# OMEGA HEALTHCARE INVESTORS INC (OHI) Informational only - not investment advice. CIK: 0000888491 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-09 SEC page: https://www.sec.gov/edgar/browse/?CIK=888491 Filing source: https://www.sec.gov/Archives/edgar/data/888491/000088849126000008/ohi-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-09 · accession 0000888491-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000888491.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,190,099,000 USD | 2025 | verified | | Net income | 590,185,000 USD | 2025 | verified | | Assets | 10,049,059,000 USD | 2025 | verified | | Free cash flow | 797,682,000 USD | 2025 | computed | | Net margin | 49.59% | 2025 | computed | | Revenue YoY | +13.19% | 2025 | computed | | ROE | 11.39% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | OHI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 49.6% | 16.8% | 89 | 149 | | Revenue growth | 13.2% | 3.7% | 86 | 149 | | FCF margin | 67.0% | 21.8% | 94 | 70 | | ROE | 11.4% | 5.7% | 79 | 151 | | ROA | 5.9% | 1.5% | 92 | 155 | | Liabilities / equity | 0.89 | 1.48 | 25 | 151 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1190099000 | USD | 2025 | 2026-02-09 | | Net income | 590185000 | USD | 2025 | 2026-02-09 | | Assets | 10049059000 | USD | 2025 | 2026-02-09 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000888491.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | 900,827,000 | 908,385,000 | 881,682,000 | 928,830,000 | 892,381,000 | 1,062,809,000 | 878,244,000 | 949,740,000 | 1,051,390,000 | 1,190,099,000 | | Net income | 78,137,000 | 82,111,000 | 58,436,000 | 52,606,000 | 120,698,000 | 172,521,000 | 221,349,000 | | | | | | | | 242,180,000 | 406,326,000 | 590,185,000 | | Diluted EPS | | | | | | | | 1.90 | 0.51 | 1.40 | 1.58 | 0.70 | 1.75 | 1.80 | 1.00 | 1.55 | 1.94 | | Operating cash flow | | | | | | | | 624,773,000 | 577,912,000 | 499,373,000 | 553,747,000 | 708,256,000 | 722,136,000 | 625,727,000 | 617,736,000 | 749,430,000 | 878,551,000 | | Capital expenditures | | | | | | | | 40,471,000 | 37,766,000 | 29,824,000 | 52,892,000 | 31,072,000 | 44,948,000 | 47,221,000 | 38,011,000 | 37,757,000 | 80,869,000 | | Dividends paid | | | | | | | | 453,152,000 | 502,603,000 | 528,696,000 | 564,127,000 | 612,310,000 | 637,648,000 | 632,893,000 | 643,867,000 | 685,445,000 | 780,387,000 | | Assets | | | | | | | | 8,949,260,000 | 8,773,305,000 | 8,590,877,000 | 9,796,124,000 | 9,497,449,000 | 9,638,478,000 | 9,405,163,000 | 9,117,402,000 | 9,897,891,000 | 10,049,059,000 | | Liabilities | | | | | | | | 4,737,274,000 | 4,885,047,000 | 4,826,393,000 | 5,459,530,000 | 5,460,842,000 | 5,530,252,000 | 5,601,881,000 | 5,355,111,000 | 5,167,052,000 | 4,608,560,000 | | Stockholders' equity | | | | | | | | 3,858,745,000 | 3,555,091,000 | 3,444,441,000 | 4,135,428,000 | 3,841,876,000 | 3,906,838,000 | 3,609,368,000 | 3,574,584,000 | 4,536,673,000 | 5,181,299,000 | | Cash and cash equivalents | | | | | | | | 93,687,000 | 85,937,000 | 10,300,000 | 24,117,000 | 163,535,000 | 20,534,000 | 297,103,000 | 442,810,000 | 518,340,000 | 27,024,000 | | Free cash flow | | | | | | | | 584,302,000 | 540,146,000 | 469,549,000 | 500,855,000 | 677,184,000 | 677,188,000 | 578,506,000 | 579,725,000 | 711,673,000 | 797,682,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | | | | | | | | 25.50% | 38.65% | 49.59% | | Return on equity | | | | | | | | | | | | | | | 6.78% | 8.96% | 11.39% | | Return on assets | | | | | | | | | | | | | | | 2.66% | 4.11% | 5.87% | | Liabilities / equity | | | | | | | | 1.23 | 1.37 | 1.40 | 1.32 | 1.42 | 1.42 | 1.55 | 1.50 | 1.14 | 0.89 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000888491.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2014-Q2 | 2014-06-30 | | 46,817,000 | | reported discrete quarter | | 2014-Q3 | 2014-09-30 | | 61,713,000 | | reported discrete quarter | | 2014-Q4 | 2014-12-31 | | 56,990,000 | | derived Q4 = FY annual - nine-month YTD | | 2015-Q1 | 2015-03-31 | | 43,052,000 | | reported discrete quarter | | 2015-Q2 | 2015-06-30 | | 41,428,000 | | reported discrete quarter | | 2015-Q3 | 2015-09-30 | | 79,402,000 | | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.43 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.15 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.25 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 242,032,000 | | 0.37 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 239,319,000 | | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 243,299,000 | | 0.27 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 252,745,000 | | 0.45 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 276,028,000 | | 0.42 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 279,318,000 | | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 276,785,000 | 109,032,000 | 0.33 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 