SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENTS [Abstract]

Schedule of reportable segments and significant expense categories by segment

The following table summarizes information for the reportable segments for the three months ended June 30, 2026:


		Three Months Ended June 30, 2026
								Non-Segment/
		Triple-Net			Operating			Corporate⁽¹⁾			Total
		(in thousands)
Revenues
Rental income		$	266,486		$	—		$	—		$	266,486
Interest income			46,756			—			—			46,756
Resident fees and services			—			13,987			—			13,987
Miscellaneous income			—			—			1,017			1,017
Total revenues			313,242			13,987			1,017			328,246

Property-level expenses			(3,938)			(12,259)			—			(16,197)
Net operating income from unconsolidated entities			15,211			3,654			—			18,865
Net operating income			324,515			5,382			1,017			330,914

Depreciation and amortization												(81,842)
Interest expense												(48,116)
General and administrative												(41,997)
Acquisition, merger and transition related costs												(4,660)
Impairment on real estate properties												—
Recovery for credit losses												5,019
Other expense - net												(7,215)
Gain on assets sold - net												246,519
Income tax expense												(4,618)
Non-operating net loss from unconsolidated entities⁽²⁾												(14,336)
Net income											$	379,668

(1)	Represents items not allocated to either reportable segment. Presented for reconciliation purposes only.

(2)

Represents Omega’s share of non-operating losses from unconsolidated entities in which Omega holds a noncontrolling ownership interest. These losses primarily consist of depreciation and interest expenses. Income from unconsolidated entities reported on the Consolidated Statements of Operations is comprised of Net operating income from unconsolidated entities and Non-operating net loss from unconsolidated entities presented above.

The following table summarizes significant expense categories by segment for the three months ended June 30, 2026:


		Three Months Ended June 30, 2026
								Non-Segment/
		Triple-Net			Operating			Corporate			Total
		(in thousands)
Compensation		$	—		$	7,179		$	—		$	7,179
Utilities			—			590			—			590
Food			—			737			—			737
Repairs and maintenance			—			360			—			360
Property taxes			3,510			462			—			3,972
Other segment expenses⁽¹⁾			428			2,931			—			3,359
Total property-level expenses⁽²⁾		$	3,938		$	12,259		$	—		$	16,197

(1)	Other segment expenses for our Operating segment include management fees, insurance expense, marketing, supplies and other miscellaneous expenses. Triple-Net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses.

(2)	See Note 1 – Basis of Presentation and Significant Accounting Policies for additional information on the reclassification of property-level expenses.

The following table summarizes information for the reportable segments for the three months ended June 30, 2025:


		Three Months Ended June 30, 2025
								Non-Segment/
		Triple-Net			Operating			Corporate⁽¹⁾			Total
		(in thousands)
Revenues
Rental income		$	239,202		$	—		$	—		$	239,202
Interest income			42,997			—			—			42,997
Resident fees and services			—			—			—			—
Miscellaneous income			—			—			307			307
Total revenues			282,199			—			307			282,506

Property-level expenses			(3,771)			—			—			(3,771)
Net operating income from unconsolidated entities			2,504			—			—			2,504
Net operating income			280,932			—			307			281,239

Depreciation and amortization												(80,509)
Interest expense												(52,897)
General and administrative												(23,318)
Acquisition, merger and transition related costs												(2,010)
Impairment on real estate properties												(14,215)
Recovery for credit losses												4,771
Other income - net												13,751
Gain on assets sold - net												22,886
Income tax expense												(4,528)
Non-operating net loss from unconsolidated entities⁽²⁾												(4,691)
Net income											$	140,479

(1)

Represents items not allocated to either reportable segment. Presented for reconciliation purposes only.

(2)

Represents Omega’s share of non-operating losses from unconsolidated entities in which Omega holds a noncontrolling ownership interest. These losses primarily consist of depreciation and interest expenses. Income from unconsolidated entities reported on the Consolidated Statements of Operations is comprised of Net operating income from unconsolidated entities and Non-operating net loss from unconsolidated entities presented above.

The following table summarizes significant expense categories by segment for the three months ended June 30, 2025:


		Three Months Ended June 30, 2025
								Non-Segment/
		Triple-Net			Operating			Corporate			Total
		(in thousands)
Compensation		$	—		$	—		$	—		$	—
Utilities			—			—			—			—
Food			—			—			—			—
Repairs and maintenance			—			—			—			—
Property taxes			3,251			—			—			3,251
Other segment expenses⁽¹⁾			520			—			—			520
Total property-level expenses⁽²⁾		$	3,771		$	—		$	—		$	3,771

(1)	Triple-Net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses.

(2)	See Note 1 – Basis of Presentation and Significant Accounting Policies for additional information on the reclassification of property-level expenses.

