Omega Healthcare Adds 32 Florida SNFs to PACS Lease
The REIT shifted 32 skilled nursing facilities to PACS Group subsidiaries, lifting first-year rent $26.1 million under an existing master lease.
Omega Healthcare Investors, Inc. (OHI) transitioned 32 skilled nursing facilities in Florida from an Airamid-affiliated operator to PACS Group, Inc. (PACS) subsidiaries, adding the portfolio to an existing master lease with PACS and increasing rent by $26.1 million in year one and an additional $2.5 million in year two, with contractual 2% escalators thereafter.
The Hunt Valley, Maryland, real estate investment trust, which invests primarily in skilled nursing and assisted living facilities under triple-net leases, has referenced the move as an example of its active portfolio management on recent earnings calls.
Matthew Gourmand, Omega’s Chief Executive Officer, stated, “We have referenced our active portfolio management efforts in recent earnings calls, and this transition represents a perfect example of how we are able to structure a highly accretive transaction for our shareholders, while addressing the needs of two long-standing operators and supporting continued quality of care for residents.”
PACS, a Salt Lake City holding company investing in post-acute healthcare facilities, professionals, and ancillary services, has independent subsidiaries that operate 355 post-acute care facilities across 20 states, serving more than 33,400 patients daily. The company’s PACS Services division provides technology and administrative support to those facilities.
The Florida transition sits alongside Omega’s other 2026 healthcare real estate activity. In the first quarter of 2026, the company acquired 14 facilities for an aggregate contractual purchase price of $118.8 million, including 13 skilled nursing facilities in Georgia for $108.5 million leased to an existing operator at an initial cash yield of 10.6% with 2.5% annual escalators, and one senior housing facility in Alabama for $10.3 million. In January, it also acquired a 9.9% equity interest in Saber’s operating company for $92.6 million in cash.
Gourmand’s comment framed the Florida shift as a structure that serves both operators and residents while remaining accretive for Omega shareholders, rather than as a conventional purchase of the real estate. The 2% contractual escalators on the added rent follow the $26.1 million first-year increase and the $2.5 million second-year step.