Omega Healthcare Investors (OHI) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	OMEGA HEALTHCARE INVESTORS INC
Entity Central Index Key	888,491
Trading Symbol	ohi
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		183,816,001
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate properties
Land and buildings	$ 6,513,674	$ 3,223,785
Less accumulated depreciation	(898,734)	(821,712)
Real estate properties - net	5,614,940	2,402,073
Investments in direct financing leases	571,377	539,232
Mortgage notes receivable	682,255	648,079
Real estate properties, total	6,868,572	3,589,384
Other investments	82,955	48,952
Total investments held, continuing operations	6,951,527	3,638,336
Assets held for sale - net	15,903	12,792
Total investments	6,967,430	3,651,128
Cash and cash equivalents	25,154	4,489
Restricted cash	21,545	29,076
Accounts receivable - net	189,037	$ 168,176
Goodwill	543,093
Other assets	67,417	$ 68,776
Total assets	7,813,676	3,921,645
LIABILITIES AND EQUITY
Revolving line of credit	351,000	85,000
Term loans	500,000	200,000
Secured borrowings	263,068	251,454
Unsecured borrowings - net	2,333,856	1,842,049
Accrued expenses and other liabilities	271,584	$ 141,815
Deferred income taxes	16,852
Total liabilities	3,736,360	$ 2,520,318
Equity:
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 183,321 shares as of June 30, 2015 and 127,606 as of December 31, 2014	18,332	12,761
Common stock - additional paid-in capital	4,503,180	2,136,234
Cumulative net earnings	1,232,478	1,147,998
Cumulative dividends paid	(2,047,257)	$ (1,895,666)
Accumulated other comprehensive income	2,839
Total stockholders' equity	3,709,572	$ 1,401,327
Noncontrolling interest	367,744
Total equity	4,077,316	1,401,327
Total liabilities and equity	$ 7,813,676	$ 3,921,645

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	350,000	200,000
Common stock, shares issued	183,321	127,606
Common stock, shares outstanding	183,321	127,606

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Rental income	$ 163,112	$ 96,242	$ 264,076	$ 192,160
Income from direct financing leases	15,020	14,146	29,366	28,230
Mortgage interest income	17,562	9,923	34,141	19,249
Other investment income - net	2,017	1,489	3,548	3,162
Total operating revenues	197,711	121,800	331,131	242,801
Expenses
Depreciation and amortization	59,156	31,301	89,766	62,745
General and administrative	10,308	6,297	16,322	12,794
Acquisition costs	47,084	45	51,952	140
Impairment loss on real estate properties	6,916	1,558	12,898	1,558
Provisions for uncollectible mortgages, notes and accounts receivable	(7)	2,761	(9)	2,745
Total operating expenses	123,457	41,962	170,929	79,982
Income before other income and expense	74,254	79,838	160,202	162,819
Other income (expense)
Interest income	7	17	200	25
Interest expense	(38,248)	(29,447)	(70,607)	(56,528)
Interest - amortization of deferred financing costs	(1,826)	(946)	(3,179)	(1,868)
Interest - refinancing gain (costs)	1,016	(2,645)	(8,361)	(4,685)
Total other expense	(39,051)	(33,021)	(81,947)	(63,056)
Income before gain on assets sold	35,203	46,817	78,255	99,763
Gain on assets sold - net	8,802		8,802	2,883
Income from continuing operations before income taxes	44,005	46,817	87,057	102,646
Income taxes	(539)		(539)
Net income	43,466	46,817	86,518	102,646
Net income attributable to noncontrolling interest	(2,038)		(2,038)
Net income available to common stockholders	41,428	46,817	84,480	102,646
Net income	43,466	46,817	86,518	102,646
Other comprehensive income - foreign currency translation	2,839		2,839
Total comprehensive income	46,305	46,817	89,357	102,646
Less: comprehensive income attributable to noncontrolling interest	(133)		(133)
Comprehensive income attributable to common stockholders	$ 46,172	$ 46,817	$ 89,224	$ 102,646
Basic:
Net income available to common stockholders (in dollars per share)	$ 0.23	$ 0.37	$ 0.53	$ 0.82
Diluted:
Net income (in dollars per share)	0.22	0.37	0.53	0.81
Dividends declared and paid per common share (in dollars per share)	$ 0.18	$ 0.50	$ 1.07	$ 0.99
Weighted-average shares outstanding, basic (in shares)	182,697	126,474	158,521	125,467
Weighted-average shares outstanding, diluted (in shares)	194,482	127,436	164,644	126,130

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock Par Value	Additional Paid-in Capital	Cumulative Net Earnings	Cumulative Dividends Paid	Accumulated Other Comprehensive Income	Total Stockholders' Equity	Noncontrolling interest	Total
Balance (127,606 common shares) at Dec. 31, 2014	$ 12,761	$ 2,136,234	$ 1,147,998	$ (1,895,666)		$ 1,401,327		$ 1,401,327
Increase (Decrease) In Stockholders' Equity [Roll Forward]
Amortization of restricted stock		4,483				4,483		4,483
Vesting of equity compensation plan, net of tax withholdings (261 shares)	26	(7,008)				(6,982)		(6,982)
Dividend reinvestment plan (813 shares at an average of $37.07 per share)	81	30,030				30,111		30,111
Value of assumed options in merger/acquisition		109,346				109,346		109,346
Value of assumed other equity compensation plan in merger/acquisition		13,219				13,219		13,219
Grant of stock as payment of directors fees (4 shares at an average of $37.74 per share)		137				137		137
Deferred compensation directors		1,291				1,291		1,291
Issuance of common stock (10,925 shares at an average of $40.32 per share)	1,093	438,943				440,036		440,036
Issuance of common stock - merger - related (43,713 shares)	4,371	1,776,505				1,780,876		1,780,876
Common dividends declared ($1.07 per share)				(151,591)		(151,591)		(151,591)
OP Units issuance (9,165 units)							$ 373,394	373,394
Cash conversion of OP Units (176 units)							(6,038)	(6,038)
OP units distributions							(1,650)	(1,650)
OP units earnings							2,038	2,038
Foreign currency translation					$ 2,839	2,839		2,839
Net income			84,480			84,480		84,480
Balance (183,321 shares & 8,989 OP Units) at Jun. 30, 2015	$ 18,332	$ 4,503,180	$ 1,232,478	$ (2,047,257)	$ 2,839	$ 3,709,572	$ 367,744	$ 4,077,316

CONSOLIDATED STATEMENT OF CHAN6

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Increase (Decrease) In Stockholders' Equity [Roll Forward]
Balance (in shares)		127,606
Vesting of restricted stock, net of tax withholdings (in shares)		261
Shares issued under dividend reinvestment and common stock purchase program	700	813
Dividend reinvestment plan, shares issued, price per share (in dollars per share)	$ 37.07	$ 37.07
Grant of stock as payment of fees (in shares)		4
Grant of stock as payment of fees (in dollars per share)		$ 37.74
Issuance of common stock (in shares)		10,925
Issuance of common stock (in dollars per shares)	$ 40.32	$ 40.32
Issuance of common stock - merger - related (in shares)		43,713
Common dividends, (in dollars per share)		$ 1.07
Op Units issuance (in units)		9,165
Cash conversion of Op Units (in units)		176
Balance (in shares)	183,321	183,321
Balance (in units)		8,989

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 86,518	$ 102,646
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	89,766	62,745
Provision for impairment on real estate properties	12,898	1,558
Provision for uncollectible mortgages, notes and accounts receivable	(9)	2,745
Amortization of deferred financing costs and refinancing costs	11,540	6,553
Accretion of direct financing leases	(5,321)	(4,764)
Stock-based compensation	4,483	4,548
Gain on assets sold - net	(8,802)	(2,883)
Amortization of acquired in-place leases - net	(2,883)	(2,571)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable, net	1,129	912
Straight-line rent receivables	(15,871)	(10,701)
Lease inducements	(328)	1,362
Effective yield receivable on mortgage notes	(2,253)	(584)
Other operating assets and liabilities	22,225	5,189
Net cash provided by operating activities	193,092	166,755
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired	(183,784)	(22,000)
Cash acquired in merger	84,858
Investment in construction in progress	(15,913)
Placement of mortgage loans	(4,701)	(528,343)
Proceeds from sale of real estate investments	26,846	3,924
Capital improvements to real estate investments	(11,351)	(8,362)
Proceeds from other investments	14,206	2,345
Investments in other investments	(36,600)	(5,379)
Collection of mortgage principal	1,735	117,522
Net cash used in investing activities	(124,704)	(440,293)
Cash flows from financing activities
Proceeds from credit facility borrowings	782,000	590,000
Payments on credit facility borrowings	(516,000)	(646,000)
Receipts of other long-term borrowings	989,822	594,320
Payments on other long-term borrowings	(1,587,591)	(202,490)
Payments of financing related costs	(26,123)	(12,740)
Receipts from dividend reinvestment plan	30,111	45,804
Payments for exercised options and restricted stock - net	(6,982)	(943)
Net proceeds from issuance of common stock	440,036	57,152
Dividends paid	(151,387)	(125,492)
Distributions to OP Unit Holders	(1,650)
Net cash (used in) provided by financing activities	(47,764)	299,611
Increase in cash and cash equivalents	20,624	26,073
Effect of foreign currency translation on cash and cash equivalents	41
Cash and cash equivalents at beginning of period	4,489	2,616
Cash and cash equivalents at end of period	25,154	28,689
Interest paid during the period, net of amounts capitalized	61,073	$ 50,378
Non- cash investing activities
Non-cash acquisition of business (see Note 2 for details)	(3,602,614)
Total	(3,602,614)
Non-cash financing activities
Assumed Aviv debt	1,410,637
Stock exchanged in merger	1,903,441
OP Units exchanged in merger	373,394
Total	$ 3,687,472

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Overview and Organization Omega Healthcare Investors, Inc. (“Omega,” “we,” “our” or the “Company”) has one reportable segment consisting of investments in healthcare-related real estate properties located in the United States and the United Kingdom. Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”). Our core portfolio consists of long-term leases and mortgage agreements. All of our leases are “triple-net” leases, which require the tenants to pay all property-related expenses. Our mortgage revenue derives from fixed-rate mortgage loans, which are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. Omega was formed as a real estate investment trust (“REIT”) and incorporated in the State of Maryland on March 31, 1992. In April 2015, Aviv REIT, Inc., a Maryland corporation (“Aviv”), merged (the “Aviv Merger”) with and into a wholly owned subsidiary of Omega, pursuant to the terms of that certain Agreement and Plan of Merger, dated as of October 30, 2014 (the “Merger Agreement”), by and among the Company, Aviv, OHI Healthcare Properties Holdco, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Omega (“Merger Sub”), OHI Healthcare Properties Limited Partnership, a Delaware limited partnership (“Omega OP”), and Aviv Healthcare Properties Limited Partnership, a Delaware limited partnership (the “Aviv OP”). Prior to April 1, 2015 and in accordance with the Merger Agreement, Omega restructured the manner in which it holds its assets by converting to an umbrella partnership real estate investment trust structure (the “UPREIT Conversion”). As a result of the UPREIT Conversion and following the consummation of the Aviv Merger, substantially all of the Company’s assets are held by Omega OP. Omega OP is governed by the Second Amended and Restated Agreement of Limited Partnership of OHI Healthcare Properties Limited Partnership, dated as of April 1, 2015 (the “Partnership Agreement”). Pursuant to the Partnership Agreement, the Company and Merger Sub are the general partners of Omega OP, and have exclusive control over Omega OP’s day-to-day management. As of June 30, 2015, the Company owned approximately 95% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and investors owned approximately 5% of the Omega OP Units . Basis of Presentation The accompanying unaudited consolidated financial statements for Omega have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. We have evaluated all subsequent events through the date of the filing of this Form 10-Q. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K. Our consolidated financial statements include the accounts of (i) Omega, (ii) Omega OP, and (iii) all direct and indirect wholly owned subsidiaries of Omega. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. Goodwill Goodwill represents a purchase price in excess of the fair value of assets acquired and liabilities assumed and the cost associated with expanding our portfolio. Goodwill is not amortized. We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the entity. In evaluating goodwill for impairment, we first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the entity is less than its carrying amount. If we conclude that it is more likely than not that the fair value of the entity is less than its carrying value, then we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. We do not expect any of the goodwill to be deductible for tax purposes. Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests As of April 1, 2015 and after giving effect to the Aviv Merger, the Company owned approximately 138.8 million Omega OP Units and Aviv OP owned approximately 52.9 million Omega OP Units. Each of the Omega OP Units (other than the Omega OP Units owned by Omega) is redeemable at the election of the Omega OP Unit holder for cash equal to the then-fair market value of one share of Omega common stock, par value $0.10 per share (“Omega Common Stock”), subject to the Company’s election to exchange the Omega OP Units tendered for redemption for unregistered shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement. Effective June 30, 2015, the Company (through Merger Sub, in its capacity as the general partner of Aviv OP) caused Aviv OP to make a distribution of Omega OP Units held by Aviv OP (or equivalent value) to Aviv OP investors (the “Aviv OP Distribution”) in connection with the liquidation of Aviv OP. As a result of the Aviv OP Distribution, Omega directly and indirectly owns approximately 95% of the outstanding Omega OP Units, and the other investors own approximately 5% of the outstanding Omega OP Units. As a part of the Aviv OP Distribution, Omega settled approximately 0.2 million units via cash settlement. Noncontrolling Interests Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. We present the portion of any equity that we do not own in consolidated entities as noncontrolling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our Consolidated Balance Sheets. Income attributable to the entity’s parent is included in net income attributable to common stockholders on our Consolidated Statements of Operations and Comprehensive Income. In addition, we include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations and Comprehensive Income. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain a controlling ownership interest. Foreign Operations The U.S. dollar is the functional currency for our consolidated subsidiaries operating in the United States. The functional currency for our consolidated subsidiaries operating in countries other than the United States is the principal currency in which the entity primarily generates and expends cash. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate their financial statements into the U.S. dollar. We translate assets and liabilities at the exchange rate in effect as of the financial statement date. The resulting translation adjustments are included in Accumulated Other Comprehensive Income (“AOCI”) in the Consolidated Balance Sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Revenue and expense accounts are translated using an average exchange rate for the period. We and certain of our consolidated subsidiaries may have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in results of operations, unless it is intercompany debt that is deemed to be long-term in nature and then the adjustments are included in AOCI. Accounts Receivable Accounts receivable includes: contractual receivables, effective yield interest receivables, straight-line rent receivables and lease inducements, net of an estimated provision for losses related to uncollectible and disputed accounts. Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception or renewal of the lease, and are amortized as a reduction of rental revenue over the non-cancellable lease term. On a quarterly basis, we review our accounts receivable to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the tenant to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement. If we determine collectability of any of our contractual receivables is at risk, we estimate the potential uncollectible amounts and provide an allowance. In the case of a lease recognized on a straight-line basis or existence of lease inducements, we generally provide an allowance for straight-line accounts receivable and/or the lease inducements when certain conditions or indicators of adverse collectability are present. A summary of our net receivables by type is as follows: June 30, 2015 December 31, 2014 (in thousands) Contractual receivables $ 7,374 $ 4,799 Effective yield interest receivables 8,485 6,232 Straight-line receivables 159,314 143,652 Lease inducements 13,899 13,571 Allowance (35 ) (78 ) Accounts receivable – net $ 189,037 $ 168,176 We continuously evaluate the payment history and financial strength of our operators and have historically established allowance reserves for straight-line rent adjustments for operators that do not meet our requirements. We consider factors such as payment history and the operator’s financial condition as well as current and future anticipated operating trends when evaluating whether to establish allowance reserves. Recent Accounting Pronouncements In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs

PROPERTIES AND INVESTMENTS

PROPERTIES AND INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
PROPERTIES AND INVESTMENTS	NOTE 2 – PROPERTIES AND INVESTMENTS In the ordinary course of our business activities, we periodically evaluate investment opportunities and extend credit to customers. We also regularly engage in lease and/or loan extensions and modifications. Additionally, we actively monitor and manage our investment portfolio with the objectives of improving credit quality and increasing investment returns. In connection with our portfolio management, we may engage in various collection and foreclosure activities. Leased Property Our leased real estate properties, represented by 775 SNFs, 81 assisted living facilities (“ALFs”), 16 specialty facilities and one medical office building at June 30, 2015, are leased under provisions of single or master leases with initial terms typically ranging from 5 to 15 years, plus renewal options. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on specific provisions of each lease as follows: (i) a specific annual percentage increase over the prior year’s rent, generally 2.5%; (ii) an increase based on the change in pre-determined formulas from year to year (i.e., such as increases in the Consumer Price Index (“CPI”)); or (iii) specific dollar increases over prior years. Under the terms of the leases, the lessee is responsible for all maintenance, repairs, taxes and insurance on the leased properties. Acquisition of Care Homes in the United Kingdom in Q2 2015 On May 1, 2015, we closed on a purchase/leaseback transaction (the “Care Homes Transaction”) for 23 care homes located in the United Kingdom and operated by Healthcare Homes Holding Limited (“Healthcare Homes”). As part of the transaction, we acquired title to the 23 care homes with 1,018 registered beds and leased them back to Healthcare Homes pursuant to a 12-year master lease agreement with an initial annual cash yield of 7%, and annual escalators of 2.5%. The care homes, comparable to US ALFs, are located throughout the East Anglia region (north of London) of the United Kingdom. Healthcare Homes is headquartered in Colchester (Essex County), England. We recorded approximately $193.8 million of assets consisting of land ($20.7 million), building and site improvements ($152.1 million), furniture and fixtures ($5.3 million) and goodwill ($15.7 million). The Company’s estimated fair values of the care homes’ assets acquired and liabilities assumed at the date of acquisition are determined based on certain valuations and analyses that have yet to be finalized, and accordingly, the assets acquired and liabilities assumed, as detailed above, are subject to adjustment once the analyses are completed. In 2015, the Company has incurred approximately $3.2 million in acquisition related costs associated with the Care Homes Transaction. Aviv Merger in Q2 2015 On April 1, 2015, the Company closed the Aviv Merger, which was structured as a stock-for-stock merger. Under the terms of the Merger Agreement, each outstanding share of Aviv common stock was converted into 0.90 of a share of Omega common stock. In connection with the Aviv Merger, Omega issued approximately 43.7 million shares of common stock to former Aviv stockholders and holders of certain vested equity incentive awards of Aviv. As a result of the Aviv Merger, Omega acquired 342 facilities, two facilities subject to direct financing leases, one medical office building and three mortgages. The facilities are located in 31 states and are operated by 38 third-party operators. Omega also assumed certain outstanding equity awards and other debt and liabilities. Based on the closing price of Omega’s common stock on April, 1, 2015, we estimate the fair value of the consideration exchanged or assumed to be approximately $3.8 billion. The Company’s estimated fair values of Aviv’s assets acquired and liabilities assumed on the Aviv Merger date are determined based on certain valuations and analyses that have yet to be finalized, and accordingly, the assets acquired and liabilities assumed, as detailed below, are subject to adjustment once the analyses are completed. The following table highlights the preliminary allocation of the assets acquired and liabilities assumed on April 1, 2015: (in thousands) Estimated fair value of assets acquired: Land and buildings $ 3,125,660 Investment in direct financing leases 26,823 Mortgages notes receivable 31,278 Other investments 11,590 Total investments 3,195,351 Goodwill 526,807 Accounts receivables and other assets 15,127 Cash acquired 84,858 Fair value of total assets acquired $ 3,822,143 Estimated fair value of liabilities assumed: Accrued expenses and other liabilities $ 134,671 Debt 1,410,637 Fair value of total liabilities assumed 1,545,308 Value of shares and OP units exchanged (a) 2,276,835 Fair value of consideration $ 3,822,143 (a) In 2015, the Company has incurred approximately $48.5 million in acquisition related costs associated with the Aviv Merger. $6.8 Million New Investment in Q1 2015 On January 28, 2015, we purchased one SNF from an unrelated third party for approximately $6.3 million in cash and leased it to an existing operator. The purchase and sale agreement includes a provision that requires us to make an additional payment of $0.5 million to the seller if certain financial metrics of the facility are achieved. We recorded the potential $0.5 million payment as part of the purchase price. The 93 bed SNF, located in Texas, was added to the operator’s existing master lease with an initial annual cash yield of 9.5%. We recorded approximately $6.8 million consisting of land ($0.1 million), building and site improvements ($6.1 million), and furniture and fixtures ($0.6 million). We have not recorded goodwill in connection with this transaction. Pro Forma Acquisition Results The facilities acquired in 2015 and 2014 are included in our results of operations from the date of acquisition. The following unaudited pro forma results of operations reflect the impact of acquisitions from the first two quarters of 2015 and 2014 as if they occurred on January 1, 2014. For a list of the 2014 transactions, refer to Note 3 – Properties in our 2014 Form 10-K. In the opinion of management, all significant necessary adjustments to reflect the effect of the acquisitions have been made. Pro Forma Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands, except per share amounts, unaudited) Pro Forma Revenues $ 198,929 $ 188,239 $ 396,107 $ 375,766 Pro Forma Net income $ 43,853 $ 67,359 $ 106,447 $ 143,791 Earnings per share – diluted: Net income – as reported $ 0.22 $ 0.37 $ 0.53 $ 0.81 Net income – pro forma $ 0.23 $ 0.37 $ 0.65 $ 0.79 Asset Sales, Impairments and Other In the first quarter of 2015, we initiated plans to construct a new single facility with an existing operator that would consolidate and replace three existing facilities. As a result, we recorded a total of $6.0 million in impairment charges related to three Florida SNFs to reduce their net book values to their estimated sales price. During the second quarter of 2015, we recorded an impairment of $6.9 million for a facility in Tennessee that is expected to be closed in the third quarter. To estimate the fair value of the facilities, we utilized a market approach and Level 3 inputs. In the second quarter of 2015, we sold four facilities for total cash proceeds of $26.6 million, generating a gain of approximately $8.8 million. Two of the facilities sold were the result of lessees exercising their purchase option.

