Omega Healthcare New Investor Presentation April 2022

OMEGA HEALTHCARE
INVESTORS
INVESTOR
PRESENTATION
April 2022
Disclaimers; Forward-looking Statements and Non-GAAP Information
• 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 filings 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 presented on operator revenue mix, census and coverage data is based on information provided by our
operators for the indicated periods ended. We have not independently verified this information, and we are providing
this data for informational purposes only. Information on operator coverage calculations can be found under “Portfolio
Metrics” in our most recent quarterly supplement available at our Investor Relations website at
www.omegahealthcare.com.
• Information is provided as of December 31, 2021, unless specifically stated otherwise. We assume no duty to update or
supplement the information provided.
• The sourcing of all information provided in this presentation can be found on page 60.
INVESTOR PRESENTATION 2
Table of Contents
Page
4 Company Profile & Strategy

12 Why Invest?
16 Skilled Nursing Facilities:

What Makes it an Attractive Asset Class?
25 Strong Portfolio & Skilled Operators
35 Benefits of Investing in Long-term Care
40 Excellent Financials and Execution Track Record
46 Proven Investment Strategy for Future Growth
51 Liquidity Structure & Credit Profile
57 Commitment to ESG Principles
59 Sources & Appendix
1 Company
Profile &
Strategy
OMEGA SNAPSHOT
(NYSE:OHI)
1992 $10.1B $12.6B

Year Listed Total RE Investments Enterprise Value
63 939 95,703
Operators Properties (US & UK) Number of Beds
BBB- 37% 9.1%

Investment Grade 3-Year TSR Dividend Yield
For source information see page 60 onwards
Differentiators that Support Today’s Strength and Tomorrow’s Opportunity
Largest Skilled Long-term triple net

1 Nursing Facilities
(SNF) focused REIT
master leases provide
lower risk, steady income
5
2 Consistent dividend
growth
Positioned to benefit
from macro tailwinds 6
3 Diversified geographic
exposure and tenant base
Investment grade credit
with ample liquidity 7
4 Proven acquisition and

development capabilities
Strong corporate
governance program 8
Experienced and Proven Management Team
Taylor Pickett Dan Booth Bob Stephenson

Chief Executive Officer Chief Operating Officer Chief Financial Officer
36 years in industry 35 years in industry 35 years in industry

20 years at OHI 20 years at OHI 20 years at OHI
Gail Makode Neal Ballew Matthew Gourmand

Chief Legal Officer Chief Accounting Officer SVP, Investor Relations
23 years in industry 11 years in industry 23 years in industry

2 years at OHI 2 years at OHI 4 years at OHI
Vikas Gupta Megan Krull

SVP, Acquisitions SVP, Operations
& Development
18 years in industry 21 years in industry

10 years at OHI 11 years at OHI
Strategy that Supports Long-Term Shareholder Value Creation
Growth Through
Accretive Investments
Maintain Shareholder Continued

Financial Solid Dividend
Value Creation
Strength Growth
Leverage Sound
Corporate Stewardship
Practices
COVID-19 Update
Impact Response Outcomes
COVID-19 is particularly Operators implemented new The contagion rate within SNFs
1 impactful to the old and frail, 1 and evolving protocols to 1 declined significantly in 1H21,
a key cohort of SNFs and ALFs limit the spread of COVID-19 but has increased in 4Q21 due
to the omicron variant
Occupancy declined ~13% between Staff at SNFs and ALFs have risked We collected more than 93% of
2 February 2020 and January 2021 before 2 their health and the health of 2 our 4Q21 contractual rents and
rebounding ~3% through December 2021 their families to protect residents mortgage payments, when
and subsequently remained range-bound including collateral, and 90%
when excluding collateral
Expenses in November were up ~$33 The Federal and many State However, operators representing
3 per patient day from January 2020 3 governments provided significant 3 ~18% of our 4Q21 contractual
and necessary financial relief to rent and mortgage payments,
the industry have stopped paying rent as of
March 2022
However, State relief has *See next page for more information
4 varied significantly, and
Federal relief has slowed in
the last 15 months
Information provided as of April 4th, 2022 INVESTOR PRESENTATION 9

