Omega Healthcare Investors (OHI) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
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		196,809,064
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate properties
Real estate investments (see Note 2)	$ 7,581,665	$ 7,566,358
Less accumulated depreciation	(1,306,084)	(1,240,336)
Real estate investments - net	6,275,581	6,326,022
Investments in direct financing leases - net	604,777	601,938
Mortgage notes receivable - net	644,696	639,343
Total	7,525,054	7,567,303
Other investments - net	255,899	256,846
Investment in unconsolidated joint venture	40,152	48,776
Assets held for sale - net	23,245	52,868
Total investments	7,844,350	7,925,793
Cash and cash equivalents	40,349	93,687
Restricted cash	12,198	13,589
Accounts receivable - net	272,506	240,035
Goodwill	643,692	643,474
Other assets	29,023	32,682
Total assets	8,842,118	8,949,260
LIABILITIES AND EQUITY
Revolving line of credit	123,000	190,000
Term loans - net	1,094,875	1,094,343
Secured borrowings - net	54,052	54,365
Unsecured borrowings - net	3,028,938	3,028,146
Accrued expenses and other liabilities	316,985	360,514
Deferred income taxes	9,746	9,906
Total liabilities	4,627,596	4,737,274
Equity:
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 196,761 shares as of March 31, 2017 and 196,142 as of December 31, 2016	19,676	19,614
Common stock - additional paid-in capital	4,878,637	4,861,408
Cumulative net earnings	1,843,377	1,738,937
Cumulative dividends paid	(2,829,718)	(2,707,387)
Accumulated other comprehensive loss	(48,478)	(53,827)
Total stockholders' equity	3,863,494	3,858,745
Noncontrolling interest	351,028	353,241
Total equity	4,214,522	4,211,986
Total liabilities and equity	$ 8,842,118	$ 8,949,260

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2017	Dec. 31, 2016
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	196,761	196,142
Common stock, shares outstanding	196,761	196,142

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue
Rental income	$ 192,537	$ 176,703
Income from direct financing leases	15,646	15,442
Mortgage interest income	15,956	16,606
Other investment income - net	6,914	3,431
Miscellaneous income	691	697
Total operating revenues	231,744	212,879
Expenses
Depreciation and amortization	69,993	62,433
General and administrative	12,524	10,455
Acquisition costs	(41)	3,771
Impairment loss on real estate properties	7,638	34,558
Provision for uncollectible accounts	2,404	5,124
Total operating expenses	92,518	116,341
Income before other income and expense	139,226	96,538
Other income (expense)
Interest income	4	8
Interest expense	(45,041)	(37,222)
Interest - amortization of deferred financing costs	(2,502)	(2,132)
Interest - refinancing costs		(298)
Contractual settlement	10,412
Realized gain (loss) on foreign exchange	61	(22)
Total other expense	(37,066)	(39,666)
Income before gain on assets sold	102,160	56,872
Gain on assets sold - net	7,420	1,571
Income from continuing operations	109,580	58,443
Income tax expense	(1,100)	(247)
Income from unconsolidated joint venture	632
Net income	109,112	58,196
Net income attributable to noncontrolling interest	(4,672)	(2,641)
Net income available to common stockholders	$ 104,440	$ 55,555
Basic:
Net income available to common stockholders (in dollars per share)	$ 0.53	$ 0.30
Diluted:
Net income (in dollars per share)	0.53	0.29
Dividends declared per common share (in dollars per share)	$ 0.62	$ 0.57
Weighted-average shares outstanding, basic (in shares)	197,013	188,228
Weighted-average shares outstanding, diluted (in shares)	206,174	198,350

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 109,112	$ 58,196
Other comprehensive income (loss)
Foreign currency translation	4,334	(4,730)
Cash flow hedges	1,254	(8,876)
Total other comprehensive income (loss)	5,588	(13,606)
Comprehensive income	114,700	44,590
Comprehensive income attributable to noncontrolling interest	(4,911)	(2,025)
Comprehensive income attributable to common stockholders	$ 109,789	$ 42,565

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Common Stock Par Value	Additional Paid-in Capital	Cumulative Net Earnings	Cumulative Dividends Paid	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest	Total
Balance (196,142 common shares & 8,862 OP Units) at Dec. 31, 2016	$ 19,614	$ 4,861,408	$ 1,738,937	$ (2,707,387)	$ (53,827)	$ 3,858,745	$ 353,241	$ 4,211,986
Increase (Decrease) In Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,744				3,744		3,744
Vesting/exercising of equity compensation plan, net of tax withholdings (103 shares)	10	(2,130)				(2,120)		(2,120)
Dividend reinvestment and stock purchase plan (239 shares at an average of $30.67 per share)	24	7,311				7,335		7,335
Grant of stock as payment of directors fees (2 shares at an average of $31.19 per share)		75				75		75
Deferred compensation directors		(16)				(16)		(16)
Equity Shelf Program (228 shares at $29.71 per share, net of issuance costs)	23	6,736				6,759		6,759
Common dividends declared ($0.62 per share)				(122,331)		(122,331)		(122,331)
Conversion of OP Units to common stock (47 shares at $32.30 per share)	5	1,509				1,514		1,514
Redemption of OP Units (48 units)							(1,570)	(1,570)
OP units distributions							(5,554)	(5,554)
Foreign currency translation					4,149	4,149	185	4,334
Cash flow hedges					1,200	1,200	54	1,254
Net income			104,440			104,440	4,672	109,112
Balance (196,761 shares & 8,814 OP Units) at Mar. 31, 2017	$ 19,676	$ 4,878,637	$ 1,843,377	$ (2,829,718)	$ (48,478)	$ 3,863,494	$ 351,028	$ 4,214,522

CONSOLIDATED STATEMENT OF CHAN7

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Increase (Decrease) In Stockholders' Equity [Roll Forward]
Balance (in shares)	196,142
Vesting/exercising of equity compensation plan (in shares)	103
Shares issued under dividend reinvestment (in shares)	239
Dividend reinvestment and stock purchase plan (in dollars per share)	$ 30.67
Grant of stock as payment of fees (in shares)	2
Grant of stock as payment of fees (in dollars per share)	$ 31.19
Equity shelf program (in shares)	228
Equity shelf program, (in dollars per share)	$ 29.71
Common dividends, (in dollars per share)	$ 0.62
Conversion of OP Units to Common stock (in shares)	47
Conversion of OP Units to Common stock (in dollars per share)	$ 32.30
Redemption of OP Units (in units)	48
Balance (in shares)	196,761	196,142
Balance (in units)	8,814	8,862

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 109,112	$ 58,196
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,993	62,433
Impairment loss on real estate properties	7,638	34,558
Provision for uncollectible accounts	2,404	5,124
Refinancing costs and amortization of deferred financing costs	2,502	2,430
Accretion of direct financing leases	(3,016)	(2,921)
Stock-based compensation expense	3,744	2,778
Gain on assets sold - net	(7,420)	(1,571)
Amortization of acquired in-place leases - net	(3,096)	(4,300)
Effective yield receivable on mortgage notes	(593)	(819)
Change in operating assets and liabilities - net:
Accounts receivable	(21,377)	560
Straight-line rent receivables	(11,747)	(9,947)
Lease inducements	447	647
Other operating assets and liabilities	(34,653)	(19,989)
Net cash provided by operating activities	113,938	127,179
Cash flows from investing activities
Acquisition of real estate	(7,574)	(416,104)
Investments in construction in progress	(15,703)	(16,316)
Investments in direct financing leases	(2,229)
Deposit to acquire real estate		(113,816)
Placement of mortgage loans	(5,749)	(6,162)
Distributions from unconsolidated joint venture	8,587
Proceeds from sale of real estate investments	45,848	2,392
Capital improvements to real estate investments	(8,199)	(9,544)
Proceeds from other investments	23,181	1,461
Investments in other investments	(22,144)	(116,003)
Collection of mortgage principal	333	312
Net cash provided by (used in) investing activities	16,351	(673,780)
Cash flows from financing activities
Proceeds from credit facility borrowings	148,000	670,000
Payments on credit facility borrowings	(215,000)	(370,000)
Receipts of other long-term borrowings		350,000
Payments of other long-term borrowings	(318)	(309)
Payments of financing related costs	(563)	(3,576)
Receipts from dividend reinvestment plan	7,335	19,596
Payments for exercised options and restricted stock	(2,120)	(2,381)
Net proceeds from issuance of common stock	6,759
Dividends paid	(122,272)	(107,500)
Redemption of OP Units	(56)	(10)
Distributions to OP Unit Holders	(5,554)	(5,131)
Net cash (used in) provided by financing activities	(183,789)	550,689
Effect of foreign currency translation on cash and cash equivalents	162	(105)
(Decrease) increase in cash and cash equivalents	(53,338)	3,983
Cash and cash equivalents at beginning of period	93,687	5,424
Cash and cash equivalents at end of period	40,349	9,407
Supplemental disclosures of cash flow information:
Interest paid during the period, net of amounts capitalized	61,832	36,597
Taxes paid during the period	1,173	141
Non-cash financing activities
Change in fair value of cash flow hedges	$ (1,291)	$ 8,876

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
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 (“U.S.”) and the United Kingdom (“U.K.”). Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”) and, to a lesser extent, assisted living facilities (“ALFs”), independent living facilities and rehabilitation and acute care facilities. Our core portfolio consists of long-term leases and mortgage agreements. All of our leases are “triple-net” leases, which require the tenants to pay all property-related expenses. Our mortgage revenue derives from fixed rate mortgage loans, which are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. Omega was formed as a real estate investment trust (“REIT”) and incorporated in the State of Maryland on March 31, 1992. In April 2015, Aviv REIT, Inc., a Maryland corporation (“Aviv”), merged (the “Aviv Merger”) with and into a wholly-owned subsidiary of Omega, pursuant to the terms of that certain Agreement and Plan of Merger, dated as of October 30, 2014 (the “Merger Agreement”), by and among the Company, Aviv, OHI Healthcare Properties Holdco, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Omega (“Merger Sub”), OHI Healthcare Properties Limited Partnership, a Delaware limited partnership (“Omega OP”), and Aviv Healthcare Properties Limited Partnership, a Delaware limited partnership (the “Aviv OP”). Prior to April 1, 2015 and in accordance with the Merger Agreement, Omega restructured the manner in which it holds its assets by converting to an umbrella partnership real estate investment trust structure (the “UPREIT Conversion”). As a result of the UPREIT Conversion and following the consummation of the Aviv Merger, substantially all of the Company’s assets are held by Omega OP. Omega OP is governed by the Second Amended and Restated Agreement of Limited Partnership of OHI Healthcare Properties Limited Partnership, dated as of April 1, 2015 (the “Partnership Agreement”). Pursuant to the Partnership Agreement, the Company and Merger Sub are the general partners of Omega OP, and have exclusive control over Omega OP’s day-to-day management. As of March 31, 2017, the Company owned approximately 96% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and investors owned approximately 4% 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. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K. Our consolidated financial statements include the accounts of (i) Omega, (ii) Omega OP, and (iii) all direct and indirect wholly owned subsidiaries of Omega. All intercompany transactions and balances have been eliminated in consolidation and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. Asset Impairment Management evaluates our real estate investments for impairment indicators at each reporting period, 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, legal structure, as well as our intent with respect to holding or disposing of the asset. 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. For the three months ended March 31, 2017 and 2016, we recognized impairment losses of $7.6 million and $34.6 million, respectively. For additional information see Note 2 – Properties and Investments and Note 7 – Assets Held For Sale. 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 on an interim basis, we assess qualitative factors such as a current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance 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 U.S. The functional currency for our consolidated subsidiaries operating in the U.K. is the British Pound. 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. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from 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. 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 March 31, 2017 and December 31, 2016, we had $0.2 million and $1.5 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. If the accounts receivable balance is subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables by type is as follows: March 31, December 31, 2017 2016 (in thousands) Contractual receivables $ 34,751 $ 13,376 Effective yield interest receivables 10,343 9,749 Straight-line rent receivables 219,821 208,874 Lease inducements 7,946 8,393 Allowance (355 ) (357 ) Accounts receivable – net $ 272,506 $ 240,035 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. Accounting Pronouncement Adopted in 2017 In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) Recent Accounting Pronouncements - Pending Adoption In 2014, the FASB 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 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326

PROPERTIES AND INVESTMENTS

PROPERTIES AND INVESTMENTS	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
PROPERTIES AND INVESTMENTS	NOTE 2 – PROPERTIES AND INVESTMENTS Leased Property Our real estate properties, represented by 808 SNFs, 101 ALFs, 16 specialty facilities and one medical office building at March 31, 2017, 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 between 2.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (e.g., 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. A summary of our investment in leased real estate properties is as follows: March 31, December 31, 2017 2016 (in thousands) Buildings $ 5,980,501 $ 5,954,771 Land 756,803 759,295 Furniture, fixtures and equipment 454,288 454,760 Site improvements 206,326 206,206 Construction in progress 183,747 191,326 Total real estate investments 7,581,665 7,566,358 Less accumulated depreciation (1,306,084 ) (1,240,336 ) Real estate investments - net $ 6,275,581 $ 6,326,022 The following table summarizes the significant acquisitions that occurred in the first quarter of 2017: Number of Country/ Total Land Building & Site Furniture Initial SNF ALF State (in millions) Yield (%) - 1 VA $ 7.6 $ 0.5 $ 6.8 $ 0.3 7.50 Asset Sales, Impairments and Other During the first quarter of 2017, we sold 15 facilities for approximately $45.8 million in net proceeds recognizing a gain of approximately $7.4 million. Eleven of the sold facilities were previously classified as held for sale. In addition, we recorded a provision for impairment of approximately $7.6 million on three facilities, one of which was reclassified to held for sale on March 31, 2017. We reduced the net book value of the impaired facilities to their estimated fair values or, with respect to the facility reclassified to held for sale, to its 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). Also see Note 7 – Assets Held For Sale for details. Our recorded impairments were primarily the result of a decision to exit certain non-strategic facilities and/or operators.

DIRECT FINANCING LEASES

DIRECT FINANCING LEASES	3 Months Ended
	Mar. 31, 2017
Leases, Capital [Abstract]
DIRECT FINANCING LEASES	NOTE 3 – DIRECT FINANCING LEASES The components of investments in direct financing leases consist of the following: March 31, December 31, 2017 2016 (in thousands) Minimum lease payments receivable $ 4,291,940 $ 4,287,069 Less unearned income (3,684,757 ) (3,685,131 ) Less allowance for loss on direct financing lease (2,406 ) — Investment in direct financing leases - net $ 604,777 $ 601,938 Properties subject to direct financing leases 58 58 As of March 31, 2017, the following minimum rents are due under our direct financing leases for the next five fiscal years (in thousands): 2018 2019 2020 2021 2022 $51,319 $52,626 $53,917 $55,199 $56,488 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 U.S. 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, we own four facilities and lease them to New Ark under a master lease which expires in 2026. The four facility lease is being accounted for as an operating lease. In March 2017, we executed sale agreements with two unrelated third parties to sell the 7 Northwest facilities with a carrying value of approximately $36.4 million for $34.0 million. As a result, we recorded an allowance for loss of approximately $2.4 million. For the three months ended March 31, 2017, we recognized approximately $0.8 million of direct financing lease income on a cash basis related to the Northwest facilities lease. The sale of these facilities is expected to close in the second quarter of 2017.

