Omega Healthcare Investors (OHI) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
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		193,441,520
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real estate properties
Land and buildings	$ 7,288,051	$ 6,743,958
Less accumulated depreciation	(1,131,288)	(1,019,150)
Real estate properties - net	6,156,763	5,724,808
Investments in direct financing leases - net	593,646	587,701
Mortgage notes receivable	625,134	679,795
Total	7,375,543	6,992,304
Other investments	199,806	89,299
Total	7,575,349	7,081,603
Assets held for sale - net	52,451	6,599
Total investments	7,627,800	7,088,202
Cash and cash equivalents	32,959	5,424
Restricted cash	13,833	14,607
Accounts receivable - net	214,036	203,862
Goodwill	644,481	645,683
Other assets	73,389	61,231
Total assets	8,606,498	8,019,009
LIABILITIES AND EQUITY
Revolving line of credit	470,000	230,000
Term loans	1,100,000	750,000
Secured borrowings - net	235,584	236,204
Unsecured borrowings - net	2,356,713	2,352,882
Accrued expenses and other liabilities	329,368	333,706
Deferred income taxes	12,903	15,352
Total liabilities	4,504,568	3,918,144
Equity:
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 190,440 shares as of June 30, 2016 and 187,399 as of December 31, 2015	19,044	18,740
Common stock - additional paid-in capital	4,707,129	4,609,474
Cumulative net earnings	1,536,129	1,372,522
Cumulative dividends paid	(2,471,192)	(2,254,038)
Accumulated other comprehensive loss	(46,463)	(8,712)
Total stockholders' equity	3,744,647	3,737,986
Noncontrolling interest	357,283	362,879
Total equity	4,101,930	4,100,865
Total liabilities and equity	$ 8,606,498	$ 8,019,009

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	350,000	350,000
Common stock, shares issued	190,440	187,399
Common stock, shares outstanding	190,440	187,399

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	Apr. 14, 2016	Jan. 14, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Rental income			$ 186,454	$ 163,112	$ 363,157	$ 264,076
Income from direct financing leases			15,521	15,020	30,963	29,366
Mortgage interest income			21,371	17,562	37,977	34,141
Other investment income - net			5,478	2,017	9,606	3,548
Total operating revenues			228,824	197,711	441,703	331,131
Expenses
Depreciation and amortization			65,505	59,156	127,938	89,766
General and administrative			11,832	10,308	22,287	16,322
Acquisition and merger related costs			3,504	47,084	7,275	51,952
Impairment loss on real estate properties			6,893	6,916	41,451	12,898
(Recovery) provision for uncollectible mortgages, notes and accounts receivable			(1,154)	(7)	3,970	(9)
Total operating expenses			86,580	123,457	202,921	170,929
Income before other income and expense			142,244	74,254	238,782	160,202
Other income (expense)
Interest income			4	7	12	200
Interest expense			(39,651)	(38,248)	(76,873)	(70,607)
Interest - amortization of deferred financing costs			(2,210)	(1,826)	(4,342)	(3,179)
Interest - refinancing gain (costs)				1,016	(298)	(8,361)
Realized loss on foreign exchange					(22)
Total other expense			(41,857)	(39,051)	(81,523)	(81,947)
Income before gain on assets sold			100,387	35,203	157,259	78,255
Gain on assets sold - net			13,221	8,802	14,792	8,802
Income from continuing operations before income taxes			113,608	44,005	172,051	87,057
Income taxes			(454)	(539)	(701)	(539)
Net income			113,154	43,466	171,350	86,518
Net income attributable to noncontrolling interest			(5,102)	(2,038)	(7,743)	(2,038)
Net income available to common stockholders			$ 108,052	$ 41,428	$ 163,607	$ 84,480
Basic:
Net income available to common stockholders (in dollars per share)			$ 0.57	$ 0.23	$ 0.87	$ 0.53
Diluted:
Net income (in dollars per share)			0.57	0.22	0.86	0.53
Dividends declared per common share	$ 0.58	$ 0.57	$ 0.58	$ 0.18	$ 1.15	$ 1.07
Weighted-average shares outstanding, basic (in shares)			188,981	182,697	188,604	158,521
Weighted-average shares outstanding, diluted (in shares)			199,157	194,482	198,754	164,644

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ( Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income		$ 113,154	$ 43,466	$ 171,350	$ 86,518
Other comprehensive income (loss)
Foreign currency translation		(21,836)	2,839	(26,566)	2,839
Cash flow hedges		(4,198)		(13,074)
Total other comprehensive income (loss)		(26,034)	2,839	(39,640)	2,839
Comprehensive income		87,120	46,305	131,710	89,357
Comprehensive income attributable to noncontrolling interest	[1]	(3,928)	(2,171)	(5,953)	(2,171)
Comprehensive income attributable to common stockholders	[1]	$ 83,192	$ 44,134	$ 125,757	$ 87,186
[1]	The 2015 amounts have been adjusted to increase the comprehensive income attributable to the noncontrolling interest and decrease the comprehensive income attributable to common stockholders by $2.0 million.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Cumulative Net Earnings	Cumulative Dividends Paid	Accumulated Other Comprehensive Loss	Total Stockholders' Equity	Noncontrolling interest	Total
Balance (187,399 common shares & 8,956 OP Units) at Dec. 31, 2015	$ 18,740	$ 4,609,474	$ 1,372,522	$ (2,254,038)	$ (8,712)	$ 3,737,986	$ 362,879	$ 4,100,865
Increase (Decrease) In Stockholders' Equity [Roll Forward]
Grant of restricted stock to company directors (18 shares at $33.09 per share)	2	(2)
Restricted stock expense		6,443				6,443		6,443
Vesting of equity compensation plan, net of tax withholdings (105 shares)	11	(2,391)				(2,380)		(2,380)
Dividend reinvestment plan (2,897 shares at an average of $32.26 per share)	289	93,044				93,333		93,333
Grant of stock as payment of directors fees (6 shares at an average of $30.30 per share)		175				175		175
Deferred compensation directors		(89)				(89)		(89)
Common dividends declared ($1.15 per share)				(217,154)		(217,154)		(217,154)
Conversion of OP Units to Common stock (15 shares at $31.52 per share)	2	485				487		487
Conversion of OP Units (34 units)		(10)				(10)	(1,099)	(1,109)
OP units distributions							(10,351)	(10,351)
Foreign currency translation					(25,268)	(25,268)	(1,298)	(26,566)
Cash flow hedges					(12,483)	(12,483)	(591)	(13,074)
Net income			163,607			163,607	7,743	171,350
Balance (190,440 shares & 8,922 OP Units) at Jun. 30, 2016	$ 19,044	$ 4,707,129	$ 1,536,129	$ (2,471,192)	$ (46,463)	$ 3,744,647	$ 357,283	$ 4,101,930

CONSOLIDATED STATEMENT OF CHAN7

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (Parentheticals) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Increase (Decrease) In Stockholders' Equity [Roll Forward]
Balance (in shares)	187,399
Grant of restricted stock, (in shares)	18
Grant of restricted stock (in dollars per share)	$ 33.09
Vesting of equity compensation plan, net of tax withholdings (in shares)	105
Shares issued under dividend reinvestment	2,897
Dividend reinvestment plan, shares issued, price per share (in dollars per share)	$ 32.26
Grant of stock as payment of fees (in shares)	6
Grant of stock as payment of fees (in dollars per share)	$ 30.30
Common dividends, (in dollars per share)	$ 1.15
Conversion of OP Units to Common stock (in shares)	15
Conversion of OP Units to Common stock (in dollars per share)	$ 31.52
Cash conversion of Op Units (in units)	34
Balance (in shares)	190,440	187,399
Balance (in units)	8,922	8,956

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income	$ 171,350	$ 86,518
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	127,938	89,766
Provision for impairment on real estate properties	41,451	12,898
Provision (recovery) for uncollectible mortgages, notes and accounts receivable	3,970	(9)
Amortization of deferred financing costs and refinancing costs	4,640	11,540
Accretion of direct financing leases	(5,915)	(5,321)
Stock-based compensation	6,443	4,483
Gain on assets sold - net	(14,792)	(8,802)
Amortization of acquired in-place leases - net	(7,910)	(2,883)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable - net	856	1,129
Straight-line rent receivables	(17,756)	(15,871)
Lease inducements	1,294	(328)
Effective yield receivable on mortgage notes	(619)	(2,253)
Other operating assets and liabilities	(24,055)	22,225
Net cash provided by operating activities	286,895	193,092
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired	(622,848)	(183,784)
Cash acquired in merger		84,858
Investment in construction in progress	(26,960)	(15,913)
Investment in direct financing leases	(30)
Placement of mortgage loans	(12,528)	(4,701)
Proceeds from sale of real estate investments	43,772	26,846
Capital improvements to real estate investments	(21,812)	(11,351)
Proceeds from other investments	25,923	14,206
Investments in other investments	(136,536)	(36,600)
Collection of mortgage principal	42,051	1,735
Net cash used in investing activities	(708,968)	(124,704)
Cash flows from financing activities
Proceeds from credit facility borrowings	879,000	782,000
Payments on credit facility borrowings	(639,000)	(516,000)
Receipts of other long-term borrowings	350,000	989,822
Payments of other long-term borrowings	(620)	(1,587,591)
Payments of financing related costs	(3,581)	(26,123)
Receipts from dividend reinvestment plan	93,333	30,111
Payments for exercised options and restricted stock - net	(2,380)	(6,982)
Net proceeds from issuance of common stock	487	440,036
Dividends paid	(217,068)	(151,387)
Redemption of OP Units	(10)
Distributions to OP Unit Holders	(10,351)	(1,650)
Net cash provided by (used in) financing activities	449,810	(47,764)
Increase in cash and cash equivalents	27,737	20,624
Effect of foreign currency translation on cash and cash equivalents	(202)	41
Cash and cash equivalents at beginning of period	5,424	4,489
Cash and cash equivalents at end of period	32,959	25,154
Interest paid during the period, net of amounts capitalized	74,010	61,073
Non- cash investing activities
Non-cash acquisition of business (see Note 2 and Note 4 for details)	(25,000)	(3,602,614)
Non-cash surrender of mortgage (see Note 4 for details)	25,000
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
Change in fair value of cash flow hedges	13,074
Total	$ 13,074	$ 3,687,472

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
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 mortgage loans, which are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. Omega was formed as a real estate investment trust (“REIT”) and incorporated in the State of Maryland on March 31, 1992. In April 2015, Aviv REIT, Inc., a Maryland corporation (“Aviv”), merged (the “Aviv Merger”) with and into a wholly owned subsidiary of Omega, pursuant to the terms of that certain Agreement and Plan of Merger, dated as of October 30, 2014 (the “Merger Agreement”), by and among the Company, Aviv, OHI Healthcare Properties Holdco, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Omega (“Merger Sub”), OHI Healthcare Properties Limited Partnership, a Delaware limited partnership (“Omega OP”), and Aviv Healthcare Properties Limited Partnership, a Delaware limited partnership (the “Aviv OP”). Prior to April 1, 2015 and in accordance with the Merger Agreement, Omega restructured the manner in which it holds its assets by converting to an umbrella partnership real estate investment trust structure (the “UPREIT Conversion”). As a result of the UPREIT Conversion and following the consummation of the Aviv Merger, substantially all of the Company’s assets are held by Omega OP. Omega OP is governed by the Second Amended and Restated Agreement of Limited Partnership of OHI Healthcare Properties Limited Partnership, dated as of April 1, 2015 (the “Partnership Agreement”). Pursuant to the Partnership Agreement, the Company and Merger Sub are the general partners of Omega OP, and have exclusive control over Omega OP’s day-to-day management. As of June 30, 2016, 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 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 (refer to Note 17 – Subsequent Events). These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our Current Report on Form 8-K filed with the SEC on June 30, 2016. 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. Goodwill Impairment 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. The goodwill is not deductible for tax purposes. Asset Impairment Management evaluates our real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment of the Company’s assets in a future period that could be material to the Company’s results of operations. If we decide to sell real estate properties or land holdings, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. Our estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. 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 shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement, in an unregistered transaction. 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 owned 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 June 30, 2016, 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 the Omega OP not attributable to the Company. 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. 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. Gains and losses resulting from this translation are included in accumulated other comprehensive loss (“AOCL”) as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest. 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. Derivative Instruments During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at the inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities in the Consolidated Balance Sheets at their fair value which are determined using a market approach and Level 2 inputs. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivatives designated as qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in AOCL as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest, whereas the change in fair value of the ineffective portion is recognized in earnings. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific forecasted transactions as well as recognized obligations or assets in the Consolidated Balance Sheets. We also assess and document, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivatives are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, we discontinue hedge accounting prospectively and record the appropriate adjustment to earnings based on the current fair value of the derivative. As a matter of policy, we do not use derivatives for trading or speculative purposes. At June 30, 2016 and December 31, 2015, we had $13.8 million and $0.7 million, respectively, of qualifying cash flow hedges recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheets. 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, a mortgage recognized on an effective yield basis or the existence of lease inducements, we generally provide an allowance for straight-line, effective interest, and or lease inducement accounts receivable when certain conditions or indicators of adverse collectability are present. A summary of our net receivables by type is as follows: June 30, December 31, 2016 2015 (in thousands) Contractual receivables $ 7,647 $ 8,452 Effective yield interest receivables 9,647 9,028 Straight-line receivables 187,413 175,709 Lease inducements 9,688 10,982 Allowance (359 ) (309 ) Accounts receivable – net $ 214,036 $ 203,862 In the first quarter of 2016, we entered into agreements to transition 27 facilities from one of our former operators to a current operator. As a result of the transition, we wrote off approximately $3.4 million of straight line receivable from the former operator. Related Party Transactions The Company has a policy which generally requires related party transactions to be approved or ratified by the Audit Committee. On February 1, 2016, we acquired 10 SNFs from Laurel Healthcare Holdings, Inc. (“Laurel”) for approximately $169.0 million in cash and leased them to an unrelated existing operator. A former member of the Board of Directors of the Company, together with certain members of his immediate family, beneficially owned approximately 34% of the equity of Laurel prior to the transaction. Immediately following our acquisition, the unrelated existing operator acquired all of the outstanding equity interests of Laurel, including the interests previously held by the former director of the Company and his family. Recent Accounting Pronouncements In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) In June 2016, the FASB issued FASB ASU 2016-13, Financial Instruments - Credit Losses

PROPERTIES AND INVESTMENTS

PROPERTIES AND INVESTMENTS	6 Months Ended
	Jun. 30, 2016
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 real estate properties, represented by 799 SNFs, 97 assisted living facilities (“ALFs”), 16 specialty facilities and one medical office building at June 30, 2016, are leased under provisions of single or master leases with initial terms typically ranging from five 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. The following table summarizes the significant acquisitions that occurred in 2016. Number of Land Building & Site Furniture Initial Period SNF ALF Country/ Total (in millions) Yield Q1 - 1 UK $ 8.3 $ 1.4 $ 6.7 $ 0.2 7.00 Q1 - 1 UK 6.1 0.6 5.3 0.2 7.00 Q1 10 - OH, VA, MI 169.0 (3) 10.5 152.5 6.0 8.50 Q1 - - FL 2.5 (2) 2.5 - - - Q1 - 2 GA 20.2 0.8 18.3 1.1 7.50 Q1 3 - MD 25.0 2.5 19.9 2.6 8.50 Q1 21 - VA, NC 212.5 19.3 181.1 12.1 8.50 Q2 - 10 UK 111.9 (1)(4) 24.8 83.9 3.2 7.00 Q2 - 3 TX 66.0 (1)(5) 5.8 58.6 1.6 6.80 Q2 3 - CO, MO 31.8 (1) 3.1 26.2 2.5 9.00 Total 37 17 $ 653.3 $ 71.3 $ 552.5 $ 29.5 (1) The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment once the analysis is completed. (2) Accounted for as an asset acquisition. (3) Acquired from a related party. Refer to Note -1 Related Party Transactions. (4) Omega also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. (5) The Company paid $63.0 million in cash at closing to acquire the facilities. We have agreed to pay an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. The $3.0 million liability is recorded in unsecured borrowings – net on our Consolidated Balance Sheet. Aviv Merger 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. As a result of the Aviv Merger, Omega acquired 342 facilities, two facilities subject to direct financing leases, one medical office building, two mortgages and other investments. 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, the fair value of the consideration exchanged was approximately $2.3 billion. The following table highlights the final allocation of the assets acquired, liabilities assumed and consideration transferred on April 1, 2015 (in thousands): Fair value of net assets acquired: Land and buildings $ 3,107,530 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,177,218 Goodwill 630,679 Accounts receivables and other assets 17,144 Cash acquired 84,858 Accrued expenses and other liabilities (223,002 ) Debt (1,410,637 ) Fair value of net assets acquired $ 2,276,260 The completion of the final valuation in the first quarter of 2016 did not result in material changes to our Consolidated Statements of Operations or our Consolidated Balance Sheets from our preliminary purchase price allocation. Pro Forma Acquisition Results The facilities acquired in 2015 are included in our results of operations from the dates of acquisition. The following unaudited pro forma results of operations reflect the impact of those acquisitions as if they occurred on January 1, 2015. For a list of the 2015 transactions, refer to Note 3 – Properties in our Current Report on Form 8-K filed with the SEC on June 30, 2016. In the opinion of management, all significant necessary adjustments to reflect the effect of the acquisitions have been made. Pro Forma Six Months Ended June 30, 2015 (in thousands, except per Pro Forma Revenues $ 406,813 Pro Forma Net income $ 114,301 Earnings per share – diluted: Net income – as reported $ 0.53 Net income – pro forma $ 0.59 Asset Sales, Impairments and Other During the first quarter of 2016, we recorded approximately $34.6 million of impairments on 14 facilities located in six states. Our recorded impairments were primarily the result of a decision to exit certain non-strategic facilities and operators primarily related to facilities acquired in the Aviv Merger. We reduced their net book values to their estimated fair value less costs to sell and reclassified them to assets held for sale in the first quarter of 2016. To estimate the fair value of the facilities, we utilized a market approach and Level 3 inputs (which generally consist of non-binding offers from unrelated third parties). In addition, we sold two SNFs (previously classified as held-for-sale) for approximately $2.4 million in net proceeds recognizing a gain of approximately $1.6 million. See Note 6 – Assets Held For Sale for details. During the second quarter of 2016, we sold 11 facilities for approximately $41.4 million in net proceeds recognizing a gain of approximately $13.2 million. Seven of the sold facilities were previously classified as held-for-sale. In addition, we recorded approximately $6.9 million of impairments on 15 facilities of which 12 are classified as held for sale as of June 30, 2016. We reduced their net book values to their estimated fair value less costs to sell. To estimate the fair value of the facilities, we utilized a market approach and Level 3 inputs (which generally consist of non-binding offers from unrelated third parties). See Note 6 – Assets Held For Sale for details.