COVID-19 Operator Update
As previously disclosed, operators representing approximately 12.2% of our 4Q21 annualized
contractual rent and mortgage interest did not pay all of their contractual obligations in
4Q. We were able to apply security deposits and other collateral from some of these
operators in 4Q21. However, the collateral was insufficient to fully offset the unpaid
contractual rent and mortgage interest. As a result, in 4Q21, we recorded within AFFO and
FAD 92.9% of our contractual rent and mortgage interest. As this collateral is exhausted and if
these tenants continue not to pay rent, we expect that this would further reduce our near-
term Adjusted FFO and FAD financial results.
As disclosed in Omega’s fourth quarter earnings call and 10-K filing, an operator, representing
approximately 3.5% of Omega’s 4Q21 contractual rent and mortgage interest, failed to pay its
January and February contractual rent. We are in active discussions with this operator
regarding a short-term deferral but have not reached any agreement at this time. Omega
holds letters of credit from this operator equal to $1.0M.
An additional operator, representing 2.4% of our 4Q21 annualized contractual rent and
mortgage interest, did not pay rent in March. We are in active discussions with this operator
regarding a short-term deferral but have not reached an agreement at this time. Omega
holds security deposits from this operator equal to one month’s rent.
Finally, with many operators continuing to struggle with the impact of COVID on both
occupancy and staffing, there remains an elevated risk that additional operators may be
unable to pay in accordance with their contractual terms.
For additional information, please refer to our 2021 Form 10-K at

www.omegahealthcare.com
Information provided as of April 4th, 2022 INVESTOR PRESENTATION 10

What Will Happen Next Regarding COVID-19?
While Questions Remain …
When will the Will government financial How quickly will Will operator costs If these costs occur,
pandemic end? support continue to be occupancy remain elevated for the will they be covered by
both sufficient and timely recover to pre- foreseeable future due to increased government
through the conclusion COVID-19 levels? increased infection reimbursement?
of this crisis? control protocols?
… We Have Confidence in the Future
Skilled nursing facilities still The secular tailwind of improving Our relationship with our operators
fulfill an essential need within demographics will remain in will be even stronger for having
the healthcare continuum place after this pandemic faced this pandemic together
2
Why Invest?
Investment Thesis
1 2 3 4 5
Established, Effective Well Positioned to

Consistent Anchored
Experienced and Balance Sheet Capitalize on
Growth, High-Yield Operating Model
Diversified Management Future Growth
Investment Thesis and Supporting Elements
1 2 3 4 5
Established, Consistent Growth, Anchored Operating Effective Well Positioned to

Experienced and High-Yield Model Balance Sheet Capitalize on Future
Diversified Management Growth
• Experienced and proven • Prudent fixed rent • A low cost, needs-base • A conservative balance • A growing aging
management team escalators provide tenant service offering sheet and well-laddered population provides
durability provides security debt provides stability opportunity
• A diversified portfolio
provides consistency • A stable discharge and
• Strong dividend yield • Significant liquidity • Leveraging existing
reimbursement
• Long leases and limited provides equity support provides flexibility operator relationships
environment provides
new supply provide clarity provides demand
resiliency
• Triple-net leases provide • Proven access to capital
• Quality operators bring earnings dependability markets provides • Acquisitions and
patient care expertise predictability development provide
• High margins provide growth
superior yields
Attractive Investment Opportunity
INCOME STOCK
Dividend Yield of
9.1%
VALUE
STOCK
Trades at GROWTH
9.6x AFFO STOCK
Annualized AFFO
Growth of 7.8%
since 2004
3
Skilled Nursing Facilities:
What Makes it an
Attractive Asset Class?
Skilled Nursing Facilities Meet an Essential Need
LOWER AVG. HIGHER AVG.

COST COST
More Patients Are Discharged to Skilled Nursing
Facilities Than to Any Other Type of Facility
MEDICARE FFS HOSPITAL DISCHARGE DESTINATIONS
Skilled Nursing
Facilities (SNFs)
20.5%
Home Health Care 19.3%
IRFs 3.8%
Other 3.3%
Over the last decade, SNFs have consistently
been the highest discharge destination
LTACH 0.9%
Lowest Cost Provider of Post-Acute 24-Hour Nursing Care
SNFs provide care for much higher acuity

patients that can be handled in Senior
Housing or Home Health settings – so
hospital discharges to SNFs have held steady
AVG. COST PER DAY

PER CARE SETTING
$2,607
$1,689 $1,671
$547
Hospital IRF LTACH SNF

ACUTE CARE POST-ACUTE CARE
Skilled Nursing Facilities are Primarily Funded Through Medicare and Medicaid
$600 MEDICARE MEDICAID

Patient Per Day (PPD) $275 Patient Per Day (PPD)
$550
$250
$500 $225
$450 $200
$400 $175
$350 $150
Early 80’s 20-25 Days $450-$575 Early 80’s 18 Months $240

Age of Resident Length of Stay Cost Per Day Age of Resident Length of Stay Cost Per Day
AVERAGES
Omega’s Average Facility Statistics
~100 74%
Avg. Beds in Facility Occupancy
OPERATOR PAYOR MIX
Medicare 33%
53% Medicaid
14%
Private /
Other
Limited Supply Growth Due to Regulatory Restrictions
1.65M Certificate of Need

