

3Q 2017 Annualized Rent/Interest

Total $ % of Total

Properties (1) 1 Ciena 86,237 $ 10% 70 2 Communicare 66,684 8% 47 3 Signature 58,784 7% 62 4 Genesis 57,614 7% 50 5 Orianna (f/k/a Ark) 46,103 5% 42 6 Saber 40,653 5% 44 7 Maplewood 36,414 4% 14 8 HHC 34,774 4% 44 9 Guardian 29,819 3% 31 10 Diversicare 28,249 3% 35 Remaining 67 Operators 393,646 45% 560 878,976 $ 100% 999

(1) Total Number of Properties excludes facilities which are non-operating, closed and/or not currently providing patient services. (2) 3Q 2017 annualized contractual rent/interest; includes Mezz and Term Loan interest

Investor Presentation, November 2017

Portfolio Overview: Capital Investment Summary as of September 30, 2017

22

• Fac. #

Commitment Year Location # of Projects Property Type Initial Cash Yield Beds / Units Investment Commitment Inception to Date Funding (1) Remaining Commitment Estimated In Service Date Estimated Additional Quarterly Rent (2) 1058 2013 Elk Grove, CA 1 TBI 9.50% 6 1,440,659 $ 1,367,904 $ 72,755 $ Nov-17 32,488 $ 1503 2014 Middleburg, FL 1 SNF 9.00% 120 17,750,000 4,547,850 13,202,150 Apr-18 102,327 1436 2015 2nd Ave, NY 1 ALF / MC 7.00% 214 249,628,480 143,066,129 106,562,351 Nov-19 2,503,657 1438 2015 Baton Rouge, LA 1 ALF 8.75% 50 11,700,000 9,916,479 1,783,521 In Service Q1

• 1445

2015 Five Forks, GA 1 ALF 8.75% 48 10,600,000 9,164,185 1,435,815 In Service Q1

• 1444

2015 Watkins, VA 1 ALF 8.75% 48 11,700,000 7,088,731 4,611,269 Jan-18

• 1435

2015 Pensacola, FL 1 SNF 8.75% 90 21,171,638 16,894,680 4,276,958 Dec-17 369,571 1502 2015 Polk County, FL 1 SNF 9.00% 120 18,000,000 9,119,880 8,880,120 Mar-18 205,197 1484 2016 Brunswick, NC 1 SNF 9.00% 100 11,650,000 9,823,017 1,826,983 Jan-18 221,018 1542 2016 Pensacola, FL 1 SNF 8.75% 90 19,500,000 1,522,067 17,977,933 Dec-18 33,295 1506 2016 Viera, FL 1 SNF 8.75% 131 26,500,000 4,468,179 22,031,821 Nov-18 97,746 1562 2017 Darien, CT 1 ALF 9.00% 34 15,684,889 2,612,329 13,072,560 Apr-19 58,777 1563 2017 Southport, CT 1 ALF 9.00% 98 36,146,285 3,531,152 32,615,133 May-19 79,451 1568 2017

• St. Clair Shores, MI

1 SNF 9.50% 101 17,000,000 4,738,404 12,261,596 Mar-19

• 14

1,250 468,471,951 $ 227,860,986 $ 240,610,965 $ 3,703,527 $ Additional Capex (excluding New Builds) (3) 109 286,190,634 202,414,107 83,776,527 Total: 123 1,250 754,662,585 $ 430,275,093 $ 324,387,492 $

1) Includes land 2) Inception to date funding multiplied by initial cash yield divided by four 3) Current quarter revenue already reflects fundings to date

Investor Presentation, November 2017

1.0 1.3 1.5 1.8 2.0 2.3 2.5

TTM EBITDARM & EBITDAR Coverage 3/31/2002 to 6/30/2017, Quarterly

Portfolio Overview: Omega’s Strong Portfolio Rent Coverage

23

(1) 1) Prior to 2015, Rent Coverages were reported to one decimal.

