Omega Healthcare Investors, Inc. (NYSE: OHI) is a real estate investment trust (REIT) that owns and finances healthcare facilities, primarily skilled nursing facilities and assisted living facilities, leased to third-party operators. Revenue comes from rental income collected under triple-net leases with operators, interest income from mortgage loans and other real estate financing, and equity method earnings from unconsolidated joint ventures. The portfolio includes properties in the United States and the United Kingdom, with additional committed investments in Canada as of the 10-K filed February 9, 2026. OHI acquires equity interests in joint ventures ranging from 9% to 51% and also extends non-real estate loans to operators and asset purchasers on a limited basis. The company is structured as a REIT, making it a pass-through income vehicle with regular dividend distributions to stockholders. Capital structure is debt-heavy, with a $2.0 billion Revolving Credit Facility maturing September 28, 2029, carrying $242.0 million outstanding as of December 31, 2025, and a $300.0 million 2028 Term Loan fully drawn as of December 31, 2025.

Revenue model

Triple-net lease rental income from skilled nursing and assisted living operators; interest income from mortgage and non-real estate loans to operators; equity method earnings from unconsolidated joint venture interests (9% to 51% stakes). Leases may include contingent rent escalators tied to the Consumer Price Index or other parameters.

Products and services

Ownership and net-lease financing of skilled nursing facilities and assisted living facilities; mortgage loans secured by healthcare real estate; non-real estate loans (secured and unsecured) to operators, their principals, and asset purchasers; equity interests in unconsolidated real estate joint ventures. In 2024, OHI acquired the remaining 51% interest in the Cindat Joint Venture owning 63 facilities in the U.K.

Customers and end markets

Third-party operators of skilled nursing facilities and assisted living facilities in the U.S. and U.K. End residents are elderly and physically or mentally impaired individuals requiring long-term or post-acute care. U.K. operators are regulated by the Care Quality Commission in England; local authorities fund eligible residents' care needs within their areas.

Value-chain role

Real estate capital provider and landlord to long-term healthcare facility operators. OHI owns the real property and provides financing; operators hold the healthcare licenses, employ staff, and deliver care services. OHI does not operate the facilities directly.

Geographic exposure

Primarily United States; investments also in the United Kingdom and Jersey (Channel Islands); committed investments in Canada as of the 10-K filed February 9, 2026. U.K. operations are subject to Care Quality Commission oversight and Competition and Markets Authority purview.

Source: SEC 10-K, filed 2026-02-09

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