#1OMEGA HEALTHCARE INVESTORS INVESTOR PRESENTATION March 2024 BaylorScott&White MEDICAL CENTER ##2Disclaimers; 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 our Quarterly Supplements posted on the Financial Information section of our website at https://www.omegahealthcare.com/investors. 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, 2023, 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 starting on page 59. QOMEGA INVESTOR PRESENTATION | 2#3Table of Contents Page 4 Company Profile & Strategy 11 Why Invest? 15 Skilled Nursing Facilities: What Makes it an Attractive Asset Class? 24 Strong Portfolio of Skilled Operators 34 Benefits of Investing in Long-term Care 39 Excellent Financials and Execution Track Record 46 46 51 57 Proven Investment Strategy for Future Growth Liquidity Structure & Credit Profile Commitment to ESG Principles 59 Sources & Appendix QOMEGA INVESTOR PRESENTATION | 3#41 Company Profile & Strategy QOMEGA INVESTOR PRESENTATION#5QOMEGA OMEGA SNAPSHOT (NYSE:OHI) 1992 Year Listed $9.9B Total RE Investments $12.9B Enterprise Value 69 Operators 862 Properties (US & UK) 84,125 Number of Beds BBB- Investment Grade 31% 5-Year TSR 8.7% Dividend Yield For source information see page 59 onwards INVESTOR PRESENTATION | 5#6Differentiators that Support Today's Strength and Tomorrow's Opportunity Largest Skilled 1 Nursing Facilities (SNF) focused REIT 2 3 4 QOMEGA Consistent dividend growth Long-term triple net master leases provide 5 lower risk, steady income Positioned to benefit from macro tailwinds 6 Investment grade credit 7 Strong corporate governance program 8 Diversified geographic exposure and tenant base with ample liquidity Proven acquisition and development capabilities INVESTOR PRESENTATION | 6#7Experienced and Proven Management Team Taylor Pickett Chief Executive Officer 39 years in industry 23 years at OHI Dan Booth Chief Operating Officer 38 years in industry 23 years at OHI Bob Stephenson Chief Financial Officer 38 years in industry 23 years at OHI Gail Makode Chief Legal Officer 25 years in industry 5 years at OHI Neal Ballew Chief Accounting Officer 14 years in industry 4 years at OHI Matthew Gourmand SVP, Corporate Strategy 26 years in industry 7 years at OHI QOMEGA Vikas Gupta SVP, Acquisitions & Development 21 years in industry 13 years at OHI Megan Krull SVP, Operations 24 years in industry 14 years at OHI INVESTOR PRESENTATION 7#8Strategy that Supports Long-Term Shareholder Value Creation Growth Through Accretive Investments Maintain Shareholder Financial Strength Value Creation QOMEGA Leverage Sound Corporate Stewardship Practices ال Continued Solid Dividend Growth INVESTOR PRESENTATION | 8#9COVID-19 Update Impact COVID-19 is particularly impactful to 1 the old and frail, a key cohort of SNFs and Assisted Living Facilities (ALFs) Response Federal and many State governments 1 provided significant and necessary relief to the industry Outcomes Operators still face a difficult, albeit 1 improving, environment Staff at SNFs and ALFs have risked their health 2 and the health of their families to protect 3 residents Operators implemented new and evolving protocols to limit the spread of COVID-19 However, State relief has varied 2 significantly, and Federal relief has slowed in the last 24 months Many states have increased their 3 Medicaid reimbursement rates to reflect increased cost pressures Expenses per patient day have eased but 2 remain elevated compared to January of 2020, primarily due to higher staffing related costs Occupancy has increased ~8% from the 3 low in January of 2021 Occupancy declined ~13% between February 4 2020 and January 2021 Expenses increased by as much as $45 PPD 5 from January of 2020 due to staffing and PPE CMS increased their Medicare FFS SNF 4 rate by 4.0%, effective October 2023. This is net of the final 2.3% of the 4.6% PDPM claw back that was mandated in 2020. We collected ~91% of our 4Q23 contractual rent and mortgage payments from our operators. QOMEGA Information provided as of February 8th, 2024 SOURCE INDEX INVESTOR PRESENTATION 9#10Operator Updates (Previously Disclosed) As expected, our 2023 fourth quarter financial performance was impacted by operators in the process of being restructured. In general, the restructured portfolios have meaningful long- term value and, although we are working to finalize these restructurings as quickly as possible, our ultimate goal is to maximize long-term sustainable