Omega Healthcare Investors is a REIT that owns and leases healthcare facilities — primarily skilled nursing facilities (SNFs) and senior housing — to third-party operators across the U.S., U.K., and Canada. Omega's portfolio spans over 1,000 facilities, with SNFs and transitional care accounting for roughly 54% of revenues and senior housing roughly 31%. Omega does not operate its facilities directly; instead, it acts as a capital partner, owning the real estate and leasing it back to operators under long-term triple-net leases, or providing mortgage and real estate-secured loans. Under triple-net leases, operators pay all property-level costs, and leases typically include fixed annual rent escalators of 1.75%–2.5%, generating predictable, growing cash flows. Omega targets roughly 10% initial cash yields on new investments, and earnings growth is primarily driven by deploying new capital at spreads above its cost of capital. Beyond traditional triple-net leases, Omega has expanded its toolkit to include RIDEA structures (where Omega receives net operating income rather than fixed rent), real estate loans with equity upside participation, joint ventures, and direct operating company equity stakes. Because Omega is a REIT, it distributes at least 90% of taxable income to shareholders and funds growth primarily through equity issuances and debt. A key risk is government reimbursement policy, since a large share of SNF operator revenues come from Medicare and Medicaid.