The largest skilled nursing facility (SNF)-focused health care REIT with approximately $9 billion in gross real estate investments Operator troubles have led to some rent reductions and asset transitions to other operators, but rent coverage has remained relatively constant Strong profitability from long-term, triple-net leases Relatively low leverage when compared with other health care REIT peers Well-laddered debt maturity profile with no upcoming maturities until 2021 Assets are entirely unencumbered Relatively high exposure to variable-rate debt somewhat subsidizes coverage measures S&P Global Ratings' stable outlook on Omega Healthcare Investors Inc. reflects our expectation that the headwinds in the SNF industry will perpetuate over the next two years as increased enrollment in Medicare Advantage and a gradual shift to bundled payments
