<div id="readability-page-1"><div>Fitch Ratings-New York-11 December 2025:Fitch Ratings has affirmed Omega Healthcare Investors, Inc.'s Long-Term Issuer Default Rating (IDR) and issue-level ratings at 'BBB-'. The Outlook on the IDR is Stable.The ratings reflect Omega's improving operational profile with increasing occupancy and coverage, supported by long-term demographic tailwinds, low leverage with meaningful headroom relative to sensitivities, strong financial flexibility and liquidity, demonstrated access to capital, and adequate portfolio-level lease coverage. Omega's solid record of compliance, with its financial policy of 4x to 5x net debt to EBITDA, further supports the 'BBB-' rating.The rating is constrained by Omega's exposure to the improving though still uncertain skilled nursing sector and the fact that it recognizes a substantial amount of revenue on a cash basis. Despite Fitch's expectations for leverage at or below its positive rating sensitivities, management has not indicated a policy below these levels. Therefore, the likelihood of a rating upgrade is limited.Key Rating DriversInvestment-Grade Financial Metrics: Omega's equity funded external investment, along with improving operations and organic growth across the company's portfolio, has resulted in REIT leverage of 3.9x as of Sept. 30, 2025, which is low for the company's 'BBB-' rating. Fitch expects REIT leverage to remain below 5.5x over the ratings horizon. Omega and its healthcare REIT peers have increasingly funded acquisitions using equity in a benign backdrop of supply and demand tailwinds. The firms each trade at a meaningful premium to net asset value (NAV). Omega's solid record of compliance with its financial policy further supports the 'BBB-' rating.Improving Operator Health: Operator profitability has been growing steadily, with OHI's portfolio coverage exceeding pre-pandemic levels and still improving. This recovery is due to observable organic trends, such as favorable government reimbursement increases and demographic tailwinds, and other efforts, such as the movement away from agency labor, as well as proactive lease restructuring and portfolio management. The company's core portfolio EBITDAR coverage has improved to 1.55x as of June 30, 2025. This compares to 1.04x as of Sept. 30, 2022 (inclusive of CARES Act funds) and 1.30x as of Sept. 30, 2019.Lease coverage ratios for skilled nursing portfolios were a concern for skilled nursing facility (SNF) operators even before the pandemic. Lease coverage ratios of 1.2x or lower represent a level Fitch views as most at risk to negative trends. Prior to the pandemic, lease coverage ratios were strained by changes in Medicare and Medicaid reimbursement rates, growth in labor costs, shift of care to lower-cost settings, and fixed rent escalators.Lease Restructuring Manageable: Omega continues to face issues regarding collection and nonpayment, including with tenants such as Genesis and Maplewood. However, this appears to be improving. Omega weathered more severe issues through the pandemic while maintaining its leverage and credit profile through lease restructuring, dispositions and retenanting. Most recently, tenant LaVie had its leases assumed by Avardis, resolving the former's payment issues and Chapter 11 filing. While collectability issues remain, Omega should be able to work through these while continuing to maintain its credit profile, particularly as overall operator health continues to improve.Peer AnalysisOmega's rating reflects how its portfolio of skilled nursing and senior housing real estate has generated durable rental cash flows. In addition, the issuer has maintained below-average leverage to offset elevated tenant credit risk. The ratings also reflect the issuer's solid access to the debt and equity capital markets. The Stable Outlook reflects Fitch's belief that Omega will maintain leverage within Fitch's sensitivities in the intermediate term.Omega is rated in line with Sabra Health Care REIT, Inc. (BBB-/Stable), National Health Investors, Inc. (BBB-/Stable), and CareTrust REIT, Inc. (BBB-/Stable) which also own senior housing and skilled nursing portfolios and manage similar financial policies. Omega and Sabra are larger with more demonstrated access to unsecured public debt markets and lower tenant concentration relative to National Health Investors and CareTrust.Fitch’s Key Rating-Case Assumptions-- Same-store net operating income (SSNOI) grows roughly 2.5%-3% annually, and interest income grows more meaningfully in the near term before flattening as the company directs proceeds toward acquisitions rather than debt investments;-- EBITDA margins remain roughly flat over the ratings horizon;-- The company is a modest net acquirer in 2026, and beyond that year completes roughly $600 million of net acquisitions and debt investments annually in the intermediate term, with proceeds from principal repaid reinvested;-- Beyond 2025, no additional equity is assumed over the ratings horizon;-- The company increases its dividend roughly 1-2% annually after 2025.