Omega Healthcare Investors (OHI) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 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		187,043,489
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate properties
Land and buildings	$ 6,723,479	$ 3,223,785
Less accumulated depreciation	(958,533)	(821,712)
Real estate properties - net	5,764,946	2,402,073
Investments in direct financing leases - net	584,333	539,232
Mortgage notes receivable	673,759	648,079
Real estate properties, total	7,023,038	3,589,384
Other investments	84,684	48,952
Total investments held, continuing operations	7,107,722	3,638,336
Assets held for sale - net	10,371	12,792
Total investments	7,118,093	3,651,128
Cash and cash equivalents	15,319	4,489
Restricted cash	23,399	29,076
Accounts receivable - net	198,857	168,176
Goodwill	554,749
Other assets (see Note 12)	683,066	68,776
Total assets	8,593,483	3,921,645
LIABILITIES AND EQUITY
Revolving line of credit	550,000	85,000
Term loans	500,000	200,000
Secured borrowings - net	262,559	251,454
Unsecured borrowings - net	2,932,358	1,842,049
Accrued expenses and other liabilities	267,690	141,815
Deferred income taxes	16,225
Total liabilities	4,528,832	2,520,318
Equity:
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 184,954 shares as of September 30, 2015 and 127,606 as of December 31, 2014	18,495	12,761
Common stock - additional paid-in capital	4,521,448	2,136,234
Cumulative net earnings	1,311,880	1,147,998
Cumulative dividends paid	(2,148,833)	(1,895,666)
Accumulated other comprehensive loss	(3,950)
Total stockholders' equity	3,699,040	1,401,327
Noncontrolling interest	365,611
Total equity	4,064,651	1,401,327
Total liabilities and equity	$ 8,593,483	$ 3,921,645

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Sep. 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	184,954	127,606
Common stock, shares outstanding	184,954	127,606

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue
Rental income	$ 166,623	$ 97,536	$ 430,699	$ 289,696
Income from direct financing leases	15,216	14,211	44,582	42,441
Mortgage interest income	17,195	16,883	51,336	36,132
Other investment income - net	2,940	2,035	6,488	5,197
Total operating revenues	201,974	130,665	533,105	373,466
Expenses
Depreciation and amortization	60,143	30,111	149,909	92,856
General and administrative	10,160	5,987	26,482	18,781
Acquisition and merger related costs	3,555	259	55,507	399
Impairment loss on real estate properties	1,743	2,102	14,641	3,660
Provisions for uncollectible mortgages, notes and accounts receivable	301	(15)	292	2,730
Total operating expenses	75,902	38,444	246,831	118,426
Income before other income and expense	126,072	92,221	286,274	255,040
Other income (expense)
Interest income	5	11	205	36
Interest expense	(38,169)	(30,873)	(108,776)	(87,401)
Interest - amortization of deferred financing costs	(1,857)	(1,243)	(5,036)	(3,111)
Interest - refinancing gain (costs)		1,617	(8,361)	(3,068)
Total other expense	(40,021)	(30,488)	(121,968)	(93,544)
Income before gain (loss) on assets sold	86,051	61,733	164,306	161,496
(Loss) gain on assets sold - net	(2,391)	(20)	6,411	2,863
Income from continuing operations before income taxes	83,660	61,713	170,717	164,359
Income taxes	(406)		(945)
Net income	83,254	61,713	169,772	164,359
Net income attributable to noncontrolling interest	(3,852)		(5,890)
Net income available to common stockholders	79,402	61,713	163,882	164,359
Net income	83,254	61,713	169,772	164,359
Other comprehensive loss - foreign currency translation	(6,789)		(3,950)
Total comprehensive income	76,465	61,713	165,822	164,359
Add: comprehensive income attributable to noncontrolling interest	315		182
Comprehensive income attributable to common stockholders	$ 76,780	$ 61,713	$ 166,004	$ 164,359
Basic:
Net income available to common stockholders (in dollars per share)	$ 0.43	$ 0.48	$ 0.98	$ 1.30
Diluted:
Net income (in dollars per share)	0.43	0.48	0.97	1.30
Dividends declared and paid per common share (in dollars per share)	$ 0.55	$ 0.51	$ 1.62	$ 1.50
Weighted-average shares outstanding, basic (in shares)	184,739	127,464	167,261	126,132
Weighted-average shares outstanding, diluted (in shares)	195,183	128,428	174,824	126,895

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Common Stock Par Value	Additional Paid-in Capital	Cumulative Net Earnings	Cumulative Dividends Paid	Accumulated Other Comprehensive Loss	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]
Grant of restricted stock to company directors (21 shares at $35.70 per share)	2	(2)
Amortization of restricted stock		6,682				6,682		6,682
Vesting of equity compensation plan, net of tax withholdings (890 shares)	89	(26,257)				(26,168)		(26,168)
Dividend reinvestment plan (1,794 shares at an average of $36.62 per share)	179	65,486				65,665		65,665
Value of assumed options in merger		109,346				109,346		109,346
Value of assumed other equity compensation plan in merger		13,219				13,219		13,219
Grant of stock as payment of directors fees (6 shares at an average of $37.38 per share)		225				225		225
Deferred compensation directors		1,365				1,365		1,365
Issuance of common stock (10,925 shares at an average of $40.32 per share)	1,093	438,645				439,738		439,738
Issuance of common stock - merger - related (43,713 shares)	4,371	1,776,505				1,780,876		1,780,876
Common dividends declared ($1.62 per share)				(253,167)		(253,167)		(253,167)
OP Units issuance (9,165 units)							$ 373,394	373,394
Cash conversion of OP Units (204 units)							(7,075)	(7,075)
OP units distributions							(6,598)	(6,598)
OP units earnings							5,890	5,890
Foreign currency translation					$ (3,950)	(3,950)		(3,950)
Net income			163,882			163,882		163,882
Balance (184,954 shares & 8,961 OP Units) at Sep. 30, 2015	$ 18,495	$ 4,521,448	$ 1,311,880	$ (2,148,833)	$ (3,950)	$ 3,699,040	$ 365,611	$ 4,064,651

CONSOLIDATED STATEMENT OF CHAN6

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (Parentheticals) shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015$ / sharesshares	Sep. 30, 2015$ / sharesshares
Increase (Decrease) In Stockholders' Equity [Roll Forward]
Balance (in shares)		127,606
Grant of restricted stock to director (in shares)		21
Grant of restricted stock to director (in dollars per share) | $ / shares		$ 35.70
Vesting of restricted stock, net of tax withholdings (in shares)		890
Shares issued under dividend reinvestment and common stock purchase program	1,000	1,794
Dividend reinvestment plan, shares issued, price per share (in dollars per share) | $ / shares	$ 36.62	$ 36.62
Grant of stock as payment of fees (in shares)		6
Grant of stock as payment of fees (in dollars per share) | $ / shares		$ 37.38
Issuance of common stock (in shares)		10,925
Issuance of common stock (in dollars per shares) | $ / shares	$ 40.32	$ 40.32
Issuance of common stock - merger - related (in shares)		43,713
Common dividends, (in dollars per share) | $ / shares		$ 1.62
Op Units issuance (in units)		9,165
Cash conversion of Op Units (in units)		204
Balance (in shares)	184,954	184,954
Balance (in units)		8,961

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 169,772	$ 164,359
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	149,909	92,856
Provision for impairment on real estate properties	14,641	3,660
Provision for uncollectible mortgages, notes and accounts receivable	292	2,730
Amortization of deferred financing costs and refinancing costs	13,397	6,179
Accretion of direct financing leases	(8,124)	(7,242)
Stock-based compensation	6,682	6,570
Gain on assets sold - net	(6,411)	(2,863)
Amortization of acquired in-place leases - net	(4,264)	(3,779)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable	315	(2,252)
Straight-line rent receivables	(26,565)	(15,919)
Lease inducements	347	2,009
Effective yield receivable on mortgage notes	(3,159)	(1,731)
Other operating assets and liabilities	15,972	15,017
Net cash provided by operating activities	322,804	259,594
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired	(288,290)	(47,500)
Cash acquired in merger	84,858
Investment in construction in progress	(145,276)
Investment in direct financing leases	(6,793)
Placement of mortgage loans	(7,601)	(528,780)
Proceeds from sale of real estate investments	41,541	4,054
Capital improvements to real estate investments	(18,154)	(12,684)
Proceeds from other investments	37,428	7,952
Investments in other investments	(49,489)	(6,711)
Collection of mortgage principal	1,025	122,705
Net cash used in investing activities	(350,751)	(460,964)
Cash flows from financing activities
Proceeds from credit facility borrowings	1,704,000	756,000
Payments on credit facility borrowings	(1,239,000)	(1,079,000)
Receipts of other long-term borrowings	1,588,124	842,148
Payments on other long-term borrowings	(1,588,063)	(238,032)
Payments of financing related costs	(30,709)	(17,319)
Escrow deposit for other long-term borrowings (see Note 12)	(614,998)
Receipts from dividend reinvestment plan	65,665	66,263
Payments for exercised options and restricted stock	(26,168)	(1,582)
Net proceeds from issuance of common stock	439,738	61,997
Dividends paid	(253,105)	(191,269)
Distributions to OP Unit Holders	(6,598)
Net cash provided by financing activities	38,886	199,206
Increase (decrease) in cash and cash equivalents	10,939	(2,164)
Effect of foreign currency translation on cash and cash equivalents	(109)
Cash and cash equivalents at beginning of period	4,489	2,616
Cash and cash equivalents at end of period	15,319	452
Interest paid during the period, net of amounts capitalized	90,536	$ 76,276
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	9 Months Ended
	Sep. 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 and variable 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 September 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 investment 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 reporting unit. 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 reporting unit is less than its carrying amount. If we conclude that it is more likely than not that the fair value of the reporting unit 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 owned 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. As of September 30, 2015, 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. 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. 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 Loss (“AOCL”) a component of equity 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 AOCL. 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: September 30, December 31, 2015 2014 (in thousands) Contractual receivables $ 8,171 $ 4,799 Effective yield interest receivables 9,391 6,232 Straight-line receivables 169,684 143,652 Lease inducements 11,630 13,571 Allowance (19 ) (78 ) Accounts receivable – net $ 198,857 $ 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 Interest—Imputation of Interest In August 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments

PROPERTIES AND INVESTMENTS

PROPERTIES AND INVESTMENTS	9 Months Ended
	Sep. 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 782 SNFs, 85 assisted living facilities (“ALFs”), 16 specialty facilities and one medical office building at September 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 (e.g., 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. $216 Million of New Investments in Q3 2015 During the three months ended September 30, 2015, we completed six separate transactions totaling approximately $216.0 million. $32.0 Million Acquisition $28.5 Million Acquisition $10.8 Million Acquisition $18.0 Million Acquisition $15.0 Million Acquisition Asset Acquisition $111.7 Million Acquisition 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). Omega’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, we incurred approximately $3.2 million in acquisition related costs associated with the Care Homes Transaction. For the three and nine months ended September 30, 2015, we recognized approximately $3.6 million and $6.0 million, respectively, of rental revenue in connection with the Care Homes Transaction. Aviv Merger in Q2 2015 On April 1, 2015, Omega completed 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. Omega’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 $ 3,114,906 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,184,594 Goodwill 539,068 Accounts receivables and other assets 15,046 Cash acquired 84,858 Fair value of total assets acquired $ 3,823,566 Estimated fair value of liabilities assumed: Accrued expenses and other liabilities $ 136,094 Debt 1,410,637 Fair value of total liabilities assumed 1,546,731 Value of shares and OP units exchanged (a) 2,276,835 Fair value of consideration $ 3,823,566 (a) Includes the fair value of stock compensation plans assumed. In 2015, we incurred approximately $51.1 million in acquisition related costs associated with the Aviv Merger. For the three and nine months ended September 30, 2015, we recognized approximately $60.1 million and $120.2 million, respectively, of total revenue in connection 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 of assets consisting of land ($0.1 million), building and site improvements ($6.1 million), and furniture and fixtures ($0.6 million). We did not record 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 dates of acquisition. The following unaudited pro forma results of operations reflect the impact of acquisitions from the three and nine month periods 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, except per share amounts, unaudited) Pro Forma Revenues $ 202,999 $ 198,781 $ 604,448 $ 579,889 Pro Forma Net income $ 83,765 $ 83,136 $ 192,702 $ 229,417 Earnings per share – diluted: Net income – as reported $ 0.43 $ 0.48 $ 0.97 $ 1.30 Net income – pro forma $ 0.43 $ 0.45 $ 1.10 $ 1.26 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 impairment of approximately $6.0 million related to three Florida SNFs to reduce their net book values to their estimated fair values. To estimate the fair value of the facilities, we utilized a market approach and Level 3 inputs. During the second quarter of 2015, we recorded an impairment of approximately $6.9 million on a Tennessee SNF to reduce its net book value to its estimated fair value less costs to sell. We reclassified this facility to assets held for sale in the third quarter of 2015. To estimate the fair value of the facility, we utilized a market approach and Level 3 inputs. During the third quarter of 2015, we recorded an impairment of approximately $1.7 million on a New Mexico SNF to reduce its net book value to its estimated fair value less costs to sell. We reclassified this facility to assets held for sale in the third quarter of 2015. To estimate the fair value of the facility, we utilized a market approach and Level 3 inputs. In the second quarter of 2015, we sold four facilities for total cash proceeds of approximately $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. In the third quarter of 2015, we sold three facilities for total cash proceeds of approximately $14.7 million, generating a loss of approximately $2.4 million.

DIRECT FINANCING LEASES

DIRECT FINANCING LEASES	9 Months Ended
	Sep. 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: September 30, December 31, 2015 2014 (in thousands) Minimum lease payments receivable $ 4,332,743 $ 4,244,067 Less unearned income (3,748,410 ) (3,704,835 ) Investments in direct financing leases $ 584,333 $ 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 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. On July 27, 2015, New Ark and Omega executed an amendment to the Southeast master lease. Pursuant to the amendment, Omega provided funding to New Ark of approximately $6.8 million for capital expenditures. As of September 30, 2015 and December 31, 2014, we had deferred costs associated with direct financing leases of approximately $3.4 million and $3.4 million, respectively. Aviv Merger On April 1, 2015, we acquired two additional direct financing leases as a result of the Aviv Merger. As of September 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 $49,967 $50,340 $51,460 $52,731 $54,038

MORTGAGE NOTES RECEIVABLE

MORTGAGE NOTES RECEIVABLE	9 Months Ended
	Sep. 30, 2015
Mortgage Notes Receivable Investments [Abstract]
MORTGAGE NOTES RECEIVABLE	NOTE 4 – MORTGAGE NOTES RECEIVABLE As of September 30, 2015, mortgage notes receivable relate to 19 fixed and variable 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: September 30, December 31, 2015 2014 (in thousands) Mortgage note due 2015; interest at 8.35% $ 6,481 $ — Mortgage note due 2018; interest at 8.75% 2,405 — Mortgage note due 2018; interest at 11.00% 12,572 — Mortgage note due 2021; interest at 10.25% 2,443 — Mortgage note due 2021; interest at 10.51% 3,249 1,326 Four mortgage notes due 2022; interest at 12.00% 7,454 7,395 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% 751 — Mortgage note due 2029; interest at 9.23% 413,696 414,550 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 673,759 648,079 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 673,759 $ 648,079 The following is a brief overview of certain 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 11.0% per year which increases by 2.0% per year and matures in 2018. Mortgage note due 2018 In July 2015, we entered into an $11.7 million construction loan with a new operator to construct a 48 bed ALF in Louisiana. The loan bears interest at an annual rate of 8.75% and matures on July 30, 2018. The loan has a total funding of approximately $2.4 million as of September 30, 2015.

