This report does not constitute a rating action. Occupancy and operator rent coverage are at their strongest levels in over a decade. EBITDAR coverage for Omega?s core portfolio reached 1.57x for the trailing 12 months ended Sept. 30, 2025 (operating metrics are reported one quarter behind), up from 1.50x one year prior, while portfolio occupancy recovered to 82.6% from 81.2% over the same period and well improved from the pandemic-era trough. The resolution of virtually all legacy operator restructurings and strong operator rent coverage reduces the likelihood of operator transitions or additional restructurings, and Omega has historically managed through distressed operators with limited impact to cash flow. Moreover, the rapid growth of the elderly population, combined with a decline in