MORTGAGE NOTES RECEIVABLE

MORTGAGE NOTES RECEIVABLE	3 Months Ended
	Mar. 31, 2017
Mortgage Notes Receivable Investments [Abstract]
MORTGAGE NOTES RECEIVABLE	NOTE 4 – MORTGAGE NOTES RECEIVABLE As of March 31, 2017, mortgage notes receivable relate to 27 fixed rate mortgages on 49 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 that are 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 mortgage notes. 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: March 31, December 31, 2017 2016 (in thousands) Mortgage note due 2024; interest at 9.98% $ 112,500 $ 112,500 Mortgage note due 2029; interest at 9.45% 411,807 412,140 Other mortgage notes outstanding (1) 124,323 118,637 Mortgage notes receivable, gross 648,630 643,277 Allowance for loss on mortgage notes receivable (3,934 ) (3,934 ) Total mortgages — net $ 644,696 $ 639,343 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2029.

OTHER INVESTMENTS

OTHER INVESTMENTS	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
OTHER INVESTMENTS	NOTE 5 – OTHER INVESTMENTS A summary of our other investments is as follows: March 31, December 31, 2017 2016 (in thousands) Other investment note due 2019; interest at 10.73% $ 49,521 $ 49,458 Other investment note due 2020; interest at 14.00% 47,856 47,913 Other investment note due 2022, interest at 9.00% 31,987 31,987 Other investment note due 2030; interest at 6.66% 48,705 44,595 Other investment notes outstanding (1) 82,628 87,691 Other investments, gross 260,697 261,644 Allowance for loss on other investments (4,798 ) (4,798 ) Total other investments $ 255,899 $ 256,846 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 13.0%.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	3 Months Ended
	Mar. 31, 2017
Investment In Unconsolidated Joint Venture [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	NOTE 6 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURE On November 1, 2016, we invested approximately $50.0 million for an approximate 15% ownership interest in a joint venture operating as Second Spring Healthcare Investments. The other approximate 85% interest is owned by affiliates of Lindsey Goldberg LLC. We account for the joint venture using the equity method. On November 1, 2016, the joint venture acquired 64 SNFs from Welltower Inc. for approximately $1.1 billion. We receive asset management fees from the joint venture for services provided. For the three months ended March 31, 2017, we recognized $0.5 million of asset management fees. These fees are included in miscellaneous income in the accompanying Consolidated Statement of Operations. The accounting policies for the unconsolidated joint venture are the same as those of the Company.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]
ASSETS HELD FOR SALE	NOTE 7 – ASSETS HELD FOR SALE The following is a summary of our assets held for sale: Properties Held For Sale Number of Net Book Value December 31, 2016 20 $ 52,868 Properties sold/other (1) (12 ) (30,023 ) Properties added (2) 1 400 March 31, 2017 (3) 9 $ 23,245 (1) In the first quarter of 2017, we sold nine SNFs and two ALFs for approximately $29.4 million in net proceeds recognizing a gain on sale of approximately $3.6 million. One SNF classified as an asset held for sale at December 31, 2016 was no longer considered held for sale during the first quarter of 2017 and was reclassified back to leased properties at approximately $5.1 million which represents the facility’s then carrying value adjusted for depreciation that was not recognized while classified as held for sale. (2) In the first quarter of 2017, we recorded a $3.5 million impairment to reduce one ALF’s net book value to its estimated fair value less costs to sell before it was reclassified to assets held for sale. (3) We plan to sell the nine facilities classified as held for sale at March 31, 2017 over the next several quarters.

INTANGIBLES

INTANGIBLES	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	NOTE 8 – INTANGIBLES The following is a summary of our intangibles as of March 31, 2017 and December 31, 2016 March 31, December 31, 2017 2016 (in thousands) Assets: Goodwill $ 643,692 $ 643,474 Above market leases $ 22,443 $ 22,476 In-place leases 167 167 Accumulated amortization (16,180 ) (15,864 ) Net intangible assets $ 6,430 $ 6,779 Liabilities: Below market leases $ 164,735 $ 165,028 Accumulated amortization (74,131 ) (70,738 ) Net intangible liabilities $ 90,604 $ 94,290 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. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income. For the three months ended March 31, 2017 and 2016, our net amortization related to intangibles was $3.1 million and $4.3 million, respectively. The estimated net amortization related to these intangibles for the remainder of 2017 and the subsequent four years is as follows: remainder of 2017 – $8.9 million; 2018 – $10.5 million; 2019 – $9.5 million; 2020 – $9.3 million and 2021 – $8.7 million. As of March 31, 2017 the weighted average remaining amortization period of above market leases (inclusive of in-place leases) and below market leases is approximately eight years and nine years, respectively. The following is a reconciliation of our goodwill as of March 31, 2017: (in thousands) Balance as of December 31, 2016 $ 643,474 Add: foreign currency translation 218 Balance as of March 31, 2017 $ 643,692

CONCENTRATION OF RISK

CONCENTRATION OF RISK	3 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	NOTE 9 – CONCENTRATION OF RISK As of March 31, 2017, our portfolio of real estate investments consisted of 985 healthcare facilities, located in 42 states and the U.K. and operated by 77 third party operators. Our investment in these facilities, net of impairments and reserve for uncollectible loans, totaled approximately $8.9 billion at March 31, 2017, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 808 SNFs, 101 ALFs, 16 specialty facilities, one medical office building, fixed rate mortgages on 44 SNFs and four ALFs, and 11 facilities that are closed/held-for-sale. At March 31, 2017, we also held other investments of approximately $255.9 million, consisting primarily of secured loans to third-party operators of our facilities. At March 31, 2017, the three states in which we had our highest concentration of investments were Ohio (10%), Texas (9%) and Florida (9%). No single operator or manager generated more than 10% of our total revenues for the three months ended March 31, 2017.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 10 – STOCKHOLDERS’ EQUITY On April 13, 2017, the Board of Directors declared a common stock dividend of $0.63 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, to be paid May 15, 2017 to common stockholders of record as of the close of business on May 1, 2017. On January 12, 2017, the Board of Directors declared a common stock dividend of $0.62 per share, increasing the quarterly common dividend by $0.01 per share over the previous quarter. The common dividends were paid February 15, 2017 to common stockholders of record as of the close of business on January 31, 2017. $500 Million Equity Shelf Program For the three months ended March 31, 2017, we issued 0.2 million shares of common stock at an average price of $29.71 per share, net of issuance costs, generating net proceeds of $6.8 million under our $500 million Equity Shelf Program. Dividend Reinvestment and Common Stock Purchase Plan For the three months ended March 31, 2017, approximately 0.2 million shares of our common stock at an average price of $30.67 per share were issued through our Dividend Reinvestment and Common Stock Purchase Program for gross proceeds of approximately $7.3 million. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss, net of tax where applicable: As of and For the Three Months 2017 2016 (in thousands) Foreign Currency Translation: Beginning balance $ (54,948 ) $ (8,413 ) Translation gain (loss) 4,273 (4,708 ) Realized gain (loss) 61 (22 ) Ending balance (50,614 ) (13,143 ) Derivative Instruments: Beginning balance (1,420 ) (718 ) Unrealized gain (loss) 490 (8,876 ) Realized gain (loss) 764 - Ending balance (166 ) (9,594 ) Total accumulated other comprehensive loss (50,780 ) (22,737 ) Add: portion included in noncontrolling interest 2,302 1,035 Total accumulated other comprehensive loss $ (48,478 ) $ (21,702 )

TAXES

TAXES	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
TAXES	NOTE 11 – TAXES Since our inception, we have elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code (“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 each tax year and certain other requirements are met, including asset and income tests. 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. We test our compliance within the REIT taxation rules to ensure that we are in compliance with the REIT rules on a quarterly and annual basis. We review our distributions and projected distributions each year to ensure we have met and will continue to meet the annual REIT distribution requirements. In 2017, 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 and added a sixth wholly owned subsidiary REIT as of January 1, 2016, all of which are subject to all of the REIT qualification rules set forth in the Code. We merged five of the wholly owned subsidiary REITs into a single wholly owned subsidiary REIT in December 2015, and then merged the sixth wholly-owned subsidiary REIT into our other wholly-owned subsidiary REIT in December 2016, which wholly-owned subsidiary REIT remains 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 March 31, 2017, 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 $0.8 million. The loss carry-forward is fully reserved as of March 31, 2017, with a valuation allowance due to uncertainties regarding realization. During the first quarter of 2017, we recorded approximately $1.0 million of state and local income tax provision and approximately $0.1 million of tax provision for foreign income taxes included in provision for income taxes on our Consolidated Statement of Operations.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
STOCK-BASED COMPENSATION	NOTE 12 – STOCK-BASED COMPENSATION Stock-based compensation expense was $3.7 million and $2.8 million for the three months ended March 31, 2017 and 2016, respectively: 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. We awarded 140,416 RSUs to employees on January 1, 2017. 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 399,726 LTIP Units to employees on January 1, 2017. 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 285,338 Relative TSR PRSUs to employees on January 1, 2017. The following table summarizes our total unrecognized compensation cost as of March 31, 2017 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Units Grant Date Total Compensation Cost (in millions) (1) Weighted Unrecognized Performance Vesting RSUs 3/31/15 RSU 2015 109,985 $ 40.57 $ 4.5 33 $ 1.2 N/A 12/31/2017 4/1/15 RSU 2015 40,464 40.74 1.6 33 0.5 N/A 12/31/2017 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.1 N/A 11/1/2017 3/17/16 RSU 2016 130,006 34.78 4.6 33 2.8 N/A 12/31/2018 1/1/2017 RSU 2017 140,416 31.26 4.3 36 4.0 N/A 12/31/2019 Restricted Stock Units Total 428,670 $ 35.68 $ 15.3 $ 8.6 TSR PRSUs and LTIP Units 2016 TSR 2014 135,634 $ 8.67 $ 1.2 48 $ 0.2 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 0.9 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.4 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 LTIP Units 2016 372,069 13.21 4.9 45 3.6 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 LTIP Units 2017 399,726 12.61 5.0 48 4.7 1/1/2017-12/31/2019 Quarterly in 2020 TSR PRSUs & LTIP Total 1,098,829 $ 12.69 $ 13.9 $ 9.8 Relative TSR PRSUs 2016 Relative TSR 2014 135,634 $ 14.24 $ 1.9 48 $ 0.4 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 1.4 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 0.6 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 Relative TSR 2016 307,480 16.45 5.1 45 3.7 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 Relative TSR 2017 285,338 18.04 5.1 48 4.8 1/1/2017-12/31/2019 Quarterly in 2020 Relative TSR PRSUs Total 919,852 $ 17.78 $ 16.4 $ 10.9 Grand Total 2,447,351 $ 18.63 $ 45.6 $ 29.3 (1) Total compensation costs are net of shares cancelled. Director Restricted Stock Grants As of March 31, 2017, we had 51,999 shares of restricted stock outstanding to directors. The directors’ restricted shares are scheduled to vest over the next three years. As of March 31, 2017, the unrecognized compensation cost associated with outstanding director restricted stock grants is approximately $1.1 million.

BORROWING ACTIVITIES AND ARRANG

BORROWING ACTIVITIES AND ARRANGEMENTS	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
BORROWING ACTIVITIES AND ARRANGEMENTS	NOTE 13 – BORROWING ACTIVITIES AND ARRANGEMENTS Secured and Unsecured Borrowings The following is a summary of our borrowings: Annual Interest March 31, December 31, Maturity 2017 2017 2016 (in thousands) Secured borrowings: HUD mortgages assumed December 2011 (1) 2044 3.06% $ 54,636 $ 54,954 Deferred financing costs – net (584 ) (589 ) Total secured borrowings – net 54,052 54,365 Unsecured borrowings: Revolving line of credit 2018 2.25% 123,000 190,000 Tranche A-1 term loan 2019 2.48% 200,000 200,000 Tranche A-2 term loan 2017 2.44% 200,000 200,000 Tranche A-3 term loan 2021 2.48% 350,000 350,000 Omega OP term loan 2017 2.44% 100,000 100,000 2015 term loan 2022 3.80% 250,000 250,000 Deferred financing costs – net (5,125 ) (5,657 ) Total term loans – net 1,094,875 1,094,343 2023 notes 2023 4.375% 700,000 700,000 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 3,000 Subordinated debt 2021 9.00% 20,000 20,000 Discount - net (16,669 ) (17,151 ) Deferred financing costs – net (27,393 ) (27,703 ) Total unsecured borrowings – net 3,028,938 3,028,146 Total secured and unsecured borrowings – net $ 4,300,865 $ 4,366,854 (1) Reflects the weighted average annual contractual interest rate on the mortgages at March 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $64.8 million as of March 31, 2017. Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of March 31, 2017 and December 31, 2016, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. See Note 18 – Subsequent Events for additional details regarding new borrowings, the redemption of the $400 million 5.875% Senior Notes due 2024 and the prepayment of the $200 million senior unsecured incremental term loan facility (the “Tranche A-2 Term Loan Facility”) due 2017.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	NOTE 14 – FINANCIAL INSTRUMENTS The carrying amount of cash and cash equivalents, restricted cash and accounts receivable 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). At March 31, 2017 and December 31, 2016, the carrying amounts and fair values of our other financial instruments were as follows: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Investments in direct financing leases – net $ 604,777 $ 601,522 $ 601,938 $ 598,665 Mortgage notes receivable – net 644,696 652,487 639,343 644,961 Other investments – net 255,899 248,959 256,846 253,385 Total $ 1,505,372 $ 1,502,968 $ 1,498,127 $ 1,497,011 Liabilities: Revolving line of credit $ 123,000 $ 123,000 $ 190,000 $ 190,000 Tranche A-1 term loan 199,124 200,000 198,830 200,000 Tranche A-2 term loan 200,000 200,000 200,000 200,000 Tranche A-3 term loan 347,605 350,000 347,449 350,000 Omega OP term loan 100,000 100,000 100,000 100,000 2015 term loan 248,145 250,000 248,064 250,000 4.375% notes due 2023 – net 692,598 710,967 692,305 693,505 5.875% notes due 2024 – net 395,236 434,814 395,065 432,938 4.95% notes due 2024 – net 392,922 413,512 392,669 406,361 4.50% notes due 2025 – net 245,953 250,500 245,949 249,075 5.25% notes due 2026 – net 593,792 627,443 593,616 611,461 4.50% notes due 2027 – net 685,418 696,683 685,052 681,978 4.75% notes due 2028 – net (440 ) — — — HUD debt – net 54,052 52,771 54,365 52,510 Subordinated debt – net 20,460 23,909 20,490 23,944 Other 3,000 3,000 3,000 3,000 Total $ 4,300,865 $ 4,436,599 $ 4,366,854 $ 4,444,772 Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 – Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 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. · 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 inputs from 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	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	NOTE 15 – 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	3 Months Ended
	Mar. 31, 2017
Net Income Available To Common Per Share
EARNINGS PER SHARE	NOTE 16 – 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 March 31, 2017 2016 (in thousands, except per Numerator: Net income $ 109,112 $ 58,196 Less: net income attributable to noncontrolling interests (4,672 ) (2,641 ) Net income available to common stockholders $ 104,440 $ 55,555 Denominator: Denominator for basic earnings per share 197,013 188,228 Effect of dilutive securities: Common stock equivalents 347 1,175 Noncontrolling interest – OP units 8,814 8,947 Denominator for diluted earnings per share 206,174 198,350 Earnings per share – basic: Net income available to common stockholders $ 0.53 $ 0.30 Earnings per share – diluted: Net income $ 0.53 $ 0.29