DIRECT FINANCING LEASES

DIRECT FINANCING LEASES	6 Months Ended
	Jun. 30, 2016
Leases, Capital [Abstract]
DIRECT FINANCING LEASES	NOTE 3 – DIRECT FINANCING LEASES The components of investments in direct financing leases consist of the following: June 30, December 31, 2016 2015 (in thousands) Minimum lease payments receivable $ 4,296,064 $ 4,320,876 Less unearned income (3,702,418 ) (3,733,175 ) Investment in direct financing leases - net $ 593,646 $ 587,701 Properties subject to direct financing leases 58 59 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 June and July of 2014, we purchased three facilities and subsequently leased them to New Ark under a twelve-year master lease expiring in 2026. The 2014 three facility lease is being accounted for as an operating lease. Aviv Merger On April 1, 2015, we acquired two additional direct financing leases as a result of the Aviv Merger. As of June 30, 2016, 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 $50,360 $51,277 $52,545 $53,839 $55,084

MORTGAGE NOTES RECEIVABLE

MORTGAGE NOTES RECEIVABLE	6 Months Ended
	Jun. 30, 2016
Mortgage Notes Receivable Investments [Abstract]
MORTGAGE NOTES RECEIVABLE	NOTE 4 – MORTGAGE NOTES RECEIVABLE As of June 30, 2016, mortgage notes receivable relate to 20 fixed rate mortgages on 50 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 ten 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 the application of security deposits. The outstanding principal amounts of mortgage notes receivable, net of allowances, were as follows: June 30, December 31, 2016 2015 (in thousands) Mortgage note due 2024; interest at 9.79% $ 112,500 $ 112,500 Mortgage note due 2028; interest at 11.00% 35,964 69,928 Mortgage note due 2029; interest at 9.23% 412,784 413,399 Other mortgage notes outstanding (1) 63,886 83,968 Mortgage notes receivable, gross 625,134 679,795 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 625,134 $ 679,795 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2053. The following is a brief overview of certain mortgages entered into, acquired or assumed in 2016 or significant changes to mortgages previously reported. Conversion of Mortgage Notes due 2046 to Leased Properties In January 2016, we acquired three facilities via a deed-in-lieu of foreclosure from a mortgagor. The fair value of the facilities approximated the $25 million carrying value of the mortgages. These facilities have 352 operating beds and are located in Maryland. Simultaneously we leased these facilities to an existing operator. Mortgage Notes Payoff On April 29, 2016, an existing operator exercised an option to repay their mortgage notes. We received proceeds of approximately $47.8 million for the mortgage notes due. In connection with the repayment of a mortgage notes we recognized a net gain of approximately $5.4 million which is recorded in mortgage interest income on our Consolidated Statements of Operations.

OTHER INVESTMENTS

OTHER INVESTMENTS	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
OTHER INVESTMENTS	NOTE 5 – OTHER INVESTMENTS A summary of our other investments is as follows: June 30, December 31, 2016 2015 (in thousands) Other investment note due 2017; interest at 8.50% $ 10,500 $ — Other investment note due 2019; interest at 10.50% 49,333 — Other investment note due 2020; interest at 10.00% 23,000 23,000 Other investment note due 2028; interest at 8.50% 20,000 — Other investment note due 2030; interest at 6.66% 35,625 26,966 Other investment notes outstanding (1) 64,350 42,293 Other investments, gross 202,808 92,259 Allowance for loss on other investments (3,002 ) (2,960 ) Total other investments $ 199,806 $ 89,299 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 12.0%. The following is a brief overview of certain notes entered into or repaid in 2016. Other Investment notes due 2017 On February 1, 2016, we provided an operator a $15.0 million secured working capital note. The working capital note bears interest at 8.5% and matures in July 2017. . On March 1, 2016, we provided an operator a $15.0 million secured working capital note. The working capital note bears interest at 8.5% and matures in March 2017. As of June 30, 2016, approximately $10.5 million has been drawn and remains outstanding. Other Investment note due 2019 On February 26, 2016, we acquired and funded a $50.0 million mezzanine note at a discount of approximately $0.75 million to a new operator. The mezzanine note bears interest at 10.50% and matures in February 2019. Other Investment note due 2028 On March 1, 2016, we provided an operator a $20.0 million acquisition note. The acquisition note bears interest at 8.5% (increasing annually by 2.5%) and matures in March 2028. Other Investment notes due 2022 and 2023 Payoff On April 29, 2016, an existing operator of Omega exercised its option to pay off a working capital note due in 2022 and ten working capital notes due in 2023, for approximately $7.6 million.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2016
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, 2015 3 $ 6,599 Properties sold (1) (2 ) (600 ) Properties added (2) 24 67,590 March 31, 2016 25 $ 73,589 Properties sold/other (1) (7 ) (28,347 ) Properties added (2) 4 7,209 June 30, 2016 22 $ 52,451 (1) In the first quarter of 2016, we sold two SNFs for approximately $2.4 million in net proceeds recognizing a gain on sale of approximately $1.6 million. In the second quarter of 2016, we sold seven SNFs for approximately $39.2 million in net proceeds generating a gain on sale of approximately $12.5 million. We also recorded approximately $3.4 million of impairments on 12 facilities to reduce their net book values to their estimated fair value less costs to sell. (2) In the first quarter of 2016, we reclassified eight ALFs and 16 SNFs located in six states to assets held for sale. We recorded approximately $34.6 million impairment charges on 14 facilities to reduce their net book values to their estimated fair value less costs to sell. In the second quarter of 2016, we reclassified three SNFs and one ALF to assets held for sale with total carrying value of $7.2 million. No impairment was recorded as a result of this reclassification. See Note 2 – Properties and Investments.

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	NOTE 7 – INTANGIBLES The following is a summary of our intangibles as of June 30, 2016 and December 31, 2015 June 30, December 31, 2016 2015 (in thousands) Assets: Goodwill $ 644,481 $ 645,683 Above market leases $ 23,545 $ 21,901 In-place leases 167 386 Accumulated amortization (15,045 ) (14,162 ) Net intangible assets $ 8,667 $ 8,125 Liabilities: Below market leases $ 166,486 $ 165,331 Accumulated amortization (63,876 ) (55,131 ) Net intangible liabilities $ 102,610 $ 110,200 Goodwill was recorded in connection with the Aviv Merger and Care Homes Transaction (refer to Note 3 – Properties in our Current Report on Form 8-K filed with the SEC on June 30, 2016) and is shown as a separate line on our Consolidated Balance Sheets. Above market leases and in-place leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. For the three months ended June 30, 2016 and 2015, our net amortization related to intangibles was $3.6 million and $1.7 million, respectively. For the six months ended June 30, 2016 and 2015, our net amortization related to intangibles was $7.9 million and $2.9 million, respectively . The following is a reconciliation of our goodwill as of June 30, 2016: (in thousands) Balance as of December 31, 2015 $ 645,683 Add: additional valuation adjustments related to preliminary valuations 275 Less: foreign currency translation (390 ) Balance as of March 31, 2016 645,568 Less: foreign currency translation (1,087 ) Balance as of June 30, 2016 $ 644,481

CONCENTRATION OF RISK

CONCENTRATION OF RISK	6 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	NOTE 8 – CONCENTRATION OF RISK As of June 30, 2016, our portfolio of real estate investments consisted of 986 healthcare facilities, located in 42 states and the United Kingdom and operated by 84 third party operators. Our gross investment in these facilities, net of impairments and before reserve for uncollectible loans, totaled approximately $8.6 billion at June 30, 2016, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 799 SNFs, 97 ALFs, 16 specialty facilities, one medical office building, fixed rate mortgages on 48 SNFs and two ALFs, and 23 facilities that are closed/held-for-sale. At June 30, 2016, we also held miscellaneous investments of approximately $199.8 million, consisting primarily of secured loans to third-party operators of our facilities. At June 30, 2016, the three states in which we had our highest concentration of investments were Ohio (10%), Texas (9%) and Florida (8%). No single operator or manager generated more than 10% of our total revenues for the six months ended June 30, 2016.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 9 – STOCKHOLDERS’ EQUITY On July 14, 2016, the Board of Directors declared a common stock dividend of $0.60 per share, increasing the quarterly common dividend rate by $0.02 per share over the prior quarter, to be paid on August 15, 2016 to common stockholders of record as of the close of business on August 1, 2016. On April 14, 2016, the Board of Directors declared a common stock dividend of $0.58 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter. The common dividends were paid May 16, 2016 to common stockholders of record on May 2, 2016. On January 14, 2016, the Board of Directors declared a common stock dividend of $0.57 per share, increasing the quarterly common dividend by $0.01 per share over the previous quarter. The common dividends were paid February 16, 2016 to common stockholders of record as of February 2, 2016. Dividend Reinvestment and Common Stock Purchase Plan For the three-month period ended June 30, 2016, approximately 2.2 million shares of our common stock at an average price of $32.98 per share were issued through our Dividend Reinvestment and Common Stock Purchase Program for gross proceeds of approximately $73.8 million. For the six-month period ended June 30, 2016, approximately 2.9 million shares of our common stock at an average price of $32.26 per share were issued through our Dividend Reinvestment and Common Stock Purchase Program for gross proceeds of approximately $93.5 million. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss, net of tax where applicable: June 30, December 31, 2016 2015 (in thousands) Foreign currency translation adjustments $ (33,295 ) $ (8,027 ) Derivative instrument adjustments (13,168 ) (685 ) Total accumulated other comprehensive loss $ (46,463 ) $ (8,712 )

TAXES

TAXES	6 Months Ended
	Jun. 30, 2016
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”). A REIT is generally not subject to federal income tax on that portion of its REIT taxable income which is distributed to its stockholders, provided that at least 90% of such taxable income is distributed and certain other requirements are met, including an asset and income test. 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. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income taxes on its taxable income at regular corporate rates and dividends paid to our stockholders will not be deductible by us in computing taxable income. Further, we will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year in which qualification is denied, unless the Internal Revenue Service grants us relief under certain statutory provisions. Failing to qualify as a REIT could materially and adversely affect the Company’s net income; however, we believe we are organized and operate in such a manner as to qualify for treatment as a REIT. 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 2016, 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 wholly owned subsidiary REITs that are subject to all of the REIT qualification rules set forth in the Code. In December 2015, we merged the five wholly owned subsidiary REITs into one wholly owned subsidiary REIT which is 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 two of our active subsidiaries to be treated as TRSs. One of our TRSs is subject to federal, state and local income taxes at the applicable corporate rates and the other is subject to foreign income taxes. As of June 30, 2016, our TRS that is subject to federal, state and local income taxes at the applicable corporate rates had a net operating loss carry-forward of approximately $0.9 million. The loss carry-forward is fully reserved as of June 30, 2016 with a valuation allowance due to uncertainties regarding realization. During the second quarter of 2016, we recorded approximately $0.4 million of state and local income tax provision and approximately $33 thousand of provision for foreign income taxes. For the six months ended June 30, 2016, we recorded approximately $0.6 million of state and local income tax provision and approximately $0.1 million of provision for foreign income taxes.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
STOCK-BASED COMPENSATION	NOTE 11 – STOCK-BASED COMPENSATION The following is a summary of our stock-based compensation expense for the three and six-month periods ended June 30, 2016 and 2015, respectively: Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Stock-based compensation expense $ 3,665 $ 2,873 $ 6,443 $ 4,483 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. 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 is being recorded as stock compensation expense ratably over the remaining life of the RSUs. We awarded 131,006 RSUs to employees on March 17, 2016. 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 and the LTIP Units have varying degrees of performance requirements to be earned and vested, 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 and vested is convertible into one Omega OP Unit in Omega OP, subject to certain conditions. The earning requirements are based on either the (i) total shareholder return (“TSR”) of Omega or (ii) Omega’s TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index or FTSE NAREIT Equity Health Care Index TSR (both “Relative TSR”). Vesting in general requires that the employee remain employed by us until the date specified in the applicable PRSU or LTIP agreement, which may be later than the date that the TSR or Relative TSR requirements are satisfied. 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. Dividend equivalents on the PRSUs accumulate and with respect to PRSUs granted before 2015 are paid when the PRSUs vest and with respect to PRSUs granted in 2015 or later are paid once the PRSUs are earned. 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 372,069 LTIP Units to employees on March 17, 2016. The number of shares earned under the Relative TSR PRSUs depends generally on the level of achievement of Omega’s TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index or FTSE NAREIT Equity Health Care Index TSR over the performance period indicated. We awarded 307,480 Relative TSR PRSUs to employees on March 17, 2016. The following table summarizes our total unrecognized compensation cost as of June 30, 2016 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Units (1) Grant Date Total Compensation Cost (in millions) (2) Weighted Unrecognized Performance Vesting RSUs 2013 RSU 2013 195,822 $ 29.80 $ 5.8 36 $ 1.0 N/A 12/31/14 - 12/31/16 2014 RSU 2014 106,778 29.80 3.2 36 0.5 N/A 12/31/2016 3/31/15 RSU 2015 109,985 40.57 4.5 33 2.4 N/A 12/31/2017 4/1/15 RSU 2015 40,464 40.74 1.6 33 0.9 N/A 12/31/2017 Assumed Aviv RSU 2015 18,920 24.92 0.5 21 0.1 N/A 12/31/2016 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.2 N/A 12/31/15-12/31/17 3/17/16 RSU 2016 131,006 34.78 4.6 33 4.1 N/A 12/31/2018 Restricted Stock Units Total 610,774 $ 33.45 $ 20.5 $ 9.2 TSR PRSUs and LTIP Units 2016 Transition TSR 2013 101,591 8.67 0.9 36 0.2 12/31/2013-12/31/2016 12/31/2016 2016 TSR 2014 135,634 8.67 1.2 48 0.5 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.3 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.5 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2016 Transition TSR 2015 22,091 18.51 0.4 5 - 12/31/2013-12/31/2016 12/31/2016 7/31/15 2017 LTIP Units 2015 5,823 8.78 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 3/17/16 2018 LTIP Units 2016 372,069 13.21 4.9 45 4.5 1/1/2016-12/31/2018 Quarterly in 2019 TSR PRSUs & LTIP Total 828,608 $ 12.36 $ 10.3 $ 7.0 Relative TSR PRSUs 2016 Transition Relative TSR 2013 101,588 14.24 1.4 36 0.2 12/31/2013-12/31/2016 12/31/2016 2016 Relative TSR 2014 135,634 14.24 1.9 48 0.7 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 2.1 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 0.8 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2016 Relative TSR 2015 22,100 19.60 0.4 5 - 12/31/2013-12/31/2016 12/31/2016 7/31/15 2017 Relative TSR 2015 5,826 17.74 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 3/17/16 2018 Relative TSR 2016 307,480 16.45 5.1 45 4.7 1/1/2016-12/31/2018 Quarterly in 2019 Relative TSR PRSUs Total 764,028 $ 17.41 $ 13.2 $ 8.5 Grand Total 2,203,410 $ 19.96 $ 44.0 $ 24.7 (1) Shares/units are net of shares cancelled. (2) Total compensation costs are net of shares cancelled. Director Restricted Stock Grants As of June 30, 2016, we had 65,166 shares of restricted stock outstanding to directors. The directors’ restricted shares are scheduled to vest over the next three years. As of June 30, 2016, the unrecognized compensation cost associated with outstanding director restricted stock grants is approximately $1.9 million.