DIRECT FINANCING LEASES

DIRECT FINANCING LEASES	6 Months Ended
	Jun. 30, 2015
Leases, Capital [Abstract]
DIRECT FINANCING LEASES	NOTE 3 – DIRECT FINANCING LEASES The components of investments in direct financing leases consist of the following: June 30, December 31, 2015 2014 (in thousands) Minimum lease payments receivable $ 4,291,061 $ 4,244,067 Estimated residual values — — Less unearned income (3,719,684 ) (3,704,835 ) Investments in direct financing leases $ 571,377 $ 539,232 Properties subject to direct financing leases 58 56 New Ark Investment Inc. On November 27, 2013, we closed an aggregate $529 million purchase/leaseback transaction in connection with the acquisition of Ark Holding Company, Inc. (“Ark Holding”) by 4 West Holdings Inc. At closing, we acquired 55 SNFs and 1 ALF operated by Ark Holding and leased the facilities back to Ark Holding, now known as New Ark Investment Inc. (“New Ark”), pursuant to four 50-year master leases with rental payments yielding 10.6% per annum over the term of the leases. The purchase/leaseback transaction is being accounted for as a direct financing lease. The lease agreements allow the tenant the right to purchase the facilities for a bargain purchase price plus closing costs at the end of the lease term. In addition, commencing in the 41st year of each lease, the tenant will have the right to prepay the remainder of its obligations thereunder for an amount equal to the sum of the unamortized portion of the original aggregate $529 million investment plus the net present value of the remaining payments under the lease and closing costs. In the event the tenant exercises either of these options, we have the right to purchase the properties for fair market value at the time. The 56 facilities represent 5,623 licensed beds located in 12 states, predominantly in the southeastern United States. The 56 facilities are separated by region and divided amongst four cross-defaulted master leases. The four regions include the Southeast (39 facilities), the Northwest (7 facilities), Texas (9 facilities) and Indiana (1 facility). Additionally, in 2014 we purchased 3 facilities and subsequently leased them to New Ark under a twelve-year master lease expiring in 2026. These leases are being accounted for as operating leases. Aviv Merger On April 1, 2015, the Company acquired two additional direct financing leases as a result of the Aviv Merger. As of June 30, 2015, the following minimum rents are due under our direct financing leases for the next five years (in thousands): Year 1 Year 2 Year 3 Year 4 Year 5 $49,345 $49,623 $50,529 $51,782 $53,060

MORTGAGE NOTES RECEIVABLE

MORTGAGE NOTES RECEIVABLE	6 Months Ended
	Jun. 30, 2015
Mortgage Notes Receivable Investments [Abstract]
MORTGAGE NOTES RECEIVABLE	NOTE 4 - MORTGAGE NOTES RECEIVABLE As of June 30, 2015, mortgage notes receivable relate to 23 fixed-rate mortgages on 58 long-term care facilities. The mortgage notes are secured by first mortgage liens on the borrowers’ underlying real estate and personal property. The mortgage notes receivable relate to facilities located in eight states, operated by eight independent healthcare operating companies. We monitor compliance with mortgages and when necessary have initiated collection, foreclosure and other proceedings with respect to certain outstanding loans. Mortgage interest income is recognized as earned over the terms of the related mortgage notes, using the effective yield method. Allowances are provided against earned revenues from mortgage interest when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. When collection is uncertain, mortgage interest income on impaired mortgage loans is recognized as received after taking into account application of security deposits. The outstanding principal amounts of mortgage notes receivable, net of allowances, were as follows: June 30, 2015 December 31, 2014 (in thousands) Mortgage note due 2015; interest at 8.35% $ 6,514 $ — Mortgage note due 2015; interest at 6.50% 763 — Two mortgage notes due 2018; interest at 11.00% 13,652 — Mortgage note due 2018; interest at 12.00% 1,028 — Mortgage note due 2020; interest at 8.00% 3,974 — Mortgage note due 2021; interest at 10.00% 1,090 — Mortgage note due 2021; interest at 10.51% 3,194 1,326 Four mortgage notes due 2022; interest at 12.00% 7,460 7,395 Mortgage note due 2023; interest at 9.00% 5,468 — Mortgage note due 2023; interest at 11.00% 69,928 69,928 Mortgage note due 2024; interest at 9.64% 112,500 112,500 Two mortgage notes due 2029; interest at 10.00% 417 — Mortgage note due 2029; including interest at 9.00% 413,987 414,550 Mortgage note due 2030; interest at 10.82% 15,780 15,880 Four mortgage notes due 2046; interest at 12.00% 26,500 26,500 Mortgage notes receivable, gross 682,255 648,079 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 682,255 $ 648,079 The following is a brief overview of the new mortgages entered into or assumed in 2015 or significant changes to mortgages previously reported. Mortgage note due 2015 On April 1, 2015 in connection with the Aviv Merger, we acquired a loan from Aviv with a fair value of approximately $6.5 million. The loan is with a new operator and is secured by a lien on a 79 bed SNF located in Tennessee and a 32 bed SNF located in Missouri. The loan bears interest at 8.35% per year and matures in 2015. Mortgage note due 2018 On April 1, 2015 in connection with the Aviv Merger, we acquired a loan from Aviv with a fair value of approximately $12.6 million. The loan is with a new operator and is secured by a lien on a 100 bed SNF located in Ohio. The loan bears interest at 11% per year which increases by 2% per year and matures in 2018. Mortgage note due 2020 On April 1, 2015 in connection with the Aviv Merger, we acquired a loan from Aviv with a fair value of approximately $4.0 million. The loan is with a new operator and is secured by a lien on a 32 bed SNF located in Missouri, a 49 bed SNF located in Missouri and a 79 bed SNF located in Tennessee. The loan bears interest at 8% per year and matures in 2020. Mortgage note due 2021 In September 2014, we entered into a $3.5 million mortgage loan with an existing operator. The loan is secured by a lien on a 120 bed SNF located in Michigan. As of June 30, 2015 approximately $1.1 million has been drawn on the note. The loan bears an initial annual cash interest rate of 10.0% per year and increases by 0.25% per year. The mortgage loan is used to fund renovations and matures in 2021. Mortgage note due 2023 On April 1, 2015 in connection with the Aviv Merger, we acquired a loan from Aviv with a fair value of approximately $5.5 million. The loan is with a new operator and is secured by a leasehold interest in a SNF located in Ohio. The loan bears interest at 9% per year and matures in 2023.

OTHER INVESTMENTS

OTHER INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
OTHER INVESTMENTS	NOTE 5 – OTHER INVESTMENTS A summary of our other investments is as follows: June 30, 2015 December 31 2014 (in thousands) Other investment note due 2014 $ — $ 1,640 Other investment notes due 2015; interest at 9.50% 341 891 Other investment notes due 2015; interest at 10.00% 5,439 5,439 Other investment note due 2016; interest at 7.25% 884 — Other investment note due 2016; interest at 10.00% 32 — Other investment notes due 2017; interest at 10.00% 23,363 24,800 Other investment note due 2018; interest at 10.00% 179 — Other investment note due 2020; interest at 7.50% 4,707 — Other investment note due 2020; interest at 8.00% 656 — Other investment note due 2021; interest at 7.00% 78 — Other investment note due 2021; interest at 11.04% 992 1,053 Other investment note due 2022; interest at 10.77% 2,022 2,110 Other investment notes due 2022; interest at 11.04% 3,881 4,062 Other investment note due 2023; interest at 10.00% 1,000 1,000 Other investment notes due 2023; interest at 10.25% 1,117 — Other investment notes due 2023; interest at 10.51% 2,561 1,942 Other investment notes due 2023; interest at 10.77% 6,956 5,705 Other investment notes due 2023; interest at 11.04% 298 310 Other investment note due 2030; interest at 6.66% 28,449 — Notes receivable, gross 82,955 48,952 Allowance for loss on notes receivable — — Total other investments $ 82,955 $ 48,952 The following is a brief overview of the new notes entered into or assumed in 2015 or significant changes to notes previously reported. Other Investment note due 2014 The $2.5 million working capital note that we entered into in May 2013 at 6% interest rate with an existing operator was paid off in March 2015. Other Investment note due 2030 On June 30, 2015, we entered into a $50.0 million revolving credit facility with a new operator. The note bears interest at 6.66% and matures in May 2030.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
ASSETS HELD FOR SALE	NOTE 6 – ASSETS HELD FOR SALE Properties Held For Sale Number of Properties Net Book Value (in thousands) December 31, 2014 (1) 4 $ 12,792 Properties sold — — Properties added 1 4,085 March 31, 2015 (2) 5 16,877 Properties sold (2 ) (6,973 ) Properties added 1 5,999 June 30, 2015 (3) 4 $ 15,903 (1) (2) (3) In the first quarter of 2015, we reclassified one SNF in Alabama with a carrying value of approximately $4.1 million to assets held for sale. During the second quarter of 2015, the operator of the facility exercised their purchase option and purchased the facility for approximately $9.0 million. In the second quarter of 2015, we reclassified one SNF in Pennsylvania with a carrying value of approximately $6.0 million to assets held for sale. See also, Note 2 Asset Sales, Impairments and Other.

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	NOTE 7 – INTANGIBLES The following is a summary of our intangibles as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 (in thousands) Assets: Above market lease intangibles $ 21,629 $ 14,576 In-place lease intangibles 386 — Goodwill 543,093 — Accumulated amortization (13,010 ) (12,166 ) Net intangible assets $ 552,098 $ 2,410 Liabilities: Below market lease intangibles $ 83,321 $ 57,054 Accumulated amortization (40,327 ) (36,620 ) Net intangible liabilities $ 42,994 $ 20,434 Above market lease intangibles and in-place lease intangibles, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market lease intangibles are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. Goodwill was recorded in connection with the Aviv and Care Homes transactions and is shown as a separate line on our Consolidated Balance Sheets. For the three and six months ended June 30, 2015 and 2014, our net amortization related to these intangibles was $1.7 million, $1.3 million, $2.9 million and $2.6 million, respectively. The estimated net amortization related to these intangibles for the remainder of 2015 and the subsequent four full years is as follows: remainder of 2015 – $2.9 million; 2016 – $4.9 million; 2017 – $3.9 million; 2018 – $3.7 million; and 2019 – $3.9 million.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	6 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	NOTE 8 – CONCENTRATION OF RISK As of June 30, 2015, our portfolio of real estate investments consisted of 936 healthcare facilities, located in 41 states and operated by 84 third-party operators. Our gross investment in these facilities, net of impairments and before reserve for uncollectible loans, totaled approximately $7.8 billion at June 30, 2015, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 775 SNFs, 81 ALFs, 16 specialty facilities, one medical office building, fixed rate mortgages on 56 SNFs and two ALFs, and five SNFs that are closed/held-for-sale. At June 30, 2015, we also held miscellaneous investments of approximately $83.0 million, consisting primarily of secured loans to third-party operators of our facilities. The three states in which we had our highest concentration of investments were Ohio (10%), Texas (9%) and Florida (8%), at June 30, 2015.

DIVIDENDS AND EQUITY

DIVIDENDS AND EQUITY	6 Months Ended
	Jun. 30, 2015
Dividends [Abstract]
DIVIDENDS AND EQUITY	NOTE 9 – DIVIDENDS AND EQUITY On July 15, 2015, the Board of Directors declared a common stock dividend of $0.55 per share, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter. The common stock dividend is payable on August 17, 2015 to common stockholders of record as of the close of business on July 31, 2015. On April 15, 2015, the Board of Directors declared a prorated dividend of $0.18 per share of Omega’s common stock in view of the recently closed Aviv Merger. The per share dividend amount payable by Omega represents dividends for April 2015, at a quarterly dividend rate of $0.54 per share of common stock, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter. The $0.18 dividend was paid in cash on May 15, 2015 to stockholders of record as of the close of business on April 30, 2015. On March 5, 2015, the Board of Directors declared a prorated dividend of $0.36 per share of Omega’s common stock in view of the pending acquisition of Aviv, pursuant to the Aviv Merger. The per share dividend amount represented dividends for February and March 2015, at a quarterly dividend rate of $0.54 per share of common stock, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter. The dividend was paid in cash on April 7, 2015 to stockholders of record as of the close of business on March 31, 2015. On January 14, 2015, the Board of Directors declared a common stock dividend of $0.53 per share, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter, which was paid February 16, 2015 to common stockholders of record on February 2, 2015. Increase of Authorized Omega Common Stock On March 27, 2015, we amended our charter to increase the number of authorized shares of Omega capital stock from 220 million to 370 million and the number of authorized shares of Omega common stock from 200 million to 350 million. 10.925 Million Common Stock Offering On February 9, 2015, we completed an underwritten public offering of 10.925 million shares of our common stock at $42.00 per share before underwriting and other offering expenses. The Company’s total net proceeds from the offering were approximately $440 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Dividend Reinvestment and Common Stock Purchase Plan For the three-month period ended June 30, 2015, approximately 0.7 million shares of our common stock at an average price of $36.46 per share were issued through our Dividend Reinvestment and Common Stock Purchase Program for gross proceeds of approximately $24.7 million. For the six-month period ended June 30, 2015, approximately 0.8 million shares of our common stock at an average price of $37.07 per share were issued through our Dividend Reinvestment and Common Stock Purchase Program for gross proceeds of approximately $30.1 million. See also, Note 2 Properties and Investments, for stock activity associated with the Aviv Merger.

TAXES

TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
TAXES	NOTE 10 – TAXES Since our inception, we have elected to be taxed as a real estate investment trust (“REIT”) under the applicable provisions of the Internal Revenue Code (the “Code”). So long as we qualify as a REIT under the Code, we generally will not be subject to federal income taxes on the REIT taxable income that we distribute to stockholders, subject to certain exceptions. On a quarterly and annual basis, we test our compliance within the REIT taxation rules to ensure that we are in compliance with the REIT rules. We review our distributions and projected distributions each year to ensure we have met and will meet the annual REIT distribution requirements. In 2014 and 2013, we distributed dividends in excess of our taxable income. In 2015, we expect to distribute dividends in excess of our taxable income. As a result of our UPREIT Conversion, our Company and its subsidiaries may be subject to income or franchise taxes in certain states and municipalities. Also, as a result of our UPREIT Conversion, we created five subsidiary REITs that will be subject to all of the REIT qualification rules set forth in the Code. Subject to the limitation under the REIT asset test rules, we are permitted to own up to 100% of the stock of one or more taxable REIT subsidiaries (“TRSs”). We have also elected for four of our subsidiaries to be treated as TRSs. Three of our TRSs are subject to federal, state and local income taxes at the applicable corporate rates and the fourth is subject to foreign income taxes. As of June 30, 2015, one of our TRSs had a net operating loss carry-forward of approximately $1.0 million. The loss carry-forward is fully reserved with a valuation allowance as of June 30, 2015. In connection with our acquisitions of Care Homes in May 2015, we acquired 10 legal entities consisting of 23 facilities. The tax basis in these legal entities acquired for United Kingdom taxes was approximately $82 million less than the purchase price. We recorded a preliminary initial deferred tax liability associated with the temporary tax basis difference of approximately $16 million. During the second quarter of 2015, we recorded state and local income tax provision of approximately $0.4 million and provision for foreign income taxes of approximately $0.2 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
STOCK-BASED COMPENSATION	NOTE 11 – STOCK-BASED COMPENSATION The following is a summary of our stock-based compensation expense for the three- and six-month periods ended June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Stock-based compensation expense $ 2,873 $ 2,285 $ 4,483 $ 4,548 Restricted Stock and Restricted Stock Units Restricted stock and restricted stock units (“RSUs”) are subject to forfeiture if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. Prior to vesting, ownership of the shares/units cannot be transferred. The restricted stock has the same dividend and voting rights as our common stock. RSUs accrue dividend equivalents but have no voting rights. Restricted stock and RSUs are valued at the price of our common stock on the date of grant. We expense the cost of these awards ratably over their vesting period. The RSUs assumed from Aviv as part of the Aviv Merger were valued at the closing price of our stock on the date of the transaction. The portion of the vesting accruing prior to the acquisition was recorded as part of the purchase price consideration. The expense associated with the vesting that will occur after the date of the transaction will be recorded as stock compensation expense ratably over the remaining life of the RSUs. We awarded the following RSUs to employees or assumed them in the Aviv Merger. Grant Assumption Date RSUs Granted 12 /31/2013 RSUs 213,741 1 /1/2014 RSUs 122,137 3 /31/2015 RSUs 123,693 4 /1/2015 RSUs 39,914 4 /1/2015 Assumed 2015 RSUs 10,644 4 /1/2015 Assumed 2016 RSUs 19,825 4 /1/2015 Assumed Multi-year RSUs 7,799 537,753 December 31, 2013 RSUs - January 1, 2014 RSUs - March 31, 2015 RSUs - April 1, 2015 RSUs April 1, 2015 Assumed 2015 RSUs - April 1, 2015 Assumed 2016 RSUs - April 1, 2015 Assumed Multi-year RSUs - Performance Restricted Stock Units and LTIP Units Performance restricted stock units (“PRSUs”) and LTIP Units are subject to forfeiture if the performance requirements are not achieved or if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. The PRSUs awarded in January 2011, January 2013, December 2013, January 2014, and the LTIP Units awarded in March 2015 and April 2015 have varying degrees of performance requirements to achieve vesting, and each PRSU and LTIP Units award represents the right to a variable number of shares of common stock or partnership units (each LTIP Unit once earned is convertible into one Omega OP Unit in Omega OP, subject to certain conditions). The vesting requirements are based on either the (i) total shareholders return (“TSR”) of Omega or (ii) Omega’s TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index (“Relative TSR”). We expense the cost of these awards ratably over their service period. Prior to vesting and the distribution of shares, ownership of the PRSUs cannot be transferred. The dividends on the PRSUs accumulate and if vested are paid when the shares are distributed to the employee. While each LTIP Unit is unearned, the employee receives a partnership distribution equal to 10% of the quarterly approved regular periodic distributions per Omega OP Unit. The remaining partnership distributions (which in the case of normal periodic distributions is equal to the total approved quarterly dividend on Omega’s common stock) on the LTIP Units accumulate, and if the LTIP Units are earned, the accumulated distributions are paid. The number of shares or units earned under the TSR PRSUs or LTIP Units depends generally on the level of achievement of Omega’s TSR over the indicated performance period. We awarded the following TSR PRSUs and LTIP Units to employees: Name Grant Date PRSUs Granted Performance Period (a) 2013 Multi-Year TSR 1/1/2011 279,552 12/31/2011-12/31/2013 2014 Transition TSR 12/31/2013 77,371 12/31/2013-12/31/2014 2015 Transition TSR 12/31/2013 77,369 12/31/2013-12/31/2015 2016 Transition TSR 12/31/2013 115,785 12/31/2013-12/31/2016 2016 TSR 1/1/2014 154,584 1/1/2014-12/31/2016 2017 LTIP Units 3/31/2015 154,716 1/1/2015-12/31/2017 2017 LTIP Units 4/1/2015 54,151 1/1/2015-12/31/2017 913,528 (a) The performance period is the period indicated. 2013 Multi-Year TSR - 2014 Transition TSR - 2015 Transition TSR - 2016 Transition TSR - 2016 TSR - 2017 LTIP Units - The number of shares earned under the Relative TSR PRSUs depended generally on the level of achievement of Omega’s TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index over the performance period indicated. We awarded the following Relative TSR PRSUs to employees: Name Grant Date PRSUs Granted Performance Period 2013 Relative TSR 1/1/2011 93,183 12/31/2011-12/31/2013 2014 Transition Relative TSR 12/31/2013 77,371 12/31/2013-12/31/2014 2015 Transition Relative TSR 12/31/2013 77,368 12/31/2013-12/31/2015 2016 Transition Relative TSR 12/31/2013 115,781 12/31/2013-12/31/2016 2016 Relative TSR 1/1/2014 154,584 1/1/2014-12/31/2016 2017 Relative TSR 3/31/2015 154,716 1/1/2015-12/31/2017 2017 Relative TSR 4/1/2015 54,151 1/1/2015-12/31/2017 727,154 2013 Relative TSR - 2014 Transition Relative TSR - 2015 Transition Relative TSR - 2016 Transition Relative TSR - 2016 Relative TSR - 2017 Relative TSR - The following table summarizes our total unrecognized compensation cost as of June 30, 2015 associated with outstanding restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Year Shares/ Units Grant Date Average Fair Value Per Unit/ Share Total Weighted Unrecognized Restricted stock units 2013 142,494 $ 29.80 $ 4.2 36 $ 3.2 2015 Transition TSR 2013 77,369 7.48 0.6 24 0.1 2016 Transition TSR 2013 115,785 8.67 1.0 36 0.5 2015 Transition Relative TSR 2013 77,368 13.06 1.0 24 0.3 2016 Transition Relative TSR 2013 115,781 14.25 1.7 36 0.8 Restricted stock units 2014 122,137 29.80 3.6 36 1.8 2016 TSR 2014 154,584 8.67 1.3 48 0.8 2016 Relative TSR 2014 154,584 14.25 2.2 48 1.4 2017 Restricted stock units 2015 123,693 40.57 5.0 33 4.6 2017 LTIP Units 2015 154,716 14.66 2.3 45 2.1 2017 Relative TSR 2015 154,716 22.50 3.5 45 3.2 2017 Restricted stock units 2015 39,914 40.74 1.6 33 1.5 2017 LTIP Units 2015 54,151 14.45 0.8 45 0.7 2017 Relative TSR 2015 54,151 22.91 1.2 45 1.2 Restricted stock units 2015 10,644 12.36 0.1 9 0.1 Restricted stock units 2015 19,825 24.92 0.5 21 0.4 Restricted stock units 2015 7,799 35.08 0.3 33 0.2 Total 1,579,711 $ 19.63 $ 30.9 $ 22.9 We used a Monte Carlo model to estimate the fair value for PRSUs and the LTIP Units granted to the employees. Director Restricted Stock Grants As of June 30, 2015, we had 23,649 shares of restricted stock outstanding to directors. The directors’ restricted shares are scheduled to vest over the next three years. As of June 30, 2015, the unrecognized compensation cost associated with outstanding director restricted stock grants is approximately $0.4 million.