OTHER INVESTMENTS

OTHER INVESTMENTS	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
OTHER INVESTMENTS	NOTE 5 – OTHER INVESTMENTS A summary of our other investments is as follows: September 30, December 31, 2015 2014 (in thousands) Other investment note due 2014 $ — $ 1,640 Other investment note due 2015; interest at 6.50% 495 — Other investment note due 2015; interest at 9.50% 75 891 Other investment note due 2015; interest at 10.00% 5,439 5,439 Other investment note due 2016; interest at 7.25% 739 — Other investment note due 2016; interest at 10.00% 23 — Other investment notes due 2017; interest at 10.00% 21,925 24,800 Other investment note due 2018; interest at 10.00% 167 — Other investment note due 2018; interest at 11.00% 1,013 — Other investment note due 2018; interest at 12.00% 1,024 — Other investment note due 2020; interest at 7.50% 4,723 — Other investment notes due 2020; interest at 8.00% 4,610 — Other investment note due 2021; interest at 7.00% 75 — Other investment note due 2021; interest at 11.04% 961 1,053 Other investment note due 2022; interest at 10.77% 1,977 2,110 Other investment notes due 2022; interest at 11.04% 3,789 4,062 Other investment note due 2023; interest at 9.00% 5,468 — Other investment note due 2023; interest at 10.00% 1,000 1,000 Other investment notes due 2023; interest at 10.25% 1,392 — Other investment notes due 2023; interest at 10.51% 2,900 1,942 Other investment notes due 2023; interest at 10.77% 7,039 5,705 Other investment note due 2023; interest at 11.04% 292 310 Other investment note due 2030; interest at 6.66% 19,558 — Notes receivable, gross 84,684 48,952 Allowance for loss on notes receivable — — Total other investments $ 84,684 $ 48,952 The following is a brief overview of certain notes entered into or assumed in 2015 or significant changes to notes previously reported. Other Investment note due 2030 On June 30, 2015, we entered into a $50.0 million revolving credit facility with an operator. The note bears interest at approximately 6.66% and matures in 2030. As of September 30, 2015, approximately $19.6 million has been drawn and is outstanding.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Sep. 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 Net Book Value 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 Properties sold/other (4) (3 ) (9,904 ) Properties added 2 4,372 September 30, 2015 (5) 3 $ 10,371 (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. (4) The parcel of land was reclassified to closed facilities. (5) Includes three facilities. 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. In the third quarter of 2015, we reclassified two SNF facilities with a carrying value of approximately $4.4 million to assets held for sale. The facilities were located in New Mexico and Tennessee. See Note – 2 Asset Sales, Impairments and Other for additional details.

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	NOTE 7 – INTANGIBLES The following is a summary of our intangibles as of September 30, 2015 and December 31, 2014 September 30, 2015 December 31, (in thousands) Assets: Above market lease intangibles $ 21,371 $ 14,576 In-place lease intangibles 386 — Goodwill 554,749 — Accumulated amortization (13,616 ) (12,166 ) Net intangible assets $ 562,890 $ 2,410 Liabilities: Below market lease intangibles $ 85,834 $ 59,785 Accumulated amortization (45,024 ) (39,352 ) Net intangible liabilities $ 40,810 $ 20,433 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 Merger and Care Homes Transaction and is shown as a separate line on our Consolidated Balance Sheets. For the three and nine months ended September 30, 2015 and 2014, our net amortization related to intangibles was $1.4 million, $1.2 million, $4.3 million and $3.8 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 – $1.4 million; 2016 – $5.0 million; 2017 – $4.0 million; 2018 – $3.7 million; and 2019 – $3.9 million. The following is a reconciliation of our goodwill as of September 30, 2015: (in thousands) Balance as of June 30, 2015 $ 543,093 Add: additional valuation adjustments related to preliminary valuations 12,261 Less: foreign currency translation (605 ) Balance as of September 30, 2015 $ 554,749

CONCENTRATION OF RISK

CONCENTRATION OF RISK	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	NOTE 8 – CONCENTRATION OF RISK As of September 30, 2015, our portfolio of real estate investments consisted of 947 healthcare facilities, located in 42 states and the United Kingdom and operated by 83 third party operators. Our gross investment in these facilities, net of impairments and before reserve for uncollectible loans, totaled approximately $8.0 billion at September 30, 2015, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 782 SNFs, 85 ALFs, 16 specialty facilities, one medical office building, fixed and variable rate mortgages on 56 SNFs and two ALFs, and five SNFs that are closed/held-for-sale. At September 30, 2015, we also held miscellaneous investments of approximately $84.7 million, consisting primarily of secured loans to third-party operators of our facilities. At September 30, 2015, the three states in which we had our highest concentration of investments were Ohio (10%), Florida (9%) and Texas (9%). No single operator or manager generated more than 10% of our total revenues for the nine months ended September 30, 2015.

DIVIDENDS AND EQUITY

DIVIDENDS AND EQUITY	9 Months Ended
	Sep. 30, 2015
Dividends [Abstract]
DIVIDENDS AND EQUITY	NOTE 9 – DIVIDENDS AND EQUITY On October 14, 2015, the Board of Directors declared a common stock dividend of $0.56 per share, increasing the quarterly common dividend by $0.01 per share over the previous quarter. The common dividends are to be paid November 16, 2015 to common stockholders of record on November 2, 2015. 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, which was paid on August 17, 2015 to common stockholders of record 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. $500 Million Equity Shelf Program On September 3, 2015, we entered into separate Equity Distribution Agreements (collectively, the “2015 Agreements”) to sell shares of our common stock having an aggregate gross sales price of up to $500 million (the “2015 Equity Shelf Program”) with several financial institutions, each as a sales agent and/or principal (collectively, the “Managers”). Under the terms of the 2015 Agreements, we may sell shares of our common stock, from time to time, through or to the Managers having an aggregate gross sales price of up to $500 million. Sales of the shares, if any, will be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, or as otherwise agreed with the applicable Manager. We will pay each Manager compensation for sales of the shares equal to 2% of the gross sales price per share of shares sold through such Manager under the applicable 2015 Agreement. As of September 30, 2015, we did not issue any shares under the 2015 Equity Shelf Program. $250 Million Equity Shelf Program Termination Also on September 3, 2015, we terminated our $250 million Equity Shelf Program (the “2013 Equity Shelf Program”) that we entered into with several financial institutions on March 18, 2013. In 2015, we did not issue any shares under the 2013 Equity Shelf Program. Since inception of the 2013 Equity Shelf Program, we sold a total of 7.4 million shares of common stock generating total gross proceeds of $233.8 million under the program, before $4.7 million of commissions. As a result of the termination of the 2013 Equity Shelf Program, no additional shares will be issued under the 2013 Equity Shelf Program. 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 September 30, 2015, approximately 1.0 million shares of our common stock at an average price of $36.25 per share were issued through our Dividend Reinvestment and Common Stock Purchase Program for gross proceeds of approximately $35.6 million. For the nine-month period ended September 30, 2015, approximately 1.8 million shares of our common stock at an average price of $36.62 per share were issued through our Dividend Reinvestment and Common Stock Purchase Program for gross proceeds of approximately $65.7 million. See also, Note – 2 Properties and Investments, for stock activity associated with the Aviv Merger.

TAXES

TAXES	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
TAXES	NOTE 10 – TAXES Since our inception, we have elected to be taxed as a 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 are 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 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 September 30, 2015, one of our TRSs had a net operating loss carry-forward of approximately $0.9 million. The loss carry-forward is fully reserved with a valuation allowance as of September 30, 2015. In connection with our acquisition 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 third quarter of 2015, we recorded approximately $0.1 million of state and local income tax provision and approximately $0.3 million of provision for foreign income taxes. For the nine months ended September 30, 2015 we recorded approximately $0.5 million of state and local income tax provision and approximately $0.4 million of provision for foreign income taxes.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 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 nine-month periods ended September 30, 2015 and 2014, respectively: Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Stock-based compensation expense $ 2,199 $ 2,022 $ 6,682 $ 6,570 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 7/31/2015 Modified 2013 RSUs 17,919 7/31/2015 Modified 2014 RSUs 15,359 7/31/2015 Modified 2015 RSUs 14,108 585,139 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 - July 31, 2015 Modified 2013 RSUs - July 31, 2015 Modified 2014 RSUs - July 31, 2015 Modified 2015 RSUs - Performance Restricted Stock Units and LTIP Units Performance restricted stock units (“PRSUs”) and long term incentive plan units (“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, December 2013, January 2014, and the LTIP Units awarded in March 2015, April 2015 and July 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 279,550 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 2015 Transition TSR 7/31/2015 9,484 12/31/2013-12/31/2015 2016 Transition TSR 7/31/2015 33,144 12/31/2013-12/31/2016 2017 LTIP Units 7/31/2015 17,467 1/1/2015-12/31/2017 973,621 (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 93,184 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 2015 Relative TSR 7/31/2015 9,484 1/1/2014-12/31/2015 2016 Relative TSR 7/31/2015 33,143 1/1/2014-12/31/2016 2017 Relative TSR 7/31/2015 17,467 1/1/2015-12/31/2017 787,249 2013 Relative TSR - 2014 Transition Relative TSR - 2015 Transition Relative TSR - 2016 Transition Relative TSR - 2015 Relative TSR - 2016 Relative TSR - 2017 Relative TSR - The following table summarizes our total unrecognized compensation cost as of September 30, 2015 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Grant Date Total Weighted Unrecognized Restricted stock units 2013 213,741 $ 29.80 $ 5.9 36 $ 2.4 2015 Transition TSR 2013 67,885 7.47 0.5 24 0.1 2016 Transition TSR 2013 101,591 8.67 0.9 36 0.4 2015 Transition Relative TSR 2013 67,884 13.05 0.9 24 0.1 2016 Transition Relative TSR 2013 101,588 14.24 1.4 36 0.6 Restricted stock units 2014 106,778 29.80 3.2 36 1.3 2016 TSR 2014 135,634 8.67 1.2 48 0.7 2016 Relative TSR 2014 135,634 14.24 1.9 48 1.1 2017 Restricted stock units 2015 109,585 40.57 4.4 33 3.6 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.7 2017 Relative TSR 2015 137,249 22.50 3.1 45 2.7 2017 Restricted stock units 2015 39,914 40.74 1.6 33 1.3 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.7 2017 Relative TSR 2015 54,151 22.91 1.2 45 1.1 Restricted stock units 2015 10,644 12.36 0.1 9 0.0 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 Restricted stock units 2015 8,960 36.26 0.3 5 0.2 2015 Transition TSR 2015 9,484 27.20 0.3 5 0.2 2015 Relative TSR 2015 9,484 18.85 0.2 5 0.1 2016 Transition TSR 2015 22,091 18.51 0.4 17 0.4 2016 Relative TSR 2015 22,100 19.60 0.4 17 0.4 Restricted stock units 2015 10,239 36.26 0.4 5 0.3 Restricted stock units 2015 4,703 36.26 0.2 5 0.1 2017 LTIP Units 2015 5,823 8.78 0.1 29 0.0 2017 Relative TSR 2015 5,826 17.74 0.1 29 0.1 Total 1,600,012 $ 20.45 $ 32.3 $ 20.2 We used a Monte Carlo model to estimate the fair value for PRSUs and the LTIP Units granted to the employees. Vesting For Retired Officer Continuing As Consultant A former officer of Omega retired on July 31, 2015 and effective August 1, 2015, Omega and the former officer entered into a consulting and non-compete agreement. Pursuant to the consulting and non-compete agreement, the former officer will be entitled to prorated vesting through December 31, 2015 of previously granted equity incentives. In the case of performance-based equity incentives, the prorated portion will be paid only to the extent actually earned based on the performance objectives previously established by the Compensation Committee. The former officer will forfeit any unpaid incentive compensation if he terminates the consulting and non-compete agreement for any reason (excluding termination due to death). As a result of the officer retirement we reversed all expense associated with the original awards. We estimate the value of the equity incentive awards to be approximately $2.3 million. Director Restricted Stock Grants As of September 30, 2015, we had 54,149 shares of restricted stock outstanding to directors. The directors’ restricted shares are scheduled to vest over the next three years. As of September 30, 2015, the unrecognized compensation cost associated with outstanding director restricted stock grants is approximately $1.0 million.

BORROWING ACTIVITIES AND ARRANG

BORROWING ACTIVITIES AND ARRANGEMENTS	9 Months Ended
	Sep. 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 September 30, December 31, Maturity 2015 2015 2014 (in thousands) Secured borrowings: GE Term loan 2019 4.00 % $ 180,000 $ — HUD mortgages assumed June 2010 2040 - 2045 — — 120,665 HUD mortgages assumed October 2011 (1) 2036 4.91 % 23,945 24,441 HUD mortgages assumed December 2011 (1) 2044 3.06 % 56,511 57,416 HUD mortgages assumed December 2012 2041 — — 35,358 260,456 237,880 Premium – net 2,103 13,574 Total secured borrowings 262,559 251,454 Unsecured borrowings: Revolving line of credit 2018 1.49 % 550,000 85,000 Term loan 2019 1.69 % 200,000 200,000 Acquisition term loan 2017 1.70 % 200,000 — Omega OP term loan 2017 1.70 % 100,000 — 1,050,000 285,000 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 2026 notes 2026 5.25 % 600,000 — 2027 notes 2027 4.50 % 700,000 — Subordinated debt 2021 9.00 % 20,000 20,000 2,945,000 1,845,000 Discount - net (12,642 ) (2,951 ) Total unsecured borrowings 3,982,358 2,127,049 Total – net $ 4,244,917 $ 2,378,503 (1) Reflects the weighted average annual contractual interest rate on the mortgages at September 30, 2015 excluding a third-party administration fee of approximately 0.5%. Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of September 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 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, we assumed a $180 million secured term loan with General Electric Capital Corporation (“GE”). On each payment date, we pay 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 September 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 September 30, 2015, we had a total of $550.0 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 September 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 September 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 September 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. $700 Million Senior Notes due 2027 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. Our 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 and pay interest semi-annually on April 1 st st $600 Million Senior Notes due 2026 On September 23, 2015, we sold $600 million aggregate principal amount of our 5.250% Senior Notes due 2026 (the “2026 Notes”). The 2026 Notes were sold at an issue price of 99.717% of their face value before the initial purchasers’ discount. Our total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $594.4 million. The net proceeds of the offering were used to repay all of our outstanding $575 million aggregate principal amount 6.75% Senior Notes due 2022 and for general corporate purposes. The 2026 Notes mature on January 15, 2026 and pay interest semi-annually on January 15 th th $575 Million 6.75% Senior Notes due 2022 Redemption On October 26, 2015, we redeemed all of our outstanding 6.75% Senior Notes due 2022 (the “2022 Notes”). As a result of the redemption, during the fourth quarter of 2015, we will record approximately $21.2 million in redemption related costs and write-offs, including $19.4 million for the early redemption or call premiums and $1.8 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts. In September 2015, we irrevocably deposited approximately $615.0 million with the trustee of the 2022 Notes. This amount included a redemption premium of 3.375%, the scheduled semi-annual interest payment and additional accrued interest to the redemption date of October 26, 2015. The $615.0 million is classified in other assets on our Consolidated Balance Sheet as of September 30, 2015. Other Debt Repayments In connection with the Aviv Merger on April 1, 2015, we 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, we 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	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	NOTE 13 – FINANCIAL INSTRUMENTS At September 30, 2015 and December 31, 2014, the carrying amounts and fair values of our financial instruments were as follows: September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Cash and cash equivalents $ 15,319 $ 15,319 $ 4,489 $ 4,489 Restricted cash 23,399 23,399 29,076 29,076 Investments in direct financing leases – net 584,333 580,973 539,232 539,232 Mortgage notes receivable – net 673,759 673,843 648,079 642,626 Other investments – net 84,684 85,654 48,952 49,513 Totals $ 1,381,494 $ 1,379,188 $ 1,269,828 $ 1,264,936 Liabilities: Revolving line of credit $ 550,000 $ 550,000 $ 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 579,890 629,995 580,410 677,851 5.875% notes due 2024 – net 400,000 445,243 400,000 449,242 4.95% notes due 2024 – net 395,192 402,223 394,768 410,358 4.50% notes due 2025 – net 248,047 244,966 247,889 244,053 5.25% notes due 2026 – net 598,302 603,471 — — 4.50% notes due 2027 – net 690,281 675,173 — — GE Term loan due 2019 180,000 180,000 — — HUD debt – net 82,559 81,158 251,454 266,434 Subordinated debt – net 20,646 24,040 20,747 26,434 Totals $ 4,244,917 $ 4,336,269 $ 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 Sheets 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 using an expected present value technique 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 using an expected present value technique based on quotes obtained by HUD debt brokers (Level 2).