BORROWING ACTIVITIES AND ARRANG

BORROWING ACTIVITIES AND ARRANGEMENTS	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
BORROWING ACTIVITIES AND ARRANGEMENTS	NOTE 12 – BORROWING ACTIVITIES AND ARRANGEMENTS Secured and Unsecured Borrowings The following is a summary of our borrowings: Rate as of June 30, December 31, Maturity 2016 2016 2015 (in thousands) Secured borrowings: Mortgage term loan 2019 4.13 % $ 180,000 $ 180,000 HUD mortgages assumed December 2011 (1) 2044 3.06 % 55,584 56,204 Total secured borrowings 235,584 236,204 Unsecured borrowings: Revolving line of credit 2018 1.76 % 470,000 230,000 Tranche A-1 term loan 2019 1.96 % 200,0 00 200,000 Tranche A-2 term loan 2017 1.95 % 200,000 200,000 Tranche A-3 term loan 2021 1.96 % 350,000 — Omega OP term loan 2017 1.95 % 100,000 100, 2015 term loan 2022 2.25 % 250,000 250,000 1,570,000 980,000 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 % 600,000 600,000 2027 notes 2027 4.50 % 700,000 700,000 Other 2018 - 3,000 — Subordinated debt 2021 9.00 % 20,000 20,000 2,373,000 2,370,000 Discount - net (16,287 ) (17,118 ) Total unsecured borrowings 3,926,713 3,332,882 Total – net $ 4,162,297 $ 3,569,086 (1) Reflects the weighted average annual contractual interest rate on the mortgages at June 30, 2016 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $67.6 million. Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of June 30, 2016 and December 31, 2015, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. Bank Credit Facilities On January 29, 2016, we amended our Omega Credit Facilities (as defined below) to add a $350 million senior unsecured incremental term loan facility. As a result of the amendment, the Omega Credit Facilities now include a $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”), a $200 million senior unsecured term loan facility (the “Tranche A-1 Term Loan Facility”), a $200 million senior unsecured incremental term loan facility (the “Tranche A-2 Term Loan Facility”) and a $350 million senior unsecured incremental term loan facility (the “Tranche A-3 Term Loan Facility” and, together with the Revolving Credit Facility, the Tranche A-1 Term Loan Facility and the Tranche A-2 Term Loan Facility, collectively, the “Omega Credit Facilities”). The Tranche A-1 Term Loan Facility, the Tranche A-2 Term Loan Facility and the Tranche A-3 Term Loan Facility may be referred to collectively herein as the “Omega Term Loan Facilities”. The Tranche A-3 Term Loan Facility bears interest 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 Tranche A-3 Term Loan Facility matures on January 29, 2021.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	NOTE 13 – FINANCIAL INSTRUMENTS At June 30, 2016 and December 31, 2015, the carrying amounts and fair values of our financial instruments were as follows: June 30, 2016 December 31, 2015 Carrying Fair Carrying Fair (in thousands) Assets: Cash and cash equivalents $ 32,959 $ 32,959 $ 5,424 $ 5,424 Restricted cash 13,833 13,833 14,607 14,607 Investments in direct financing leases – net 593,646 590,339 587,701 584,358 Mortgage notes receivable – net 625,134 634,516 679,795 687,130 Other investments – net 199,806 200,332 89,299 90,745 Total $ 1,465,378 $ 1,471,979 $ 1,376,826 $ 1,382,264 Liabilities: Revolving line of credit $ 470,000 $ 470,000 $ 230,000 $ 230,000 Tranche A-1 term loan 200,000 200,000 200,000 200,000 Tranche A-2 term loan 200,000 200,000 200,000 200,000 Tranche A-3 term loan 350,000 350,000 — — Omega OP term loan 100,000 100,000 100,000 100,000 2015 term loan 250,000 250,000 250,000 250,000 5.875% notes due 2024 – net 400,000 483,405 400,000 429,956 4.95% notes due 2024 – net 395,616 419,043 395,333 403,064 4.50% notes due 2025 – net 248,204 253,252 248,099 242,532 5.25% notes due 2026 – net 598,425 636,563 598,343 612,760 4.50% notes due 2027 – net 690,918 705,548 690,494 667,651 Mortgage term loan due 2019 180,000 180,000 180,000 180,000 HUD debt – net 55,584 55,673 56,204 52,678 Subordinated debt – net 20,550 26,144 20,613 24,366 Other 3,000 3,000 — — Total $ 4,162,297 $ 4,332,628 $ 3,569,086 $ 3,593,007 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 Current Report on Form 8-K filed with the SEC on June 30, 2016). 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 a 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 a present value technique based on 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	6 Months Ended
	Jun. 30, 2016
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.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2016
Net Income Available To Common Per Share
EARNINGS PER SHARE	NOTE 15 – EARNINGS PER SHARE The computation of basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units and the assumed issuance of additional shares related to Omega OP Units held by outside investors. The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands, except per share amounts) Numerator: Net income $ 113,154 $ 43,466 $ 171,350 $ 86,518 Less: net income attributable to noncontrolling interests (5,102 ) (2,038 ) (7,743 ) (2,038 ) Net income available to common stockholders $ 108,052 $ 41,428 $ 163,607 $ 84,480 Denominator: Denominator for basic earnings per share 188,981 182,697 188,604 158,521 Effect of dilutive securities: Common stock equivalents 1,254 2,796 1,215 1,628 Noncontrolling interest – OP units 8,922 8,989 8,935 4,495 Denominator for diluted earnings per share 199,157 194,482 198,754 164,644 Earnings per share – basic: Net income available to common stockholders $ 0.57 $ 0.23 $ 0.87 $ 0.53 Earnings per share – diluted: Net income $ 0.57 $ 0.22 $ 0.86 $ 0.53

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
CONSOLIDATING FINANCIAL STATEMENTS	NOTE 16 – CONSOLIDATING FINANCIAL STATEMENTS As of June 30, 2016, we had outstanding: (i) $400 million 5.875% Senior Notes due 2024, (ii) $400 million 4.95% Senior Notes due 2024, (iii) $250 million 4.5% Senior Notes due 2025, (iv) $600 million 5.25% Senior Notes due 2026 and (v) $700 million 4.5% Senior Notes due 2027 (collectively, the “Senior Notes”). The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of our 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 Omega Credit Facilities and 2015 term loan listed in Note 12 – Borrowing Activities and Arrangements. In addition, all such subsidiary guarantors that are subsidiaries of Omega OP also guarantee amounts outstanding under the Omega OP term loan listed in Note 12 – Borrowing Activities and Arrangements. 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, among others, 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 2015 financial statements presented below have been adjusted to reflect our current guarantor and non-guarantor relationships as of June 30, 2016. CONSOLIDATING BALANCE SHEET Unaudited (in thousands) June 30, 2016 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,625,243 $ 662,808 $ — $ 7,288,051 Less accumulated depreciation (1,092,998 ) (38,290 ) — (1,131,288 ) Real estate properties – net 5,532,245 624,518 — 6,156,763 Investment in direct financing leases 593,646 — — 593,646 Mortgage notes receivable 625,134 — — 625,134 6,751,025 624,518 — 7,375,543 Other investments 197,809 1,997 — 199,806 6,948,834 626,515 — 7,575,349 Assets held for sale – net 52,451 — — 52,451 Total investments 7,001,285 626,515 — 7,627,800 Cash and cash equivalents 27,777 5,182 — 32,959 Restricted cash 7,109 6,724 — 13,833 Accounts receivable – net 206,818 7,218 — 214,036 Goodwill 630,679 13,802 — 644,481 Investment in affiliates 411,664 — (411,664 ) — Other assets 61,724 11,665 — 73,389 Total assets $ 8,347,056 $ 671,106 $ (411,664 ) $ 8,606,498 LIABILITIES AND EQUITY Revolving line of credit $ 470,000 $ — $ — $ 470,000 Term loan 1,100,000 — — 1,100,000 Secured borrowings — 445,765 (210,181 ) 235,584 Unsecured borrowings – net 2,356,713 — — 2,356,713 Accrued expenses and other liabilities 318,413 10,955 — 329,368 Deferred income taxes — 12,903 — 12,903 Intercompany payable — 10,952 (10,952 ) — Total liabilities 4,245,126 480,575 (221,133 ) 4,504,568 Equity: Common stock 19,044 — — 19,044 Equity investment in affiliates — 170,655 (170,655 ) — Common stock – additional paid-in capital 4,707,129 — — 4,707,129 Cumulative net earnings 1,536,129 19,531 (19,531 ) 1,536,129 Cumulative dividends paid (2,471,192 ) — — (2,471,192 ) Accumulated other comprehensive (loss) income (46,463 ) 345 (345 ) (46,463 ) Total stockholders’ equity 3,744,647 190,531 (190,531 ) 3,744,647 Noncontrolling interest 357,283 — — 357,283 Total equity 4,101,930 190,531 (190,531 ) 4,101,930 Total liabilities and equity $ 8,347,056 $ 671,106 $ (411,664 ) $ 8,606,498 CONSOLIDATING BALANCE SHEET (in thousands) December 31, 2015 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,184,507 $ 559,451 $ — $ 6,743,958 Less accumulated depreciation (991,314 ) (27,836 ) — (1,019,150 ) Real estate properties – net 5,193,193 531,615 — 5,724,808 Investment in direct financing leases 587,701 — — 587,701 Mortgage notes receivable 679,795 — — 679,795 6,460,689 531,615 — 6,992,304 Other investments 89,299 — — 89,299 6,549,988 531,615 — 7,081,603 Assets held for sale – net 6,599 — — 6,599 Total investments 6,556,587 531,615 — 7,088,202 Cash and cash equivalents 1,592 3,832 — 5,424 Restricted cash 8,058 6,549 — 14,607 Accounts receivable – net 196,107 7,755 — 203,862 Goodwill 630,404 15,279 — 645,683 Investment in affiliates 300,409 — (300,409 ) — Other assets 53,732 7,499 — 61,231 Total assets $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009 LIABILITIES AND EQUITY Revolving line of credit $ 230,000 $ — $ — $ 230,000 Term loan 750,000 — — 750,000 Secured borrowings — 361,460 (125,256 ) 236,204 Unsecured borrowings – net 2,352,882 — — 2,352,882 Accrued expenses and other liabilities 326,815 6,891 — 333,706 Deferred income taxes — 15,352 — 15,352 Intercompany payable (13,673 ) 13,673 — — Total liabilities 3,646,024 397,376 (125,256 ) 3,918,144 Equity: Common stock 18,740 — — 18,740 Equity investment in affiliates — 156,830 (156,830 ) — Common stock – additional paid-in capital 4,609,474 — — 4,609,474 Cumulative net earnings 1,372,522 18,246 (18,246 ) 1,372,522 Cumulative dividends paid (2,254,038 ) — — (2,254,038 ) Accumulated other comprehensive (loss) income (8,712 ) 77 (77 ) (8,712 ) Total stockholders’ equity 3,737,986 175,153 (175,153 ) 3,737,986 Noncontrolling interest 362,879 — — 362,879 Total equity 4,100,865 175,153 (175,153 ) 4,100,865 Total liabilities and equity $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009 CONSOLIDATING STATEMENT OF OPERATIONS Unaudited (in thousands) Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 170,749 $ 15,705 $ - $ 186,454 $ 334,141 $ 29,016 $ - $ 363,157 Income from direct financing leases 15,521 - - 15,521 30,963 - - 30,963 Mortgage interest income 21,371 - - 21,371 37,977 - - 37,977 Other investment income – net 5,440 38 - 5,478 9,568 38 - 9,606 Total operating revenues 213,081 15,743 - 228,824 412,649 29,054 - 441,703 Expenses Depreciation and amortization 59,481 6,024 - 65,505 116,759 11,179 - 127,938 General and administrative 11,680 152 - 11,832 22,023 264 - 22,287 Acquisition and merger related costs 1,324 2,180 - 3,504 3,753 3,522 - 7,275 Impairment loss on real estate properties 6,893 - - 6,893 41,233 218 - 41,451 (Recovery) provision for uncollectible mortgages, notes and accounts receivable (1,154 ) - - (1,154 ) 708 3,262 - 3,970 Total operating expenses 78,224 8,356 - 86,580 184,476 18,445 - 202,921 Income before other income and expense 134,857 7,387 - 142,244 228,173 10,609 - 238,782 Other income (expense): Interest income 1 3 - 4 6 6 - 12 Interest expense (34,305 ) (5,346 ) - (39,651 ) (67,694 ) (9,179 ) - (76,873 ) Interest – amortization of deferred financing costs (2,205 ) (5 ) - (2,210 ) (4,330 ) (12 ) - (4,342 ) Interest – refinancing costs - - - - (298 ) - - (298 ) Realized loss on foreign exchange - - - - (22 ) - - (22 ) Equity in earnings 1,968 - (1,968 ) - 1,285 - (1,285 ) - Total other expense (34,541 ) (5,348 ) (1,968 ) (41,857 ) (71,053 ) (9,185 ) (1,285 ) (81,523 ) Income before gain on assets sold 100,316 2,039 (1,968 ) 100,387 157,120 1,424 (1,285 ) 157,259 Gain on assets sold - net 13,221 - - 13,221 14,792 - - 14,792 Income from continuing operations before income taxes 113,537 2,039 (1,968 ) 113,608 171,912 1,424 (1,285 ) 172,051 Income taxes (421 ) (33 ) - (454 ) (562 ) (139 ) - (701 ) Net income 113,116 2,006 (1,968 ) 113,154 171,350 1,285 (1,285 ) 171,350 Net income attributable to noncontrolling interest (5,064 ) (38 ) - (5,102 ) (7,743 ) - - (7,743 ) Net income available to common stockholders $ 108,052 $ 1,968 $ (1,968 ) $ 108,052 $ 163,607 $ 1,285 $ (1,285 ) $ 163,607 CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 150,724 $ 12,388 $ - $ 163,112 $ 249,313 $ 14,763 $ - $ 264,076 Income from direct financing leases 15,020 - - 15,020 29,366 - - 29,366 Mortgage interest income 17,562 - - 17,562 34,141 - - 34,141 Other investment income – net 2,017 - - 2,017 3,548 - - 3,548 Total operating revenues 185,323 12,388 - 197,711 316,368 14,763 - 331,131 Expenses Depreciation and amortization 54,170 4,986 - 59,156 83,781 5,985 - 89,766 General and administrative 10,152 156 - 10,308 16,137 185 - 16,322 Acquisition and merger related costs 44,571 2,513 - 47,084 49,439 2,513 - 51,952 Impairment loss on real estate properties 6,916 - - 6,916 12,898 - - 12,898 Recovery for uncollectible mortgages, notes and accounts receivable (7 ) - - (7 ) (9 ) - - (9 ) Total operating expenses 115,802 7,655 - 123,457 162,246 8,683 - 170,929 Income before other income and expense 69,521 4,733 - 74,254 154,122 6,080 - 160,202 Other income (expense): Interest income 4 3 - 7 194 6 - 200 Interest expense (34,870 ) (3,378 ) - (38,248 ) (66,712 ) (3,895 ) - (70,607 ) Interest – amortization of deferred financing costs (1,820 ) (6 ) - (1,826 ) (3,168 ) (11 ) - (3,179 ) Interest – refinancing gain (costs) 1,016 - - 1,016 (8,361 ) - - (8,361 ) Equity in earnings 1,172 - (1,172 ) - 2,000 - (2,000 ) - Total other expense (34,498 ) (3,381 ) (1,172 ) (39,051 ) (76,047 ) (3,900 ) (2,000 ) (81,947 ) Income before gain on assets sold 35,023 1,352 (1,172 ) 35,203 78,075 2,180 (2,000 ) 78,255 Gain on assets sold – net 8,802 - - 8,802 8,802 - - 8,802 Income from continuing operations before income taxes 43,825 1,352 (1,172 ) 44,005 86,877 2,180 (2,000 ) 87,057 Income taxes (359 ) (180 ) - (539 ) (359 ) (180 ) - (539 ) Net income 43,466 1,172 (1,172 ) 43,466 86,518 2,000 (2,000 ) 86,518 Net income attributable to noncontrolling interest (2,038 ) - - (2,038 ) (2,038 ) - - (2,038 ) Net income available to common stockholders $ 41,428 $ 1,172 $ (1,172 ) $ 41,428 $ 84,480 $ 2,000 $ (2,000 ) $ 84,480 CONSOLIDATING STATEMENTS OF CASH FLOWS Unaudited (in thousands) Six Months Ended June 30, 2016 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 171,350 $ 1,285 $ (1,285 ) $ 171,350 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 116,759 11,179 — 127,938 Provision for impairment on real estate properties 41,233 218 — 41,451 Provision for uncollectible mortgages, notes and accounts receivable 708 3,262 — 3,970 Amortization of deferred financing and refinancing costs 4,628 12 — 4,640 Accretion of direct financing leases (5,915 ) — — (5,915 ) Stock-based compensation 6,443 — — 6,443 Gain on assets sold – net (14,792 ) — — (14,792 ) Amortization of acquired in-place leases - net (7,910 ) — — (7,910 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable – net 867 (11 ) — 856 Straight-line rent receivables (14,848 ) (2,908 ) — (17,756 ) Lease inducements 1,294 — — 1,294 Effective yield receivable on mortgage notes (619 ) — — (619 ) Other operating assets and liabilities (19,239 ) (6,101 ) 1,285 (24,055 ) Net cash provided by operating activities 279,959 6,936 — 286,895 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (496,490 ) (126,358 ) — (622,848 ) Investment in construction in progress (26,960 ) — — (26,960 ) Investment in U.K. subsidiary (125,399 ) 125,399 — — Investment in direct financing leases (30 ) — — (30 ) Placement of mortgage loans (12,528 ) — — (12,528 ) Proceeds from sale of real estate investments 43,772 — — 43,772 Capital improvements to real estate investments (20,165 ) (1,647 ) — (21,812 ) Proceeds from other investments 25,923 — — 25,923 Investments in other investments (134,402 ) (2,134 ) — (136,536 ) Collection of mortgage principal 42,051 — — 42,051 Net cash used in investing activities (704,228 ) (4,740 ) — (708,968 ) Cash flows from financing activities Proceeds from credit facility borrowings 879,000 — — 879,000 Payments on credit facility borrowings (639,000 ) — — (639,000 ) Receipts of other long-term borrowings 350,000 — — 350,000 Payments of other long-term borrowings — (620 ) — (620 ) Payments of financing related costs (3,557 ) (24 ) — (3,581 ) Receipts from dividend reinvestment plan 93,333 — — 93,333 Payments for exercised options and restricted stock – net (2,380 ) — — (2,380 ) Conversion of OP Units to common stock 487 — — 487 Dividends paid (217,068 ) — — (217,068 ) Redemption of OP Units (10 ) — — (10 ) Distributions to OP Unit Holders (10,351 ) — — (10,351 ) Net cash provided by (used in) financing activities 450,454 (644 ) — 449,810 Increase (decrease) in cash and cash equivalents 26,185 1,552 — 27,737 Effect of foreign currency translation on cash and cash equivalents — (202 ) — (202 ) Cash and cash equivalents at beginning of period 1,592 3,832 — 5,424 Cash and cash equivalents at end of period $ 27,777 $ 5,182 $ — $ 32,959 CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Six Months Ended June 30, 2015 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 86,518 $ 2,000 $ (2,000 ) $ 86,518 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 83,781 5,985 — 89,766 Provision for impairment on real estate properties 12,898 — — 12,898 Recovery for uncollectible mortgages, notes and accounts receivable (9 ) — — (9 ) Amortization of deferred financing and debt extinguishment costs 11,529 11 — 11,540 Accretion of direct financing leases (5,321 ) — — (5,321 ) Stock-based compensation 4,483 — — 4,483 Gain on assets sold – net (8,802 ) — — (8,802 ) Amortization of acquired in-place leases - net (2,518 ) (365 ) — (2,883 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable – net 1,128 1 — 1,129 Straight-line rent receivables (14,264 ) (1,607 ) — (15,871 ) Lease inducements (328 ) — — (328 ) Effective yield receivable on mortgage notes (2,253 ) — — (2,253 ) Other operating assets and liabilities 18,771 1,454 2,000 22,225 Net cash provided by operating activities 185,613 7,479 — 193,092 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (6,300 ) (177,484 ) — (183,784 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (15,913 ) — — (15,913 ) Investment in U.K. subsidiary (174,275 ) 174,275 — — Placement of mortgage loans (4,701 ) — — (4,701 ) Proceeds from sale of real estate investments 26,846 — — 26,846 Capital improvements to real estate investments (9,879 ) (1,472 ) — (11,351 ) Proceeds from other investments 14,206 — — 14,206 Investments in other investments (36,600 ) — — (36,600 ) Collection of mortgage principal 1,735 — — 1,735 Net cash used in investing activities (120,023 ) (4,681 ) — (124,704 ) Cash flows from financing activities Proceeds from credit facility borrowings 782,000 — — 782,000 Payments on credit facility borrowings (516,000 ) — — (516,000 ) Receipts of other long-term borrowings 989,822 — — 989,822 Payments of other long-term borrowings (1,586,990 ) (601 ) — (1,587,591 ) Payments of financing related costs (26,123 ) — — (26,123 ) Receipts from dividend reinvestment plan 30,111 — — 30,111 Payments for exercised options and restricted stock – net (6,982 ) — — (6,982 ) Net proceeds from issuance of common stock 440,036 — — 440,036 Dividends paid (151,387 ) — — (151,387 ) Distributions to OP Unit holders (1,650 ) — — (1,650 ) Net cash used in financing activities (47,163 ) (601 ) — (47,764 ) Increase in cash and cash equivalents 18,427 2,197 — 20,624 Effect of foreign currency translation on cash and cash equivalents — 41 — 41 Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 22,916 $ 2,238 $ — $ 25,154

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS On July 12, 2016, we issued $700 million aggregate principal amount of our 4.375% Senior Notes due 2023 (the “2023 Notes”). The 2023 Notes were sold at an issue price of 99.739% of their face value before the underwriters’ discount. Our net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $692.0 million. The net proceeds from the offering were used to repay outstanding borrowings under our revolving credit facility and for general corporate purposes. In the Aviv Merger, we acquired two subsidiaries that were borrowers under a $180.0 million term loan, secured by mortgages on 28 healthcare facilities owned by one of the borrowers. On July 25, 2016, the Company purchased the $180 million mortgage term loan effectively eliminating the debt on the Company’s consolidated financial statements. The term loan was secured by real estate assets having a net carrying value of $290.5 million at June 30, 2016. The interest rate was based on LIBOR, with a floor of 50 basis points, plus a margin of 350 basis points. The interest rate at June 30, 2016 was 4.13%. The Company paid $180 million plus a 1% prepayment fee to purchase the debt.