BORROWING ACTIVITIES AND ARRANG

BORROWING ACTIVITIES AND ARRANGEMENTS	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
BORROWING ACTIVITIES AND ARRANGEMENTS	NOTE 12 – BORROWING ACTIVITIES AND ARRANGEMENTS Secured and Unsecured Borrowings The following is a summary of our long-term borrowings: Rate as of June 30, June 30, December 31, Maturity 2015 2015 2014 (in thousands) Secured borrowings: GE Term loan 2019 4.00 % $ 180,000 $ — HUD mortgages assumed June 2010 (1) 2040 - 2045 — — 126,319 HUD mortgages assumed October 2011 (1) 2036 4.91 % 26,253 26,658 HUD mortgages assumed December 2011 (1) 2044 3.06 % 56,815 57,416 HUD mortgages assumed December 2012 (1) 2041 — — 41,061 Total secured borrowings 263,068 251,454 Unsecured borrowings: Revolving line of credit 2018 1.48 % 351,000 85,000 Term loan 2019 1.69 % 200,000 200,000 Acquisition Term loan 2017 1.68 % 200,000 — Omega OP Term loan 2017 1.68 % 100,000 — 851,000 285,000 2020 notes 2020 — — 200,000 2022 notes 2022 6.75 % 575,000 575,000 2024 notes 2024 5.875 % 400,000 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 250,000 250,000 2027 notes 2027 4.50 % 700,000 — Subordinated debt 2021 9.00 % 20,679 20,747 2,345,679 1,845,747 Discount - net (11,823 ) (3,698 ) Total unsecured borrowings 3,184,856 2,127,049 Total – net $ 3,447,924 $ 2,378,503 (1) Reflects the weighted average annual contractual interest rate on the mortgages at June 30, 2015 excluding a 0.5% third-party administration fee. Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of June 30, 2015 and December 31, 2014, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. HUD Mortgage Loans Payoff On March 31, 2015, we paid approximately $154.3 million to retire 21 mortgage loans guaranteed by U.S. Department of Housing and Urban Development (“HUD”), totaling approximately $146.9 million. 18 loans had an all-in blended interest rate of 5.35% per annum with maturities between January 2040 and January 2045 and three loans had an all-in blended interest rate of 5.23% per annum with maturities between February 2040 and February 2045. The payoff resulted in a $2.3 million gain on the extinguishment of the debt due to the write-off of the $9.7 million unamortized debt premium recorded at the time of acquisition offset by a prepayment fee of approximately $7.4 million. On April 30, 2015, we paid approximately $9.1 million to retire one mortgage loan guaranteed by HUD. The loan was assumed as part of an acquisition in a prior year, and had an interest rate of 4.35% per annum with maturity on March 1, 2041. The payoff resulted in a $1.0 million gain on the extinguishment of the debt due to the write-off of the $1.5 million of fair market value adjustment recorded at the time of acquisition offset by a prepayment fee of approximately $0.5 million. General Electric Term Loan On April 1, 2015, as a result of the Aviv Merger, the Company assumed a $180 million secured term loan with General Electric Capital Corporation (“GE”). On each payment date, the Company pays interest only in arrears on any outstanding principal balance until February 1, 2017 when principal and interest will be paid in arrears based on a thirty year amortization schedule. The interest rate is based on LIBOR, with a floor of 50 basis points, plus a margin of 350 basis points. The interest rate at June 30, 2015 was 4.00%. The initial term expires in December 2019 with the full balance of the loan due at that time. Bank Credit Facilities On June 27, 2014, we entered into a $1.2 billion unsecured credit facility, comprised of a $1 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $200 million senior unsecured term loan facility (the “Term Loan Facility” and, collectively, the “2014 Credit Facilities”). On April 1, 2015, Omega entered into a First Amendment to Credit Agreement (the “First Amendment to Omega Credit Agreement”) which amended the 2014 Credit Facilities. Under the First Amendment to Omega Credit Agreement, Omega (i) increased the aggregate revolving commitment amount under the Revolving Credit Facility from $1 billion to $1.25 billion and (ii) obtained a $200 million senior unsecured incremental term loan facility (the “Acquisition Term Loan Facility”). The Revolving Credit Facility is priced at LIBOR plus an applicable percentage (beginning at 130 basis points, with a range of 92.5 to 170 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings, plus a facility fee based on the same ratings (initially 25 basis points, with a range of 12.5 to 30 basis points). The Revolving Credit Facility is used for acquisitions and general corporate purposes. At June 30, 2015, we had a total of $351.0 million borrowings outstanding under the Revolving Credit Facility. The Revolving Credit Facility matures on June 27, 2018, subject to a one-time option by us to extend such maturity date by one year. The Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. At June 30, 2015, we had a total of $200.0 million in borrowings outstanding under the Term Loan Facility. The Term Loan Facility matures on June 27, 2019. The Acquisition Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. At June 30, 2015, we had a total of $200.0 million in borrowings outstanding under the Acquisition Term Loan Facility. The Acquisition Term Loan Facility matures on June 27, 2017, subject to Omega’s option to extend the maturity date of the Acquisition Term Loan Facility twice, the first extension until June 27, 2018 and the second extension until June 27, 2019. Omega OP Term Loan Facility On April 1, 2015, Omega OP entered into a $100 million senior unsecured term loan facility (the “Omega OP Term Loan Facility”). The Omega OP Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Omega OP Term Loan Facility matures on June 27, 2017, subject to Omega OP’s option to extend such maturity date twice, the first extension until June 27, 2018 and the second extension until June 27, 2019. At June 30, 2015, we had a total of $100.0 million borrowings outstanding under the Omega OP Term Loan Facility. $200 Million 7.5% Senior Notes due 2020 Redemption On March 13, 2015, Omega redeemed all of its outstanding 7.5% Senior Notes due 2020 (the “2020 Notes”) at a redemption price of approximately $208.7 million, consisting of 103.750% of the principal amount, plus accrued and unpaid interest on such notes to, but not including, the date of redemption. In connection with the redemption, during the first quarter of 2015, we recorded approximately $11.7 million redemption related costs and write-offs, including $7.5 million in prepayment fees for early redemption and $4.2 million of write-offs associated with unamortized deferred financing costs and discount. The consideration for the redemption of the 2020 Notes was funded from the net proceeds of the 10.925 million share common stock offering. See Note 9 Dividends and Equity for additional details. Issuance of $700 Million of Senior Notes On March 18, 2015, we sold $700 million aggregate principal amount of our 4.50% Senior Notes due 2027 (the “2027 Notes”). The 2027 Notes were sold at an issue price of 98.546% of their face value before the initial purchasers’ discount. The Company’s total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $683 million. The net proceeds of the offering were used for general corporate purposes, including the repayment of Aviv indebtedness on April 1, 2015 in connection with the Aviv Merger, and repayment of future maturities on Omega’s outstanding debt. The 2027 Notes mature on April 1, 2027. The 2027 Notes bear an interest rate of 4.50% per annum, and are fully and unconditionally guaranteed, jointly and severally, by our existing and future subsidiaries that guarantee indebtedness for money borrowed by Omega in a principal amount at least equal to $50 million (including as of the date hereof our existing senior notes and the facilities under our credit agreement). The 2027 Notes are Omega’s unsecured senior obligations and rank equally in right of payment with all of Omega’s existing and future senior debt and is senior in right of payment to all of Omega’s existing and future subordinated debt. Omega may redeem some or all of the 2027 Notes prior to January 1, 2027 at a price equal to 100% of the principal amount thereof plus a “make-whole” premium calculated by reference to U.S. treasuries with a maturity comparable to the remaining term of the 2027 Notes, and accrued and unpaid interest, if any, to, but not including, the applicable redemption date. The 2027 Notes will be redeemable at any time on or after January 1, 2027 at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date. $250 Million of Senior Notes Exchange Offer On June 17, 2015, we commenced an offer to exchange $250 million of our 4.50% Senior Notes due 2025 that have been registered under the Securities Act of 1933 (the “Exchange Notes”) for $250 million of our outstanding 4.50% Senior Notes due 2025, which were issued on September 11, 2014 in a private placement (the “Initial Notes”). The exchange offer was conducted upon the terms and subject to the conditions set forth in the prospectus dated June 17, 2015, and the related letter of transmittal. All of the $250 million aggregate principal amount of the Initial Notes were validly tendered and not withdrawn prior to the expiration of the exchange offer, and were exchanged for Exchange Notes as of July 17, 2015, pursuant to the terms of the exchange offer. The Exchange Notes are identical in all material respects to the Initial Notes, except that the Exchange Notes have been registered under the Securities Act of 1933 and the provisions of the Initial Notes relating to transfer restrictions, registration rights and additional interest do not apply to the Exchange Notes. Other Debt Repayments In connection with the Aviv Merger on April 1, 2015, the Company assumed notes payable with a face amount of $650.0 million and a revolving credit facility with an outstanding balance of $525.0 million. In connection with the Aviv Merger, the Company repaid this debt assumed from Aviv on April 1, 2015. Due to the contractual requirements for early repayments; the Company paid approximately $705.6 million for the $650.0 million notes assumed. The amount repaid in connection with the revolving credit facility was $525.0 million.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	NOTE 13 – FINANCIAL INSTRUMENTS At June 30, 2015 and December 31, 2014, the carrying amounts and fair values of our financial instruments were as follows: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Assets: (in thousands) Cash and cash equivalents $ 25,154 $ 25,154 $ 4,489 $ 4,489 Restricted cash 21,545 21,545 29,076 29,076 Investments in direct financing leases 571,377 571,377 539,232 539,232 Mortgage notes receivable – net 682,255 681,084 648,079 642,626 Other investments – net 82,955 83,973 48,952 49,513 Totals $ 1,383,286 $ 1,383,133 $ 1,269,828 $ 1,264,936 Liabilities: Revolving line of credit $ 351,000 $ 351,000 $ 85,000 $ 85,000 Term loan 200,000 200,000 200,000 200,000 Acquisition Term loan 200,000 200,000 — — Omega OP Term loan 100,000 100,000 — — 7.50% notes due 2020 – net — — 198,235 264,269 6.75% notes due 2022 – net 580,063 783,598 580,410 677,851 5.875% notes due 2024 – net 400,000 470,977 400,000 449,242 4.95% notes due 2024 – net 395,051 408,036 394,768 410,358 4.50% notes due 2025 – net 247,994 250,275 247,889 244,053 4.50% notes due 2027 – net 690,069 675,259 — — GE Term loan due 2019 180,000 180,000 — — HUD debt 83,068 81,657 251,454 266,434 Subordinated debt 20,679 29,119 20,747 26,434 Totals $ 3,447,924 $ 3,729,921 $ 2,378,503 $ 2,623,641 Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2014). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. The following methods and assumptions were used in estimating fair value disclosures for financial instruments. • Cash and cash equivalents and restricted cash: The carrying amount of cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheet approximates fair value because of the short maturity of these instruments (i.e., less than 90 days) (Level 1). • Direct financing leases: The fair value of the investments in direct financing leases are estimated using a discounted cash flow analysis, using interest rates being offered for similar leases to borrowers with similar credit ratings (Level 3). • Mortgage notes receivable: The fair value of the mortgage notes receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). • Other investments: Other investments are primarily comprised of notes receivable. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). • Revolving line of credit and term loans: The fair value of our borrowings under variable rate agreements are estimated using an expected present value technique based on expected cash flows discounted using the current market rates (Level 3). • Senior notes and subordinated debt: The fair value of our borrowings under fixed rate agreements are estimated based on open market trading activity provided by a third party (Level 2). • HUD debt: The fair value of our borrowings under HUD debt agreements are estimated based on quotes obtained by HUD debt brokers (Level 2).

LITIGATION

LITIGATION	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	NOTE 14 – LITIGATION We are subject to various legal proceedings, claims and other actions arising out of the normal course of business. While any legal proceeding or claim has an element of uncertainty, management believes that the outcome of each lawsuit, claim or legal proceeding that is pending or threatened, or all of them combined, will not have a material adverse effect on our consolidated financial position or results of operations. As previously reported, four putative class actions were filed by purported stockholders of Aviv against Aviv, its directors, the Company and Merger Sub challenging the Aviv Merger and alleging that the disclosures in the Form S-4 filed with the Securities and Exchange Commission in connection with the Aviv Merger were inadequate to allow Aviv shareholders to make an informed decision whether to approve the Aviv Merger. On January 28, 2015, the court entered a stipulated consolidation order consolidating the four lawsuits into a single proceeding and on March 20, 2015, the court granted the defendants’ motions to dismiss the consolidated complaint. The time period for taking an appeal of the grant of the motions to dismiss has now expired and, as a result, we believe these matters are now concluded. In addition to these lawsuits, Omega is aware of a derivative demand letter that was delivered to the Aviv board of directors by Gary Danley (“Danley”), who subsequently filed one of the aforementioned lawsuits. The allegations in the demand letter are substantially similar to the allegations in Danley’s complaint. Omega believes that these actions have no merit and intends to defend vigorously against any further attempts to prosecute these claims.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Net Income Available To Common Per Share
EARNINGS PER SHARE	NOTE 15 – EARNINGS PER SHARE The computation of basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units and the assumed issuance of additional shares related to Omega OP Units held by outside investors. The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 (in thousands, except per share amounts) Numerator: Net income $ 43,466 $ 46,817 $ 86,518 $ 102,646 Less: Net income attributable to noncontrolling interests (2,038 ) — (2,038 ) — Net income available to common stockholders $ 41,428 $ 46,817 $ 84,480 $ 102,646 Denominator: Denominator for basic earnings per share 182,697 126,474 158,521 125,467 Effect of dilutive securities: Common stock equivalents 2,796 962 1,628 663 Noncontrolling interest – OP units 8,989 — 4,495 — Denominator for diluted earnings per share 194,482 127,436 164,644 126,130 Earnings per share – basic: Net income available to common stockholders $ 0.23 $ 0.37 $ 0.53 $ 0.82 Earnings per share – diluted: Net income $ 0.22 $ 0.37 $ 0.53 $ 0.81