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
CONSOLIDATING FINANCIAL STATEMENTS	NOTE 17 – CONSOLIDATING FINANCIAL STATEMENTS As of March 31, 2017, we had outstanding: (i) $700 million 4.375% Senior Notes due 2023, (ii) $400 million 5.875% Senior Notes due 2024, (iii) $400 million 4.95% Senior Notes due 2024, (iv) $250 million 4.50% Senior Notes due 2025, (v) $600 million 5.25% Senior Notes due 2026 and (vi) $700 million 4.50% 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 Facility listed in Note 13– 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 13– 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. CONSOLIDATING BALANCE SHEET Unaudited (in thousands) March 31, 2017 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Real estate investments $ 6,934,468 $ 647,197 $ — $ 7,581,665 Less accumulated depreciation (1,250,968 ) (55,116 ) — (1,306,084 ) Real estate investments – net 5,683,500 592,081 — 6,275,581 Investment in direct financing leases - net 604,777 — — 604,777 Mortgage notes receivable - net 644,696 — — 644,696 6,932,973 592,081 — 7,525,054 Other investments - net 255,899 — — 255,899 Investment in unconsolidated joint venture 40,152 — — 40,152 Assets held for sale – net 23,245 — — 23,245 Total investments 7,252,269 592,081 — 7,844,350 Cash and cash equivalents 31,851 8,498 — 40,349 Restricted cash 6,916 5,282 — 12,198 Accounts receivable – net 261,204 11,302 — 272,506 Goodwill 630,679 13,013 — 643,692 Investments in and advances to affiliates 569,978 — (569,978 ) — Other assets 17,357 11,666 — 29,023 Total assets $ 8,770,254 $ 641,842 $ (569,978 ) $ 8,842,118 LIABILITIES AND EQUITY Revolving line of credit $ 123,000 $ — $ — $ 123,000 Term loans - net 1,094,875 — — 1,094,875 Secured borrowings - net — 432,217 (378,165 ) 54,052 Unsecured borrowings – net 3,028,938 — — 3,028,938 Accrued expenses and other liabilities 308,919 8,066 — 316,985 Deferred income taxes — 9,746 — 9,746 Intercompany payable — 4,986 (4,986 ) — Total liabilities 4,555,732 455,015 (383,151 ) 4,627,596 Equity: Common stock 19,676 — — 19,676 Equity investment from affiliates — 152,700 (152,700 ) — Common stock – additional paid-in capital 4,878,637 — — 4,878,637 Cumulative net earnings 1,843,377 33,594 (33,594 ) 1,843,377 Cumulative dividends paid (2,829,718 ) — — (2,829,718 ) Accumulated other comprehensive (loss) income (48,478 ) 533 (533 ) (48,478 ) Total stockholders’ equity 3,863,494 186,827 (186,827 ) 3,863,494 Noncontrolling interest 351,028 — — 351,028 Total equity 4,214,522 186,827 (186,827 ) 4,214,522 Total liabilities and equity $ 8,770,254 $ 641,842 $ (569,978 ) $ 8,842,118 CONSOLIDATING BALANCE SHEET (in thousands) December 31, 2016 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Real estate investments $ 6,923,469 $ 642,889 $ — $ 7,566,358 Less accumulated depreciation (1,191,117 ) (49,219 ) — (1,240,336 ) Real estate investments – net 5,732,352 593,670 — 6,326,022 Investment in direct financing leases - net 601,938 — — 601,938 Mortgage notes receivable - net 639,343 — — 639,343 6,973,633 593,670 — 7,567,303 Other investments - net 256,846 — — 256,846 Investment in unconsolidated joint venture 48,776 — — 48,776 Assets held for sale – net 52,868 — — 52,868 Total investments 7,332,123 593,670 — 7,925,793 Cash and cash equivalents 87,098 6,589 — 93,687 Restricted cash 6,915 6,674 — 13,589 Accounts receivable – net 230,097 9,938 — 240,035 Goodwill 630,679 12,795 — 643,474 Investments in and advances to affiliates 569,194 — (569,194 ) — Other assets 21,293 11,389 — 32,682 Total assets $ 8,877,399 $ 641,055 $ (569,194 ) $ 8,949,260 LIABILITIES AND EQUITY Revolving line of credit $ 190,000 $ — $ — $ 190,000 Term loans - net 1,094,343 — — 1,094,343 Secured borrowings - net — 429,214 (374,849 ) 54,365 Unsecured borrowings – net 3,028,146 — — 3,028,146 Accrued expenses and other liabilities 352,924 7,590 — 360,514 Deferred income taxes — 9,906 — 9,906 Intercompany payable — 7,890 (7,890 ) — Total liabilities 4,665,413 454,600 (382,739 ) 4,737,274 Equity: Common stock 19,614 — — 19,614 Equity investment from affiliates — 156,446 (156,446 ) — Common stock – additional paid-in capital 4,861,408 — — 4,861,408 Cumulative net earnings 1,738,937 29,479 (29,479 ) 1,738,937 Cumulative dividends paid (2,707,387 ) — — (2,707,387 ) Accumulated other comprehensive (loss) income (53,827 ) 530 (530 ) (53,827 ) Total stockholders’ equity 3,858,745 186,455 (186,455 ) 3,858,745 Noncontrolling interest 353,241 — — 353,241 Total equity 4,211,986 186,455 (186,455 ) 4,211,986 Total liabilities and equity $ 8,877,399 $ 641,055 $ (569,194 ) $ 8,949,260 CONSOLIDATING STATEMENT OF OPERATIONS Unaudited (in thousands) Three Months Ended March 31, 2017 Issuer & Non – Elimination Consolidated Revenue Rental income $ 177,645 $ 14,892 $ - $ 192,537 Income from direct financing leases 15,646 - - 15,646 Mortgage interest income 15,956 - - 15,956 Other investment income – net 8,759 - (1,845 ) 6,914 Miscellaneous income 691 - - 691 Total operating revenues 218,697 14,892 (1,845 ) 231,744 Expenses Depreciation and amortization 64,275 5,718 - 69,993 General and administrative 12,453 71 - 12,524 Acquisition costs (41 ) - - (41 ) Impairment loss on real estate properties 7,638 - - 7,638 Provision for uncollectible accounts 2,404 - - 2,404 Total operating expenses 86,729 5,789 - 92,518 Income before other income and expense 131,968 9,103 (1,845 ) 139,226 Other income (expense): Interest income - 4 - 4 Interest expense (42,013 ) (4,873 ) 1,845 (45,041 ) Interest – amortization of deferred financing costs (2,497 ) (5 ) - (2,502 ) Contractual settlement 10,412 - - 10,412 Realized gain on foreign exchange 61 - - 61 Equity in earnings 4,115 - (4,115 ) - Total other expense (29,922 ) (4,874 ) (2,270 ) (37,066 ) Income before gain on assets sold 102,046 4,229 (4,115 ) 102,160 Gain on assets sold - net 7,420 - - 7,420 Income from continuing operations 109,466 4,229 (4,115 ) 109,580 Income tax expense (986 ) (114 ) - (1,100 ) Income from unconsolidated joint venture 632 - - 632 Net income 109,112 4,115 (4,115 ) 109,112 Net income attributable to noncontrolling interest (4,672 ) - - (4,672 ) Net income available to common stockholders $ 104,440 $ 4,115 $ (4,115 ) $ 104,440 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands) Three Months Ended March 31, 2017 Issuer & Non – Elimination Consolidated Net income $ 109,112 $ 4,115 $ (4,115 ) $ 109,112 Other comprehensive income (loss) Foreign currency translation 4,334 - - 4,334 Cash flow hedges 1,254 - - 1,254 Total other comprehensive income (loss) 5,588 - - 5,588 Comprehensive income 114,700 4,115 (4,115 ) 114,700 Comprehensive income attributable to noncontrolling interest (4,911 ) - - (4,911 ) Comprehensive income attributable to common stockholders $ 109,789 $ 4,115 $ (4,115 ) $ 109,789 CONSOLIDATING STATEMENTS OF OPERATIONS Unaudited (in thousands) Three Months Ended March 31, 2016 Issuer & Non – Elimination Consolidated Revenue Rental income $ 163,393 $ 13,310 $ - $ 176,703 Income from direct financing leases 15,442 - - 15,442 Mortgage interest income 16,606 - - 16,606 Other investment income – net 3,431 - - 3,431 Miscellaneous income 697 - - 697 Total operating revenues 199,569 13,310 - 212,879 Expenses Depreciation and amortization 57,279 5,154 - 62,433 General and administrative 10,343 112 - 10,455 Acquisition costs 2,429 1,342 - 3,771 Impairment loss on real estate properties 34,340 218 - 34,558 Provisions for uncollectible accounts 1,862 3,262 - 5,124 Total operating expenses 106,253 10,088 - 116,341 Income before other income and expense 93,316 3,222 - 96,538 Other income (expense): Interest income 5 3 - 8 Interest expense (33,389 ) (3,833 ) - (37,222 ) Interest – amortization of deferred financing costs (2,126 ) (6 ) - (2,132 ) Interest – refinancing costs (298 ) - - (298 ) Realized loss on foreign exchange (22 ) - - (22 ) Equity in earnings (682 ) - 682 - Total other expense (36,512 ) (3,836 ) 682 (39,666 ) Income before gain (loss) on assets sold 56,804 (614 ) 682 56,872 Gain on assets sold - net 1,571 - - 1,571 Income from continuing operations 58,375 (614 ) 682 58,443 Income tax expense (141 ) (106 ) - (247 ) Net income 58,234 (720 ) 682 58,196 Net income attributable to noncontrolling interest (2,679 ) 38 - (2,641 ) Net income available to common stockholders $ 55,555 $ (682 ) $ 682 $ 55,555 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands) Three Months Ended March 31, 2016 Issuer & Non – Elimination Consolidated Net income $ 58,234 $ (720 ) $ 682 $ 58,196 Other comprehensive income (loss) Foreign currency translation (4,730 ) - - (4,730 ) Cash flow hedges (8,876 ) - - (8,876 ) Total other comprehensive income (loss) (13,606 ) - - (13,606 ) Comprehensive income 44,628 (720 ) 682 44,590 Comprehensive income attributable to noncontrolling interest (2,063 ) 38 - (2,025 ) Comprehensive income attributable to common stockholders $ 42,565 $ (682 ) $ 682 $ 42,565 CONSOLIDATING STATEMENTS OF CASH FLOWS Unaudited (in thousands) Three Months Ended March 31, 2017 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 109,112 $ 4,115 $ (4,115 ) $ 109,112 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 64,275 5,718 — 69,993 Provision for impairment on real estate properties 7,638 — — 7,638 Provision for uncollectible accounts 2,404 — — 2,404 Amortization of deferred financing and refinancing costs 2,497 5 — 2,502 Accretion of direct financing leases (3,016 ) — — (3,016 ) Stock-based compensation expense 3,744 — — 3,744 Gain on assets sold – net (7,420 ) — — (7,420 ) Amortization of acquired in-place leases - net (3,096 ) — — (3,096 ) Effective yield receivable on mortgage notes (593 ) — — (593 ) Equity in earnings (4,115 ) — 4,115 — Change in operating assets and liabilities – net: Accounts receivable (21,377 ) — — (21,377 ) Straight-line rent receivables (10,444 ) (1,303 ) — (11,747 ) Lease inducements 447 — — 447 Other operating assets and liabilities (32,990 ) (1,663 ) — (34,653 ) Net cash provided by operating activities 107,066 6,872 — 113,938 Cash flows from investing activities Acquisition of real estate (7,574 ) — — (7,574 ) Investment in construction in progress (15,703 ) — — (15,703 ) Investments in U.K. subsidiaries 4,807 — (4,807 ) — Investment in direct financing leases (2,229 ) — — (2,229 ) Placement of mortgage loans (5,749 ) — — (5,749 ) Distributions from unconsolidated joint venture 8,587 — — 8,587 Proceeds from sale of real estate investments 45,848 — — 45,848 Capital improvements to real estate investments (8,199 ) — — (8,199 ) Proceeds from other investments 23,181 — — 23,181 Investments in other investments (22,144 ) — — (22,144 ) Collection of mortgage principal 333 — — 333 Net cash provided by investing activities 21,158 — (4,807 ) 16,351 Cash flows from financing activities Proceeds from credit facility borrowings 148,000 — — 148,000 Payments on credit facility borrowings (215,000 ) — — (215,000 ) Payments of other long-term borrowings — (318 ) — (318 ) Payments of financing related costs (563 ) — — (563 ) Receipts from dividend reinvestment plan 7,335 — — 7,335 Payments for exercised options and restricted stock (2,120 ) — — (2,120 ) Net proceeds from issuance of common stock 6,759 — — 6,759 Dividends paid (122,272 ) — — (122,272 ) Contributions from affiliates — (4,807 ) 4,807 — Redemption of OP Units (56 ) — — (56 ) Distributions to OP Unit Holders (5,554 ) — — (5,554 ) Net cash used in financing activities (183,471 ) (5,125 ) 4,807 (183,789 ) Effect of foreign currency translation on cash and cash equivalents — 162 — 162 (Decrease) increase in cash and cash equivalents (55,247 ) 1,909 — (53,338 ) Cash and cash equivalents at beginning of period 87,098 6,589 — 93,687 Cash and cash equivalents at end of period $ 31,851 $ 8,498 $ — $ 40,349 CONSOLIDATING STATEMENTS OF CASH FLOWS Unaudited (in thousands) Three Months Ended March 31, 2016 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 58,234 $ (720 ) $ 682 $ 58,196 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 57,279 5,154 — 62,433 Provision for impairment on real estate properties 34,340 218 — 34,558 Provision for uncollectible accounts 1,862 3,262 — 5,124 Amortization of deferred financing and refinancing costs 2,424 6 — 2,430 Accretion of direct financing leases (2,921 ) — — (2,921 ) Stock-based compensation 2,778 — — 2,778 Gain on assets sold – net (1,571 ) — — (1,571 ) Amortization of acquired in-place leases - net (4,300 ) — — (4,300 ) Effective yield receivable on mortgage notes (819 ) — — (819 ) Change in operating assets and liabilities – net: Accounts receivable 581 (21 ) — 560 Straight-line rent receivables (9,111 ) (836 ) — (9,947 ) Lease inducements 647 — — 647 Other operating assets and liabilities (10,793 ) (8,514 ) (682 ) (19,989 ) Net cash provided by (used in) operating activities 128,630 (1,451 ) — 127,179 Cash flows from investing activities Acquisition of real estate (401,700 ) (14,404 ) — (416,104 ) Investment in construction in progress (16,316 ) — — (16,316 ) Deposit to acquire real estate — (113,816 ) — (113,816 ) Investment in U.K. subsidiary (127,239 ) 127,239 — — Placement of mortgage loans (6,162 ) — — (6,162 ) Proceeds from sale of real estate investments 2,392 — — 2,392 Capital improvements to real estate investments (9,004 ) (540 ) — (9,544 ) Proceeds from other investments 1,461 — — 1,461 Investments in other investments (116,003 ) — — (116,003 ) Collection of mortgage principal 312 — — 312 Net cash used in investing activities (672,259 ) (1,521 ) — (673,780 ) Cash flows from financing activities Proceeds from credit facility borrowings 670,000 — — 670,000 Payments on credit facility borrowings (370,000 ) — — (370,000 ) Receipts of other long-term borrowings 350,000 — — 350,000 Payments of other long-term borrowings — (309 ) — (309 ) Payments of financing related costs (3,552 ) (24 ) — (3,576 ) Receipts from dividend reinvestment plan 19,596 — — 19,596 Payments for exercised options and restricted stock – net (2,381 ) — — (2,381 ) Dividends paid (107,500 ) — — (107,500 ) Redemption of OP Units (10 ) — — (10 ) Distributions to OP Unit Holders (5,131 ) — — (5,131 ) Net cash provided by (used in) financing activities 551,022 (333 ) — 550,689 Effect of foreign currency translation on cash and cash equivalents — (105 ) — (105 ) Increase (decrease) in cash and cash equivalents 7,393 (3,410 ) — 3,983 Cash and cash equivalents at beginning of period 1,592 3,832 — 5,424 Cash and cash equivalents at end of period $ 8,985 $ 422 $ — $ 9,407