LITIGATION

LITIGATION	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, except per share amounts) Numerator: Net income $ 83,254 $ 61,713 $ 169,772 $ 164,359 Less: Net income attributable to noncontrolling interests (3,852 ) — (5,890 ) — Net income available to common stockholders $ 79,402 $ 61,713 $ 163,882 $ 164,359 Denominator: Denominator for basic earnings per share 184,739 127,464 167,261 126,132 Effect of dilutive securities: Common stock equivalents 1,483 964 1,580 763 Noncontrolling interest – OP units 8,961 — 5,983 — Denominator for diluted earnings per share 195,183 128,428 174,824 126,895 Earnings per share – basic: Net income available to common stockholders $ 0.43 $ 0.48 $ 0.98 $ 1.30 Earnings per share – diluted: Net income $ 0.43 $ 0.48 $ 0.97 $ 1.30

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
CONSOLIDATING FINANCIAL STATEMENTS	NOTE 16 – CONSOLIDATING FINANCIAL STATEMENTS As of September 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, (v) $600 million 5.25% Senior Notes due 2026 and (vi) $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. The following summarized condensed consolidating financial information segregates the financial information of the non-guarantor subsidiaries from the financial information of Omega Healthcare Investors, Inc. and the subsidiary guarantors under the Senior Notes. Our non-guarantor subsidiaries include all subsidiaries securing secured debt that is currently outstanding and our U.K. subsidiaries. The results and financial position of acquired entities are included from the dates of their respective acquisitions. The 2014 financial statements presented below have been adjusted to reflect our current guarantor and non-guarantor relationships as of September 30, 2015. OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEETS Unaudited (in thousands, except per share amounts) September 30, 2015 Issuer & Non-Guarantor Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,127,862 $ 595,617 $ - $ 6,723,479 Less accumulated depreciation (930,028 ) (28,505 ) - (958,533 ) Real estate properties – net 5,197,834 567,112 - 5,764,946 Investments in direct financing leases – net 584,333 - - 584,333 Mortgage notes receivable 673,759 - - 673,759 6,455,926 567,112 - 7,023,038 Other investments 84,684 - - 84,684 6,540,610 567,112 - 7,107,722 Assets held for sale – net 10,371 - - 10,371 Total investments 6,550,981 567,112 - 7,118,093 Cash and cash equivalents 10,334 4,985 - 15,319 Restricted cash 7,065 16,334 - 23,399 Accounts receivable – net 190,838 8,019 - 198,857 Goodwill 539,068 15,681 - 554,749 Investment in affiliates 335,842 - (335,842 ) - Other assets 677,453 5,613 - 683,066 Total assets $ 8,311,581 $ 617,744 $ (335,842 ) $ 8,593,483 LIABILITIES AND EQUITY Revolving line of credit $ 550,000 $ - $ - $ 550,000 Term loans 500,000 - - 500,000 Secured borrowings – net - 391,147 (128,588 ) 262,559 Unsecured borrowings – net 2,932,358 - - 2,932,358 Accrued expenses and other liabilities 260,622 7,068 - 267,690 Deferred income taxes - 16,225 - 16,225 Intercompany payable - 25,281 (25,281 ) - Total liabilities 4,242,980 439,721 (153,869 ) 4,528,832 Equity: Common stock 18,495 - - 18,495 Equity investment in affiliates - 162,218 (162,218 ) - Common stock – additional paid-in capital 4,521,448 - - 4,521,448 Cumulative net earnings 1,311,880 15,761 (15,761 ) 1,311,880 Cumulative dividends paid (2,148,833 ) - - (2,148,833 ) Accumulated other comprehensive income (loss) - 44 (3,994 ) (3,950 ) Total stockholders’ equity 3,702,990 178,023 (181,973 ) 3,699,040 Noncontrolling interest 365,611 - - 365,611 Total equity 4,068,601 178,023 (181,973 ) 4,064,651 Total liabilities and equity $ 8,311,581 $ 617,744 $ (335,842 ) $ 8,593,483 December 31, 2014 Issuer & Non-Guarantor Elimination 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 28,688 — (28,688 ) — Other assets 60,820 7,956 — 68,776 Total assets $ 3,824,723 $ 125,610 $ (28,688 ) $ 3,921,645 LIABILITIES AND EQUITY Revolving line of credit $ 85,000 $ — $ — $ 85,000 Term loan 200,000 — — 200,000 Secured borrowings – net 167,379 84,075 — 251,454 Unsecured borrowings – net 1,842,049 — — 1,842,049 Accrued expenses and other liabilities 128,968 12,847 — 141,815 Intercompany payable — 19,742 (19,742 ) — Total liabilities 2,423,396 116,664 (19,742 ) 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 $ 3,824,723 $ 125,610 $ (28,688 ) $ 3,921,645 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENTS OF OPERATIONS Unaudited (in thousands, except per share amounts) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 152,053 $ 14,570 $ - $ 166,623 $ 399,416 $ 31,283 $ - $ 430,699 Income from direct financing leases 15,216 - - 15,216 44,582 - - 44,582 Mortgage interest income 17,195 - - 17,195 51,336 - - 51,336 Other investment income – net 2,940 - - 2,940 6,488 - - 6,488 Total operating revenues 187,404 14,570 - 201,974 501,822 31,283 - 533,105 Expenses Depreciation and amortization 54,294 5,849 - 60,143 137,379 12,530 - 149,909 General and administrative 10,058 102 - 10,160 26,186 296 - 26,482 Acquisition and merger related costs 3,555 - - 3,555 52,994 2,513 - 55,507 Impairment loss on real estate properties 1,743 - - 1,743 14,641 - - 14,641 Provision for uncollectible mortgages, notes and accounts receivable 301 - - 301 292 - - 292 Total operating expenses 69,951 5,951 - 75,902 231,492 15,339 - 246,831 Income before other income and expense 117,453 8,619 - 126,072 270,330 15,944 - 286,274 Other income (expense): Interest income 1 4 - 5 193 12 - 205 Interest expense (33,968 ) (4,201 ) - (38,169 ) (100,099 ) (8,677 ) - (108,776 ) Interest – amortization of deferred financing costs (1,852 ) (5 ) - (1,857 ) (5,020 ) (16 ) - (5,036 ) Interest – refinancing costs - - - - (8,361 ) - - (8,361 ) Equity in earnings 4,149 - (4,149 ) - 6,815 - (6,815 ) - Total other expense (31,670 ) (4,202 ) (4,149 ) (40,021 ) (106,472 ) (8,681 ) (6,815 ) (121,968 ) Income before gain (loss) on assets sold 85,783 4,417 (4,149 ) 86,051 163,858 7,263 (6,815 ) 164,306 (Loss) gain on assets sold – net (2,391 ) - - (2,391 ) 6,411 - - 6,411 Income from continuing operations before income taxes 83,392 4,417 (4,149 ) 83,660 170,269 7,263 (6,815 ) 170,717 Income taxes (138 ) (268 ) - (406 ) (497 ) (448 ) - (945 ) Net income 83,254 4,149 (4,149 ) 83,254 169,772 6,815 (6,815 ) 169,772 Net income attributable to noncontrolling interest (3,852 ) - - (3,852 ) (5,890 ) - - (5,890 ) Net income available to common stockholders $ 79,402 $ 4,149 $ (4,149 ) $ 79,402 $ 163,882 $ 6,815 $ (6,815 ) $ 163,882 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 94,241 $ 3,295 $ - $ 97,536 $ 279,850 $ 9,846 $ - $ 289,696 Income from direct financing leases 14,211 - - 14,211 42,441 - - 42,441 Mortgage interest income 16,883 - - 16,883 36,132 - - 36,132 Other investment income – net 2,035 - - 2,035 5,197 - - 5,197 Total operating revenues 127,370 3,295 - 130,665 363,620 9,846 - 373,466 Expenses Depreciation and amortization 28,789 1,322 - 30,111 88,927 3,929 - 92,856 General and administrative 5,957 30 - 5,987 18,689 92 - 18,781 Acquisition costs 259 - - 259 399 - - 399 Provision for impairment on real estate properties 2,102 - - 2,102 3,660 - - 3,660 Provision for uncollectible mortgages, notes and accounts receivable (15 ) - - (15 ) 2,730 - - 2,730 Total operating expenses 37,092 1,352 - 38,444 114,405 4,021 - 118,426 Income before other income and expense 90,278 1,943 - 92,221 249,215 5,825 - 255,040 Other income (expense): Interest income 7 4 - 11 25 11 - 36 Interest expense (30,057 ) (816 ) - (30,873 ) (84,920 ) (2,481 ) - (87,401 ) Interest – amortization of deferred financing costs (1,238 ) (5 ) - (1,243 ) (3,095 ) (16 ) - (3,111 ) Interest – refinancing gain (costs) 1,617 - - 1,617 (3,068 ) - - (3,068 ) Equity in earnings 1,126 - (1,126 ) - 3,339 - (3,339 ) - Total other expense (28,545 ) (817 ) (1,126 ) (30,488 ) (87,719 ) (2,486 ) (3,339 ) (93,544 ) Income before gain (loss) on assets sold 61,733 1,126 (1,126 ) 61,733 161,496 3,339 (3,339 ) 161,496 (Loss) gain on assets sold – net (20 ) - - (20 ) 2,863 - - 2,863 Net income available to common stockholders $ 61,713 $ 1,126 $ (1,126 ) $ 61,713 $ 164,359 $ 3,339 $ (3,339 ) $ 164,359 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (in thousands) Nine Months Ended September 30, 2015 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 169,772 $ 6,815 $ (6,815 ) $ 169,772 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 137,379 12,530 — 149,909 Provision for impairment on real estate properties 14,641 — — 14,641 Provision for uncollectible mortgages, notes and accounts receivable 292 — — 292 Amortization of deferred financing and refinancing costs 13,381 16 — 13,397 Accretion of direct financing leases (8,124 ) — — (8,124 ) Stock-based compensation 6,682 — — 6,682 Gain on assets sold – net (6,411 ) — — (6,411 ) Amortization of acquired in-place leases - net (4,264 ) — — (4,264 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 315 — — 315 Straight-line rent receivables (23,091 ) (3,474 ) — (26,565 ) Lease inducements 347 — — 347 Effective yield receivable on mortgage notes (3,159 ) — — (3,159 ) Other operating assets and liabilities 9,511 (354 ) 6,815 15,972 Net cash provided by operating activities 307,271 15,533 — 322,804 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (110,806 ) (177,484 ) — (288,290 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (145,276 ) — — (145,276 ) Investment in U.K. subsidiary (170,245 ) 170,245 — — Investment in direct financing leases (6,793 ) — — (6,793 ) Placement of mortgage loans (7,601 ) — — (7,601 ) Proceeds from sale of real estate investments 41,541 — — 41,541 Capital improvements to real estate investments (16,356 ) (1,798 ) — (18,154 ) Proceeds from other investments 37,428 — — 37,428 Investments in other investments (49,489 ) — — (49,489 ) Collection of mortgage principal 1,025 — — 1,025 Net cash used in investing activities (341,714 ) (9,037 ) — (350,751 ) Cash flows from financing activities Proceeds from credit facility borrowings 1,704,000 — — 1,704,000 Payments on credit facility borrowings (1,239,000 ) — — (1,239,000 ) Receipts of other long-term borrowings 1,588,124 — — 1,588,124 Payments of other long-term borrowings (1,586,661 ) (1,402 ) — (1,588,063 ) Payments of financing related costs (30,709 ) — — (30,709 ) Escrow deposit for other long-term borrowing (614,998 ) — — (614,998 ) Receipts from dividend reinvestment plan 65,665 — — 65,665 Payments for exercised options and restricted stock – net (26,168 ) — — (26,168 ) Net proceeds from issuance of common stock 439,738 — — 439,738 Dividends paid (253,105 ) — — (253,105 ) Distributions to OP Unit holders (6,598 ) — — (6,598 ) Net cash provided by (used in) financing activities 40,288 (1,402 ) — 38,886 Increase in cash and cash equivalents 5,845 5,094 — 10,939 Effect of foreign currency translation on cash and cash equivalents — (109 ) — (109 ) Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 10,334 $ 4,985 $ — $ 15,319 Nine Months Ended September 30, 2014 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 164,359 $ 3,339 $ (3,339 ) $ 164,359 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 88,927 3,929 — 92,856 Provision for impairment on real estate properties 3,660 — — 3,660 Provision for uncollectible mortgages, notes and accounts receivable 2,730 — — 2,730 Amortization of deferred financing and refinancing costs 6,163 16 — 6,179 Accretion of direct financing leases (7,242 ) — — (7,242 ) Stock-based compensation 6,570 — — 6,570 Gain on assets sold – net (2,863 ) — — (2,863 ) Amortization of acquired in-place leases - net (3,779 ) — — (3,779 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net (2,252 ) — — (2,252 ) Straight-line rent receivables (15,003 ) (916 ) — (15,919 ) Lease inducements 2,009 — — 2,009 Effective yield receivable on mortgage notes (1,731 ) — — (1,731 ) Other operating assets and liabilities 15,407 (3,729 ) 3,339 15,017 Net cash provided by operating activities 256,955 2,639 — 259,594 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (47,500 ) — — (47,500 ) Placement of mortgage loans (528,780 ) — — (528,780 ) Proceeds from sale of real estate investments 4,054 — — 4,054 Capital improvements to real estate investments (11,396 ) (1,288 ) — (12,684 ) Proceeds from other investments 7,952 — — 7,952 Investments in other investments (6,711 ) — — (6,711 ) Collection of mortgage principal 122,705 — — 122,705 Net cash used in investing activities (459,676 ) (1,288 ) — (460,964 ) Cash flows from financing activities Proceeds from credit facility borrowings 756,000 — — 756,000 Payments on credit facility borrowings (1,079,000 ) — — (1,079,000 ) Receipts of other long-term borrowings 842,148 — — 842,148 Payments of other long-term borrowings (236,681 ) (1,351 ) — (238,032 ) Payments of financing related costs (17,319 ) — — (17,319 ) Receipts from dividend reinvestment plan 66,263 — — 66,263 Payments for exercised options and restricted stock – net (1,582 ) — — (1,582 ) Net proceeds from issuance of common stock 61,997 — — 61,997 Dividends paid (191,269 ) — — (191,269 ) Net cash provided by (used in) financing activities 200,557 (1,351 ) — 199,206 Decrease in cash and cash equivalents (2,164 ) — — (2,164 ) Cash and cash equivalents at beginning of period 2,616 — — 2,616 Cash and cash equivalents at end of period $ 452 $ — $ — $ 452

BASIS OF PRESENTATION AND SIG24

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 investment 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 reporting unit. 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 reporting unit is less than its carrying amount. If we conclude that it is more likely than not that the fair value of the reporting unit 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 owned 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. As of September 30, 2015, 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.
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. 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 Loss (“AOCL”) a component of equity 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 AOCL.
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: September 30, December 31, 2015 2014 (in thousands) Contractual receivables $ 8,171 $ 4,799 Effective yield interest receivables 9,391 6,232 Straight-line receivables 169,684 143,652 Lease inducements 11,630 13,571 Allowance (19 ) (78 ) Accounts receivable – net $ 198,857 $ 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 Interest—Imputation of Interest In August 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments

BASIS OF PRESENTATION AND SIG25

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of summary of net receivables	A summary of our net receivables by type is as follows: September 30, December 31, 2015 2014 (in thousands) Contractual receivables $ 8,171 $ 4,799 Effective yield interest receivables 9,391 6,232 Straight-line receivables 169,684 143,652 Lease inducements 11,630 13,571 Allowance (19 ) (78 ) Accounts receivable – net $ 198,857 $ 168,176