Certified
Beds Moratorium on New Beds
86% Both
States have a
moratorium on None
new beds or
CON restrictions
• Supply of facilities and beds to

meet increasing future demand
is limited due to Certificate of
Need (CON) and bed
1.3M moratorium restrictions
Patients
• Certified facilities and beds

have remained steady for many
15,600 years, with no net new supply
Certified
Facilities
“Stroke-of-the-Pen” Risk Overstated
1 • Most patients are too sick to
4
SNFs are a necessary care for at home, even with • SNFs are a low-margin business
Efficient and lean
part of the healthcare home health support • Reimbursement cuts could impact
business model
continuum • However, they do not require patient care. Not in anyone’s interests
hospital care
2 • Patient Driven Payment Model 5 • Partnership between governments

Current reimbursement (PDPM) rewards quality of care and private companies places care of
and efficiency aging populations in the hands of
model aligned with Reliant on skilled skilled operators
• “Cost-plus” reimbursement
patient care and model of the 1990s did not
operators • Government prefers to regulate
operator efficiency achieve this goal and was private operators to ensure high
therefore modified quality of care
3 • SNFs represent the lowest cost 66

post-acute healthcare setting Federal match • With such a high percentage of Medicaid
patients needing care, states are required
SNFs offer value • Medicaid patients receive room, encourages states to provide funding
for money board and access to 24-hour to maintain levels • Federal match discourages states from
healthcare for about $240 a day
on average
of funding cutting funding to Medicaid
Highest Investment Yields Compared to Other Healthcare Real Estate Assets
11.0%
Investment yields
in SNFs have
10.0%
consistently been 9.0%

favorable to all 8.7%
other sectors 8.0% 8.0%

SNF
7.3% SH (NNN)
7.0%
SH
6.5%
6.0% Hospital
5.5% LS
5.0% MOB
Average yield over
the last five years: 4.0% 4.0%
9.2% 3.0%
10/2019
10/2020
10/2015
10/2016
10/2017
10/2018
10/2021
1/2015
4/2015
7/2015
1/2016
4/2016
7/2016
1/2017
4/2017
7/2017
1/2018
4/2018
7/2018
1/2019
4/2019
7/2019
1/2020
4/2020
7/2020
1/2021
4/2021
7/2021
4
Strong Portfolio &
Skilled Operators
Portfolio Overview GEOGRAPHIC & OPERATOR
DIVERSIFICATION
Long-term Triple Net Master Leases:

Operators are responsible for all property expenses 939 63
Properties Operators
43
States + the UK
FACILITY INVESTMENT TYPES

STRONG OPERATOR COVERAGE
23%
Skilled Nursing/Transitional
1.52x 1.18x
EBITDARM EBITDAR
Senior Housing
77%
NEAR-TERM SUPPLY &
DEMAND OUTLOOK
RENT/INTEREST
FAVORABLE
85.8% Rental Property

Mortgage notes EXPIRATIONS & RENEWAL RISK
1.4%
4.4% Other
RE Tax & Ground Leases
8.4% Minimal near-term Limited material
lease expirations lease renewal risk
Diversified Geographic Portfolio
Omega’s geographic diversification helps
63 939 42 1
Foreign minimize impact of regulatory or
Operators Facilities States
Country reimbursement changes in any individual state
Investment Concentration
by Location
Florida 13.4%
Texas 10.1%
Michigan 6.6%
Indiana 6.5%
California 5.9%
Ohio 5.8%
Pennsylvania 5.6%
<10 facilities United Kingdom 4.5%
10 to 20 facilities 4.3%
Virginia
>20 facilities
New York 3.4%
No presence
Remaining States 33.8%
United Kingdom: An Attractive and Profitable Market
1 Highly Compelling Supply/Demand Dynamic:

Between 2012 and 2018, care home beds declined 1.5%
while the population over 75 increased by 9.6%
2 Attractive Investment Yields:

Initial cash yields standardly 8%+ with annual escalators
of ~2.5%
3 Public/Private Reimbursement Model:

Private pay augmented by needs-based local authority
“top-ups” provides a balanced reimbursement system
4 Consolidation of a Fragmented Market:

LONDON
The top 10 operators only have 22% of the beds in
service. Our experienced operators provide an efficient
and professionalized level of service to a fragmented
industry
Triple-Net Leases Provide a Secure, Steady Source of Revenue
Long-term triple-net master leases with

cross collateralization provisions
•
•
Seek strong credit profiles
Security deposits of generally 3 to 6 94%
•
months
Monthly reporting requirements
97% Revenues tied to
Fixed-Rate
Revenues tied Escalators
to Master
Leases
Expenses are generally operator’s

responsibility (insurance, property taxes,
capital expenditures)
2.3%
Weighted-Avg.
Omega receives fixed rent payment from Fixed Escalator
tenants, with annual escalators
Favorable Portfolio Composition to Peers
EBITDA / Total Revenue Compared to other Healthcare REITS
3rd
90.2% Highest Concentration of
ALL REITs Top 5 relationships:
39%; Peer Avg: 53%
69.7%
Favorable
55.2% portfolio
diversification
& exposure
Reduced state- State diversification:

specific risks related 939 Properties spread
to Medicaid over 42 states and
exposure the U.K.
OHI REIT Median Healthcare REIT

Median
Long-Term Leases with Minimal Near-Term Expirations
% OF PORTFOLIO LEASE AND
MORTGAGE EXPIRATIONS BY YEAR 32.4%
9.0 98% 21.0%

of portfolio
years expirations
Avg. lease term after 2024
11.9% 12.5%
11.4%
4.2% 3.9%
1.2% 1.1%
0.0% 0.4%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Thereafter
Strong Returns Start with Strong Operators
Diversified Group of Operators OPERATOR CONCENTRATION

70% of all investments in the past five
years have been with current operators
Skilled Operators with Extensive Patient Expertise
Highly Reputable Highly Engaged

Typically repeat business with Over 80% of our operator
strong relationships to local businesses are privately
doctors and hospitals. owned and operated.
Highly Experienced Geographic Experts

Our average operator has Over 85% of our operators specialize in
been in business/our 5 or fewer states. Deep understanding of
tenant for over 10 years. state-specific regulatory guidelines.
Sophisticated care providers

Our operators take care of over 150,000
Medicare and 80,000 Medicaid
patients annually.
Operators Continue to be Profitable
RECENT HEADWINDS
Since 2007, despite declining operator EBITDAR coverage across The Baby Bust
healthcare REITs, our operators continue to be profitable. Average birth rate between 1928 and 1940 was 15%
lower than prior decade. This smaller cohort drove
lower occupancy in the past decade.
TTM Operator EBITDARM & EBITDAR Coverage Migration to Medicare Advantage

In 2020, nearly 40% of all Medicare beneficiaries were
2.5 enrolled in Medicare Advantage plans, up from 24% in
2010. The resulting lower reimbursement rate and
length of stay compounded occupancy headwinds.
2.0
1.5 Wage Pressures

Increasingly tight employment
1.0 environment resulted in wage growth
outpacing reimbursement growth since 2010.
RUG-IV
0.5
0.0
Headwinds are moderating and
demographic tailwinds should
EBITDARM EBITDAR drive occupancy and operator
performance going forward.
5
Benefits of
Investing in
Long-term Care
A Growing Aging Population
Provides Opportunity
65+ Age Population

80.8
78.0
73.1
65.2
56.1
22%
21% 21%
19%
17%
Aging Baby Boomers expected to drive a
1 multi-decade increase in demand for SNFs
44% projected increase in Adults 65+
2020 2025 2030 2035 2040 2 in the next 20 years
Census Estimates % of Population Increasing occupancy should improve
(in millions)
3 operator profitability and rent coverage
Demographic Tailwinds Expected to Drive Occupancy Growth
For the Next 20 Years
Medicare utilization of SNFs materially

1 increases from 75 years old
Based on birth rates beginning in This utilization increases

The SNF industry has been
the 1940s and current SNF
2 through their late 80s
battling with unfavorable
utilization information, we believe
demographics for more than
the industry is at the beginning of
a decade with the aging of
a 20+ year secular tailwind. This "Baby boomers" started
the "baby bust" generation
belief is based on: 3 turning 75 in 2016
The age 75+ cohort will grow on both

4 an absolute and relative basis through at
least 2040 as the baby boomers replace
the baby bust generation within the 75+
population
Significant Increase in SNF Utilization by Those Aged 75+
SNF UTILIZATION BY AGE AVERAGE SNF DAYS PER
6,500
1000 BENEFICIARIES
BY AGE RANGE
6,000
SNF Days per 1,000 Beneficiaries
5,500
5,000
4,500 75-84 65-74
2,461 849
4,000
3,500
3,000
85+
2,500
2,000
1,500
5,331
1,000
500
0
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
Age
SNF Demand to Outstrip Supply by 2030
1
116% Aging demographics