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18 – SUBSEQUENT EVENTS On April 4, 2017, we issued (i) $550 million aggregate principal amount of our 4.75% Senior Notes due 2028 (the “2028 Notes”) and (ii) an additional $150 million aggregate principal amount of our existing 4.50% Senior Notes due 2025 (the “2025 Notes”, and together with the 2028 Notes collectively, the “Notes”). The 2028 Notes mature on January 15, 2028 and the 2025 Notes mature on January 15, 2025. The 2028 Notes were sold at an issue price of 98.978% of their face value before the underwriters’ discount and the 2025 Notes were sold at an issue price of 99.540% of their face value before the underwriters’ discount. Our net proceeds from the Notes offering, after deducting underwriting discounts and expenses, were approximately $690.7 million. The net proceeds from the Notes offering were used to (i) redeem all of our outstanding $400 million aggregate principal amount of 5.875% Senior Notes due 2024 (the “2024 Notes”) on April 28, 2017, (ii) prepay the $200 million Tranche A-2 Term Loan Facility

BASIS OF PRESENTATION AND SIG27

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
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. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K. Our consolidated financial statements include the accounts of (i) Omega, (ii) Omega OP, and (iii) all direct and indirect wholly owned subsidiaries of Omega. All intercompany transactions and balances have been eliminated in consolidation and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Asset Impairment	Asset Impairment Management evaluates our real estate investments for impairment indicators at each reporting period, 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, legal structure, as well as our intent with respect to holding or disposing of the asset. 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. For the three months ended March 31, 2017 and 2016, we recognized impairment losses of $7.6 million and $34.6 million, respectively. For additional information see Note 2 – Properties and Investments and Note 7 – Assets Held For Sale.
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 on an interim basis, we assess qualitative factors such as a current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance
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 U.S. The functional currency for our consolidated subsidiaries operating in the U.K. is the British Pound. 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. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from 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. 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 March 31, 2017 and December 31, 2016, we had $0.2 million and $1.5 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. If the accounts receivable balance is subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables by type is as follows: March 31, December 31, 2017 2016 (in thousands) Contractual receivables $ 34,751 $ 13,376 Effective yield interest receivables 10,343 9,749 Straight-line rent receivables 219,821 208,874 Lease inducements 7,946 8,393 Allowance (355 ) (357 ) Accounts receivable – net $ 272,506 $ 240,035
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.
Accounting Pronouncement Adopted in 2017	Accounting Pronouncement Adopted in 2017 In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Compensation-Stock Compensation (Topic 718)
Recent Accounting Pronouncements - Pending Adoption	Recent Accounting Pronouncements - Pending Adoption In 2014, the FASB 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 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326

BASIS OF PRESENTATION AND SIG28

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of summary of net receivables	March 31, December 31, 2017 2016 (in thousands) Contractual receivables $ 34,751 $ 13,376 Effective yield interest receivables 10,343 9,749 Straight-line rent receivables 219,821 208,874 Lease inducements 7,946 8,393 Allowance (355 ) (357 ) Accounts receivable – net $ 272,506 $ 240,035

PROPERTIES AND INVESTMENTS (Tab

PROPERTIES AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of investment in leased real estate properties	March 31, December 31, 2017 2016 (in thousands) Buildings $ 5,980,501 $ 5,954,771 Land 756,803 759,295 Furniture, fixtures and equipment 454,288 454,760 Site improvements 206,326 206,206 Construction in progress 183,747 191,326 Total real estate investments 7,581,665 7,566,358 Less accumulated depreciation (1,306,084 ) (1,240,336 ) Real estate investments - net $ 6,275,581 $ 6,326,022
Schedule of summary of significant acquisitions	Number of Country/ Total Land Building & Site Furniture Initial SNF ALF State (in millions) Yield (%) - 1 VA $ 7.6 $ 0.5 $ 6.8 $ 0.3 7.50

DIRECT FINANCING LEASES (Tables

DIRECT FINANCING LEASES (Tables)	3 Months Ended
	Mar. 31, 2017
Leases, Capital [Abstract]
Schedule of components of investment in direct financing leases	March 31, December 31, 2017 2016 (in thousands) Minimum lease payments receivable $ 4,291,940 $ 4,287,069 Less unearned income (3,684,757 ) (3,685,131 ) Less allowance for loss on direct financing lease (2,406 ) — Investment in direct financing leases - net $ 604,777 $ 601,938 Properties subject to direct financing leases 58 58
Schedule of minimum rents due under direct financing lease for the next five years	2018 2019 2020 2021 2022 $51,319 $52,626 $53,917 $55,199 $56,488

MORTGAGE NOTES RECEIVABLE (Tabl

MORTGAGE NOTES RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2017
Mortgage Notes Receivable Investments [Abstract]
Schedule of outstanding principal amounts of mortgage notes receivable, net of allowances	March 31, December 31, 2017 2016 (in thousands) Mortgage note due 2024; interest at 9.98% $ 112,500 $ 112,500 Mortgage note due 2029; interest at 9.45% 411,807 412,140 Other mortgage notes outstanding (1) 124,323 118,637 Mortgage notes receivable, gross 648,630 643,277 Allowance for loss on mortgage notes receivable (3,934 ) (3,934 ) Total mortgages — net $ 644,696 $ 639,343 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2029.

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Schedule of other investments	March 31, December 31, 2017 2016 (in thousands) Other investment note due 2019; interest at 10.73% $ 49,521 $ 49,458 Other investment note due 2020; interest at 14.00% 47,856 47,913 Other investment note due 2022, interest at 9.00% 31,987 31,987 Other investment note due 2030; interest at 6.66% 48,705 44,595 Other investment notes outstanding (1) 82,628 87,691 Other investments, gross 260,697 261,644 Allowance for loss on other investments (4,798 ) (4,798 ) Total other investments $ 255,899 $ 256,846 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 13.0%.

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 20 $ 52,868 Properties sold/other (1) (12 ) (30,023 ) Properties added (2) 1 400 March 31, 2017 (3) 9 $ 23,245 (1) In the first quarter of 2017, we sold nine SNFs and two ALFs for approximately $29.4 million in net proceeds recognizing a gain on sale of approximately $3.6 million. One SNF classified as an asset held for sale at December 31, 2016 was no longer considered held for sale during the first quarter of 2017 and was reclassified back to leased properties at approximately $5.1 million which represents the facility’s then carrying value adjusted for depreciation that was not recognized while classified as held for sale. (2) In the first quarter of 2017, we recorded a $3.5 million impairment to reduce one ALF’s net book value to its estimated fair value less costs to sell before it was reclassified to assets held for sale. (3) We plan to sell the nine facilities classified as held for sale at March 31, 2017 over the next several quarters.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangibles	March 31, December 31, 2017 2016 (in thousands) Assets: Goodwill $ 643,692 $ 643,474 Above market leases $ 22,443 $ 22,476 In-place leases 167 167 Accumulated amortization (16,180 ) (15,864 ) Net intangible assets $ 6,430 $ 6,779 Liabilities: Below market leases $ 164,735 $ 165,028 Accumulated amortization (74,131 ) (70,738 ) Net intangible liabilities $ 90,604 $ 94,290
Schedule of reconciliation of goodwill	(in thousands) Balance as of December 31, 2016 $ 643,474 Add: foreign currency translation 218 Balance as of March 31, 2017 $ 643,692

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of accumulated other comprehensive loss	As of and For the Three Months 2017 2016 (in thousands) Foreign Currency Translation: Beginning balance $ (54,948 ) $ (8,413 ) Translation gain (loss) 4,273 (4,708 ) Realized gain (loss) 61 (22 ) Ending balance (50,614 ) (13,143 ) Derivative Instruments: Beginning balance (1,420 ) (718 ) Unrealized gain (loss) 490 (8,876 ) Realized gain (loss) 764 - Ending balance (166 ) (9,594 ) Total accumulated other comprehensive loss (50,780 ) (22,737 ) Add: portion included in noncontrolling interest 2,302 1,035 Total accumulated other comprehensive loss $ (48,478 ) $ (21,702 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Schedule of unrecognized compensation cost associated with outstanding restricted stock and PRSU awards and LTIP Unit awards	Grant Shares/ Units Grant Date Total Compensation Cost (in millions) (1) Weighted Unrecognized Performance Vesting RSUs 3/31/15 RSU 2015 109,985 $ 40.57 $ 4.5 33 $ 1.2 N/A 12/31/2017 4/1/15 RSU 2015 40,464 40.74 1.6 33 0.5 N/A 12/31/2017 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.1 N/A 11/1/2017 3/17/16 RSU 2016 130,006 34.78 4.6 33 2.8 N/A 12/31/2018 1/1/2017 RSU 2017 140,416 31.26 4.3 36 4.0 N/A 12/31/2019 Restricted Stock Units Total 428,670 $ 35.68 $ 15.3 $ 8.6 TSR PRSUs and LTIP Units 2016 TSR 2014 135,634 $ 8.67 $ 1.2 48 $ 0.2 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 0.9 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.4 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 LTIP Units 2016 372,069 13.21 4.9 45 3.6 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 LTIP Units 2017 399,726 12.61 5.0 48 4.7 1/1/2017-12/31/2019 Quarterly in 2020 TSR PRSUs & LTIP Total 1,098,829 $ 12.69 $ 13.9 $ 9.8 Relative TSR PRSUs 2016 Relative TSR 2014 135,634 $ 14.24 $ 1.9 48 $ 0.4 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 1.4 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 0.6 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 Relative TSR 2016 307,480 16.45 5.1 45 3.7 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 Relative TSR 2017 285,338 18.04 5.1 48 4.8 1/1/2017-12/31/2019 Quarterly in 2020 Relative TSR PRSUs Total 919,852 $ 17.78 $ 16.4 $ 10.9 Grand Total 2,447,351 $ 18.63 $ 45.6 $ 29.3 (1) Total compensation costs are net of shares cancelled.

BORROWING ACTIVITIES AND ARRA37

BORROWING ACTIVITIES AND ARRANGEMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of long-term borrowings	Annual Interest March 31, December 31, Maturity 2017 2017 2016 (in thousands) Secured borrowings: HUD mortgages assumed December 2011 (1) 2044 3.06% $ 54,636 $ 54,954 Deferred financing costs – net (584 ) (589 ) Total secured borrowings – net 54,052 54,365 Unsecured borrowings: Revolving line of credit 2018 2.25% 123,000 190,000 Tranche A-1 term loan 2019 2.48% 200,000 200,000 Tranche A-2 term loan 2017 2.44% 200,000 200,000 Tranche A-3 term loan 2021 2.48% 350,000 350,000 Omega OP term loan 2017 2.44% 100,000 100,000 2015 term loan 2022 3.80% 250,000 250,000 Deferred financing costs – net (5,125 ) (5,657 ) Total term loans – net 1,094,875 1,094,343 2023 notes 2023 4.375% 700,000 700,000 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 3,000 Subordinated debt 2021 9.00% 20,000 20,000 Discount - net (16,669 ) (17,151 ) Deferred financing costs – net (27,393 ) (27,703 ) Total unsecured borrowings – net 3,028,938 3,028,146 Total secured and unsecured borrowings – net $ 4,300,865 $ 4,366,854 (1) Reflects the weighted average annual contractual interest rate on the mortgages at March 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $64.8 million as of March 31, 2017.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of the carrying amounts and fair values of financial instruments	March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Investments in direct financing leases – net $ 604,777 $ 601,522 $ 601,938 $ 598,665 Mortgage notes receivable – net 644,696 652,487 639,343 644,961 Other investments – net 255,899 248,959 256,846 253,385 Total $ 1,505,372 $ 1,502,968 $ 1,498,127 $ 1,497,011 Liabilities: Revolving line of credit $ 123,000 $ 123,000 $ 190,000 $ 190,000 Tranche A-1 term loan 199,124 200,000 198,830 200,000 Tranche A-2 term loan 200,000 200,000 200,000 200,000 Tranche A-3 term loan 347,605 350,000 347,449 350,000 Omega OP term loan 100,000 100,000 100,000 100,000 2015 term loan 248,145 250,000 248,064 250,000 4.375% notes due 2023 – net 692,598 710,967 692,305 693,505 5.875% notes due 2024 – net 395,236 434,814 395,065 432,938 4.95% notes due 2024 – net 392,922 413,512 392,669 406,361 4.50% notes due 2025 – net 245,953 250,500 245,949 249,075 5.25% notes due 2026 – net 593,792 627,443 593,616 611,461 4.50% notes due 2027 – net 685,418 696,683 685,052 681,978 4.75% notes due 2028 – net (440 ) — — — HUD debt – net 54,052 52,771 54,365 52,510 Subordinated debt – net 20,460 23,909 20,490 23,944 Other 3,000 3,000 3,000 3,000 Total $ 4,300,865 $ 4,436,599 $ 4,366,854 $ 4,444,772

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
Net Income Available To Common Per Share
Schedule of computation of basic and diluted earnings per share	Three Months Ended March 31, 2017 2016 (in thousands, except per Numerator: Net income $ 109,112 $ 58,196 Less: net income attributable to noncontrolling interests (4,672 ) (2,641 ) Net income available to common stockholders $ 104,440 $ 55,555 Denominator: Denominator for basic earnings per share 197,013 188,228 Effect of dilutive securities: Common stock equivalents 347 1,175 Noncontrolling interest – OP units 8,814 8,947 Denominator for diluted earnings per share 206,174 198,350 Earnings per share – basic: Net income available to common stockholders $ 0.53 $ 0.30 Earnings per share – diluted: Net income $ 0.53 $ 0.29