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
CONSOLIDATING FINANCIAL STATEMENTS	NOTE 16 – CONSOLIDATING FINANCIAL STATEMENTS As of June 30, 2015, we had outstanding: (i) $575 million 6.75% Senior Notes due 2022, (ii) $400 million 5.875% Senior Notes due 2024, (iii) $400 million 4.95% Senior Notes due 2024, (iv) $250 million 4.5% Senior Notes due 2025 and (v) $700 million 4.5% Senior Notes due 2027 (collectively, the “Senior Notes”). The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of our 100% owned subsidiaries that guarantee other indebtedness of Omega or any of the subsidiary guarantors. All of our subsidiaries that guarantee the Senior Notes also guarantee amounts outstanding under the 2014 Credit Facilities. Any subsidiary that we properly designate as an “unrestricted subsidiary” under the indentures governing the high-yield Senior Notes due 2022 and 2024 will not provide guarantees of the Senior Notes or the First Amendment to Omega Credit Agreement. The following summarized condensed consolidating financial information segregates the financial information of the non-guarantor subsidiaries (which is comprised of 22 “unrestricted subsidiaries”) from the financial information of Omega Healthcare Investors, Inc. and the subsidiary guarantors under the Senior Notes. The results and financial position of acquired entities are included from the dates of their respective acquisitions. As of June 30, 2015, the 22 subsidiaries were required by relevant documentation to be added as subsidiary guarantors, and are therefore presented as subsidiary guarantors in the following table. Such subsidiaries were formally joined as subsidiary guarantors under the relevant documentation, effective August 2015. OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEETS Unaudited (in thousands, except per share amounts) June 30, 2015 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated ASSETS Real estate properties Land and buildings $ 6,216,154 $ 297,520 $ - $ 6,513,674 Less accumulated depreciation (879,004 ) (19,730 ) - (898,734 ) Real estate properties – net 5,337,150 277,790 - 5,614,940 Investments in direct financing leases 571,377 - - 571,377 Mortgage notes receivable 682,255 - - 682,255 6,590,782 277,790 - 6,868,572 Other investments 82,955 - - 82,955 6,673,737 277,790 - 6,951,527 Assets held for sale – net 15,903 - - 15,903 Total investments 6,689,640 277,790 - 6,967,430 Cash and cash equivalents 22,916 2,238 - 25,154 Restricted cash 7,056 14,489 - 21,545 Accounts receivable – net 183,681 5,356 - 189,037 Goodwill 526,807 16,286 - 543,093 Investment in affiliates 186,316 - (186,316 ) - Intercompany receivable - 1,692 (1,692 ) - Other assets 60,309 7 ,108 - 67,417 Total assets $ 7,676,725 $ 324,959 $ (188,008 ) $ 7,813,676 LIABILITIES AND EQUITY Revolving line of credit $ 351,000 $ - $ - $ 351,000 Term loan 500,000 - - 500,000 Secured borrowings 180,000 216,620 (133,552 ) 263,068 Unsecured borrowings – net 2,313,177 20,679 - 2,333,856 Accrued expenses and other liabilities 258,071 13,513 - 271,584 Deferred income taxes - 16,852 - 16,852 Total liabilities 3,602,248 267,664 (133,552 ) 3,736,360 Equity: Common stock 18,332 - - 18,332 Equity investment in affiliates - 46,318 (46,318 ) - Common stock – additional paid-in capital 4,503,180 - - 4,503,180 Cumulative net earnings 1,232,478 8 ,138 (8,138 ) 1,232,478 Cumulative dividends paid (2,047,257 ) - - (2,047,257 ) Accumulated other comprehensive income - 2,839 - 2,839 Total stockholders’ equity 3,706,733 57,295 (54,456 ) 3,709,572 Noncontrolling interest 367,744 - - 367,744 Total equity 4,074,477 57,295 (54,456 ) 4,077,316 Total liabilities and equity $ 7,676,725 $ 324,959 $ (188,008 ) $ 7,813,676 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEETS Unaudited (in thousands, except per share amounts) December 31, 2014 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated ASSETS Real estate properties Land and buildings $ 3,108,597 $ 115,188 $ — $ 3,223,785 Less accumulated depreciation (805,679 ) (16,033 ) — (821,712 ) Real estate properties – net 2,302,918 99,155 — 2,402,073 Investments in direct financing leases 539,232 — — 539,232 Mortgage notes receivable 648,079 — — 648,079 3,490,229 99,155 — 3,589,384 Other investments 48,952 — — 48,952 3,539,181 99,155 — 3,638,336 Assets held for sale – net 12,792 — — 12,792 Total investments 3,551,973 99,155 — 3,651,128 Cash and cash equivalents 4,489 — — 4,489 Restricted cash 15,143 13,933 — 29,076 Accounts receivable – net 163,610 4,566 — 168,176 Investment in affiliates 7,941 — (7,941 ) — Intercompany receivable — 1,005 (1,005 ) — Other assets 60,820 7,956 — 68,776 Total assets $ 3,803,976 $ 126,615 $ (8,946 ) $ 3,921,645 LIABILITIES AND EQUITY Revolving line of credit $ 85,000 $ — $ — $ 85,000 Term loan 200,000 — — 200,000 Secured borrowings 167,379 84,075 — 251,454 Unsecured borrowings – net 1,821,302 20,747 — 1,842,049 Accrued expenses and other liabilities 128,968 12,847 — 141,815 Total liabilities 2,402,649 117,669 — 2,520,318 Equity: Common stock 12,761 — — 12,761 Common stock – additional paid-in-capital 2,136,234 — — 2,136,234 Cumulative net earnings 1,147,998 8,946 (8,946 ) 1,147,998 Cumulative dividends paid (1,895,666 ) — — (1,895,666 ) Total stockholders’ equity 1,401,327 8,946 (8,946 ) 1,401,327 Total liabilities and equity $ 3,803,976 $ 126,615 $ (8,946 ) $ 3,921,645 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENTS OF OPERATIONS Unaudited (in thousands, except per share amounts) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Revenue Rental income $ 157,337 $ 5,775 $ - $ 163,112 $ 254,950 $ 9,126 $ - $ 264,076 Income from direct financing leases 15,020 - - 15,020 29,366 - - 29,366 Mortgage interest income 17,562 - - 17,562 34,141 - - 34,141 Other investment income – net 2,017 - - 2,017 3,548 - - 3,548 Total operating revenues 191,936 5,775 - 197,711 322,005 9,126 - 331,131 Expenses Depreciation and amortization 56,818 2,338 - 59,156 86,081 3,685 - 89,766 General and administrative 10,277 31 - 10,308 16,257 65 - 16,322 Acquisition costs 44,571 2,513 - 47,084 49,439 2,513 - 51,952 Impairment loss on real estate properties 6,916 - - 6,916 12,898 - - 12,898 Provision for uncollectible mortgages, notes and accounts receivable (7 ) - - (7 ) (9 ) - - (9 ) Total operating expenses 118,575 4,882 - 123,457 164,666 6,263 - 170,929 Income before other income and expense 73,361 893 - 74,254 157,339 2,863 - 160,202 Other income (expense): Interest income 3 4 - 7 192 8 - 200 Interest expense (35,984 ) (2,264 ) - (38,248 ) (67,119 ) (3,488 ) - (70,607 ) Interest – amortization of deferred financing costs (1,820 ) (6 ) - (1,826 ) (3,168 ) (11 ) - (3,179 ) Interest – refinancing gain (costs) 1,016 - - 1,016 (8,361 ) - - (8,361 ) Equity in earnings (1,553 ) - 1,553 - (808 ) - 808 - Total other expense (38,338 ) (2,266 ) 1,553 (39,051 ) (79,264 ) (3,491 ) 808 (81,947 ) Income before gain on assets sold 35,023 (1,373 ) 1,553 35,203 78,075 (6 28 ) 808 78,255 Gain on assets sold – net 8,802 - - 8,802 8,802 - - 8,802 Income from continuing operations before income taxes 43,825 (1,373 ) 1,553 44,005 86,877 (628 ) 808 87,057 Income taxes (359 ) (180 ) - (539 ) (359 ) (180 ) - (539 ) Net income 43,466 (1,553 ) 1,553 43,466 86,518 (808 ) 808 86,518 Net income attributable to noncontrolling interest (2,038 ) 73 (73 ) (2,038 ) (2,038 ) 73 (73 ) (2,038 ) Net income available to common stockholders $ 41,428 $ (1,480 ) $ 1,480 $ 41,428 $ 84,480 $ (735 ) $ 735 $ 84,480 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENTS OF OPERATIONS Unaudited (in thousands, except per share amounts) Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Revenue Rental income $ 92,967 $ 3,275 $ - $ 96,242 $ 185,609 $ 6,551 $ - $ 192,160 Income from direct financing leases 14,146 - - 14,146 28,230 - - 28,230 Mortgage interest income 9,923 - - 9,923 19,249 - - 19,249 Other investment income – net 1,489 - - 1,489 3,162 - - 3,162 Total operating revenues 118,525 3,275 - 121,800 236,250 6,551 - 242,801 Expenses Depreciation and amortization 29,995 1,306 - 31,301 60,138 2,607 - 62,745 General and administrative 6,267 30 - 6,297 12,732 62 - 12,794 Acquisition costs 45 - - 45 140 - - 140 Impairment loss on real estate properties 1,558 - - 1,558 1,558 - - 1,558 Provision for uncollectible mortgages, notes and accounts receivable 2,761 - - 2,761 2,745 - - 2,745 Total operating expenses 40,626 1,336 - 41,962 77,313 2,669 - 79,982 Income before other income and expense 77,899 1,939 - 79,838 158,937 3,882 - 162,819 Other income (expense): Interest income 13 4 - 17 18 7 - 25 Interest expense (28,208 ) (1,239 ) - (29,447 ) (54,037 ) (2,491 ) - (56,528 ) Interest – amortization of deferred financing costs (940 ) (6 ) - (946 ) (1,857 ) (11 ) - (1,868 ) Interest – refinancing gain (costs) (2,645 ) - - (2,645 ) (4,685 ) - - (4,685 ) Equity in earnings 698 - (698 ) - 1,387 - (1,387 ) - Total other expense (31,082 ) (1,241 ) (698 ) (33,021 ) (59,174 ) (2,495 ) (1,387 ) (63,056 ) Income before gain on assets sold 46,817 698 (698 ) 46,817 99,763 1,387 (1,387 ) 99,763 Gain on assets sold – net - - - - 2,883 - - 2,883 Net income available to common stockholders $ 46,817 $ 698 $ (698 ) $ 46,817 $ 102,646 $ 1,387 $ (1,387 ) $ 102,646 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (in thousands) Six Months Ended June 30, 2015 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated Cash flows from operating activities Net income $ 86,518 $ (808 ) $ 808 $ 86,518 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 86,081 3,685 — 89,766 Provision for impairment on real estate properties 12,898 — — 12,898 Provision for uncollectible mortgages, notes and accounts receivable (9 ) — — (9 ) Amortization of deferred financing and debt extinguishment costs 11,529 11 — 11,540 Accretion of direct financing leases (5,321 ) — — (5,321 ) Stock-based compensation 4,483 — — 4,483 Gain on assets sold – net (8,802 ) — — (8,802 ) Amortization of acquired in-place leases - net (2,883 ) — — (2,883 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 1,129 — — 1,129 Straight-line rent receivables (15,085 ) (786 ) — (15,871 ) Lease inducements (328 ) — — (328 ) Effective yield receivable on mortgage notes (2,253 ) — — (2,253 ) Other operating assets and liabilities 22,921 112 (808 ) 22,225 Net cash provided by operating activities 190,878 2,214 — 193,092 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (6,300 ) (177,484 ) — (183,784 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (15,913 ) — — (15,913 ) Investment in U.K. subsidiary (179,870 ) 179,870 — — Placement of mortgage loans (4,701 ) — — (4,701 ) Proceeds from sale of real estate investments 26,846 — — 26,846 Capital improvements to real estate investments (9,879 ) (1,472 ) — (11,351 ) Proceeds from other investments 14,206 — — 14,206 Investments in other investments (36,600 ) — — (36,600 ) Collection of mortgage principal 1,735 — — 1,735 Net cash (used in) provided by investing activities (125,618 ) 914 — (124,704 ) Cash flows from financing activities Proceeds from credit facility borrowings 782,000 — — 782,000 Payments on credit facility borrowings (516,000 ) — — (516,000 ) Receipts of other long-term borrowings 989,822 — — 989,822 Payments of other long-term borrowings (1,586,660 ) (931 ) — (1,587,591 ) Payments of financing related costs (26,123 ) — — (26,123 ) Receipts from dividend reinvestment plan 30,111 — — 30,111 Payments for exercised options and restricted stock – net (6,982 ) — — (6,982 ) Net proceeds from issuance of common stock 440,036 — — 440,036 Dividends paid (151,387 ) — — (151,387 ) Distributions to OP Unit holders (1,650 ) — — (1,650 ) Net cash used in financing activities (46,833 ) (931 ) — (47,764 ) Increase in cash and cash equivalents 18,427 2,197 — 20,624 Effect of foreign currency translation on cash and cash equivalents — 41 — 41 Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 22,916 $ 2,238 $ — $ 25,154 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (in thousands) Six Months Ended June 30, 2014 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated Cash flows from operating activities Net income $ 102,646 $ 1,387 $ (1,387 ) $ 102,646 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 60,138 2,607 — 62,745 Provision for impairment on real estate properties 1,558 — — 1,558 Provision for uncollectible mortgages, notes and accounts receivable 2,745 — — 2,745 Amortization of deferred financing and debt extinguishment costs 6,542 11 — 6,553 Accretion of direct financing leases (4,764 ) — — (4,764 ) Stock-based compensation 4,548 — — 4,548 Gain on assets sold – net (2,883 ) — — (2,883 ) Amortization of acquired in-place leases - net (2,571 ) — — (2,571 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 912 — — 912 Straight-line rent receivables (10,091 ) (610 ) — (10,701 ) Lease inducements 1,362 — — 1,362 Effective yield receivable on mortgage notes (584 ) — — (584 ) Other operating assets and liabilities 5,891 (2,089 ) 1,387 5,189 Net cash provided by operating activities 165,449 1,306 — 166,755 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (22,000 ) — — (22,000 ) Placement of mortgage loans (528,343 ) — — (528,343 ) Proceeds from sale of real estate investments 3,924 — — 3,924 Capital improvements to real estate investments (7,953 ) (409 ) — (8,362 ) Proceeds from other investments 2,345 — — 2,345 Investments in other investments (5,379 ) — — (5,379 ) Collection of mortgage principal 117,522 — — 117,522 Net cash used in investing activities (439,884 ) (409 ) — (440,293 ) Cash flows from financing activities Proceeds from credit facility borrowings 590,000 — — 590,000 Payments on credit facility borrowings (646,000 ) — — (646,000 ) Receipts of other long-term borrowings 594,320 — — 594,320 Payments of other long-term borrowings (201,593 ) (897 ) — (202,490 ) Payments of financing related costs (12,740 ) — — (12,740 ) Receipts from dividend reinvestment plan 45,804 — — 45,804 Payments for exercised options and restricted stock – net (943 ) — — (943 ) Net proceeds from issuance of common stock 57,152 — — 57,152 Dividends paid (125,492 ) — — (125,492 ) Net cash provided by (used in) financing activities 300,508 (897 ) — 299,611 Increase in cash and cash equivalents 26,073 — — 26,073 Cash and cash equivalents at beginning of period 2,616 — — 2,616 Cash and cash equivalents at end of period $ 28,689 $ — $ — $ 28,689

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS $112 Million Real Estate Acquisitions On July 24, 2015, the Company purchased five buildings on the Upper East Side of Manhattan for approximately $112 million and leased them to an existing operator of the Company. The Company and its operator plan to co-develop the sites into a 201,000 square-foot senior living facility. The properties were added to the operator’s existing master lease. During the construction phase, the Company will earn a 5% annual yield on the investment.

BASIS OF PRESENTATION AND SIG25

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements for Omega have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. We have evaluated all subsequent events through the date of the filing of this Form 10-Q. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K. Our consolidated financial statements include the accounts of (i) Omega, (ii) Omega OP, and (iii) all direct and indirect wholly owned subsidiaries of Omega. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Goodwill	Goodwill Goodwill represents a purchase price in excess of the fair value of assets acquired and liabilities assumed and the cost associated with expanding our portfolio. Goodwill is not amortized. We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the entity. In evaluating goodwill for impairment, we first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the entity is less than its carrying amount. If we conclude that it is more likely than not that the fair value of the entity is less than its carrying value, then we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. We do not expect any of the goodwill to be deductible for tax purposes.
Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests	Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests As of April 1, 2015 and after giving effect to the Aviv Merger, the Company owned approximately 138.8 million Omega OP Units and Aviv OP owned approximately 52.9 million Omega OP Units. Each of the Omega OP Units (other than the Omega OP Units owned by Omega) is redeemable at the election of the Omega OP Unit holder for cash equal to the then-fair market value of one share of Omega common stock, par value $0.10 per share (“Omega Common Stock”), subject to the Company’s election to exchange the Omega OP Units tendered for redemption for unregistered shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement. Effective June 30, 2015, the Company (through Merger Sub, in its capacity as the general partner of Aviv OP) caused Aviv OP to make a distribution of Omega OP Units held by Aviv OP (or equivalent value) to Aviv OP investors (the “Aviv OP Distribution”) in connection with the liquidation of Aviv OP. As a result of the Aviv OP Distribution, Omega directly and indirectly owns approximately 95% of the outstanding Omega OP Units, and the other investors own approximately 5% of the outstanding Omega OP Units. As a part of the Aviv OP Distribution, Omega settled approximately 0.2 million units via cash settlement.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. We present the portion of any equity that we do not own in consolidated entities as noncontrolling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our Consolidated Balance Sheets. Income attributable to the entity’s parent is included in net income attributable to common stockholders on our Consolidated Statements of Operations and Comprehensive Income. In addition, we include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations and Comprehensive Income. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain a controlling ownership interest.
Foreign Operations	Foreign Operations The U.S. dollar is the functional currency for our consolidated subsidiaries operating in the United States. The functional currency for our consolidated subsidiaries operating in countries other than the United States is the principal currency in which the entity primarily generates and expends cash. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate their financial statements into the U.S. dollar. We translate assets and liabilities at the exchange rate in effect as of the financial statement date. The resulting translation adjustments are included in Accumulated Other Comprehensive Income (“AOCI”) in the Consolidated Balance Sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Revenue and expense accounts are translated using an average exchange rate for the period. We and certain of our consolidated subsidiaries may have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in results of operations, unless it is intercompany debt that is deemed to be long-term in nature and then the adjustments are included in AOCI.
Accounts Receivable	Accounts Receivable Accounts receivable includes: contractual receivables, effective yield interest receivables, straight-line rent receivables and lease inducements, net of an estimated provision for losses related to uncollectible and disputed accounts. Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception or renewal of the lease, and are amortized as a reduction of rental revenue over the non-cancellable lease term. On a quarterly basis, we review our accounts receivable to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the tenant to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement. If we determine collectability of any of our contractual receivables is at risk, we estimate the potential uncollectible amounts and provide an allowance. In the case of a lease recognized on a straight-line basis or existence of lease inducements, we generally provide an allowance for straight-line accounts receivable and/or the lease inducements when certain conditions or indicators of adverse collectability are present. A summary of our net receivables by type is as follows: June 30, 2015 December 31, 2014 (in thousands) Contractual receivables $ 7,374 $ 4,799 Effective yield interest receivables 8,485 6,232 Straight-line receivables 159,314 143,652 Lease inducements 13,899 13,571 Allowance (35 ) (78 ) Accounts receivable – net $ 189,037 $ 168,176 We continuously evaluate the payment history and financial strength of our operators and have historically established allowance reserves for straight-line rent adjustments for operators that do not meet our requirements. We consider factors such as payment history and the operator’s financial condition as well as current and future anticipated operating trends when evaluating whether to establish allowance reserves.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs

BASIS OF PRESENTATION AND SIG26

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of summary of net receivables	June 30, 2015 December 31, 2014 (in thousands) Contractual receivables $ 7,374 $ 4,799 Effective yield interest receivables 8,485 6,232 Straight-line receivables 159,314 143,652 Lease inducements 13,899 13,571 Allowance (35 ) (78 ) Accounts receivable – net $ 189,037 $ 168,176

PROPERTIES AND INVESTMENTS (Tab

PROPERTIES AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of preliminary allocation of the assets acquired and liabilities assumed	The following table highlights the preliminary allocation of the assets acquired and liabilities assumed on April 1, 2015: (in thousands) Estimated fair value of assets acquired: Land and buildings $ 3,125,660 Investment in direct financing leases 26,823 Mortgages notes receivable 31,278 Other investments 11,590 Total investments 3,195,351 Goodwill 526,807 Accounts receivables and other assets 15,127 Cash acquired 84,858 Fair value of total assets acquired $ 3,822,143 Estimated fair value of liabilities assumed: Accrued expenses and other liabilities $ 134,671 Debt 1,410,637 Fair value of total liabilities assumed 1,545,308 Value of shares and OP units exchanged (a) 2,276,835 Fair value of consideration $ 3,822,143 (a)
Schedule of unaudited pro forma results of business acquisition	Pro Forma Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands, except per share amounts, unaudited) Pro Forma Revenues $ 198,929 $ 188,239 $ 396,107 $ 375,766 Pro Forma Net income $ 43,853 $ 67,359 $ 106,447 $ 143,791 Earnings per share – diluted: Net income – as reported $ 0.22 $ 0.37 $ 0.53 $ 0.81 Net income – pro forma $ 0.23 $ 0.37 $ 0.65 $ 0.79

DIRECT FINANCING LEASES (Tables

DIRECT FINANCING LEASES (Tables)	6 Months Ended
	Jun. 30, 2015
Leases, Capital [Abstract]
Schedule of components of investment in direct financing leases	June 30, December 31, 2015 2014 (in thousands) Minimum lease payments receivable $ 4,291,061 $ 4,244,067 Estimated residual values — — Less unearned income (3,719,684 ) (3,704,835 ) Investments in direct financing leases $ 571,377 $ 539,232 Properties subject to direct financing leases 58 56
Schedule of minimum rents due under direct financing lease for the next five years	As of June 30, 2015, the following minimum rents are due under our direct financing leases for the next five years (in thousands): Year 1 Year 2 Year 3 Year 4 Year 5 $49,345 $49,623 $50,529 $51,782 $53,060

MORTGAGE NOTES RECEIVABLE (Tabl

MORTGAGE NOTES RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Notes Receivable Investments [Abstract]
Schedule of outstanding principal amounts of mortgage notes receivable, net of allowances	June 30, 2015 December 31, 2014 (in thousands) Mortgage note due 2015; interest at 8.35% $ 6,514 $ — Mortgage note due 2015; interest at 6.50% 763 — Two mortgage notes due 2018; interest at 11.00% 13,652 — Mortgage note due 2018; interest at 12.00% 1,028 — Mortgage note due 2020; interest at 8.00% 3,974 — Mortgage note due 2021; interest at 10.00% 1,090 — Mortgage note due 2021; interest at 10.51% 3,194 1,326 Four mortgage notes due 2022; interest at 12.00% 7,460 7,395 Mortgage note due 2023; interest at 9.00% 5,468 — Mortgage note due 2023; interest at 11.00% 69,928 69,928 Mortgage note due 2024; interest at 9.64% 112,500 112,500 Two mortgage notes due 2029; interest at 10.00% 417 — Mortgage note due 2029; including interest at 9.00% 413,987 414,550 Mortgage note due 2030; interest at 10.82% 15,780 15,880 Four mortgage notes due 2046; interest at 12.00% 26,500 26,500 Mortgage notes receivable, gross 682,255 648,079 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 682,255 $ 648,079

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Schedule of other investments	June 30, 2015 December 31 2014 (in thousands) Other investment note due 2014 $ — $ 1,640 Other investment notes due 2015; interest at 9.50% 341 891 Other investment notes due 2015; interest at 10.00% 5,439 5,439 Other investment note due 2016; interest at 7.25% 884 — Other investment note due 2016; interest at 10.00% 32 — Other investment notes due 2017; interest at 10.00% 23,363 24,800 Other investment note due 2018; interest at 10.00% 179 — Other investment note due 2020; interest at 7.50% 4,707 — Other investment note due 2020; interest at 8.00% 656 — Other investment note due 2021; interest at 7.00% 78 — Other investment note due 2021; interest at 11.04% 992 1,053 Other investment note due 2022; interest at 10.77% 2,022 2,110 Other investment notes due 2022; interest at 11.04% 3,881 4,062 Other investment note due 2023; interest at 10.00% 1,000 1,000 Other investment notes due 2023; interest at 10.25% 1,117 — Other investment notes due 2023; interest at 10.51% 2,561 1,942 Other investment notes due 2023; interest at 10.77% 6,956 5,705 Other investment notes due 2023; interest at 11.04% 298 310 Other investment note due 2030; interest at 6.66% 28,449 — Notes receivable, gross 82,955 48,952 Allowance for loss on notes receivable — — Total other investments $ 82,955 $ 48,952

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
Schedule of properties held-for-sale	Properties Held For Sale Number of Properties Net Book Value (in thousands) December 31, 2014 (1) 4 $ 12,792 Properties sold — — Properties added 1 4,085 March 31, 2015 (2) 5 16,877 Properties sold (2 ) (6,973 ) Properties added 1 5,999 June 30, 2015 (3) 4 $ 15,903 (1) (2) (3)

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangibles	June 30, 2015 December 31, 2014 (in thousands) Assets: Above market lease intangibles $ 21,629 $ 14,576 In-place lease intangibles 386 — Goodwill 543,093 — Accumulated amortization (13,010 ) (12,166 ) Net intangible assets $ 552,098 $ 2,410 Liabilities: Below market lease intangibles $ 83,321 $ 57,054 Accumulated amortization (40,327 ) (36,620 ) Net intangible liabilities $ 42,994 $ 20,434

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of stock-based compensation expense	Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Stock-based compensation expense $ 2,873 $ 2,285 $ 4,483 $ 4,548
Schedule of restricted stock unit activity	Grant Assumption Date RSUs Granted 12 /31/2013 RSUs 213,741 1 /1/2014 RSUs 122,137 3 /31/2015 RSUs 123,693 4 /1/2015 RSUs 39,914 4 /1/2015 Assumed 2015 RSUs 10,644 4 /1/2015 Assumed 2016 RSUs 19,825 4 /1/2015 Assumed Multi-year RSUs 7,799 537,753
Schedule of unrecognized compensation cost associated with outstanding restricted stock and PRSU awards	The following table summarizes our total unrecognized compensation cost as of June 30, 2015 associated with outstanding restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Year Shares/ Units Grant Date Average Fair Value Per Unit/ Share Total Weighted Unrecognized Restricted stock units 2013 142,494 $ 29.80 $ 4.2 36 $ 3.2 2015 Transition TSR 2013 77,369 7.48 0.6 24 0.1 2016 Transition TSR 2013 115,785 8.67 1.0 36 0.5 2015 Transition Relative TSR 2013 77,368 13.06 1.0 24 0.3 2016 Transition Relative TSR 2013 115,781 14.25 1.7 36 0.8 Restricted stock units 2014 122,137 29.80 3.6 36 1.8 2016 TSR 2014 154,584 8.67 1.3 48 0.8 2016 Relative TSR 2014 154,584 14.25 2.2 48 1.4 2017 Restricted stock units 2015 123,693 40.57 5.0 33 4.6 2017 LTIP Units 2015 154,716 14.66 2.3 45 2.1 2017 Relative TSR 2015 154,716 22.50 3.5 45 3.2 2017 Restricted stock units 2015 39,914 40.74 1.6 33 1.5 2017 LTIP Units 2015 54,151 14.45 0.8 45 0.7 2017 Relative TSR 2015 54,151 22.91 1.2 45 1.2 Restricted stock units 2015 10,644 12.36 0.1 9 0.1 Restricted stock units 2015 19,825 24.92 0.5 21 0.4 Restricted stock units 2015 7,799 35.08 0.3 33 0.2 Total 1,579,711 $ 19.63 $ 30.9 $ 22.9
TSR - Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of number of shares earned under the TSR PRSUs depended on the level of achievement of TSR	We awarded the following TSR PRSUs and LTIP Units to employees: Name Grant Date PRSUs Granted Performance Period (a) 2013 Multi-Year TSR 1/1/2011 279,552 12/31/2011-12/31/2013 2014 Transition TSR 12/31/2013 77,371 12/31/2013-12/31/2014 2015 Transition TSR 12/31/2013 77,369 12/31/2013-12/31/2015 2016 Transition TSR 12/31/2013 115,785 12/31/2013-12/31/2016 2016 TSR 1/1/2014 154,584 1/1/2014-12/31/2016 2017 LTIP Units 3/31/2015 154,716 1/1/2015-12/31/2017 2017 LTIP Units 4/1/2015 54,151 1/1/2015-12/31/2017 913,528 (a) The performance period is the period indicated.
TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of number of shares earned under the TSR PRSUs depended on the level of achievement of TSR	We awarded the following Relative TSR PRSUs to employees: Name Grant Date PRSUs Granted Performance Period 2013 Relative TSR 1/1/2011 93,183 12/31/2011-12/31/2013 2014 Transition Relative TSR 12/31/2013 77,371 12/31/2013-12/31/2014 2015 Transition Relative TSR 12/31/2013 77,368 12/31/2013-12/31/2015 2016 Transition Relative TSR 12/31/2013 115,781 12/31/2013-12/31/2016 2016 Relative TSR 1/1/2014 154,584 1/1/2014-12/31/2016 2017 Relative TSR 3/31/2015 154,716 1/1/2015-12/31/2017 2017 Relative TSR 4/1/2015 54,151 1/1/2015-12/31/2017 727,154