112% should drive SNF
101%
87% occupancy beyond
76% 100%
capacity in the next
decade.
2
Prudent incremental
supply will create
2021 2025 2030 2035 2040
additional
Residents Capacity Occupancy
development growth
opportunities.
6 Excellent
Financials and
Execution Track
Record
Consistently Performing and Growing
Omega Gross Investments Omega Core Operations Revenue

($ in billions) ($ in millions)
$10.40$10.35
$1,063
$10.06
$9.17 $9.09 $9.13 $929
$901 $908 $882 $892
16.0%
$8.11
$744
CAGR
15.4%
CAGR
$505
$4.47
$419
$3.92
$3.33 $350
$2.83 $292
$2.50 $251
$1.80 $179
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Strong Growth in Profitability
Adjusted EBITDA Adjusted Funds from Operations

($ in millions) ($ in millions)
$1,047 $810
$988
$760
$870 $882 $893 $689 $683
$843 $681
$638
$716 16.4% $564 17.0%
CAGR CAGR
$487 $363
$402 $299
$334
$279 $236
$236 $193
$156
$170 $123
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Outstanding Financial Performance Among ALL REITs
EBITDA / TOTAL REVENUES

Exceptional EBITDA margins are driven by:
94% 93% 91% 93% 92%
88% 90%
Consistency Genuine Triple-
Conservative
of Revenue Net Nature of
G&A Load
Streams Leases
#2 #2 #2 #2 #2 #6 #3
Resulting in:
1 2 3
Surplus free cash

High return of Dependable
to be reinvested
capital through levels of
at compelling
2015 2016 2017 2018 2019 2020 2021 dividends profitability
yields
Rank vs. ALL REITs
High-Yield and Historically Consistent Dividend
$3.00
$2.64 $2.66 $2.68 $2.68 $2.68
$2.58
$2.50 $2.41
$2.22
$2.06
$2.00 $1.90
$1.73
$1.59
$1.50 $1.42
$1.20 $1.22
$1.11
$0.98
$1.00 $0.88
$0.75
$0.64
$0.50
$0.00
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Dividend Annualized
Dividend Dividend 5 Year 10 Year 2021 AFFO

Yield CAGR Growth Growth Payout
9.1% 7.8% 11.2% 68.6% 86.9%

Top-Tier Total Shareholder Returns
Shareholder Returns Through 12/31/21 OHI Total Returns vs. Healthcare REIT Averages
(Years ending 12/31/2021)
214.2%
3 5
TOTAL RETURN TOTAL RETURN
5.7% 41.4%
ANN. EQUIV. ANN. EQUIV.
YEAR 2%
YEAR 7% 122%
41.1%
10
TOTAL RETURN
5.7% 10% 13%
214.2%
YEAR ANN. EQUIV. 3 Yr. Returns 5 Yr. Returns 10 Yr. Returns

12%
Omega Peers
7 Proven
Investment
Strategy for
Future Growth
A Long History of Prudent Capital Allocation
INVESTMENTS
In billions
Acquisitions
$12.2
Mortgages $4.4
Capex
CIP (2) billion $1.7
Other (3) New investments since
January 2010 (1)
$1.3
$0.8
$0.6 $0.6 $0.6
$0.5 $0.5 $0.5
$0.4
$0.3
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Note: 2015 bar not to scale due to formatting INVESTOR PRESENTATION 47

External Growth Augmented by Development
New Builds by In-Service Year
2021 2023E 2025E
$48M 105 1 $26M 154 1 $178M 174 1

Investment Beds Projects Investment Beds Projects Investment Beds Projects
Proven Investment Strategy for Future Growth
Partner with quality operators

1 Continue to pursue accretive transactions
with ambition to grow
2 Leverage existing 63 operator relationships

Justify the cost of capital
advantage through
strong growth
3 Invest primarily in current core markets
4 Maintain focus on senior care facilities
Use credit facility to make acquisitions and replenish

5
availability with long-term debt and equity issuances
Acquire assets using
superior cost of capital
6 Proven ability to execute on strategies
Derive significant earnings

accretion from acquisitions 7 Proven ability to handle troubled assets
Ample Opportunity to Expand Portfolio
SNF OWNERSHIP
Omega Publicly Traded REITs Other
Even as the largest owner of SNFs,

we still only own 5% of the market.
Given the accretion created from

acquisitions, the fragmented ownership
of SNFs provides a significant opportunity
for further growth.
EXPECTATION:
Double in size in the next 10 years
8 Liquidity
Structure &
Credit Profile
Effective Balance Sheet Management Provides Financial Flexibility
CONSERVATIVE SIGNIFICANT FINANCIAL DIVIDEND PAYOUT