EBITDARM EBITDAR

Period Trailing Twelve Months (TTM) Period Trailing Twelve Months (TTM) Ending EBITDARM EBITDAR Ending EBITDARM EBITDAR 03/31/02 1.5 1.1 03/31/10 2.0 1.6 06/30/02 1.6 1.1 06/30/10 2.0 1.6 09/30/02 1.6 1.1 09/30/10 2.1 1.6 12/31/02 1.5 1.1 12/31/10 2.1 1.7 03/31/03 1.5 1.1 03/31/11 2.2 1.8 06/30/03 1.5 1.1 06/30/11 2.3 1.8 09/30/03 1.5 1.1 09/30/11 2.3 1.8 12/31/03 1.5 1.1 12/31/11 2.2 1.8 3/31/04 1.6 1.1 3/31/12 2.1 1.7 6/30/04 1.7 1.2 6/30/12 2.0 1.6 9/30/04 1.8 1.3 9/30/12 2.0 1.5 12/31/04 1.9 1.4 12/31/12 2.0 1.5 3/31/05 1.8 1.4 3/31/13 2.0 1.5 6/30/05 1.9 1.4 6/30/13 1.9 1.5 9/30/05 1.9 1.5 9/30/13 1.9 1.5 12/31/05 2.0 1.5 12/31/13 1.9 1.4 3/31/06 2.0 1.6 3/31/14 1.8 1.4 6/30/06 2.1 1.6 6/30/14 1.8 1.4 9/30/06 2.1 1.6 9/30/14 1.8 1.4 12/31/06 2.1 1.7 12/31/14 1.8 1.4 3/31/07 2.1 1.7 3/31/15 1.78 1.38 6/30/07 2.2 1.7 6/30/15 1.80 1.41 9/30/07 2.2 1.8 9/30/15 1.79 1.40 12/31/07 2.2 1.8 12/31/15 1.78 1.40 3/31/08 2.2 1.8 3/31/16 1.75 1.37 6/30/08 2.1 1.7 6/30/16 1.72 1.34 9/30/08 2.1 1.7 9/30/16 1.68 1.31 12/31/08 2.0 1.6 12/31/16 1.69 1.33 3/31/09 2.0 1.6 3/31/17 1.69 1.33 6/30/09 2.0 1.6 6/30/17 1.71 1.34 9/30/09 2.0 1.6 12/31/09 2.0 1.6

Investor Presentation, November 2017

Portfolio Overview: Omega Lease and Mortgage Revenue Expirations as of September 30, 2017

24

Minimal Near Term Expirations

• Approximately 96% of portfolio expirations occur after 2021
• Combined EBITDAR coverage of leases expiring through 2021 is 1.21x (1)

Note: Expiration percentages based on 3Q 2017 contractual rents and interest, annualized. 1) Operator coverage data as of June 30, 2017

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Thereafter

0.1% 1.2% 0.4% 1.3% 1.2% 7.7% 4.1% 6.7% 2.7% 2.8% 71.8%

Financial Overview

Investor Presentation, November 2017

Financial Overview: Consistent Financial Policy

26

3Q 2017 (unless otherwise noted)

• Conservative capitalization
• Debt to adjusted proforma EBITDA ratio:

5.08x (see 3Q Financial Supplement (1) )

• Significant liquidity
• $1.25B revolving credit facility:

$910 million of availability (as of October 31, 2017)

• Well-laddered debt maturities:

No material maturities until 2022 (assuming allowable credit facility extensions)

• Financial flexibility
• Capital markets access
• Minimize encumbered assets

0.8% of Total Assets

• Funded Debt to Total Asset Value:

50% (determined pursuant to Bond Covenants)

• Adjusted Fixed Charge Ratio >3.5x:

4.2x (see 3Q Financial Supplement (1) )

• Stable dividend payout ratio
• Less than 85% of AFFO:

Payout of 82.1%

• Less than 90% of AFAD:

Payout of 89.2%

• 21 consecutive quarterly dividend increases:

$0.65 as of 4Q 2017

1) Quarterly Financial Supplements are located in the Investor Relations tab at www.omegahealthcare.com

Investor Presentation, November 2017

Financial Overview: Growth Strategy

27

• Pursue selective acquisitions
• Leverage existing 77 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 2017

