Unlike SNH which has a huge and rising debt question, OHI has managed to keep debt under control.
I think SNH will need to do something about its long term debt via a stock offering in the near future. That will cause dilution but how much depends on the pricing and how many shares are in the offering.
They have done well in the past 5 years. but comparing them to other healtcare reits (SNH and HCN) over the long term 10+ years they get killed. Since 1995 they have a -13% return.
I'd really want to know why they blew up in 1998 and 1999. Most reits seemed to do bad but not as bad as OHI and they eventually recovered. For the short term all I need to see is their FFO dropped last quarter. They should be growing and expanding right now and good reits are doing so.