cash flow. As a result, we anticipate our 2024 first and second quarter earnings to continue to be impacted by these restructuring efforts; although we expect earnings will improve as the year progresses and our operator issues are resolved. As a result of this improving operating backdrop and the greater visibility into our financial performance, Omega provided annual AFFO guidance for the first time since the pandemic. We expect our 2024 AFFO to be between $2.70 and $2.80 per share. Operator Updates: LaVie - We are currently in ongoing discussions with LaVie on the best overall future for each of the remaining 30 facilities. In January 2024, LaVie paid Omega approximately $1.45 million in rent. Maplewood - In January 2024, Maplewood paid Omega approximately $3.8 million in rent. Guardian - In January 2024, Omega drew the remaining $0.1 million from Guardian's security deposit to fund its unpaid January 2024 rent. Omega is in discussions to sell and/or release to another operator the six remaining Guardian facilities. For additional information, please refer to our 4th Quarter 2023 Form 10-K at www.omegahealthcare.com SOURCE QOMEGA Information provided as of February 8th, 2024 INVESTOR PRESENTATION | 10 INDEX#112 Why Invest? QOMEGA C INVESTOR PRESENTATION |11#12Investment Thesis 1 2 3 4 5 Established, Experienced and Consistent Anchored Growth, High-Yield Operating Model Diversified QOMEGA Strong Balance Sheet Management Well Positioned to Capitalize on Future Growth INVESTOR PRESENTATION | 12#13Investment Thesis and Supporting Elements 1 2 3 4 U- 5 Established, Experienced and Diversified Experienced and proven management team • A diversified portfolio provides consistency • Long leases and limited new supply provide clarity • Quality operators bring patient care expertise · Consistent Growth, High-Yield Prudent fixed rent escalators provide tenant durability • Strong dividend yield provides equity support . • Triple-net leases provide earnings dependability • High margins provide superior yields Anchored Operating Model • A low cost, needs-base service offering provides security • A stable discharge and reimbursement environment provides resiliency Strong Balance Sheet Management • A conservative balance sheet and well-laddered debt provides stability • Significant liquidity provides flexibility • Proven access to capital markets provides predictability • Well Positioned to Capitalize on Future Growth A growing aging population provides opportunity • Leveraging existing operator relationships provides demand . · Acquisitions and development provide growth QOMEGA INVESTOR PRESENTATION 13#14Attractive Investment Opportunity INCOME STOCK Dividend Yield of 8.7% QOMEGA VALUE STOCK Trades at 11.3x AFFO OMEGA GROWTH STOCK Annualized AFFO Growth of 6.3% since 2004 Information provided as of December 31, 2023 SOURCE INVESTOR PRESENTATION 14 INDEX#153 Skilled Nursing Facilities: What Makes it an Attractive Asset Class? QOMEGA INVESTOR PRESENTATION 15#16Skilled Nursing Facilities Meet an Essential Need IDRS HOUSING Independent Living Assisted Living Memory Care + SNFs POST-ACUTE CARE CONTINUUM Inpatient Rehab Facility Long-Term Care Hospital QOMEGA LOWER AVG. COST HIGHER AVG. COST ACUTE CARE Hospital INVESTOR PRESENTATION 16#17More Patients Are Discharged to Skilled Nursing Facilities Than to Any Other Type of Facility MEDICARE FFS HOSPITAL DISCHARGE DESTINATIONS SNFs Home Health Care QOMEGA IRFS 4.6% Other LTACH 0.8% 3.3% SOURCE INDEX 19.3% 18.8% Over the last decade, SNFs have consistently been the highest discharge destination INVESTOR PRESENTATION | 17#18Lowest 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 $2,873 Hospital ACUTE CARE QOMEGA AVG. COST PER DAY PER CARE SETTING $1,442 $1,197 IRF $462 LTACH SNF POST-ACUTE CARE SOURCE INDEX INVESTOR PRESENTATION 18#19Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 $650 $600 Patient Per Day (PPD) $550 $500 $450 $400 $350 MEDICARE QOMEGA Early 80's Age of Resident 20-25 Days Length of Stay Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Skilled Nursing Facilities are Primarily Funded Through Medicare and Medicaid $150 Sep-09 Sep-10 Cost Per Day $500-$650 Sep-11 Sep-12 Sep-13 $300 Patient Per Day (PPD) $275 $250 $225 CAGR $200 3.6% $175 MEDICAID Sep-14 Sep-15 Sep-16 Sep-17 AVERAGES Early 80's Age of Resident Sep-18 CAGR 4.0% Sep-19 Sep-20 Sep-21 Sep-22 18 Months Length of Stay $275 Cost Per Day Sep-23 SOURCE INDEX INVESTOR