PROPERTIES AND INVESTMENTS (Tab

PROPERTIES AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 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 $ 3,114,906 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,184,594 Goodwill 539,068 Accounts receivables and other assets 15,046 Cash acquired 84,858 Fair value of total assets acquired $ 3,823,566 Estimated fair value of liabilities assumed: Accrued expenses and other liabilities $ 136,094 Debt 1,410,637 Fair value of total liabilities assumed 1,546,731 Value of shares and OP units exchanged (a) 2,276,835 Fair value of consideration $ 3,823,566 (a) Includes the fair value of stock compensation plans assumed.
Schedule of unaudited pro forma results of business acquisition	Pro Forma Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands, except per share amounts, unaudited) Pro Forma Revenues $ 202,999 $ 198,781 $ 604,448 $ 579,889 Pro Forma Net income $ 83,765 $ 83,136 $ 192,702 $ 229,417 Earnings per share – diluted: Net income – as reported $ 0.43 $ 0.48 $ 0.97 $ 1.30 Net income – pro forma $ 0.43 $ 0.45 $ 1.10 $ 1.26

DIRECT FINANCING LEASES (Tables

DIRECT FINANCING LEASES (Tables)	9 Months Ended
	Sep. 30, 2015
Leases, Capital [Abstract]
Schedule of components of investment in direct financing leases	The components of investments in direct financing leases consist of the following: September 30, December 31, 2015 2014 (in thousands) Minimum lease payments receivable $ 4,332,743 $ 4,244,067 Less unearned income (3,748,410 ) (3,704,835 ) Investments in direct financing leases $ 584,333 $ 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 September 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 $49,967 $50,340 $51,460 $52,731 $54,038

MORTGAGE NOTES RECEIVABLE (Tabl

MORTGAGE NOTES RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Notes Receivable Investments [Abstract]
Schedule of outstanding principal amounts of mortgage notes receivable, net of allowances	The outstanding principal amounts of mortgage notes receivable, net of allowances, were as follows: September 30, December 31, 2015 2014 (in thousands) Mortgage note due 2015; interest at 8.35% $ 6,481 $ — Mortgage note due 2018; interest at 8.75% 2,405 — Mortgage note due 2018; interest at 11.00% 12,572 — Mortgage note due 2021; interest at 10.25% 2,443 — Mortgage note due 2021; interest at 10.51% 3,249 1,326 Four mortgage notes due 2022; interest at 12.00% 7,454 7,395 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% 751 — Mortgage note due 2029; interest at 9.23% 413,696 414,550 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 673,759 648,079 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 673,759 $ 648,079

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule of other investments	September 30, December 31, 2015 2014 (in thousands) Other investment note due 2014 $ — $ 1,640 Other investment note due 2015; interest at 6.50% 495 — Other investment note due 2015; interest at 9.50% 75 891 Other investment note due 2015; interest at 10.00% 5,439 5,439 Other investment note due 2016; interest at 7.25% 739 — Other investment note due 2016; interest at 10.00% 23 — Other investment notes due 2017; interest at 10.00% 21,925 24,800 Other investment note due 2018; interest at 10.00% 167 — Other investment note due 2018; interest at 11.00% 1,013 — Other investment note due 2018; interest at 12.00% 1,024 — Other investment note due 2020; interest at 7.50% 4,723 — Other investment notes due 2020; interest at 8.00% 4,610 — Other investment note due 2021; interest at 7.00% 75 — Other investment note due 2021; interest at 11.04% 961 1,053 Other investment note due 2022; interest at 10.77% 1,977 2,110 Other investment notes due 2022; interest at 11.04% 3,789 4,062 Other investment note due 2023; interest at 9.00% 5,468 — Other investment note due 2023; interest at 10.00% 1,000 1,000 Other investment notes due 2023; interest at 10.25% 1,392 — Other investment notes due 2023; interest at 10.51% 2,900 1,942 Other investment notes due 2023; interest at 10.77% 7,039 5,705 Other investment note due 2023; interest at 11.04% 292 310 Other investment note due 2030; interest at 6.66% 19,558 — Notes receivable, gross 84,684 48,952 Allowance for loss on notes receivable — — Total other investments $ 84,684 $ 48,952

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
Schedule of properties held-for-sale	Properties Held For Sale Number of Net Book Value 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 Properties sold/other (4) (3 ) (9,904 ) Properties added 2 4,372 September 30, 2015 (5) 3 $ 10,371 (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. (4) The parcel of land was reclassified to closed facilities. (5) Includes three facilities.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangibles	September 30, 2015 December 31, (in thousands) Assets: Above market lease intangibles $ 21,371 $ 14,576 In-place lease intangibles 386 — Goodwill 554,749 — Accumulated amortization (13,616 ) (12,166 ) Net intangible assets $ 562,890 $ 2,410 Liabilities: Below market lease intangibles $ 85,834 $ 59,785 Accumulated amortization (45,024 ) (39,352 ) Net intangible liabilities $ 40,810 $ 20,433
Schedule of reconciliation of goodwill	(in thousands) Balance as of June 30, 2015 $ 543,093 Add: additional valuation adjustments related to preliminary valuations 12,261 Less: foreign currency translation (605 ) Balance as of September 30, 2015 $ 554,749

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of stock-based compensation expense	Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Stock-based compensation expense $ 2,199 $ 2,022 $ 6,682 $ 6,570
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 7/31/2015 Modified 2013 RSUs 17,919 7/31/2015 Modified 2014 RSUs 15,359 7/31/2015 Modified 2015 RSUs 14,108 585,139
Schedule of unrecognized compensation cost associated with outstanding restricted stock and PRSU awards and LTIP Unit awards	The following table summarizes our total unrecognized compensation cost as of September 30, 2015 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Grant Date Total Weighted Unrecognized Restricted stock units 2013 213,741 $ 29.80 $ 5.9 36 $ 2.4 2015 Transition TSR 2013 67,885 7.47 0.5 24 0.1 2016 Transition TSR 2013 101,591 8.67 0.9 36 0.4 2015 Transition Relative TSR 2013 67,884 13.05 0.9 24 0.1 2016 Transition Relative TSR 2013 101,588 14.24 1.4 36 0.6 Restricted stock units 2014 106,778 29.80 3.2 36 1.3 2016 TSR 2014 135,634 8.67 1.2 48 0.7 2016 Relative TSR 2014 135,634 14.24 1.9 48 1.1 2017 Restricted stock units 2015 109,585 40.57 4.4 33 3.6 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.7 2017 Relative TSR 2015 137,249 22.50 3.1 45 2.7 2017 Restricted stock units 2015 39,914 40.74 1.6 33 1.3 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.7 2017 Relative TSR 2015 54,151 22.91 1.2 45 1.1 Restricted stock units 2015 10,644 12.36 0.1 9 0.0 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 Restricted stock units 2015 8,960 36.26 0.3 5 0.2 2015 Transition TSR 2015 9,484 27.20 0.3 5 0.2 2015 Relative TSR 2015 9,484 18.85 0.2 5 0.1 2016 Transition TSR 2015 22,091 18.51 0.4 17 0.4 2016 Relative TSR 2015 22,100 19.60 0.4 17 0.4 Restricted stock units 2015 10,239 36.26 0.4 5 0.3 Restricted stock units 2015 4,703 36.26 0.2 5 0.1 2017 LTIP Units 2015 5,823 8.78 0.1 29 0.0 2017 Relative TSR 2015 5,826 17.74 0.1 29 0.1 Total 1,600,012 $ 20.45 $ 32.3 $ 20.2
TSR PRSUs and LTIP Units - Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of number of shares earned under the relative TSR PRSUs and LTIP Units 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 279,550 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 2015 Transition TSR 7/31/2015 9,484 12/31/2013-12/31/2015 2016 Transition TSR 7/31/2015 33,144 12/31/2013-12/31/2016 2017 LTIP Units 7/31/2015 17,467 1/1/2015-12/31/2017 973,621 (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 relative TSR PRSUs and LTIP Units 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 93,184 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 2015 Relative TSR 7/31/2015 9,484 1/1/2014-12/31/2015 2016 Relative TSR 7/31/2015 33,143 1/1/2014-12/31/2016 2017 Relative TSR 7/31/2015 17,467 1/1/2015-12/31/2017 787,249

BORROWING ACTIVITIES AND ARRA33

BORROWING ACTIVITIES AND ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term borrowings	The following is a summary of our long-term borrowings: Rate as of September 30, December 31, Maturity 2015 2015 2014 (in thousands) Secured borrowings: GE Term loan 2019 4.00 % $ 180,000 $ — HUD mortgages assumed June 2010 2040 - 2045 — — 120,665 HUD mortgages assumed October 2011 (1) 2036 4.91 % 23,945 24,441 HUD mortgages assumed December 2011 (1) 2044 3.06 % 56,511 57,416 HUD mortgages assumed December 2012 2041 — — 35,358 260,456 237,880 Premium – net 2,103 13,574 Total secured borrowings 262,559 251,454 Unsecured borrowings: Revolving line of credit 2018 1.49 % 550,000 85,000 Term loan 2019 1.69 % 200,000 200,000 Acquisition term loan 2017 1.70 % 200,000 — Omega OP term loan 2017 1.70 % 100,000 — 1,050,000 285,000 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 2026 notes 2026 5.25 % 600,000 — 2027 notes 2027 4.50 % 700,000 — Subordinated debt 2021 9.00 % 20,000 20,000 2,945,000 1,845,000 Discount - net (12,642 ) (2,951 ) Total unsecured borrowings 3,982,358 2,127,049 Total – net $ 4,244,917 $ 2,378,503 (1) Reflects the weighted average annual contractual interest rate on the mortgages at September 30, 2015 excluding a third-party administration fee of approximately 0.5%.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of the carrying amounts and fair values of financial instruments	September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Cash and cash equivalents $ 15,319 $ 15,319 $ 4,489 $ 4,489 Restricted cash 23,399 23,399 29,076 29,076 Investments in direct financing leases – net 584,333 580,973 539,232 539,232 Mortgage notes receivable – net 673,759 673,843 648,079 642,626 Other investments – net 84,684 85,654 48,952 49,513 Totals $ 1,381,494 $ 1,379,188 $ 1,269,828 $ 1,264,936 Liabilities: Revolving line of credit $ 550,000 $ 550,000 $ 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 579,890 629,995 580,410 677,851 5.875% notes due 2024 – net 400,000 445,243 400,000 449,242 4.95% notes due 2024 – net 395,192 402,223 394,768 410,358 4.50% notes due 2025 – net 248,047 244,966 247,889 244,053 5.25% notes due 2026 – net 598,302 603,471 — — 4.50% notes due 2027 – net 690,281 675,173 — — GE Term loan due 2019 180,000 180,000 — — HUD debt – net 82,559 81,158 251,454 266,434 Subordinated debt – net 20,646 24,040 20,747 26,434 Totals $ 4,244,917 $ 4,336,269 $ 2,378,503 $ 2,623,641

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
Net Income Available To Common Per Share
Schedule of computation of basic and diluted earnings per share	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, except per share amounts) Numerator: Net income $ 83,254 $ 61,713 $ 169,772 $ 164,359 Less: Net income attributable to noncontrolling interests (3,852 ) — (5,890 ) — Net income available to common stockholders $ 79,402 $ 61,713 $ 163,882 $ 164,359 Denominator: Denominator for basic earnings per share 184,739 127,464 167,261 126,132 Effect of dilutive securities: Common stock equivalents 1,483 964 1,580 763 Noncontrolling interest – OP units 8,961 — 5,983 — Denominator for diluted earnings per share 195,183 128,428 174,824 126,895 Earnings per share – basic: Net income available to common stockholders $ 0.43 $ 0.48 $ 0.98 $ 1.30 Earnings per share – diluted: Net income $ 0.43 $ 0.48 $ 0.97 $ 1.30

