0000888491-20-000043.txt : 20201029 0000888491-20-000043.hdr.sgml : 20201029 20201029165132 ACCESSION NUMBER: 0000888491-20-000043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20201029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201029 DATE AS OF CHANGE: 20201029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OMEGA HEALTHCARE INVESTORS INC CENTRAL INDEX KEY: 0000888491 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 383041398 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11316 FILM NUMBER: 201273285 BUSINESS ADDRESS: STREET 1: 303 INTERNATIONAL CIRCLE, STREET 2: SUITE 200 CITY: HUNT VALLEY STATE: MD ZIP: 21030 BUSINESS PHONE: 410-427-1700 MAIL ADDRESS: STREET 1: 303 INTERNATIONAL CIRCLE, STREET 2: SUITE 200 CITY: HUNT VALLEY STATE: MD ZIP: 21030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHI Healthcare Properties Limited Partnership CENTRAL INDEX KEY: 0001639315 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 364796206 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-203447-11 FILM NUMBER: 201273284 BUSINESS ADDRESS: STREET 1: C/O OMEGA HEALTHCARE INVESTORS, INC. STREET 2: 200 INTERNATIONAL CIRCLE, STE. 3500 CITY: HUNT VALLEY STATE: MD ZIP: 21030 BUSINESS PHONE: 410-427-1700 MAIL ADDRESS: STREET 1: C/O OMEGA HEALTHCARE INVESTORS, INC. STREET 2: 200 INTERNATIONAL CIRCLE, STE. 3500 CITY: HUNT VALLEY STATE: MD ZIP: 21030 8-K 1 ohi-20201029x8k.htm 8-K
000088849100016393158-Kfalsefalse2020-10-29Suite 200Hunt Valley21030410427-1700falsefalsefalsefalsefalseMD303 International Circle,0000888491srt:PartnershipInterestMember2020-10-292020-10-2900008884912020-10-292020-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

​ ​​ ​

FORM 8-K

​ ​​ ​

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2020

OMEGA HEALTHCARE INVESTORS, INC.

OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

Maryland

1-11316

38-3041398

(Omega Healthcare Investors, Inc.)

(Omega Healthcare Investors, Inc.)

(Omega Healthcare Investors, Inc.)

Delaware

33-203447-11

36-4796206

(OHI Healthcare Properties Limited Partnership)

(OHI Healthcare Properties Limited Partnership)

(OHI Healthcare Properties Limited Partnership)

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

303 International Circle,

Suite 200

Hunt Valley, Maryland 21030

(Address of principal executive offices / Zip Code)

(410) 427-1700

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     Written communications pursuant to Rule 425 under the Securities Act.

     Soliciting material pursuant to Rule 14a-12 under the Exchange Act.

     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.10 par value

OHI

New York Stock Exchange

Item 2.02     Regulation FD Disclosure

On October 29, 2020, Omega Healthcare Investors, Inc. (“Omega”) issued a press release regarding its financial results for the quarter ended September 30, 2020.  Omega’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

The information in this Item 2.02 of this Current Report on Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01     Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description of Exhibit

99.1Press release issued by the Company on October 29, 2020.

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OMEGA HEALTHCARE INVESTORS, INC.

(Co-Registrant)

Dated: October 29, 2020

By:

/s/ Gail D. Makode

Gail D. Makode

Chief Legal Officer, General Counsel

OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP

(Co-Registrant)

Dated: October 29, 2020

By:

Omega Healthcare Investors, Inc., its General Partner

/s/ Gail D. Makode

Gail D. Makode

Chief Legal Officer, General Counsel

EX-99.1 2 ohi-20201029ex9915afd7c.htm EX-99.1

Exhibit 99.1

Graphic

303 International Circle P: 410.427.1700

Suite 200 F: 410.427.8800

Hunt Valley, MD 21030

PRESS RELEASE – FOR IMMEDIATE RELEASE

OMEGA REPORTS THIRD QUARTER 2020 RESULTS

Issued $700 Million 3.375% Notes due 2031 in October

HUNT VALLEY, MARYLAND – October 29, 2020 – Omega Healthcare Investors, Inc. (NYSE: OHI) (the “Company” or “Omega”) today announced its results for the quarter ended September 30, 2020.  The Company reported a net loss for the quarter of ($93.8) million or ($0.40) per common share. The Company also reported NAREIT Funds From Operations (“NAREIT FFO”) for the quarter of $15.1 million or $0.06 per common share, Adjusted Funds From Operations (“AFFO” or “Adjusted FFO”) of $191.8 million or $0.82 per common share, and Funds Available for Distribution (“FAD”) of $183.3 million.

