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*

    Lowenthal                        Edward
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   (Last)                           (First)             (Middle)

    535 Madison Avenue, 26th Floor
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                                    (Street)

    New York                         NY                   10022
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   (City)                           (State)              (Zip)


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2.   Issuer Name and Ticker or Trading Symbol

     Omega Healthcare Investors, Inc. (NYSE: OHI)

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3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)



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4.   Statement for Month/Day/Year

     October 15, 2002

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


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

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


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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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                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                        2A.         3.           Disposed of (D)                 Securities     Form:     7.
                                        Deemed      Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                          2.            Execution   Code         ------------------------------- Owned at End   (D) or    Indirect
1.                        Transaction   Date, if    (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security         Date          any         ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                (mm/dd/yy)    (mm/dd/yy)  Code     V                   (D)             and 4)         (Instr.4) (Instr. 4)
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Common Stock              10/15/02                    A*               581        A      $4.30     13,285         D
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Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

If   the Form is filed by more than one Reporting Person, see Instruction
     4(b)(v).

                            (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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                                                                                                                   10.
                                                                                                         9.        Owner-
                                                                                                         Number    ship
                                                                                                         of        Form
              2.                                                                                         Deriv-    of
              Conver-                         5.                              7.                         ative     Deriv-   11.
              sion                            Number of                       Title and Amount           Secur-    ative    Nature
              or             3A.              Derivative    6.                of Underlying     8.       ities     Secur-   of
              Exer-          Deem-   4.       Securities    Date              Securities        Price    Bene-     ity:     In-
              cise    3.     ed      Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
              Price   Trans- Execu-  action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.            of      action tion    Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of      Deriv-  Date   Date,   (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative    ative   (mm/   if any  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship
Security      Secur-  dd/    (mm/dd/ ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)    ity     yy)    yy)     Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
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Explanation of Responses:

* Grant of stock for payment of Director fees.



        /S/  EDWARD LOWENTHAL                             October 17, 2002
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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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