CONSOLIDATING FINANCIAL STATE36

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Sep. 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) September 30, 2015 Issuer & Non-Guarantor Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,127,862 $ 595,617 $ - $ 6,723,479 Less accumulated depreciation (930,028 ) (28,505 ) - (958,533 ) Real estate properties – net 5,197,834 567,112 - 5,764,946 Investments in direct financing leases – net 584,333 - - 584,333 Mortgage notes receivable 673,759 - - 673,759 6,455,926 567,112 - 7,023,038 Other investments 84,684 - - 84,684 6,540,610 567,112 - 7,107,722 Assets held for sale – net 10,371 - - 10,371 Total investments 6,550,981 567,112 - 7,118,093 Cash and cash equivalents 10,334 4,985 - 15,319 Restricted cash 7,065 16,334 - 23,399 Accounts receivable – net 190,838 8,019 - 198,857 Goodwill 539,068 15,681 - 554,749 Investment in affiliates 335,842 - (335,842 ) - Other assets 677,453 5,613 - 683,066 Total assets $ 8,311,581 $ 617,744 $ (335,842 ) $ 8,593,483 LIABILITIES AND EQUITY Revolving line of credit $ 550,000 $ - $ - $ 550,000 Term loans 500,000 - - 500,000 Secured borrowings – net - 391,147 (128,588 ) 262,559 Unsecured borrowings – net 2,932,358 - - 2,932,358 Accrued expenses and other liabilities 260,622 7,068 - 267,690 Deferred income taxes - 16,225 - 16,225 Intercompany payable - 25,281 (25,281 ) - Total liabilities 4,242,980 439,721 (153,869 ) 4,528,832 Equity: Common stock 18,495 - - 18,495 Equity investment in affiliates - 162,218 (162,218 ) - Common stock – additional paid-in capital 4,521,448 - - 4,521,448 Cumulative net earnings 1,311,880 15,761 (15,761 ) 1,311,880 Cumulative dividends paid (2,148,833 ) - - (2,148,833 ) Accumulated other comprehensive income (loss) - 44 (3,994 ) (3,950 ) Total stockholders’ equity 3,702,990 178,023 (181,973 ) 3,699,040 Noncontrolling interest 365,611 - - 365,611 Total equity 4,068,601 178,023 (181,973 ) 4,064,651 Total liabilities and equity $ 8,311,581 $ 617,744 $ (335,842 ) $ 8,593,483 December 31, 2014 Issuer & Non-Guarantor Elimination 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 28,688 — (28,688 ) — Other assets 60,820 7,956 — 68,776 Total assets $ 3,824,723 $ 125,610 $ (28,688 ) $ 3,921,645 LIABILITIES AND EQUITY Revolving line of credit $ 85,000 $ — $ — $ 85,000 Term loan 200,000 — — 200,000 Secured borrowings – net 167,379 84,075 — 251,454 Unsecured borrowings – net 1,842,049 — — 1,842,049 Accrued expenses and other liabilities 128,968 12,847 — 141,815 Intercompany payable — 19,742 (19,742 ) — Total liabilities 2,423,396 116,664 (19,742 ) 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 $ 3,824,723 $ 125,610 $ (28,688 ) $ 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 September 30, 2015 Nine Months Ended September 30, 2015 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 152,053 $ 14,570 $ - $ 166,623 $ 399,416 $ 31,283 $ - $ 430,699 Income from direct financing leases 15,216 - - 15,216 44,582 - - 44,582 Mortgage interest income 17,195 - - 17,195 51,336 - - 51,336 Other investment income – net 2,940 - - 2,940 6,488 - - 6,488 Total operating revenues 187,404 14,570 - 201,974 501,822 31,283 - 533,105 Expenses Depreciation and amortization 54,294 5,849 - 60,143 137,379 12,530 - 149,909 General and administrative 10,058 102 - 10,160 26,186 296 - 26,482 Acquisition and merger related costs 3,555 - - 3,555 52,994 2,513 - 55,507 Impairment loss on real estate properties 1,743 - - 1,743 14,641 - - 14,641 Provision for uncollectible mortgages, notes and accounts receivable 301 - - 301 292 - - 292 Total operating expenses 69,951 5,951 - 75,902 231,492 15,339 - 246,831 Income before other income and expense 117,453 8,619 - 126,072 270,330 15,944 - 286,274 Other income (expense): Interest income 1 4 - 5 193 12 - 205 Interest expense (33,968 ) (4,201 ) - (38,169 ) (100,099 ) (8,677 ) - (108,776 ) Interest – amortization of deferred financing costs (1,852 ) (5 ) - (1,857 ) (5,020 ) (16 ) - (5,036 ) Interest – refinancing costs - - - - (8,361 ) - - (8,361 ) Equity in earnings 4,149 - (4,149 ) - 6,815 - (6,815 ) - Total other expense (31,670 ) (4,202 ) (4,149 ) (40,021 ) (106,472 ) (8,681 ) (6,815 ) (121,968 ) Income before gain (loss) on assets sold 85,783 4,417 (4,149 ) 86,051 163,858 7,263 (6,815 ) 164,306 (Loss) gain on assets sold – net (2,391 ) - - (2,391 ) 6,411 - - 6,411 Income from continuing operations before income taxes 83,392 4,417 (4,149 ) 83,660 170,269 7,263 (6,815 ) 170,717 Income taxes (138 ) (268 ) - (406 ) (497 ) (448 ) - (945 ) Net income 83,254 4,149 (4,149 ) 83,254 169,772 6,815 (6,815 ) 169,772 Net income attributable to noncontrolling interest (3,852 ) - - (3,852 ) (5,890 ) - - (5,890 ) Net income available to common stockholders $ 79,402 $ 4,149 $ (4,149 ) $ 79,402 $ 163,882 $ 6,815 $ (6,815 ) $ 163,882 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 94,241 $ 3,295 $ - $ 97,536 $ 279,850 $ 9,846 $ - $ 289,696 Income from direct financing leases 14,211 - - 14,211 42,441 - - 42,441 Mortgage interest income 16,883 - - 16,883 36,132 - - 36,132 Other investment income – net 2,035 - - 2,035 5,197 - - 5,197 Total operating revenues 127,370 3,295 - 130,665 363,620 9,846 - 373,466 Expenses Depreciation and amortization 28,789 1,322 - 30,111 88,927 3,929 - 92,856 General and administrative 5,957 30 - 5,987 18,689 92 - 18,781 Acquisition costs 259 - - 259 399 - - 399 Provision for impairment on real estate properties 2,102 - - 2,102 3,660 - - 3,660 Provision for uncollectible mortgages, notes and accounts receivable (15 ) - - (15 ) 2,730 - - 2,730 Total operating expenses 37,092 1,352 - 38,444 114,405 4,021 - 118,426 Income before other income and expense 90,278 1,943 - 92,221 249,215 5,825 - 255,040 Other income (expense): Interest income 7 4 - 11 25 11 - 36 Interest expense (30,057 ) (816 ) - (30,873 ) (84,920 ) (2,481 ) - (87,401 ) Interest – amortization of deferred financing costs (1,238 ) (5 ) - (1,243 ) (3,095 ) (16 ) - (3,111 ) Interest – refinancing gain (costs) 1,617 - - 1,617 (3,068 ) - - (3,068 ) Equity in earnings 1,126 - (1,126 ) - 3,339 - (3,339 ) - Total other expense (28,545 ) (817 ) (1,126 ) (30,488 ) (87,719 ) (2,486 ) (3,339 ) (93,544 ) Income before gain (loss) on assets sold 61,733 1,126 (1,126 ) 61,733 161,496 3,339 (3,339 ) 161,496 (Loss) gain on assets sold – net (20 ) - - (20 ) 2,863 - - 2,863 Net income available to common stockholders $ 61,713 $ 1,126 $ (1,126 ) $ 61,713 $ 164,359 $ 3,339 $ (3,339 ) $ 164,359
Schedule of consolidating statement of cash flows	OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (in thousands) Nine Months Ended September 30, 2015 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 169,772 $ 6,815 $ (6,815 ) $ 169,772 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 137,379 12,530 — 149,909 Provision for impairment on real estate properties 14,641 — — 14,641 Provision for uncollectible mortgages, notes and accounts receivable 292 — — 292 Amortization of deferred financing and refinancing costs 13,381 16 — 13,397 Accretion of direct financing leases (8,124 ) — — (8,124 ) Stock-based compensation 6,682 — — 6,682 Gain on assets sold – net (6,411 ) — — (6,411 ) Amortization of acquired in-place leases - net (4,264 ) — — (4,264 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 315 — — 315 Straight-line rent receivables (23,091 ) (3,474 ) — (26,565 ) Lease inducements 347 — — 347 Effective yield receivable on mortgage notes (3,159 ) — — (3,159 ) Other operating assets and liabilities 9,511 (354 ) 6,815 15,972 Net cash provided by operating activities 307,271 15,533 — 322,804 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (110,806 ) (177,484 ) — (288,290 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (145,276 ) — — (145,276 ) Investment in U.K. subsidiary (170,245 ) 170,245 — — Investment in direct financing leases (6,793 ) — — (6,793 ) Placement of mortgage loans (7,601 ) — — (7,601 ) Proceeds from sale of real estate investments 41,541 — — 41,541 Capital improvements to real estate investments (16,356 ) (1,798 ) — (18,154 ) Proceeds from other investments 37,428 — — 37,428 Investments in other investments (49,489 ) — — (49,489 ) Collection of mortgage principal 1,025 — — 1,025 Net cash used in investing activities (341,714 ) (9,037 ) — (350,751 ) Cash flows from financing activities Proceeds from credit facility borrowings 1,704,000 — — 1,704,000 Payments on credit facility borrowings (1,239,000 ) — — (1,239,000 ) Receipts of other long-term borrowings 1,588,124 — — 1,588,124 Payments of other long-term borrowings (1,586,661 ) (1,402 ) — (1,588,063 ) Payments of financing related costs (30,709 ) — — (30,709 ) Escrow deposit for other long-term borrowing (614,998 ) — — (614,998 ) Receipts from dividend reinvestment plan 65,665 — — 65,665 Payments for exercised options and restricted stock – net (26,168 ) — — (26,168 ) Net proceeds from issuance of common stock 439,738 — — 439,738 Dividends paid (253,105 ) — — (253,105 ) Distributions to OP Unit holders (6,598 ) — — (6,598 ) Net cash provided by (used in) financing activities 40,288 (1,402 ) — 38,886 Increase in cash and cash equivalents 5,845 5,094 — 10,939 Effect of foreign currency translation on cash and cash equivalents — (109 ) — (109 ) Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 10,334 $ 4,985 $ — $ 15,319 Nine Months Ended September 30, 2014 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 164,359 $ 3,339 $ (3,339 ) $ 164,359 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 88,927 3,929 — 92,856 Provision for impairment on real estate properties 3,660 — — 3,660 Provision for uncollectible mortgages, notes and accounts receivable 2,730 — — 2,730 Amortization of deferred financing and refinancing costs 6,163 16 — 6,179 Accretion of direct financing leases (7,242 ) — — (7,242 ) Stock-based compensation 6,570 — — 6,570 Gain on assets sold – net (2,863 ) — — (2,863 ) Amortization of acquired in-place leases - net (3,779 ) — — (3,779 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net (2,252 ) — — (2,252 ) Straight-line rent receivables (15,003 ) (916 ) — (15,919 ) Lease inducements 2,009 — — 2,009 Effective yield receivable on mortgage notes (1,731 ) — — (1,731 ) Other operating assets and liabilities 15,407 (3,729 ) 3,339 15,017 Net cash provided by operating activities 256,955 2,639 — 259,594 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (47,500 ) — — (47,500 ) Placement of mortgage loans (528,780 ) — — (528,780 ) Proceeds from sale of real estate investments 4,054 — — 4,054 Capital improvements to real estate investments (11,396 ) (1,288 ) — (12,684 ) Proceeds from other investments 7,952 — — 7,952 Investments in other investments (6,711 ) — — (6,711 ) Collection of mortgage principal 122,705 — — 122,705 Net cash used in investing activities (459,676 ) (1,288 ) — (460,964 ) Cash flows from financing activities Proceeds from credit facility borrowings 756,000 — — 756,000 Payments on credit facility borrowings (1,079,000 ) — — (1,079,000 ) Receipts of other long-term borrowings 842,148 — — 842,148 Payments of other long-term borrowings (236,681 ) (1,351 ) — (238,032 ) Payments of financing related costs (17,319 ) — — (17,319 ) Receipts from dividend reinvestment plan 66,263 — — 66,263 Payments for exercised options and restricted stock – net (1,582 ) — — (1,582 ) Net proceeds from issuance of common stock 61,997 — — 61,997 Dividends paid (191,269 ) — — (191,269 ) Net cash provided by (used in) financing activities 200,557 (1,351 ) — 199,206 Decrease in cash and cash equivalents (2,164 ) — — (2,164 ) Cash and cash equivalents at beginning of period 2,616 — — 2,616 Cash and cash equivalents at end of period $ 452 $ — $ — $ 452

BASIS OF PRESENTATION AND SIG37

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Contractual receivables	$ 8,171	$ 4,799
Effective yield interest receivables	9,391	6,232
Straight-line receivables	169,684	143,652
Lease inducements	11,630	13,571
Allowance	(19)	(78)
Accounts receivable - net	$ 198,857	$ 168,176

BASIS OF PRESENTATION AND SIG38

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Accounting Policies [Abstract]
Number of reportable segment	1

BASIS OF PRESENTATION AND SIG39

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1) - Omega OP Units - $ / shares shares in Millions	Sep. 30, 2015	Apr. 01, 2015
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%	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%
Other Investors
Basis Of Presentation And Significant Accounting Policies [Line Items]
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		Sep. 30, 2015	Jul. 01, 2015	Apr. 01, 2015
Estimated fair value of assets acquired:
Goodwill		$ 554,749	$ 543,093
Merger Agreement | Aviv REIT, Inc
Estimated fair value of assets acquired:
Land and buildings				$ 3,114,906
Investment in direct financing leases				26,823
Mortgages notes receivable				19,246
Other investments				23,619
Total investments				3,184,594
Goodwill				539,068
Accounts receivables and other assets				15,046
Cash acquired				84,858
Fair value of total assets acquired				3,823,566
Estimated fair value of liabilities assumed:
Accrued expenses and other liabilities				136,094
Debt				1,410,637
Fair value of total liabilities assumed				1,546,731
Value of shares and OP units exchanged	[1]			2,276,835
Fair value of consideration				$ 3,823,566
[1]	Includes the fair value of stock compensation plans assumed.

PROPERTIES AND INVESTMENTS - 41

PROPERTIES AND INVESTMENTS - Pro forma information (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings per share - diluted:
Net income - as reported	$ 0.43	$ 0.48	$ 0.97	$ 1.30
Pro forma
Proforma Information [Line Items]
Pro Forma Revenues	$ 202,999	$ 198,781	$ 604,448	$ 579,889
Pro Forma Net income	$ 83,765	$ 83,136	$ 192,702	$ 229,417
Earnings per share - diluted:
Net income - as reported	$ 0.43	$ 0.48	$ 0.97	$ 1.30
Net income - pro forma	$ 0.43	$ 0.45	$ 1.10	$ 1.26

PROPERTIES AND INVESTMENTS - Le

PROPERTIES AND INVESTMENTS - Leased Property (Narrative) (Detail) $ in Millions	1 Months Ended					3 Months Ended	9 Months Ended
	Sep. 29, 2015USD ($)FacilityBed	Jul. 30, 2015USD ($)FacilityBed	Jul. 24, 2015USD ($)Facility	Jul. 01, 2015USD ($)FacilityBed	Jan. 28, 2015USD ($)FacilityBed	Sep. 30, 2015USD ($)FacilityTransaction	Sep. 30, 2015Facility
Leased Properties [Line Items]
Number of facilities owned | Facility						947	947
Increase in the specific annual percentage over the prior year's rent							2.50%
Number of transaction | Transaction						6
Cash paid for acquisition						$ 216
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						782	782
Number of facilities owned from unrelated third party | Facility					1
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
SNF's | Florida | $32.0 Million Acquisition
Leased Properties [Line Items]
Number of facilities owned | Facility	2
Cash paid for acquisition	$ 32
Number of operating beds | Bed	260
Initial cash yield	9.00%
SNF's | Florida | Land | $32.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition	$ 1.4
SNF's | Florida | Building and site improvements | $32.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition	29
SNF's | Florida | Furniture and fixtures | $32.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition	$ 1.6
SNF's | Virginia | $28.5 Million Acquisition
Leased Properties [Line Items]
Number of facilities owned | Facility		1
Lease term		10 years
Cash paid for acquisition		$ 28.5
Number of operating beds | Bed		300
Percentage of annual escalators		2.50%
Initial cash yield		9.25%
SNF's | Virginia | Land | $28.5 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition		$ 1.9
SNF's | Virginia | Building and site improvements | $28.5 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition		24.2
SNF's | Virginia | Furniture and fixtures | $28.5 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition		$ 2.4
SNF's | Washington | $18.0 Million Acquisition
Leased Properties [Line Items]
Number of facilities owned | Facility				1
SNF's | Nebraska | $15.0 Million Acquisition
Leased Properties [Line Items]
Number of facilities owned | Facility				6
Cash paid for acquisition				$ 15
Number of operating beds | Bed				530
Initial cash yield				9.00%
SNF's | Nebraska | Land | $15.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				$ 1.4
SNF's | Nebraska | Building and site improvements | $15.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				12.1
SNF's | Nebraska | Furniture and fixtures | $15.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				$ 1.5
ALFs
Leased Properties [Line Items]
Number of facilities owned | Facility						85	85
ALFs | Georgia | $10.8 Million Acquisition
Leased Properties [Line Items]
Number of facilities owned | Facility				2
Lease term				12 years
Cash paid for acquisition				$ 10.8
Number of operating beds | Bed				125
Percentage of annual escalators				2.50%
Initial cash yield				7.00%
Increase of cash yield percentage in year two				8.00%
ALFs | Georgia | Land | $10.8 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				$ 1.2
ALFs | Georgia | Building and site improvements | $10.8 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				9
ALFs | Georgia | Furniture and fixtures | $10.8 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				$ 0.6
ALFs | Washington | $18.0 Million Acquisition
Leased Properties [Line Items]
Number of facilities owned | Facility				2
Cash paid for acquisition				$ 18
Number of operating beds | Bed				136
Initial cash yield				8.00%
ALFs | Washington | Land | $18.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				$ 2.2
ALFs | Washington | Building and site improvements | $18.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				14.9
ALFs | Washington | Furniture and fixtures | $18.0 Million Acquisition
Leased Properties [Line Items]
Cash paid for acquisition				$ 0.9
Specialty facilities
Leased Properties [Line Items]
Number of facilities owned | Facility						16	16
Medical office building
Leased Properties [Line Items]
Number of facilities owned | Facility						1	1
Building | New York | $111.7 Million Acquisition
Leased Properties [Line Items]
Number of facilities owned | Facility			5
Cash paid for acquisition			$ 111.7
Percentage of annual escalators			2.50%
Initial cash yield			5.00%
Increase of cash yield			7.00%
Increase of cash yield percentage in year two			8.00%

PROPERTIES AND INVESTMENTS - Ac

PROPERTIES AND INVESTMENTS - Acquisition of Care Homes in the United Kingdom (Narrative) (Detail 1) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May. 01, 2015USD ($)BedCare_Home	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Real Estate Properties [Line Items]
Cash paid for acquisition		$ 216,000
Acquisition and merger related costs		3,555	$ 259	$ 55,507	$ 399
Rental revenue		166,623	$ 97,536	430,699	$ 289,696
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 and merger related costs				3,200
Rental revenue		$ 3,600		$ 6,000
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	1 Months Ended	3 Months Ended				9 Months Ended
	Apr. 01, 2015USD ($)FacilityPropertyStateOperatorLeaseMortgageshares	Sep. 30, 2015USD ($)PropertyStateOperator	Jun. 30, 2015Property	Mar. 31, 2015Property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)StateOperator	Sep. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of properties acquired | Property		2	1	1
Number of states | State		42				42
Number of operators | Operator		83				83
Acquisition costs		$ 3,555			$ 259	$ 55,507	$ 399
Rental revenue		166,623			$ 97,536	430,699	$ 289,696
Merger Agreement | Aviv REIT, Inc
Real Estate Properties [Line Items]
Number of properties acquired | Property	342
Number of facilities subject to direct financing leases | 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	$ 3,823,566
Acquisition costs	$ 51,100
Number of shares issued to issuable to stockholders | shares	43.7
Rental revenue		$ 60,100				$ 120,200
Medical office building | Merger Agreement | Aviv REIT, Inc
Real Estate Properties [Line Items]
Number of properties acquired | Facility	1