Bob Stephenson, Omega’s Chief Financial Officer, stated, “Our Q3 revenue was consistent with our Q2 revenue before adjusting for the previously announced $142 million non-recurring write-down of primarily straight-line receivables and lease inducements.  Our cash rents, funds available for distribution and cash flows for the quarter were not impacted by this write-down.”

NAREIT FFO, AFFO and FAD are supplemental non-GAAP financial measures that we believe are useful in evaluating the performance of real estate investment trusts.  For more information regarding these non-GAAP measures, see the “Funds From Operations” schedule below and for the revenue reconciliation, the Company’s website at www.omegahealthcare.com.

CEO COMMENTS

Taylor Pickett, Omega’s Chief Executive Officer, stated, “The third quarter was a positive one for the company, with strong third quarter AFFO and FAD, as well as continued excellent rent collections and further improvement in our dividend payout ratio.  Our operators continue to perform admirably, protecting residents while quickly flexing their operations in the face of an unprecedented change in both their occupancy and cost structure.  This is the first quarter in which our operators’ financial coverage metrics reflect the full impact of COVID-19.  The coverage disclosed in the supplemental information on our website includes the benefit of CARES Act support to many of our operators.  However, even without this support, average core portfolio EBITDAR coverage for the second quarter of 2020 would still be slightly above one times contractual rents.”  

Mr. Pickett continued, “We reiterate that the timely and significant government support provided to the industry throughout the pandemic has been critical.  This support has saved lives, allowing operators to fund increased personal protective equipment and labor costs, to protect and care for this particularly vulnerable segment of our society.  The efforts of both federal and state governments have highlighted their understanding of the vital role skilled nursing facilities play within the healthcare continuum.  We are hopeful that this support will remain forthcoming as the industry continues to battle the impacts of COVID-19.”

Mr. Pickett concluded, “We would once again like to highlight the remarkable efforts of our operators and their heroic employees, who risk their own health and that of their families to bravely protect and care for their residents, and we thank them wholeheartedly for their endeavors.  This industry has faced challenging periods in the past and has persevered.  We are confident that the industry will come through this as well, and we will continue to support our operators in their efforts.”


2020 RECENT DEVELOPMENTS AND THIRD QUARTER HIGHLIGHTS

In Q4 2020, the Company…

issued $700 million aggregate principal amount of 3.375% Senior Notes due 2031.
declared a $0.67 per share quarterly common stock dividend.
anticipate collecting over 99% of contractual rent and mortgage payments for the month of October (when excluding Daybreak, which is transitioning its portfolio pursuant to a forbearance agreement).

In Q3 2020, the Company…

collected over 99% of third quarter contractual rent and mortgage payments (when excluding Daybreak).
sold 6 facilities and a land parcel for $61 million in cash, recognizing a loss of $0.7 million.
invested $22 million in capital renovation and construction-in-progress projects.
revised its revenue recognition accounting treatment related to operators with going concern disclosures.
paid a $0.67 per share quarterly common stock dividend.

In Q2 2020, the Company

collected over 99% of second quarter contractual rent and mortgage payments (when excluding Daybreak).
sold 7 facilities for $38 million in cash, generating $13 million in gains.
completed $50 million of new investments.
invested $31 million in capital renovation and construction-in-progress projects.
repaid $300 million in credit facility borrowings.
paid a $0.67 per share quarterly common stock dividend.

In Q1 2020, the Company

suspended its Dividend Reinvestment and Stock Purchase Plan.
sold six facilities for $18 million in cash proceeds generating $2 million in gains.
completed $19 million of new investments.
invested $39 million in capital renovation and construction-in-progress projects.
borrowed $300 million on credit facility for liquidity.
paid a $0.67 per share quarterly common stock dividend.

