Investor Presentaiton

Operators 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

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