PRESS RELEASE - FOR IMMEDIATE RELEASE

                         FOR FURTHER INFORMATION CONTACT
          Essel W. Bailey, Jr., Chairman and CEO, or F. Scott Kellman,
                   Chief Operating Officer, at (734) 887-0200

           OMEGA ANNOUNCES ACTION WITH RESPECT TO RAINTREE HEALTHCARE

                  ANN  ARBOR,  MICHIGAN  - MARCH  14,  2000 -  Omega  Healthcare
Investors,  Inc. (NYSE:OHI)  ("Omega" or the "Company")  announced today that it
has taken possession of 30 nursing home and assisted living properties  operated
by RainTree Healthcare  Corporation of Phoenix,  Arizona ("RainTree")  providing
healthcare service to some 2,400 residents in Indiana,  Alabama, Texas, Colorado
and  Arizona.  Omega  subsidiaries  have  applied  to various  state  healthcare
authorities  for  licenses  to operate  and to  receive  Medicare  and  Medicaid
reimbursement  for  services  delivered.  At year  end,  Omega's  investment  in
properties operated by RainTree was about $78 million and provided 1999 revenues
to Omega of $8.5 million.
                  RainTree  filed for  bankruptcy  protection on February 29 and
moved to transition leased properties to Omega in connection with proceedings in
the bankruptcy  court in Phoenix.  RainTree  operated 35 facilities and had 1999
revenues exceeding $100 million.
                  Omega has  contracted  with Vencor  Operating,  Inc. of
Louisville, Kentucky to manage the properties and supervise direct patient care.
                  Essel W. Bailey, Jr.,  President,  stated, "We stepped in when
it became clear that  patient  needs could not easily be met on any other basis.
By working actively with the management of RainTree,  healthcare  authorities in
the various  states and Vencor,  we intend to minimize the disruption in patient
care."
                  Omega  is a Real  Estate  Investment  Trust  investing  in and
providing  financing to the long-term  care  industry.  At December 31, 1999, it
owned or had mortgages on 256 healthcare  and assisted  living  facilities  with
more than  27,000  beds  located in 28 states  and  operated  by 24  independent
healthcare operating companies.

                  This news release  contains  forward-looking  statements that
involve risks and  uncertainties described from time to time in the SEC reports
filed by the Company.

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