NET INCOME

For the quarter ended September 30, 2020, the Company reported a net loss of ($93.8) million, or ($0.40) per common share, on revenues of $119.2 million (see “Revenue Recognition Accounting Treatment for Operators with Going Concern Disclosures” section below).  This compares to net income of $142.9 million, or $0.63 per common share, on revenues of $233.2 million, for the same period in 2019.  

For the nine months ended September 30, 2020, the Company reported net income of $100.5 million, or $0.43 per common share, on revenues of $628.6 million.  This compares to net income of $290.8 million, or $1.32 per common share, on revenues of $682.2 million, for the same period in 2019.  


The year-to-date decrease in net income was primarily due to (i) a $143.3 million write-off of non-cash revenue (primarily straight-line revenue), (ii) a $38.9 million reduction in gains on the sale of assets, (iii) a $33.6 million provision for credit losses, (iv) a $26.1 million increase in depreciation and amortization expense from new investments, (v) a net increase of $25.4 million of impairments on direct financing leases and real estate properties and (vi) an $11.0 million increase in interest expense.  The decrease in net income was offset by (i) a $58.6 million increase in rental income from the $735 million Encore portfolio acquisition completed on October 31, 2019, (ii) a $17.8 million increase in rental income from the $655 million MedEquities Realty Trust, Inc. (“MedEquities”) merger on May 17, 2019, (iii) $8.1 million of non-recurring revenue recorded in Q3 2020, and (iv) $5.0 million of acquisition costs related to the MedEquities merger in 2019.

THIRD QUARTER 2020 RESULTS

Operating Revenues – Revenues for the quarter ended September 30, 2020 totaled $119.2 million, which included $8.3 million of non-cash revenue, $2.0 million of real estate tax and ground rents, $8.1 million of non-recurring revenue, and a $143.3 million write-off of non-cash revenue (primarily straight-line revenue).

Revenue Recognition Accounting Treatment for Operators with Going Concern Disclosures – As announced on September 24, 2020, the Company revised its method of accounting for lease-related revenues of operators that have informed the Company of substantial doubt regarding their ability to continue as a going concern. Starting with the quarter ending September 30, 2020, the Company began recording revenue for such operators on a cash-basis accounting method rather than a straight-line accounting method. The Company, after consulting with its independent auditors, determined that such disclosures required this change in revenue recognition treatment.

As a result of the accounting treatment change, for the three-month period ended September 30, 2020, the Company recorded a reduction in revenue related to the write-down of primarily straight-line receivables and lease inducements of approximately $142 million.  In addition, the Company recorded a reserve of approximately $28 million related to the uncollateralized portion of a loan to one of the operators.

 

Operating Expenses – Expenses for the quarter ended September 30, 2020 totaled $157.9 million, consisting of $81.1 million of depreciation and amortization expense, $28.1 million of impairment on real estate properties, $9.3 million of general and administrative (“G&A”) expense, $5.1 million of stock-based compensation expense, $2.5 million of real estate tax and ground lease expense and a $0.3 million recovery on direct financing leases.

Other Income and Expense – Other income and expense for the quarter ended September 30, 2020 was a net expense of $55.2 million, primarily consisting of $51.8 million of interest expense, $2.5 million of amortized deferred financing costs and $0.9 million of refinancing costs.

Funds From Operations – For the quarter ended September 30, 2020, NAREIT FFO was $15.1 million, or $0.06 per common share, on 235 million weighted-average common shares outstanding, compared to $163.1 million, or $0.72 per common share, on 227 million weighted-average common shares outstanding, for the same period in 2019.

The $15.1 million of NAREIT FFO for the quarter ended September 30, 2020 includes a $143.3 million write-off of non-cash revenue, a $32.1 million provision for credit losses, $5.1 million of non-cash stock-based compensation expense, a $1.6 million provision for uncollectible accounts and $1.2 million of interest refinancing cost both related to an unconsolidated joint venture, $0.9 million of interest refinancing cost and $0.9 million in severance expense offset by $8.1 million of non-recurring revenue and a $0.3 million recovery on direct financing leases.

The $163.1 million of NAREIT FFO for the quarter ended September 30, 2019 includes a $3.0 million write-off of non-cash revenue (primarily straight-line revenue), $2.9 million of non-cash stock-based compensation expense, $2.0 million of interest refinancing cost related to an unconsolidated joint venture, $0.9 million of acquisition and merger costs and $0.6 million of restructuring costs.

