Omega Healthcare Investors Inc. (Omega) is the largest pure-play skilled nursing facility (SNF)-focused health care REIT, with nearly $9 billion in gross real estate investments; Tenants have a heavy reliance on government reimbursement programs for revenue; and Relatively strong tenant and geographic diversification compared to other health care REIT peers. Relatively low leverage when compared with peers; Manageable debt maturity profile with no upcoming maturities until 2019; Assets are almost entirely unencumbered; and High exposure to variable rate debt subsidizes the company's coverage measures. The outlook on Omega Healthcare Investors Inc. (Omega) is stable. We expect headwinds in the SNF industry to perpetuate over the next two years, with increased enrollees into Medicare Advantage and a gradual shift to bundled
