November 9, 2001 - 4: Statement of changes in beneficial ownership of securities

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940

[_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).

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1. Name and Address of Reporting Person*

Stephenson Robert O.
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(Last) (First) (Middle)

1401 Thorndon Drive
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(Street)

Bel Air MD 21015
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(City) (State) (Zip)

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2. Issuer Name and Ticker or Trading Symbol

Omega Healthcare Investors, Inc. (OHI)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)

________________________________________________________________________________
4. Statement for Month/Year

October 2001
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5. If Amendment, Date of Original (Month/Year)

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6. Relationship of Reporting Person to Issuer
(Check all applicable)

[_] Director [_] 10% Owner
[x] Officer (give title below) [_] Other (specify below)

Chief Financial Officer
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7. Individual or Joint/Group Filing (Check applicable line)

[x] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
________________________________________________________________________________

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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).

Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.

(Print or Type Response) (Over)

FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

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Explanation of Responses:
*Options to acquire 181,155 shares of Common Stock were granted to the
undersigned on August 30, 2001. These options are exercisable as follows:
36,231 on December 31, 2002; 36,231 on August 1, 2003; 36,231 on August 1, 2004;
36,231 on August 1, 2005 and 36,231 on January 1, 2006. Options expire 10 years
from date of grant.

/s/ ROBERT O. STEPHENSON November 9, 2001
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**Signature of Reporting Person Date

** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.

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