Adjusted FFO was $191.8 million, or $0.82 per common share, for the quarter ended September 30, 2020, compared to $172.5 million, or $0.76 per common share, for the same quarter in 2019.  For further information see the “Funds From Operations” schedule below and on the Company’s website.


2020 THIRD QUARTER PORTFOLIO AND RECENT ACTIVITY

Q3 Portfolio Activity:

$22 Million of New Investments in Q3 2020 – In the third quarter of 2020, the Company invested $22 million in capital renovations and new construction projects.

Asset Sales and Impairments:

$61 Million in Assets Sales – In the third quarter of 2020, the Company sold six facilities and one parcel of land for $61.0 million in cash, recognizing a loss of approximately $0.7 million.  Five of the assets were previously classified as held for sale.

Impairments and Assets Held for Sale – During the third quarter of 2020, the Company recorded a net impairment charge of $28.1 million consisting of $31.6 million of impairment (to reduce the net book values on seven properties to their estimated fair values or expected selling prices) reduced by the recovery of $3.5 million in insurance proceeds (cash from insurance policies on a facility that was previously destroyed and impaired).

As of September 30, 2020, the Company had 13 properties classified as assets held for sale, totaling approximately $35.9 million.

FINANCING ACTIVITIES

Equity Shelf Program and Dividend Reinvestment and Common Stock Purchase Plan – On March 23, 2020, the Company suspended its Dividend Reinvestment and Common Stock Purchase Plan until further notice.  

    

Equity Shelf (At-the-Market) Program for 2020

(in thousands, except price per share)

Q1

Q2

Q3

Year To Date

Number of shares

 

49

-

-

49

Average price per share

$

41.05

$

-

$

-

$

41.05

Gross proceeds

$

2,000

$

-

$

-

$

2,000

    

Dividend Reinvestment and Common Stock Purchase Plan for 2020

(in thousands, except price per share)

Q1

Q2

Q3

Year To Date

Number of shares

 

90

-

-

90

Average price per share

$

41.80

$

-

$

-

$

41.80

Gross proceeds

$

3,747

$

-

$

-

$

3,747

Post Q3 Financing Activity:

$700 Million Senior Notes – On October 9, 2020, the Company issued $700 million aggregate principal amount of its 3.375% Senior Notes due 2031. The notes were sold at a public offering price of 98.249% of their face value before the underwriters’ discount. The Company’s net proceeds from the offering, after deducting underwriting discounts and expenses, were used to partially repay outstanding borrowings under the Company’s revolving credit facility and term loans.


BALANCE SHEET AND LIQUIDITY

As of September 30, 2020, the Company had $5.3 billion of outstanding indebtedness with a weighted-average annual interest rate of 4.1%.  The Company’s indebtedness consisted of an aggregate principal amount of $3.9 billion of senior unsecured notes, $804.3 million of unsecured term loans, $371.4 million of secured debt and $170.7 million of borrowings outstanding under its unsecured revolving credit facility.  Total cash and cash equivalents were $36.0 million as of September 30, 2020, and the Company had $1.0 billion of undrawn capacity on its unsecured credit facility revolver.

CFO COMMENTS

Bob Stephenson, Omega’s Chief Financial Officer, commented, “On September 24, we announced our decision to no longer record lease-related revenue on a straight-line basis for operators that have recently reported a substantial doubt regarding their ability to continue as a going concern impacted our reportable revenue and earnings. Lease accounting rules require the write-down of previously recorded straight-line receivables to be recorded against revenue. Our revenue for Q3 was $119 million, which was negatively impacted by one-time charges, on a net basis of $135 million.  Absent these one-time charges, Q3 revenue would have been substantially the same as our Q2 revenue of $254 million.”

Mr. Stephenson continued, “In October, we continued to improve our balance sheet with a $700 million bond offering.  We were able to repay approximately $700 million of variable rate debt maturing in the next two years with 10-year fixed rate paper reducing our September 30, 2020 variable rate debt balance to approximately $291 million.  The 3.375% coupon was the lowest 10-year coupon ever issued by Omega.”