BASIS OF PRESENTATION AND SIG26

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements 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 (refer to Note 17 – Subsequent Events). These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our Current Report on Form 8-K filed with the SEC on June 30, 2016. 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.
Goodwill Impairment	Goodwill Impairment 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. The goodwill is not deductible for tax purposes.
Asset Impairment	Asset Impairment Management evaluates our real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment of the Company’s assets in a future period that could be material to the Company’s results of operations. If we decide to sell real estate properties or land holdings, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. Our estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers.
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 shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement, in an unregistered transaction. 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 owned 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 June 30, 2016, 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 the Omega OP not attributable to the Company. 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. 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. Gains and losses resulting from this translation are included in accumulated other comprehensive loss (“AOCL”) as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest. 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.
Derivative Instruments	Derivative Instruments During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at the inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities in the Consolidated Balance Sheets at their fair value which are determined using a market approach and Level 2 inputs. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivatives designated as qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in AOCL as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest, whereas the change in fair value of the ineffective portion is recognized in earnings. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific forecasted transactions as well as recognized obligations or assets in the Consolidated Balance Sheets. We also assess and document, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivatives are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, we discontinue hedge accounting prospectively and record the appropriate adjustment to earnings based on the current fair value of the derivative. As a matter of policy, we do not use derivatives for trading or speculative purposes. At June 30, 2016 and December 31, 2015, we had $13.8 million and $0.7 million, respectively, of qualifying cash flow hedges recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheets.
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, a mortgage recognized on an effective yield basis or the existence of lease inducements, we generally provide an allowance for straight-line, effective interest, and or lease inducement accounts receivable when certain conditions or indicators of adverse collectability are present. A summary of our net receivables by type is as follows: June 30, December 31, 2016 2015 (in thousands) Contractual receivables $ 7,647 $ 8,452 Effective yield interest receivables 9,647 9,028 Straight-line receivables 187,413 175,709 Lease inducements 9,688 10,982 Allowance (359 ) (309 ) Accounts receivable – net $ 214,036 $ 203,862 In the first quarter of 2016, we entered into agreements to transition 27 facilities from one of our former operators to a current operator. As a result of the transition, we wrote off approximately $3.4 million of straight line receivable from the former operator.
Related Party Transactions	Related Party Transactions The Company has a policy which generally requires related party transactions to be approved or ratified by the Audit Committee. On February 1, 2016, we acquired 10 SNFs from Laurel Healthcare Holdings, Inc. (“Laurel”) for approximately $169.0 million in cash and leased them to an unrelated existing operator. A former member of the Board of Directors of the Company, together with certain members of his immediate family, beneficially owned approximately 34% of the equity of Laurel prior to the transaction. Immediately following our acquisition, the unrelated existing operator acquired all of the outstanding equity interests of Laurel, including the interests previously held by the former director of the Company and his family.
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 Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) In June 2016, the FASB issued FASB ASU 2016-13, Financial Instruments - Credit Losses

BASIS OF PRESENTATION AND SIG27

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of summary of net receivables	June 30, December 31, 2016 2015 (in thousands) Contractual receivables $ 7,647 $ 8,452 Effective yield interest receivables 9,647 9,028 Straight-line receivables 187,413 175,709 Lease inducements 9,688 10,982 Allowance (359 ) (309 ) Accounts receivable – net $ 214,036 $ 203,862

PROPERTIES AND INVESTMENTS (Tab

PROPERTIES AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Schedule of summary of significant acquisitions	Number of Land Building & Site Furniture Initial Period SNF ALF Country/ Total (in millions) Yield Q1 - 1 UK $ 8.3 $ 1.4 $ 6.7 $ 0.2 7.00 Q1 - 1 UK 6.1 0.6 5.3 0.2 7.00 Q1 10 - OH, VA, MI 169.0 (3) 10.5 152.5 6.0 8.50 Q1 - - FL 2.5 (2) 2.5 - - - Q1 - 2 GA 20.2 0.8 18.3 1.1 7.50 Q1 3 - MD 25.0 2.5 19.9 2.6 8.50 Q1 21 - VA, NC 212.5 19.3 181.1 12.1 8.50 Q2 - 10 UK 111.9 (1)(4) 24.8 83.9 3.2 7.00 Q2 - 3 TX 66.0 (1)(5) 5.8 58.6 1.6 6.80 Q2 3 - CO, MO 31.8 (1) 3.1 26.2 2.5 9.00 Total 37 17 $ 653.3 $ 71.3 $ 552.5 $ 29.5 (1) The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment once the analysis is completed. (2) Accounted for as an asset acquisition. (3) Acquired from a related party. Refer to Note -1 Related Party Transactions. (4) Omega also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. (5) The Company paid $63.0 million in cash at closing to acquire the facilities. We have agreed to pay an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. The $3.0 million liability is recorded in unsecured borrowings – net on our Consolidated Balance Sheet.
Schedule of allocation of the assets acquired and liabilities assumed	Fair value of net assets acquired: Land and buildings $ 3,107,530 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,177,218 Goodwill 630,679 Accounts receivables and other assets 17,144 Cash acquired 84,858 Accrued expenses and other liabilities (223,002 ) Debt (1,410,637 ) Fair value of net assets acquired $ 2,276,260
Schedule of unaudited pro forma results of business acquisition	Pro Forma Six Months Ended June 30, 2015 (in thousands, except per Pro Forma Revenues $ 406,813 Pro Forma Net income $ 114,301 Earnings per share – diluted: Net income – as reported $ 0.53 Net income – pro forma $ 0.59

DIRECT FINANCING LEASES (Tables

DIRECT FINANCING LEASES (Tables)	6 Months Ended
	Jun. 30, 2016
Leases, Capital [Abstract]
Schedule of components of investment in direct financing leases	June 30, December 31, 2016 2015 (in thousands) Minimum lease payments receivable $ 4,296,064 $ 4,320,876 Less unearned income (3,702,418 ) (3,733,175 ) Investment in direct financing leases - net $ 593,646 $ 587,701 Properties subject to direct financing leases 58 59
Schedule of minimum rents due under direct financing lease for the next five years	Year 1 Year 2 Year 3 Year 4 Year 5 $50,360 $51,277 $52,545 $53,839 $55,084

MORTGAGE NOTES RECEIVABLE (Tabl

MORTGAGE NOTES RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2016
Mortgage Notes Receivable Investments [Abstract]
Schedule of outstanding principal amounts of mortgage notes receivable, net of allowances	June 30, December 31, 2016 2015 (in thousands) Mortgage note due 2024; interest at 9.79% $ 112,500 $ 112,500 Mortgage note due 2028; interest at 11.00% 35,964 69,928 Mortgage note due 2029; interest at 9.23% 412,784 413,399 Other mortgage notes outstanding (1) 63,886 83,968 Mortgage notes receivable, gross 625,134 679,795 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 625,134 $ 679,795 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2053.

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Schedule of other investments	June 30, December 31, 2016 2015 (in thousands) Other investment note due 2017; interest at 8.50% $ 10,500 $ — Other investment note due 2019; interest at 10.50% 49,333 — Other investment note due 2020; interest at 10.00% 23,000 23,000 Other investment note due 2028; interest at 8.50% 20,000 — Other investment note due 2030; interest at 6.66% 35,625 26,966 Other investment notes outstanding (1) 64,350 42,293 Other investments, gross 202,808 92,259 Allowance for loss on other investments (3,002 ) (2,960 ) Total other investments $ 199,806 $ 89,299 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 12.0%.

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2015 3 $ 6,599 Properties sold (1) (2 ) (600 ) Properties added (2) 24 67,590 March 31, 2016 25 $ 73,589 Properties sold/other (1) (7 ) (28,347 ) Properties added (2) 4 7,209 June 30, 2016 22 $ 52,451 (1) In the first quarter of 2016, we sold two SNFs for approximately $2.4 million in net proceeds recognizing a gain on sale of approximately $1.6 million. In the second quarter of 2016, we sold seven SNFs for approximately $39.2 million in net proceeds generating a gain on sale of approximately $12.5 million. We also recorded approximately $3.4 million of impairments on 12 facilities to reduce their net book values to their estimated fair value less costs to sell. (2) In the first quarter of 2016, we reclassified eight ALFs and 16 SNFs located in six states to assets held for sale. We recorded approximately $34.6 million impairment charges on 14 facilities to reduce their net book values to their estimated fair value less costs to sell. In the second quarter of 2016, we reclassified three SNFs and one ALF to assets held for sale with total carrying value of $7.2 million. No impairment was recorded as a result of this reclassification. See Note 2 – Properties and Investments.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangibles	June 30, December 31, 2016 2015 (in thousands) Assets: Goodwill $ 644,481 $ 645,683 Above market leases $ 23,545 $ 21,901 In-place leases 167 386 Accumulated amortization (15,045 ) (14,162 ) Net intangible assets $ 8,667 $ 8,125 Liabilities: Below market leases $ 166,486 $ 165,331 Accumulated amortization (63,876 ) (55,131 ) Net intangible liabilities $ 102,610 $ 110,200
Schedule of reconciliation of goodwill	(in thousands) Balance as of December 31, 2015 $ 645,683 Add: additional valuation adjustments related to preliminary valuations 275 Less: foreign currency translation (390 ) Balance as of March 31, 2016 645,568 Less: foreign currency translation (1,087 ) Balance as of June 30, 2016 $ 644,481

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of accumulated other comprehensive loss	June 30, December 31, 2016 2015 (in thousands) Foreign currency translation adjustments $ (33,295 ) $ (8,027 ) Derivative instrument adjustments (13,168 ) (685 ) Total accumulated other comprehensive loss $ (46,463 ) $ (8,712 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands) Stock-based compensation expense $ 3,665 $ 2,873 $ 6,443 $ 4,483
Schedule of unrecognized compensation cost associated with outstanding restricted stock and PRSU awards and LTIP Unit awards	Grant Shares/ Units (1) Grant Date Total Compensation Cost (in millions) (2) Weighted Unrecognized Performance Vesting RSUs 2013 RSU 2013 195,822 $ 29.80 $ 5.8 36 $ 1.0 N/A 12/31/14 - 12/31/16 2014 RSU 2014 106,778 29.80 3.2 36 0.5 N/A 12/31/2016 3/31/15 RSU 2015 109,985 40.57 4.5 33 2.4 N/A 12/31/2017 4/1/15 RSU 2015 40,464 40.74 1.6 33 0.9 N/A 12/31/2017 Assumed Aviv RSU 2015 18,920 24.92 0.5 21 0.1 N/A 12/31/2016 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.2 N/A 12/31/15-12/31/17 3/17/16 RSU 2016 131,006 34.78 4.6 33 4.1 N/A 12/31/2018 Restricted Stock Units Total 610,774 $ 33.45 $ 20.5 $ 9.2 TSR PRSUs and LTIP Units 2016 Transition TSR 2013 101,591 8.67 0.9 36 0.2 12/31/2013-12/31/2016 12/31/2016 2016 TSR 2014 135,634 8.67 1.2 48 0.5 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.3 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.5 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2016 Transition TSR 2015 22,091 18.51 0.4 5 - 12/31/2013-12/31/2016 12/31/2016 7/31/15 2017 LTIP Units 2015 5,823 8.78 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 3/17/16 2018 LTIP Units 2016 372,069 13.21 4.9 45 4.5 1/1/2016-12/31/2018 Quarterly in 2019 TSR PRSUs & LTIP Total 828,608 $ 12.36 $ 10.3 $ 7.0 Relative TSR PRSUs 2016 Transition Relative TSR 2013 101,588 14.24 1.4 36 0.2 12/31/2013-12/31/2016 12/31/2016 2016 Relative TSR 2014 135,634 14.24 1.9 48 0.7 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 2.1 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 0.8 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2016 Relative TSR 2015 22,100 19.60 0.4 5 - 12/31/2013-12/31/2016 12/31/2016 7/31/15 2017 Relative TSR 2015 5,826 17.74 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 3/17/16 2018 Relative TSR 2016 307,480 16.45 5.1 45 4.7 1/1/2016-12/31/2018 Quarterly in 2019 Relative TSR PRSUs Total 764,028 $ 17.41 $ 13.2 $ 8.5 Grand Total 2,203,410 $ 19.96 $ 44.0 $ 24.7 (1) Shares/units are net of shares cancelled. (2) Total compensation costs are net of shares cancelled.

BORROWING ACTIVITIES AND ARRA36

BORROWING ACTIVITIES AND ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term borrowings	Rate as of June 30, December 31, Maturity 2016 2016 2015 (in thousands) Secured borrowings: Mortgage term loan 2019 4.13 % $ 180,000 $ 180,000 HUD mortgages assumed December 2011 (1) 2044 3.06 % 55,584 56,204 Total secured borrowings 235,584 236,204 Unsecured borrowings: Revolving line of credit 2018 1.76 % 470,000 230,000 Tranche A-1 term loan 2019 1.96 % 200,0 00 200,000 Tranche A-2 term loan 2017 1.95 % 200,000 200,000 Tranche A-3 term loan 2021 1.96 % 350,000 — Omega OP term loan 2017 1.95 % 100,000 100, 2015 term loan 2022 2.25 % 250,000 250,000 1,570,000 980,000 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 % 600,000 600,000 2027 notes 2027 4.50 % 700,000 700,000 Other 2018 - 3,000 — Subordinated debt 2021 9.00 % 20,000 20,000 2,373,000 2,370,000 Discount - net (16,287 ) (17,118 ) Total unsecured borrowings 3,926,713 3,332,882 Total – net $ 4,162,297 $ 3,569,086 (1) Reflects the weighted average annual contractual interest rate on the mortgages at June 30, 2016 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $67.6 million.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of the carrying amounts and fair values of financial instruments	June 30, 2016 December 31, 2015 Carrying Fair Carrying Fair (in thousands) Assets: Cash and cash equivalents $ 32,959 $ 32,959 $ 5,424 $ 5,424 Restricted cash 13,833 13,833 14,607 14,607 Investments in direct financing leases – net 593,646 590,339 587,701 584,358 Mortgage notes receivable – net 625,134 634,516 679,795 687,130 Other investments – net 199,806 200,332 89,299 90,745 Total $ 1,465,378 $ 1,471,979 $ 1,376,826 $ 1,382,264 Liabilities: Revolving line of credit $ 470,000 $ 470,000 $ 230,000 $ 230,000 Tranche A-1 term loan 200,000 200,000 200,000 200,000 Tranche A-2 term loan 200,000 200,000 200,000 200,000 Tranche A-3 term loan 350,000 350,000 — — Omega OP term loan 100,000 100,000 100,000 100,000 2015 term loan 250,000 250,000 250,000 250,000 5.875% notes due 2024 – net 400,000 483,405 400,000 429,956 4.95% notes due 2024 – net 395,616 419,043 395,333 403,064 4.50% notes due 2025 – net 248,204 253,252 248,099 242,532 5.25% notes due 2026 – net 598,425 636,563 598,343 612,760 4.50% notes due 2027 – net 690,918 705,548 690,494 667,651 Mortgage term loan due 2019 180,000 180,000 180,000 180,000 HUD debt – net 55,584 55,673 56,204 52,678 Subordinated debt – net 20,550 26,144 20,613 24,366 Other 3,000 3,000 — — Total $ 4,162,297 $ 4,332,628 $ 3,569,086 $ 3,593,007

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Net Income Available To Common Per Share
Schedule of computation of basic and diluted earnings per share	Three Months Ended Six Months Ended 2016 2015 2016 2015 (in thousands, except per share amounts) Numerator: Net income $ 113,154 $ 43,466 $ 171,350 $ 86,518 Less: net income attributable to noncontrolling interests (5,102 ) (2,038 ) (7,743 ) (2,038 ) Net income available to common stockholders $ 108,052 $ 41,428 $ 163,607 $ 84,480 Denominator: Denominator for basic earnings per share 188,981 182,697 188,604 158,521 Effect of dilutive securities: Common stock equivalents 1,254 2,796 1,215 1,628 Noncontrolling interest – OP units 8,922 8,989 8,935 4,495 Denominator for diluted earnings per share 199,157 194,482 198,754 164,644 Earnings per share – basic: Net income available to common stockholders $ 0.57 $ 0.23 $ 0.87 $ 0.53 Earnings per share – diluted: Net income $ 0.57 $ 0.22 $ 0.86 $ 0.53

