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 RESTRUCTURING TALKS WITH TENANTS

                  ANN  ARBOR,  MICHIGAN  - MARCH  31,  2000 -  Omega  Healthcare
Investors,  Inc.  (NYSE:OHI)  ("Omega" or the  "Company")  announced  today that
Advocat, Inc. ("Advocat"),  a Nashville-based operator of 31 nursing homes owned
by Omega in Arkansas,  Alabama,  Tennessee,  Florida and Kentucky, has suspended
its  rent/interest  payments with respect to the foregoing  facilities.  Advocat
restated  third quarter  earnings in December and has not yet filed its December
31  financial  statements,  as required by its security  agreements  with Omega.
Rents and interest  payable by Advocat  amount to  approximately  $12.7  million
annually.  Omega  holds  letters  of  credit  and  security  deposits,  totaling
approximately $5 million.  The Company is in negotiations with Advocat regarding
a possible restructuring of its agreements.
                  The Company also reported  that  Integrated  Health  Services,
Inc.  ("Integrated") has ceased paying interest on $55 million in mortgages owed
to Omega.  Interest payable by Integrated  amounts to approximately $5.5 million
annually.  Omega  holds  $1.25  million in  letters of credit to secure  payment
performance of the foregoing.  Omega continues to negotiate with Integrated with
respect to payment of interest for the properties  operated by Integrated during
the pendency of Integrated's bankruptcy proceeding.
                  This  uncertainty with respect to cash flow from these tenants
will be a focus of Omega's Board of Directors as it considers dividend levels at
its meeting scheduled for April 24, 2000.
                  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 press  release  includes  statements  that are not purely
historical and are  "forward-looking  statements"  within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended,  including  statements regarding the Company's
expectations,  beliefs,  intentions  or  strategies  regarding  the future.  All
statements,  other than  historical  fact,  contained in this press  release are
forward-looking  statements.  All  forward-looking  statements  included in this
press  release  are based on  information  available  to the Company on the date
hereof,  and the Company  assumes no obligation  to update such  forward-looking
statements.  Although the Company believes that the assumptions and expectations
reflected in such  forward-looking  statements  are  reasonable,  it can give no
assurance  that such  expectations  will prove to have been  correct or that the
Company will take any actions that may presently be planned.

                                      # # #