CONSOLIDATING FINANCIAL STATE40

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of consolidating balance sheets	CONSOLIDATING BALANCE SHEET Unaudited (in thousands) March 31, 2017 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Real estate investments $ 6,934,468 $ 647,197 $ — $ 7,581,665 Less accumulated depreciation (1,250,968 ) (55,116 ) — (1,306,084 ) Real estate investments – net 5,683,500 592,081 — 6,275,581 Investment in direct financing leases - net 604,777 — — 604,777 Mortgage notes receivable - net 644,696 — — 644,696 6,932,973 592,081 — 7,525,054 Other investments - net 255,899 — — 255,899 Investment in unconsolidated joint venture 40,152 — — 40,152 Assets held for sale – net 23,245 — — 23,245 Total investments 7,252,269 592,081 — 7,844,350 Cash and cash equivalents 31,851 8,498 — 40,349 Restricted cash 6,916 5,282 — 12,198 Accounts receivable – net 261,204 11,302 — 272,506 Goodwill 630,679 13,013 — 643,692 Investments in and advances to affiliates 569,978 — (569,978 ) — Other assets 17,357 11,666 — 29,023 Total assets $ 8,770,254 $ 641,842 $ (569,978 ) $ 8,842,118 LIABILITIES AND EQUITY Revolving line of credit $ 123,000 $ — $ — $ 123,000 Term loans - net 1,094,875 — — 1,094,875 Secured borrowings - net — 432,217 (378,165 ) 54,052 Unsecured borrowings – net 3,028,938 — — 3,028,938 Accrued expenses and other liabilities 308,919 8,066 — 316,985 Deferred income taxes — 9,746 — 9,746 Intercompany payable — 4,986 (4,986 ) — Total liabilities 4,555,732 455,015 (383,151 ) 4,627,596 Equity: Common stock 19,676 — — 19,676 Equity investment from affiliates — 152,700 (152,700 ) — Common stock – additional paid-in capital 4,878,637 — — 4,878,637 Cumulative net earnings 1,843,377 33,594 (33,594 ) 1,843,377 Cumulative dividends paid (2,829,718 ) — — (2,829,718 ) Accumulated other comprehensive (loss) income (48,478 ) 533 (533 ) (48,478 ) Total stockholders’ equity 3,863,494 186,827 (186,827 ) 3,863,494 Noncontrolling interest 351,028 — — 351,028 Total equity 4,214,522 186,827 (186,827 ) 4,214,522 Total liabilities and equity $ 8,770,254 $ 641,842 $ (569,978 ) $ 8,842,118 CONSOLIDATING BALANCE SHEET (in thousands) December 31, 2016 Issuer & Non – Elimination Consolidated ASSETS Real estate properties Real estate investments $ 6,923,469 $ 642,889 $ — $ 7,566,358 Less accumulated depreciation (1,191,117 ) (49,219 ) — (1,240,336 ) Real estate investments – net 5,732,352 593,670 — 6,326,022 Investment in direct financing leases - net 601,938 — — 601,938 Mortgage notes receivable - net 639,343 — — 639,343 6,973,633 593,670 — 7,567,303 Other investments - net 256,846 — — 256,846 Investment in unconsolidated joint venture 48,776 — — 48,776 Assets held for sale – net 52,868 — — 52,868 Total investments 7,332,123 593,670 — 7,925,793 Cash and cash equivalents 87,098 6,589 — 93,687 Restricted cash 6,915 6,674 — 13,589 Accounts receivable – net 230,097 9,938 — 240,035 Goodwill 630,679 12,795 — 643,474 Investments in and advances to affiliates 569,194 — (569,194 ) — Other assets 21,293 11,389 — 32,682 Total assets $ 8,877,399 $ 641,055 $ (569,194 ) $ 8,949,260 LIABILITIES AND EQUITY Revolving line of credit $ 190,000 $ — $ — $ 190,000 Term loans - net 1,094,343 — — 1,094,343 Secured borrowings - net — 429,214 (374,849 ) 54,365 Unsecured borrowings – net 3,028,146 — — 3,028,146 Accrued expenses and other liabilities 352,924 7,590 — 360,514 Deferred income taxes — 9,906 — 9,906 Intercompany payable — 7,890 (7,890 ) — Total liabilities 4,665,413 454,600 (382,739 ) 4,737,274 Equity: Common stock 19,614 — — 19,614 Equity investment from affiliates — 156,446 (156,446 ) — Common stock – additional paid-in capital 4,861,408 — — 4,861,408 Cumulative net earnings 1,738,937 29,479 (29,479 ) 1,738,937 Cumulative dividends paid (2,707,387 ) — — (2,707,387 ) Accumulated other comprehensive (loss) income (53,827 ) 530 (530 ) (53,827 ) Total stockholders’ equity 3,858,745 186,455 (186,455 ) 3,858,745 Noncontrolling interest 353,241 — — 353,241 Total equity 4,211,986 186,455 (186,455 ) 4,211,986 Total liabilities and equity $ 8,877,399 $ 641,055 $ (569,194 ) $ 8,949,260
Schedule of consolidating statement of operations	CONSOLIDATING STATEMENT OF OPERATIONS Unaudited (in thousands) Three Months Ended March 31, 2017 Issuer & Non – Elimination Consolidated Revenue Rental income $ 177,645 $ 14,892 $ - $ 192,537 Income from direct financing leases 15,646 - - 15,646 Mortgage interest income 15,956 - - 15,956 Other investment income – net 8,759 - (1,845 ) 6,914 Miscellaneous income 691 - - 691 Total operating revenues 218,697 14,892 (1,845 ) 231,744 Expenses Depreciation and amortization 64,275 5,718 - 69,993 General and administrative 12,453 71 - 12,524 Acquisition costs (41 ) - - (41 ) Impairment loss on real estate properties 7,638 - - 7,638 Provision for uncollectible accounts 2,404 - - 2,404 Total operating expenses 86,729 5,789 - 92,518 Income before other income and expense 131,968 9,103 (1,845 ) 139,226 Other income (expense): Interest income - 4 - 4 Interest expense (42,013 ) (4,873 ) 1,845 (45,041 ) Interest – amortization of deferred financing costs (2,497 ) (5 ) - (2,502 ) Contractual settlement 10,412 - - 10,412 Realized gain on foreign exchange 61 - - 61 Equity in earnings 4,115 - (4,115 ) - Total other expense (29,922 ) (4,874 ) (2,270 ) (37,066 ) Income before gain on assets sold 102,046 4,229 (4,115 ) 102,160 Gain on assets sold - net 7,420 - - 7,420 Income from continuing operations 109,466 4,229 (4,115 ) 109,580 Income tax expense (986 ) (114 ) - (1,100 ) Income from unconsolidated joint venture 632 - - 632 Net income 109,112 4,115 (4,115 ) 109,112 Net income attributable to noncontrolling interest (4,672 ) - - (4,672 ) Net income available to common stockholders $ 104,440 $ 4,115 $ (4,115 ) $ 104,440 CONSOLIDATING STATEMENTS OF OPERATIONS Unaudited (in thousands) Three Months Ended March 31, 2016 Issuer & Non – Elimination Consolidated Revenue Rental income $ 163,393 $ 13,310 $ - $ 176,703 Income from direct financing leases 15,442 - - 15,442 Mortgage interest income 16,606 - - 16,606 Other investment income – net 3,431 - - 3,431 Miscellaneous income 697 - - 697 Total operating revenues 199,569 13,310 - 212,879 Expenses Depreciation and amortization 57,279 5,154 - 62,433 General and administrative 10,343 112 - 10,455 Acquisition costs 2,429 1,342 - 3,771 Impairment loss on real estate properties 34,340 218 - 34,558 Provisions for uncollectible accounts 1,862 3,262 - 5,124 Total operating expenses 106,253 10,088 - 116,341 Income before other income and expense 93,316 3,222 - 96,538 Other income (expense): Interest income 5 3 - 8 Interest expense (33,389 ) (3,833 ) - (37,222 ) Interest – amortization of deferred financing costs (2,126 ) (6 ) - (2,132 ) Interest – refinancing costs (298 ) - - (298 ) Realized loss on foreign exchange (22 ) - - (22 ) Equity in earnings (682 ) - 682 - Total other expense (36,512 ) (3,836 ) 682 (39,666 ) Income before gain (loss) on assets sold 56,804 (614 ) 682 56,872 Gain on assets sold - net 1,571 - - 1,571 Income from continuing operations 58,375 (614 ) 682 58,443 Income tax expense (141 ) (106 ) - (247 ) Net income 58,234 (720 ) 682 58,196 Net income attributable to noncontrolling interest (2,679 ) 38 - (2,641 ) Net income available to common stockholders $ 55,555 $ (682 ) $ 682 $ 55,555
Schedule of consolidating statement of comprehensive income	CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands) Three Months Ended March 31, 2017 Issuer & Non – Elimination Consolidated Net income $ 109,112 $ 4,115 $ (4,115 ) $ 109,112 Other comprehensive income (loss) Foreign currency translation 4,334 - - 4,334 Cash flow hedges 1,254 - - 1,254 Total other comprehensive income (loss) 5,588 - - 5,588 Comprehensive income 114,700 4,115 (4,115 ) 114,700 Comprehensive income attributable to noncontrolling interest (4,911 ) - - (4,911 ) Comprehensive income attributable to common stockholders $ 109,789 $ 4,115 $ (4,115 ) $ 109,789 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands) Three Months Ended March 31, 2016 Issuer & Non – Elimination Consolidated Net income $ 58,234 $ (720 ) $ 682 $ 58,196 Other comprehensive income (loss) Foreign currency translation (4,730 ) - - (4,730 ) Cash flow hedges (8,876 ) - - (8,876 ) Total other comprehensive income (loss) (13,606 ) - - (13,606 ) Comprehensive income 44,628 (720 ) 682 44,590 Comprehensive income attributable to noncontrolling interest (2,063 ) 38 - (2,025 ) Comprehensive income attributable to common stockholders $ 42,565 $ (682 ) $ 682 $ 42,565
Schedule of consolidating statement of cash flows	CONSOLIDATING STATEMENTS OF CASH FLOWS Unaudited (in thousands) Three Months Ended March 31, 2017 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 109,112 $ 4,115 $ (4,115 ) $ 109,112 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 64,275 5,718 — 69,993 Provision for impairment on real estate properties 7,638 — — 7,638 Provision for uncollectible accounts 2,404 — — 2,404 Amortization of deferred financing and refinancing costs 2,497 5 — 2,502 Accretion of direct financing leases (3,016 ) — — (3,016 ) Stock-based compensation expense 3,744 — — 3,744 Gain on assets sold – net (7,420 ) — — (7,420 ) Amortization of acquired in-place leases - net (3,096 ) — — (3,096 ) Effective yield receivable on mortgage notes (593 ) — — (593 ) Equity in earnings (4,115 ) — 4,115 — Change in operating assets and liabilities – net: Accounts receivable (21,377 ) — — (21,377 ) Straight-line rent receivables (10,444 ) (1,303 ) — (11,747 ) Lease inducements 447 — — 447 Other operating assets and liabilities (32,990 ) (1,663 ) — (34,653 ) Net cash provided by operating activities 107,066 6,872 — 113,938 Cash flows from investing activities Acquisition of real estate (7,574 ) — — (7,574 ) Investment in construction in progress (15,703 ) — — (15,703 ) Investments in U.K. subsidiaries 4,807 — (4,807 ) — Investment in direct financing leases (2,229 ) — — (2,229 ) Placement of mortgage loans (5,749 ) — — (5,749 ) Distributions from unconsolidated joint venture 8,587 — — 8,587 Proceeds from sale of real estate investments 45,848 — — 45,848 Capital improvements to real estate investments (8,199 ) — — (8,199 ) Proceeds from other investments 23,181 — — 23,181 Investments in other investments (22,144 ) — — (22,144 ) Collection of mortgage principal 333 — — 333 Net cash provided by investing activities 21,158 — (4,807 ) 16,351 Cash flows from financing activities Proceeds from credit facility borrowings 148,000 — — 148,000 Payments on credit facility borrowings (215,000 ) — — (215,000 ) Payments of other long-term borrowings — (318 ) — (318 ) Payments of financing related costs (563 ) — — (563 ) Receipts from dividend reinvestment plan 7,335 — — 7,335 Payments for exercised options and restricted stock (2,120 ) — — (2,120 ) Net proceeds from issuance of common stock 6,759 — — 6,759 Dividends paid (122,272 ) — — (122,272 ) Contributions from affiliates — (4,807 ) 4,807 — Redemption of OP Units (56 ) — — (56 ) Distributions to OP Unit Holders (5,554 ) — — (5,554 ) Net cash used in financing activities (183,471 ) (5,125 ) 4,807 (183,789 ) Effect of foreign currency translation on cash and cash equivalents — 162 — 162 (Decrease) increase in cash and cash equivalents (55,247 ) 1,909 — (53,338 ) Cash and cash equivalents at beginning of period 87,098 6,589 — 93,687 Cash and cash equivalents at end of period $ 31,851 $ 8,498 $ — $ 40,349 CONSOLIDATING STATEMENTS OF CASH FLOWS Unaudited (in thousands) Three Months Ended March 31, 2016 Issuer & Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 58,234 $ (720 ) $ 682 $ 58,196 Adjustment to reconcile net income to cash provided by operating activities: Depreciation and amortization 57,279 5,154 — 62,433 Provision for impairment on real estate properties 34,340 218 — 34,558 Provision for uncollectible accounts 1,862 3,262 — 5,124 Amortization of deferred financing and refinancing costs 2,424 6 — 2,430 Accretion of direct financing leases (2,921 ) — — (2,921 ) Stock-based compensation 2,778 — — 2,778 Gain on assets sold – net (1,571 ) — — (1,571 ) Amortization of acquired in-place leases - net (4,300 ) — — (4,300 ) Effective yield receivable on mortgage notes (819 ) — — (819 ) Change in operating assets and liabilities – net: Accounts receivable 581 (21 ) — 560 Straight-line rent receivables (9,111 ) (836 ) — (9,947 ) Lease inducements 647 — — 647 Other operating assets and liabilities (10,793 ) (8,514 ) (682 ) (19,989 ) Net cash provided by (used in) operating activities 128,630 (1,451 ) — 127,179 Cash flows from investing activities Acquisition of real estate (401,700 ) (14,404 ) — (416,104 ) Investment in construction in progress (16,316 ) — — (16,316 ) Deposit to acquire real estate — (113,816 ) — (113,816 ) Investment in U.K. subsidiary (127,239 ) 127,239 — — Placement of mortgage loans (6,162 ) — — (6,162 ) Proceeds from sale of real estate investments 2,392 — — 2,392 Capital improvements to real estate investments (9,004 ) (540 ) — (9,544 ) Proceeds from other investments 1,461 — — 1,461 Investments in other investments (116,003 ) — — (116,003 ) Collection of mortgage principal 312 — — 312 Net cash used in investing activities (672,259 ) (1,521 ) — (673,780 ) Cash flows from financing activities Proceeds from credit facility borrowings 670,000 — — 670,000 Payments on credit facility borrowings (370,000 ) — — (370,000 ) Receipts of other long-term borrowings 350,000 — — 350,000 Payments of other long-term borrowings — (309 ) — (309 ) Payments of financing related costs (3,552 ) (24 ) — (3,576 ) Receipts from dividend reinvestment plan 19,596 — — 19,596 Payments for exercised options and restricted stock – net (2,381 ) — — (2,381 ) Dividends paid (107,500 ) — — (107,500 ) Redemption of OP Units (10 ) — — (10 ) Distributions to OP Unit Holders (5,131 ) — — (5,131 ) Net cash provided by (used in) financing activities 551,022 (333 ) — 550,689 Effect of foreign currency translation on cash and cash equivalents — (105 ) — (105 ) Increase (decrease) in cash and cash equivalents 7,393 (3,410 ) — 3,983 Cash and cash equivalents at beginning of period 1,592 3,832 — 5,424 Cash and cash equivalents at end of period $ 8,985 $ 422 $ — $ 9,407

BASIS OF PRESENTATION AND SIG41

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Contractual receivables	$ 34,751	$ 13,376
Effective yield interest receivables	10,343	9,749
Straight-line rent receivables	219,821	208,874
Lease inducements	7,946	8,393
Allowance	(355)	(357)
Accounts receivable - net	$ 272,506	$ 240,035

BASIS OF PRESENTATION AND SIG42

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Accounting Policies [Abstract]
Number of reportable segment	1

BASIS OF PRESENTATION AND SIG43

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1)	Feb. 01, 2016USD ($)Facility	Mar. 31, 2017USD ($)FacilityHealthcare_facility	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Basis Of Presentation And Significant Accounting Policies [Line Items]
Impairment losses recognized		$ 7,638,000	$ 34,558,000
Number of leased real estate properties | Healthcare_facility		985
SNF's
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of leased real estate properties | Facility		808
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		$ 200,000		$ 1,500,000
Omega OP Units
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of limited partnership interests owned		96.00%
Other Investors | Omega OP Units
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of limited partnership interests owned		4.00%
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	$ 169,000,000
Percentage of ownership interest	34.00%