CAPITALIZATION LIQUIDITY FLEXIBILITY RATIOS
Debt to adjusted Availability under Minimal encumbered assets: AFFO Payout Ratio:
4.8%
$1.45B revolving credit
86.9%
pro forma EBITDA ratio:
facility:
5.28x ~$1.45B
Of gross real estate assets are encumbered
(as of 12/31/2021) Funded Debt to TAV: FAD Payout Ratio:
Well-laddered debt maturities: 49% 92.5%

(Determined pursuant to
No material bond covenants)
maturities until Adjusted Fixed Charge

17 consecutive yearly
dividend increases:
2023 Ratio >1.5x:
4.2x $0.67
($2.68 annualized)
Conservative Capitalization Policy
Targeted Funded Debt to Adjusted EBITDA Ratio Typically have used drawings under the revolver to
make acquisitions and replenished revolver
4.0x – 5.0x availability with long-term debt and equity issuances
Leverage Fixed Charge Coverage

5.3x 5.1x
5.2x 5.1x
4.9x 5.0x 4.7x
4.8x 4.7x 4.5x
4.6x 4.5x 4.7x 4.3x 4.2x
4.3x 4.4x
4.0x 4.1x 4.1x 4.2x
3.5x
3.3x
3.1x
0.9x 0.9x
0.7x 0.6x 0.5x 0.4x 0.4x 0.4x
0.3x
0.1x 0.1x 0.0x
Total Debt/ Adj. EBITDA Secured Debt/Adj. EBITDA
Well-Laddered Debt Provides Stability
Debt Maturity Schedule as of 12/31/21
$1.45B unsecured revolving credit facility
$50MM unsecured term loan
• No near-term bond maturities
$1.45B Revolving
Credit Facility • Minimal secured debt (~$365MM)
• 99.9% of debt is fixed rate
$1,450M
Credit Facility &

Term Loans
$50M $700M $700M $700M
Non-Revolving
$600M
Loan Related to JV $550M
$500M
$400M $400M
$350M $360M
4.375% 4.95% 4.5% 5.25% 4.5% 4.75% 3.625% 3.375% 3.25%
Notes Notes Notes Notes Notes Notes Notes Notes Notes
$2M
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2046+
Strong Balance Sheet and Secure Credit Ratings
Funded Debt/Adj. Ann. EBITDA 5.28x
Adj. EBITDA/Total Interest Expense Ratio 4.3x
BBB- Adj. Total Debt/Adj. Book Capitalization 56.4%

Baa3
Adj. EBITDA/Fixed Coverage Ratio 4.2x
Adj. Total Debt/Total Market Capitalization 42.2%
4Q21 Funds Available for Distribution per share $0.72
The above include non-GAAP financial measures. See disclaimers page for further information. INVESTOR PRESENTATION 55
Readily Accessible Capital Markets as a Seasoned Issuer
Capital Markets Accessibility
Common Equity $1,910
Preferred Equity
Senior Unsecured Notes
1,300
$996 $1,030
$960 $982
$859
$785 $760
500
$592 700
775 700
$453 700
650
400 $339 700
$293
260 $231 610
530
225 $138 $102 $125
118 $91 339 282
$33 221 192 260 159
75 68 135 60 125
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
9
Commitment to
ESG Principles
Prudent and Responsible ESG Program
E S G
STEWARDS OF THE ENVIRONMENT SOCIAL RESPONSIBILITY STRONG CORPORATE GOVERNANCE
Independence
65%+
Of Omega’s development in the
past five years has been built to One of 15 US REITs to be included in the 89% of directors are independent,
LEED certification standards 2022 Bloomberg Gender-Equality Index including the Chairman
Comprehensive Human Rights Policy shaped

by UN’s “Universal Declaration on Human
Moved corporate HQ in 2017 to a Gender Diversity
Rights” & ILO’s “Declaration on Fundamental
33% of directors are female
LEED Silver-certified Building Principles and Rights at Work”
Extensive employee support and