PROPERTIES AND INVESTMENTS - As

PROPERTIES AND INVESTMENTS - Assets Sold or Held for Sale (Narrative) (Detail 3) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015USD ($)Facility	Jun. 30, 2015USD ($)Facility	Mar. 31, 2015USD ($)Facility	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Facility	Sep. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of facilities sold | Facility	3	4			3
Total cash proceeds	$ 14,700	$ 26,600
Amount of gain (loss) from sale of facilities	(2,391)	8,800		$ (20)	$ 6,411	$ 2,863
Tennessee
Real Estate Properties [Line Items]
Impairment charge		$ 6,900
New Mexico
Real Estate Properties [Line Items]
Impairment charge	$ 1,700
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	Sep. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)Property
Leases, Capital [Abstract]
Minimum lease payments receivable	$ 4,332,743	$ 4,244,067
Less unearned income	(3,748,410)	(3,704,835)
Investments in direct financing leases	$ 584,333	$ 539,232
Properties subject to direct financing leases | Property	58	56

DIRECT FINANCING LEASES (Deta47

DIRECT FINANCING LEASES (Detail 1) $ in Thousands	Sep. 30, 2015USD ($)
Leases, Capital [Abstract]
Year 1	$ 49,967
Year 2	50,340
Year 3	51,460
Year 4	52,731
Year 5	$ 54,038

DIRECT FINANCING LEASES (Narrat

DIRECT FINANCING LEASES (Narrative) (Detail) $ in Millions	Apr. 01, 2015StateLease	Jul. 27, 2015USD ($)	Nov. 27, 2013USD ($)	Sep. 30, 2015USD ($)FacilityState	Dec. 31, 2014USD ($)Facility	Nov. 27, 2013Facility	Nov. 27, 2013Bed	Nov. 27, 2013State	Nov. 27, 2013Lease	Nov. 27, 2013Operating-Lease
Capital Leased Assets [Line Items]
Cash paid for acquisition | $				$ 216
Number of facilities owned				947
Number of states | State				42
Deferred costs associated with direct financing leases | $				$ 3.4	$ 3.4
New Ark Investment Inc.
Capital Leased Assets [Line Items]
Cash paid for acquisition | $			$ 529
Number of lease									4	1
Number of facilities owned					3	56
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
Payment for capital expenditures | $		$ 6.8
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	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)Mortgage	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 673,759	$ 648,079
Allowance for loss on mortgage notes receivable
Total mortgages - net	$ 673,759	$ 648,079
Mortgage note due 2015; interest at 8.35%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	6,481
Total mortgages - net	$ 6,481
Mortgage loans on real estate, interest rate	8.35%	8.35%
Mortgage note due 2018; interest at 8.75%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 2,405
Total mortgages - net	$ 2,405
Mortgage loans on real estate, interest rate	8.75%	8.75%
Mortgage note due 2018; interest at 11.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 12,572
Total mortgages - net	$ 12,572
Mortgage loans on real estate, interest rate	11.00%	11.00%
Mortgage note due 2021; interest at 10.25%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 2,443
Total mortgages - net	$ 2,443
Mortgage loans on real estate, interest rate	10.25%	10.25%
Mortgage note due 2021; interest at 10.51%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 3,249	$ 1,326
Total mortgages - net	$ 3,249	$ 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	$ 7,454	$ 7,395
Total mortgages - net	$ 7,454	$ 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 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	$ 751
Total mortgages - net	$ 751
Mortgage loans on real estate, interest rate	10.00%	10.00%
Number of mortgage loans | Mortgage	2
Mortgage note due 2029; interest at 9.23%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	$ 413,696	$ 414,550
Total mortgages - net	$ 413,696	$ 414,550
Mortgage loans on real estate, interest rate	9.23%	9.23%
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 ($)Bed	Jul. 31, 2015USD ($)Bed	Sep. 30, 2015USD ($)FacilityStateMortgageEntity	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Number of fixed and variable rate mortgages | Mortgage			19
Number of long term care facilities | Facility			58
Number of states | State			42
Number of mortgage notes receivable independent operating companies | Entity			8
Mortgage notes receivable			$ 673,759	$ 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%
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%
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%
Louisiana | ALFs | Mortgage Notes Due 2018
Mortgage Loans on Real Estate [Line Items]
Number of beds | Bed		48
Mortgage notes receivable		$ 11,700	$ 2,400
Percentage of interest rates		8.75%

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Notes receivable, gross	$ 84,684	$ 48,952
Allowance for loss on notes receivable
Total other investments	$ 84,684	$ 48,952
Other investment note due 2014
Schedule of Investments [Line Items]
Notes receivable, gross		$ 1,640
Other investment note due 2015; interest at 6.50%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 495
Interest rate	6.50%	6.50%
Other investment notes due 2015; interest at 9.50%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 75	$ 891
Interest rate	9.50%	9.50%
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	$ 739
Interest rate	7.25%	7.25%
Other investment note due 2016; interest at 10.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 23
Interest rate	10.00%	10.00%
Other investment notes due 2017; interest at 10.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 21,925	$ 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	$ 167
Interest rate	10.00%	10.00%
Other investment note due 2018; interest at 11.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 1,013
Interest rate	11.00%	11.00%
Other investment note due 2018; interest at 12.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 1,024
Interest rate	12.00%	12.00%
Other investment note due 2020; interest at 7.50%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 4,723
Interest rate	7.50%	7.50%
Other investment note due 2020; interest at 8.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 4,610
Interest rate	8.00%	8.00%
Other investment note due 2021; interest at 7.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 75
Interest rate	7.00%	7.00%
Other investment note due 2021; interest at 11.04%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 961	$ 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	$ 1,977	$ 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	$ 3,789	$ 4,062
Interest rate	11.04%	11.04%
Other investment note due 2023; interest at 9.00%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 5,468
Interest rate	9.00%	9.00%
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	$ 1,392
Interest rate	10.25%	10.25%
Other investment notes due 2023; interest at 10.51%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 2,900	$ 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	$ 7,039	$ 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	$ 292	$ 310
Interest rate	11.04%	11.04%
Other investment note due 2030; interest at 6.66%
Schedule of Investments [Line Items]
Notes receivable, gross	$ 19,558
Interest rate	6.66%	6.66%

OTHER INVESTMENTS (Narrative) (

OTHER INVESTMENTS (Narrative) (Detail) - Other investment note due 2030; interest at 6.66% - Revolving credit facility - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Short-term Debt [Line Items]
Other investment - fair value	$ 19.6	$ 50
Interest rate		6.66%

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)Property		Jun. 30, 2015USD ($)Property		Mar. 31, 2015USD ($)Property
Number Of Properties
Beginning Balance	4	[1]	5	[2]	4	[1]
Properties sold	(3)	[3]	(2)
Properties added	2		1		1
Ending balance	3	[4]	4	[1]	5	[2]
Net Book Value
Beginning Balance | $	$ 15,903	[1]	$ 16,877	[2]	$ 12,792	[1]
Properties sold | $	(9,904)	[3]	(6,973)
Properties added | $	4,372		5,999		$ 4,085
Ending balance | $	$ 10,371	[4]	$ 15,903	[1]	$ 16,877	[2]
[1]	Includes one parcel of land and three facilities.
[2]	Includes one parcel of land and four facilities.
[3]	The parcel of land was reclassified to closed facilities.
[4]	Includes three facilities.

ASSETS HELD FOR SALE (Narrative

ASSETS HELD FOR SALE (Narrative) (Detail) $ in Thousands

1 Months Ended

3 Months Ended

Dec. 31, 2014USD ($)FacilityParcel

Jun. 30, 2015USD ($)FacilityParcel

Mar. 31, 2015USD ($)FacilityParcel

Sep. 30, 2015USD ($)Facility

Jul. 01, 2015USD ($)

[1]

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

3

4

Assets held for sale

$ 12,792

[1]

$ 15,903

[1]

$ 16,877

[2]

$ 10,371

[3]

$ 15,903

$ 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

SNF's | New Mexico and Tennessee

Real Estate Properties [Line Items]

Number of held for sale facilities | Facility

2

Assets held for sale

$ 4,400

[1]

Includes one parcel of land and three facilities.

[2]

Includes one parcel of land and four facilities.

[3]

Includes three facilities.

INTANGIBLES - Summary of our in

INTANGIBLES - Summary of our intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jul. 01, 2015	Dec. 31, 2014
Assets:
Goodwill	$ 554,749	$ 543,093
Accumulated amortization	(13,616)		$ (12,166)
Net intangible assets	562,890		2,410
Liabilities:
Below market lease intangibles	85,834		59,785
Accumulated amortization	(45,024)		(39,352)
Net intangible liabilities	40,810		20,433
Above market lease intangibles
Assets:
Gross intangible assets	21,371		$ 14,576
In-place lease intangibles
Assets:
Gross intangible assets	$ 386

INTANGIBLES - Reconciliation of

INTANGIBLES - Reconciliation of goodwill (Details 1) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Balance as of June 30, 2015	$ 543,093
Add: additional valuation adjustments related to preliminary valuations	12,261
Less: foreign currency translation	(605)
Balance as of September 30, 2015	$ 554,749

INTANGIBLES (Narrative) (Detail

INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1.4	$ 1.2	$ 4.3	$ 3.8
Remainder of 2015	1.4		1.4
2,016	5		5
2,017	4		4
2,018	3.7		3.7
2,019	$ 3.9		$ 3.9

CONCENTRATION OF RISK (Narrativ

CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)FacilityStateOperator	Dec. 31, 2014USD ($)
Concentration Risk [Line Items]
Number of facilities owned	947
Number of states | State	42
Number of operators | Operator	83
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $	$ 8,000,000
Percentage share of real estate investments related to long-term care facilities	99.00%
Miscellaneous investments, net | $	$ 84,684	$ 48,952
Concentration risk, benchmark description	No single operator or manager generated more than 10% of our total revenues
Ohio
Concentration Risk [Line Items]
Concentration percent by state	10.00%
Florida
Concentration Risk [Line Items]
Concentration percent by state	9.00%
Texas
Concentration Risk [Line Items]
Concentration percent by state	9.00%
SNF's
Concentration Risk [Line Items]
Number of facilities owned	782
Number of facilities held-for-sale/closed	5
Number of facilities under fixed and variable rate	56
ALFs
Concentration Risk [Line Items]
Number of facilities owned	85
Number of facilities under fixed and variable rate	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) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Oct. 14, 2015	Sep. 03, 2015	Jul. 15, 2015	Apr. 15, 2015	Mar. 05, 2015	Feb. 09, 2015	Jan. 14, 2015	Sep. 30, 2015	Sep. 30, 2014
Dividends [Line Items]
Cash dividends paid on common stock								$ 1.62
Sales price, equity distribution agreement						$ 440,000
Number of common stock sold						10,925		10,925
Gross proceeds from sale of common stock								$ 439,738	$ 61,997
2015 Equity Shelf Program
Dividends [Line Items]
Sales price, equity distribution agreement		$ 500,000
Compensation percentage for sale of shares		2.00%
2013 Equity Shelf Program
Dividends [Line Items]
Sales price, equity distribution agreement		$ 250,000
Number of common stock sold		7,400
Gross proceeds from sale of common stock		$ 233,800
Commissions		$ 4,700
Dividend Declared
Dividends [Line Items]
Common stock dividend payable, per share			$ 0.55	$ 0.54	$ 0.54		$ 0.53
Nature of common stock dividend payable			Quarterly	Quarterly	Quarterly		Quarterly
Increase in quarterly common dividend, per share			$ 0.01	$ 0.01	$ 0.01		$ 0.01
Dividends declared, date of declaration			Jul. 15, 2015				Jan. 14, 2015
Dividends declared, date of payment			Aug. 17, 2015				Feb. 16, 2015
Dividends declared, date of record			Jul. 31, 2015				Feb. 2, 2015
Subsequent Event | Dividend Declared
Dividends [Line Items]
Common stock dividend payable, per share	$ 0.56
Nature of common stock dividend payable	Quarterly
Increase in quarterly common dividend, per share	$ 0.01
Dividends declared, date of declaration	Oct. 14, 2015
Dividends declared, date of payment	Nov. 16, 2015
Dividends declared, date of record	Nov. 2, 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 (Narrati60

DIVIDENDS AND EQUITY (Narrative) (Detail 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Feb. 09, 2015	Sep. 30, 2015	Sep. 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
Number of common stock sold	10,925		10,925
Common stock, price per share	$ 42	$ 40.32	$ 40.32
Aggregate gross sales price of common stock sold	$ 440,000		$ 439,738
Shares issued under dividend reinvestment and common stock purchase program		1,000	1,794
Dividend reinvestment plan, shares issued, price per share		$ 36.25	$ 36.62
Net proceeds from shares issued under Dividend Reinvestment and Common Stock Purchase Program		$ 35,600	$ 65,665

TAXES (Narrative) (Detail)

TAXES (Narrative) (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	May. 01, 2015Care_HomeEntity
Income Tax Disclosure [Abstract]
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage	100.00%	100.00%
Net operating loss carry-forward	$ 0.9	$ 0.9
The tax basis in legal entities acquired for United Kingdom taxes		82
Temporary tax basis difference		16
State and local income tax provision	0.1	0.5
Provision for foreign income taxes	$ 0.3	$ 0.4
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock-based compensation expense	$ 2,199	$ 2,022	$ 6,682	$ 6,570

STOCK-BASED COMPENSATION (Det63

STOCK-BASED COMPENSATION (Details 1)	Sep. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	1,605,984
Restricted stock units ("RSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	585,139
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 2015 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 2016 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
Restricted stock units ("RSUs") | 7/31/2015 Modified 2013 RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	17,919
Restricted stock units ("RSUs") | 7/31/2015 Modified 2014 RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	15,359
Restricted stock units ("RSUs") | 7/31/2015 Modified 2015 RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	14,108

STOCK-BASED COMPENSATION (Det64

STOCK-BASED COMPENSATION (Details 2)	9 Months Ended
	Sep. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	1,605,984
Performance restricted stock units ("PRSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	973,621
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	279,550
Performance Period	12/31/2011-12/31/2013	[1]
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	12/31/2013-12/31/2014	[1]
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	12/31/2013-12/31/2015	[1]
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	12/31/2013-12/31/2016	[1]
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	1/1/2014-12/31/2016	[1]
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	1/1/2015-12/31/2017	[1]
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	1/1/2015-12/31/2017	[1]
Performance restricted stock units ("PRSUs") | 2015 Transition TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jul. 31, 2015
Number of shares granted	9,484
Performance Period	12/31/2013-12/31/2015	[1]
Performance restricted stock units ("PRSUs") | 2016 Transition TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jul. 31, 2015
Number of shares granted	33,144
Performance Period	12/31/2013-12/31/2016	[1]
Performance restricted stock units ("PRSUs") | 2017 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jul. 31, 2015
Number of shares granted	17,467
Performance Period	1/1/2015-12/31/2017	[1]
[1]	The performance period is the period indicated.