CONSOLIDATING FINANCIAL STATE39

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of consolidating balance sheets	CONSOLIDATING BALANCE SHEET Unaudited (in thousands) June 30, 2016 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,625,243 $ 662,808 $ — $ 7,288,051 Less accumulated depreciation (1,092,998 ) (38,290 ) — (1,131,288 ) Real estate properties – net 5,532,245 624,518 — 6,156,763 Investment in direct financing leases 593,646 — — 593,646 Mortgage notes receivable 625,134 — — 625,134 6,751,025 624,518 — 7,375,543 Other investments 197,809 1,997 — 199,806 6,948,834 626,515 — 7,575,349 Assets held for sale – net 52,451 — — 52,451 Total investments 7,001,285 626,515 — 7,627,800 Cash and cash equivalents 27,777 5,182 — 32,959 Restricted cash 7,109 6,724 — 13,833 Accounts receivable – net 206,818 7,218 — 214,036 Goodwill 630,679 13,802 — 644,481 Investment in affiliates 411,664 — (411,664 ) — Other assets 61,724 11,665 — 73,389 Total assets $ 8,347,056 $ 671,106 $ (411,664 ) $ 8,606,498 LIABILITIES AND EQUITY Revolving line of credit $ 470,000 $ — $ — $ 470,000 Term loan 1,100,000 — — 1,100,000 Secured borrowings — 445,765 (210,181 ) 235,584 Unsecured borrowings – net 2,356,713 — — 2,356,713 Accrued expenses and other liabilities 318,413 10,955 — 329,368 Deferred income taxes — 12,903 — 12,903 Intercompany payable — 10,952 (10,952 ) — Total liabilities 4,245,126 480,575 (221,133 ) 4,504,568 Equity: Common stock 19,044 — — 19,044 Equity investment in affiliates — 170,655 (170,655 ) — Common stock – additional paid-in capital 4,707,129 — — 4,707,129 Cumulative net earnings 1,536,129 19,531 (19,531 ) 1,536,129 Cumulative dividends paid (2,471,192 ) — — (2,471,192 ) Accumulated other comprehensive (loss) income (46,463 ) 345 (345 ) (46,463 ) Total stockholders’ equity 3,744,647 190,531 (190,531 ) 3,744,647 Noncontrolling interest 357,283 — — 357,283 Total equity 4,101,930 190,531 (190,531 ) 4,101,930 Total liabilities and equity $ 8,347,056 $ 671,106 $ (411,664 ) $ 8,606,498 December 31, 2015 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,184,507 $ 559,451 $ — $ 6,743,958 Less accumulated depreciation (991,314 ) (27,836 ) — (1,019,150 ) Real estate properties – net 5,193,193 531,615 — 5,724,808 Investment in direct financing leases 587,701 — — 587,701 Mortgage notes receivable 679,795 — — 679,795 6,460,689 531,615 — 6,992,304 Other investments 89,299 — — 89,299 6,549,988 531,615 — 7,081,603 Assets held for sale – net 6,599 — — 6,599 Total investments 6,556,587 531,615 — 7,088,202 Cash and cash equivalents 1,592 3,832 — 5,424 Restricted cash 8,058 6,549 — 14,607 Accounts receivable – net 196,107 7,755 — 203,862 Goodwill 630,404 15,279 — 645,683 Investment in affiliates 300,409 — (300,409 ) — Other assets 53,732 7,499 — 61,231 Total assets $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009 LIABILITIES AND EQUITY Revolving line of credit $ 230,000 $ — $ — $ 230,000 Term loan 750,000 — — 750,000 Secured borrowings — 361,460 (125,256 ) 236,204 Unsecured borrowings – net 2,352,882 — — 2,352,882 Accrued expenses and other liabilities 326,815 6,891 — 333,706 Deferred income taxes — 15,352 — 15,352 Intercompany payable (13,673 ) 13,673 — — Total liabilities 3,646,024 397,376 (125,256 ) 3,918,144 Equity: Common stock 18,740 — — 18,740 Equity investment in affiliates — 156,830 (156,830 ) — Common stock – additional paid-in capital 4,609,474 — — 4,609,474 Cumulative net earnings 1,372,522 18,246 (18,246 ) 1,372,522 Cumulative dividends paid (2,254,038 ) — — (2,254,038 ) Accumulated other comprehensive (loss) income (8,712 ) 77 (77 ) (8,712 ) Total stockholders’ equity 3,737,986 175,153 (175,153 ) 3,737,986 Noncontrolling interest 362,879 — — 362,879 Total equity 4,100,865 175,153 (175,153 ) 4,100,865 Total liabilities and equity $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009
Schedule of consolidating statement of operations	CONSOLIDATING STATEMENT OF OPERATIONS Unaudited (in thousands) Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 170,749 $ 15,705 $ - $ 186,454 $ 334,141 $ 29,016 $ - $ 363,157 Income from direct financing leases 15,521 - - 15,521 30,963 - - 30,963 Mortgage interest income 21,371 - - 21,371 37,977 - - 37,977 Other investment income – net 5,440 38 - 5,478 9,568 38 - 9,606 Total operating revenues 213,081 15,743 - 228,824 412,649 29,054 - 441,703 Expenses Depreciation and amortization 59,481 6,024 - 65,505 116,759 11,179 - 127,938 General and administrative 11,680 152 - 11,832 22,023 264 - 22,287 Acquisition and merger related costs 1,324 2,180 - 3,504 3,753 3,522 - 7,275 Impairment loss on real estate properties 6,893 - - 6,893 41,233 218 - 41,451 (Recovery) provision for uncollectible mortgages, notes and accounts receivable (1,154 ) - - (1,154 ) 708 3,262 - 3,970 Total operating expenses 78,224 8,356 - 86,580 184,476 18,445 - 202,921 Income before other income and expense 134,857 7,387 - 142,244 228,173 10,609 - 238,782 Other income (expense): Interest income 1 3 - 4 6 6 - 12 Interest expense (34,305 ) (5,346 ) - (39,651 ) (67,694 ) (9,179 ) - (76,873 ) Interest – amortization of deferred financing costs (2,205 ) (5 ) - (2,210 ) (4,330 ) (12 ) - (4,342 ) Interest – refinancing costs - - - - (298 ) - - (298 ) Realized loss on foreign exchange - - - - (22 ) - - (22 ) Equity in earnings 1,968 - (1,968 ) - 1,285 - (1,285 ) - Total other expense (34,541 ) (5,348 ) (1,968 ) (41,857 ) (71,053 ) (9,185 ) (1,285 ) (81,523 ) Income before gain on assets sold 100,316 2,039 (1,968 ) 100,387 157,120 1,424 (1,285 ) 157,259 Gain on assets sold - net 13,221 - - 13,221 14,792 - - 14,792 Income from continuing operations before income taxes 113,537 2,039 (1,968 ) 113,608 171,912 1,424 (1,285 ) 172,051 Income taxes (421 ) (33 ) - (454 ) (562 ) (139 ) - (701 ) Net income 113,116 2,006 (1,968 ) 113,154 171,350 1,285 (1,285 ) 171,350 Net income attributable to noncontrolling interest (5,064 ) (38 ) - (5,102 ) (7,743 ) - - (7,743 ) Net income available to common stockholders $ 108,052 $ 1,968 $ (1,968 ) $ 108,052 $ 163,607 $ 1,285 $ (1,285 ) $ 163,607 CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Issuer & Non – Elimination Consolidated Issuer & Non – Elimination Consolidated Revenue Rental income $ 150,724 $ 12,388 $ - $ 163,112 $ 249,313 $ 14,763 $ - $ 264,076 Income from direct financing leases 15,020 - - 15,020 29,366 - - 29,366 Mortgage interest income 17,562 - - 17,562 34,141 - - 34,141 Other investment income – net 2,017 - - 2,017 3,548 - - 3,548 Total operating revenues 185,323 12,388 - 197,711 316,368 14,763 - 331,131 Expenses Depreciation and amortization 54,170 4,986 - 59,156 83,781 5,985 - 89,766 General and administrative 10,152 156 - 10,308 16,137 185 - 16,322 Acquisition and merger related costs 44,571 2,513 - 47,084 49,439 2,513 - 51,952 Impairment loss on real estate properties 6,916 - - 6,916 12,898 - - 12,898 Recovery for uncollectible mortgages, notes and accounts receivable (7 ) - - (7 ) (9 ) - - (9 ) Total operating expenses 115,802 7,655 - 123,457 162,246 8,683 - 170,929 Income before other income and expense 69,521 4,733 - 74,254 154,122 6,080 - 160,202 Other income (expense): Interest income 4 3 - 7 194 6 - 200 Interest expense (34,870 ) (3,378 ) - (38,248 ) (66,712 ) (3,895 ) - (70,607 ) Interest – amortization of deferred financing costs (1,820 ) (6 ) - (1,826 ) (3,168 ) (11 ) - (3,179 ) Interest – refinancing gain (costs) 1,016 - - 1,016 (8,361 ) - - (8,361 ) Equity in earnings 1,172 - (1,172 ) - 2,000 - (2,000 ) - Total other expense (34,498 ) (3,381 ) (1,172 ) (39,051 ) (76,047 ) (3,900 ) (2,000 ) (81,947 ) Income before gain on assets sold 35,023 1,352 (1,172 ) 35,203 78,075 2,180 (2,000 ) 78,255 Gain on assets sold – net 8,802 - - 8,802 8,802 - - 8,802 Income from continuing operations before income taxes 43,825 1,352 (1,172 ) 44,005 86,877 2,180 (2,000 ) 87,057 Income taxes (359 ) (180 ) - (539 ) (359 ) (180 ) - (539 ) Net income 43,466 1,172 (1,172 ) 43,466 86,518 2,000 (2,000 ) 86,518 Net income attributable to noncontrolling interest (2,038 ) - - (2,038 ) (2,038 ) - - (2,038 ) Net income available to common stockholders $ 41,428 $ 1,172 $ (1,172 ) $ 41,428 $ 84,480 $ 2,000 $ (2,000 ) $ 84,480
Schedule of consolidating statement of cash flows	CONSOLIDATING STATEMENTS OF CASH FLOWS Unaudited (in thousands) Six Months Ended June 30, 2016 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 171,350 $ 1,285 $ (1,285 ) $ 171,350 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 116,759 11,179 — 127,938 Provision for impairment on real estate properties 41,233 218 — 41,451 Provision for uncollectible mortgages, notes and accounts receivable 708 3,262 — 3,970 Amortization of deferred financing and refinancing costs 4,628 12 — 4,640 Accretion of direct financing leases (5,915 ) — — (5,915 ) Stock-based compensation 6,443 — — 6,443 Gain on assets sold – net (14,792 ) — — (14,792 ) Amortization of acquired in-place leases - net (7,910 ) — — (7,910 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable – net 867 (11 ) — 856 Straight-line rent receivables (14,848 ) (2,908 ) — (17,756 ) Lease inducements 1,294 — — 1,294 Effective yield receivable on mortgage notes (619 ) — — (619 ) Other operating assets and liabilities (19,239 ) (6,101 ) 1,285 (24,055 ) Net cash provided by operating activities 279,959 6,936 — 286,895 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (496,490 ) (126,358 ) — (622,848 ) Investment in construction in progress (26,960 ) — — (26,960 ) Investment in U.K. subsidiary (125,399 ) 125,399 — — Investment in direct financing leases (30 ) — — (30 ) Placement of mortgage loans (12,528 ) — — (12,528 ) Proceeds from sale of real estate investments 43,772 — — 43,772 Capital improvements to real estate investments (20,165 ) (1,647 ) — (21,812 ) Proceeds from other investments 25,923 — — 25,923 Investments in other investments (134,402 ) (2,134 ) — (136,536 ) Collection of mortgage principal 42,051 — — 42,051 Net cash used in investing activities (704,228 ) (4,740 ) — (708,968 ) Cash flows from financing activities Proceeds from credit facility borrowings 879,000 — — 879,000 Payments on credit facility borrowings (639,000 ) — — (639,000 ) Receipts of other long-term borrowings 350,000 — — 350,000 Payments of other long-term borrowings — (620 ) — (620 ) Payments of financing related costs (3,557 ) (24 ) — (3,581 ) Receipts from dividend reinvestment plan 93,333 — — 93,333 Payments for exercised options and restricted stock – net (2,380 ) — — (2,380 ) Conversion of OP Units to common stock 487 — — 487 Dividends paid (217,068 ) — — (217,068 ) Redemption of OP Units (10 ) — — (10 ) Distributions to OP Unit Holders (10,351 ) — — (10,351 ) Net cash provided by (used in) financing activities 450,454 (644 ) — 449,810 Increase (decrease) in cash and cash equivalents 26,185 1,552 — 27,737 Effect of foreign currency translation on cash and cash equivalents — (202 ) — (202 ) Cash and cash equivalents at beginning of period 1,592 3,832 — 5,424 Cash and cash equivalents at end of period $ 27,777 $ 5,182 $ — $ 32,959 CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Six Months Ended June 30, 2015 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 86,518 $ 2,000 $ (2,000 ) $ 86,518 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 83,781 5,985 — 89,766 Provision for impairment on real estate properties 12,898 — — 12,898 Recovery for uncollectible mortgages, notes and accounts receivable (9 ) — — (9 ) Amortization of deferred financing and debt extinguishment costs 11,529 11 — 11,540 Accretion of direct financing leases (5,321 ) — — (5,321 ) Stock-based compensation 4,483 — — 4,483 Gain on assets sold – net (8,802 ) — — (8,802 ) Amortization of acquired in-place leases - net (2,518 ) (365 ) — (2,883 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable – net 1,128 1 — 1,129 Straight-line rent receivables (14,264 ) (1,607 ) — (15,871 ) Lease inducements (328 ) — — (328 ) Effective yield receivable on mortgage notes (2,253 ) — — (2,253 ) Other operating assets and liabilities 18,771 1,454 2,000 22,225 Net cash provided by operating activities 185,613 7,479 — 193,092 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (6,300 ) (177,484 ) — (183,784 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (15,913 ) — — (15,913 ) Investment in U.K. subsidiary (174,275 ) 174,275 — — Placement of mortgage loans (4,701 ) — — (4,701 ) Proceeds from sale of real estate investments 26,846 — — 26,846 Capital improvements to real estate investments (9,879 ) (1,472 ) — (11,351 ) Proceeds from other investments 14,206 — — 14,206 Investments in other investments (36,600 ) — — (36,600 ) Collection of mortgage principal 1,735 — — 1,735 Net cash used in investing activities (120,023 ) (4,681 ) — (124,704 ) Cash flows from financing activities Proceeds from credit facility borrowings 782,000 — — 782,000 Payments on credit facility borrowings (516,000 ) — — (516,000 ) Receipts of other long-term borrowings 989,822 — — 989,822 Payments of other long-term borrowings (1,586,990 ) (601 ) — (1,587,591 ) Payments of financing related costs (26,123 ) — — (26,123 ) Receipts from dividend reinvestment plan 30,111 — — 30,111 Payments for exercised options and restricted stock – net (6,982 ) — — (6,982 ) Net proceeds from issuance of common stock 440,036 — — 440,036 Dividends paid (151,387 ) — — (151,387 ) Distributions to OP Unit holders (1,650 ) — — (1,650 ) Net cash used in financing activities (47,163 ) (601 ) — (47,764 ) Increase in cash and cash equivalents 18,427 2,197 — 20,624 Effect of foreign currency translation on cash and cash equivalents — 41 — 41 Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 22,916 $ 2,238 $ — $ 25,154

BASIS OF PRESENTATION AND SIG40

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Contractual receivables	$ 7,647	$ 8,452
Effective yield interest receivables	9,647	9,028
Straight-line receivables	187,413	175,709
Lease inducements	9,688	10,982
Allowance	(359)	(309)
Accounts receivable - net	$ 214,036	$ 203,862

BASIS OF PRESENTATION AND SIG41

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail)	6 Months Ended
	Jun. 30, 2016Segment
Accounting Policies [Abstract]
Number of reportable segment	1

BASIS OF PRESENTATION AND SIG42

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1) $ / shares in Units, shares in Millions, $ in Millions	Feb. 01, 2016USD ($)Facility	Mar. 31, 2016USD ($)Facility	Jun. 30, 2016USD ($)FacilityHealthcare_facility	Dec. 31, 2015USD ($)	Jun. 30, 2015shares	Apr. 01, 2015$ / sharesshares
Basis Of Presentation And Significant Accounting Policies [Line Items]
Limited partnership interests owned | shares						138.8
Number of facilities transitioned | Facility		27
Straight line rent receivables wrote off | $		$ 3.4
Number of leased real estate properties | Healthcare_facility			986
SNF's
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of leased real estate properties | Facility			799
Cash flow hedges
Basis Of Presentation And Significant Accounting Policies [Line Items]
Cash flow hedges recorded at fair value in accrued expenses and other liabilities | $			$ 13.8	$ 0.7
Omega OP Units
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of limited partnership interests owned			95.00%		95.00%
Number of units settled in cash | shares					0.2
Aviv Operating Partnership | Omega OP Units
Basis Of Presentation And Significant Accounting Policies [Line Items]
Limited partnership interests owned | shares						52.9
Limited partnership units, redeemable, par value per share | $ / shares						$ 0.10
Other Investors | Omega OP Units
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of limited partnership interests owned			5.00%		5.00%
Laurel | SNF's
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of leased real estate properties | Facility	10
Purchase price of buildings acquired paid in cash | $	$ 169
Laurel | Board of Directors
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of ownership interest			34.00%