development, including: No Board Staggering
Provide capital to support • Extremely competitive benefits program Voluntarily opted out of the
our tenants’ energy-efficient • Financial support for continued employee Maryland Unsolicited Takeovers Act
CAPEX programs training and education (MUTA), which would have allowed
• Philanthropic support including employee for staggering of the Board without
charitable donation matching program shareholder approval
Sources & Appendix
SOURCE INDEX
Page 5 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com. 3-Year TSR as of 12/31/2021.
Page 9 - Information as of 2/3/2022
Page 10 - Information as of 2/3/2022
Page 15 - Historical AFFO and dividend information can be found in the Investor Relations tab at www.omegahealthcare.com. AFFO per share based on TTM and share price as
of 12/31/2021
Page 18 - From proprietary analysis of Medicare Fee for Service (FFS) Standard Analytic File (SAF)
Page 19 - KFF.org Hospital Adjusted Expenses per Inpatient Day; MedPac Report to the Congress, March 2021
Page 20 - Average Medicare and Medicaid Rates by Quarter for Omega’s Entire Portfolio (through September 30, 2021)
Page 21 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com
Page 22 - Appendix A of VIG Digest - https://vigdigest.com/
Page 24 - Source – Public filings and disclosures of public healthcare REITs; 3rd party transaction reports.
Page 26 - TTM Rent Coverage at 9/30/2021. Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com
Page 28 - Source: https://www.gov.uk/government/publications/end-of-life-care-profiles-february-2019-data-update/statistical-commentary-end-of-life-care-profiles-
february-2019-update
Page 30 - Source of EBITDA / Total Revenue is “December 2021 KeyBanc Capital Markets: The Leaderboard”
Page 32 - Represents 4Q21 Annualized Contractual Rent/Interest. Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com
Page 36 - Source: US Census Bureau - Projected Age Groups and Sex Composition of the Population: Main Projections Series for the United States, 2017-2060
Page 38 - Source: Avalere analysis of Medicare Part A 100% Standard Analytic File (SAF)
Page 39 - Sources: Supply data compiled by American Health Care Association (AHCA) Research Department from CMS OSCAR/CASPER survey data. Demand information
based on census information at CDC.gov.
Page 41 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com
Page 43 - Source for ranking is “2021 KeyBanc Capital Markets: The Leaderboard” as of 12/31/2021
Page 45 - Source: “2021 KeyBanc Capital Markets: The Leaderboard” as of 12/31/2021. Peer returns are simple average of returns of NHI, HR, LTC, SABRA, VTR, and WELL
SOURCE INDEX
Page 47 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com. 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
Page 54 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com. 1) Represents current HUD debt balance assumed via
acquisition of the Encore portfolio on 4/30/2021
Page 55 - All supporting information and reconciliations can be found in the current supplemental information report (pages 11, 17, 19, and 20) located in the Investor
Relations tab at www.omegahealthcare.com
Page 62 - Current and historic earnings report press releases located in the Investor Relations tab at www.omegahealthcare.com
Page 65 - Source: CDC.gov
Page 66 - Source: Inpatient, SNF, Home Health and Enrollment Standard Analytic Files, 2015-2019
Page 67 - Compiled by American Health Care Association (AHCA) Research Department from CMS OSCAR/CASPER survey data (2009-2018)
2020 Quarterly Highlights
1Q 2020 2Q 2020 3Q 2020 4Q 2020

• Paid a $0.67 per share • Paid a $0.67 per share • Paid a $0.67 per share • Paid a $0.67 per share
quarterly common stock quarterly common stock quarterly common stock quarterly common stock
dividend dividend dividend dividend
• Sold six facilities for $18 • Sold seven facilities for $38 • Invested $22 million in capital • Issued $700 million aggregate
million in cash proceeds million in cash proceeds renovation and construction- principal amount of 3.375%
generating $2 million in gains generating $13 million in gains in-progress projects Senior Notes due 2031
• Completed $19 million in new • Revised its revenue recognition • Completed $78 million of new
investments accounting treatment related investments
• Invested $39 million in capital to operators with going • Invested $19 million in capital
renovation and construction- concern disclosures renovation and construction-
in-progress projects in-progress projects
1Q 2021 2Q 2021 3Q 2021 4Q 2021

• Paid a $0.67 per share • Paid a $0.67 per share • Paid a $0.67 per share • Paid a $0.67 per share
quarterly common stock quarterly cash dividend on quarterly cash dividend on quarterly cash dividend on
dividend common stock common stock common stock
• Completed a $510 million • Completed $6M of new • Invested $96 million in capital • Invested $20 million in capital
acquisition investments renovation and construction-in- renovation and construction-
• Included in the 2021 • Implemented a new $1.0B ATM progress projects in-progress projects
Bloomberg Gender-Equality program • Completed $66 million of • Sold 3 facilities for $8 million in
Index • Closed a new $1.45 billion mortgage loan investments cash proceeds, generating a $1
• Issued $700 million aggregate unsecured credit facility • Completed $10 million of real million gain
principal amount of 3.250% • Closed a new $50 million term estate acquisitions
Senior Notes due 2033 loan to an Omega operating
partnership subsidiary
1Q 2022 2Q 2022 3Q 2022 4Q 2022

