$OHI · OMEGA HEALTHCARE INVESTORS INC

Omega Healthcare Investors filed an 8-K under Item 7.01 (Regulation FD Disclosure) announcing the transition of 32 skilled nursing facilities in Florida from Airamid Health Services affiliates to PACS Group subsidiaries, effective October 1, 2026. The transaction increases rent by $26.1 million in year one and $2.5 million in year two, with 2% annual escalators thereafter, and adds the portfolio to Omega's existing master lease with PACS. Omega incurred a one-time expense of approximately $90 million related to the transition.

Markets closed — no regular-session reaction yet; extended-hours move not captured here. The $26.1M rent uplift on a $13.68B market-cap REIT is modest but signals active portfolio management and operator quality improvement.

Operator transitions in skilled nursing REITs are high-stakes events — replacing a 15-year tenant with a stronger public operator (PACS) improves rent coverage quality but the $90M charge is a real P&

Skilled nursing REITs continue active portfolio optimization — replacing weaker operators with stronger ones (PACS is a publicly traded, well-capitalized operator) to de-risk rent streams and capture higher lease rates.

The $90 million one-time transition expense will pressure near-term earnings. Forward-looking statements highlight risks around operator ability to manage staffing shortages, Medicaid/Medicare reimbursement changes, and potential lease rejection if an operator enters bankruptcy.