PROPERTIES AND INVESTMENTS - Si

PROPERTIES AND INVESTMENTS - Significant acquisitions occurred in 2016 (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)FacilityHealthcare_facility
Real Estate Properties [Line Items]
Number of Facilities | Healthcare_facility	986
SNF's
Real Estate Properties [Line Items]
Number of Facilities | Facility	799
ALFs
Real Estate Properties [Line Items]
Number of Facilities | Facility	97
Q1 | UK
Real Estate Properties [Line Items]
Total Investment	$ 8,300
Initial Cash Yield (%)	7.00%
Q1 | UK | Land
Real Estate Properties [Line Items]
Total Investment	$ 1,400
Q1 | UK | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	6,700
Q1 | UK | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	200
Q1 | UK
Real Estate Properties [Line Items]
Total Investment	$ 6,100
Initial Cash Yield (%)	7.00%
Q1 | UK | Land
Real Estate Properties [Line Items]
Total Investment	$ 600
Q1 | UK | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	5,300
Q1 | UK | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	200
Q1 | OH, VA, MI
Real Estate Properties [Line Items]
Total Investment	$ 169,000	[1]
Initial Cash Yield (%)	8.50%
Q1 | OH, VA, MI | Land
Real Estate Properties [Line Items]
Total Investment	$ 10,500
Q1 | OH, VA, MI | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	152,500
Q1 | OH, VA, MI | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	6,000
Q1 | FL
Real Estate Properties [Line Items]
Total Investment	2,500	[2]
Q1 | FL | Land
Real Estate Properties [Line Items]
Total Investment	2,500
Q1 | GA
Real Estate Properties [Line Items]
Total Investment	$ 20,200
Initial Cash Yield (%)	7.50%
Q1 | GA | Land
Real Estate Properties [Line Items]
Total Investment	$ 800
Q1 | GA | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	18,300
Q1 | GA | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	1,100
Q1 | MD
Real Estate Properties [Line Items]
Total Investment	$ 25,000
Initial Cash Yield (%)	8.50%
Q1 | MD | Land
Real Estate Properties [Line Items]
Total Investment	$ 2,500
Q1 | MD | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	19,900
Q1 | MD | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	2,600
Q1 | VA, NC
Real Estate Properties [Line Items]
Total Investment	$ 212,500
Initial Cash Yield (%)	8.50%
Q1 | VA, NC | Land
Real Estate Properties [Line Items]
Total Investment	$ 19,300
Q1 | VA, NC | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	181,100
Q1 | VA, NC | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	$ 12,100
Q1 | SNF's | OH, VA, MI
Real Estate Properties [Line Items]
Number of Facilities | Facility	10
Q1 | SNF's | MD
Real Estate Properties [Line Items]
Number of Facilities | Facility	3
Q1 | SNF's | VA, NC
Real Estate Properties [Line Items]
Number of Facilities | Facility	21
Q1 | ALFs | UK
Real Estate Properties [Line Items]
Number of Facilities | Facility	1
Q1 | ALFs | UK
Real Estate Properties [Line Items]
Number of Facilities | Facility	1
Q1 | ALFs | GA
Real Estate Properties [Line Items]
Number of Facilities | Facility	2
Q2 | UK
Real Estate Properties [Line Items]
Total Investment	$ 111,900	[3],[4]
Initial Cash Yield (%)	7.00%
Q2 | UK | Land
Real Estate Properties [Line Items]
Total Investment	$ 24,800
Q2 | UK | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	83,900
Q2 | UK | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	3,200
Q2 | TX
Real Estate Properties [Line Items]
Total Investment	$ 66,000	[4],[5]
Initial Cash Yield (%)	6.80%
Q2 | TX | Land
Real Estate Properties [Line Items]
Total Investment	$ 5,800
Q2 | TX | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	58,600
Q2 | TX | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	1,600
Q2 | CO, MO
Real Estate Properties [Line Items]
Total Investment	$ 31,800	[4]
Initial Cash Yield (%)	9.00%
Q2 | CO, MO | Land
Real Estate Properties [Line Items]
Total Investment	$ 3,100
Q2 | CO, MO | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	26,200
Q2 | CO, MO | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	$ 2,500
Q2 | SNF's | CO, MO
Real Estate Properties [Line Items]
Number of Facilities | Facility	3
Q2 | ALFs | UK
Real Estate Properties [Line Items]
Number of Facilities | Facility	10
Q2 | ALFs | TX
Real Estate Properties [Line Items]
Number of Facilities | Facility	3
Q1 and Q2
Real Estate Properties [Line Items]
Total Investment	$ 653,300
Q1 and Q2 | Land
Real Estate Properties [Line Items]
Total Investment	71,300
Q1 and Q2 | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	552,500
Q1 and Q2 | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	$ 29,500
Q1 and Q2 | SNF's
Real Estate Properties [Line Items]
Number of Facilities | Facility	37
Q1 and Q2 | ALFs
Real Estate Properties [Line Items]
Number of Facilities | Facility	17
[1]	Acquired from a related party. Refer to Note -1 Related Party Transactions.
[2]	Accounted for as an asset acquisition.
[3]	Omega also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition.
[4]	The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment once the analysis is completed.
[5]	The Company paid $63.0 million in cash at closing to acquire the facilities. We have agreed topay an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. The $3.0 million liability is recorded in unsecured borrowings - net on our Consolidated Balance Sheet.

PROPERTIES AND INVESTMENTS - 44

PROPERTIES AND INVESTMENTS - Significant acquisitions occurred in 2016 (Parentheticals) (Details) - Q2 $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
UK
Real Estate Properties [Line Items]
Deferred tax asset in connection with acquisition	$ 1.9
TX
Real Estate Properties [Line Items]
Payment to acquire the facilities	63
Additional consideration to be paid in April 2017	1.5
Additional consideration to be paid in April 2018	1.5
Liability recorded as unsecured borrowings	$ 3

PROPERTIES AND INVESTMENTS - Al

PROPERTIES AND INVESTMENTS - Allocation of assets acquired and liabilities assumed (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Apr. 01, 2015
Fair value of net assets acquired:
Goodwill	$ 644,481	$ 645,568	$ 645,683
Merger Agreement | Aviv REIT, Inc
Fair value of net assets acquired:
Land and buildings				$ 3,107,530
Investment in direct financing leases				26,823
Mortgages notes receivable				19,246
Other investments				23,619
Total investments				3,177,218
Goodwill				630,679
Accounts receivables and other assets				17,144
Cash acquired				84,858
Accrued expenses and other liabilities				(223,002)
Debt				(1,410,637)
Fair value of net assets acquired				$ 2,276,260

PROPERTIES AND INVESTMENTS - Pr

PROPERTIES AND INVESTMENTS - Pro forma information (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings per share - diluted:
Net income - as reported	$ 0.57	$ 0.22	$ 0.86	$ 0.53
Pro forma
Proforma Information [Line Items]
Pro Forma Revenues				$ 406,813
Pro Forma Net income				$ 114,301
Earnings per share - diluted:
Net income - as reported				$ 0.53
Net income - pro forma				$ 0.59

PROPERTIES AND INVESTMENTS - Le

PROPERTIES AND INVESTMENTS - Leased Property (Narrative) (Detail)	6 Months Ended
	Jun. 30, 2016FacilityHealthcare_facility
Real Estate Properties [Line Items]
Number of real estate properties | Healthcare_facility	986
Increase in the specific annual percentage over the prior year's rent	2.50%
Property available for operating lease | Minimum
Real Estate Properties [Line Items]
Lease term	5 years
Property available for operating lease | Maximum
Real Estate Properties [Line Items]
Lease term	15 years
SNF's
Real Estate Properties [Line Items]
Number of real estate properties	799
ALFs
Real Estate Properties [Line Items]
Number of real estate properties	97
Specialty facilities
Real Estate Properties [Line Items]
Number of real estate properties	16
Medical office building
Real Estate Properties [Line Items]
Number of real estate properties	1

PROPERTIES AND INVESTMENTS - Av

PROPERTIES AND INVESTMENTS - Aviv Merger (Narrative) (Detail 1) - Merger Agreement - Aviv REIT, Inc $ in Thousands, shares in Millions	Apr. 01, 2015USD ($)FacilityPropertyMortgageshares
Real Estate Properties [Line Items]
Conversion ratio of shares	0.90
Number of shares issued to issuable to stockholders | shares	43.7
Number of properties acquired | Property	342
Number of facilities subject to direct financing leases	2
Number of mortgage facilities | Mortgage	2
Fair value of consideration | $	$ 2,276,260
Medical office building
Real Estate Properties [Line Items]
Number of properties acquired	1

PROPERTIES AND INVESTMENTS - As

PROPERTIES AND INVESTMENTS - Assets Sold or Held for Sale (Narrative) (Detail 2) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016USD ($)Facility	Mar. 31, 2016USD ($)FacilityState	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Facility	Jun. 30, 2015USD ($)	Dec. 31, 2015Facility
Real Estate Properties [Line Items]
Impairment charge | $	$ 6,900
Number of states | State		6
Number of facilities sold	11			11
Number of previously classified as held for sale		6				1
Total cash proceeds | $	$ 41,400
Amount of gain (loss) from sale of facilities | $	$ 13,221		$ 8,802	$ 14,792	$ 8,802
Number of facilities with impairment charges	15			15
Number of facilities with impairment charges classified as held for sale	12			12
SNF's
Real Estate Properties [Line Items]
Number of facilities sold		2
Number of previously classified as held for sale						2
Total cash proceeds | $		$ 2,400
Amount of gain (loss) from sale of facilities | $		1,600
Aviv
Real Estate Properties [Line Items]
Impairment charge | $		$ 34,600
Number of facility located in state		14

DIRECT FINANCING LEASES (Detail

DIRECT FINANCING LEASES (Detail) $ in Thousands	Jun. 30, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Leases, Capital [Abstract]
Minimum lease payments receivable	$ 4,296,064	$ 4,320,876
Less unearned income	(3,702,418)	(3,733,175)
Investment in direct financing leases - net	$ 593,646	$ 587,701
Properties subject to direct financing leases | Property	58	59

DIRECT FINANCING LEASES (Deta51

DIRECT FINANCING LEASES (Detail 1) $ in Thousands	Jun. 30, 2016USD ($)
Leases, Capital [Abstract]
Year 1	$ 50,360
Year 2	51,277
Year 3	52,545
Year 4	53,839
Year 5	$ 55,084

DIRECT FINANCING LEASES (Narrat

DIRECT FINANCING LEASES (Narrative) (Detail) $ in Millions	Apr. 01, 2015Lease	Jul. 31, 2014Facility	Jun. 30, 2014Facility	Nov. 27, 2013USD ($)FacilityBedStateLease	Jun. 30, 2016BedStateHealthcare_facility	Dec. 31, 2014Facility
Capital Leased Assets [Line Items]
Number of facilities owned | Healthcare_facility					986
Number of states | State					42
New Ark Investment Inc.
Capital Leased Assets [Line Items]
Purchase price of beds acquired paid in cash | $				$ 529
Number of lease | Lease				4
Master lease term		12 years	12 years	50 years
Interest on lease per annum				10.60%
Number of facilities owned				56
Number of licensed beds | Bed				5,623
Number of states | State				12
Number of additional facility purchased		3	3			3
New Ark Investment Inc. | Southeast
Capital Leased Assets [Line Items]
Number of facilities owned				39
New Ark Investment Inc. | Northwest
Capital Leased Assets [Line Items]
Number of facilities owned				7
New Ark Investment Inc. | Texas
Capital Leased Assets [Line Items]
Number of facilities owned				9
New Ark Investment Inc. | Indiana
Capital Leased Assets [Line Items]
Number of facilities owned				1
Aviv | Direct financing leases | Merger Agreement
Capital Leased Assets [Line Items]
Additional direct financing lease | Lease	2
SNF's | New Ark Investment Inc.
Capital Leased Assets [Line Items]
Number of facilities owned | Bed					55
ALFs | New Ark Investment Inc.
Capital Leased Assets [Line Items]
Number of facilities owned | Bed					1

MORTGAGE NOTES RECEIVABLE (Deta

MORTGAGE NOTES RECEIVABLE (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross		$ 625,134	$ 679,795
Allowance for loss on mortgage notes receivable		0	0
Total mortgages - net		625,134	679,795
Mortgage note due 2024; interest at 9.79%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross		$ 112,500	$ 112,500
Mortgage loans on real estate, interest rate		9.79%	9.79%
Mortgage note due 2028; interest at 11.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross		$ 35,964	$ 69,928
Mortgage loans on real estate, interest rate		11.00%	11.00%
Mortgage note due 2029; interest at 9.23%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross		$ 412,784	$ 413,399
Mortgage loans on real estate, interest rate		9.23%	9.23%
Other mortgage notes outstanding
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	[1]	$ 63,886	$ 83,968
[1]	Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2053.

MORTGAGE NOTES RECEIVABLE (Pare

MORTGAGE NOTES RECEIVABLE (Parentheticals) (Details) - Other mortgage notes outstanding	6 Months Ended
	Jun. 30, 2016
Mortgage Loans on Real Estate [Line Items]
Maturity year	2,053
Minimum
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	8.35%
Maximum
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	12.00%

MORTGAGE NOTES RECEIVABLE (Narr

MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) $ in Thousands	1 Months Ended		6 Months Ended
	Apr. 29, 2016USD ($)	Jan. 31, 2016USD ($)FacilityBed	Jun. 30, 2016USD ($)FacilityMortgageStateEntity	Jun. 30, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Number of states | State			42
Proceeds from the mortgage notes due			$ 42,051	$ 1,735
Mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number of fixed rate mortgages | Mortgage			20
Number of long term care facilities | Facility			50
Number of states | State			10
Number of independent healthcare operating companies | Entity			8
Net gain from repayment of a mortgage note	$ 5,400
Mortgage Notes due 2046
Mortgage Loans on Real Estate [Line Items]
Number of facility acquired | Facility		3
Fair value of the facilities approximated		$ 25,000
Mortgage Notes due 2046 | Maryland
Mortgage Loans on Real Estate [Line Items]
Number of operating beds | Bed		352
Mortgage Notes Due
Mortgage Loans on Real Estate [Line Items]
Proceeds from the mortgage notes due	$ 47,800

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Other investments, gross		$ 202,808	$ 92,259
Allowance for loss on other investments		(3,002)	(2,960)
Total other investments		199,806	$ 89,299
Other investment note due 2017; interest at 8.50%
Schedule of Investments [Line Items]
Other investments, gross		$ 10,500
Interest rate		8.50%
Other investment note due 2019; interest at 10.50%
Schedule of Investments [Line Items]
Other investments, gross		$ 49,333
Interest rate		10.50%	10.50%
Other investment note due 2020; interest at 10.00%
Schedule of Investments [Line Items]
Other investments, gross		$ 23,000	$ 23,000
Interest rate		10.00%	10.00%
Other investment note due 2028; interest at 8.50%
Schedule of Investments [Line Items]
Other investments, gross		$ 20,000
Interest rate		8.50%	8.50%
Other investment note due 2030; interest at 6.66%
Schedule of Investments [Line Items]
Other investments, gross		$ 35,625	$ 26,966
Interest rate		6.66%	6.66%
Other investment notes outstanding
Schedule of Investments [Line Items]
Other investments, gross	[1]	$ 64,350	$ 42,293
[1]	Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 12.0%.

OTHER INVESTMENTS (Parenthetica

OTHER INVESTMENTS (Parentheticals) (Details) - Other investment notes outstanding	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Minimum
Schedule of Investments [Line Items]
Interest rate	6.50%	6.50%
Maturity year	2,016
Maximum
Schedule of Investments [Line Items]
Interest rate	12.00%	12.00%
Maturity year	2,028

OTHER INVESTMENTS (Details 1)

OTHER INVESTMENTS (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Apr. 29, 2016	Mar. 01, 2016	Feb. 26, 2016	Feb. 01, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Other investments, gross	$ 202,808					$ 92,259
Other investment note due 2017; interest at 8.50%
Schedule of Investments [Line Items]
Other Investment notes					$ 15,000
Interest rate	8.50%
Other investments, gross	$ 4,100
Other investment note due 2017; interest at 8.50%
Schedule of Investments [Line Items]
Other Investment notes			$ 15,000
Interest rate	8.50%
Other investments, gross	$ 10,500
Other investment note due 2019; interest at 10.50%
Schedule of Investments [Line Items]
Other Investment notes				$ 50,000
Interest rate	10.50%					10.50%
Other investments, gross	$ 49,333
Discount on notes receivable				$ 750
Other investment note due 2028; interest at 8.50%
Schedule of Investments [Line Items]
Other Investment notes			$ 20,000
Interest rate	8.50%					8.50%
Other investments, gross	$ 20,000
Interest rate annual increase percentage			2.50%
Other Investment notes due 2022 and 2023 Payoff
Schedule of Investments [Line Items]
Other investments, gross		$ 7,600

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands		3 Months Ended
		Jun. 30, 2016USD ($)Property	Mar. 31, 2016USD ($)Property
Number Of Properties
Beginning Balance | Property		25	3
Properties sold/other | Property	[1]	(7)	(2)
Properties added | Property	[2]	4	24
Ending balance | Property		22	25
Net Book Value
Beginning Balance | $		$ 73,589	$ 6,599
Properties sold/other | $	[1]	(28,347)	(600)
Properties added | $	[2]	7,209	67,590
Ending balance | $		$ 52,451	$ 73,589
[1]	In the first quarter of 2016, we sold two SNFs for approximately $2.4 million in net proceeds recognizing a gain on sale of approximately $1.6 million. In the second quarter of 2016, we sold seven SNFs for approximately $39.2 million in net proceeds generating a gain on sale of approximately $12.5 million. We also recorded approximately $3.4 million of impairments on 12 facilities to reduce their net book values to their estimated fair value less costs to sell.
[2]	In the first quarter of 2016, we reclassified eight ALFs and 16 SNFs located in six states to assets held for sale. We recorded approximately $34.6 million impairment charges on 14 facilities to reduce their net book values to their estimated fair value less costs to sell. In the second quarter of 2016, we reclassified three SNFs and one ALF to assets held for sale with total carrying value of $7.2 million. No impairment was recorded as a result of this reclassification. See Note 2 - Properties and Investments.