PRESENTATION 19#20Omega's Average Facility Statistics ~100 Avg. Beds in Facility 79.1% Occupancy OPERATOR PAYOR MIX Medicare 28% 17% Private/ Other QOMEGA 56% Medicaid EXIT EXIT SOURCE INDEX INVESTOR PRESENTATION 20#21Limited Supply Growth Due to Regulatory Restrictions WA 1.48M Certified Beds VT ME MT ND OR MN NH ID SD WI NY MA WY MI RI ΙΑ PA -NJ NE CA NV OH -DE UT IL IN WV 8 CO MD KS VA MO KY DC NC TN OK AZ NM AR SC MS AL GA TX LA QOMEGA AK HI 15,300 Certified Facilities FL 86% States have a moratorium on new beds or CON restrictions Certificate of Need Moratorium on New Beds Both None 1.1M Patients Supply of facilities and beds to meet increasing future demand is limited due to Certificate of Need (CON) and bed moratorium restrictions Certified facilities and beds have remained steady for many years, with no net new supply SOURCE INDEX INVESTOR PRESENTATION 21#22"Stroke-of-the-Pen" Risk Overstated 1 SNFs are a necessary part of the healthcare continuum • Most patients are too sick to care for at home, even with home health support • However, they do not require hospital care 4 Efficient and lean business model • • SNFs are a low-margin business Reimbursement cuts could impact patient care. Not in anyone's interests 2 3 Current reimbursement model aligned with patient care and operator efficiency SNFs offer value for money Patient Driven Payment Model (PDPM) rewards quality of care and efficiency "Cost-plus" reimbursement model of the 1990s did not achieve this goal and was therefore modified SNFs represent the lowest cost post-acute healthcare setting • Medicaid patients receive room, board and access to 24-hour healthcare for about $240 a day on average 5 6 Reliant on skilled operators Federal match encourages states to maintain levels of funding • Partnership between governments and private companies places care of aging populations in the hands of skilled operators • Government prefers to regulate private operators to ensure high quality of care • With such a high percentage of Medicaid patients needing care, states are required to provide funding Federal match discourages states from cutting funding to Medicaid QOMEGA INVESTOR PRESENTATION 22#23Highest Investment Yields Compared to Other Healthcare Real Estate Assets Investment yields in SNFs have consistently been favorable to all 11.0% 10.0% 9.0% 10.0% SNF 8.6% SH (NNN) other sectors 8.0% 7.0% 6.0% 5.0% Average yield over the last five years: 4.0% 9.3% QOMEGA 3.0% 3/2015 9/2015 3/2016 9/2016 3/2017 9/2017 3/2018 9/2018 3/2019 9/2019 3/2020 9/2020 3/2021 9/2021 3/2022 9/2022 3/2023 9/2023 8.4% SH 7.7% Hospital -7.5% MOB 5.8% LS •SH (NNN) -SH SNF ⚫LS MOB Hospital (H) SOURCE INDEX INVESTOR PRESENTATION 23#24ING 4 Strong Portfolio of Skilled Operators QOMEGA INVESTOR PRESENTATION 24#25Portfolio Overview Long-term Triple Net Master Leases: Operators are responsible for all property expenses FACILITY INVESTMENT TYPES GEOGRAPHIC & OPERATOR DIVERSIFICATION 862 69 42 Facilities Operators States the UK QOMEGA 29% Skilled Nursing/Transitional Senior Housing 71% STRONG OPERATOR COVERAGE 1.63x EBITDARM 1.28x EBITDAR NEAR-TERM SUPPLY & DEMAND OUTLOOK 1.4% 2.6% | RENT/INTEREST 85.3% O 10.7% Rental Property ORE Loans Interest Income Other IRE Tax & Ground Leases FAVORABLE EXPIRATIONS & RENEWAL RISK Minimal near-term lease expirations Limited material lease renewal risk SOURCE INDEX INVESTOR PRESENTATION 25#26Diversified Geographic Portfolio 69 862 42 1 Operators Facilities States Foreign Country Omega's geographic diversification helps minimize impact of regulatory or reimbursement changes in any individual state Investment Concentration by Location Texas 10.4% Indiana 7.0% United Kingdom 6.9% California 6.2% Michigan 5.6% Florida 5.4% Ohio 4.9% Virginia 4.7% 4.6% 4.4% 39.9% <10 facilities 10 to 20 facilities >20 facilities No presence QOMEGA Pennsylvania North Carolina Remaining States SOURCE INDEX INVESTOR PRESENTATION 26#27United Kingdom: An Attractive and Profitable Market QOMEGA LONDON 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: 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 SOURCE INDEX INVESTOR PRESENTATION 27#28Triple-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 months Monthly reporting requirements Expenses are generally operator's responsibility (insurance, property taxes, capital expenditures) Omega receives fixed rent payment from tenants, with annual escalators QOMEGA 96% Rent & Interest tied to