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9/2017 Acquisitions 114,287 245,550 196,000 39,500 112,135 269,393 588,718 187,696 468,153 561,190 131,689 406,953 972,190 324,271 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 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 43,574 CIP (2)

• 62,197

63,371 Other (1)

• 28,000
• 221,367

16,393

• 200,000

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

Other (1) CIP (2) Capex Mortgages Acquisitions

Financial Overview: Investment History

28

(in thousands)

Investments, 2004 through September 30, 2017

$5.0 billion of new investments since January, 2010 (3)

(3) 1) Consists primarily of Mezzanine and JV investments 2) Included in “Acquisitions” prior to 2016 3) Excludes $3.9B Aviv acquisition via merger by Omega on April 1, 2015

Total 126,323 311,121 202,805 46,032 196,818 291,511 637,777 364,633 509,558 620,858 565,510 506,944 1,328,269 458,609

Investor Presentation, November 2017

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

$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

$0.94 $1.13 $1.29 $1.32 $1.50 $1.80 $2.50 $2.83 $3.33 $3.92 $4.47 $8.11 $9.17

$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Financial Overview: Attractive Growth Profile

29

Core Operations Revenue Gross Investments

($ in billions) ($ in millions)

$459M YTD through 3Q:17 (1) $687M YTD through 3Q:17 (1)

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

Investor Presentation, November 2017

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

Financial Overview: Attractive Growth Profile

30

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 Earnings Release

($ in millions) ($ in millions)

$667.7M YTD through 3Q:17 $519.3M YTD through 3Q:17

Investor Presentation, November 2017

3.8x 3.1x 3.3x 3.5x 4.0x 4.1x 4.7x 5.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2009 2010 2011 2012 2013 2014 2015 2016 3.7x 4.3x 4.8x 4.7x 4.4x 4.6x 4.5x 4.7x 1.3x 0.7x 0.9x 0.9x 0.6x 0.5x 0.3x 0.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2009 2010 2011 2012 2013 2014 2015 2016

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

Financial Overview: Conservative Capitalization

31

(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 Financial Supplement posted on our website, www.omegahealthcare.com) (2) Reflects adjusted EBITDA divided by the sum of cash interest and preferred dividends, if any (See “Selected Credit Statistics” in our 3Q Financial Supplement posted on our website, www.omegahealthcare.com)

Leverage (1) Cash Fixed Charge Coverage (2) Target 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

5.08x for 3Q:17 Annualized 4.2x for 3Q:17

Investor Presentation, November 2017

$20M Term Loan $345M Drawn $700M 4.375% Notes $400M 4.95% Notes $400M 4.50% Notes $600M 5.25% Notes $700M 4.50% Notes $550M 4.75% Notes

$38M $905M Available

$425M Term Loan $133M $100M $250M Term Loan

$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 $2,300 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029-44 $ Millions

Financial Overview: Conservative Capitalization

32

Debt Maturity Schedule at 10/31/2017

$1.25B Revolving Credit Facility: $345M drawn at 10/31/2017

Approximate balance of amortizing HUD Loans at 12/31/28 with final maturities to 2044

• $1.8B unsecured revolving credit

and term loan facilities

• $1.25B revolver with a May 2021

maturity, and an additional one year option

• $658MM term loans
• $905MM available as of October

31, 2017

• $250MM Unsecured Term Loan
• No near term bond maturities
• Minimal secured debt
• $54MM of HUD (at 10/31/2017)
• 78% fixed rate debt outstanding at

10/31/2017

$20MM

Credit Facility Term Loans

(1) 1) Represents the £100 million term loan at the spot exchange rate of approximately 1.328 at 10/31/2017

Investor Presentation, November 2017

Financial Overview: Conservative Capitalization

33

Financial Covenant Review

• Strong balance sheet with significant cushion
• n all covenants
• Leverage ratio is key covenant
• Defined as “Funded Debt to Total