ASSETS HELD FOR SALE (Narrative

ASSETS HELD FOR SALE (Narrative) (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)Facility	Mar. 31, 2016USD ($)FacilityState
Real Estate Properties [Line Items]
Number of states to assets held for sale | State		6
Impairment charges | $		$ 34.6
Number of facilities with impairment charges | Facility	12
Carrying value for property reclassified | $	$ 7.2
SNF's
Real Estate Properties [Line Items]
Number of facilities held for sale sold | Facility	7	2
Net proceeds from sale of facilities held for sale | $	$ 39.2	$ 2.4
Gain from sale of facilities | $	$ 12.5	$ 1.6
Number of property reclassified | Facility	3	16
Impairment charges | $	$ 3.4
ALFs
Real Estate Properties [Line Items]
Number of property reclassified | Facility	1	8
Number of facilities with impairment charges | Facility		14

INTANGIBLES - Summary of our in

INTANGIBLES - Summary of our intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets:
Goodwill	$ 644,481	$ 645,568	$ 645,683
Accumulated amortization	(15,045)		(14,162)
Net intangible assets	8,667		8,125
Liabilities:
Below market lease intangibles	166,486		165,331
Accumulated amortization	(63,876)		(55,131)
Net intangible liabilities	102,610		110,200
Above market lease intangibles
Assets:
Gross intangible assets	23,545		21,901
In-place lease intangibles
Assets:
Gross intangible assets	$ 167		$ 386

INTANGIBLES - Reconciliation of

INTANGIBLES - Reconciliation of goodwill (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Goodwill [Roll Forward]
Balance	$ 645,568	$ 645,683
Add: additional valuation adjustments related to preliminary valuations		275
Less: foreign currency translation	(1,087)	(390)
Balance	$ 644,481	$ 645,568

INTANGIBLES (Narrative) (Detail

INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3.6	$ 1.7	$ 7.9	$ 2.9
Remainder of 2016	6.1		6.1
2,017	11.8		11.8
2,018	10.6		10.6
2,019	9.6		9.6
2,020	$ 9.4		$ 9.4

INTANGIBLES (Narrative) (Deta64

INTANGIBLES (Narrative) (Detail 1)	6 Months Ended
	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Below market leases, weighted average remaining amortization	10 years
Above market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization	5 years

CONCENTRATION OF RISK (Narrativ

CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)FacilityStateOperatorHealthcare_facility	Dec. 31, 2015USD ($)
Concentration Risk [Line Items]
Number of facilities owned | Healthcare_facility	986
Number of states | State	42
Number of operators | Operator	84
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $	$ 8,600,000
Percentage share of real estate investments related to long-term care facilities	99.00%
Number of facilities held-for-sale/closed	23
Miscellaneous investments, net | $	$ 199,806	$ 89,299
Concentration risk, benchmark description	No single operator or manager generated more than 10% of our total revenues for the six months ended June 30, 2016.
Ohio
Concentration Risk [Line Items]
Concentration percent by state	10.00%
Texas
Concentration Risk [Line Items]
Concentration percent by state	9.00%
Florida
Concentration Risk [Line Items]
Concentration percent by state	8.00%
SNF's
Concentration Risk [Line Items]
Number of facilities owned	799
Number of facilities under fixed rate mortgage loan	48
ALFs
Concentration Risk [Line Items]
Number of facilities owned	97
Number of facilities under fixed rate mortgage loan	2
Specialty facilities
Concentration Risk [Line Items]
Number of facilities owned	16
Medical office building
Concentration Risk [Line Items]
Number of facilities owned	1

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Foreign currency translation adjustments	$ (33,295)	$ (8,027)
Derivative instrument adjustments	(13,168)	(685)
Total accumulated other comprehensive loss	$ (46,463)	$ (8,712)

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jul. 14, 2016	Apr. 14, 2016	Jan. 14, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Dividend [Line Items]
Dividends declared per common share		$ 0.58	$ 0.57	$ 0.58	$ 0.18	$ 1.15	$ 1.07
Nature of common stock dividend payable		Quarterly	Quarterly
Increasing the quarterly common dividend		0.01	0.01
Dividends declared, date of declaration		Apr. 14, 2016	Jan. 14, 2016
Dividends declared, date of payment		May 16, 2016	Feb. 16, 2016
Dividends declared, date of record		May 2, 2016	Feb. 2, 2016
Issuance of common stock (in shares)				2,200,000		2,900,000
Dividend reinvestment plan, shares issued, price per share				$ 32.98		$ 32.26
Value of common stock issued in dividend Reinvestment Plan				$ 73,800		$ 93,333	$ 30,111
Subsequent Event
Dividend [Line Items]
Dividends declared per common share	$ 0.60
Nature of common stock dividend payable	Quarterly
Increasing the quarterly common dividend	0.02
Dividends declared, date of declaration	Jul. 14, 2016
Dividends declared, date of payment	Aug. 15, 2016
Dividends declared, date of record	Aug. 1, 2016

TAXES (Narrative) (Detail)

TAXES (Narrative) (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Income Tax Disclosure [Abstract]
Percentage of minimum taxable income is distributed	90.00%	90.00%
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage	100.00%	100.00%
Net operating loss carry-forward	$ 900	$ 900
State and local income tax provision	400	600
Provision for foreign income taxes	$ 33	$ 100

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Stock-based compensation expense	$ 3,665	$ 2,873	$ 6,443	$ 4,483

STOCK-BASED COMPENSATION (Det70

STOCK-BASED COMPENSATION (Details 1) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	2,203,410
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 19.96
Total Compensation Cost	$ 44
Unrecognized Compensation Cost	$ 24.7
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	610,774
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 33.45
Total Compensation Cost	$ 20.5
Unrecognized Compensation Cost	$ 9.2
RSUs | 2013 RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,013
Shares/Units | shares	195,822
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 29.80
Total Compensation Cost	$ 5.8
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 1
Performance Period	N/A
Vesting Dates	12/31/14 - 12/31/16
RSUs | 2014 RSU
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	$ 0.5
Performance Period	N/A
Vesting Dates	12/31/2016
RSUs | 3/31/15 RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	109,985
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 40.57
Total Compensation Cost	$ 4.5
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 2.4
Performance Period	N/A
Vesting Dates	12/31/2017
RSUs | 4/1/15 RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	40,464
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	$ 0.9
Performance Period	N/A
Vesting Dates	12/31/2017
RSUs | Assumed Aviv RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,015
Shares/Units | shares	18,920
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	$ 0.1
Performance Period	N/A
Vesting Dates	12/31/2016
RSUs | Assumed Aviv RSU
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
Performance Period	N/A
Vesting Dates	12/31/15-12/31/17
RSUs | 3/17/16 RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,016
Shares/Units | shares	131,006
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 34.78
Total Compensation Cost	$ 4.6
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 4.1
Performance Period	N/A
Vesting Dates	12/31/2018
TSR PRSUs and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	828,608
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 12.36
Total Compensation Cost	$ 10.3
Unrecognized Compensation Cost	$ 7
TSR PRSUs and LTIP Units | 2016 Transition TSR
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	$ 0.2
Performance Period	12/31/2013-12/31/2016
Vesting Dates	12/31/2016
TSR PRSUs and LTIP Units | 2016 TSR
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	$ 0.5
Performance Period	1/1/2014-12/31/2016
Vesting Dates	Quarterly in 2017
TSR PRSUs and LTIP Units | 3/31/15 2017 LTIP 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	$ 1.3
Performance Period	1/1/2015-12/31/2017
Vesting Dates	Quarterly in 2018
TSR PRSUs and LTIP Units | 4/1/2015 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	$ 0.5
Performance Period	1/1/2015-12/31/2017
Vesting Dates	Quarterly in 2018
TSR PRSUs and LTIP Units | 7/31/15 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	5 months
Performance Period	12/31/2013-12/31/2016
Vesting Dates	12/31/2016
TSR PRSUs and LTIP Units | 7/31/15 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	5 months
Performance Period	1/1/2015-12/31/2017
Vesting Dates	12/31/2017
TSR PRSUs and LTIP Units | 3/17/16 2018 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,016
Shares/Units | shares	372,069
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 13.21
Total Compensation Cost	$ 4.9
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 4.5
Performance Period	1/1/2016-12/31/2018
Vesting Dates	Quarterly in 2019
Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	764,028
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 17.41
Total Compensation Cost	$ 13.2
Unrecognized Compensation Cost	$ 8.5
Relative TSR PRSUs | 2016 Transition TSR
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	$ 0.2
Performance Period	12/31/2013-12/31/2016
Vesting Dates	12/31/2016
Relative TSR PRSUs | 2016 TSR
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	$ 0.7
Performance Period	1/1/2014-12/31/2016
Vesting Dates	Quarterly in 2017
Relative TSR PRSUs | 3/31/15 2017 Relative TSR
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	$ 2.1
Performance Period	1/1/2015-12/31/2017
Vesting Dates	Quarterly in 2018
Relative TSR PRSUs | 4/1/2015 2017 Relative TSR
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	$ 0.8
Performance Period	1/1/2015-12/31/2017
Vesting Dates	Quarterly in 2018
Relative TSR PRSUs | 7/31/15 2016 Relative TSR
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	5 months
Performance Period	12/31/2013-12/31/2016
Vesting Dates	12/31/2016
Relative TSR PRSUs | 7/31/15 2017 Relative TSR
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	5 months
Performance Period	1/1/2015-12/31/2017
Vesting Dates	12/31/2017
Relative TSR PRSUs | 3/17/16 2018 Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,016
Shares/Units | shares	307,480
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 16.45
Total Compensation Cost	$ 5.1
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 4.7
Performance Period	1/1/2016-12/31/2018
Vesting Dates	Quarterly in 2019

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Detail)	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	2,203,410
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	610,774
RSUs | 3/17/16 RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	131,006
TSR PRSUs and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	828,608
TSR PRSUs and LTIP Units | 3/17/16
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	372,069
Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	764,028
Relative TSR PRSUs | 3/17/16
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	307,480

STOCK-BASED COMPENSATION (Nar72

STOCK-BASED COMPENSATION (Narrative) (Detail 1) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding | shares	2,203,410
Unrecognized Compensation Cost | $	$ 24.7
Restricted stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding | shares	65,166
Vesting period, years	3 years
Unrecognized Compensation Cost | $	$ 1.9

BORROWING ACTIVITIES AND ARRA73

BORROWING ACTIVITIES AND ARRANGEMENTS (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Secured borrowings:
Secured Borrowings		$ 235,584	$ 236,204
Unsecured borrowings:
Revolving line of credit		470,000	230,000
Term loans		1,100,000	750,000
Secured Borrowings
Secured borrowings:
Long-term borrowing amount, secured borrowings		$ 235,584	236,204
Secured Borrowings | Mortgage term loan
Debt Instrument [Line Items]
Maturity		2,019
Rate		4.13%
Secured borrowings:
Secured Borrowings		$ 180,000	180,000
Secured Borrowings | HUD mortgages assumed December 2011
Debt Instrument [Line Items]
Maturity	[1]	2,044
Rate	[1]	3.06%
Secured borrowings:
Secured Borrowings	[1]	$ 55,584	56,204
Unsecured borrowings
Unsecured borrowings:
Revolving line of credit including term loan		1,570,000	980,000
Unsecured borrowing		2,373,000	2,370,000
Discount - net		(16,287)	(17,118)
Total unsecured borrowings		3,926,713	3,332,882
Total - net		$ 4,162,297	3,569,086
Unsecured borrowings | Revolving line of credit
Debt Instrument [Line Items]
Maturity		2,018
Rate		1.76%
Unsecured borrowings:
Revolving line of credit		$ 470,000	230,000
Unsecured borrowings | Tranche A-1 term loan
Debt Instrument [Line Items]
Maturity		2,019
Rate		1.96%
Unsecured borrowings:
Unsecured borrowing		$ 200,000	200,000
Unsecured borrowings | Tranche A-2 term loan
Debt Instrument [Line Items]
Maturity		2,017
Rate		1.95%
Unsecured borrowings:
Unsecured borrowing		$ 200,000	200,000
Unsecured borrowings | Tranche A-3 term loan
Debt Instrument [Line Items]
Maturity		2,021
Rate		1.96%
Unsecured borrowings:
Unsecured borrowing		$ 350,000
Unsecured borrowings | Omega OP Term loan
Debt Instrument [Line Items]
Maturity		2,017
Rate		1.95%
Unsecured borrowings:
Term loans		$ 100,000	100,000
Unsecured borrowings | 2015 term loan
Debt Instrument [Line Items]
Maturity		2,022
Rate		2.25%
Unsecured borrowings:
Term loans		$ 250,000	250,000
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity		2,024
Rate		5.875%
Unsecured borrowings:
Senior notes outstanding		$ 400,000	400,000
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity		2,024
Rate		4.95%
Unsecured borrowings:
Senior notes outstanding		$ 400,000	400,000
Unsecured borrowings | 2025 notes
Debt Instrument [Line Items]
Maturity		2,025
Rate		4.50%
Unsecured borrowings:
Senior notes outstanding		$ 250,000	250,000
Unsecured borrowings | 2026 Notes
Debt Instrument [Line Items]
Maturity		2,026
Rate		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%
Unsecured borrowings:
Senior notes outstanding		$ 700,000	700,000
Unsecured borrowings | Other
Debt Instrument [Line Items]
Maturity		2,018
Unsecured borrowings:
Senior notes outstanding		$ 3,000
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 June 30, 2016 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $67.6 million.

BORROWING ACTIVITIES AND ARRA74

BORROWING ACTIVITIES AND ARRANGEMENTS (Parentheticals) (Details) - Secured Borrowings - HUD mortgages assumed December 2011 $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Third party administration fee	0.50%
Real estate assets with net carrying value	$ 67.6

BORROWING ACTIVITIES AND ARRA75

BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Details) - Unsecured borrowings - Omega Credit Agreement $ in Millions	1 Months Ended
	Jan. 29, 2016USD ($)
Revolving line of credit
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 1,250
Tranche A-1 term loan
Debt Instrument [Line Items]
Credit facility, borrowing capacity	200
Tranche A-2 term loan
Debt Instrument [Line Items]
Credit facility, borrowing capacity	200
Tranche A-3 term loan
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 350
LIBOR plus an applicable percentage	1.50%
Tranche A-3 term loan | Minimum
Debt Instrument [Line Items]
LIBOR plus an applicable percentage	1.00%
Tranche A-3 term loan | Maximum
Debt Instrument [Line Items]
LIBOR plus an applicable percentage	1.95%

FINANCIAL INSTRUMENTS (Detail)

FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 32,959	$ 5,424	$ 25,154	$ 4,489
Restricted cash	13,833	14,607
Investments in direct financing leases - net	593,646	587,701
Mortgage notes receivable - net	625,134	679,795
Other investments - net	199,806	89,299
Liabilities:
Revolving line of credit	470,000	230,000
Term loans	1,100,000	750,000
HUD debt - net	235,584	236,204
Carrying Amount
Assets:
Cash and cash equivalents	32,959	5,424
Restricted cash	13,833	14,607
Investments in direct financing leases - net	593,646	587,701
Mortgage notes receivable - net	625,134	679,795
Other investments - net	199,806	89,299
Totals	1,465,378	1,376,826
Liabilities:
Revolving line of credit	470,000	230,000
Tranche A-1 term loan	200,000	200,000
Tranche A-2 term loan	200,000	200,000
Tranche A-3 term loan	350,000
Omega OP Term loan	100,000	100,000
Term loans	250,000	250,000
Mortgage term loan due 2019	180,000	180,000
HUD debt - net	55,584	56,204
Subordinated debt - net	20,550	20,613
Other	3,000
Totals	4,162,297	3,569,086
Carrying Amount | 5.875% notes due 2024
Liabilities:
Notes Payable	400,000	400,000
Carrying Amount | 4.95% notes due 2024
Liabilities:
Notes Payable	395,616	395,333
Carrying Amount | 4.50% notes due 2025
Liabilities:
Notes Payable	248,204	248,099
Carrying Amount | 5.25% notes due 2026
Liabilities:
Notes Payable	598,425	598,343
Carrying Amount | 4.50% notes due 2027
Liabilities:
Notes Payable	690,918	690,494
Fair Value
Assets:
Cash and cash equivalents	32,959	5,424
Restricted cash	13,833	14,607
Investments in direct financing leases - net	590,339	584,358
Mortgage notes receivable - net	634,516	687,130
Other investments - net	200,332	90,745
Totals	1,471,979	1,382,264
Liabilities:
Revolving line of credit	470,000	230,000
Tranche A-1 term loan	200,000	200,000
Tranche A-2 term loan	200,000	200,000
Tranche A-3 term loan	350,000
Omega OP Term loan	100,000	100,000
2015 Term loans	250,000	250,000
Mortgage term loan due 2019	180,000	180,000
HUD debt - net	55,673	52,678
Subordinated debt - net	26,144	24,366
Other	3,000
Totals	4,332,628	3,593,007
Fair Value | 5.875% notes due 2024
Liabilities:
Notes Payable	483,405	429,956
Fair Value | 4.95% notes due 2024
Liabilities:
Notes Payable	419,043	403,064
Fair Value | 4.50% notes due 2025
Liabilities:
Notes Payable	253,252	242,532
Fair Value | 5.25% notes due 2026
Liabilities:
Notes Payable	636,563	612,760
Fair Value | 4.50% notes due 2027
Liabilities:
Notes Payable	$ 705,548	$ 667,651

FINANCIAL INSTRUMENTS (Parenthe

FINANCIAL INSTRUMENTS (Parentheticals) (Detail)	Jun. 30, 2016
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%

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of basic and diluted earnings per share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 113,154	$ 43,466	$ 171,350	$ 86,518
Less: net income attributable to noncontrolling interests	(5,102)	(2,038)	(7,743)	(2,038)
Net income available to common stockholders	$ 108,052	$ 41,428	$ 163,607	$ 84,480
Denominator:
Denominator for basic earnings per share	188,981	182,697	188,604	158,521
Effect of dilutive securities:
Common stock equivalents	1,254	2,796	1,215	1,628
Noncontrolling interest - OP units	8,922	8,989	8,935	4,495
Denominator for diluted earnings per share	199,157	194,482	198,754	164,644
Earnings per share - basic:
Net income available to common stockholders (in dollars per share)	$ 0.57	$ 0.23	$ 0.87	$ 0.53
Earnings per share - diluted:
Net income (in dollars per share)	$ 0.57	$ 0.22	$ 0.86	$ 0.53

