NEWS RELEASE
                                           CONTACTS:
                                           GE HEALTHCARE FINANCIAL SERVICES
                                           Leslie Krohn
                                           312/441-7710
                                           leslie.krohn@ge.com

                                           OMEGA HEALTHCARE INVESTORS, INC.
                                           Dan Booth, COO
                                           Bob Stephenson, CFO
                                           410/427-1700
                                           InvestorRelations@omegahealthcare.com


      OMEGA HEALTHCARE INVESTORS, INC. AND GE HEALTHCARE FINANCIAL SERVICES
                   CLOSE ON A NEW $225 MILLION CREDIT FACILITY


TIMONIUM,  MARYLAND - JUNE 23, 2003 - Omega  Healthcare  Investors,  Inc. (NYSE:
OHI) announced  today that it closed on a new $225 million Senior Secured Credit
Facility. The transaction was arranged and syndicated by GE Healthcare Financial
Services.

The new Credit  Facility  includes a $125  million  term loan and a $100 million
revolving  line of  credit.  Proceeds  from the loan  will be used to  refinance
Omega's two existing credit facilities and issue letters of credit. In addition,
proceeds from the loan may be used to pay accrued preferred  dividends,  and for
general  corporate  purposes.  The loan  has a four  year  term  with a one year
extension option.

"GE Healthcare  Financial Services' knowledge of the long term care industry and
their  financial  strength  enabled  them to  quickly  syndicate  and close this
complex  transaction to meet Omega's financial needs," said Taylor Pickett,  CEO
of Omega  Healthcare  Investors,  Inc.  "This  financing  significantly  extends
Omega's  maturing debt while providing Omega with broad  flexibility in managing
the current portfolio,  making decisions  regarding  dividend  reinstatement and
providing for future growth opportunities."

Kevin McMeen,  Senior Vice President,  GE Healthcare Financial Services,  added,
"We're focused on helping  companies like Omega meet their financial  needs. The
company  has  an  experienced  management  team,   well-diversified   healthcare
portfolio  and  improving  collateral  performance.  We were  able to  provide a
flexible,  creative financing structure,  approve the deal in less than 30 days,
and close it shortly thereafter."

At the closing of this  transaction,  Omega has  approximately  $299  million in
total debt,  including  approximately $187 million drawn on the new $225 million
senior secured loan.  Invested cash and revolver  availability is  approximately
$69 million.


ABOUT OMEGA HEALTHCARE INVESTORS, INC.
Omega is a Real Estate Investment Trust investing in and providing  financing to
the  long-term  care  industry.  At March 31,  2003,  the Company  owned or held
mortgages  on  221  skilled   nursing  and  assisted   living   facilities  with
approximately  21,900 beds located in 28 states and  operated by 35  independent
healthcare   operating  companies.   Omega  Healthcare   Investors'  website  is
www.omegahealthcare.com.

ABOUT GE HEALTHCARE FINANCIAL SERVICES
GE Healthcare  Financial Services is the premier provider of capital,  financial
solutions and related services for the global healthcare market. With $9 billion
in assets,  GE Healthcare  Financial  Services  offers a full range of financing
capabilities from equipment leasing and real estate financing to working capital
lending and vendor programs.  With a dedicated focus and a deep knowledge of the
healthcare  industry,   GE  Healthcare  Financial  Services   collaborates  with
customers to create  tailored  financial  solutions that help them improve their
productivity and  profitability.  GE Healthcare  Financial  Services' website is
www.GEHealthcare.com.