282,506,000 | 136,599,000 | 0.46 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 311,591,000 | 179,719,000 | 0.59 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 319,217,000 | 164,835,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 322,955,000 | 151,049,000 | 0.47 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 328,246,000 | 362,823,000 | 1.19 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from OHI's latest 10-K: [/company/OHI/business/](/company/OHI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from OHI's latest 10-K: [/company/OHI/risk-factors/](/company/OHI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/888491/000088849126000024/ohi-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements and Factors Affecting Future Results Unless otherwise indicated or except where the context otherwise requires, the terms “we,” “us” and “our” and other similar terms in this Quarterly Report on Form 10-Q refer to Omega Healthcare Investors, Inc. and its consolidated subsidiaries. The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this document. This document contains “forward-looking statements” within the meaning of the federal securities laws. These statements relate to our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance and underlying assumptions and other statements other than statements of historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology including, but not limited to, terms such as “may,” “will,” “anticipates,” “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. These statements are based on information available on the date of this filing and only speak as to the date hereof and no obligation to update such forward-looking statements should be assumed. Our actual results may differ materially from those reflected in the forward-looking statements contained herein as a result of a variety of factors, including, among other things: [[GREPCENT_TABLE]] [["","(1)","those items discussed under \u201cRisk Factors\u201d in Part I, Item 1A to our Annual Report on Form 10-K and Part II, Item 1A herein;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(2)","uncertainties relating to the business operations of the operators of our Triple-Net assets and the managers of our Operating portfolio assets (collectively, our \u201coperators\u201d), including those relating to reimbursement by third-party payors, regulatory matters, occupancy levels and quality of care, including the management of infectious diseases;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(3)","our operators\u2019 ability to manage industry challenges, including staffing shortages, which may impact certain regions more acutely, increased costs, and the sufficiency of governmental reimbursement rates to offset such costs and the conditions related thereto;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(4)","additional regulatory and other changes in the healthcare sector, including changes to Medicaid and Medicare reimbursements, the potential impact of recent changes to state Medicaid funding levels as well as legislative and regulatory initiatives related to establishing minimum staffing requirements for skilled nursing facilities (\u201cSNFs\u201d) that may further exacerbate labor and occupancy challenges for our operators;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(5)","the ability of our operators in bankruptcy to reject unexpired lease obligations, modify the terms of our mortgages and impede our ability to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor\u2019s obligations, and other costs and uncertainties associated with operator bankruptcies;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(6)","changes in tax laws and regulations affecting real estate investment trusts (\u201cREITs\u201d), including as the result of any federal or state policy changes driven by the current focus on capital providers to the healthcare industry;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(7)","our ability to re-lease, otherwise transition or sell underperforming assets or assets held for sale on a timely basis and on terms that allow us to realize the carrying value of these assets or to redeploy the proceeds therefrom on favorable terms, including due to the potential impact of changes in the SNF and assisted living facility (\u201cALF\u201d) markets or local real estate conditions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(8)","the availability and cost of capital to us;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(9)","changes in our credit ratings and the ratings of our debt securities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(10)","competition in the financing of healthcare facilities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(11)","competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(12)","changes in the