PROPERTIES AND INVESTMENTS - In

PROPERTIES AND INVESTMENTS - Investment in leased real estate properties (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total real estate investments	$ 7,581,665	$ 7,566,358
Less accumulated depreciation	(1,306,084)	(1,240,336)
Real estate investments - net	6,275,581	6,326,022
Buildings
Property, Plant and Equipment [Line Items]
Total real estate investments	5,980,501	5,954,771
Land
Property, Plant and Equipment [Line Items]
Total real estate investments	756,803	759,295
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total real estate investments	454,288	454,760
Site improvements
Property, Plant and Equipment [Line Items]
Total real estate investments	206,326	206,206
Construction in progress
Property, Plant and Equipment [Line Items]
Total real estate investments	$ 183,747	$ 191,326

PROPERTIES AND INVESTMENTS - Si

PROPERTIES AND INVESTMENTS - Significant acquisitions occurred in first quarter of 2017 (Detail 1) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)FacilityHealthcare_facility
Real Estate Properties [Line Items]
Number of Facilities | Healthcare_facility	985
SNF's
Real Estate Properties [Line Items]
Number of Facilities | Facility	808
ALFs
Real Estate Properties [Line Items]
Number of Facilities | Facility	101
Q1 | VA
Real Estate Properties [Line Items]
Total Investment	$ 7.6
Initial Annual Cash Yield (%)	7.50%
Q1 | VA | Land
Real Estate Properties [Line Items]
Total Investment	$ 0.5
Q1 | VA | Building and site improvements
Real Estate Properties [Line Items]
Total Investment	6.8
Q1 | VA | Furniture and fixtures
Real Estate Properties [Line Items]
Total Investment	$ 0.3
Q1 | ALFs | VA
Real Estate Properties [Line Items]
Number of Facilities | Facility	1

PROPERTIES AND INVESTMENTS - Le

PROPERTIES AND INVESTMENTS - Leased Property (Narrative) (Detail)	3 Months Ended
	Mar. 31, 2017FacilityHealthcare_facility
Real Estate Properties [Line Items]
Number of real estate properties | Healthcare_facility	985
Property available for operating lease | Minimum
Real Estate Properties [Line Items]
Lease term	5 years
Increase in the specific annual percentage over the prior year's rent	2.00%
Property available for operating lease | Maximum
Real Estate Properties [Line Items]
Lease term	15 years
Increase in the specific annual percentage over the prior year's rent	3.00%
SNF's
Real Estate Properties [Line Items]
Number of real estate properties	808
ALFs
Real Estate Properties [Line Items]
Number of real estate properties	101
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 - As

PROPERTIES AND INVESTMENTS - Assets Sold or Held for Sale (Narrative) (Detail 2) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Facility	Mar. 31, 2016USD ($)
Real Estate [Abstract]
Number of facilities sold	15
Total cash proceeds | $	$ 45,800
Amount of gain (loss) from sale of facilities | $	$ 7,400
Number of previously classified as held for sale	11
Provision for impairment on real estate properties | $	$ 7,638	$ 34,558
Number of facilities with impairment charges	3
Number of facilities with impairment charges classified as held for sale	1

DIRECT FINANCING LEASES (Detail

DIRECT FINANCING LEASES (Detail) $ in Thousands	Mar. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)Property
Leases, Capital [Abstract]
Minimum lease payments receivable	$ 4,291,940	$ 4,287,069
Less unearned income	(3,684,757)	(3,685,131)
Less allowance for loss on direct financing lease	(2,406)
Investment in direct financing leases - net	$ 604,777	$ 601,938
Properties subject to direct financing leases | Property	58	58

DIRECT FINANCING LEASES (Deta49

DIRECT FINANCING LEASES (Detail 1) $ in Thousands	Mar. 31, 2017USD ($)
Leases, Capital [Abstract]
2,018	$ 51,319
2,019	52,626
2,020	53,917
2,021	55,199
2,022	$ 56,488

DIRECT FINANCING LEASES (Narrat

DIRECT FINANCING LEASES (Narrative) (Detail) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2017USD ($)Healthcare_facilityState	Nov. 27, 2013USD ($)FacilityBedLeaseState	Mar. 31, 2017USD ($)Healthcare_facilityState	Mar. 31, 2016USD ($)
Capital Leased Assets [Line Items]
Number of facilities owned | Healthcare_facility	985		985
Number of states | State	42		42
Income from direct financing leases | $			$ 15,646	$ 15,442
Northwest | Direct financing leases | Sales Agreement
Capital Leased Assets [Line Items]
Carrying amount of facility | $	$ 36,400		$ 36,400
Proceeds from sale of facility | $	34,000
Allowance for loss under direct financing leases | $	2,400
Income from direct financing leases | $	$ 800
New Ark Investment Inc.
Capital Leased Assets [Line Items]
Purchase price of beds acquired paid in cash | $		$ 529,000
Number of lease | Lease		4
Master lease term		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
New Ark Investment Inc. | Southeast
Capital Leased Assets [Line Items]
Number of additional facility owned		39
New Ark Investment Inc. | Northwest
Capital Leased Assets [Line Items]
Number of additional facility owned		7
New Ark Investment Inc. | Texas
Capital Leased Assets [Line Items]
Number of additional facility owned		9
New Ark Investment Inc. | Indiana
Capital Leased Assets [Line Items]
Number of additional facility owned		1
SNF's | New Ark Investment Inc. | Direct financing leases
Capital Leased Assets [Line Items]
Number of facilities owned		55
ALFs | New Ark Investment Inc. | Direct financing leases
Capital Leased Assets [Line Items]
Number of facilities owned		1

MORTGAGE NOTES RECEIVABLE (Deta

MORTGAGE NOTES RECEIVABLE (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross		$ 648,630	$ 643,277
Allowance for loss on mortgage notes receivable		(3,934)	(3,934)
Total mortgages - net		644,696	639,343
Mortgage note due 2024; interest at 9.98%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross		$ 112,500	$ 112,500
Mortgage loans on real estate, interest rate		9.98%	9.98%
Mortgage note due 2029; interest at 9.45%
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross		$ 411,807	$ 412,140
Mortgage loans on real estate, interest rate		9.45%	9.45%
Other mortgage notes outstanding
Mortgage Loans on Real Estate [Line Items]
Mortgage notes receivable, gross	[1]	$ 124,323	$ 118,637
[1]	Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2029.

MORTGAGE NOTES RECEIVABLE (Pare

MORTGAGE NOTES RECEIVABLE (Parentheticals) (Details) - Other mortgage notes outstanding	3 Months Ended
	Mar. 31, 2017
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%
Maturity year	2,029

MORTGAGE NOTES RECEIVABLE (Narr

MORTGAGE NOTES RECEIVABLE (Narrative) (Detail)	3 Months Ended
	Mar. 31, 2017FacilityStateMortgageEntity
Mortgage Loans on Real Estate [Line Items]
Number of states	42
Mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number of fixed rate mortgages | Mortgage	27
Number of long term care facilities | Facility	49
Number of states	10
Number of independent healthcare operating companies | Entity	8

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Other investments, gross		$ 260,697	$ 261,644
Allowance for loss on other investments		(4,798)	(4,798)
Total other investments		255,899	256,846
Other investment note due 2019; interest at 10.73%
Schedule of Investments [Line Items]
Other investments, gross		$ 49,521	$ 49,458
Interest rate		10.73%	10.73%
Other investment note due 2020; interest at 14.00%
Schedule of Investments [Line Items]
Other investments, gross		$ 47,856	$ 47,913
Interest rate		14.00%	14.00%
Other investment note due 2022, interest at 9.00%
Schedule of Investments [Line Items]
Other investments, gross		$ 31,987	$ 31,987
Interest rate		9.00%	9.00%
Other investment note due 2030; interest at 6.66%
Schedule of Investments [Line Items]
Other investments, gross		$ 48,705	$ 44,595
Interest rate		6.66%	6.66%
Other investment notes outstanding
Schedule of Investments [Line Items]
Other investments, gross	[1]	$ 82,628	$ 87,691
[1]	Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 13.0%.

OTHER INVESTMENTS (Parenthetica

OTHER INVESTMENTS (Parentheticals) (Details) - Other investment notes outstanding	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Minimum
Schedule of Investments [Line Items]
Interest rate	6.50%	6.50%
Maximum
Schedule of Investments [Line Items]
Interest rate	13.00%	13.00%
Maturity year	2,028

INVESTMENT IN UNCONSOLIDATED 56

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details) $ in Thousands	Nov. 01, 2016USD ($)Facility	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint venture		$ 40,152	$ 48,776
Assets management fees recognized		$ 500
Second Spring Healthcare Investments
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint venture	$ 50,000
Percentage of ownership interest	15.00%
Second Spring Healthcare Investments | Affiliates of Lindsey Goldberg LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	85.00%
Second Spring Healthcare Investments | Welltower Inc | SNF's
Schedule of Equity Method Investments [Line Items]
Number of properties acquired | Facility	64
Payments to acquire facilities	$ 1,100,000

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Property
Number Of Properties
Beginning Balance | Property	20
Properties sold/other | Property	(12)	[1]
Properties added | Property	1	[2]
Ending balance | Property	9	[3]
Net Book Value
Beginning Balance | $	$ 52,868
Properties sold/other | $	(30,023)	[1]
Properties added | $	400	[2]
Ending balance | $	$ 23,245	[3]
[1]	In the first quarter of 2017, we sold nine SNFs and two ALFs for approximately $29.4 million in net proceeds recognizing a gain on sale of approximately $3.6 million. One SNF classified as an asset held for sale at December 31, 2016 was no longer considered held for sale during the first quarter of 2017 and was reclassified back to leased properties at approximately $5.1 million which represents the facility's then carrying value adjusted for depreciation that was not recognized while classified as held for sale.
[2]	In the first quarter of 2017, we recorded a $3.5 million impairment to reduce one ALF's net book value to its estimated fair value less costs to sell before it was reclassified to assets held for sale.
[3]	We plan to sell the nine facilities classified as held for sale at March 31, 2017 over the next several quarters.

ASSETS HELD FOR SALE (Parenthet

ASSETS HELD FOR SALE (Parentheticals) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)FacilityProperty
Real Estate Properties [Line Items]
Net proceeds from sale of facilities held for sale | $	$ 29.4
Gain from sale of facilities | $	$ 3.6
Number of facilities with impairment charges	1
Number of facility classified as held for sale to sell	9
SNF's
Real Estate Properties [Line Items]
Number of facilities held for sale sold	9
Number of property reclassified | Property	1
Carrying value for property reclassified | $	$ 5.1
ALFs
Real Estate Properties [Line Items]
Number of facilities held for sale sold	2
Impairment charges | $	$ 3.5
Number of facilities with impairment charges	1

INTANGIBLES - Summary of our in

INTANGIBLES - Summary of our intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Goodwill	$ 643,692	$ 643,474
Accumulated amortization	(16,180)	(15,864)
Net intangible assets	6,430	6,779
Liabilities:
Below market leases	164,735	165,028
Accumulated amortization	(74,131)	(70,738)
Net intangible liabilities	90,604	94,290
Above market leases
Assets:
Gross intangible assets	22,443	22,476
In-place leases
Assets:
Gross intangible assets	$ 167	$ 167

INTANGIBLES - Reconciliation of

INTANGIBLES - Reconciliation of goodwill (Details 1) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2016	$ 643,474
Add: foreign currency translation	218
Balance as of March 31, 2017	$ 643,692

INTANGIBLES (Narrative) (Detail

INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3.1	$ 4.3
Remainder of 2017	8.9
2,018	10.5
2,019	9.5
2,020	9.3
2,021	$ 8.7

INTANGIBLES (Narrative) (Deta62

INTANGIBLES (Narrative) (Detail 1)	3 Months Ended
	Mar. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Below market leases, weighted average remaining amortization	9 years
Above market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization	8 years

CONCENTRATION OF RISK (Narrativ

CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)FacilityHealthcare_facilityStateOperator	Dec. 31, 2016USD ($)
Concentration Risk [Line Items]
Number of facilities owned | Healthcare_facility	985
Number of states | State	42
Number of operators | Operator	77
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $	$ 8,900,000
Percentage share of real estate investments related to long-term care facilities	99.00%
Number of facilities held-for-sale/closed	11
Miscellaneous investments, net | $	$ 255,899	$ 256,846
Concentration risk, benchmark description	No single operator or manager generated more than 10% of our total revenues for the three months ended March 31, 2017.
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	9.00%
SNF's
Concentration Risk [Line Items]
Number of facilities owned	808
Number of facilities under fixed rate mortgage loan	44
ALFs
Concentration Risk [Line Items]
Number of facilities owned	101
Number of facilities under fixed rate mortgage loan	4
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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Cumulative Translation Adjustment Summary [Roll Forward]
Total accumulated other comprehensive loss	$ (50,780)	$ (22,737)
Add: portion included in noncontrolling interest	2,302	1,035
Total accumulated other comprehensive loss	(48,478)	(21,702)	$ (53,827)
Foreign Currency Translation
Cumulative Translation Adjustment Summary [Roll Forward]
Beginning balance	(54,948)	(8,413)
Translation gain (loss)	4,273	(4,708)
Realized gain (loss)	61	(22)
Ending balance	(50,614)	(13,143)
Derivative Instruments
Cumulative Translation Adjustment Summary [Roll Forward]
Beginning balance	(1,420)	(718)
Unrealized gain (loss)	490	(8,876)
Realized gain (loss)	764
Ending balance	$ (166)	$ (9,594)

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 13, 2017	Jan. 12, 2017	Mar. 31, 2017	Mar. 31, 2016
Dividend [Line Items]
Dividends declared per common share			$ 0.62	$ 0.57
Issuance of common stock (in shares)			228,000
Dividend reinvestment plan (in shares)			239,000
Gross proceeds from issuance of common stock			$ 6,759
Board of Directors
Dividend [Line Items]
Dividends declared per common share		$ 0.62
Nature of common stock dividend payable		Quarterly
Increasing the quarterly common dividend		0.01
Dividends declared, date of declaration		Jan. 12, 2017
Dividends declared, date of payment		Feb. 15, 2017
Dividends declared, date of record		Jan. 31, 2017
500 Million Equity Shelf Program
Dividend [Line Items]
Issuance of common stock (in shares)			228,000
Issuance of common stock, average price per share			$ 29.71
Gross proceeds from issuance of common stock			$ 6,800
Sales price, equity distribution agreement			$ 500,000
Dividend Reinvestment and Common Stock Purchase Plan
Dividend [Line Items]
Dividend reinvestment plan (in shares)			239,000
Issuance of common stock, average price per share			$ 30.67
Gross proceeds from issuance of common stock			$ 7,335
Subsequent Event | Board of Directors
Dividend [Line Items]
Dividends declared per common share	$ 0.63
Nature of common stock dividend payable	Quarterly
Increasing the quarterly common dividend	0.01
Dividends declared, date of declaration	Apr. 13, 2017
Dividends declared, date of payment	May 15, 2017
Dividends declared, date of record	May 1, 2017

TAXES (Narrative) (Detail)

TAXES (Narrative) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Percentage of minimum taxable income is distributed	90.00%
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage	100.00%
Net operating loss carry-forward	$ 0.8
State and local income tax provision	1
Provision (benefit) for foreign income taxes	$ 0.1