Master Leases 93% Rent & Interest tied to Fixed-Rate Escalators 2.2% Weighted-Avg. Fixed Escalator* *Based on contractual escalators, some of which have been deferred as part of portfolio restructurings INVESTOR PRESENTATION 28#29Favorable Portfolio Composition to Peers 80.3% EBITDA / Total Revenue 13th Highest ALL REITS Compared to other Healthcare REITS 62.2% 56.6% OHI REIT Median Healthcare REIT Median QOMEGA Concentration of Top 5 relationships: 40%; Peer Avg: 53% Favorable portfolio diversification & exposure Reduced state- specific risks related to Medicaid exposure State diversification: 862 facilities spread over 42 states and the U.K. SOURCE INDEX INVESTOR PRESENTATION 29#30Long-Term Leases with Minimal Near-Term Expirations % OF PORTFOLIO LEASE AND MORTGAGE EXPIRATIONS BY YEAR 9.4 years Avg. lease term 95% of portfolio expirations after 2026 2.8% 0.9% 0.7% 14.4% 9.5% 8.5% 5.8% 1.3% 2.7% 12.6% 40.8% 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter QOMEGA SOURCE INDEX INVESTOR PRESENTATION 30#31Strong Returns Start with Strong Operators Diversified Group of Operators 70% of all investments in the past five years have been with current operators QOMEGA OPERATOR CONCENTRATION Communicare 11% Ciena 9% Genesis 6% Brookdale 5% Maplewood 7% Providence 5% HHC 4% Remaining operators 38% Saber 7% LaVie (f/k/a Consulate) 4% Nexion 4% SOURCE INDEX INVESTOR PRESENTATION 31#32Skilled Operators with Extensive Patient Expertise Highly Reputable Typically repeat business with strong relationships to local doctors and hospitals. Highly Engaged Over 80% of our operator businesses are privately owned and operated. Highly Experienced Our average operator has been in business/our tenant for over 10 years. Geographic Experts Over 85% of our operators specialize in 5 or fewer states. Deep understanding of state-specific regulatory guidelines. QOMEGA Sophisticated care providers Our operators take care of over 150,000 Medicare and 80,000 Medicaid patients annually. INVESTOR PRESENTATION 32#33Operators Continue to be Profitable Since 2007, despite declining operator EBITDAR coverage across healthcare REITs, our operators continue to be profitable. 2.50 2.00 1.50 1.00 TTM Operator EBITDARM & EBITDAR Coverage RECENT HEADWINDS The Baby Bust Average birth rate between 1928 and 1940 was 15% lower than prior decade. This smaller cohort drove lower occupancy in the past decade. Migration to Medicare Advantage In 2022, 47% of all Medicare beneficiaries were enrolled in Medicare Advantage plans, up from 24% in 2010. The resulting lower reimbursement rate and length of stay compounded occupancy headwinds. Wage Pressures Increasingly tight employment environment resulted in wage growth outpacing reimbursement growth since 2010. 0.50 0.00 Sep-02 Sep-03 QOMEGA Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 RUG-IV EBITDARM Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 EBITDAR Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Headwinds are moderating and demographic tailwinds should drive occupancy and operator performance going forward. SOURCE INDEX INVESTOR PRESENTATION 33#345 Benefits of Investing in Long-term Care QOMEGA INVESTOR PRESENTATION 34#35A Growing Aging Population Provides Opportunity | 65+ Age Population 56.1 65.2 80.8 78.0 73.1 22% 21% 21% 19% 17% 1 2020 2025 2030 2035 2040 2 Census Estimates % of Population (in millions) 3 QOMEGA Aging Baby Boomers expected to drive a multi-decade increase in demand for SNFs 44% projected increase in Adults 65+ in the next 20 years Increasing occupancy should improve operator profitability and rent coverage SOURCE INDEX INVESTOR PRESENTATION | 35#36Demographic Tailwinds Expected to Drive Occupancy Growth For the Next 20 Years محمد 1 Medicare utilization of SNFs materially increases from 75 years old The SNF industry has been battling with unfavorable demographics for more than a decade with the aging of the "baby bust" generation Based on birth rates beginning in the 1940s and current SNF utilization information, we believe the industry is at the beginning of a 20+ year secular tailwind. This belief is based on: 2 This utilization increases through their late 80s 3 "Baby boomers" started turning 75 in 2016 QOMEGA 4 The age 75+ cohort will grow on both an absolute and relative basis through at least 2040 as the baby boomers replace the baby bust generation within the 75+ population INVESTOR PRESENTATION 36#37Significant Increase in SNF Utilization by Those Aged 75+ 6,500 6,000 5,500 SNF UTILIZATION BY AGE AVERAGE SNF DAYS PER 1,000 BENEFICIARIES BY AGE RANGE SNF Days per 1,000 Beneficiaries 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 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 QOMEGA 75-84 65-74 2,461 849 85+ 5,331 SOURCE INDEX INVESTOR PRESENTATION 37#38SNF Demand Estimated to Outstrip Supply by 2030 111% 115% 100% 86% 78% 2022 2025 Residents 2030 Capacity 2035 Occupancy 2040 QOMEGA 100% SOURCE INDEX 1 Aging demographics should drive SNF occupancy beyond capacity in the next decade. 