10-Q: Quarterly report pursuant to Section 13 or 15(d)

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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