STOCK-BASED COMPENSATION (Det65

STOCK-BASED COMPENSATION (Details 3)	9 Months Ended
	Sep. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	1,605,984
Performance restricted stock units ("PRSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	973,621
Performance restricted stock units ("PRSUs") | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	787,249
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	93,184
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	67,884
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	101,588
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	135,634
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	137,249
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 PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted	54,151
Performance restricted stock units ("PRSUs") | 2017 Relative TSR PRSUs | 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
Performance restricted stock units ("PRSUs") | 2015 Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jul. 31, 2015
PRSUs Granted	9,484
Performance Period	1/1/2014-12/31/2015
Performance restricted stock units ("PRSUs") | 2016 Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jul. 31, 2015
PRSUs Granted	33,143
Performance Period	1/1/2014-12/31/2016
Performance restricted stock units ("PRSUs") | 2017 Relative TSR | Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jul. 31, 2015
PRSUs Granted	17,467
Performance Period	1/1/2015-12/31/2017

STOCK-BASED COMPENSATION (Det66

STOCK-BASED COMPENSATION (Detail 4) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	1,600,012
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 20.45
Total Compensation Cost	$ 32.3
Unrecognized Compensation Cost	$ 20.2
Restricted stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,013
Shares/Units | shares	213,741
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 29.80
Total Compensation Cost	$ 5.9
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 2.4
Restricted stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,014
Shares/Units | shares	106,778
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 29.80
Total Compensation Cost	$ 3.2
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 1.3
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	973,621
Performance restricted stock units | 2014 Transition TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	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 | shares	67,885
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 7.47
Total Compensation Cost	$ 0.5
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 | shares	101,591
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 8.67
Total Compensation Cost	$ 0.9
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 0.4
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 | shares	67,884
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 13.05
Total Compensation Cost	$ 0.9
Weighted Average Period of Expense Recognition	24 months
Unrecognized Compensation Cost	$ 0.1
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 | shares	101,588
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 14.24
Total Compensation Cost	$ 1.4
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 0.6
Performance restricted stock units | 2016 TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,014
Shares/Units | shares	135,634
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 8.67
Total Compensation Cost	$ 1.2
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 0.7
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 | shares	135,634
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 14.24
Total Compensation Cost	$ 1.9
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 1.1
Performance restricted stock units | 2017 LTIPs Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	137,249
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 14.66
Total Compensation Cost	$ 2
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 1.7
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 | shares	137,249
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 22.50
Total Compensation Cost	$ 3.1
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 2.7
Performance restricted stock units | 2017 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	54,151
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 14.80
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 PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	54,151
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 22.91
Total Compensation Cost	$ 1.2
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 1.1
Performance restricted stock units | 2015 Transition TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	9,484
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 27.20
Total Compensation Cost	$ 0.3
Weighted Average Period of Expense Recognition	5 months
Unrecognized Compensation Cost	$ 0.2
Performance restricted stock units | 2015 Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	9,484
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 18.85
Total Compensation Cost	$ 0.2
Weighted Average Period of Expense Recognition	5 months
Unrecognized Compensation Cost	$ 0.1
Performance restricted stock units | 2016 Transition TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	22,091
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 18.51
Total Compensation Cost	$ 0.4
Weighted Average Period of Expense Recognition	17 months
Unrecognized Compensation Cost	$ 0.4
Performance restricted stock units | 2016 Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	22,100
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 19.60
Total Compensation Cost	$ 0.4
Weighted Average Period of Expense Recognition	17 months
Unrecognized Compensation Cost	$ 0.4
Performance restricted stock units | 2017 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	5,823
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 8.78
Total Compensation Cost	$ 0.1
Weighted Average Period of Expense Recognition	29 months
Unrecognized Compensation Cost	$ 0
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 | shares	5,826
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 17.74
Total Compensation Cost	$ 0.1
Weighted Average Period of Expense Recognition	29 months
Unrecognized Compensation Cost	$ 0.1
2017 Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	109,585
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 40.57
Total Compensation Cost	$ 4.4
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 3.6
2017 Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	39,914
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 40.74
Total Compensation Cost	$ 1.6
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 1.3
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	10,644
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 12.36
Total Compensation Cost	$ 0.1
Weighted Average Period of Expense Recognition	9 months
Unrecognized Compensation Cost	$ 0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	19,825
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 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 | shares	7,799
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 35.08
Total Compensation Cost	$ 0.3
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 0.2
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	8,960
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 36.26
Total Compensation Cost	$ 0.3
Weighted Average Period of Expense Recognition	5 months
Unrecognized Compensation Cost	$ 0.2
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	10,239
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 36.26
Total Compensation Cost	$ 0.4
Weighted Average Period of Expense Recognition	5 months
Unrecognized Compensation Cost	$ 0.3
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	4,703
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 36.26
Total Compensation Cost	$ 0.2
Weighted Average Period of Expense Recognition	5 months
Unrecognized Compensation Cost	$ 0.1

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Detail) - RSUs - shares	1 Months Ended	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2014
December 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock vested		71,247
Shares of stock cancelled	17,919
January 1, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock cancelled	15,359
March 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock cancelled	14,108

STOCK-BASED COMPENSATION (Nar68

STOCK-BASED COMPENSATION (Narrative) (Detail 1) - shares	1 Months Ended	12 Months Ended
	Jan. 31, 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 (Nar69

STOCK-BASED COMPENSATION (Narrative) (Detail 2) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding | shares	1,605,984
Unrecognized compensation cost	$ 20.2
Restricted stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding | shares	54,149
Vesting period, years	3 years
Unrecognized compensation cost	$ 1
Consulting and non-compete agreement | Former officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional compensation expense	$ 2.3

BORROWING ACTIVITIES AND ARRA70

BORROWING ACTIVITIES AND ARRANGEMENTS - Long-term borrowings (Detail) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Sep. 23, 2015	Jun. 17, 2015	Apr. 01, 2015	Mar. 18, 2015	Mar. 13, 2015	Dec. 31, 2014
Secured borrowings:
Secured Borrowings		$ 262,559						$ 251,454
Unsecured borrowings:
Revolving line of credit		550,000						85,000
Term loan		500,000						200,000
Revolving line of credit including term loan		1,050,000						285,000
Total - net		4,244,917						2,378,503
Secured borrowings
Secured borrowings:
Secured borrowings excluding unamortized premium		260,456						237,880
Premium - net		2,103						13,574
Secured Borrowings		$ 262,559						$ 251,454
Secured borrowings | GE Term loan
Debt Instrument [Line Items]
Maturity		2,019
Rate		4.00%
Secured borrowings:
Ge Term Loan		$ 180,000			$ 180,000
Secured borrowings | HUD mortgages assumed June 2010
Debt Instrument [Line Items]
Maturity		2040 - 2045
Rate
Secured borrowings:
Long-term borrowing amount, secured borrowings								$ 120,665
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]	$ 23,945						24,441
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]	$ 56,511						57,416
Secured borrowings | HUD mortgages assumed December 2012
Debt Instrument [Line Items]
Maturity		2,041
Rate
Secured borrowings:
Long-term borrowing amount, secured borrowings								35,358
Unsecured borrowings
Unsecured borrowings:
Unsecured borrowing		$ 2,945,000						1,845,000
Discount - net		(12,642)						(2,951)
Total unsecured borrowings		$ 3,982,358						2,127,049
Unsecured borrowings | Revolving line of credit
Debt Instrument [Line Items]
Maturity		2,018
Rate		1.49%
Unsecured borrowings:
Revolving line of credit		$ 550,000						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		1.70%
Unsecured borrowings:
Term loan		$ 200,000
Unsecured borrowings | Omega OP Term loan
Debt Instrument [Line Items]
Maturity		2,017
Rate		1.70%
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%	6.75%
Unsecured borrowings:
Senior notes outstanding		$ 575,000	$ 575,000					575,000
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity		2,024
Rate		5.88%
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
Unsecured borrowings | 2026 Notes
Debt Instrument [Line Items]
Maturity		2,026
Rate		5.25%	5.25%
Unsecured borrowings:
Senior notes outstanding		$ 600,000	$ 600,000
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		$ 20,000						$ 20,000
[1]	Reflects the weighted average annual contractual interest rate on the mortgages at September 30, 2015 excluding a third-party administration fee of approximately 0.5%.

BORROWING ACTIVITIES AND ARRA71

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail) - HUD $ in Millions	1 Months Ended
	Apr. 30, 2015USD ($)Mortgage	Mar. 31, 2015USD ($)Mortgage
Debt Instrument [Line Items]
Payment to retire HUD mortgages	$ 9.1	$ 154.3
Number of HUD mortgages | Mortgage	1	21
Total HUD mortgage loans principal payoff		$ 146.9
Gain on extinguishment of the debt	$ 1	2.3
Write-off of premium recorded at time of acquisition	1.5	9.7
Prepayment fees	$ 0.5	$ 7.4
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 ARRA72

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 1) - USD ($) $ in Thousands	Apr. 01, 2015	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Term loan		$ 500,000	$ 200,000
Secured Borrowings | GE Term loan
Debt Instrument [Line Items]
Ge 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 ARRA73

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 2) - USD ($) $ in Thousands	Apr. 01, 2015	Sep. 23, 2015	Mar. 18, 2015	Sep. 30, 2015	Oct. 26, 2015	Dec. 31, 2014	Jun. 27, 2014
Borrowing Arrangements [Line Items]
Term loan				$ 500,000		$ 200,000
Revolving line of credit				550,000		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, 2018
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 | Omega OP Term Loan Facility
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage	1.00%
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							1,000,000
Revolving line of credit				$ 550,000
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				9.25%
Unsecured borrowings | Senior unsecured revolving credit facility | Maximum
Borrowing Arrangements [Line Items]
Pricing of credit facility at LIBOR plus an applicable percentage				1.70%
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 | 2022 notes
Borrowing Arrangements [Line Items]
Rate		6.75%		6.75%
Senior notes, principal amount		$ 575,000		$ 575,000		$ 575,000
Unsecured borrowings | 2022 notes | Subsequent Event
Borrowing Arrangements [Line Items]
Rate					6.75%
Unsecured borrowings | 2026 Notes
Borrowing Arrangements [Line Items]
Rate		5.25%		5.25%
Senior notes, principal amount		$ 600,000		$ 600,000
Debt maturity date		Jan. 15, 2026
Debt instrument, issuance price, percentage of principal amount issued		99.717%
Net proceeds from issuance of debt, after deducting initial purchasers' discounts		$ 594,400
Unsecured borrowings | 2027 notes
Borrowing Arrangements [Line Items]
Rate			4.50%	4.50%
Senior notes, principal amount			$ 700,000	$ 700,000
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

BORROWING ACTIVITIES AND ARRA74

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 3) - USD ($) $ in Thousands	Mar. 13, 2015	Oct. 26, 2015	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 23, 2015
Debt Instrument [Line Items]
Net proceeds from issuance of common stock					$ 439,738	$ 61,997
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
Unsecured borrowings | 6.75% notes due 2022
Debt Instrument [Line Items]
Rate			6.75%		6.75%		6.75%
Redemption price, percentage			3.375%
Amount deposited with trustee classified in other assets			$ 615,000		$ 615,000
Unsecured borrowings | 6.75% notes due 2022 | Subsequent Event
Debt Instrument [Line Items]
Rate		6.75%
Redemption related costs and write-offs		$ 21,200
Redemption prepayment fee		19,400
Write off deferred financing and discount costs		$ 1,800

BORROWING ACTIVITIES AND ARRA75

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Details 4) - USD ($) $ in Thousands	Apr. 01, 2015	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Revolving line of credit		$ 550,000	$ 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
Early repayment of debt	$ 525,000

FINANCIAL INSTRUMENTS (Detail)

FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets:
Cash and cash equivalents	$ 15,319	$ 4,489	$ 452	$ 2,616
Restricted cash	23,399	29,076
Investments in direct financing leases - net	584,333	539,232
Mortgage notes receivable - net	673,759	648,079
Other investments - net	84,684	48,952
Liabilities:
Revolving line of credit	550,000	85,000
Term loans	500,000	200,000
Secured borrowings - net	262,559	251,454
Carrying Amount
Assets:
Cash and cash equivalents	15,319	4,489
Restricted cash	23,399	29,076
Investments in direct financing leases - net	584,333	539,232
Mortgage notes receivable - net	673,759	648,079
Other investments - net	84,684	48,952
Totals	1,381,494	1,269,828
Liabilities:
Revolving line of credit	550,000	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 - net	82,559	$ 251,454
Subordinated debt - net	20,646	20,747
Totals	$ 4,244,917	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	$ 579,890	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	395,192	394,768
Carrying Amount | 4.50% notes due 2025
Liabilities:
Notes Payable	248,047	$ 247,889
Carrying Amount | 5.25% notes due 2026
Liabilities:
Notes Payable	598,302
Carrying Amount | 4.50% notes due 2027
Liabilities:
Notes Payable	690,281
Fair Value
Assets:
Cash and cash equivalents	15,319	$ 4,489
Restricted cash	23,399	29,076
Investments in direct financing leases - net	580,973	539,232
Mortgage notes receivable - net	673,843	642,626
Other investments - net	85,654	49,513
Totals	1,379,188	1,264,936
Liabilities:
Revolving line of credit	550,000	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	81,158	$ 266,434
Subordinated debt - net	24,040	26,434
Totals	$ 4,336,269	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	$ 629,995	677,851
Fair Value | 5.875% notes due 2024
Liabilities:
Notes Payable	445,243	449,242
Fair Value | 4.95% notes due 2024
Liabilities:
Notes Payable	402,223	410,358
Fair Value | 4.50% notes due 2025
Liabilities:
Notes Payable	244,966	$ 244,053
Fair Value | 5.25% notes due 2026
Liabilities:
Notes Payable	603,471
Fair Value | 4.50% notes due 2027
Liabilities:
Notes Payable	$ 675,173

FINANCIAL INSTRUMENTS (Parenthe

FINANCIAL INSTRUMENTS (Parentheticals) (Detail)	Sep. 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%
5.25% notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	5.25%
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)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income	$ 83,254	$ 61,713	$ 169,772	$ 164,359
Less: Net income attributable to noncontrolling interests	(3,852)		(5,890)
Net income available to common stockholders	$ 79,402	$ 61,713	$ 163,882	$ 164,359
Denominator:
Denominator for basic earnings per share	184,739	127,464	167,261	126,132
Effect of dilutive securities:
Common stock equivalents	1,483	964	1,580	763
Noncontrolling interest - OP units	8,961		5,983
Denominator for diluted earnings per share	195,183	128,428	174,824	126,895
Earnings per share - basic:
Net income available to common stockholders (in dollars per share)	$ 0.43	$ 0.48	$ 0.98	$ 1.30
Earnings per share - diluted:
Net income (in dollars per share)	$ 0.43	$ 0.48	$ 0.97	$ 1.30

