Omega Announces First Quarter 2012 Financial Results; Adjusted FFO Of $0.55 Per Share For The First Quarter

Adjusted FFO is calculated as FFO available to common stockholders excluding the impact of non-cash stock-based compensation and certain revenue and expense items identified above. The Company believes that Adjusted FFO provides an enhanced measure of the operating performance of the Company’s core portfolio as a REIT. The Company’s computation of Adjusted FFO is not comparable to the NAREIT definition of FFO or to similar measures reported by other REITs, but the Company believes it is an appropriate measure for this Company.

The Company currently expects its 2012 Adjusted FFO available to common stockholders to be between $2.09 and $2.12 per diluted share. The following table presents a reconciliation of our guidance regarding 2012 FFO and Adjusted FFO to net income available to common stockholders:

		2012 Projected AFFO
Per diluted share:
Net income available to common stockholders		$	0.94		−		$	0.94
Adjustments:
Depreciation and amortization			1.02		−			1.05
Provision for impairment on real estate assets			0.00		−			0.00
Funds from operations available to common stockholders		$	1.96		−		$	1.99
Adjustments:
Interest expense – refinancing costs			0.07		−			0.07
Stock-based compensation expense			0.06		−			0.06
Adjusted funds from operations available to common stockholders		$	2.09		−		$	2.12

The following tables present selected portfolio information, including operator and geographic concentrations, and revenue maturities for the period ended March 31, 2012:

		As of March 31, 2012
Balance Sheet Data		# of Properties			# of OperatingBeds			Investment($000’s)			% Investment
Real Property (1)		396			44,186			$ 2,548,817			91%
Loans Receivable (2)		32			3,681			239,901			9%
Total Investments		428			47,867			$ 2,788,718			100%
Investment Data		# of Properties			# of OperatingBeds			Investment($000’s)			% Investment			Investmentper Bed
Skilled Nursing Facilities (1) (2)		413			47,064			$ 2,721,708			98%			$ 58
Assisted Living Facilities		10			510			33,540			1%			66
Specialty Hospitals and Other		5			293			33,470			1%			114
		428			47,867			$ 2,788,718			100%			$ 58
Note: table above excludes seven facilities classified as held-for-sale.
(1) Includes $19.2 million for lease inducement.
(2) Includes $0.6 million of unamortized principal.

Revenue Composition ($000's)
Revenue by Investment Type		Three Months Ended
		March 31, 2012
Rental Property (1)		$	75,975				90	%
Mortgage Notes			7,336				9	%
Other Investment Income			1,130				1	%
		$	84,441				100	%
Revenue by Facility Type		Three Months Ended
		March 31, 2012
Skilled Nursing Facilities (1)		$	81,489				97	%
Assisted Living Facilities			687				1	%
Specialty Hospitals			1,135				1	%
Other			1,130				1	%
		$	84,441				100	%

(1) 1st quarter revenue includes $0.8 million reduction for lease inducement. Excludes revenue from owned and operated assets.

		Operator Concentration by Investment ($000's)		As of March 31, 2012
				# of Properties				Investment					% Investment
		CommuniCare Health Services		36				$	324,298				12	%
		Airamid		38					263,560				10	%
		Sun Healthcare Group, Inc.		40					233,414				8	%
		Signature Holdings, LLC		31					222,629				8	%
		Advocat Inc.		36					148,156				5	%
		Gulf Coast		17					146,636				5	%
		Guardian LTC Management (1)		23					145,171				5	%
		Capital Funding Group, Inc .		17					129,904				5	%
		Genesis		13					121,544				4	%
		Consulate		17					117,654				4	%
		Remaining 37 Operators (2)		160					935,752				34	%
				428				$	2,788,718				100	%
Note: table above excludes seven facilities classified as held-for-sale.
		(1) Investment amount includes a $19.2 million lease inducement.
		(2) Includes $0.6 million of unamortized principal.

		Concentration by State		# of Properties				Investment			% Investment
		Florida (1)		87				$ 613,774			22%
		Ohio		50				358,420			13%
		Pennsylvania		25				174,519			6%
		Maryland		16				173,193			6%
		Texas		32				169,586			6%
		Arkansas		23				126,084			5%
		Michigan		17				122,510			5%
		Tennessee		16				117,855			4%
		West Virginia (2)		11				95,010			3%
		Colorado		12				79,227			3%
		Kentucky		15				67,067			3%
		Indiana		16				64,312			2%
		North Carolina		10				58,369			2%
		Massachusetts		8				57,347			2%
		Louisiana		14				55,514			2%
		Alabama		10				54,440			2%
		Remaining 17 States		66				401,491			14%
				428				$ 2,788,718			100%
Note: table above excludes seven facilities classified as held-for-sale.
		(1) Includes $0.6 million of unamortized principal.
		(2) Investment amount includes a $19.2 million lease inducement.

Revenue Maturities ($000's)				As of March 31, 2012
Operating Lease Expirations & Loan Maturities				Year				Current LeaseRevenue (1)		CurrentInterestRevenue (1)		Lease andInterestRevenue				%
				2012				3,304		500		3,804				1%
				2013				28,482		-		28,482				9%
				2014				1,037		1,268		2,305				1%
				2015				2,476		-		2,476				1%
				2016				29,321		1,404		30,725				10%
(1) Based on 2012 contractual rents and interest (without giving effect to annual escalators).

The following tables present operator revenue mix, census and coverage data based on information provided by our operators:

Operator Revenue Mix		% Revenue Mix
		Medicaid			Medicare /Insurance			Private / Other
Three-months ended December 31, 2011		52.9	%		38.4	%		8.7	%
Three-months ended September 30, 2011		50.5	%		40.9	%		8.6	%
Three-months ended June 30, 2011		50.2	%		41.2	%		8.6	%
Three-months ended March 31, 2011		50.0	%		41.6	%		8.4	%

Operator Census and Coverage				Coverage Data
		Census (1)		BeforeManagement Fees		AfterManagement Fees
Twelve-months ended December 31, 2011		84%		2.2x		1.8x
Twelve-months ended September 30, 2011		84%		2.3x		1.8x
Twelve-months ended June 30, 2011		84%		2.3x		1.8x
Twelve-months ended March 31, 2011		84%		2.2x		1.8x
Twelve-months ended December 31, 2010		84%		2.1x		1.7x

(1) Based on available beds.

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