CONSOLIDATING FINANCIAL STATE79

CONSOLIDATING FINANCIAL STATEMENTS (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Real estate properties
Land and buildings	$ 7,288,051		$ 6,743,958
Less accumulated depreciation	(1,131,288)		(1,019,150)
Real estate properties - net	6,156,763		5,724,808
Investment in direct financing leases	593,646		587,701
Mortgage notes receivable	625,134		679,795
Real estate properties, total	7,375,543		6,992,304
Other investments - net	199,806		89,299
Total investments held, continuing operations	7,575,349		7,081,603
Assets held for sale - net	52,451		6,599
Total investments	7,627,800		7,088,202
Cash and cash equivalents	32,959		5,424	$ 25,154	$ 4,489
Restricted cash	13,833		14,607
Accounts receivable - net	214,036		203,862
Goodwill	644,481	$ 645,568	645,683
Other assets	73,389		61,231
Total assets	8,606,498		8,019,009
LIABILITIES AND EQUITY
Revolving line of credit	470,000		230,000
Term loans	1,100,000		750,000
Secured Borrowings	235,584		236,204
Unsecured borrowings - net	2,356,713		2,352,882
Accrued expenses and other liabilities	329,368		333,706
Deferred income taxes	12,903		15,352
Total liabilities	4,504,568		3,918,144
Stockholders' equity:
Common stock	19,044		18,740
Common stock - additional paid-in capital	4,707,129		4,609,474
Cumulative net earnings	1,536,129		1,372,522
Cumulative dividends paid	(2,471,192)		(2,254,038)
Accumulated other comprehensive (loss) income	(46,463)		(8,712)
Total stockholders' equity	3,744,647		3,737,986
Noncontrolling interest	357,283		362,879
Total equity	4,101,930		4,100,865
Total liabilities and equity	8,606,498		8,019,009
Issuer & Subsidiary Guarantors
Real estate properties
Land and buildings	6,625,243		6,184,507
Less accumulated depreciation	(1,092,998)		(991,314)
Real estate properties - net	5,532,245		5,193,193
Investment in direct financing leases	593,646		587,701
Mortgage notes receivable	625,134		679,795
Real estate properties, total	6,751,025		6,460,689
Other investments - net	197,809		89,299
Total investments held, continuing operations	6,948,834		6,549,988
Assets held for sale - net	52,451		6,599
Total investments	7,001,285		6,556,587
Cash and cash equivalents	27,777		1,592	22,916	$ 4,489
Restricted cash	7,109		8,058
Accounts receivable - net	206,818		196,107
Goodwill	630,679		630,404
Investment in affiliates	411,664		300,409
Other assets	61,724		53,732
Total assets	8,347,056		7,746,889
LIABILITIES AND EQUITY
Revolving line of credit	470,000		230,000
Term loans	1,100,000		750,000
Unsecured borrowings - net	2,356,713		2,352,882
Accrued expenses and other liabilities	318,413		326,815
Intercompany payable			(13,673)
Total liabilities	4,245,126		3,646,024
Stockholders' equity:
Common stock	19,044		18,740
Common stock - additional paid-in capital	4,707,129		4,609,474
Cumulative net earnings	1,536,129		1,372,522
Cumulative dividends paid	(2,471,192)		(2,254,038)
Accumulated other comprehensive (loss) income	(46,463)		(8,712)
Total stockholders' equity	3,744,647		3,737,986
Noncontrolling interest	357,283		362,879
Total equity	4,101,930		4,100,865
Total liabilities and equity	8,347,056		7,746,889
Non-Guarantor Subsidiaries
Real estate properties
Land and buildings	662,808		559,451
Less accumulated depreciation	(38,290)		(27,836)
Real estate properties - net	624,518		531,615
Real estate properties, total	624,518		531,615
Other investments - net	1,997
Total investments held, continuing operations	626,515		531,615
Total investments	626,515		531,615
Cash and cash equivalents	5,182		3,832	$ 2,238
Restricted cash	6,724		6,549
Accounts receivable - net	7,218		7,755
Goodwill	13,802		15,279
Other assets	11,665		7,499
Total assets	671,106		572,529
LIABILITIES AND EQUITY
Secured Borrowings	445,765		361,460
Accrued expenses and other liabilities	10,955		6,891
Deferred income taxes	12,903		15,352
Intercompany payable	10,952		13,673
Total liabilities	480,575		397,376
Stockholders' equity:
Equity investment in affiliates	170,655		156,830
Cumulative net earnings	19,531		18,246
Accumulated other comprehensive (loss) income	345		77
Total stockholders' equity	190,531		175,153
Total equity	190,531		175,153
Total liabilities and equity	671,106		572,529
Elimination
Real estate properties
Investment in affiliates	(411,664)		(300,409)
Total assets	(411,664)		(300,409)
LIABILITIES AND EQUITY
Secured Borrowings	(210,181)		(125,256)
Intercompany payable	(10,952)
Total liabilities	(221,133)		(125,256)
Stockholders' equity:
Equity investment in affiliates	(170,655)		(156,830)
Cumulative net earnings	(19,531)		(18,246)
Accumulated other comprehensive (loss) income	(345)		(77)
Total stockholders' equity	(190,531)		(175,153)
Total equity	(190,531)		(175,153)
Total liabilities and equity	$ (411,664)		$ (300,409)

CONSOLIDATING FINANCIAL STATE80

CONSOLIDATING FINANCIAL STATEMENTS (Detail 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Rental income	$ 186,454	$ 163,112	$ 363,157	$ 264,076
Income from direct financing leases	15,521	15,020	30,963	29,366
Mortgage interest income	21,371	17,562	37,977	34,141
Other investment income - net	5,478	2,017	9,606	3,548
Total operating revenues	228,824	197,711	441,703	331,131
Expenses
Depreciation and amortization	65,505	59,156	127,938	89,766
General and administrative	11,832	10,308	22,287	16,322
Acquisition costs	3,504	47,084	7,275	51,952
Impairment loss on real estate properties	6,893	6,916	41,451	12,898
(Recovery) provision for uncollectible mortgages, notes and accounts receivable	(1,154)	(7)	3,970	(9)
Total operating expenses	86,580	123,457	202,921	170,929
Income before other income and expense	142,244	74,254	238,782	160,202
Other income (expense):
Interest income	4	7	12	200
Interest expense	(39,651)	(38,248)	(76,873)	(70,607)
Interest - amortization of deferred financing costs	(2,210)	(1,826)	(4,342)	(3,179)
Interest - refinancing gain (costs)		1,016	(298)	(8,361)
Realized loss on foreign exchange			(22)
Total other expense	(41,857)	(39,051)	(81,523)	(81,947)
Income before gain (loss) on assets sold	100,387	35,203	157,259	78,255
Gain on assets sold - net	13,221	8,802	14,792	8,802
Income from continuing operations before income taxes	113,608	44,005	172,051	87,057
Income taxes	(454)	(539)	(701)	(539)
Net income	113,154	43,466	171,350	86,518
Net income attributable to noncontrolling interest	(5,102)	(2,038)	(7,743)	(2,038)
Net income available to common stockholders	108,052	41,428	163,607	84,480
Issuer & Subsidiary Guarantors
Revenue
Rental income	170,749	150,724	334,141	249,313
Income from direct financing leases	15,521	15,020	30,963	29,366
Mortgage interest income	21,371	17,562	37,977	34,141
Other investment income - net	5,440	2,017	9,568	3,548
Total operating revenues	213,081	185,323	412,649	316,368
Expenses
Depreciation and amortization	59,481	54,170	116,759	83,781
General and administrative	11,680	10,152	22,023	16,137
Acquisition costs	1,324	44,571	3,753	49,439
Impairment loss on real estate properties	6,893	6,916	41,233	12,898
(Recovery) provision for uncollectible mortgages, notes and accounts receivable	(1,154)	(7)	708	(9)
Total operating expenses	78,224	115,802	184,476	162,246
Income before other income and expense	134,857	69,521	228,173	154,122
Other income (expense):
Interest income	1	4	6	194
Interest expense	(34,305)	(34,870)	(67,694)	(66,712)
Interest - amortization of deferred financing costs	(2,205)	(1,820)	(4,330)	(3,168)
Interest - refinancing gain (costs)		1,016	(298)	(8,361)
Realized loss on foreign exchange			(22)
Equity in earnings	1,968	1,172	1,285	2,000
Total other expense	(34,541)	(34,498)	(71,053)	(76,047)
Income before gain (loss) on assets sold	100,316	35,023	157,120	78,075
Gain on assets sold - net	13,221	8,802	14,792	8,802
Income from continuing operations before income taxes	113,537	43,825	171,912	86,877
Income taxes	(421)	(359)	(562)	(359)
Net income	113,116	43,466	171,350	86,518
Net income attributable to noncontrolling interest	(5,064)	(2,038)	(7,743)	(2,038)
Net income available to common stockholders	108,052	41,428	163,607	84,480
Non-Guarantor Subsidiaries
Revenue
Rental income	15,705	12,388	29,016	14,763
Other investment income - net	38		38
Total operating revenues	15,743	12,388	29,054	14,763
Expenses
Depreciation and amortization	6,024	4,986	11,179	5,985
General and administrative	152	156	264	185
Acquisition costs	2,180	2,513	3,522	2,513
Impairment loss on real estate properties			218
(Recovery) provision for uncollectible mortgages, notes and accounts receivable			3,262
Total operating expenses	8,356	7,655	18,445	8,683
Income before other income and expense	7,387	4,733	10,609	6,080
Other income (expense):
Interest income	3	3	6	6
Interest expense	(5,346)	(3,378)	(9,179)	(3,895)
Interest - amortization of deferred financing costs	(5)	(6)	(12)	(11)
Total other expense	(5,348)	(3,381)	(9,185)	(3,900)
Income before gain (loss) on assets sold	2,039	1,352	1,424	2,180
Income from continuing operations before income taxes	2,039	1,352	1,424	2,180
Income taxes	(33)	(180)	(139)	(180)
Net income	2,006	1,172	1,285	2,000
Net income attributable to noncontrolling interest	(38)
Net income available to common stockholders	1,968	1,172	1,285	2,000
Elimination
Other income (expense):
Equity in earnings	(1,968)	(1,172)	(1,285)	(2,000)
Total other expense	(1,968)	(1,172)	(1,285)	(2,000)
Income before gain (loss) on assets sold	(1,968)	(1,172)	(1,285)	(2,000)
Income from continuing operations before income taxes	(1,968)	(1,172)	(1,285)	(2,000)
Net income	(1,968)	(1,172)	(1,285)	(2,000)
Net income available to common stockholders	$ (1,968)	$ (1,172)	$ (1,285)	$ (2,000)

CONSOLIDATING FINANCIAL STATE81

CONSOLIDATING FINANCIAL STATEMENTS (Detail 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income	$ 113,154	$ 43,466	$ 171,350	$ 86,518
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	65,505	59,156	127,938	89,766
Provision for impairment on real estate properties	6,893	6,916	41,451	12,898
Provision (recovery) for uncollectible mortgages, notes and accounts receivable			3,970	(9)
Amortization of deferred financing and refinancing costs			4,640	11,540
Accretion of direct financing leases			(5,915)	(5,321)
Stock-based compensation			6,443	4,483
Gain on assets sold - net				(8,802)
Amortization of acquired in-place leases - net			(7,910)	(2,883)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable - net			856	1,129
Straight-line rent receivables			(17,756)	(15,871)
Lease inducements			1,294	(328)
Effective yield receivable on mortgage notes			(619)	(2,253)
Other operating assets and liabilities			(24,055)	22,225
Net cash provided by operating activities			286,895	193,092
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired			(622,848)	(183,784)
Cash acquired in merger				84,858
Investment in construction in progress			(26,960)	(15,913)
Investment in direct financing leases			(30)
Placement of mortgage loans			(12,528)	(4,701)
Proceeds from sale of real estate investments			43,772	26,846
Capital improvements to real estate investments			(21,812)	(11,351)
Proceeds from other investments			25,923	14,206
Investments in other investments			(136,536)	(36,600)
Collection of mortgage principal			42,051	1,735
Net cash used in investing activities			(708,968)	(124,704)
Cash flows from financing activities
Proceeds from credit facility borrowings			879,000	782,000
Payments on credit facility borrowings			(639,000)	(516,000)
Receipts of other long-term borrowings			350,000	989,822
Payments of other long-term borrowings			(620)	(1,587,591)
Payments of financing related costs			(3,581)	(26,123)
Receipts from dividend reinvestment plan	73,800		93,333	30,111
Payments for exercised options and restricted stock - net			(2,380)	(6,982)
Conversion of OP Units to common stock			487
Net proceeds from issuance of common stock			487	440,036
Dividends paid			(217,068)	(151,387)
Redemption of OP Units			(10)
Distributions to OP Unit holders			(10,351)	(1,650)
Net cash provided by (used in) financing activities			449,810	(47,764)
Increase (decrease) in cash and cash equivalents			27,737	20,624
Effect of foreign currency translation on cash and cash equivalents			(202)	41
Cash and cash equivalents at beginning of period			5,424	4,489
Cash and cash equivalents at end of period	32,959	25,154	32,959	25,154
Issuer & Subsidiary Guarantors
Cash flows from operating activities
Net income	113,116	43,466	171,350	86,518
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	59,481	54,170	116,759	83,781
Provision for impairment on real estate properties	6,893	6,916	41,233	12,898
Provision (recovery) for uncollectible mortgages, notes and accounts receivable			708	(9)
Amortization of deferred financing and refinancing costs			4,628	11,529
Accretion of direct financing leases			(5,915)	(5,321)
Stock-based compensation			6,443	4,483
Gain on assets sold - net			(14,792)	(8,802)
Amortization of acquired in-place leases - net			(7,910)	(2,518)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable - net			867	1,128
Straight-line rent receivables			(14,848)	(14,264)
Lease inducements			1,294	(328)
Effective yield receivable on mortgage notes			(619)	(2,253)
Other operating assets and liabilities			(19,239)	(18,771)
Net cash provided by operating activities			279,959	185,613
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired			(496,490)	(6,300)
Cash acquired in merger				84,858
Investment in construction in progress			(26,960)	(15,913)
Investment in U.K. subsidiary			(125,399)	(174,275)
Investment in direct financing leases			(30)
Placement of mortgage loans			(12,528)	(4,701)
Proceeds from sale of real estate investments			43,772	26,846
Capital improvements to real estate investments			(20,165)	(9,879)
Proceeds from other investments			25,923	14,206
Investments in other investments			(134,402)	(36,600)
Collection of mortgage principal			42,051	1,735
Net cash used in investing activities			(704,228)	(120,023)
Cash flows from financing activities
Proceeds from credit facility borrowings			879,000	782,000
Payments on credit facility borrowings			(639,000)	(516,000)
Receipts of other long-term borrowings			350,000	989,822
Payments of other long-term borrowings				(1,586,990)
Payments of financing related costs			(3,557)	(26,123)
Receipts from dividend reinvestment plan			93,333	30,111
Payments for exercised options and restricted stock - net			(2,380)	(6,982)
Conversion of OP Units to common stock			487
Net proceeds from issuance of common stock				440,036
Dividends paid			(217,068)	(151,387)
Redemption of OP Units			(10)
Distributions to OP Unit holders			(10,351)	(1,650)
Net cash provided by (used in) financing activities			450,454	(47,163)
Increase (decrease) in cash and cash equivalents			26,185	18,427
Cash and cash equivalents at beginning of period			1,592	4,489
Cash and cash equivalents at end of period	27,777	22,916	27,777	22,916
Non-Guarantor Subsidiaries
Cash flows from operating activities
Net income	2,006	1,172	1,285	2,000
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	6,024	4,986	11,179	5,985
Provision for impairment on real estate properties			218
Provision (recovery) for uncollectible mortgages, notes and accounts receivable			3,262
Amortization of deferred financing and refinancing costs			12	11
Amortization of acquired in-place leases - net				(365)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Accounts receivable - net			(11)	(1)
Straight-line rent receivables			(2,908)	(1,607)
Other operating assets and liabilities			(6,101)	1,454
Net cash provided by operating activities			6,936	7,479
Cash flows from investing activities
Acquisition of real estate - net of liabilities assumed and escrows acquired			(126,358)	(177,484)
Investment in U.K. subsidiary			125,399	174,275
Capital improvements to real estate investments			(1,647)	(1,472)
Investments in other investments			(2,134)
Net cash used in investing activities			(4,740)	(4,681)
Cash flows from financing activities
Payments of other long-term borrowings			(620)	(601)
Payments of financing related costs			(24)
Net cash provided by (used in) financing activities			(644)	(601)
Increase (decrease) in cash and cash equivalents			1,552	2,197
Effect of foreign currency translation on cash and cash equivalents			(202)	41
Cash and cash equivalents at beginning of period			3,832
Cash and cash equivalents at end of period	5,182	2,238	5,182	2,238
Elimination
Cash flows from operating activities
Net income	$ (1,968)	$ (1,172)	(1,285)	(2,000)
Change in operating assets and liabilities - net of amounts assumed/acquired:
Other operating assets and liabilities			$ 1,285	$ 2,000

CONSOLIDATING FINANCIAL STATE82

CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
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 | 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

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Detail) $ in Millions	Jul. 12, 2016USD ($)	Jul. 25, 2016USD ($)	Jun. 30, 2016USD ($)Healthcare_facilitySubsidary
Aviv
Subsequent Event [Line Items]
Number of subsidiary | Subsidary			2
Number of facilities owned | Healthcare_facility			28
Mortgage term loan
Subsequent Event [Line Items]
Interest rate			4.13%
Net carrying value			$ 290.5
Subsequent Event | Senior Notes due 2023
Subsequent Event [Line Items]
Senior notes, principal amount	$ 700
Interest rate	4.375%
Percentage of notes sold at an issue price	99.739%
Net proceeds from offering	$ 692
Subsequent Event | Mortgage term loan
Subsequent Event [Line Items]
Purchased of loan		$ 180
Description of variable rate basis		LIBOR
Floor basis spread		0.50%
Basis spread percentage of floor rate plus margin		3.50%
Paid purchase of debt		$ 180
Prepayment fee percentage		1.00%