CONSOLIDATING FINANCIAL STATE80

CONSOLIDATING FINANCIAL STATEMENTS (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Jul. 01, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Real estate properties
Land and buildings	$ 6,723,479		$ 3,223,785
Less accumulated depreciation	(958,533)		(821,712)
Real estate properties - net	5,764,946		2,402,073
Investments in direct financing leases - net	584,333		539,232
Mortgage notes receivable	673,759		648,079
Real estate properties, total	7,023,038		3,589,384
Other investments	84,684		48,952
Total investments held, continuing operations	7,107,722		3,638,336
Assets held for sale - net	10,371		12,792
Total investments	7,118,093		3,651,128
Cash and cash equivalents	15,319		4,489	$ 452	$ 2,616
Restricted cash	23,399		29,076
Accounts receivable - net	198,857		168,176
Goodwill	$ 554,749	$ 543,093
Investment in affiliates
Other assets	$ 683,066		68,776
Total assets	8,593,483		3,921,645
LIABILITIES AND EQUITY
Revolving line of credit	550,000		85,000
Term loan	500,000		200,000
Secured borrowings - net	262,559		251,454
Unsecured borrowings - net	2,932,358		1,842,049
Accrued expenses and other liabilities	267,690		141,815
Deferred income taxes	$ 16,225
Intercompany payable
Total liabilities	$ 4,528,832		2,520,318
Equity:
Common stock	$ 18,495		12,761
Equity investment in affiliates
Common stock - additional paid-in capital	$ 4,521,448		2,136,234
Cumulative net earnings	1,311,880		1,147,998
Cumulative dividends paid	(2,148,833)		(1,895,666)
Accumulated other comprehensive income (loss)	(3,950)
Total stockholders' equity	3,699,040		1,401,327
Noncontrolling interest	365,611
Total equity	4,064,651		1,401,327
Total liabilities and equity	8,593,483		3,921,645
Issuer & Subsidiary Guarantors
Real estate properties
Land and buildings	6,127,862		3,108,597
Less accumulated depreciation	(930,028)		(805,679)
Real estate properties - net	5,197,834		2,302,918
Investments in direct financing leases - net	584,333		539,232
Mortgage notes receivable	673,759		648,079
Real estate properties, total	6,455,926		3,490,229
Other investments	84,684		48,952
Total investments held, continuing operations	6,540,610		3,539,181
Assets held for sale - net	10,371		12,792
Total investments	6,550,981		3,551,973
Cash and cash equivalents	10,334		4,489	$ 452	$ 2,616
Restricted cash	7,065		15,143
Accounts receivable - net	190,838		163,610
Goodwill	539,068		28,688
Investment in affiliates	335,842
Other assets	677,453		60,820
Total assets	8,311,581		3,824,723
LIABILITIES AND EQUITY
Revolving line of credit	550,000		85,000
Term loan	500,000		200,000
Secured borrowings - net			167,379
Unsecured borrowings - net	2,932,358		1,842,049
Accrued expenses and other liabilities	$ 260,622		$ 128,968
Deferred income taxes
Intercompany payable
Total liabilities	$ 4,242,980		$ 2,423,396
Equity:
Common stock	$ 18,495		12,761
Equity investment in affiliates
Common stock - additional paid-in capital	$ 4,521,448		2,136,234
Cumulative net earnings	1,311,880		1,147,998
Cumulative dividends paid	$ (2,148,833)		(1,895,666)
Accumulated other comprehensive income (loss)
Total stockholders' equity	$ 3,702,990		1,401,327
Noncontrolling interest	365,611
Total equity	4,068,601
Total liabilities and equity	8,311,581		3,824,723
Non-Guarantor Subsidiaries
Real estate properties
Land and buildings	595,617		115,188
Less accumulated depreciation	(28,505)		(16,033)
Real estate properties - net	$ 567,112		$ 99,155
Investments in direct financing leases - net
Mortgage notes receivable
Real estate properties, total	$ 567,112		$ 99,155
Other investments
Total investments held, continuing operations	$ 567,112		$ 99,155
Assets held for sale - net
Total investments	$ 567,112		$ 99,155
Cash and cash equivalents	4,985
Restricted cash	16,334		$ 13,933
Accounts receivable - net	8,019		4,566
Goodwill	$ 15,681
Investment in affiliates
Other assets	$ 5,613		7,956
Total assets	$ 617,744		$ 125,610
LIABILITIES AND EQUITY
Revolving line of credit
Term loan
Secured borrowings - net	$ 391,147		$ 84,075
Unsecured borrowings - net
Accrued expenses and other liabilities	$ 7,068		$ 12,847
Deferred income taxes	16,225
Intercompany payable	25,281		19,742
Total liabilities	$ 439,721		$ 116,664
Equity:
Common stock
Equity investment in affiliates	$ 162,218
Common stock - additional paid-in capital
Cumulative net earnings	$ 15,761		$ 8,946
Cumulative dividends paid
Accumulated other comprehensive income (loss)	$ 44
Total stockholders' equity	$ 178,023		$ 8,946
Noncontrolling interest
Total equity	$ 178,023
Total liabilities and equity	$ 617,744		$ 125,610
Elimination
Real estate properties
Land and buildings
Less accumulated depreciation
Real estate properties - net
Investments in direct financing leases - net
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			$ (28,688)
Investment in affiliates	$ (335,842)
Other assets
Total assets	(335,842)		$ (28,688)
LIABILITIES AND EQUITY
Revolving line of credit
Term loan
Secured borrowings - net	(128,588)
Unsecured borrowings - net
Accrued expenses and other liabilities
Intercompany payable	(25,281)		$ (19,742)
Total liabilities	(153,869)		$ (19,742)
Equity:
Common stock
Equity investment in affiliates	(162,218)
Common stock - additional paid-in capital
Cumulative net earnings	(15,761)		$ (8,946)
Cumulative dividends paid
Accumulated other comprehensive income (loss)	(3,994)
Total stockholders' equity	(181,973)		$ (8,946)
Total equity	(181,973)
Total liabilities and equity	$ (335,842)		$ (28,688)

CONSOLIDATING FINANCIAL STATE81

CONSOLIDATING FINANCIAL STATEMENTS (Detail 1) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue
Rental income	$ 166,623		$ 97,536	$ 430,699	$ 289,696
Income from direct financing leases	15,216		14,211	44,582	42,441
Mortgage interest income	17,195		16,883	51,336	36,132
Other investment income - net	2,940		2,035	6,488	5,197
Total operating revenues	201,974		130,665	533,105	373,466
Expenses
Depreciation and amortization	60,143		30,111	149,909	92,856
General and administrative	10,160		5,987	26,482	18,781
Acquisition and merger related costs	3,555		259	55,507	399
Impairment loss on real estate properties	1,743		2,102	14,641	3,660
Provisions for uncollectible mortgages, notes and accounts receivable	301		(15)	292	2,730
Total operating expenses	75,902		38,444	246,831	118,426
Income before other income and expense	126,072		92,221	286,274	255,040
Other income (expense):
Interest income	5		11	205	36
Interest expense	(38,169)		(30,873)	(108,776)	(87,401)
Interest - amortization of deferred financing costs	(1,857)		(1,243)	(5,036)	(3,111)
Interest - refinancing gain (costs)			$ 1,617	$ (8,361)	$ (3,068)
Equity in earnings
Total other expense	(40,021)		$ (30,488)	$ (121,968)	$ (93,544)
Income before gain (loss) on assets sold	86,051		61,733	164,306	161,496
(Loss) gain on assets sold - net	(2,391)	$ 8,800	(20)	6,411	2,863
Income from continuing operations before income taxes	83,660		61,713	170,717	164,359
Income taxes	(406)			(945)
Net income	83,254		61,713	169,772	164,359
Net income attributable to noncontrolling interest	(3,852)			(5,890)
Net income available to common stockholders	79,402		61,713	163,882	164,359
Issuer & Subsidiary Guarantors
Revenue
Rental income	152,053		94,241	399,416	279,850
Income from direct financing leases	15,216		14,211	44,582	42,441
Mortgage interest income	17,195		16,883	51,336	36,132
Other investment income - net	2,940		2,035	6,488	5,197
Total operating revenues	187,404		127,370	501,822	363,620
Expenses
Depreciation and amortization	54,294		28,789	137,379	88,927
General and administrative	10,058		5,957	26,186	18,689
Acquisition and merger related costs	3,555		259	52,994	399
Impairment loss on real estate properties	1,743		2,102	14,641	3,660
Provisions for uncollectible mortgages, notes and accounts receivable	301		(15)	292	2,730
Total operating expenses	69,951		37,092	231,492	114,405
Income before other income and expense	117,453		90,278	270,330	249,215
Other income (expense):
Interest income	1		7	193	25
Interest expense	(33,968)		(30,057)	(100,099)	(84,920)
Interest - amortization of deferred financing costs	(1,852)		(1,238)	(5,020)	(3,095)
Interest - refinancing gain (costs)			1,617	(8,361)	(3,068)
Equity in earnings	4,149		1,126	6,815	3,339
Total other expense	(31,670)		(28,545)	(106,472)	(87,719)
Income before gain (loss) on assets sold	85,783		61,733	163,858	161,496
(Loss) gain on assets sold - net	(2,391)		(20)	6,411	2,863
Income from continuing operations before income taxes	83,392			170,269
Income taxes	(138)			(497)
Net income	83,254			169,772	164,359
Net income attributable to noncontrolling interest	(3,852)			(5,890)
Net income available to common stockholders	79,402		61,713	163,882	164,359
Non-Guarantor Subsidiaries
Revenue
Rental income	$ 14,570		$ 3,295	$ 31,283	$ 9,846
Income from direct financing leases
Mortgage interest income
Other investment income - net
Total operating revenues	$ 14,570		$ 3,295	$ 31,283	$ 9,846
Expenses
Depreciation and amortization	5,849		1,322	12,530	3,929
General and administrative	$ 102		$ 30	296	$ 92
Acquisition and merger related costs				$ 2,513
Impairment loss on real estate properties
Provisions for uncollectible mortgages, notes and accounts receivable
Total operating expenses	$ 5,951		$ 1,352	$ 15,339	$ 4,021
Income before other income and expense	8,619		1,943	15,944	5,825
Other income (expense):
Interest income	4		4	12	11
Interest expense	(4,201)		(816)	(8,677)	(2,481)
Interest - amortization of deferred financing costs	$ (5)		$ (5)	$ (16)	$ (16)
Interest - refinancing gain (costs)
Equity in earnings
Total other expense	$ (4,202)		$ (817)	$ (8,681)	$ (2,486)
Income before gain (loss) on assets sold	$ 4,417		1,126	$ 7,263	3,339
(Loss) gain on assets sold - net
Income from continuing operations before income taxes	$ 4,417			$ 7,263
Income taxes	(268)			(448)
Net income	$ 4,149			$ 6,815	3,339
Net income attributable to noncontrolling interest
Net income available to common stockholders	$ 4,149		$ 1,126	$ 6,815	$ 3,339
Elimination
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 and merger related 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	$ (4,149)		$ (1,126)	$ (6,815)	$ (3,339)
Total other expense	(4,149)		(1,126)	(6,815)	(3,339)
Income before gain (loss) on assets sold	(4,149)		$ (1,126)	$ (6,815)	$ (3,339)
(Loss) gain on assets sold - net
Income from continuing operations before income taxes	(4,149)			$ (6,815)
Income taxes
Net income	(4,149)			$ (6,815)	$ (3,339)
Net income attributable to noncontrolling interest
Net income available to common stockholders	$ (4,149)		$ (1,126)	$ (6,815)	$ (3,339)

CONSOLIDATING FINANCIAL STATE82

CONSOLIDATING FINANCIAL STATEMENTS (Detail 2) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 83,254		$ 61,713	$ 169,772	$ 164,359
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	60,143		30,111	149,909	92,856
Provision for impairment on real estate properties	1,743		2,102	14,641	3,660
Provision for uncollectible mortgages, notes and accounts receivable				292	2,730
Amortization of deferred financing and refinancing costs				13,397	6,179
Accretion of direct financing leases				(8,124)	(7,242)
Stock-based compensation				6,682	6,570
Gain on assets sold - net	2,391	$ (8,800)	20	(6,411)	(2,863)
Amortization of acquired in-place leases - net				(4,264)	(3,779)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable				315	(2,252)
Straight-line rent receivables				(26,565)	(15,919)
Lease inducements				347	2,009
Effective yield receivable on mortgage notes				(3,159)	(1,731)
Other operating assets and liabilities				15,972	15,017
Net cash provided by operating activities				322,804	259,594
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired				(288,290)	(47,500)
Cash acquired in merger				84,858
Investment in construction in progress				$ (145,276)
Investment in U.K. subsidiary
Investment in direct financing leases				$ (6,793)
Placement of mortgage loans				(7,601)	(528,780)
Proceeds from sale of real estate investments				41,541	4,054
Capital improvements to real estate investments				(18,154)	(12,684)
Proceeds from other investments				37,428	7,952
Investments in other investments				(49,489)	(6,711)
Collection of mortgage principal				1,025	122,705
Net cash used in investing activities				(350,751)	(460,964)
Cash flows from financing activities
Proceeds from credit facility borrowings				1,704,000	756,000
Payments on credit facility borrowings				(1,239,000)	(1,079,000)
Receipts of other long-term borrowings				1,588,124	842,148
Payments on other long-term borrowings				(1,588,063)	(238,032)
Payments of financing related costs				(30,709)	(17,319)
Escrow deposit for other long-term borrowings (see Note 12)				(614,998)
Receipts from dividend reinvestment plan				65,665	66,263
Payments for exercised options and restricted stock				(26,168)	(1,582)
Net proceeds from issuance of common stock				439,738	61,997
Dividends paid				(253,105)	(191,269)
Distributions to OP Unit holders				(6,598)
Net cash provided by (used in) financing activities				38,886	199,206
Increase in cash and cash equivalents				10,939	(2,164)
Effect of foreign currency translation on cash and cash equivalents				(109)
Cash and cash equivalents at beginning of period				4,489	2,616
Cash and cash equivalents at end of period	15,319		452	15,319	452
Issuer & Subsidiary Guarantors
Cash flows from operating activities
Net income	83,254			169,772	164,359
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	54,294		28,789	137,379	88,927
Provision for impairment on real estate properties	1,743		2,102	14,641	3,660
Provision for uncollectible mortgages, notes and accounts receivable				292	2,730
Amortization of deferred financing and refinancing costs				13,381	6,163
Accretion of direct financing leases				(8,124)	(7,242)
Stock-based compensation				6,682	6,570
Gain on assets sold - net	2,391		20	(6,411)	(2,863)
Amortization of acquired in-place leases - net				(4,264)	(3,779)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable				315	(2,252)
Straight-line rent receivables				(23,091)	(15,003)
Lease inducements				347	2,009
Effective yield receivable on mortgage notes				(3,159)	(1,731)
Other operating assets and liabilities				9,511	15,407
Net cash provided by operating activities				307,271	256,955
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired				(110,806)	(47,500)
Cash acquired in merger				84,858
Investment in construction in progress				(145,276)
Investment in U.K. subsidiary				(170,245)
Investment in direct financing leases				(6,793)
Placement of mortgage loans				(7,601)	(528,780)
Proceeds from sale of real estate investments				41,541	4,054
Capital improvements to real estate investments				(16,356)	(11,396)
Proceeds from other investments				37,428	7,952
Investments in other investments				(49,489)	(6,711)
Collection of mortgage principal				1,025	122,705
Net cash used in investing activities				(341,714)	(459,676)
Cash flows from financing activities
Proceeds from credit facility borrowings				1,704,000	756,000
Payments on credit facility borrowings				(1,239,000)	(1,079,000)
Receipts of other long-term borrowings				1,588,124	842,148
Payments on other long-term borrowings				(1,586,661)	(236,681)
Payments of financing related costs				(30,709)	(17,319)
Escrow deposit for other long-term borrowings (see Note 12)				(614,998)
Receipts from dividend reinvestment plan				65,665	66,263
Payments for exercised options and restricted stock				(26,168)	(1,582)
Net proceeds from issuance of common stock				439,738	61,997
Dividends paid				(253,105)	(191,269)
Distributions to OP Unit holders				(6,598)
Net cash provided by (used in) financing activities				40,288	200,557
Increase in cash and cash equivalents				$ 5,845	(2,164)
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	10,334		452	10,334	452
Non-Guarantor Subsidiaries
Cash flows from operating activities
Net income	4,149			6,815	3,339
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	$ 5,849		$ 1,322	$ 12,530	$ 3,929
Provision for impairment on real estate properties
Provision for uncollectible mortgages, notes and accounts receivable
Amortization of deferred financing and refinancing costs				$ 16	$ 16
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
Straight-line rent receivables				$ (3,474)	(916)
Lease inducements
Effective yield receivable on mortgage notes
Other operating assets and liabilities				$ (354)	(3,729)
Net cash provided by operating activities				15,533	2,639
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				$ 170,245
Investment in direct financing leases
Placement of mortgage loans
Proceeds from sale of real estate investments
Capital improvements to real estate investments				$ (1,798)	(1,288)
Proceeds from other investments
Investments in other investments
Collection of mortgage principal
Net cash used in investing activities				$ (9,037)	(1,288)
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				$ (1,402)	(1,351)
Payments of financing related costs
Escrow deposit for other long-term borrowings (see Note 12)
Receipts from dividend reinvestment plan
Payments for exercised options and restricted stock
Net proceeds from issuance of common stock
Dividends paid
Distributions to OP Unit holders
Net cash provided by (used in) financing activities				$ (1,402)	(1,351)
Increase in cash and cash equivalents				5,094
Effect of foreign currency translation on cash and cash equivalents				$ (109)
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$ 4,985			$ 4,985
Elimination
Cash flows from operating activities
Net income	$ (4,149)			$ (6,815)	$ (3,339)
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 refinancing 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
Straight-line rent receivables
Lease inducements
Effective yield receivable on mortgage notes
Other operating assets and liabilities				$ 6,815	$ 3,339
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
Investment in direct financing leases
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 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
Escrow deposit for other long-term borrowings (see Note 12)
Receipts from dividend reinvestment plan
Payments for exercised options and restricted stock
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 STATE83

CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 23, 2015	Mar. 18, 2015	Dec. 31, 2014
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%
5.25% notes due 2026
Condensed Financial Statements, Captions [Line Items]
Interest rate	5.25%
4.50% notes due 2027
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		$ 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
Unsecured borrowings | 5.25% notes due 2026
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	600,000	$ 600,000
Unsecured borrowings | 4.50% notes due 2027
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 700,000		$ 700,000