Omega Healthcare Investors
30 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.
Customers
Largest operator (unnamed)
concentrated in · greater than 10% of our investmentsnamed as a riskIn addition, at December 31, 2025, one operator represented greater than 10% of our investments, and the three geographic locations in which we had our highest concentration of investments were the U.K. (17.7%), Texas (8.5%) and Indiana (6.0%).Risk factors (Item 1A)
Other companies
Revolving Credit Facility
depends on · $0.1 millionnamed as a riskAs of December 31, 2025, only our Revolving Credit Facility has a variable rate, when considering the impact of interest rate swaps that are designated as cash flow hedges for the 2028 Term Loan.Market risk (Item 7A)
Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more
Places
United Kingdom
concentrated in · 17.7%named as a riskIn addition, at December 31, 2025, one operator represented greater than 10% of our investments, and the three geographic locations in which we had our highest concentration of investments were the U.K. (17.7%), Texas (8.5%) and Indiana (6.0%).Risk factors (Item 1A)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Texas
concentrated in · 8.5%named as a riskIn addition, at December 31, 2025, one operator represented greater than 10% of our investments, and the three geographic locations in which we had our highest concentration of investments were the U.K. (17.7%), Texas (8.5%) and Indiana (6.0%).Risk factors (Item 1A)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Indiana
concentrated in · 6.0%named as a riskIn addition, at December 31, 2025, one operator represented greater than 10% of our investments, and the three geographic locations in which we had our highest concentration of investments were the U.K. (17.7%), Texas (8.5%) and Indiana (6.0%).Risk factors (Item 1A)
Massachusetts
subject tonamed as a riskOn January 8, 2025, the State of Massachusetts enacted a law that requires notification for certain transactions involving SNFs and REITs and restricts new licenses to hospitals with certain facilities leased from REITs.Business (Item 1)
Hazards
Hurricanes, earthquakes, tornadoes, fires and floods
operates innamed as a riskA large number of our properties are located in areas particularly susceptible to revenue loss, cost increase or damage caused by severe weather conditions or natural disasters such as hurricanes, earthquakes, tornadoes, fires and floods, as well as the effects of climate change.Risk factors (Item 1A)
Commodities and inputs
British Pound Sterling
exposed to its price · $5.5 millionnamed as a riskBased solely on our results for the year ended December 31, 2025, if the applicable exchange rate were to increase or decrease by 10%, our net income from our consolidated U.K.-based investments would increase or decrease, as applicable, by $5.5 million.Market risk (Item 7A)
Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more
U.K. energy prices
exposed to its pricenamed as a riskThese risks include, but are not limited to, any international currency gain recognized with respect to changes in exchange rates may not qualify under the income tests that we must satisfy annually in order to qualify and maintain our status as a REIT; fluctuations in the exchange rates between USD, the British Pound Sterling (“GBP”) and the Canadian dollar, or other foreign currencies in which we may transact in the future, which we may be unable to protect against through hedging; changes in foreign political, regulatory, and economic conditions, including increases in energy prices, such as those experienced in the U.K. resulting in part from the conflict in Ukraine and sanctions imposed on Russia; challenges in managing international operations and enforcing obligations in other countries; challenges of complying with a variety of foreign laws and regulations, including those relating to real estate, healthcare operations, environmental, climate impacts, taxes, employment and legal proceedings, and the level of sanctions for noncompliance under foreign laws; financial risks to our operators, including differences in expenses and government reimbursement practices, as well as funding challenges in the public sector; differences in lending practices and the willingness of domestic or foreign lenders to provide financing; regional or country-specific business cycles and economic instability; and changes in applicable laws and regulations in the U.S. that affect foreign operations.Risk factors (Item 1A)
Regulators
U.S. Department of Justice (DOJ)
subject tonamed as a riskSeveral of our operators have responded to subpoenas and other requests for information regarding their operations in connection with inquiries by the DOJ or other regulatory agencies.Business (Item 1)
Also named by AAPL, ACN, AMAT, ASO, BEN, BSX, CAH, CDNA and 21 more
Centers for Medicare and Medicaid Services (CMS)
subject tonamed as a riskAs federal and state governments continue to focus on healthcare reform initiatives, efforts to reduce costs or other budgetary adjustments by government payors, including through potential Medicaid reforms and the push by the U.S. Centers for Medicare and Medicaid Services (“CMS”) towards Medicare Advantage programs, will likely continue.Business (Item 1)
Also named by ABBV, CDNA, CHE, DGX, DOC, ENSG, GD, GEHC and 6 more
Care Quality Commission (CQC)
subject tonamed as a riskIn England, where the majority of our U.K. operators are based, the Care Quality Commission (“CQC”) has regulatory oversight authority over the health and social care sectors and is responsible for approving, registering and inspecting our operators and the properties where they provide services.Business (Item 1)
Laws and programs
One Big Beautiful Bill Act (OBBBA)
subject to · an estimated $920 billion in cuts to Medicaid over the next decadenamed as a riskThe July 2025 passage of the OBBBA enacted significant reforms regarding funding and operation of the Medicaid program, including an estimated $920 billion in cuts to Medicaid over the next decade, as well as additional reforms related to enactment of new home and community-based services (“HCBS”) waivers; and freezing, rather than reducing, nursing home provider taxes.Business (Item 1)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