financial position of our operators;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(13)","the effect of economic, regulatory and market conditions generally and, particularly, in the healthcare industry in the United States and in other jurisdictions where we conduct business, including the United Kingdom, including changes in immigration policy that may impact labor supply;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(14)","changes in interest rates and foreign currency exchange rates and the impact of inflation and changes in global tariffs and international trade disputes;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(15)","the timing, amount and yield of any additional investments;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(16)","our ability to maintain our status as a REIT;"]] [[/GREPCENT_TABLE]] 40 Table of Contents [[GREPCENT_TABLE]] [["","(17)","operational risks, including management of regulatory requirements and operating expenses, associated with our investments in healthcare operating companies, including senior housing properties managed through structures authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as \u201cRIDEA\u201d);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(18)","the use of, or inability to use, artificial intelligence by us or our operators, managers, vendors and investors; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(19)","the effect of other factors affecting our business or the businesses of our operators that are beyond our or their control, including natural disasters, public health crises or pandemics, cyber threats and governmental action, particularly in the healthcare industry."]] [[/GREPCENT_TABLE]] Summary Our Management’s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows: [[GREPCENT_TABLE]] [["","\u25cf","Business Overview"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Outlook, Trends and Other Conditions"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Government Regulation and Reimbursement"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Second Quarter of 2026 and Recent Highlights"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Results of Operations"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Funds from Operations"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Liquidity and Capital Resources"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Critical Accounting Policies and Estimates"]] [[/GREPCENT_TABLE]] Business Overview Omega Healthcare Investors, Inc. (“Parent”) is a Maryland corporation that, together with its consolidated subsidiaries (collectively, “Omega” or “Company”) has elected to be taxed as a REIT for federal income tax purposes. Omega is structured as an umbrella partnership REIT (“UPREIT”) under which all of Omega’s assets are owned directly or indirectly by, and all of Omega’s operations are conducted directly or indirectly through, its operating partnership subsidiary, OHI Healthcare Properties Limited Partnership (collectively with its subsidiaries, “Omega OP”). As of June 30, 2026, Parent owned approximately 96% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned approximately 4% of the outstanding Omega OP Units. We operate through two reportable segments, triple-net investments (“Triple-Net”) and operating portfolio (“Operating”). Our investments in healthcare-related real estate properties, located in the United States (“U.S.”), the United Kingdom (“U.K.”) and Canada, include SNFs, ALFs (including care homes in the U.K.), and to a lesser extent, independent living facilities (“ILFs”), rehabilitation and acute care facilities (“specialty facilities”) and continuing care retirement communities (“CCRCs”). In our Triple-Net segment, our revenues primarily relate to triple-net leases with third-party operators at our properties. Additionally in our Triple-Net segment, we recognize interest income from real estate loans and non-real estate loans we provide to our operators, affiliates and/or their principals. Real estate loans consist of mortgage loans and other real estate loans that are primarily collateralized by a first, second or third mortgage lien or a leasehold mortgage on, or an assignment of the partnership interest in the related properties. Non-real estate loans may be either unsecured or secured by the collateral of the borrower. Additionally, during the fourth quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”), whereby we own and operate senior healthcare facilities in our Operating segment through third-party managers (collectively, our “managers”). We utilize managers to operate these properties on our behalf and pay a management fee for these services. 