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details ) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	2,447,351
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 18.63
Total Compensation Cost	$ 45.6	[1]
Unrecognized Compensation Cost	$ 29.3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	428,670
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 35.68
Total Compensation Cost	$ 15.3	[1]
Unrecognized Compensation Cost	$ 8.6
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	[1]
Weighted Average Period of Expense Recognition	33 months
Unrecognized Compensation Cost	$ 1.2
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	[1]
Weighted Average Period of Expense Recognition	33 years
Unrecognized Compensation Cost	$ 0.5
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	7,799
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 35.08
Total Compensation Cost	$ 0.3	[1]
Weighted Average Period of Expense Recognition	33 years
Unrecognized Compensation Cost	$ 0.1
Vesting Dates	11/1/2017
RSUs | 3/17/16 RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,016
Shares/Units | shares	130,006
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 34.78
Total Compensation Cost	$ 4.6	[1]
Weighted Average Period of Expense Recognition	33 years
Unrecognized Compensation Cost	$ 2.8
Vesting Dates	12/31/2018
RSUs | 1/1/2017 RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,017
Shares/Units | shares	140,416
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 31.26
Total Compensation Cost	$ 4.3	[1]
Weighted Average Period of Expense Recognition	36 months
Unrecognized Compensation Cost	$ 4
Vesting Dates	12/31/2019
TSR PRSUs and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	1,098,829
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 12.69
Total Compensation Cost	$ 13.9	[1]
Unrecognized Compensation Cost	$ 9.8
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	[1]
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 0.2
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	[1]
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 0.9
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	[1]
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 0.4
Performance Period	1/1/2015-12/31/2017
Vesting Dates	Quarterly in 2018
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	[1]
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 3.6
Performance Period	1/1/2016-12/31/2018
Vesting Dates	Quarterly in 2019
TSR PRSUs and LTIP Units | 1/1/2017 2019 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,017
Shares/Units | shares	399,726
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 12.61
Total Compensation Cost	$ 5	[1]
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 4.7
Performance Period	1/1/2017-12/31/2019
Vesting Dates	Quarterly in 2020
Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units | shares	919,852
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 17.78
Total Compensation Cost	$ 16.4	[1]
Unrecognized Compensation Cost	$ 10.9
Relative TSR PRSUs | 2016 Relative 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	[1]
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 0.4
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	[1]
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 1.4
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	[1]
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 0.6
Performance Period	1/1/2015-12/31/2017
Vesting Dates	Quarterly in 2018
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	[1]
Weighted Average Period of Expense Recognition	45 months
Unrecognized Compensation Cost	$ 3.7
Performance Period	1/1/2016-12/31/2018
Vesting Dates	Quarterly in 2019
Relative TSR PRSUs | 1/1/2017 2019 Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Year	2,017
Shares/Units | shares	285,338
Grant Date Average Fair Value Per Unit/ Share | $ / shares	$ 18.04
Total Compensation Cost	$ 5.1	[1]
Weighted Average Period of Expense Recognition	48 months
Unrecognized Compensation Cost	$ 4.8
Performance Period	1/1/2017-12/31/2019
Vesting Dates	Quarterly in 2020
[1]	Total compensation costs are net of shares cancelled.

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.7	$ 2.8
Shares of restricted stock outstanding	2,447,351
Unrecognized compensation cost	$ 29.3
Percentage of operating partnership units distributions	10.00%
Restricted stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	51,999
Vesting period, years	3 years
Unrecognized compensation cost	$ 1.1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	428,670
Unrecognized compensation cost	$ 8.6
RSUs | January 1, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	140,416
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	1,098,829
Unrecognized compensation cost	$ 9.8
LTIP | January 1, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	399,726
Relative TSR PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	919,852
Unrecognized compensation cost	$ 10.9
Relative TSR PRSUs | January 1, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock outstanding	285,338

BORROWING ACTIVITIES AND ARRA69

BORROWING ACTIVITIES AND ARRANGEMENTS (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Secured borrowings:
Secured borrowings - net		$ 54,052	$ 54,365
Unsecured borrowings:
Revolving line of credit		123,000	190,000
Term loans - net		1,094,875	1,094,343
Other		255,899	256,846
Total secured and unsecured borrowings - net		4,300,865	4,366,854
Secured Borrowings
Secured borrowings:
Secured borrowings - net		$ 54,052	54,365
Secured Borrowings | HUD mortgages assumed December 2011
Debt Instrument [Line Items]
Maturity	[1]	2,044
Rate	[1]	3.06%
Secured borrowings:
Secured borrowings - net	[1]	$ 54,636	54,954
Secured Borrowings | Deferred financing costs - net
Secured borrowings:
Deferred financing costs - net		(584)	(589)
Unsecured borrowings
Unsecured borrowings:
Discount - net		(16,669)	(17,151)
Total unsecured borrowings		3,028,938	3,028,146
Unsecured borrowings | Deferred financing costs - net
Unsecured borrowings:
Deferred financing costs - net		(5,125)	(5,657)
Deferred financing costs - net		$ (27,393)	(27,703)
Unsecured borrowings | Revolving line of credit
Debt Instrument [Line Items]
Maturity		2,018
Rate		2.25%
Unsecured borrowings:
Revolving line of credit		$ 123,000	190,000
Unsecured borrowings | Tranche A-1 term loan
Debt Instrument [Line Items]
Maturity		2,019
Rate		2.48%
Unsecured borrowings:
Unsecured borrowing		$ 200,000	200,000
Unsecured borrowings | Tranche A-2 term loan
Debt Instrument [Line Items]
Maturity		2,017
Rate		2.44%
Unsecured borrowings:
Unsecured borrowing		$ 200,000	200,000
Unsecured borrowings | Tranche A-3 term loan
Debt Instrument [Line Items]
Maturity		2,021
Rate		2.48%
Unsecured borrowings:
Unsecured borrowing		$ 350,000	350,000
Unsecured borrowings | Omega OP Term loan
Debt Instrument [Line Items]
Maturity		2,017
Rate		2.44%
Unsecured borrowings:
Term loans - net		$ 100,000	100,000
Unsecured borrowings | 2015 term loan
Debt Instrument [Line Items]
Maturity		2,022
Rate		3.80%
Unsecured borrowings:
Revolving line of credit		$ 250,000	250,000
Unsecured borrowings | 2023 notes
Debt Instrument [Line Items]
Maturity		2,023
Rate		4.375%
Unsecured borrowings:
Aggregate principal amount		$ 700,000	700,000
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity		2,024
Rate		5.875%
Unsecured borrowings:
Aggregate principal amount		$ 400,000	400,000
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity		2,024
Rate		4.95%
Unsecured borrowings:
Aggregate principal amount		$ 400,000	400,000
Unsecured borrowings | 2025 notes
Debt Instrument [Line Items]
Maturity		2,025
Rate		4.50%
Unsecured borrowings:
Aggregate principal amount		$ 250,000	250,000
Unsecured borrowings | 2026 Notes
Debt Instrument [Line Items]
Maturity		2,026
Rate		5.25%
Unsecured borrowings:
Aggregate principal amount		$ 600,000	600,000
Unsecured borrowings | 2027 notes
Debt Instrument [Line Items]
Maturity		2,027
Rate		4.50%
Unsecured borrowings:
Aggregate principal amount		$ 700,000	700,000
Unsecured borrowings | Other
Debt Instrument [Line Items]
Maturity		2,018
Unsecured borrowings:
Other		$ 3,000	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 March 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $64.8 million as of March 31, 2017.

BORROWING ACTIVITIES AND ARRA70

BORROWING ACTIVITIES AND ARRANGEMENTS (Parentheticals) (Details) - USD ($) $ in Thousands		Apr. 04, 2017	Mar. 31, 2017	Dec. 31, 2016
Tranche A-2 term loan | Subsequent Event
Debt Instrument [Line Items]
Prepay senior unsecured incremental term loan facility		$ 200,000
2024 notes | Subsequent Event
Debt Instrument [Line Items]
Maturity		2,024
Aggregate principal amount		$ 400,000
Secured Borrowings | HUD mortgages assumed December 2011
Debt Instrument [Line Items]
Percentage of third-party administration fee			0.50%
Real estate assets with a net carrying value			$ 64,800
Maturity	[1]		2,044
Rate	[1]		3.06%
Unsecured borrowings | Tranche A-2 term loan
Debt Instrument [Line Items]
Maturity			2,017
Rate			2.44%
Unsecured borrowings | 2024 notes
Debt Instrument [Line Items]
Maturity			2,024
Rate			5.875%
Aggregate principal amount			$ 400,000	$ 400,000
[1]	Reflects the weighted average annual contractual interest rate on the mortgages at March 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $64.8 million as of March 31, 2017.

FINANCIAL INSTRUMENTS (Detail)

FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Investments in direct financing leases - net	$ 604,777	$ 601,938
Mortgage notes receivable - net	644,696	639,343
Other investments - net	255,899	256,846
Liabilities:
Revolving line of credit	123,000	190,000
Term loans - net	1,094,875	1,094,343
HUD debt - net	54,052	54,365
Carrying Amount
Assets:
Investments in direct financing leases - net	604,777	601,938
Mortgage notes receivable - net	644,696	639,343
Other investments - net	255,899	256,846
Total	1,505,372	1,498,127
Liabilities:
Revolving line of credit	123,000	190,000
Tranche A-1 term loan	199,124	198,830
Tranche A-2 term loan	200,000	200,000
Tranche A-3 term loan	347,605	347,449
Omega OP term loan	100,000	100,000
Term loans - net	248,145	248,064
HUD debt - net	54,052	54,365
Subordinated debt - net	20,460	20,490
Other	3,000	3,000
Total	4,300,865	4,366,854
Carrying Amount | 4.375% notes due 2023
Liabilities:
Notes Payable	692,598	692,305
Carrying Amount | 5.875% notes due 2024
Liabilities:
Notes Payable	395,236	395,065
Carrying Amount | 4.95% notes due 2024
Liabilities:
Notes Payable	392,922	392,669
Carrying Amount | 4.50% notes due 2025
Liabilities:
Notes Payable	245,953	245,949
Carrying Amount | 5.25% notes due 2026
Liabilities:
Notes Payable	593,792	593,616
Carrying Amount | 4.50% notes due 2027
Liabilities:
Notes Payable	685,418	685,052
Carrying Amount | 4.75% notes due 2028
Liabilities:
Notes Payable	(440)
Fair Value
Assets:
Investments in direct financing leases - net	601,522	598,665
Mortgage notes receivable - net	652,487	644,961
Other investments - net	248,959	253,385
Total	1,502,968	1,497,011
Liabilities:
Revolving line of credit	123,000	190,000
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	350,000
Omega OP term loan	100,000	100,000
2015 Term loan	250,000	250,000
HUD debt - net	52,771	52,510
Subordinated debt - net	23,909	23,944
Other	3,000	3,000
Total	4,436,599	4,444,772
Fair Value | 4.375% notes due 2023
Liabilities:
Notes Payable	710,967	693,505
Fair Value | 5.875% notes due 2024
Liabilities:
Notes Payable	434,814	432,938
Fair Value | 4.95% notes due 2024
Liabilities:
Notes Payable	413,512	406,361
Fair Value | 4.50% notes due 2025
Liabilities:
Notes Payable	250,500	249,075
Fair Value | 5.25% notes due 2026
Liabilities:
Notes Payable	627,443	611,461
Fair Value | 4.50% notes due 2027
Liabilities:
Notes Payable	696,683	$ 681,978
Fair Value | 4.75% notes due 2028
Liabilities:
Notes Payable

FINANCIAL INSTRUMENTS (Parenthe

FINANCIAL INSTRUMENTS (Parentheticals) (Detail)	Mar. 31, 2017
4.375% notes due 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	4.375%
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%
4.75% notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes issued, interest rate	4.75%

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of basic and diluted earnings per share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 109,112	$ 58,196
Less: net income attributable to noncontrolling interests	(4,672)	(2,641)
Net income available to common stockholders	$ 104,440	$ 55,555
Denominator:
Denominator for basic earnings per share	197,013	188,228
Effect of dilutive securities:
Common stock equivalents	347	1,175
Noncontrolling interest - OP units	8,814	8,947
Denominator for diluted earnings per share	206,174	198,350
Earnings per share - basic:
Net income available to common stockholders (in dollars per share)	$ 0.53	$ 0.30
Earnings per share - diluted:
Net income (in dollars per share)	$ 0.53	$ 0.29

CONSOLIDATING FINANCIAL STATE74

CONSOLIDATING FINANCIAL STATEMENTS (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Real estate properties
Real estate investments	$ 7,581,665	$ 7,566,358
Less accumulated depreciation	(1,306,084)	(1,240,336)
Real estate investments - net	6,275,581	6,326,022
Investment in direct financing leases - net	604,777	601,938
Mortgage notes receivable - net	644,696	639,343
Real estate properties, total	7,525,054	7,567,303
Other investments - net	255,899	256,846
Investment in unconsolidated joint venture	40,152	48,776
Assets held for sale - net	23,245	52,868
Total investments	7,844,350	7,925,793
Cash and cash equivalents	40,349	93,687	$ 9,407	$ 5,424
Restricted cash	12,198	13,589
Accounts receivable - net	272,506	240,035
Goodwill	643,692	643,474
Other assets	29,023	32,682
Total assets	8,842,118	8,949,260
LIABILITIES AND EQUITY
Revolving line of credit	123,000	190,000
Term loans - net	1,094,875	1,094,343
Secured borrowings - net	54,052	54,365
Unsecured borrowings - net	3,028,938	3,028,146
Accrued expenses and other liabilities	316,985	360,514
Deferred income taxes	9,746	9,906
Total liabilities	4,627,596	4,737,274
Equity:
Common stock	19,676	19,614
Common stock - additional paid-in capital	4,878,637	4,861,408
Cumulative net earnings	1,843,377	1,738,937
Cumulative dividends paid	(2,829,718)	(2,707,387)
Accumulated other comprehensive (loss) income	(48,478)	(53,827)	(21,702)
Total stockholders' equity	3,863,494	3,858,745
Noncontrolling interest	351,028	353,241
Total equity	4,214,522	4,211,986
Total liabilities and equity	8,842,118	8,949,260
Issuer & Subsidiary Guarantors
Real estate properties
Real estate investments	6,934,468	6,923,469
Less accumulated depreciation	(1,250,968)	(1,191,117)
Real estate investments - net	5,683,500	5,732,352
Investment in direct financing leases - net	604,777	601,938
Mortgage notes receivable - net	644,696	639,343
Real estate properties, total	6,932,973	6,973,633
Other investments - net	255,899	256,846
Investment in unconsolidated joint venture	40,152	48,776
Assets held for sale - net	23,245	52,868
Total investments	7,252,269	7,332,123
Cash and cash equivalents	31,851	87,098	8,985	1,592
Restricted cash	6,916	6,915
Accounts receivable - net	261,204	230,097
Goodwill	630,679	630,679
Investments in and advances to affiliates	569,978	569,194
Other assets	17,357	21,293
Total assets	8,770,254	8,877,399
LIABILITIES AND EQUITY
Revolving line of credit	123,000	190,000
Term loans - net	1,094,875	1,094,343
Unsecured borrowings - net	3,028,938	3,028,146
Accrued expenses and other liabilities	308,919	352,924
Total liabilities	4,555,732	4,665,413
Equity:
Common stock	19,676	19,614
Common stock - additional paid-in capital	4,878,637	4,861,408
Cumulative net earnings	1,843,377	1,738,937
Cumulative dividends paid	(2,829,718)	(2,707,387)
Accumulated other comprehensive (loss) income	(48,478)	(53,827)
Total stockholders' equity	3,863,494	3,858,745
Noncontrolling interest	351,028	353,241
Total equity	4,214,522	4,211,986
Total liabilities and equity	8,770,254	8,877,399
Non-Guarantor Subsidiaries
Real estate properties
Real estate investments	647,197	642,889
Less accumulated depreciation	(55,116)	(49,219)
Real estate investments - net	592,081	593,670
Real estate properties, total	592,081	593,670
Total investments	592,081	593,670
Cash and cash equivalents	8,498	6,589	$ 422	$ 3,832
Restricted cash	5,282	6,674
Accounts receivable - net	11,302	9,938
Goodwill	13,013	12,795
Other assets	11,666	11,389
Total assets	641,842	641,055
LIABILITIES AND EQUITY
Secured borrowings - net	432,217	429,214
Accrued expenses and other liabilities	8,066	7,590
Deferred income taxes	9,746	9,906
Intercompany payable	4,986	7,890
Total liabilities	455,015	454,600
Equity:
Equity investment from affiliates	152,700	156,446
Cumulative net earnings	33,594	29,479
Accumulated other comprehensive (loss) income	533	530
Total stockholders' equity	186,827	186,455
Total equity	186,827	186,455
Total liabilities and equity	641,842	641,055
Elimination
Real estate properties
Investments in and advances to affiliates	(569,978)	(569,194)
Total assets	(569,978)	(569,194)
LIABILITIES AND EQUITY
Secured borrowings - net	(378,165)	(374,849)
Intercompany payable	(4,986)	(7,890)
Total liabilities	(383,151)	(382,739)
Equity:
Equity investment from affiliates	(152,700)	(156,446)
Cumulative net earnings	(33,594)	(29,479)
Accumulated other comprehensive (loss) income	(533)	(530)
Total stockholders' equity	(186,827)	(186,455)
Total equity	(186,827)	(186,455)
Total liabilities and equity	$ (569,978)	$ (569,194)