2 Prudent incremental supply will create additional development growth opportunities. INVESTOR PRESENTATION 38#396 Excellent Financials and Execution Track Record ROMEGA ESTOR PRESENTATION 39#40Consistently Performing and Growing Omega Gross Investments ($ in billions) $4.5 $3.9 $3.3 $2.8 $2.5 $1.8 2009 2010 QOMEGA $10.4 $10.4 $10.1 $10.1 $9.9 $9.2 $9.1 $9.1 $8.1 13.0% CAGR 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ($ in millions) Omega Core Operations Revenue $744 $1,063 $950 $901 $908 $929 $882 $892 $878 12.7% CAGR 2009 2010 2011 2012 $505 $419 $350 $292 $251 $179 2013 2014 2015 2016 2017 2018 2019 2020 2021 SOURCE INDEX 2022 2023 The above include non-GAAP financial measures. See disclaimers page for further information. INVESTOR PRESENTATION 40#41Strong Growth in Profitability Adjusted EBITDA ($ in millions) $487 $402 $334 $279 $236 $170 2009 2010 QOMEGA $716 $1,047 $988 $967 $924 $870 $882 $893 $843 12.9% CAGR 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Adjusted Funds from Operations ($ in millions) $810 $760 $730 $689 $683 $699 $681 $638 13.2% CAGR 2009 2010 2011 2012 $363 $299 $236 $193 $156 $123 $564 2013 2014 2015 2016 2017 2018 2019 2020 2021 INDEX 2022 2023 The above include non-GAAP financial measures. See disclaimers page for further information. SOURCE INVESTOR PRESENTATION 41#42Outstanding Financial Performance Among ALL REITs EBITDA / TOTAL REVENUES Exceptional EBITDA margins are driven by: 94% 93% 91% 93% 92% 88% 90% 86% 80% Consistency Genuine Triple- Conservative of Revenue Streams Net Nature of G&A Load Leases #2 #2 #2 #2 #2 #6 #3 #9 #13 1 Resulting in: 2 3 2015 2016 2017 2018 2019 2020 2021 2022 2023 Surplus free cash to be reinvested at compelling yields High return of capital through dividends Dependable levels of profitability QOMEGA ☐ Rank vs. ALL REITS SOURCE The above include non-GAAP financial measures. See disclaimers page for further information. INVESTOR PRESENTATION 42 INDEX#43High-Yield and Historically Consistent Dividend $3.00 $2.64 $2.66 $2.68 $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 2023 Dividend Dividend CAGR ■Dividend Yield 5 Year Growth 8.7% 7.4% 1.5% QOMEGA Annualized 10 Year Growth 41.1% 2023 AFFO Payout 99.1% SOURCE INDEX INVESTOR PRESENTATION 43#44Top-Tier Total Shareholder Returns Shareholder Returns Through 12/31/23 OHI Total Returns vs. Healthcare REIT Averages 3 YEAR TOTAL RETURN 7.9% ANN. EQUIV. 2.6% 5 YEAR TOTAL RETURN 31.1% ANN. EQUIV. 5.6% QOMEGA 31.1% 12.9% (Years ending 12/31/2023) 10 YEAR TOTAL RETURN 118.5% ANN. EQUIV. 8.1% 7.9% 7.0% 3 Yr. Returns 5 Yr. Returns ☐ Omega Peers 118.5% 67.2% 10 Yr. Returns SOURCE INDEX INVESTOR PRESENTATION 44#45Top-Tier Returns on Investments QOMEGA 2023 ROAA 2.55% Higher than Industry Average +158bps Healthcare Rank 4 ROIC 6.37% +22bps 7 ROAE 6.30% +419bps 4 SOURCE INVESTOR PRESENTATION 45 INDEX#467 Proven Investment Strategy for Future Growth QOMEGA 6075 DARYMARGARET TUNAAS NES UNITE INVESTOR PRESENTATION 46#47A Long History of Prudent Capital Allocation INVESTMENTS Acquisitions $4.4 Mortgages Capex CIP (2) Other (3) $0.6 $0.6 $0.6 $0.5 $0.4 $1.3 In billions $13.3 billion New investments since January 2010 (1) $1.7 $0.5 $0.5 $0.3 $0.8 $0.7 $0.4 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 QOMEGA Note: 2015 bar not to scale due to formatting SOURCE INDEX INVESTOR PRESENTATION 47#48External Growth Augmented by Development QOMEGA _ 2024E New Builds by In-Service Year _ _ 2026E $178M 174 1 Investment Beds Projects $15M 90 1 Investment Beds Projects INVESTOR PRESENTATION 48#49Proven Investment Strategy for Future Growth Partner with quality operators with ambition to grow Justify the cost of capital advantage through strong growth QOMEGA 1 Continue to pursue accretive transactions 2 Leverage existing 69 operator relationships 3 Invest primarily in current core markets 4 Maintain focus on