POS AM: Post-effective amendment to a registration statement that is not immediately effective upon filing

EXHIBIT 99.5


[OMEGA HEALTHCARE INVESTORS, INC. LETTERHEAD]


[ ], 2004
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Dear Stockholder:

We are pleased to announce that Omega Healthcare Investors, Inc. has
enhanced its current Dividend Reinvestment and Common Stock Purchase Plan, or
the Plan. The enhanced Plan includes the following key features:

o Current stockholders can now invest from $50 to $6,250 per month to
purchase additional shares. At the option of the stockholders, the
investments can be made electronically with automatic monthly deductions
from their personal bank accounts. We may permit optional cash investments
in excess of $6,250 per month, subject to our prior written consent.

o Shares issued pursuant to the enhanced Plan will be newly issued shares
and/or shares purchased in the open market or in privately negotiated
transactions. If we elect to sell newly issued shares, stockholders may be
entitled to a discount of up to 5%.

o Stockholders can deposit share certificates for safekeeping at no cost.

o Stockholders can now sell shares credited to their Plan account daily.

o Stockholders can authorize recurring monthly purchases through the
automatic investment feature.

Please review the enclosed Plan prospectus for a more detailed description
of the enhanced Plan. If you are not currently enrolled in the existing Plan,
but would like to participate in the new Plan, you can enroll in the Plan online
at www.equiserve.com, or you can complete and return the enclosed Enrollment
Authorization Form in the envelope provided. Participation in the Plan is
entirely voluntary and you may withdraw from the Plan at any time.

If you are a current participant in the existing Plan, your participation
will automatically continue in the enhanced Plan. No action is required on your
part if you wish to continue to participate in the enhanced Plan under the terms
and conditions outlined in the Plan prospectus.

Participation in the Plan is entirely voluntary. If you wish to discontinue
your participation, you may do so at any time by giving notice to the Plan
administrator, EquiServe Trust Company, N.A., as specified in the Plan
prospectus.

Any questions regarding the Plan should be directed to EquiServe at:

EquiServe Trust Company, N.A.
Attention: Omega Healthcare Investors, Inc.
Dividend Reinvestment Plan
P.O. Box 43081
Providence, RI 02940-3081
Telephone: (800) 317 4445
Internet: www.equiserve.com

Thank you for your continued interest in Omega Healthcare Investors, Inc.


Sincerely,


C. Taylor Pickett
Chief Executive Officer
Omega Healthcare Investors, Inc.