Omega Healthcare Investors Inc. (Omega) is the largest pure-play skilled nursing facility (SNF)-focused health care REIT, with approximately $9 billion in gross real estate investments; Operator troubles have resulted in a slight reduction in rent coverage, partially offset by Omega's relatively well diversified tenant base and cross collateralization lease provisions; and Strong profitability from Omega's long-term, triple-net leases. Relatively low leverage when compared with peers; Manageable debt maturity profile with no upcoming maturities until 2021; Assets are almost entirely unencumbered; and Relatively high exposure to variable-rate debt somewhat subsidizes the coverage measures. S&P Global Ratings' outlook on Omega Healthcare Investors Inc. is stable. We expect headwinds in the SNF industry to perpetuate over the next two years, with increased enrollees