Asset Value” not to exceed 60%

• Approximately 54% at 3Q 2017
• Debt to Adjusted proforma EBITDA is 5.08x

for 3Q 2017 (2) 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 Financial Supplement posted on our website, www.omegahealthcare.com (1) Covenants are based on calculations as defined in the Company’s Senior Note Indentures

Consolidated

Quarter Ending Leverage Ratio Secured Leverage Ratio Unsecured Leverage Ratio Fixed Charge Cov. Ratio Unsecured Interest Cov. Ratio Tangible Net Worth

Requirement: <= 60% <=30% <= 60% >=1.50 to 1 >=2.00 to 1 >$3,375MM December 31, 2016 46% 1% 50% 5.3 4.5 Pass March 31, 2017 46% 1% 50% 5.2 4.3 Pass June 30, 2017 48% 1% 49% 4.9 4.2 Pass September 30, 2017 54% 1% 55% 4.8 4.3 Pass Status Pass Pass Pass Pass Pass Pass

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

Requirement: <= 60% >= 150% <= 40% December 31, 2016 47% 207% 0% March 31, 2017 47% 206% 0% June 30, 2017 48% 200% 0% September 30, 2017 50% 191% 0% Status Pass Pass Pass

Investor Presentation, November 2017

Financial Overview: Financial Flexibility

34

Capital Markets Accessibility

• Seasoned market issuer
• Senior Unsecured Notes Rated BBB- by S&P and Fitch; Baa3 by Moody’s

Capital Market Activity, 2004 through September 1, 2017

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)

Totals

5,010,000 118,488 2,548,844 7,677,332 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Senior Notes 260,000 225,000

• 775,000
• 400,000
• 650,000

1,300,000 700,000 700,000 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 53,210

• 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

Investor Presentation, November 2017

Financial Overview: Financial Flexibility

35

Minimize Encumbered Assets

• $10.3B of total undepreciated assets (over 99% unencumbered)
• $1.25B unsecured revolving credit facility
• $908MM unsecured term loans
• $3.35B of long-term bonds
• $54MM of 30+ year amortizing HUD loans

Encumbered Assets as % of Total Gross Assets

(000's) 3Q 2017 Actual Total Assets: 1 $8,890,646 Accumulated Depreciation: 1,432,154 Total Undepreciated Assets: $10,322,800 Encumbered Assets: 2 (85,258) Total Unencumbered Assets: $10,237,542 Encumbered Assets to Total Gross Assets: 0.8% 1) Includes intangibles and AR 2) Assets securing HUD loans

Investor Presentation, November 2017

Financial Overview: Dividend History

36

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

Yearly Dividends and AFFO Payout Ratio

2003 through 2017 (1)

Dividends AFFO Payout Ratio

78.4% (2)

1. As per page 12 in our 3Q 2017 Financial Supplement 2. Reflects the unweighted AFFO Payout average from 2003 through 2017

Strong Consistent Dividend Growth with Conservative AFFO Payout Ratios

• 21 consecutive quarterly increases
• 43 increases in 57 quarters since 2003
• Continued to increase dividend and AFFO during the 2007-9 financial crisis
• Dividend is conservatively covered by AFFO with over $100M of annual excess cash

flow after dividend payment

Investor Recap

Investor Presentation, November 2017

Investor Recap

38

• Attractive industry fundamentals
• Consistent and stable free cash flow and conservative capitalization
• Strong portfolio rent coverage
• Geographic and operator diversification
• No upcoming material lease expirations
• Proven track record of acquisitions and growth
• Seasoned capital markets issuer
• No senior note maturities until 2023
• Experienced senior management team with average tenure of 16+ Years

Exhibits

Investor Presentation, November 2017

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

40

Year Ended December 31, 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 2017 Net Income...................................................................................................................... $ 55,697 $ 69,374 $ 78,137 $ 82,111 $ 58,436 $ 52,606 $ 120,698 $ 172,521 $ 221,349 $ 233,315 $ 383,367 $ 253,484 $ 39,754 Depreciation and amortization.................................................................................. 32,263 36,056 39,890 44,694 84,623 100,337 112,983 128,646 123,257 210,703 267,062 196,254 212,268 Depreciation and amortization unconsolidated joint venture................................ - - - - - - - - - - 1,107