BORROWING ACTIVITIES AND ARRA34

BORROWING ACTIVITIES AND ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term borrowings	Rate as of June 30, June 30, December 31, Maturity 2015 2015 2014 (in thousands) Secured borrowings: GE Term loan 2019 4.00 % $ 180,000 $ — HUD mortgages assumed June 2010 (1) 2040 - 2045 — — 126,319 HUD mortgages assumed October 2011 (1) 2036 4.91 % 26,253 26,658 HUD mortgages assumed December 2011 (1) 2044 3.06 % 56,815 57,416 HUD mortgages assumed December 2012 (1) 2041 — — 41,061 Total secured borrowings 263,068 251,454 Unsecured borrowings: Revolving line of credit 2018 1.48 % 351,000 85,000 Term loan 2019 1.69 % 200,000 200,000 Acquisition Term loan 2017 1.68 % 200,000 — Omega OP Term loan 2017 1.68 % 100,000 — 851,000 285,000 2020 notes 2020 — — 200,000 2022 notes 2022 6.75 % 575,000 575,000 2024 notes 2024 5.875 % 400,000 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 250,000 250,000 2027 notes 2027 4.50 % 700,000 — Subordinated debt 2021 9.00 % 20,679 20,747 2,345,679 1,845,747 Discount - net (11,823 ) (3,698 ) Total unsecured borrowings 3,184,856 2,127,049 Total – net $ 3,447,924 $ 2,378,503 (1) Reflects the weighted average annual contractual interest rate on the mortgages at June 30, 2015 excluding a 0.5% third-party administration fee.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of the carrying amounts and fair values of financial instruments	June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Assets: (in thousands) Cash and cash equivalents $ 25,154 $ 25,154 $ 4,489 $ 4,489 Restricted cash 21,545 21,545 29,076 29,076 Investments in direct financing leases 571,377 571,377 539,232 539,232 Mortgage notes receivable – net 682,255 681,084 648,079 642,626 Other investments – net 82,955 83,973 48,952 49,513 Totals $ 1,383,286 $ 1,383,133 $ 1,269,828 $ 1,264,936 Liabilities: Revolving line of credit $ 351,000 $ 351,000 $ 85,000 $ 85,000 Term loan 200,000 200,000 200,000 200,000 Acquisition Term loan 200,000 200,000 — — Omega OP Term loan 100,000 100,000 — — 7.50% notes due 2020 – net — — 198,235 264,269 6.75% notes due 2022 – net 580,063 783,598 580,410 677,851 5.875% notes due 2024 – net 400,000 470,977 400,000 449,242 4.95% notes due 2024 – net 395,051 408,036 394,768 410,358 4.50% notes due 2025 – net 247,994 250,275 247,889 244,053 4.50% notes due 2027 – net 690,069 675,259 — — GE Term loan due 2019 180,000 180,000 — — HUD debt 83,068 81,657 251,454 266,434 Subordinated debt 20,679 29,119 20,747 26,434 Totals $ 3,447,924 $ 3,729,921 $ 2,378,503 $ 2,623,641

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Net Income Available To Common Per Share
Schedule of computation of basic and diluted earnings per share	Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 (in thousands, except per share amounts) Numerator: Net income $ 43,466 $ 46,817 $ 86,518 $ 102,646 Less: Net income attributable to noncontrolling interests (2,038 ) — (2,038 ) — Net income available to common stockholders $ 41,428 $ 46,817 $ 84,480 $ 102,646 Denominator: Denominator for basic earnings per share 182,697 126,474 158,521 125,467 Effect of dilutive securities: Common stock equivalents 2,796 962 1,628 663 Noncontrolling interest – OP units 8,989 — 4,495 — Denominator for diluted earnings per share 194,482 127,436 164,644 126,130 Earnings per share – basic: Net income available to common stockholders $ 0.23 $ 0.37 $ 0.53 $ 0.82 Earnings per share – diluted: Net income $ 0.22 $ 0.37 $ 0.53 $ 0.81

CONSOLIDATING FINANCIAL STATE37

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of consolidating balance sheets	OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEETS Unaudited (in thousands, except per share amounts) June 30, 2015 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated ASSETS Real estate properties Land and buildings $ 6,216,154 $ 297,520 $ - $ 6,513,674 Less accumulated depreciation (879,004 ) (19,730 ) - (898,734 ) Real estate properties – net 5,337,150 277,790 - 5,614,940 Investments in direct financing leases 571,377 - - 571,377 Mortgage notes receivable 682,255 - - 682,255 6,590,782 277,790 - 6,868,572 Other investments 82,955 - - 82,955 6,673,737 277,790 - 6,951,527 Assets held for sale – net 15,903 - - 15,903 Total investments 6,689,640 277,790 - 6,967,430 Cash and cash equivalents 22,916 2,238 - 25,154 Restricted cash 7,056 14,489 - 21,545 Accounts receivable – net 183,681 5,356 - 189,037 Goodwill 526,807 16,286 - 543,093 Investment in affiliates 186,316 - (186,316 ) - Intercompany receivable - 1,692 (1,692 ) - Other assets 60,309 7 ,108 - 67,417 Total assets $ 7,676,725 $ 324,959 $ (188,008 ) $ 7,813,676 LIABILITIES AND EQUITY Revolving line of credit $ 351,000 $ - $ - $ 351,000 Term loan 500,000 - - 500,000 Secured borrowings 180,000 216,620 (133,552 ) 263,068 Unsecured borrowings – net 2,313,177 20,679 - 2,333,856 Accrued expenses and other liabilities 258,071 13,513 - 271,584 Deferred income taxes - 16,852 - 16,852 Total liabilities 3,602,248 267,664 (133,552 ) 3,736,360 Equity: Common stock 18,332 - - 18,332 Equity investment in affiliates - 46,318 (46,318 ) - Common stock – additional paid-in capital 4,503,180 - - 4,503,180 Cumulative net earnings 1,232,478 8 ,138 (8,138 ) 1,232,478 Cumulative dividends paid (2,047,257 ) - - (2,047,257 ) Accumulated other comprehensive income - 2,839 - 2,839 Total stockholders’ equity 3,706,733 57,295 (54,456 ) 3,709,572 Noncontrolling interest 367,744 - - 367,744 Total equity 4,074,477 57,295 (54,456 ) 4,077,316 Total liabilities and equity $ 7,676,725 $ 324,959 $ (188,008 ) $ 7,813,676 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEETS Unaudited (in thousands, except per share amounts) December 31, 2014 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated ASSETS Real estate properties Land and buildings $ 3,108,597 $ 115,188 $ — $ 3,223,785 Less accumulated depreciation (805,679 ) (16,033 ) — (821,712 ) Real estate properties – net 2,302,918 99,155 — 2,402,073 Investments in direct financing leases 539,232 — — 539,232 Mortgage notes receivable 648,079 — — 648,079 3,490,229 99,155 — 3,589,384 Other investments 48,952 — — 48,952 3,539,181 99,155 — 3,638,336 Assets held for sale – net 12,792 — — 12,792 Total investments 3,551,973 99,155 — 3,651,128 Cash and cash equivalents 4,489 — — 4,489 Restricted cash 15,143 13,933 — 29,076 Accounts receivable – net 163,610 4,566 — 168,176 Investment in affiliates 7,941 — (7,941 ) — Intercompany receivable — 1,005 (1,005 ) — Other assets 60,820 7,956 — 68,776 Total assets $ 3,803,976 $ 126,615 $ (8,946 ) $ 3,921,645 LIABILITIES AND EQUITY Revolving line of credit $ 85,000 $ — $ — $ 85,000 Term loan 200,000 — — 200,000 Secured borrowings 167,379 84,075 — 251,454 Unsecured borrowings – net 1,821,302 20,747 — 1,842,049 Accrued expenses and other liabilities 128,968 12,847 — 141,815 Total liabilities 2,402,649 117,669 — 2,520,318 Equity: Common stock 12,761 — — 12,761 Common stock – additional paid-in-capital 2,136,234 — — 2,136,234 Cumulative net earnings 1,147,998 8,946 (8,946 ) 1,147,998 Cumulative dividends paid (1,895,666 ) — — (1,895,666 ) Total stockholders’ equity 1,401,327 8,946 (8,946 ) 1,401,327 Total liabilities and equity $ 3,803,976 $ 126,615 $ (8,946 ) $ 3,921,645
Schedule of consolidating statement of operations	OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENTS OF OPERATIONS Unaudited (in thousands, except per share amounts) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Revenue Rental income $ 157,337 $ 5,775 $ - $ 163,112 $ 254,950 $ 9,126 $ - $ 264,076 Income from direct financing leases 15,020 - - 15,020 29,366 - - 29,366 Mortgage interest income 17,562 - - 17,562 34,141 - - 34,141 Other investment income – net 2,017 - - 2,017 3,548 - - 3,548 Total operating revenues 191,936 5,775 - 197,711 322,005 9,126 - 331,131 Expenses Depreciation and amortization 56,818 2,338 - 59,156 86,081 3,685 - 89,766 General and administrative 10,277 31 - 10,308 16,257 65 - 16,322 Acquisition costs 44,571 2,513 - 47,084 49,439 2,513 - 51,952 Impairment loss on real estate properties 6,916 - - 6,916 12,898 - - 12,898 Provision for uncollectible mortgages, notes and accounts receivable (7 ) - - (7 ) (9 ) - - (9 ) Total operating expenses 118,575 4,882 - 123,457 164,666 6,263 - 170,929 Income before other income and expense 73,361 893 - 74,254 157,339 2,863 - 160,202 Other income (expense): Interest income 3 4 - 7 192 8 - 200 Interest expense (35,984 ) (2,264 ) - (38,248 ) (67,119 ) (3,488 ) - (70,607 ) Interest – amortization of deferred financing costs (1,820 ) (6 ) - (1,826 ) (3,168 ) (11 ) - (3,179 ) Interest – refinancing gain (costs) 1,016 - - 1,016 (8,361 ) - - (8,361 ) Equity in earnings (1,553 ) - 1,553 - (808 ) - 808 - Total other expense (38,338 ) (2,266 ) 1,553 (39,051 ) (79,264 ) (3,491 ) 808 (81,947 ) Income before gain on assets sold 35,023 (1,373 ) 1,553 35,203 78,075 (6 28 ) 808 78,255 Gain on assets sold – net 8,802 - - 8,802 8,802 - - 8,802 Income from continuing operations before income taxes 43,825 (1,373 ) 1,553 44,005 86,877 (628 ) 808 87,057 Income taxes (359 ) (180 ) - (539 ) (359 ) (180 ) - (539 ) Net income 43,466 (1,553 ) 1,553 43,466 86,518 (808 ) 808 86,518 Net income attributable to noncontrolling interest (2,038 ) 73 (73 ) (2,038 ) (2,038 ) 73 (73 ) (2,038 ) Net income available to common stockholders $ 41,428 $ (1,480 ) $ 1,480 $ 41,428 $ 84,480 $ (735 ) $ 735 $ 84,480 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENTS OF OPERATIONS Unaudited (in thousands, except per share amounts) Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Issuer & Subsidiary Guarantors Non – Guarantor Subsidiaries Elimination Consolidated Revenue Rental income $ 92,967 $ 3,275 $ - $ 96,242 $ 185,609 $ 6,551 $ - $ 192,160 Income from direct financing leases 14,146 - - 14,146 28,230 - - 28,230 Mortgage interest income 9,923 - - 9,923 19,249 - - 19,249 Other investment income – net 1,489 - - 1,489 3,162 - - 3,162 Total operating revenues 118,525 3,275 - 121,800 236,250 6,551 - 242,801 Expenses Depreciation and amortization 29,995 1,306 - 31,301 60,138 2,607 - 62,745 General and administrative 6,267 30 - 6,297 12,732 62 - 12,794 Acquisition costs 45 - - 45 140 - - 140 Impairment loss on real estate properties 1,558 - - 1,558 1,558 - - 1,558 Provision for uncollectible mortgages, notes and accounts receivable 2,761 - - 2,761 2,745 - - 2,745 Total operating expenses 40,626 1,336 - 41,962 77,313 2,669 - 79,982 Income before other income and expense 77,899 1,939 - 79,838 158,937 3,882 - 162,819 Other income (expense): Interest income 13 4 - 17 18 7 - 25 Interest expense (28,208 ) (1,239 ) - (29,447 ) (54,037 ) (2,491 ) - (56,528 ) Interest – amortization of deferred financing costs (940 ) (6 ) - (946 ) (1,857 ) (11 ) - (1,868 ) Interest – refinancing gain (costs) (2,645 ) - - (2,645 ) (4,685 ) - - (4,685 ) Equity in earnings 698 - (698 ) - 1,387 - (1,387 ) - Total other expense (31,082 ) (1,241 ) (698 ) (33,021 ) (59,174 ) (2,495 ) (1,387 ) (63,056 ) Income before gain on assets sold 46,817 698 (698 ) 46,817 99,763 1,387 (1,387 ) 99,763 Gain on assets sold – net - - - - 2,883 - - 2,883 Net income available to common stockholders $ 46,817 $ 698 $ (698 ) $ 46,817 $ 102,646 $ 1,387 $ (1,387 ) $ 102,646
Schedule of consolidating statement of cash flows	OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (in thousands) Six Months Ended June 30, 2015 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated Cash flows from operating activities Net income $ 86,518 $ (808 ) $ 808 $ 86,518 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 86,081 3,685 — 89,766 Provision for impairment on real estate properties 12,898 — — 12,898 Provision for uncollectible mortgages, notes and accounts receivable (9 ) — — (9 ) Amortization of deferred financing and debt extinguishment costs 11,529 11 — 11,540 Accretion of direct financing leases (5,321 ) — — (5,321 ) Stock-based compensation 4,483 — — 4,483 Gain on assets sold – net (8,802 ) — — (8,802 ) Amortization of acquired in-place leases - net (2,883 ) — — (2,883 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 1,129 — — 1,129 Straight-line rent receivables (15,085 ) (786 ) — (15,871 ) Lease inducements (328 ) — — (328 ) Effective yield receivable on mortgage notes (2,253 ) — — (2,253 ) Other operating assets and liabilities 22,921 112 (808 ) 22,225 Net cash provided by operating activities 190,878 2,214 — 193,092 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (6,300 ) (177,484 ) — (183,784 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (15,913 ) — — (15,913 ) Investment in U.K. subsidiary (179,870 ) 179,870 — — Placement of mortgage loans (4,701 ) — — (4,701 ) Proceeds from sale of real estate investments 26,846 — — 26,846 Capital improvements to real estate investments (9,879 ) (1,472 ) — (11,351 ) Proceeds from other investments 14,206 — — 14,206 Investments in other investments (36,600 ) — — (36,600 ) Collection of mortgage principal 1,735 — — 1,735 Net cash (used in) provided by investing activities (125,618 ) 914 — (124,704 ) Cash flows from financing activities Proceeds from credit facility borrowings 782,000 — — 782,000 Payments on credit facility borrowings (516,000 ) — — (516,000 ) Receipts of other long-term borrowings 989,822 — — 989,822 Payments of other long-term borrowings (1,586,660 ) (931 ) — (1,587,591 ) Payments of financing related costs (26,123 ) — — (26,123 ) Receipts from dividend reinvestment plan 30,111 — — 30,111 Payments for exercised options and restricted stock – net (6,982 ) — — (6,982 ) Net proceeds from issuance of common stock 440,036 — — 440,036 Dividends paid (151,387 ) — — (151,387 ) Distributions to OP Unit holders (1,650 ) — — (1,650 ) Net cash used in financing activities (46,833 ) (931 ) — (47,764 ) Increase in cash and cash equivalents 18,427 2,197 — 20,624 Effect of foreign currency translation on cash and cash equivalents — 41 — 41 Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 22,916 $ 2,238 $ — $ 25,154 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (in thousands) Six Months Ended June 30, 2014 Issuer & Subsidiary Guarantors Non-Guarantor Subsidiaries Elimination Company Consolidated Cash flows from operating activities Net income $ 102,646 $ 1,387 $ (1,387 ) $ 102,646 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 60,138 2,607 — 62,745 Provision for impairment on real estate properties 1,558 — — 1,558 Provision for uncollectible mortgages, notes and accounts receivable 2,745 — — 2,745 Amortization of deferred financing and debt extinguishment costs 6,542 11 — 6,553 Accretion of direct financing leases (4,764 ) — — (4,764 ) Stock-based compensation 4,548 — — 4,548 Gain on assets sold – net (2,883 ) — — (2,883 ) Amortization of acquired in-place leases - net (2,571 ) — — (2,571 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 912 — — 912 Straight-line rent receivables (10,091 ) (610 ) — (10,701 ) Lease inducements 1,362 — — 1,362 Effective yield receivable on mortgage notes (584 ) — — (584 ) Other operating assets and liabilities 5,891 (2,089 ) 1,387 5,189 Net cash provided by operating activities 165,449 1,306 — 166,755 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (22,000 ) — — (22,000 ) Placement of mortgage loans (528,343 ) — — (528,343 ) Proceeds from sale of real estate investments 3,924 — — 3,924 Capital improvements to real estate investments (7,953 ) (409 ) — (8,362 ) Proceeds from other investments 2,345 — — 2,345 Investments in other investments (5,379 ) — — (5,379 ) Collection of mortgage principal 117,522 — — 117,522 Net cash used in investing activities (439,884 ) (409 ) — (440,293 ) Cash flows from financing activities Proceeds from credit facility borrowings 590,000 — — 590,000 Payments on credit facility borrowings (646,000 ) — — (646,000 ) Receipts of other long-term borrowings 594,320 — — 594,320 Payments of other long-term borrowings (201,593 ) (897 ) — (202,490 ) Payments of financing related costs (12,740 ) — — (12,740 ) Receipts from dividend reinvestment plan 45,804 — — 45,804 Payments for exercised options and restricted stock – net (943 ) — — (943 ) Net proceeds from issuance of common stock 57,152 — — 57,152 Dividends paid (125,492 ) — — (125,492 ) Net cash provided by (used in) financing activities 300,508 (897 ) — 299,611 Increase in cash and cash equivalents 26,073 — — 26,073 Cash and cash equivalents at beginning of period 2,616 — — 2,616 Cash and cash equivalents at end of period $ 28,689 $ — $ — $ 28,689

BASIS OF PRESENTATION AND SIG38

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Contractual receivables	$ 7,374	$ 4,799
Effective yield interest receivables	8,485	6,232
Straight-line receivables	159,314	143,652
Lease inducements	13,899	13,571
Allowance	(35)	(78)
Accounts receivable - net	$ 189,037	$ 168,176

BASIS OF PRESENTATION AND SIG39

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail)	6 Months Ended
	Jun. 30, 2015Segment
Accounting Policies [Abstract]
Number of reportable segment	1

BASIS OF PRESENTATION AND SIG40

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1) - Apr. 01, 2015 - Omega OP Units - $ / shares shares in Millions	Total
Basis Of Presentation And Significant Accounting Policies [Line Items]
Limited partnership interests owned	138.8
Limited partnership units, Redeemable, Par value per share	$ 0.10
Percentage of limited partnership interests owned on pro forma basis	95.00%
Number of units settled in cash	0.2
Aviv Operating Partnership
Basis Of Presentation And Significant Accounting Policies [Line Items]
Limited partnership interests owned	52.9
Limited partnership units, Redeemable, Par value per share	$ 0.10
Percentage of limited partnership interests owned on pro forma basis	5.00%

PROPERTIES AND INVESTMENTS - Pr

PROPERTIES AND INVESTMENTS - Preliminary allocation of the assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Apr. 01, 2015	Dec. 31, 2014
Estimated fair value of assets acquired:
Goodwill		$ 543,093
Merger Agreement | Aviv REIT, Inc
Estimated fair value of assets acquired:
Land and buildings			$ 3,125,660
Investment in direct financing leases			26,823
Mortgages notes receivable			31,278
Other investments			11,590
Total investments			3,195,351
Goodwill			526,807
Accounts receivables and other assets			15,127
Cash acquired			84,858
Fair value of total assets acquired			3,822,143
Estimated fair value of liabilities assumed:
Accrued expenses and other liabilities			134,671
Debt			1,410,637
Fair value of total liabilities assumed			1,545,308
Value of shares and OP units exchanged	[1]		2,276,835
Fair value of consideration			$ 3,822,143
[1]	Includes the fair value of stock compensation plans assumed.