41 Table of Contents From time to time, we also acquire equity interests in joint ventures (“JVs”) or entities that support the long-term healthcare industry and our operators, which may include ancillary service or technology companies, and in operating companies. These JVs are categorized into our Triple-Net segment or our Operating segment based on the structure of the JV operations. As healthcare delivery continues to evolve, we continuously evaluate potential investments, our assets, operators and markets to position our portfolio for long-term success. As part of our evaluation, we may from time to time consider selling or transitioning assets that do not meet our portfolio criteria. The following table summarizes our portfolio for the three months ended June 30, 2026 (dollars in thousands): [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","Percentage","\u200b","Number of"],["Type of Property","\u200b","NOI","\u200b","of NOI","\u200b","Facilities"],["Triple-Net","\u200b","$","324,515","\u200b","98.4","%","\u200b","1,013"],["Operating","\u200b","\u200b","5,382","\u200b","1.6","%","\u200b","9"],["Total","\u200b","$","329,897","\u200b","100.0","%","\u200b","1,022"]] [[/GREPCENT_TABLE]] Outlook, Trends and Other Conditions Our operators continue to face a number of industry challenges, including staffing shortages in certain regions and inflation-related cost increases. These challenges may be exacerbated by global tariffs and immigration restrictions, each of which may increase expenses, worsen labor shortages and increase labor costs, among other adverse impacts. There continues to be uncertainty regarding the extent and duration of these impacts for those operators, particularly given uncertainty as to whether reimbursement increases from the federal government, the states and the U.K. will be effective in offsetting these incremental costs and lost revenues. In addition, there remains uncertainty as to the impact of recent and potential further regulatory changes, including the recent Medicaid changes in the One Big Beautiful Bill Act (“OBBBA”) and potential further reforms to Medicaid or Medicare and other state regulatory initiatives. While the OBBBA does not directly lo [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/888491/000088849126000008/ohi-20251231x10k.htm Complete FY 2025 MD&A: /company/OHI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-09 Report date: 2025-12-31 Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is based primarily on the Consolidated Financial Statements of Omega Healthcare Investors, Inc. presented in conformity with U.S. generally accepted accounting principles (“GAAP”) for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K. Other important factors are identified in “Forward-Looking Statements” and “Item 1A – Risk Factors” above. Our Management’s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows: ​ [[GREPCENT_TABLE]] [["","\u25cf","Business Overview"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Outlook, Trends and Other Conditions"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","2025 and Recent Highlights"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Results from Operations"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Funds from Operations"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Liquidity and Capital Resources"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Supplemental Guarantor Information"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Critical Accounting Policies and Estimates"]] [[/GREPCENT_TABLE]] Business Overview Omega Healthcare Investors, Inc. (“Parent”) is a Maryland corporation that, together with its consolidated subsidiaries has elected to be taxed as a REIT for federal income tax purposes. Omega is structured as an umbrella partnership REIT (“UPREIT”) under which all of Omega’s assets are owned directly or indirectly by, and all of Omega’s operations are conducted directly or indirectly through, its operating partnership subsidiary, Omega OP. As of December 31, 2025, Parent owned approximately 95% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned approximately 5% of the outstanding Omega OP Units. 36 Table of Contents Omega has one reportable segment consisting of investments in healthcare-related real estate properties located in the United States (“U.S.”), the United Kingdom (“U.K.”) and Canada. Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”), assisted living facilities (“ALFs”) (including care homes in the U.K.), and to a lesser extent, independent living facilities (“ILFs”), rehabilitation and acute care facilities (“specialty facilities”) and continuing care retirement community (“CCRCs”). Our core portfolio consists of our long-term leases and real estate loans with healthcare operating companies and affiliates (collectively, our “operators”). Real estate loans consist of mortgage loans and other real estate loans that are primarily collateralized by a first, second or third mortgage lien or a leasehold mortgage on, or an assignment of the partnership interest in the related properties. Additionally, during the fourth quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”), whereby we own and operate healthcare facilities through third-party managers (collectively, our “managers”). In addition to our core investments, we make loans to operators and/or their principals. These loans, which may be either unsecured or secured by the collateral of the borrower, are classified as non-real estate loans. From time to time, we also acquire equity interests in joint ventures or entities that support the long-term healthcare industry and our operators, which may include ancillary service or technology companies, and in operating companies. As of December 31, 2025, our portfolio of real estate investments consisted of 1,027 operating healthcare facilities (including properties associated with mortgages, assets held for sale and consolidated joint ventures), along with other real estate loans receivable (excluding mortgages) of $482.6 million and $414.1 million of investments in 15 unconsolidated entities. These healthcare facilities are located in 42 states, Washington, D.C., the U.K. and the Bailiwick of Jersey (“Jersey”), and are operated or managed by 89 third-party operators or managers. Our investment in these facilities, net of impairments and allowances, totaled approximately $10.5 billion at December 31, 2025, with approximately 98% of our real estate investments related to long-term healthcare facilities. Our portfolio is made up of (i) 561 SNFs, 339 ALFs, 19 ILFs, 16 specialty facilities and one CCRC, (ii) fixed rate mortgages on 47 SNFs, 42 ALFs and two ILFs and (iii) one property adjacent to one of our existing facilities that is held for sale. At December 31, 2025, our total investments also include non-real estate loans receivable of $330.3 million, consisting primarily of secured loans to third-party operators of our facilities. As healthcare delivery continues to evolve, we continuously evaluate potential investments, our assets, operators and markets to position our portfolio for long-term success. As part of our evaluation, we may from time to time consider selling or transitioning assets that do not meet our portfolio criteria.   Outlook, Trends and Other Conditions Our operators continue to face a number of industry challenges, including staffing shortages in certain regions, which have persisted since the COVID-19 pandemic. In addition, our operators have been and continue to be adversely affected by inflation-related cost increases and may be adversely impacted by recently announced global tariffs, each of which may increase expenses, exacerbate labor shortages and increase labor costs, among other adverse impacts. Our operators also may be adversely impacted by immigration restrictions and changes to immigration enforcement policy to the extent they contribute to labor shortages. There continues to be uncertainty regarding the extent and duration of these impacts for those operators, particularly given uncertainty as to whether reimbursement increases from the federal government, the states and the U.K. will be effective in offsetting these incremental costs and lost revenues. In addition, there remains uncertainty as to the impact of recent and potential further regulatory changes, including the recent Medicaid changes in the One Big Beautiful Bill Act (“OBBBA”) and potential further reforms to Medicaid or Medicare and other state regulatory initiatives. While the OBBBA does not directly lower reimbursements related to long term care providers, it may indirectly impact our operators to the extent states in which they operate reduce reimbursement levels generally. This may occur as a result of reduced Medicaid funds allocated by states to long-term care providers due to lower reimbursement levels for hospitals and other healthcare providers. We continue to monitor these reimbursement impacts as well as the impacts of other regulatory changes, as discussed below, which could have a material adverse effect on an operator’s results of operations and financial condition, which could adversely affect the operator’s ability to meet its obligations to us. See “Government Regulation and Reimbursement” for additional information. While we continue to believe that longer term demographics will drive increasing demand for needs-based skilled nursing care, we remain cautious as some of the long-term impacts noted above may continue to have an impact on certain of our operators and their financial conditions. 37 Table of Contents 2025 and Recent Highlights Investments [[GREPCENT_TABLE]] [["","\u25cf","We acquired 71 facilities for total consideration of $690.4 million in 2025, including four facilities that we own and operate utilizing a RIDEA structure. See Note 3 \u2013 Real Estate Asset Acquisitions and Development to the Consolidated Financial Statements for additional information."