• 4,973

Interest expense & refinancing costs......................................................................... 47,611 44,092 39,746 39,075 90,602 86,899 106,096 92,048 126,869 183,208 175,561 128,685 169,485 Provision for income taxes......................................................................................... 2,347 (7) (72) - - - - - - 1,211 1,405 782 2,690 EBITDA...................................................................................................................... 137,918 149,515 157,701 165,880 233,661 239,842 339,777 393,215 471,475 628,437 828,502 579,205 429,170 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 costs......................................................................................................... - - - 1,561 1,554 1,204 909 245 3,948 57,525 9,582 9,584 (22) (Gain) loss on assets sold - net.................................................................................. (1,354) (1,993) (12,292) (753) 4 (1,670) (11,799) 1,151 (2,863) (6,353) (50,208) (19,931) (7,491) Advocat non-cash accretion investment income...................................................... (1,280) - - - - - - - - - -

• -

Revenue from prepayment penalty/administration fee.......................................... - - - - - - - - - - -

• -

Provisions for impairment on equity securities........................................................ - - - - - - - - - - -

• -

Gain from sale of Sun common stock........................................................................ (2,709) - - - - - - - - - -

• -

Advocat non-cash gain on investment restructuring................................................ (3,567) - - - - - - - - - -

• -

Restatement expense................................................................................................. 1,234 - - - - - - - - - -

• -

Lease expiration expense........................................................................................... - - - - - - - - - - -

• -

Adjustment of derivatives to fair value..................................................................... (9,079) - - - - - - - - - -

• -

Advocat one-time straight line adjustment.............................................................. - (5,040) - - - - - - - - -

• -

One-time cash revenue............................................................................................... - - (702) - - - (536) (1,405) - - - (1,881) Deduct foreign currency gain...................................................................................... - - - - - - - - - - -

• (235)

One-time non-cash deferred mortgage interest income.......................................... - - - - - - (236) - (585) - -

• -

FIN 46R adjustment..................................................................................................... - (296) (90) - - - - - - - -

• -

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

• -

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

• -

Provisions for real estate impairment....................................................................... 541 1,416 5,584 159 155 26,344 272 415 3,660 17,681 58,726 58,726 35,610 Impairment on direct financing leases...................................................................... - - - - - - - - - - -

• 197,968

Provisions for uncollectible mortgages, notes and A/R............................................ 944 - 4,248 3,935 - 6,439 - 2,141 2,723 7,871 9,845 3,967 13,667 Restricted Stock amortization expense..................................................................... 4,517 1,425 2,103 1,918 2,211 6,037 5,942 5,942 8,592 11,133 13,790 10,116 11,350 Adjusted EBITDA...................................................................................................... 127,165 $ 145,027 $ 158,807 $ 170,375 $ 236,347 $ 278,849 $ 334,329 $ 401,704 $ 486,950 $ 716,294 $ 870,237 $ 641,667 $ 667,724 $ Proforma Acquisition Income..................................................................................... 11,358 2,646 15,360 30,315 32,807 37,153 45,420 55,696 22,194 70,727 47,335 73,732 30,657 Proforma CIP Income.................................................................................................. - - - - - - - - - - -

• 10,570

Adjusted Proforma EBITDA (1)............................................................................... 138,523 $ 147,673 $ 174,167 $ 200,690 $ 269,154 $ 316,002 $ 379,749 $ 457,400 $ 509,144 $ 787,021 $ 917,572 $ 715,399 $ 708,951 $ Cash Interest(2)........................................................................................................... 42,174 $ 42,134 $ 37,745 $ 36,077 $ 67,282 $ 81,643 $ 95,822 $ 100,459 $ 119,153 $ 150,915 $ 170,516 $ 124,493 $ 146,114 $ Preferred Dividends.................................................................................................... 9,923 9,923 9,714 9,086 9,086 1,691