CONSOLIDATING FINANCIAL STATE75

CONSOLIDATING FINANCIAL STATEMENTS (Detail 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue
Rental income	$ 192,537	$ 176,703
Income from direct financing leases	15,646	15,442
Mortgage interest income	15,956	16,606
Other investment income - net	6,914	3,431
Miscellaneous income	691	697
Total operating revenues	231,744	212,879
Expenses
Depreciation and amortization	69,993	62,433
General and administrative	12,524	10,455
Acquisition costs	(41)	3,771
Impairment loss on real estate properties	7,638	34,558
Provisions for uncollectible accounts	2,404	5,124
Total operating expenses	92,518	116,341
Income before other income and expense	139,226	96,538
Other income (expense):
Interest income	4	8
Interest expense	(45,041)	(37,222)
Interest - amortization of deferred financing costs	(2,502)	(2,132)
Interest - refinancing costs		(298)
Contractual settlement	10,412
Realized gain (loss) on foreign exchange	61	(22)
Total other expense	(37,066)	(39,666)
Income before gain (loss) on assets sold	102,160	56,872
Gain on assets sold - net	7,420	1,571
Income from continuing operations	109,580	58,443
Income tax expense	(1,100)	(247)
Income from unconsolidated joint venture	632
Net income	109,112	58,196
Net income attributable to noncontrolling interest	(4,672)	(2,641)
Net income available to common stockholders	104,440	55,555
Issuer & Subsidiary Guarantors
Revenue
Rental income	177,645	163,393
Income from direct financing leases	15,646	15,442
Mortgage interest income	15,956	16,606
Other investment income - net	8,759	3,431
Miscellaneous income	691	697
Total operating revenues	218,697	199,569
Expenses
Depreciation and amortization	64,275	57,279
General and administrative	12,453	10,343
Acquisition costs	(41)	2,429
Impairment loss on real estate properties	7,638	34,340
Provisions for uncollectible accounts	2,404	1,862
Total operating expenses	86,729	106,253
Income before other income and expense	131,968	93,316
Other income (expense):
Interest income		5
Interest expense	(42,013)	(33,389)
Interest - amortization of deferred financing costs	(2,497)	(2,126)
Interest - refinancing costs		(298)
Contractual settlement	10,412
Realized gain (loss) on foreign exchange	61	(22)
Equity in earnings	4,115	(682)
Total other expense	(29,922)	(36,512)
Income before gain (loss) on assets sold	102,046	56,804
Gain on assets sold - net	7,420	1,571
Income from continuing operations	109,466	58,375
Income tax expense	(986)	(141)
Income from unconsolidated joint venture	632
Net income	109,112	58,234
Net income attributable to noncontrolling interest	(4,672)	(2,679)
Net income available to common stockholders	104,440	55,555
Non-Guarantor Subsidiaries
Revenue
Rental income	14,892	13,310
Total operating revenues	14,892	13,310
Expenses
Depreciation and amortization	5,718	5,154
General and administrative	71	112
Acquisition costs		1,342
Impairment loss on real estate properties		218
Provisions for uncollectible accounts		3,262
Total operating expenses	5,789	10,088
Income before other income and expense	9,103	3,222
Other income (expense):
Interest income	4	3
Interest expense	(4,873)	(3,833)
Interest - amortization of deferred financing costs	(5)	(6)
Total other expense	(4,874)	(3,836)
Income before gain (loss) on assets sold	4,229	(614)
Income from continuing operations	4,229	(614)
Income tax expense	(114)	(106)
Net income	4,115	(720)
Net income attributable to noncontrolling interest		38
Net income available to common stockholders	4,115	(682)
Elimination
Revenue
Other investment income - net	(1,845)
Total operating revenues	(1,845)
Expenses
Income before other income and expense	(1,845)
Other income (expense):
Interest expense	1,845
Equity in earnings	(4,115)	682
Total other expense	(2,270)	682
Income before gain (loss) on assets sold	(4,115)	682
Income from continuing operations	(4,115)	682
Net income	(4,115)	682
Net income available to common stockholders	$ (4,115)	$ 682

CONSOLIDATING FINANCIAL STATE76

CONSOLIDATING FINANCIAL STATEMENTS (Detail 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Statement of Income Captions [Line Items]
Net income	$ 109,112	$ 58,196
Other comprehensive income (loss)
Foreign currency translation	4,334	(4,730)
Cash flow hedges	1,254	(8,876)
Total other comprehensive income (loss)	5,588	(13,606)
Comprehensive income	114,700	44,590
Comprehensive income attributable to noncontrolling interest	(4,911)	(2,025)
Comprehensive income attributable to common stockholders	109,789	42,565
Issuer & Subsidiary Guarantors
Condensed Statement of Income Captions [Line Items]
Net income	109,112	58,234
Other comprehensive income (loss)
Foreign currency translation	4,334	(4,730)
Cash flow hedges	1,254	(8,876)
Total other comprehensive income (loss)	5,588	(13,606)
Comprehensive income	114,700	44,628
Comprehensive income attributable to noncontrolling interest	(4,911)	(2,063)
Comprehensive income attributable to common stockholders	109,789	42,565
Non-guarantor subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	4,115	(720)
Other comprehensive income (loss)
Comprehensive income	4,115	(720)
Comprehensive income attributable to noncontrolling interest		38
Comprehensive income attributable to common stockholders	4,115	(682)
Elimination
Condensed Statement of Income Captions [Line Items]
Net income	(4,115)	682
Other comprehensive income (loss)
Comprehensive income	(4,115)	682
Comprehensive income attributable to common stockholders	$ (4,115)	$ 682

CONSOLIDATING FINANCIAL STATE77

CONSOLIDATING FINANCIAL STATEMENTS (Detail 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 109,112	$ 58,196
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,993	62,433
Provision for impairment on real estate properties	7,638	34,558
Provision for uncollectible accounts	2,404	5,124
Amortization of deferred financing and refinancing costs	2,502	2,430
Accretion of direct financing leases	(3,016)	(2,921)
Stock-based compensation expense	3,744	2,778
Gain on assets sold - net	(7,420)	(1,571)
Amortization of acquired in-place leases - net	(3,096)	(4,300)
Effective yield receivable on mortgage notes	(593)	(819)
Change in operating assets and liabilities - net:
Accounts receivable	(21,377)	560
Straight-line rent receivables	(11,747)	(9,947)
Lease inducements	447	647
Other operating assets and liabilities	(34,653)	(19,989)
Net cash provided by (used in) operating activities	113,938	127,179
Cash flows from investing activities
Acquisition of real estate	(7,574)	(416,104)
Investments in construction in progress	(15,703)	(16,316)
Deposit to acquire real estate		(113,816)
Investments in direct financing leases	(2,229)
Placement of mortgage loans	(5,749)	(6,162)
Distributions from unconsolidated joint venture	8,587
Proceeds from sale of real estate investments	45,848	2,392
Capital improvements to real estate investments	(8,199)	(9,544)
Proceeds from other investments	23,181	1,461
Investments in other investments	(22,144)	(116,003)
Collection of mortgage principal	333	312
Net cash used in investing activities	16,351	(673,780)
Cash flows from financing activities
Proceeds from credit facility borrowings	148,000	670,000
Payments on credit facility borrowings	(215,000)	(370,000)
Receipts of other long-term borrowings		350,000
Payments of other long-term borrowings	(318)	(309)
Payments of financing related costs	(563)	(3,576)
Receipts from dividend reinvestment plan	7,335	19,596
Payments for exercised options and restricted stock	(2,120)	(2,381)
Gross proceeds from issuance of common stock	6,759
Dividends paid	(122,272)	(107,500)
Redemption of OP Units	(56)	(10)
Distributions to OP Unit Holders	(5,554)	(5,131)
Net cash provided by (used in) financing activities	(183,789)	550,689
Effect of foreign currency translation on cash and cash equivalents	162	(105)
(Decrease) increase in cash and cash equivalents	(53,338)	3,983
Cash and cash equivalents at beginning of period	93,687	5,424
Cash and cash equivalents at end of period	40,349	9,407
Issuer & Subsidiary Guarantors
Cash flows from operating activities
Net income	109,112	58,234
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,275	57,279
Provision for impairment on real estate properties	7,638	34,340
Provision for uncollectible accounts	2,404	1,862
Amortization of deferred financing and refinancing costs	2,497	2,424
Accretion of direct financing leases	(3,016)	(2,921)
Stock-based compensation expense	3,744	2,778
Gain on assets sold - net	(7,420)	(1,571)
Amortization of acquired in-place leases - net	(3,096)	(4,300)
Effective yield receivable on mortgage notes	(593)	(819)
Equity in earnings	(4,115)
Change in operating assets and liabilities - net:
Accounts receivable	(21,377)	581
Straight-line rent receivables	(10,444)	(9,111)
Lease inducements	447	647
Other operating assets and liabilities	(32,990)	(10,793)
Net cash provided by (used in) operating activities	107,066	128,630
Cash flows from investing activities
Acquisition of real estate	(7,574)	(401,700)
Investments in construction in progress	(15,703)	(16,316)
Investments in U.K. subsidiaries	4,807	(127,239)
Investments in direct financing leases	(2,229)
Placement of mortgage loans	(5,749)	(6,162)
Distributions from unconsolidated joint venture	8,587
Proceeds from sale of real estate investments	45,848	2,392
Capital improvements to real estate investments	(8,199)	(9,004)
Proceeds from other investments	23,181	1,461
Investments in other investments	(22,144)	(116,003)
Collection of mortgage principal	333	312
Net cash used in investing activities	21,158	(672,259)
Cash flows from financing activities
Proceeds from credit facility borrowings	148,000	670,000
Payments on credit facility borrowings	(215,000)	(370,000)
Receipts of other long-term borrowings		350,000
Payments of financing related costs	(563)	(3,552)
Receipts from dividend reinvestment plan	7,335	19,596
Payments for exercised options and restricted stock	(2,120)	(2,381)
Gross proceeds from issuance of common stock	6,759
Dividends paid	(122,272)	(107,500)
Redemption of OP Units	(56)	(10)
Distributions to OP Unit Holders	(5,554)	(5,131)
Net cash provided by (used in) financing activities	(183,471)	551,022
(Decrease) increase in cash and cash equivalents	(55,247)	7,393
Cash and cash equivalents at beginning of period	87,098	1,592
Cash and cash equivalents at end of period	31,851	8,985
Non-Guarantor Subsidiaries
Cash flows from operating activities
Net income	4,115	(720)
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,718	5,154
Provision for impairment on real estate properties		218
Provision for uncollectible accounts		3,262
Amortization of deferred financing and refinancing costs	5	6
Change in operating assets and liabilities - net:
Accounts receivable		(21)
Straight-line rent receivables	(1,303)	(836)
Other operating assets and liabilities	(1,663)	(8,514)
Net cash provided by (used in) operating activities	6,872	(1,451)
Cash flows from investing activities
Acquisition of real estate		(14,404)
Deposit to acquire real estate		(113,816)
Investments in U.K. subsidiaries		127,239
Capital improvements to real estate investments		(540)
Net cash used in investing activities		(1,521)
Cash flows from financing activities
Payments of other long-term borrowings	(318)	(309)
Payments of financing related costs		(24)
Contributions from affiliates	(4,807)
Net cash provided by (used in) financing activities	(5,125)	(333)
Effect of foreign currency translation on cash and cash equivalents	162	(105)
(Decrease) increase in cash and cash equivalents	1,909	(3,410)
Cash and cash equivalents at beginning of period	6,589	3,832
Cash and cash equivalents at end of period	8,498	422
Elimination
Cash flows from operating activities
Net income	(4,115)	682
Adjustment to reconcile net income to net cash provided by operating activities:
Equity in earnings	4,115
Change in operating assets and liabilities - net:
Other operating assets and liabilities		$ (682)
Cash flows from investing activities
Investments in U.K. subsidiaries	(4,807)
Net cash used in investing activities	(4,807)
Cash flows from financing activities
Contributions from affiliates	4,807
Net cash provided by (used in) financing activities	$ 4,807

CONSOLIDATING FINANCIAL STATE78

CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
4.375% notes due 2023
Condensed Financial Statements, Captions [Line Items]
Interest rate	4.375%
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 | 4.375% notes due 2023
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 700,000	$ 700,000
Interest rate	4.375%
Unsecured borrowings | 5.875% notes due 2024
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 400,000	400,000
Interest rate	5.875%
Unsecured borrowings | 4.95% notes due 2024
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 400,000	400,000
Interest rate	4.95%
Unsecured borrowings | 4.50% notes due 2025
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 250,000	250,000
Interest rate	4.50%
Unsecured borrowings | 5.25% notes due 2026
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 600,000	600,000
Interest rate	5.25%
Unsecured borrowings | 4.50% notes due 2027
Condensed Financial Statements, Captions [Line Items]
Senior notes, principal amount	$ 700,000	$ 700,000
Interest rate	4.50%

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Detail) - USD ($) $ in Millions	Apr. 04, 2017	Apr. 28, 2017	Mar. 31, 2017
4.75% notes due 2028
Subsequent Event [Line Items]
Rate			4.75%
4.50% notes due 2025
Subsequent Event [Line Items]
Rate			4.50%
5.875% notes due 2024
Subsequent Event [Line Items]
Rate			5.875%
Subsequent Event
Subsequent Event [Line Items]
Net proceeds from the offering after deducting underwriting discounts and expenses	$ 690.7
Redemption related costs and write offs		$ 16.5
Call premium		11.8
Net write-offs associated with unamortized deferred financing costs		$ 4.7
Subsequent Event | 4.75% notes due 2028
Subsequent Event [Line Items]
Maturity	2,028
Rate	4.75%
Aggregate principal amount	$ 550
Maturity date	Jan. 15, 2028
Percentage of notes sold at an issue price	98.978%
Subsequent Event | 4.50% notes due 2025
Subsequent Event [Line Items]
Maturity	2,025
Rate	4.50%
Aggregate principal amount	$ 150
Maturity date	Jan. 15, 2025
Percentage of notes sold at an issue price	99.54%
Subsequent Event | 5.875% notes due 2024
Subsequent Event [Line Items]
Maturity	2,024
Rate	5.875%
Aggregate principal amount	$ 400
Maturity date	Apr. 28, 2017
Subsequent Event | Tranche A-2 term loan
Subsequent Event [Line Items]
Prepay senior unsecured incremental term loan facility	$ 200