senior care facilities Acquire assets using superior cost of capital Derive significant earnings accretion from acquisitions 5 Use credit facility to make acquisitions and replenish availability with long-term debt and equity issuances 6 Proven ability to execute on strategies 7 Proven ability to handle troubled assets INVESTOR PRESENTATION 49#50Ample Opportunity to Expand Portfolio SNF OWNERSHIP Omega Publicly Traded REITS logo 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 000 000 000 000 1000 Â Â Â Â Â Â Â Â Â Â Â Â ☐ ☐ ☐ ☐ ☐ 000 ㅁㅁㅁ 000 000 Â Â Â Â Â Â Â Â ☐ ☐ □□□ ㅁㅁㅁ ㅁㅁㅁ Á Â Â Â Â Â Â Â Û Û ㅁㅁㅁ 000 ㅁㅁㅁ ㅁㅁㅁ ㅁㅁㅁ Â Â Â Â Â Â Â Â Â Â ㅁㅁㅁ QOMEGA logo ㅁㅁㅁ ㅁㅁㅁ logo □□□ INVESTOR PRESENTATION 50#518 Liquidity Structure & Credit Profile QOMEGA INVESTOR PRESENTATION | 51#52Effective Balance Sheet Management Provides Financial Flexibility CONSERVATIVE CAPITALIZATION Debt to adjusted Normalized EBITDA ratio: 4.96x SIGNIFICANT LIQUIDITY Availability under $1.45B revolving credit facility: ~$1.43B Well-laddered debt maturities: Only ~8% of debt maturing in 2024 FINANCIAL FLEXIBILITY Minimal encumbered assets: 0.6% Of gross real estate assets are encumbered Funded Debt to TAV: 46% (Determined pursuant to bond covenants) Adjusted Fixed Charge Ratio > 1.5x: 3.8 DIVIDEND PAYOUT RATIOS AFFO Payout Ratio: 99.1% FAD Payout Ratio: 105.2% Consistent dividend increases: $0.67 ($2.68 annualized) QOMEGA SOURCE The above include non-GAAP financial measures. See disclaimers page for further information. INVESTOR PRESENTATION 52 INDEX#53Conservative Capitalization Policy Targeted Funded Debt to Adjusted EBITDA Ratio 4.0x - 5.0x Typically have used borrowings under the revolver to make acquisitions and replenished revolver availability with long-term debt and equity issuances 4.3x Leverage 5.3x 5.3x 5.2x 5.1x 5.0x 5.0x 4.9x 4.8x 4.7x 4.7x 4.6x 4.5x 4.4x 2010 2011 2012 0.7x 0.9x 0.9x 0.6x0.5x 0.3x 0.1x 0.1x 2013 2014 2015 2016 0.4x 0.4x 0.4x 0.4x 2017 2018 0.0x 2019 2020 2021 2022 2023 0.1x Fixed Charge Coverage 5.1x 4.7x 4.5x 4.1x 4.0x 3.5x 3.3x 3.1x ■Total Debt/ Adj. EBITDA QOMEGA Secured Debt/Adj. EBITDA The above include non-GAAP financial measures. See disclaimers page for further information. 4.1x 4.2x 4.5x 4.6x 3.9x 3.8x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SOURCE INDEX INVESTOR PRESENTATION 53 2020 2021 2022 2023#54Well-Laddered Debt Provides Stability Debt Maturity Schedule as of 12/31/23 $1.45B Revolving Credit Facility $1,430M Non-Revolving Loan Related to JV $20M $429M Credit Facility & Term Loan Term Loan $20M $50M $700M $600M $550M $500M $400M $400M 4.95% 4.50% 5.25% 4.50% 4.75% 3.625% Notes Notes Notes Notes Notes Notes $1.45B unsecured revolving credit facility • ~8% of debt maturing in 2024 • Minimal secured debt (~$42M) • 99.2% of debt is fixed rate $700M $700M 3.375% Notes 3.25% Notes $42M 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2046+ QOMEGA SOURCE INDEX INVESTOR PRESENTATION 54#55Strong Balance Sheet and Secure Credit Ratings Funded Debt/Adj. Ann. EBITDA 5.07x Adj. EBITDA/Total Interest Expense Ratio 3.9x BBB- Baa3 Adj. Total Debt/Adj. Book Capitalization 57.6% Adj. EBITDA/Fixed Coverage Ratio 3.8x S&P Global Ratings MOODY'S Adj. Total Debt/Total Market Capitalization 39.8% Fitch Ratings QOMEGA 4Q23 Funds Available for Distribution per share $0.64 SOURCE The above include non-GAAP financial measures. See disclaimers page for further information. INVESTOR PRESENTATION 55 INDEX#56Readily Accessible Capital Markets as a Seasoned Issuer Capital Markets Accessibility Common Equity Preferred Equity Senior Unsecured Notes $1,910 1,300 $1,030 $996 $960 $982 $859 $785 $760 500 $592 775 700 700 700 $453 650 $293 400 $339 700 $339 260 $231 610 530 $138 225 $102 118 $91 339 $125 $33 221 260 192 159 282 75 68 135 125 $9 60 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 QOMEGA SOURCE INDEX INVESTOR PRESENTATION 56#579 Commitment to ESG Principles QOMEGA Baylor Scott&White MEDICAL CENTER INVESTOR PRESENTATION 57#58Prudent and Responsible ESG Program E S STEWARDS OF THE ENVIRONMENT EN BUILDIN Of Omega's development in the 56% + since 2015 has been built to LEED LEED USGBC certification standards LEED SILVER USGBC U.S. ONGEN BU BUILDING G COUNCIL QOMEGA SOCIAL RESPONSIBILITY = Bloomberg Gender-Equity Index One of 15 US REITS to be included in the 2022 Bloomberg Gender-Equality Index G STRONG CORPORATE GOVERNANCE Independence 88% of directors are independent, including