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade-- Fitch's expectation of REIT leverage sustaining above 5.5x without a timely restoration;-- Fitch's expectation of REIT fixed-charge coverage sustaining below 2.5x;-- Further pressure on operators through potential revisions to legislation that results in lower coverage or other changes in the regulatory framework.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade-- Fitch's expectation of REIT leverage and company policy of leverage sustaining below 4.0x;-- Fitch's expectation of REIT fixed-charge coverage sustaining above 3.5x.Liquidity and Debt StructureFitch estimates Omega's sources of liquidity cover its uses by 1.3x through 2027. The issuer had roughly $737 million of unrestricted cash, $2 billion available under its unsecured revolving credit facilities, with no amounts outstanding, and an undrawn $300 million delayed draw term loan as of Sept. 30, 2025. After the end of 3Q25, the company repaid its $600 million notes due January 2026, its CINDAT mortgage, and its unsecured term loan, using proceeds from its $300 million delayed draw term loan. The strength of Omega's liquidity is driven by a well-staggered debt maturity profile with manageable near-term debt maturities.As of Nov. 25, 2025, Omega's debt is entirely unsecured, as the company has repaid its only mortgage. With a completed unsecured capital structure, Fitch estimates that Omega's unencumbered assets would cover net unsecured debt (UA/UD) by roughly 2.2x, assuming a 10.5% through-the-cycle cap rate as of Sept. 30, 2025. Investment-grade REITs rated by Fitch typically have ratios around 2.0x, indicating Omega's UA/UD is now above average.Skilled nursing and senior housing facilities generally benefit from strong access to contingent liquidity sources, including multiple durable government-sponsored mortgage capital sources and more pro-cyclical bank mortgage and commercial mortgage-backed securities market.Issuer ProfileOmega Healthcare Investors is a self-administered REIT headquartered in Hunt Valley, MD, and has been listed on the NYSE since 1992. The company focuses on the ownership and financing of healthcare facilities.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Omega Healthcare Investors, Inc.; Long Term Issuer Default Rating; Affirmed; BBB-; Rating Outlook Stable----senior unsecured; Long Term Rating; Affirmed; BBB-Contacts:Primary Rating AnalystChristopher Wimmer,Senior Director+1 646 582 3412christopher.wimmer@fitchratings.comFitch Ratings, Inc.33 Whitehall StreetNew York, NY 10004Secondary Rating AnalystPeter Siciliano,Director+1 646 582 4760peter.siciliano@fitchratings.comCommittee ChairpersonSteven Marks, CFAManaging Director+1 212 908 9161steven.marks@fitchratings.comMEDIA RELATIONS: Eleis Brennan, New York, Tel: +1 646 582 3666, Email: eleis.brennan@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Corporate Monitoring &amp; Forecasting Model (COMFORT Model), v8.2.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, THE FOLLOWING HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT DETAILS FITCH'S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING CATEGORIES, INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE OR ANCILLARY SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF PERMISSIBLE SERVICE(S) FOR WHICH THE LEAD ANALYST IS BASED IN AN ESMA- OR FCA-REGISTERED FITCH RATINGS COMPANY (OR BRANCH OF SUCH A COMPANY) OR ANCILLARY SERVICE(S) CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE.Copyright © 2022 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed.The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.</div></div>

Fitch Ratings has affirmed Omega Healthcare Investors' Long-Term Issuer Default Rating at 'BBB-', with a Stable Outlook. The rating reflects Omega's improving operational profile, low leverage, strong financial flexibility, and adequate lease coverage. Despite challenges in the skilled nursing sector, Omega's compliance with financial policies supports its rating. The rating is constrained by revenue recognition on a cash basis and limited upgrade potential. Omega's leverage is expected to remain below 5.5x, with improving operator health and manageable lease restructuring issues.

Fitch Affirms Omega Healthcare Investors at 'BBB-'; Outlook Stable