REIT qualification (Internal Revenue Code Sections 856-860)
subject to · at least 90% of our REIT taxable incomenamed as a riskIf we were to fail to qualify as a REIT in any taxable year, as a result of a determination that we failed to meet the annual distribution requirement or otherwise, we would be subject to federal and state income tax, and any applicable alternative minimum tax on our taxable income at regular corporate rates with respect to each such taxable year for which the statute of limitations remains open.Business (Item 1)
Also named by ABR, AMT, CCI, DLR, ENSG, FPI, KIM, LAMR and 6 more
Medicare Sequestration (Budget Control Act of 2011)
subject to · 2%named as a riskThe full 2% Medicare sequestration went into effect as of July 1, 2022 and gradually increases to 4% from 2030 through 2031.Business (Item 1)
SNF Value-Based Purchasing Program
subject to · $208.36 million in fiscal year 2026named as a riskCMS has indicated that these impact figures did not incorporate the SNF Value-Based Program reductions that are estimated to be $208.36 million in fiscal year 2026.Business (Item 1)
REIT Investment Diversification and Empowerment Act of 2007 (RIDEA)
subject to · four senior housing facilitiesnamed as a riskThe RIDEA structure gives us direct exposure to the risks and benefits of the operations of the facilities.Business (Item 1)
Also named by WELL
U.K. Data Laws (Data Protection Act 2018 / U.K. GDPR)
subject to · up to 4% of annual worldwide turnover or £17.5 millionnamed as a riskThe U.K. Data Laws impose a significant number of obligations on data controllers with the potential for fines of up to 4% of annual worldwide turnover or £17.5 million, whichever is greater.Business (Item 1)
Also named by CTRE
Ensuring Access to Medicaid Services final rule
subject to · at least 80% of Medicaid HCBS paymentsnamed as a riskOn April 22, 2024, CMS issued the Ensuring Access to Medicaid Services final rule, which requires that, beginning six years after the effective date of the final rule, states generally ensure that at least 80% of Medicaid HCBS payments be put toward compensation for direct care workers.Business (Item 1)
CMS FY2026 SNF Medicare payment rule
earns from · $1.16 billion, or 3.2%On July 31, 2025, CMS issued a final rule regarding the government fiscal year 2026 Medicare payment rates and quality payment programs for SNFs, with aggregate Medicare Part A payments projected to increase by $1.16 billion, or 3.2%, for fiscal year 2026 compared to fiscal year 2025.Business (Item 1)
Medicare
earns fromnamed as a riskA significant portion of our operators’ revenue is derived from government-funded reimbursement programs, consisting primarily of Medicare and Medicaid in the U.S. and local authority funding in the U.K.Business (Item 1)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
Medicaid
earns fromnamed as a riskMost of our SNF operators derive a substantial portion of their revenue from state Medicaid programs.Business (Item 1)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
HIPAA
subject tonamed as a riskTo the extent we or our operators or managers are found in violation of HIPAA, where applicable, or any other privacy law or regulation, we or they may face significant monetary penalties, civil liability and even criminal liability in extreme situations, as well as adverse publicity and reputational damage.Business (Item 1)
Also named by AFL, BAX, BBSI, CI, DHR, DOC, DOCN, DOCU and 19 more
False Claims Act
subject tonamed as a riskThere is the potential that we may be subject directly to healthcare laws and regulations because of the broad nature of some of these regulations, such as the Anti-kickback Statute and False Claims Act in the U.S., among others.Business (Item 1)
Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, FLR and 13 more
Medicare Advantage
earns fromnamed as a riskReimbursement from governmental and other third-party payors could be reduced or delayed as part of spending cuts and tax reform and governmental efficiency initiatives that impact Medicare, Medicaid or Medicare Advantage Plans, or as part of retroactive adjustments during claims settlement processes or as a result of post-payment audits.Risk factors (Item 1A)
Also named by BWIN, CDNA, CHE, CNC, CVS, DGX, DOC, DVA and 3 more
U.S. Bankruptcy Code
subject tonamed as a riskAlthough our lease and loan agreements typically provide us with the right to terminate, evict an operator, foreclose on our collateral, demand immediate payment and exercise other remedies upon the bankruptcy or insolvency of an operator, title 11 of the U.S. Code (the “Bankruptcy Code”) would limit or, at a minimum, delay our ability to collect unpaid pre-bankruptcy rents and mortgage payments and to pursue other remedies against a bankrupt operator.Risk factors (Item 1A)
CMS Five Star Quality Rating System
subject tonamed as a riskThese rating systems and other facility reporting requirements may impact occupancy at our properties and our business, results of operations, financial condition and cash flows.Business (Item 1)
Also named by ENSG
Patient Driven Payment Model (PDPM)
subject tonamed as a riskThese reimbursement changes have had and may, together with any further reimbursement changes to the PDPM or value-based purchasing models, in the future have an adverse effect on the operations and financial condition of some of our operators and could adversely impact the ability of our operators to meet their obligations to us.Business (Item 1)
U.K. local authority funding
earns fromnamed as a riskThere is ongoing debate and uncertainty within the U.K. as to how growing care needs will be met and funded in the future, and it is not clear at this stage what, if any, or the extent of such, impact will be on our U.K.-based operators.Business (Item 1)