PROPERTIES AND INVESTMENTS - 42

PROPERTIES AND INVESTMENTS - Pro forma information (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per share - diluted:
Net income - as reported	$ 0.22	$ 0.37	$ 0.53	$ 0.81
Pro forma
Proforma Information [Line Items]
Pro Forma Revenues	$ 198,929	$ 188,239	$ 396,107	$ 375,766
Pro Forma Net income	$ 43,853	$ 67,359	$ 106,447	$ 143,791
Earnings per share - diluted:
Net income - as reported	$ 0.22	$ 0.37	$ 0.53	$ 0.81
Net income - pro forma	$ 0.23	$ 0.37	$ 0.65	$ 0.79

PROPERTIES AND INVESTMENTS - Le

PROPERTIES AND INVESTMENTS - Leased Property (Narrative) (Detail) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 28, 2015USD ($)Facility	Jun. 30, 2015USD ($)FacilityBed
Leased Properties [Line Items]
Number of facilities owned | Facility		936
Increase in the specific annual percentage over the prior year's rent		2.50%
Property available for operating lease | Minimum
Leased Properties [Line Items]
Lease term		5 years
Property available for operating lease | Maximum
Leased Properties [Line Items]
Lease term		15 years
SNF's
Leased Properties [Line Items]
Number of facilities owned | Facility	1	775
Cash paid for acquisition	$ 6.3
Potential payment as part of the purchase price	$ 0.5
SNF's | Texas
Leased Properties [Line Items]
Cash paid for acquisition		$ 6.8
Number of operating beds | Bed		93
Initial cash yield		9.50%
SNF's | Texas | Land
Leased Properties [Line Items]
Cash paid for acquisition		$ 0.1
SNF's | Texas | Building and site improvements
Leased Properties [Line Items]
Cash paid for acquisition		6.1
SNF's | Texas | Furniture and fixtures
Leased Properties [Line Items]
Cash paid for acquisition		$ 0.6
ALFs
Leased Properties [Line Items]
Number of facilities owned | Facility		81
Specialty facilities
Leased Properties [Line Items]
Number of facilities owned | Facility		16
Medical office building
Leased Properties [Line Items]
Number of facilities owned | Facility		1

PROPERTIES AND INVESTMENTS - Ac

PROPERTIES AND INVESTMENTS - Acquisition of Care Homes in the United Kingdom (Narrative) (Detail 1) $ in Thousands	May. 01, 2015USD ($)BedCare_Home	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
Acquisition costs		$ 47,084	$ 45	$ 51,952	$ 140
Healthcare Homes
Real Estate Properties [Line Items]
Number of care homes located in the United Kingdom | Care_Home	23
Number of registered beds | Bed	1,018
Master lease agreement term	12 years
Percentage of initial annual cash yield	7.00%
Percentage of annual escalators	2.50%
Cash paid for acquisition	$ 193,800
Acquisition costs				$ 3,200
Healthcare Homes | Land
Real Estate Properties [Line Items]
Cash paid for acquisition	20,700
Healthcare Homes | Building and site improvements
Real Estate Properties [Line Items]
Cash paid for acquisition	152,100
Healthcare Homes | Furniture and fixtures
Real Estate Properties [Line Items]
Cash paid for acquisition	5,300
Healthcare Homes | Goodwill
Real Estate Properties [Line Items]
Cash paid for acquisition	$ 15,700

PROPERTIES AND INVESTMENTS - Av

PROPERTIES AND INVESTMENTS - Aviv Merger (Narrative) (Detail 2) $ in Thousands, shares in Millions	Apr. 01, 2015USD ($)StateOperatorPropertyLeaseMortgageshares	Jun. 30, 2015USD ($)StateOperatorProperty	Mar. 31, 2015Property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)StateOperator	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of properties acquired | Property		1	1
Number of states | State		41			41
Number of operators | Operator		84			84
Acquisition costs		$ 47,084		$ 45	$ 51,952	$ 140
Merger Agreement | Aviv REIT, Inc
Real Estate Properties [Line Items]
Number of properties acquired | Property	342
Number of facilities leased | Lease	2
Number of mortgage facilities | Mortgage	3
Number of states | State	31
Conversion ratio of shares	0.90
Number of operators | Operator	38
Description of merger agreement	The transaction was structured as stock-for-stock swap with each share of Aviv being exchanged for .9 shares of Omega.
Fair value of consideration	$ 3,822,143
Acquisition costs	$ 48,500
Number of shares issued to issuable to stockholders | shares	43.7

PROPERTIES AND INVESTMENTS - As

PROPERTIES AND INVESTMENTS - Assets Sold or Held for Sale (Narrative) (Detail 3) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Facility	Mar. 31, 2015USD ($)Facility	Jun. 30, 2015USD ($)Facility	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of facilities sold | Facility	4		4
Total cash proceeds	$ 26,600
Amount of gain from sale of facilities	8,802		$ 8,802	$ 2,883
Tennessee
Real Estate Properties [Line Items]
Impairment charge	$ 6,900
SNF's | Florida
Real Estate Properties [Line Items]
Number of facilities to be replaced | Facility		3
Impairment charge		$ 6,000

DIRECT FINANCING LEASES (Detail

DIRECT FINANCING LEASES (Detail) $ in Thousands	Jun. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)Property
Leases, Capital [Abstract]
Minimum lease payments receivable	$ 4,291,061	$ 4,244,067
Estimated residual values
Less unearned income	$ (3,719,684)	$ (3,704,835)
Investments in direct financing leases	$ 571,377	$ 539,232
Properties subject to direct financing leases | Property	58	56

DIRECT FINANCING LEASES (Deta48

DIRECT FINANCING LEASES (Detail 1) $ in Thousands	Jun. 30, 2015USD ($)
Leases, Capital [Abstract]
Year 1	$ 49,345
Year 2	49,623
Year 3	50,529
Year 4	51,782
Year 5	$ 53,060

DIRECT FINANCING LEASES (Narrat

DIRECT FINANCING LEASES (Narrative) (Detail) $ in Millions	Apr. 01, 2015StateLease	Nov. 27, 2013USD ($)FacilityBedStateOperating-Lease	Dec. 31, 2014Facility	Jun. 30, 2015FacilityState
Capital Leased Assets [Line Items]
Number of facilities owned				936
Number of states | State				41
New Ark Investment Inc.
Capital Leased Assets [Line Items]
Cash paid for acquisition | $		$ 529
Number of lease		1
Number of facilities owned		56	3
Master lease term		50 years	12 years
Interest on lease per annum		10.60%
Number of licensed beds | Bed		5,623
Number of states | State		12
New Ark Investment Inc. | Southeast
Capital Leased Assets [Line Items]
Number of facilities owned		39
New Ark Investment Inc. | Northwest
Capital Leased Assets [Line Items]
Number of facilities owned		7
New Ark Investment Inc. | Texas
Capital Leased Assets [Line Items]
Number of facilities owned		9
New Ark Investment Inc. | Indiana
Capital Leased Assets [Line Items]
Number of facilities owned		1
Aviv | Merger Agreement
Capital Leased Assets [Line Items]
Number of states | State	31
Aviv | Direct financing leases | Merger Agreement
Capital Leased Assets [Line Items]
Additional direct financing lease | Lease	2
SNF's | New Ark Investment Inc. | Direct financing leases
Capital Leased Assets [Line Items]
Number of facilities owned		55
ALFs | New Ark Investment Inc. | Direct financing leases
Capital Leased Assets [Line Items]
Number of facilities owned		1

MORTGAGE NOTES RECEIVABLE (Deta

MORTGAGE NOTES RECEIVABLE (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)Mortgage	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 682,255	$ 648,079
Allowance for loss on mortgage notes receivable
Total mortgages - net	$ 682,255	$ 648,079
Mortgage note due 2015; interest at 8.35%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	6,514
Total mortgages - net	$ 6,514
Mortgage loans on real estate, interest rate	8.35%	8.35%
Mortgage note due 2015; interest at 6.50%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 763
Total mortgages - net	$ 763
Mortgage loans on real estate, interest rate	6.50%	6.50%
Two mortgage notes due 2018; interest at 11.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 13,652
Total mortgages - net	$ 13,652
Mortgage loans on real estate, interest rate	11.00%	11.00%
Number of mortgage loans | Mortgage	2
Mortgage note due 2018; interest at 12.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 1,028
Total mortgages - net	$ 1,028
Mortgage loans on real estate, interest rate	12.00%	12.00%
Mortgage note due 2020; interest at 8.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 3,974
Total mortgages - net	$ 3,974
Mortgage loans on real estate, interest rate	8.00%	8.00%
Mortgage note due 2021; interest at 10.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 1,090
Total mortgages - net	$ 1,090
Mortgage loans on real estate, interest rate	10.00%	10.00%
Mortgage note due 2021; interest at 10.51%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 3,194	$ 1,326
Total mortgages - net	$ 3,194	$ 1,326
Mortgage loans on real estate, interest rate	10.51%	10.51%
Four mortgage notes due 2022; interest at 12.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 7,460	$ 7,395
Total mortgages - net	$ 7,460	$ 7,395
Mortgage loans on real estate, interest rate	12.00%	12.00%
Number of mortgage loans | Mortgage	4
Mortgage note due 2023; interest at 9.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 5,468
Total mortgages - net	$ 5,468
Mortgage loans on real estate, interest rate	9.00%	9.00%
Mortgage note due 2023; interest at 11.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 69,928	$ 69,928
Total mortgages - net	$ 69,928	$ 69,928
Mortgage loans on real estate, interest rate	11.00%	11.00%
Mortgage note due 2024; interest at 9.64%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 112,500	$ 112,500
Total mortgages - net	$ 112,500	$ 112,500
Mortgage loans on real estate, interest rate	9.64%	9.64%
Two mortgage notes due 2029; interest at 10.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 417
Total mortgages - net	$ 417
Mortgage loans on real estate, interest rate	10.00%	10.00%
Number of mortgage loans | Mortgage	2
Mortgage note due 2029; including interest at 9.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 413,987	$ 414,550
Total mortgages - net	$ 413,987	$ 414,550
Mortgage loans on real estate, interest rate	9.00%	9.00%
Mortgage note due 2030; interest at 10.82%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 15,780	$ 15,880
Total mortgages - net	$ 15,780	$ 15,880
Mortgage loans on real estate, interest rate	10.82%	10.82%
Four mortgage notes due 2046; interest at 12.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 26,500	$ 26,500
Total mortgages - net	$ 26,500	$ 26,500
Mortgage loans on real estate, interest rate	12.00%	12.00%
Number of mortgage loans | Mortgage	4

MORTGAGE NOTES RECEIVABLE - (Na

MORTGAGE NOTES RECEIVABLE - (Narrative) (Details) $ in Thousands	Apr. 01, 2015USD ($)Bed	Sep. 30, 2014USD ($)Bed	Jun. 30, 2015USD ($)FacilityStateMortgageEntity	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Number of fixed rate mortgages | Mortgage			23
Number of long term care facilities | Facility			58
Number of states | State			41
Number of mortgage notes receivable independent operating companies | Entity			8
Mortgage notes receivable			$ 682,255	$ 648,079
Mortgage Loans
Mortgage Loans on Real Estate [Line Items]
Number of states | State			8
Tennessee | SNF's | Aviv | Mortgage Notes Due 2015
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed	79
Mortgage notes receivable	$ 6,500
Percentage of interest rates	8.35%
Tennessee | SNF's | Aviv | Mortgage Notes Due 2020
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed	79
Mortgage notes receivable	$ 4,000
Percentage of interest rates	8.00%
Missouri | SNF's | Aviv | Mortgage Notes Due 2015
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed	32
Mortgage notes receivable	$ 6,500
Percentage of interest rates	8.35%
Missouri | SNF's | Aviv | Mortgage Notes Due 2020
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed	32
Mortgage notes receivable	$ 4,000
Percentage of interest rates	8.00%
Ohio | SNF's | Aviv | Mortgage Notes Due 2018
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed	100
Mortgage notes receivable	$ 12,600
Percentage of interest rates	11.00%
Percentage of increase in interest rates	2.00%
Ohio | SNF's | Aviv | Mortgage Note Due 2023
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable	$ 5,500
Percentage of interest rates	9.00%
Michigan | SNF's | Mortgage Note Due 2021
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed		120
Mortgage notes receivable		$ 3,500	$ 1,100
Percentage of interest rates			10.00%
Percentage of increase in interest rates			0.25%
Missouri | SNF's | Aviv | Mortgage Notes Due 2020
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed	49

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Notes receivable, gross	$ 82,955	$ 48,952
Allowance for loss on notes receivable
Total other investments	$ 82,955	$ 48,952
Other investment note due 2014
Schedule of Investments [Line Items]
Notes receivable, gross		1,640
Other investment notes due 2015; interest at 9.50%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 341	891
Other investment notes due 2015; interest at 10.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 5,439	$ 5,439
Interest rate	10.00%	10.00%
Other investment note due 2016; interest at 7.25%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 884
Interest rate	7.25%	7.25%
Other investment note due 2016; interest at 10.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 32
Interest rate	10.00%	10.00%
Other investment notes due 2017; interest at 10.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 23,363	$ 24,800
Interest rate	10.00%	10.00%
Other investment note due 2018; interest at 10.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 179
Interest rate	10.00%	10.00%
Other investment note due 2020; interest at 7.50%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 4,707
Interest rate	7.50%	7.50%
Other investment note due 2020; interest at 8.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 656
Interest rate	8.00%	8.00%
Other investment note due 2021; interest at 7.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 78
Interest rate	7.00%	7.00%
Other investment note due 2021; interest at 11.04%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 992	$ 1,053
Interest rate	11.04%	11.04%
Other investment note due 2022; interest at 10.77%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 2,022	$ 2,110
Interest rate	10.77%	10.77%
Other investment notes due 2022; interest at 11.04%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 3,881	$ 4,062
Interest rate	11.04%	11.04%
Other investment note due 2023; interest at 10.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 1,000	$ 1,000
Interest rate	10.00%	10.00%
Other investment notes due 2023; interest at 10.25%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 1,117
Interest rate	10.25%	10.25%
Other investment notes due 2023; interest at 10.51%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 2,561	$ 1,942
Interest rate	10.51%	10.51%
Other investment notes due 2023; interest at 10.77%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 6,956	$ 5,705
Interest rate	10.77%	10.77%
Other investment notes due 2023; interest at 11.04%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 298	$ 310
Interest rate	11.04%	11.04%
Other investment note due 2030; interest at 6.66%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 28,449
Interest rate	6.66%	6.66%

OTHER INVESTMENTS (Narrative) (

OTHER INVESTMENTS (Narrative) (Detail) - Jun. 30, 2015 - $2.5 million other investment note due 2014 - USD ($) $ in Millions	Total
Short-term Debt [Line Items]
Loan amount	$ 2.5
Notes issued, interest rate	6.00%

OTHER INVESTMENTS (Narrative)54

OTHER INVESTMENTS (Narrative) (Detail 1) - Jun. 30, 2015 - Other investment note due 2030; interest at 6.66% - Aviv REIT, Inc - USD ($) $ in Millions	Total
Short-term Debt [Line Items]
Other investment - fair value	$ 50
Interest rate	6.66%

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)Property		Mar. 31, 2015USD ($)Property
Number Of Properties
Beginning Balance	5	[1]	4	[2]
Properties sold	(2)
Properties added	1		1
Ending balance	4	[3]	5	[1]
Net Book Value
Beginning Balance | $	$ 16,877	[1]	$ 12,792	[2]
Properties sold | $	(6,973)
Properties added | $	5,999		$ 4,085
Ending balance | $	$ 15,903	[3]	$ 16,877	[1]
[1]	Includes one parcel of land and four facilities.
[2]	Includes one parcel of land and three facilities.
[3]	Includes one parcel of land and three facilities.

ASSETS HELD FOR SALE (Narrative

ASSETS HELD FOR SALE (Narrative) (Detail) $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2015USD ($)FacilityParcel		Mar. 31, 2015USD ($)FacilityParcel		Dec. 31, 2014USD ($)FacilityParcel		Apr. 01, 2015USD ($)	[2]
Real Estate Properties [Line Items]
Number of parcel of land classified as held for sale | Parcel	1		1		1
Number of facilities held for sale | Facility	3		4		3
Assets held for sale	$ 15,903	[1]	$ 16,877	[2]	$ 12,792	[3]	$ 16,877
SNF's | ALABAMA
Real Estate Properties [Line Items]
Number of held for sale facilities | Facility			1
Assets held for sale			$ 4,100
Facility purchased by operator	$ 9,000
SNF's | Pennsylvania
Real Estate Properties [Line Items]
Number of held for sale facilities | Facility	1
Assets held for sale	$ 6,000
[1]	Includes one parcel of land and three facilities.
[2]	Includes one parcel of land and four facilities.
[3]	Includes one parcel of land and three facilities.

INTANGIBLES - Summary of our in

INTANGIBLES - Summary of our intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Goodwill	$ 543,093
Accumulated amortization	(13,010)	$ (12,166)
Net intangible assets	552,098	2,410
Liabilities:
Below market lease intangibles	83,321	57,054
Accumulated amortization	(40,327)	(36,620)
Net intangible liabilities	42,994	20,434
Above market lease intangibles
Assets:
Gross intangible assets	21,629	$ 14,576
In-place lease intangibles
Assets:
Gross intangible assets	$ 386

INTANGIBLES (Narrative) (Detail

INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 1.7	$ 1.3	$ 2.9	$ 2.6
Remaining six months of 2015	2.9		2.9
2,016	4.9		4.9
2,017	3.9		3.9
2,018	3.7		3.7
2,019	$ 3.9		$ 3.9

CONCENTRATION OF RISK (Narrativ

CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands	Jun. 30, 2015USD ($)FacilityStateOperator	Jan. 28, 2015Facility	Dec. 31, 2014USD ($)
Concentration Risk [Line Items]
Number of facilities owned	936
Number of states | State	41
Number of operators | Operator	84
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $	$ 7,800,000
Percentage share of real estate investments related to long-term care facilities	99.00%
Miscellaneous investments, net | $	$ 82,955		$ 48,952
Ohio
Concentration Risk [Line Items]
Concentration percent by state	10.00%
Texas
Concentration Risk [Line Items]
Concentration percent by state	9.00%
Florida
Concentration Risk [Line Items]
Concentration percent by state	8.00%
SNF's
Concentration Risk [Line Items]
Number of facilities owned	775	1
Number of facilities held-for-sale/closed	5
Number of facilities under fixed rate mortgage loan	56
ALFs
Concentration Risk [Line Items]
Number of facilities owned	81
Number of facilities under fixed rate mortgage loan	2
Specialty facilities
Concentration Risk [Line Items]
Number of facilities owned	16
Medical office building
Concentration Risk [Line Items]
Number of facilities owned	1

DIVIDENDS AND EQUITY (Narrative

DIVIDENDS AND EQUITY (Narrative) (Detail) - $ / shares	Jul. 15, 2015	Apr. 15, 2015	Mar. 05, 2015	Jan. 14, 2015	Jun. 30, 2015
Dividends [Line Items]
Cash dividends paid on common stock					$ 1.07
Dividend Declared
Dividends [Line Items]
Common stock dividend payable, per share		$ 0.54	$ 0.54	$ 0.53
Nature of common stock dividend payable		Quarterly	Quarterly	Quarterly
Increase in quarterly common dividend, per share		$ 0.01	$ 0.01	$ 0.01
Dividends declared, date of declaration				Jan. 14, 2015
Dividends declared, date of payment				Feb. 16, 2015
Dividends declared, date of record				Feb. 2, 2015
Subsequent Event | Dividend Declared
Dividends [Line Items]
Common stock dividend payable, per share	$ 0.55
Nature of common stock dividend payable	Quarterly
Increase in quarterly common dividend, per share	$ 0.01
Dividends declared, date of declaration	Jul. 15, 2015
Dividends declared, date of payment	Aug. 17, 2015
Dividends declared, date of record	Jul. 31, 2015
Aviv REIT, Inc | Dividend Declared
Dividends [Line Items]
Common stock dividend payable, per share		$ 0.18	$ 0.36
Dividends declared, date of declaration		Apr. 15, 2015	Mar. 5, 2015
Dividends declared, date of payment		May 15, 2015	Apr. 7, 2015
Dividends declared, date of record		Apr. 30, 2015	Mar. 31, 2015

DIVIDENDS AND EQUITY (Narrati61

DIVIDENDS AND EQUITY (Narrative) (Detail 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Feb. 09, 2015	Jun. 30, 2015	Jun. 30, 2015	Mar. 27, 2015	Mar. 26, 2015	Dec. 31, 2014
Dividends [Abstract]
Capital stock, shares authorized				370,000	220,000
Common stock, shares authorized		350,000	350,000	350,000	200,000	200,000
Shares of common stock issued in an underwritten public offering	10,925		10,925
Common stock, price per share	$ 42	$ 40.32	$ 40.32
Proceeds from shares of common stock issued in an underwritten public offering	$ 440,000		$ 440,036
Shares issued under dividend reinvestment and common stock purchase program		700	813
Dividend reinvestment plan, shares issued, price per share		$ 36.46	$ 37.07
Net proceeds from shares issued under Dividend Reinvestment and Common Stock Purchase Program		$ 24,700	$ 30,111

TAXES (Narrative) (Detail)

TAXES (Narrative) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)	May. 01, 2015Care_HomeEntity
Income Tax Disclosure [Abstract]
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage	100.00%
Net operating loss carry-forward	$ 1
Legal entities acquired for United Kingdom taxes	82
Temporary tax basis difference	16
State and local income tax provision	0.4
Provision for foreign income taxes	$ 0.2
Care Homes
Taxes [Line Items]
Number of legal entities | Entity		10
Number of care homes located in the United Kingdom | Care_Home		23

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock-based compensation expense	$ 2,873	$ 2,285	$ 4,483	$ 4,548

STOCK-BASED COMPENSATION (Det64

STOCK-BASED COMPENSATION (Details 1)	Jun. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	1,579,711
Restricted stock units ("RSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	537,753
Restricted stock units ("RSUs") | 12 /31/2013 RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	213,741
Restricted stock units ("RSUs") | 1 /1/2014 RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	122,137
Restricted stock units ("RSUs") | 3 /31/2015 RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	123,693
Restricted stock units ("RSUs") | 4 /1/2015 RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	39,914
Restricted stock units ("RSUs") | 4 /1/2015 Assumed RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	10,644
Restricted stock units ("RSUs") | 4 /1/2015 Assumed RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	19,825
Restricted stock units ("RSUs") | 4 /1/2015 Assumed Multi-year RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	7,799

STOCK-BASED COMPENSATION (Det65

STOCK-BASED COMPENSATION (Details 2) - Jun. 30, 2015 - shares		Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		1,579,711
Performance restricted stock units ("PRSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		913,528
Performance restricted stock units ("PRSUs") | 2013 Multi-Year TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Jan. 1, 2011
Number of shares granted		279,552
Performance Period	[1]	12/31/2011-12/31/2013
Performance restricted stock units ("PRSUs") | 2014 Transition TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Dec. 31, 2013
Number of shares granted		77,371
Performance Period	[1]	12/31/2013-12/31/2014
Performance restricted stock units ("PRSUs") | 2015 Transition TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Dec. 31, 2013
Number of shares granted		77,369
Performance Period	[1]	12/31/2013-12/31/2015
Performance restricted stock units ("PRSUs") | 2016 Transition TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Dec. 31, 2013
Number of shares granted		115,785
Performance Period	[1]	12/31/2013-12/31/2016
Performance restricted stock units ("PRSUs") | 2016 TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Jan. 1, 2014
Number of shares granted		154,584
Performance Period	[1]	1/1/2014-12/31/2016
Performance restricted stock units ("PRSUs") | 2017 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Mar. 31, 2015
Number of shares granted		154,716
Performance Period	[1]	1/1/2015-12/31/2017
Performance restricted stock units ("PRSUs") | 2017 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Apr. 1, 2015
Number of shares granted		54,151
Performance Period	[1]	1/1/2015-12/31/2017
[1]	The performance period is the period indicated.