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","We invested $114.5 million under our construction in progress and capital improvement programs in 2025. In February 2025, we placed the $201.8 million Inspir Embassy Row construction in progress project into service and began recognizing rental income from the facility."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","We funded $65.4 million under 19 new real estate loans originated during 2025 with a weighted average interest rate of 10.3% in 2025. We also advanced $17.3 million under existing real estate loans in 2025. We received principal repayments of $115.7 million on real estate loans during 2025. We committed to fund up to $87.6 million Canadian dollars for a real estate loan for the development of several long-term care facilities in Canada that executed in December 2025, which will be our first transaction in Canada."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","In October 2025, the Company formed a JV with affiliates of Saber Healthcare Holdings, LLC (\u201cSaber\u201d) to own and lease 64 facilities that were previously wholly owned by affiliates of Saber. The Company issued approximately 5.5 million Omega OP Units with a fair value of $222.4 million in exchange for a 49% equity interest in the JV."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","In December 2025, the Company formed two JVs to own and operate, through a RIDEA structure, a CCRC in North Carolina. The Company acquired a 49% equity interest in each of the JVs for aggregate consideration of $42.7 million."]] [[/GREPCENT_TABLE]] Dispositions and Impairments [[GREPCENT_TABLE]] [["","\u25cf","In 2025, we sold 49 facilities (45 SNFs and four ALFs) for approximately $282.8 million in net cash proceeds, recognizing a net gain of approximately $67.3 million."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","In 2025, we recorded impairments on real estate properties of approximately $22.6 million on eight facilities. Of the $22.6 million, $6.3 million related to two facilities that were classified as held for sale and $16.3 million related to six held for use facilities."]] [[/GREPCENT_TABLE]] Financing Activities [[GREPCENT_TABLE]] [["","\u25cf","We repaid $400 million of 4.50% senior notes on the January 15, 2025 maturity date using available cash."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Omega repaid the $50 million term loan (\u201cOP Term Loan\u201d) on April 29, 2025, prior to its original maturity date."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","On June 6, 2025, Omega amended its charter to increase the number of authorized shares of Omega common stock from 350.0 million to 700.0 million."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","On June 20, 2025, the Company issued $600 million of Senior Notes due 2030 (the \u201c2030 Senior Notes\u201d) that mature on July 1, 2030 and bear interest at a fixed rate of 5.200% per annum, payable semi-annually on January 1 and July 1 of each year, commencing on January 1, 2026. The 2030 Senior Notes were sold at an issue price of 99.118% of their face value, resulting in a discount of $5.3 million. We incurred $5.6 million of deferred costs in connection with the issuance."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","On September 30, 2025, the Company entered into a new credit agreement consisting of a new four-year $2.0 billion senior unsecured multicurrency revolving credit facility (the \u201cRevolving Credit Facility\u201d) and a three-year $300.0 million delayed draw term loan facility (the \u201c2028 Term Loan\u201d), replacing our previous $1.45 billion senior unsecured 2021 multicurrency revolving credit facility (the \u201c2021 Revolving Credit Facility\u201d) that was scheduled to mature on October 30, 2025."]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/OHI/mda/fy2025/ All MD&A years: /company/OHI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/OHI/mda/fy2024/): filed 2025-02-13; accession 0000888491-25-000006 (https://www.sec.gov/Archives/edgar/data/888491/000088849125000006/ohi-20241231x10k.htm) - [FY 2023 MD&A](/company/OHI/mda/fy2023/): filed 2024-02-12; accession 0000888491-24-000007 (https://www.sec.gov/Archives/edgar/data/888491/000088849124000007/ohi-20231231x10k.htm) - [FY 2022 MD&A](/company/OHI/mda/fy2022/): filed 2023-02-14; accession 0000888491-23-000006 (https://www.sec.gov/Archives/edgar/data/888491/000088849123000006/ohi-20221231x10k.htm) - [FY 2021 MD&A](/company/OHI/mda/fy2021/): filed 2022-02-17; accession 0000888491-22-000007 (https://www.sec.gov/Archives/edgar/data/888491/000088849122000007/ohi-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/OHI.md · JSON record: /company/OHI.json · verified financials: /company/OHI/financials.json / /company/OHI/financials.csv · machine TOC for the whole site: /llms.txt