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

52,097 $ 52,057 $ 47,459 $ 45,163 $ 76,368 $ 83,334 $ 95,822 $ 100,459 $ 119,153 $ 150,915 $ 170,516 $ 124,493 $ 146,114 $ Adjusted EBITDA / Cash Fixed Charge coverage ratio.............................................. 2.4 x 2.8 x 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 5.2 x 4.6 x Adjusted Proforma EBITDA / Cash Fixed Charge coverage ratio............................. 2.7 x 2.8 x 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 5.7 x 4.9 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 and amortization of deferred financing costs. Nine Months Ended

Investor Presentation, November 2017

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

41

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 2017 Funded Debt Revolving Line of Credit - secured........................................................... 150,000 $ 48,000 $ 63,500 $ 94,100 $

• $
• $
• $
• $
• $
• $
• $
• $
• $

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

• 272,500

158,000 326,000 85,000 230,000 190,000 223,000 365,000 Term Loan - secured.................................................................................

• 100,000
• 2012 Term Loan - unsecured....................................................................
• 100,000

200,000

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

200,000 200,000 200,000

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

200,000 200,000

• 2016 Term Loan - unsecured Trache 3....................................................
• 350,000

350,000

• $425M 2017 Term Loan............................................................................
• 425,000

$100M GDP Term Loan.............................................................................

• 133,980

2015 OP Term Loan - unsecured..............................................................

• 100,000

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

• 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 55,271 53,992 GEMSA - secured......................................................................................

• 180,000
• Other Borrowings - secured.....................................................................
• 59,354
• Industrial Revenue Bonds - unsecured...................................................

2,410 1,995

• Subordinated Debt - unsecured (2)(5).....................................................
• 20,000

20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Notes - unsecured (3)(4)........................................................................... 485,000 485,000 485,000 485,000 950,000 950,000 1,175,000 1,175,000 1,825,000 2,350,000 3,053,000 3,053,000 3,351,500 Total Funded Debt................................................................................ 637,410 $ 534,995 $ 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 $ 4,451,271 $ 4,699,472 $ Less: Cash on-hand................................................................................... (729) (1,979) (209) (2,170) (6,921) (351) (1,711) (2,616) (4,489) (5,424) (93,687) (32,567) (24,318) Adjusted Net Funded Debt.................................................................. 636,681 $ 533,016 $ 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 $ 4,418,704 $ 4,675,154 $ Secured Funded Debt (1).......................................................................... 150,000 48,000 63,500 253,454 180,890 279,558 335,711 280,425 237,881 236,204 54,955 55,271 53,992 Unsecured Funded Debt (2)(3)(4)............................................................ 487,410 486,995 485,000 485,000 970,000 1,242,500 1,453,000 1,721,000 2,130,000 3,350,000 4,363,000 4,396,000 4,645,480 Less: Cash on-hand (729) (1,979) (209) (2,170) (6,921) (351) (1,711) (2,616) (4,489) (5,424) (93,687) (32,567) (24,318) Adjusted Net Funded Debt.................................................................. 636,681 $ 533,016 $ 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 $ 4,418,704 $ 4,675,154 $ Net Debt/Adjusted Proforma Annualized EBITDA (2)............................ 4.6x 3.6x 3.1x 3.7x 4.3x 4.8x 4.7x 4.4x 4.6x 4.5x 4.7x 4.6x 4.9x Secured Funded Debt/Adjusted Proforma Annualized EBITDA (2)....... 1.1x 0.3x 0.4x 1.3x 0.7x 0.9x 0.9x 0.6x 0.5x 0.3x 0.1x 0.1x 0.1x 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, 2016, 2015, 2014, 2013, 2012 and 2011 excludes $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) Unsecured borrowings for 2006 and 2007 excludes FIN 46 debt of $39 million. 4) 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. 5) Subordinated debt for September 30, 2017 and 2016 excludes $0.4 million, $0.5 million million of adjustments related to the acquisition date fair value premium, respectively. Year Ended December 31, Nine Months Ended