STOCK-BASED COMPENSATION (Det66

STOCK-BASED COMPENSATION (Details 3) - Jun. 30, 2015 - shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	1,579,711
Performance restricted stock units ("PRSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	913,528
Performance restricted stock units ("PRSUs") | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	727,154
Performance restricted stock units ("PRSUs") | 2013 Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 1, 2011
PRSUs Granted	93,183
Performance Period	12/31/2011-12/31/2013
Performance restricted stock units ("PRSUs") | 2014 Transition Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Dec. 31, 2013
PRSUs Granted	77,371
Performance Period	12/31/2013-12/31/2014
Performance restricted stock units ("PRSUs") | 2015 Transition Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	77,368
Performance restricted stock units ("PRSUs") | 2015 Transition Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Dec. 31, 2013
PRSUs Granted	77,368
Performance Period	12/31/2013-12/31/2015
Performance restricted stock units ("PRSUs") | 2016 Transition Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	115,781
Performance restricted stock units ("PRSUs") | 2016 Transition Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Dec. 31, 2013
PRSUs Granted	115,781
Performance Period	12/31/2013-12/31/2016
Performance restricted stock units ("PRSUs") | 2016 Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	154,584
Performance restricted stock units ("PRSUs") | 2016 Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 1, 2014
PRSUs Granted	154,584
Performance Period	1/1/2014-12/31/2016
Performance restricted stock units ("PRSUs") | 2017 Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	154,716
Performance restricted stock units ("PRSUs") | 2017 Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Mar. 31, 2015
PRSUs Granted	154,716
Performance Period	1/1/2015-12/31/2017
Performance restricted stock units ("PRSUs") | 2017 Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	54,151
Performance restricted stock units ("PRSUs") | 2017 Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Apr. 1, 2015
PRSUs Granted	54,151
Performance Period	1/1/2015-12/31/2017

STOCK-BASED COMPENSATION (Det67

STOCK-BASED COMPENSATION (Detail 4) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Millions	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units	1,579,711
Grant Date Average Fair Value Per Unit/ Share	$ 19.63
Total Compensation Cost	$ 30.9
Unrecognized Compensation Cost	$ 22.9
Restricted stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,013
Shares/Units	142,494
Grant Date Average Fair Value Per Unit/ Share	$ 29.80
Total Compensation Cost	$ 4.2
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 3.2
Restricted stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,014
Shares/Units	122,137
Grant Date Average Fair Value Per Unit/ Share	$ 29.80
Total Compensation Cost	$ 3.6
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 1.8
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units	913,528
Performance restricted stock units | 2014 Transition TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units	77,371
Performance restricted stock units | 2015 Transition TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,013
Shares/Units	77,369
Grant Date Average Fair Value Per Unit/ Share	$ 7.48
Total Compensation Cost	$ 0.6
Weighted Average Period of Expense Recognition	24 months
Unrecognized Compensation Cost	$ 0.1
Performance restricted stock units | 2016 Transition TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,013
Shares/Units	115,785
Grant Date Average Fair Value Per Unit/ Share	$ 8.67
Total Compensation Cost	$ 1
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 0.5
Performance restricted stock units | 2015 Transition Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,013
Shares/Units	77,368
Grant Date Average Fair Value Per Unit/ Share	$ 13.06
Total Compensation Cost	$ 1
Weighted Average Period of Expense Recognition	24 months
Unrecognized Compensation Cost	$ 0.3
Performance restricted stock units | 2016 Transition Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,013
Shares/Units	115,781
Grant Date Average Fair Value Per Unit/ Share	$ 14.25
Total Compensation Cost	$ 1.7
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 0.8
Performance restricted stock units | 2016 TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,014
Shares/Units	154,584
Grant Date Average Fair Value Per Unit/ Share	$ 8.67
Total Compensation Cost	$ 1.3
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 0.8
Performance restricted stock units | 2016 Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,014
Shares/Units	154,584
Grant Date Average Fair Value Per Unit/ Share	$ 14.25
Total Compensation Cost	$ 2.2
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 1.4
Performance restricted stock units | 2017 LTIPs Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	154,716
Grant Date Average Fair Value Per Unit/ Share	$ 14.66
Total Compensation Cost	$ 2.3
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 2.1
Performance restricted stock units | 2017 Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	154,716
Grant Date Average Fair Value Per Unit/ Share	$ 22.50
Total Compensation Cost	$ 3.5
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 3.2
Performance restricted stock units | 2017 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	54,151
Grant Date Average Fair Value Per Unit/ Share	$ 14.45
Total Compensation Cost	$ 0.8
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 0.7
Performance restricted stock units | 2017 Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	54,151
Grant Date Average Fair Value Per Unit/ Share	$ 22.91
Total Compensation Cost	$ 1.2
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 1.2
2017 Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	123,693
Grant Date Average Fair Value Per Unit/ Share	$ 40.57
Total Compensation Cost	$ 5
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 4.6
2017 Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	39,914
Grant Date Average Fair Value Per Unit/ Share	$ 40.74
Total Compensation Cost	$ 1.6
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 1.5
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	10,644
Grant Date Average Fair Value Per Unit/ Share	$ 12.36
Total Compensation Cost	$ 0.1
Weighted Average Period of Expense Recognition	9 months
Unrecognized Compensation Cost	$ 0.1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	19,825
Grant Date Average Fair Value Per Unit/ Share	$ 24.92
Total Compensation Cost	$ 0.5
Weighted Average Period of Expense Recognition	21 months
Unrecognized Compensation Cost	$ 0.4
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units	7,799
Grant Date Average Fair Value Per Unit/ Share	$ 35.08
Total Compensation Cost	$ 0.3
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 0.2

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Detail)	12 Months Ended
	Dec. 31, 2014shares
RSUs | December 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock vested	71,247

STOCK-BASED COMPENSATION (Nar69

STOCK-BASED COMPENSATION (Narrative) (Detail 1) - shares	1 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Performance restricted stock units ("PRSUs") | 2013 Multi-Year TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percent			25.00%
Performance restricted stock units ("PRSUs") | 2013 Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percent		25.00%
Restricted stock units ("RSUs") | 2014 Transition Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock vested	61,769

STOCK-BASED COMPENSATION (Nar70

STOCK-BASED COMPENSATION (Narrative) (Detail 2) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	1,579,711
Unrecognized compensation Cost	$ 22.9
Restricted stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	23,649
Vesting period, years	3 years
Unrecognized compensation Cost	$ 0.4

BORROWING ACTIVITIES AND ARRA71

BORROWING ACTIVITIES AND ARRANGEMENTS - Long-term borrowings (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 17, 2015	Apr. 01, 2015	Mar. 18, 2015	Mar. 13, 2015	Dec. 31, 2014
Secured borrowings:
HUD debt		$ 263,068					$ 251,454
Unsecured borrowings:
Revolving line of credit		351,000					85,000
Term loan		500,000					200,000
Revolving line of credit including term loan		851,000					285,000
Total - net		$ 3,447,924					$ 2,378,503
Secured borrowings | GE Term loan
Debt Instrument [Line Items]
Maturity		2,019
Rate		4.00%
Unsecured borrowings:
Term loan		$ 180,000		$ 180,000
Secured borrowings | HUD mortgages assumed June 2010
Debt Instrument [Line Items]
Maturity	[1]	2040 - 2045
Rate	[1]
Secured borrowings:
Long-term borrowing amount, secured borrowings	[1]						$ 126,319
Secured borrowings | HUD mortgages assumed October 2011
Debt Instrument [Line Items]
Maturity	[1]	2,036
Rate	[1]	4.91%
Secured borrowings:
Long-term borrowing amount, secured borrowings	[1]	$ 26,253					26,658
Secured borrowings | HUD mortgages assumed December 2011
Debt Instrument [Line Items]
Maturity	[1]	2,044
Rate	[1]	3.06%
Secured borrowings:
Long-term borrowing amount, secured borrowings	[1]	$ 56,815					57,416
Secured borrowings | HUD mortgages assumed December 2012
Debt Instrument [Line Items]
Maturity	[1]	2,041
Rate	[1]
Secured borrowings:
Long-term borrowing amount, secured borrowings	[1]						41,061
Unsecured borrowings
Unsecured borrowings:
Unsecured borrowing		$ 2,345,679					1,845,747
Discount - net		(11,823)					(3,698)
Total unsecured borrowings		$ 3,184,856					2,127,049
Unsecured borrowings | Revolving line of credit
Debt Instrument [Line Items]
Maturity		2,018
Rate		1.48%
Unsecured borrowings:
Revolving line of credit		$ 351,000					85,000
Unsecured borrowings | Term loan
Debt Instrument [Line Items]
Maturity		2,019
Rate		1.69%
Unsecured borrowings:
Term loan		$ 200,000					200,000
Unsecured borrowings | Acquisition Term loan
Debt Instrument [Line Items]
Maturity		2,017
Rate		1.68%
Unsecured borrowings:
Term loan		$ 200,000
Unsecured borrowings | Omega OP Term loan
Debt Instrument [Line Items]
Maturity		2,017
Rate		1.68%
Unsecured borrowings:
Term loan		$ 100,000
Unsecured borrowings | 2020 notes
Debt Instrument [Line Items]
Maturity		2,020
Rate						7.50%
Unsecured borrowings:
Senior notes outstanding							200,000
Unsecured borrowings | 2022 notes
Debt Instrument [Line Items]
Maturity		2,022
Rate		6.75%
Unsecured borrowings:
Senior notes outstanding		$ 575,000					575,000
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity		2,024
Rate		5.875%
Unsecured borrowings:
Senior notes outstanding		$ 400,000					400,000
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity		2,024
Rate		4.95%
Unsecured borrowings:
Senior notes outstanding		$ 400,000					400,000
Unsecured borrowings | 2025 notes
Debt Instrument [Line Items]
Maturity		2,025
Rate		4.50%	4.50%
Unsecured borrowings:
Senior notes outstanding		$ 250,000	$ 250,000				$ 250,000
Unsecured borrowings | 2027 notes
Debt Instrument [Line Items]
Maturity		2,027
Rate		4.50%			4.50%
Unsecured borrowings:
Senior notes outstanding		$ 700,000			$ 700,000
Unsecured borrowings | Subordinated debt
Debt Instrument [Line Items]
Maturity		2,021
Rate		9.00%
Unsecured borrowings:
Subordinated debt		$ 20,679					$ 20,747
[1]	The performance period is the period indicated.

BORROWING ACTIVITIES AND ARRA72

BORROWING ACTIVITIES AND ARRANGEMENTS - Long-term borrowings (Parentheticals) (Detail)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Excluded percentage of third party administration fee	0.50%

BORROWING ACTIVITIES AND ARRA73

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail) - HUD $ in Millions	Mar. 31, 2015USD ($)Mortgage	Apr. 30, 2015USD ($)Mortgage
Debt Instrument [Line Items]
Number of HUD mortgages | Mortgage	21	1
Payment to retire HUD mortgages	$ 154.3	$ 9.1
Total HUD mortgage loans principal payoff	146.9
Gain on extinguishment of the debt	2.3	1
Write-off of premium recorded at time of acquisition	9.7	1.5
Prepayment fees	$ 7.4	$ 0.5
Hud interest rate 5.35%
Debt Instrument [Line Items]
Number of mortgage loans | Mortgage	18
Notes issued, interest rate	5.35%
Lease expiration period	January 2040 and January 2045
Hud interest rate 5.23%
Debt Instrument [Line Items]
Number of mortgage loans | Mortgage	3
Notes issued, interest rate	5.23%
Lease expiration period	February 2040 and February 2045
Hud interest rate 4.35%
Debt Instrument [Line Items]
Notes issued, interest rate		4.35%
Lease expiration period		March 1, 2041

BORROWING ACTIVITIES AND ARRA74

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 1) - USD ($) $ in Thousands	Apr. 01, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Term loan		$ 500,000	$ 200,000
Secured Borrowings | GE Term loan
Debt Instrument [Line Items]
Term loan	$ 180,000	$ 180,000
Debt Instrument, Maturity Date, Description		2,019
Rate		4.00%
Description of variable rate basis	The interest rate is based on LIBOR, with a floor of 50 basis points, plus a margin of 350 basis points.
LIBOR plus an applicable percentage	0.50%

BORROWING ACTIVITIES AND ARRA75

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 2) - USD ($) $ in Thousands	Apr. 01, 2015	Mar. 18, 2015	Jun. 30, 2015	Jun. 17, 2015	Dec. 31, 2014	Jun. 27, 2014
Borrowing Arrangements [Line Items]
Term loan			$ 500,000		$ 200,000
Revolving line of credit			351,000		85,000
Acquisition Term Loan Facility
Borrowing Arrangements [Line Items]
Term loan			$ 200,000
Pricing of credit facility at LIBOR plus an applicable percentage			1.50%
Credit facility, description of variable rate basis			The Acquisition Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings.
Debt maturity date			Jun. 27, 2017
Omega OP Term Loan Facility
Borrowing Arrangements [Line Items]
Term loan	$ 100,000		$ 100,000
Pricing of credit facility at LIBOR plus an applicable percentage	1.50%
Credit facility, description of variable rate basis	The Omega OP Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings.
Debt maturity date	Jun. 27, 2017
Minimum | Acquisition Term Loan Facility
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage			1.00%
Minimum | Omega OP Term Loan Facility
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage	1.00%
Maximum | Acquisition Term Loan Facility
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage			1.95%
Maximum | Omega OP Term Loan Facility
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage	1.95%
Senior unsecured revolving credit facility | Omega Credit Agreement
Borrowing Arrangements [Line Items]
Credit facility, borrowing capacity	$ 1,000,000
Senior unsecured revolving credit facility | First Amendment to Omega Credit Agreement
Borrowing Arrangements [Line Items]
Credit facility, borrowing capacity	1,250,000
Senior unsecured revolving credit facility | First Amendment to Omega Credit Agreement | Acquisition Term Loan Facility
Borrowing Arrangements [Line Items]
Term loan, borrowing capacity	$ 200,000
Unsecured borrowings
Borrowing Arrangements [Line Items]
Credit facility, borrowing capacity						$ 1,200,000
Unsecured borrowings | Senior unsecured revolving credit facility
Borrowing Arrangements [Line Items]
Credit facility, borrowing capacity			$ 351,000			1,000,000
Pricing of credit facility at LIBOR plus an applicable percentage			1.30%
Credit facility, description of variable rate basis			The Revolving Credit Facility is priced at LIBOR plus an applicable percentage (beginning at 130 basis points, with a range of 92.5 to 170 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings
Facility fee, basis spread on variable rate			0.25%
Facility fee, description of variable rate basis			facility fee based on the same ratings (initially 25 basis points, with a range of 12.5 to 30 basis points)
Debt maturity date			Jun. 27, 2018
Unsecured borrowings | Senior unsecured revolving credit facility | Minimum
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage			0.0925%
Facility fee, basis spread on variable rate			0.125%
Unsecured borrowings | Senior unsecured revolving credit facility | Maximum
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage			1.70%
Facility fee, basis spread on variable rate			0.30%
Unsecured borrowings | Term Loan Facility
Borrowing Arrangements [Line Items]
Credit facility, borrowing capacity						$ 200,000
Term loan			$ 200,000
Pricing of credit facility at LIBOR plus an applicable percentage			1.50%
Credit facility, description of variable rate basis			The Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings.
Debt maturity date			Jun. 27, 2019
Unsecured borrowings | Term Loan Facility | Minimum
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage			1.00%
Unsecured borrowings | Term Loan Facility | Maximum
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage			1.95%
Unsecured borrowings | 2025 notes
Borrowing Arrangements [Line Items]
Rate			4.50%	4.50%
Senior notes, principal amount			$ 250,000	$ 250,000	$ 250,000
Unsecured borrowings | 2027 notes
Borrowing Arrangements [Line Items]
Rate		4.50%	4.50%
Senior notes, principal amount		$ 700,000	$ 700,000
Redemption price percentage specified on principal amount		100.00%
Debt maturity date		Apr. 1, 2027
Debt instrument, issuance price, percentage of principal amount issued		98.546%
Net proceeds from issuance of debt, after deducting initial purchasers' discounts		$ 683,000
Minimum borrowing required to be fully guaranteed		$ 50,000

BORROWING ACTIVITIES AND ARRA76

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 3) - USD ($) $ in Thousands	Mar. 13, 2015	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Net proceeds from issuance of common stock			$ 440,036	$ 57,152
Unsecured borrowings | 7.50% notes due 2020
Debt Instrument [Line Items]
Rate	7.50%
Redemption price, percentage	103.75%
Redemption price	$ 208,700
Redemption related costs and write-offs		$ 11,700
Redemption prepayment fee		7,500
Write off deferred financing and discount costs		4,200
Net proceeds from issuance of common stock		$ 10,925

BORROWING ACTIVITIES AND ARRA77

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Details 4) - USD ($) $ in Thousands	Apr. 01, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Revolving line of credit		$ 351,000	$ 85,000
Aviv REIT, Inc | Note Payable
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 650,000
Early repayment of debt	705,600
Aviv REIT, Inc | Revolving line of credit
Debt Instrument [Line Items]
Revolving line of credit	$ 525,000

FINANCIAL INSTRUMENTS (Detail)

FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets:
Cash and cash equivalents	$ 25,154	$ 4,489	$ 28,689	$ 2,616
Restricted cash	21,545	29,076
Investments in direct financing leases	571,377	539,232
Mortgage notes receivable - net	682,255	648,079
Other investments - net	82,955	48,952
Liabilities:
Revolving line of credit	351,000	85,000
Term loans	500,000	200,000
Secured borrowings	263,068	251,454
Carrying Amount
Assets:
Cash and cash equivalents	25,154	4,489
Restricted cash	21,545	29,076
Investments in direct financing leases	571,377	539,232
Mortgage notes receivable - net	682,255	648,079
Other investments - net	82,955	48,952
Totals	1,383,286	1,269,828
Liabilities:
Revolving line of credit	351,000	85,000
Term loans	200,000	$ 200,000
Acquisition Term loan	200,000
Omega OP Term loan	100,000
GE Term loan due 2019	180,000
Secured borrowings	83,068	$ 251,454
Subordinated debt	20,679	20,747
Totals	$ 3,447,924	2,378,503
Carrying Amount | 7.50% notes due 2020
Liabilities:
Notes Payable		198,235
Carrying Amount | 6.75% notes due 2022
Liabilities:
Notes Payable	$ 580,063	580,410
Carrying Amount | 5.875% notes due 2024
Liabilities:
Notes Payable	400,000	400,000
Carrying Amount | 4.95% notes due 2024
Liabilities:
Notes Payable	395,051	394,768
Carrying Amount | 4.50% notes due 2025
Liabilities:
Notes Payable	247,994	$ 247,889
Carrying Amount | 4.50% notes due 2027
Liabilities:
Notes Payable	690,069
Fair Value
Assets:
Cash and cash equivalents	25,154	$ 4,489
Restricted cash	21,545	29,076
Investments in direct financing leases	571,377	539,232
Mortgage notes receivable - net	681,084	642,626
Other investments - net	83,973	49,513
Totals	1,383,133	1,264,936
Liabilities:
Revolving line of credit	351,000	85,000
Term loans	200,000	$ 200,000
Acquisition Term loan	200,000
Omega OP Term loan	100,000
GE Term loan due 2019	180,000
Secured borrowings	81,657	$ 266,434
Subordinated debt	29,119	26,434
Totals	$ 3,729,921	2,623,641
Fair Value | 7.50% notes due 2020
Liabilities:
Notes Payable		264,269
Fair Value | 6.75% notes due 2022
Liabilities:
Notes Payable	$ 783,598	677,851
Fair Value | 5.875% notes due 2024
Liabilities:
Notes Payable	470,977	449,242
Fair Value | 4.95% notes due 2024
Liabilities:
Notes Payable	408,036	410,358
Fair Value | 4.50% notes due 2025
Liabilities:
Notes Payable	250,275	$ 244,053
Fair Value | 4.50% notes due 2027
Liabilities:
Notes Payable	$ 675,259

FINANCIAL INSTRUMENTS (Parenthe

FINANCIAL INSTRUMENTS (Parentheticals) (Detail)	Jun. 30, 2015
7.50% notes due 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	7.50%
6.75% notes due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	6.75%
5.875% notes due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	5.875%
4.95% notes due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	4.95%
4.50% notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	4.50%
4.50% notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	4.50%

LITIGATION (Narrative) (Details

LITIGATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015Class_actions
Commitments and Contingencies Disclosure [Abstract]
Number of class actions filed by purported stockholders	4