the Chairman Moved corporate HQ in 2017 to a LEED Silver-certified Building Provide capital to support our tenants' energy-efficient CAPEX programs Comprehensive Human Rights Policy shaped by UN's "Universal Declaration on Human Rights" & ILO's "Declaration on Fundamental Principles and Rights at Work" Extensive employee support and development, including: Extremely competitive benefits program • Financial support for continued employee training and education ⚫ Philanthropic support including employee charitable donation matching program くくく Gender Diversity 38% of directors are female No Board Staggering Voluntarily opted out of the Maryland Unsolicited Takeovers Act (MUTA), which would have allowed for staggering of the Board without shareholder approval INVESTOR PRESENTATION 58#59QOMEGA Sources & Appendix INVESTOR PRESENTATION 59#60SOURCE INDEX Page 5 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com. 5-Year TSR as of 12/31/2023. Page 9 - Information as of 2/8/2024 Page 14 - 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 12/31/23 Page 17 - From proprietary analysis of Medicare Fee for Service (FFS) Standard Analytic File (SAF) Page 18 - KFF.org Hospital Adjusted Expenses per Inpatient Day; MedPac Report to the Congress, March 2023 Page 19 - Average Medicare and Medicaid Rates by Quarter for Omega's Entire Portfolio (through September 30, 2023) Page 20 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 21 - Appendix A of VIG Digest - https://vigdigest.com/ Page 23 - Source - Public filings and disclosures of public healthcare REITs; 3rd party transaction reports. Page 25 - TTM Rent Coverage at 9/30/2023. Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 26 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 27 - 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 29 - Source of EBITDA / Total Revenue is "December 2023 KeyBanc Capital Markets: The Leaderboard" Page 30 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 31 - Represents 4Q23 Annualized Contractual Rent/Interest. Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 33 - Current supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 35 - Source: US Census Bureau - Projected Age Groups and Sex Composition of the Population: Main Projections Series for the United States, 2017-2060 Page 37 - Source: Avalere analysis of Medicare Part A 100% Standard Analytic File (SAF) Page 38 - 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 40 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 41 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 42 - Source for ranking is "2023 KeyBanc Capital Markets: The Leaderboard" as of 12/29/2023 Page 43 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 44 - Source: "2023 KeyBanc Capital Markets: The Leaderboard" as of 12/29/2023. Peer returns are simple average of returns of NHI, HR, LTC, SABRA, VTR, and WELL QOMEGA INVESTOR PRESENTATION 60#61SOURCE INDEX Page 45 - Source for ranking is "2023 KeyBanc Capital Markets: The Leaderboard" as of 12/29/2023 Page 47 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com. 1) Includes the $3.9 billion 2015 Aviv acquisition; and the $623 million 2019 MRT acquisition 2) Included in "Acquisitions" prior to 2016 3) Consists primarily of mezzanine and JV investments Page 52 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com Page 53 - Current and historic supplemental information report located in the Investor Relations tab at www.omegahealthcare.com 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, 12, 18, and 19) located in the Investor Relations tab at www.omegahealthcare.com Page 56 - Current and historic supplemental information report 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 63 - Current and historic earnings report press releases located in the Investor Relations tab at www.omegahealthcare.com Page 64 - Source: CDC.gov Page 65 - Source: Inpatient, SNF, Home Health and Enrollment Standard Analytic Files, 2015-2022 Page 66 - Compiled by American Health Care Association (AHCA) Research Department from CMS OSCAR/CASPER survey data (2009-2022) QOMEGA INVESTOR PRESENTATION 61#622022 Quarterly Highlights . 