The following table summarizes information for the reportable segments for the six months ended June 30, 2026:


		Six Months Ended June 30, 2026
								Non-Segment/
		Triple-Net			Operating			Corporate⁽¹⁾			Total
		(in thousands)
Revenues
Rental income		$	537,103		$	—		$	—		$	537,103
Interest income			91,911			—			—			91,911
Resident fees and services			—			20,644			—			20,644
Miscellaneous income			—			—			1,543			1,543
Total revenues			629,014			20,644			1,543			651,201

Property-level expenses			(7,954)			(17,686)			—			(25,640)
Net operating income from unconsolidated entities			29,789			8,025			—			37,814
Net operating income			650,849			10,983			1,543			663,375

Depreciation and amortization												(165,982)
Interest expense												(97,871)
General and administrative												(67,584)
Acquisition, merger and transition related costs												(5,774)
Impairment on real estate properties												(392)
Recovery for credit losses												8,313
Other expense - net												(6,139)
Gain on assets sold - net												249,543
Income tax expense												(9,724)
Non-operating net loss from unconsolidated entities⁽²⁾												(29,521)
Net income											$	538,244

(1)	Represents items not allocated to either reportable segment. Presented for reconciliation purposes only.

(2)

Represents Omega’s share of non-operating losses from unconsolidated entities in which Omega holds a noncontrolling ownership interest. These losses primarily consist of depreciation and interest expenses. Income from unconsolidated entities reported on the Consolidated Statements of Operations is comprised of Net operating income from unconsolidated entities and Non-operating net loss from unconsolidated entities presented above.

The following table summarizes significant expense categories by segment for the six months ended June 30, 2026:


		Six Months Ended June 30, 2026
								Non-Segment/
		Triple-Net			Operating			Corporate			Total
		(in thousands)
Compensation		$	—		$	10,358		$	—		$	10,358
Utilities			—			934			—			934
Food			—			1,049			—			1,049
Repairs and maintenance			—			522			—			522
Property taxes			7,093			720			—			7,813
Other segment expenses⁽¹⁾			861			4,103			—			4,964
Total property-level expenses⁽²⁾		$	7,954		$	17,686		$	—		$	25,640

(1)	Other segment expenses for our Operating segment include management fees, insurance expense, marketing, supplies and other miscellaneous expenses. Triple-Net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses.

(2)	See Note 1 – Basis of Presentation and Significant Accounting Policies for additional information on the reclassification of property-level expenses.

The following table summarizes information for the reportable segments for the six months ended June 30, 2025:


		Six Months Ended June 30, 2025
								Non-Segment/
		Triple-Net			Operating			Corporate⁽¹⁾			Total
		(in thousands)
Revenues
Rental income		$	471,380		$	—		$	—		$	471,380
Interest income			86,113			—			—			86,113
Resident fees and services			—			—			—			—
Miscellaneous income			—			—			1,798			1,798
Total revenues			557,493			—			1,798			559,291

Property-level expenses			(7,597)			—			—			(7,597)
Net operating income from unconsolidated entities			4,915			—			—			4,915
Net operating income			554,811			—			1,798			556,609

Depreciation and amortization												(160,384)
Interest expense												(105,177)
General and administrative												(54,860)
Acquisition, merger and transition related costs												(3,474)
Impairment on real estate properties												(15,450)
Provision for credit losses												(321)
Other income - net												16,798
Gain on assets sold - net												32,961
Income tax expense												(8,139)
Non-operating net loss from unconsolidated entities⁽²⁾												(6,024)
Net income											$	252,539

(1)	Represents items not allocated to either reportable segment. Presented for reconciliation purposes only.

(2)

Represents Omega’s share of non-operating losses from unconsolidated entities in which Omega holds a noncontrolling ownership interest. These losses primarily consist of depreciation and interest expenses. Income from unconsolidated entities reported on the Consolidated Statements of Operations is comprised of Net operating income from unconsolidated entities and Non-operating net loss from unconsolidated entities presented above.

The following table summarizes significant expense categories by segment for the six months ended June 30, 2025:


		Six Months Ended June 30, 2025
								Non-Segment/
		Triple-Net			Operating			Corporate			Total
		(in thousands)
Compensation		$	—		$	—		$	—		$	—
Utilities			—			—			—			—
Food			—			—			—			—
Repairs and maintenance			—			—			—			—
Property taxes			6,562			—			—			6,562
Other segment expenses⁽¹⁾			1,035			—			—			1,035
Total property-level expenses⁽²⁾		$	7,597		$	—		$	—		$	7,597

(1)	Triple-Net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses.

(2)	See Note 1 – Basis of Presentation and Significant Accounting Policies for additional information on the reclassification of property-level expenses.