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 43,466	$ 46,817	$ 86,518	$ 102,646
Less: Net income attributable to noncontrolling interests	(2,038)		(2,038)
Net income available to common stockholders	$ 41,428	$ 46,817	$ 84,480	$ 102,646
Denominator:
Denominator for basic earnings per share	182,697	126,474	158,521	125,467
Effect of dilutive securities:
Common stock equivalents	2,796	962	1,628	663
Noncontrolling interest - OP units	8,989		4,495
Denominator for diluted earnings per share	194,482	127,436	164,644	126,130
Earnings per share - basic:
Net income available to common stockholders (in dollars per share)	$ 0.23	$ 0.37	$ 0.53	$ 0.82
Earnings per share - diluted:
Net income (in dollars per share)	$ 0.22	$ 0.37	$ 0.53	$ 0.81

CONSOLIDATING FINANCIAL STATE82

CONSOLIDATING FINANCIAL STATEMENTS (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Real estate properties
Land and buildings	$ 6,513,674	$ 3,223,785
Less accumulated depreciation	(898,734)	(821,712)
Real estate properties - net	5,614,940	2,402,073
Investments in direct financing leases	571,377	539,232
Mortgage notes receivable	682,255	648,079
Real estate properties, total	6,868,572	3,589,384
Other investments	82,955	48,952
Total investments held, continuing operations	6,951,527	3,638,336
Assets held for sale - net	15,903	12,792
Total investments	6,967,430	3,651,128
Cash and cash equivalents	25,154	4,489	$ 28,689	$ 2,616
Restricted cash	21,545	29,076
Accounts receivable - net	189,037	$ 168,176
Goodwill	$ 543,093
Investment in affiliates
Intercompany receivable
Other assets	$ 67,417	$ 68,776
Total assets	7,813,676	3,921,645
LIABILITIES AND EQUITY
Revolving line of credit	351,000	85,000
Term loan	500,000	200,000
Secured borrowings	263,068	251,454
Unsecured borrowings - net	2,333,856	1,842,049
Accrued expenses and other liabilities	271,584	$ 141,815
Deferred income taxes	16,852
Total liabilities	3,736,360	$ 2,520,318
Equity:
Common stock	$ 18,332	12,761
Equity investment in affiliates
Common stock - additional paid-in-capital	$ 4,503,180	2,136,234
Cumulative net earnings	1,232,478	1,147,998
Cumulative dividends paid	(2,047,257)	$ (1,895,666)
Accumulated other comprehensive income	2,839
Total stockholders' equity	3,709,572	$ 1,401,327
Noncontrolling interest	367,744
Total equity	4,077,316	1,401,327
Total liabilities and equity	7,813,676	3,921,645
Issuer & Subsidiary Guarantors
Real estate properties
Land and buildings	6,216,154	3,108,597
Less accumulated depreciation	(879,004)	(805,679)
Real estate properties - net	5,337,150	2,302,918
Investments in direct financing leases	571,377	539,232
Mortgage notes receivable	682,255	648,079
Real estate properties, total	6,590,782	3,490,229
Other investments	82,955	48,952
Total investments held, continuing operations	6,673,737	3,539,181
Assets held for sale - net	15,903	12,792
Total investments	6,689,640	3,551,973
Cash and cash equivalents	22,916	4,489	$ 28,689	$ 2,616
Restricted cash	7,056	15,143
Accounts receivable - net	183,681	163,610
Goodwill	526,807
Investment in affiliates	$ 186,316	$ 7,941
Intercompany receivable
Other assets	$ 60,309	$ 60,820
Total assets	7,676,725	3,803,976
LIABILITIES AND EQUITY
Revolving line of credit	351,000	85,000
Term loan	500,000	200,000
Secured borrowings	180,000	167,379
Unsecured borrowings - net	2,313,177	1,821,302
Accrued expenses and other liabilities	$ 258,071	128,968
Deferred income taxes
Total liabilities	$ 3,602,248	2,402,649
Equity:
Common stock	$ 18,332	12,761
Equity investment in affiliates
Common stock - additional paid-in-capital	$ 4,503,180	2,136,234
Cumulative net earnings	1,232,478	1,147,998
Cumulative dividends paid	$ (2,047,257)	(1,895,666)
Accumulated other comprehensive income
Total stockholders' equity	$ 3,706,733	1,401,327
Noncontrolling interest	367,744
Total equity	4,074,477
Total liabilities and equity	7,676,725	3,803,976
Non-Guarantor Subsidiaries
Real estate properties
Land and buildings	297,520	115,188
Less accumulated depreciation	(19,730)	(16,033)
Real estate properties - net	$ 277,790	$ 99,155
Investments in direct financing leases
Mortgage notes receivable
Real estate properties, total	$ 277,790	$ 99,155
Other investments
Total investments held, continuing operations	$ 277,790	$ 99,155
Assets held for sale - net
Total investments	$ 277,790	$ 99,155
Cash and cash equivalents	2,238
Restricted cash	14,489	$ 13,933
Accounts receivable - net	5,356	$ 4,566
Goodwill	$ 16,286
Investment in affiliates
Intercompany receivable	$ 1,692	$ 1,005
Other assets	7,108	7,956
Total assets	$ 324,959	$ 126,615
LIABILITIES AND EQUITY
Revolving line of credit
Term loan
Secured borrowings	$ 216,620	$ 84,075
Unsecured borrowings - net	20,679	20,747
Accrued expenses and other liabilities	13,513	12,847
Deferred income taxes	16,852
Total liabilities	$ 267,664	$ 117,669
Equity:
Common stock
Equity investment in affiliates	$ 46,318
Common stock - additional paid-in-capital
Cumulative net earnings	$ 8,138	$ 8,946
Cumulative dividends paid
Accumulated other comprehensive income	$ 2,839
Total stockholders' equity	$ 57,295	$ 8,946
Noncontrolling interest
Total equity	$ 57,295
Total liabilities and equity	$ 324,959	$ 126,615
Elimination Company
Real estate properties
Land and buildings
Less accumulated depreciation
Real estate properties - net
Investments in direct financing leases
Mortgage notes receivable
Real estate properties, total
Other investments
Total investments held, continuing operations
Assets held for sale - net
Total investments
Cash and cash equivalents
Restricted cash
Accounts receivable - net
Goodwill
Investment in affiliates	$ (186,316)	$ (7,941)
Intercompany receivable	$ (1,692)	$ (1,005)
Other assets
Total assets	$ (188,008)	$ (8,946)
LIABILITIES AND EQUITY
Revolving line of credit
Term loan
Secured borrowings	$ (133,552)
Unsecured borrowings - net
Accrued expenses and other liabilities
Deferred income taxes
Total liabilities	$ (133,552)
Equity:
Common stock
Equity investment in affiliates	$ (46,318)
Common stock - additional paid-in-capital
Cumulative net earnings	$ (8,138)	$ (8,946)
Cumulative dividends paid
Accumulated other comprehensive income
Total stockholders' equity	$ (54,456)	$ (8,946)
Noncontrolling interest
Total equity	$ (54,456)
Total liabilities and equity	$ (188,008)	$ (8,946)

CONSOLIDATING FINANCIAL STATE83

CONSOLIDATING FINANCIAL STATEMENTS (Detail 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Rental income	$ 163,112	$ 96,242	$ 264,076	$ 192,160
Income from direct financing leases	15,020	14,146	29,366	28,230
Mortgage interest income	17,562	9,923	34,141	19,249
Other investment income - net	2,017	1,489	3,548	3,162
Total operating revenues	197,711	121,800	331,131	242,801
Expenses
Depreciation and amortization	59,156	31,301	89,766	62,745
General and administrative	10,308	6,297	16,322	12,794
Acquisition costs	47,084	45	51,952	140
Impairment loss on real estate properties	6,916	1,558	12,898	1,558
Provisions for uncollectible mortgages, notes and accounts receivable	(7)	2,761	(9)	2,745
Total operating expenses	123,457	41,962	170,929	79,982
Income before other income and expense	74,254	79,838	160,202	162,819
Other income (expense):
Interest income	7	17	200	25
Interest expense	(38,248)	(29,447)	(70,607)	(56,528)
Interest - amortization of deferred financing costs	(1,826)	(946)	(3,179)	(1,868)
Interest - refinancing gain (costs)	$ 1,016	(2,645)	(8,361)	(4,685)
Equity in earnings
Total other expense	$ (39,051)	(33,021)	(81,947)	(63,056)
Income before gain on assets sold	35,203	46,817	78,255	99,763
Gain on assets sold - net	8,802		8,802	2,883
Income from continuing operations before income taxes	44,005	46,817	87,057	102,646
Income taxes	(539)		(539)
Net income	43,466	46,817	86,518	102,646
Net income attributable to noncontrolling interest	(2,038)		(2,038)
Net income available to common stockholders	41,428	46,817	84,480	102,646
Issuer & Subsidiary Guarantors
Revenue
Rental income	157,337	92,967	254,950	185,609
Income from direct financing leases	15,020	14,146	29,366	28,230
Mortgage interest income	17,562	9,923	34,141	19,249
Other investment income - net	2,017	1,489	3,548	3,162
Total operating revenues	191,936	118,525	322,005	236,250
Expenses
Depreciation and amortization	56,818	29,995	86,081	60,138
General and administrative	10,277	6,267	16,257	12,732
Acquisition costs	44,571	45	49,439	140
Impairment loss on real estate properties	6,916	1,558	12,898	1,558
Provisions for uncollectible mortgages, notes and accounts receivable	(7)	2,761	(9)	2,745
Total operating expenses	118,575	40,626	164,666	77,313
Income before other income and expense	73,361	77,899	157,339	158,937
Other income (expense):
Interest income	3	13	192	18
Interest expense	(35,984)	(28,208)	(67,119)	(54,037)
Interest - amortization of deferred financing costs	(1,820)	(940)	(3,168)	(1,857)
Interest - refinancing gain (costs)	1,016	(2,645)	(8,361)	(4,685)
Equity in earnings	(1,553)	698	(808)	1,387
Total other expense	(38,338)	(31,082)	(79,264)	(59,174)
Income before gain on assets sold	35,023	$ 46,817	78,075	99,763
Gain on assets sold - net	8,802		8,802	2,883
Income from continuing operations before income taxes	43,825		86,877
Income taxes	(359)		(359)
Net income	43,466		86,518	102,646
Net income attributable to noncontrolling interest	(2,038)		(2,038)
Net income available to common stockholders	41,428	$ 46,817	84,480	102,646
Non-Guarantor Subsidiaries
Revenue
Rental income	$ 5,775	$ 3,275	$ 9,126	$ 6,551
Income from direct financing leases
Mortgage interest income
Other investment income - net
Total operating revenues	$ 5,775	$ 3,275	$ 9,126	$ 6,551
Expenses
Depreciation and amortization	2,338	1,306	3,685	2,607
General and administrative	31	$ 30	65	$ 62
Acquisition costs	$ 2,513		$ 2,513
Impairment loss on real estate properties
Provisions for uncollectible mortgages, notes and accounts receivable
Total operating expenses	$ 4,882	$ 1,336	$ 6,263	$ 2,669
Income before other income and expense	893	1,939	2,863	3,882
Other income (expense):
Interest income	4	4	8	7
Interest expense	(2,264)	(1,239)	(3,488)	(2,491)
Interest - amortization of deferred financing costs	$ (6)	$ (6)	$ (11)	$ (11)
Interest - refinancing gain (costs)
Equity in earnings
Total other expense	$ (2,266)	$ (1,241)	$ (3,491)	$ (2,495)
Income before gain on assets sold	$ (1,373)	$ 698	$ (628)	$ 1,387
Gain on assets sold - net
Income from continuing operations before income taxes	$ (1,373)		$ (628)
Income taxes	(180)		(180)
Net income	(1,553)		(808)	$ 1,387
Net income attributable to noncontrolling interest	73		73
Net income available to common stockholders	$ (1,480)	$ 698	$ (735)	$ 1,387
Elimination Company
Revenue
Rental income
Income from direct financing leases
Mortgage interest income
Other investment income - net
Total operating revenues
Expenses
Depreciation and amortization
General and administrative
Acquisition costs
Impairment loss on real estate properties
Provisions for uncollectible mortgages, notes and accounts receivable
Total operating expenses
Income before other income and expense
Other income (expense):
Interest income
Interest expense
Interest - amortization of deferred financing costs
Interest - refinancing gain (costs)
Equity in earnings	$ 1,553	$ (698)	$ 808	$ (1,387)
Total other expense	1,553	(698)	808	(1,387)
Income before gain on assets sold	$ 1,553	$ (698)	$ 808	$ (1,387)
Gain on assets sold - net
Income from continuing operations before income taxes	$ 1,553		$ 808
Income taxes
Net income	$ 1,553		$ 808	$ (1,387)
Net income attributable to noncontrolling interest	(73)		(73)
Net income available to common stockholders	$ 1,480	$ (698)	$ 735	$ (1,387)

CONSOLIDATING FINANCIAL STATE84

CONSOLIDATING FINANCIAL STATEMENTS (Detail 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 43,466	$ 46,817	$ 86,518	$ 102,646
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	59,156	31,301	89,766	62,745
Provision for impairment on real estate properties	6,916	1,558	12,898	1,558
Provision for uncollectible mortgages, notes and accounts receivable			(9)	2,745
Amortization of deferred financing and debt extinguishment costs			11,540	6,553
Accretion of direct financing leases			(5,321)	(4,764)
Stock-based compensation			4,483	4,548
Gain on assets sold - net	(8,802)		(8,802)	(2,883)
Amortization of acquired in-place leases - net			(2,883)	(2,571)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable, net			1,129	912
Straight-line rent receivables			(15,871)	(10,701)
Lease inducements			(328)	1,362
Effective yield receivable on mortgage notes			(2,253)	(584)
Other operating assets and liabilities			22,225	5,189
Net cash provided by operating activities			193,092	166,755
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired			(183,784)	(22,000)
Cash acquired in merger			84,858
Investment in construction in progress			$ (15,913)
Investment in U.K. subsidiary
Placement of mortgage loans			$ (4,701)	(528,343)
Proceeds from sale of real estate investments			26,846	3,924
Capital improvements to real estate investments			(11,351)	(8,362)
Proceeds from other investments			14,206	2,345
Investments in other investments			(36,600)	(5,379)
Collection of mortgage principal			1,735	117,522
Net cash (used in) provided by investing activities			(124,704)	(440,293)
Cash flows from financing activities
Proceeds from credit facility borrowings			782,000	590,000
Payments on credit facility borrowings			(516,000)	(646,000)
Receipts of other long-term borrowings			989,822	594,320
Payments on other long-term borrowings			(1,587,591)	(202,490)
Payments of financing related costs			(26,123)	(12,740)
Receipts from dividend reinvestment plan			30,111	45,804
Payments for exercised options and restricted stock - net			(6,982)	(943)
Net proceeds from issuance of common stock			440,036	57,152
Dividends paid			(151,387)	(125,492)
Distributions to OP Unit holders			(1,650)
Net cash provided by (used in) financing activities			(47,764)	299,611
Increase in cash and cash equivalents			20,624	26,073
Effect of foreign currency translation on cash and cash equivalents			41
Cash and cash equivalents at beginning of period			4,489	2,616
Cash and cash equivalents at end of period	25,154	28,689	25,154	28,689
Issuer & Subsidiary Guarantors
Cash flows from operating activities
Net income	43,466		86,518	102,646
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	56,818	29,995	86,081	60,138
Provision for impairment on real estate properties	6,916	$ 1,558	12,898	1,558
Provision for uncollectible mortgages, notes and accounts receivable			(9)	2,745
Amortization of deferred financing and debt extinguishment costs			11,529	6,542
Accretion of direct financing leases			(5,321)	(4,764)
Stock-based compensation			4,483	4,548
Gain on assets sold - net	(8,802)		(8,802)	(2,883)
Amortization of acquired in-place leases - net			(2,883)	(2,571)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable, net			1,129	912
Straight-line rent receivables			(15,085)	(10,091)
Lease inducements			(328)	1,362
Effective yield receivable on mortgage notes			(2,253)	(584)
Other operating assets and liabilities			22,921	5,891
Net cash provided by operating activities			190,878	165,449
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired			(6,300)	(22,000)
Cash acquired in merger			84,858
Investment in construction in progress			(15,913)
Investment in U.K. subsidiary			(179,870)
Placement of mortgage loans			(4,701)	(528,343)
Proceeds from sale of real estate investments			26,846	3,924
Capital improvements to real estate investments			(9,879)	(7,953)
Proceeds from other investments			14,206	2,345
Investments in other investments			(36,600)	(5,379)
Collection of mortgage principal			1,735	117,522
Net cash (used in) provided by investing activities			(125,618)	(439,884)
Cash flows from financing activities
Proceeds from credit facility borrowings			782,000	590,000
Payments on credit facility borrowings			(516,000)	(646,000)
Receipts of other long-term borrowings			989,822	594,320
Payments on other long-term borrowings			(1,586,660)	(201,593)
Payments of financing related costs			(26,123)	(12,740)
Receipts from dividend reinvestment plan			30,111	45,804
Payments for exercised options and restricted stock - net			(6,982)	(943)
Net proceeds from issuance of common stock			440,036	57,152
Dividends paid			(151,387)	(125,492)
Distributions to OP Unit holders			(1,650)
Net cash provided by (used in) financing activities			(46,833)	300,508
Increase in cash and cash equivalents			$ 18,427	26,073
Effect of foreign currency translation on cash and cash equivalents
Cash and cash equivalents at beginning of period			$ 4,489	2,616
Cash and cash equivalents at end of period	22,916	$ 28,689	22,916	28,689
Non-Guarantor Subsidiaries
Cash flows from operating activities
Net income	(1,553)		(808)	1,387
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	$ 2,338	$ 1,306	$ 3,685	$ 2,607
Provision for impairment on real estate properties
Provision for uncollectible mortgages, notes and accounts receivable
Amortization of deferred financing and debt extinguishment costs			$ 11	$ 11
Accretion of direct financing leases
Stock-based compensation
Gain on assets sold - net
Amortization of acquired in-place leases - net
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable, net
Straight-line rent receivables			$ (786)	$ (610)
Lease inducements
Effective yield receivable on mortgage notes
Other operating assets and liabilities			$ 112	$ (2,089)
Net cash provided by operating activities			2,214	$ 1,306
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired			$ (177,484)
Cash acquired in merger
Investment in construction in progress
Investment in U.K. subsidiary			$ 179,870
Placement of mortgage loans
Proceeds from sale of real estate investments
Capital improvements to real estate investments			$ (1,472)	$ (409)
Proceeds from other investments
Investments in other investments
Collection of mortgage principal
Net cash (used in) provided by investing activities			$ 914	$ (409)
Cash flows from financing activities
Proceeds from credit facility borrowings
Payments on credit facility borrowings
Receipts of other long-term borrowings
Payments on other long-term borrowings			$ (931)	$ (897)
Payments of financing related costs
Receipts from dividend reinvestment plan
Payments for exercised options and restricted stock - net
Net proceeds from issuance of common stock
Dividends paid
Distributions to OP Unit holders
Net cash provided by (used in) financing activities			$ (931)	$ (897)
Increase in cash and cash equivalents			2,197
Effect of foreign currency translation on cash and cash equivalents			$ 41
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$ 2,238		$ 2,238
Elimination Company
Cash flows from operating activities
Net income	$ 1,553		$ 808	$ (1,387)
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization
Provision for impairment on real estate properties
Provision for uncollectible mortgages, notes and accounts receivable
Amortization of deferred financing and debt extinguishment costs
Accretion of direct financing leases
Stock-based compensation
Gain on assets sold - net
Amortization of acquired in-place leases - net
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable, net
Straight-line rent receivables
Lease inducements
Effective yield receivable on mortgage notes
Other operating assets and liabilities			$ (808)	$ 1,387
Net cash provided by operating activities
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired
Cash acquired in merger
Investment in construction in progress
Investment in U.K. subsidiary
Placement of mortgage loans
Proceeds from sale of real estate investments
Capital improvements to real estate investments
Proceeds from other investments
Investments in other investments
Collection of mortgage principal
Net cash (used in) provided by investing activities
Cash flows from financing activities
Proceeds from credit facility borrowings
Payments on credit facility borrowings
Receipts of other long-term borrowings
Payments on other long-term borrowings
Payments of financing related costs
Receipts from dividend reinvestment plan
Payments for exercised options and restricted stock - net
Net proceeds from issuance of common stock
Dividends paid
Distributions to OP Unit holders
Net cash provided by (used in) financing activities
Increase in cash and cash equivalents
Effect of foreign currency translation on cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

CONSOLIDATING FINANCIAL STATE85

CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)Subsidiary	Jun. 17, 2015USD ($)	Dec. 31, 2014USD ($)
Non-guarantor subsidiaries
Condensed Financial Statements, Captions [Line Items]
Number of subsidiaries acquired and designated as unrestricted | Subsidiary	22
Guarantor subsidiaries
Condensed Financial Statements, Captions [Line Items]
Ownership percent of the subsidiary guarantors (in percent)	100.00%
6.75% notes due 2022
Condensed Financial Statements, Captions [Line Items]
Interest rate	6.75%
5.875% notes due 2024
Condensed Financial Statements, Captions [Line Items]
Interest rate	5.875%
4.95% notes due 2024
Condensed Financial Statements, Captions [Line Items]
Interest rate	4.95%
4.50% notes due 2025
Condensed Financial Statements, Captions [Line Items]
Interest rate	4.50%
Unsecured borrowings | 6.75% notes due 2022
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 575,000		$ 575,000
Unsecured borrowings | 5.875% notes due 2024
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	400,000		400,000
Unsecured borrowings | 4.95% notes due 2024
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	400,000		400,000
Unsecured borrowings | 4.50% notes due 2025
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 250,000	$ 250,000	$ 250,000

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Detail) $ in Millions	1 Months Ended
	Jul. 24, 2015USD ($)ft²Property	Jun. 30, 2015Facility
Subsequent Event [Line Items]
Number of real estate properties purcahsed		936
Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties purcahsed | Property	5
Payments to acquire buildings | $	$ 112
Land on lease | ft²	201,000
Percentage of annual yield earned	5.00%