1Q 2022 Paid a $0.67 per share quarterly cash dividend on common stock Completed $121 million of real estate acquisitions • Invested $20 million in capital • . renovation and construction- in-progress projects Repurchased 981 thousand common shares for $27 million Sold 27 facilities for $333 million in cash proceeds, generating a $114 million gain Was included in the Bloomberg Gender-Equality Index for the 3rd consecutive year • • 2Q 2022 Paid a $0.67 per share quarterly cash dividend on common stock Invested $56 million in two loans that bear interest at 12.0% per annum Funded $17 million in capital renovation and construction- in-progress projects • Repurchased 4.2 million common shares for $115 million Sold 13 facilities for $54 million in cash proceeds, generating a $25 million gain • • 3Q 2022 Paid a $0.67 per share quarterly cash dividend on common stock Completed $28 million in real estate acquisitions Invested $40 million in a new loan that bears interest at 12.0% per annum • Funded $19 million in capital renovation and construction- in-progress projects • Sold four facilities for $51 million in cash proceeds, generating a $41 million gain • • 4Q 2022 Paid a $0.67 per share quarterly cash dividend on common stock Completed $89 million in real estate acquisitions Funded $15 million in capital renovation and construction- in-progress projects Sold 33 facilities for $321 million in cash proceeds and $105 million in seller financing, generating a $180 million gain QOMEGA SOURCE INDEX INVESTOR PRESENTATION 62#632023 Quarterly Highlights • . 1Q 2023 Paid a $0.67 per share quarterly cash dividend on common stock Completed $26 million in real estate acquisitions • Funded $11 million in capital renovation and construction- in-progress projects • Sold two facilities for $18 million in cash proceeds, generating a $14 million gain • • 2Q 2023 Paid a $0.67 per share quarterly cash dividend on common stock Completed $129 million in real estate acquisitions. Invested $124 million in real estate loans and other loans and investments. • Funded $17 million in capital renovation and construction- in-progress projects. Sold 10 facilities for $45 million in cash proceeds, generating a $12 million gain. • . 3Q 2023 Paid a $0.67 per share quarterly cash dividend on common stock Completed $55 million in real estate acquisitions. • Invested $26 million in real estate loans. • Funded $24 million in capital renovation and construction projects. Sold 15 facilities for $99 million in cash proceeds and consideration, and received repayment of a $105 million. seller note, generating a $44 million gain on assets sold. • . . 4Q 2023 Paid a $0.67 per share quarterly cash dividend on common stock Completed $51 million in real estate acquisitions. Invested $167 million in real estate and other loans and investments. Funded $31 million in capital renovation and construction projects. Sold 32 facilities for $324 million in cash proceeds and debt repayments, generating a $10 million gain. QOMEGA SOURCE INDEX INVESTOR PRESENTATION 63#645,000 Industry Overview: Baby Boomers Started Turning 75 in 2016 U.S. Birthrates, 1909 to 1980 Births (000's) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 QOMEGA 1909 1911 1913 1915 1917 1919 1921 1923 1925 1927 1929 1931 1933 Avg. 2,476 1928 to 1940 1935 1937 1939 1941 1943 1945 1947 1949 1951 1941 to 1964 Avg. 3,767 1953 1955 1957 1959 1961 1963 1965 1967 1969 1971 SOURCE INDEX 1973 1975 1977 1979 INVESTOR PRESENTATION 64#65Industry Overview: Percentage of Historical Hospital Discharges to SNFs has Remained Steady in Recent Years Discharge Disposition by Year QOMEGA 21.8% 21.4% 21.3% 21.3% 21.0% 20.9% 20.5% 19.3% Skilled Nursing Facilities 18.6% 17.9% 19.4% 19.6% 19.7% 19.5% 19.4% 18.8% Home Health Care 4.5% 4.6% 4.2% 3.5% 3.5% 3.5% 3.7% 3.8% IRF 3.3% 3.3% 3.3% 3.3% 3.4% 3.5% 3.4% 3.3% Other 1.2% 1.2% 1.1% 1.0% 0.9% 1.0% 0.9% 0.8% LTCH 2015 2016 2017 2018 2019 2020 2021 2022 SOURCE INDEX INVESTOR PRESENTATION 65#66Industry Overview: Limited Supply Availability Trend in Certified Nursing Facilities, Beds and Residents 1,800k 16.0k 15.9k 1,700k 15.8k 1,600k 15.7k Beds & Patients 1,500k 1,400k 1,300k 15.6k 15.5k 15.4k 15.3k 1,200k 15.2k 1,100k 15.1k 1,000k 15.0k Dec-10 Dec-11 --Certified Beds -Patients in Certified Beds - Certified Facilities 1,672k 1,401k 15.9k Dec-12 Dec-13 Dec-14 Dec-15 1,674k 1,674k 1,665k 1,654k 1,654k 1,396k 1,391k 1,379k 1,364k 1,362k 15.8k 15.8k 15.7k 15.7k 15.6k Dec-16 1,655k 1,352k 15.6k Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 1,654k 1,621k 1,622k 1,491k 1,481k 1,469k 1,339k 1,311k 1,312k 1,134k 1,030k 1,070k 15.6k 15.5k 15.5k 15.3k 15.2k 15.1k QOMEGA Certified Facilities SOURCE INDEX INVESTOR PRESENTATION 66