• Declared a $0.67 per share
quarterly common stock
dividend
• Completed $16 million of real
estate acquisitions
• Authorized a $500 million
stock repurchase program
• Was included in the 2022
Bloomberg Gender-Equality
Index
Industry Overview: Baby Boomers Started Turning 75 in 2016
U.S. Birthrates, 1909 to 1980
5,000
4,500
4,000
Births (000’s)
3,500
3,000
2,500
2,000 1928 to 1940 1941 to 1964

Avg. 2,476 Avg. 3,767
1,500
Industry Overview: Percentage of Historical Hospital Discharges
to SNFs has Remained Steady in Recent Years
Discharge Disposition by Year
21.8% 21.4% 21.0% 20.9% Skilled Nursing Facilities

20.5%
19.6% 19.7%
Home Health Care
19.4% 19.5% 19.3%
IRF
3.5% 3.5% 3.5% 3.7% 3.8%
Other
3.3% 3.3% 3.3% 3.3% 3.3%
LTCH
1.2% 1.2% 1.1% 1.0% 0.9%
2015 2016 2017 2018 2019
Industry Overview: Limited Supply Availability
Trend in Certified Nursing Facilities,

Beds and Residents
1,700k 16.0k
1,650k 15.9k
1,600k 15.8k
15.7k
Certified Facilities
1,550k
15.6k
Beds & Patients
1,500k
15.5k
1,450k
15.4k
1,400k
15.3k
1,350k 15.2k
1,300k 15.1k
1,250k 15.0k
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Certified Beds 1,671k 1,674k 1,675k 1,667k 1,655k 1,654k 1,656k 1,653k 1,633k 1,615k
Patients in Certified Beds 1,403k 1,397k 1,393k 1,382k 1,366k 1,362k 1,356k 1,341k 1,322k 1,306k
Certified Facilities 15.9k 15.9k 15.8k 15.8k 15.7k 15.6k 15.6k 15.6k 15.6k 15.5k

Omega Healthcare New Investor Presentation April 2022

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Omega Healthcare New Investor Presentation April 2022

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OMEGA HEALTHCARE

4 Company Profile & Strategy

16 Skilled Nursing Facilities:

1992 $10.1B $12.6B

BBB- 37% 9.1%

Largest Skilled Long-term triple net

4 Proven acquisition and

Taylor Pickett Dan Booth Bob Stephenson

36 years in industry 35 years in industry 35 years in industry

Gail Makode Neal Ballew Matthew Gourmand

23 years in industry 11 years in industry 23 years in industry

Vikas Gupta Megan Krull

18 years in industry 21 years in industry

Maintain Shareholder Continued

Information provided as of April 4th, 2022 INVESTOR PRESENTATION 9

For additional information, please refer to our 2021 Form 10-K at

Information provided as of April 4th, 2022 INVESTOR PRESENTATION 10

… We Have Confidence in the Future

Established, Effective Well Positioned to

Established, Consistent Growth, Anchored Operating Effective Well Positioned to

LOWER AVG. HIGHER AVG.

MEDICARE FFS HOSPITAL DISCHARGE DESTINATIONS

Home Health Care 19.3%

SNFs provide care for much higher acuity

AVG. COST PER DAY

Hospital IRF LTACH SNF

$600 MEDICARE MEDICAID

Early 80’s 20-25 Days $450-$575 Early 80’s 18 Months $240

OPERATOR PAYOR MIX

1.65M Certificate of Need

• Supply of facilities and beds to

• Certified facilities and beds

2 • Patient Driven Payment Model 5 • Partnership between governments

3 • SNFs represent the lowest cost 66

consistently been 9.0%

other sectors 8.0% 8.0%

Long-term Triple Net Master Leases:

FACILITY INVESTMENT TYPES

85.8% Rental Property

1 Highly Compelling Supply/Demand Dynamic:

2 Attractive Investment Yields:

3 Public/Private Reimbursement Model:

4 Consolidation of a Fragmented Market:

Long-term triple-net master leases with

Expenses are generally operator’s

Reduced state- State diversification:

OHI REIT Median Healthcare REIT

9.0 98% 21.0%

Diversified Group of Operators OPERATOR CONCENTRATION

Highly Reputable Highly Engaged

Highly Experienced Geographic Experts

Sophisticated care providers

TTM Operator EBITDARM & EBITDAR Coverage Migration to Medicare Advantage

1.5 Wage Pressures

65+ Age Population

Medicare utilization of SNFs materially

Based on birth rates beginning in This utilization increases

The age 75+ cohort will grow on both

116% Aging demographics

Omega Gross Investments Omega Core Operations Revenue

Adjusted EBITDA Adjusted Funds from Operations

EBITDA / TOTAL REVENUES

Surplus free cash

Dividend Dividend 5 Year 10 Year 2021 AFFO