Investor Presentation, November 2017

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

42

Quarterly Annually Quarter Ended Ending Share Price

• Div. *

Yield AFFO/ Share Dividend Payout Ratio FAD/ Share FAD Payout Ratio Omega AFFO Guidance AFFO/ Share % Change FAD/ Share % Change Annual Dividend % Change 2007 3/31/2007 $17.15 6.1% 0.3375 $ 0.27 $ 80.0% 0.3111 $ 86.8% $1.32 - $1.36 6/30/2007 $15.83 6.8% 0.3365 $ 0.27 80.2% 0.3141 $ 86.0% 9/30/2007 $15.53 7.0% 0.3528 $ 0.28 80.0% 0.3299 $ 84.9% 12/31/2007 $16.05 7.0% 0.3535 $ 0.29 82.0% 0.3387 $ 85.6% $1.38 11.3% $1.29 9.8% $1.11 13.3% 2008 3/31/2008 $17.36 6.7% 0.3639 $ 0.30 $ 82.4% 0.3612 $ 83.1% $1.41 - $1.43 6/30/2008 $16.65 7.2% 0.3816 $ 0.30 78.6% 0.3709 $ 80.9% 9/30/2008 $19.66 6.1% 0.3387 $ 0.30 88.6% 0.3079 $ 97.4% 12/31/2008 $15.97 7.5% 0.3702 $ 0.30 81.0% 0.3354 $ 89.4% $1.45 5.4% $1.38 6.3% $1.20 8.1% 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% * Based on the annualized dividend announced the previous quarter

• No. of consecutive quarterly dividends paid since 2003:

57

• No. of quarterly dividend increases since 2003:

43

• No. of consecutive quarterly dividend increases:

21

Investor Presentation, November 2017

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

43

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

• Avg. Price

Net Proceeds Shares

• Avg. Price

Net Proceeds Shares

• Avg. Price

Proceeds Authorized 1994 104,000 22.644 $ 2,355,000 $ 1995 964,000 24.148 $ 23,279,000 $ 1996 482,000 26.562 $ 12,803,000 $ 1997 53,000 31.717 $ 1,681,000 $ 1998 58,000 31.586 $ 1,832,000 $ 1999 to 2004 69,232 6.879 $ 476,277 $ 56,075 11.069 $ 620,717 $ 125,307 8.754 $ 1,096,994 $ 2005 to 2008 100,376 14.243 $ 1,429,665 $ 6,288,189 14.591 $ 91,748,994 $ 6,388,564 14.585 $ 93,178,659 $ 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 $ 9,753,789 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 $ 4,691,763 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 $ 14,732,238 Jan-17

• $
• $

6,571 32.850 $ 215,860 $ 6,571 32.850 $ 215,860 $ 17,493,429 Feb-17 216,413 30.573 $ 6,616,308 $ 7,606 30.881 $ 234,884 $ 224,019 30.583 $ 6,851,192 $ 17,269,410 Mar-17

• $
• $

8,565 31.314 $ 268,208 $ 8,565 31.314 $ 268,208 $ 17,260,845 Apr-17

• $
• $

8,036 34.472 $ 277,014 $ 8,036 34.472 $ 277,014 $ 17,252,809 May-17 350,614 32.995 $ 11,568,649 $ 7,298 33.329 $ 243,233 $ 357,912 33.002 $ 11,811,882 $ 16,894,897 Jun-17

• $
• $

9,130 32.516 $ 296,867 $ 9,130 32.516 $ 296,867 $ 16,885,767 Jul-17

• $
• $

9,234 33.652 $ 310,743 $ 9,234 33.652 $ 310,743 $ 16,876,533 Aug-17 315,324 30.231 $ 9,532,434 $ 9,453 30.536 $ 288,657 $ 324,777 30.239 $ 9,821,091 $ 16,551,756 Sep-17

• $
• $

8,664 32.682 $ 283,153 $ 8,664 32.682 $ 283,153 $ 16,543,092 Total DRIP / DSPP: 37,111,867 25.429 $ 943,705,123 $

Investor Presentation, November 2017

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

44

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 $ Program #5 Total 1,373,488 $31.65 43,466,400 $ ATM/ESP Grand Totals 22,821,190 $23.67 540,177,746 $