DIVIDENDS

On October 22, 2020, the Board of Directors declared a common stock dividend of $0.67 per share, to be paid November 16, 2020 to common stockholders of record as of the close of business on November 2, 2020.

2020 GUIDANCE

Given the uncertainty related to the COVID-19 pandemic, its impact on the financial performance of the Company’s operators and the extent of future necessary government support to the operators, 2020 earnings guidance was previously withdrawn.

CONFERENCE CALL

The Company will be conducting a conference call on Friday, October 30, 2020 at 10 a.m. Eastern time to review the Company’s 2020 third quarter results and current developments.  Analysts and investors within the United States interested in participating are invited to call (877) 511-2891.  The Canadian toll-free dial-in number is (855) 669-9657.  All other international participants may use the dial-in number (412) 902-4140.  Ask the operator to be connected to the “Omega Healthcare’s Third Quarter 2020 Earnings Call.”

To listen to the conference call via webcast, log on to www.omegahealthcare.com and click the “earnings call” icon on the Company’s home page.  Webcast replays of the call will be available on the Company’s website for two weeks following the call.

* * * * * *

Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities.  Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the US, as well as in the UK.


FOR FURTHER INFORMATION, CONTACT

Matthew Gourmand, SVP, Investor Relations

or

Bob Stephenson, CFO at (410) 427-1700


Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Omega’s or its tenants', operators', borrowers' or managers' expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega's expectations.

Omega’s actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega’s properties, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels; (ii) the impact of  novel coronavirus (“COVID-19”) on our business and the business of our operators, including without limitation, the extent and duration of the COVID-19 pandemic, increased costs experienced by operators of SNFs and assisted living facilities (“ALFs”) in connection therewith, and the extent to which continued government support may be available to operators to offset such costs and the conditions related thereto; (iii) the ability of any of Omega’s operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega’s mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor’s obligations, and other costs and uncertainties associated with operator bankruptcies; (iv) Omega’s ability to re-lease, otherwise transition or sell underperforming assets on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (v) the availability and cost of capital to us; (vi) changes in Omega’s credit ratings and the ratings of its debt securities; (vii) competition in the financing of healthcare facilities; (viii) competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs; (ix) additional regulatory and other changes in the healthcare sector; (x) changes in the financial position of our operators; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) changes in interest rates; (xiii) the timing, amount and yield of any additional investments; (xiv) changes in tax laws and regulations affecting real estate investment trusts (“REITs”); (xv) the potential impact of changes in the SNF and ALF market or local real estate conditions on the Company’s ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to redeploy the proceeds therefrom on favorable terms; (xvi) Omega’s ability to maintain its status as a REIT; (xvii) the effect of other factors affecting our business or the businesses of our operators that are beyond our or their control, including natural disasters, other health crises or pandemics and governmental action; particularly in the healthcare industry, and (xviii) other factors identified in Omega’s filings with the SEC.  Statements regarding future events and developments and Omega’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward looking statements.

We caution you that the foregoing list of important factors may not contain all the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.


OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

September 30, 

December 31, 

    

2020

    

2019

(Unaudited)

ASSETS

Real estate properties

Real estate investments

$

8,779,962

$

8,985,994

Less accumulated depreciation

 

(1,974,038)

 

(1,787,425)

Real estate investments – net

 

6,805,924

 

7,198,569

Investments in direct financing leases – net

 

10,858

 

11,488

Mortgage notes receivable – net

 

892,539

 

773,563

 

7,709,321

 

7,983,620

Other investments – net

 

464,503

 

419,228

Investments in unconsolidated joint ventures

 

196,214

 

199,884

Assets held for sale – net

 

35,921

 

4,922

Total investments

 

8,405,959

 

8,607,654

Cash and cash equivalents

 

35,951

 

24,117

Restricted cash

 

4,164

 

9,263

Contractual receivables – net

 

10,757

 

27,122

Other receivables and lease inducements

 

226,413

 

381,091

Goodwill

 

644,084

 

644,415

Other assets

 

71,261

 

102,462

Total assets

$

9,398,589

$

9,796,124

LIABILITIES AND EQUITY

 

  

Revolving line of credit

$

170,667

$

125,000

Term loans – net

 

802,334

 

804,738

Secured borrowings

 

371,351

 

389,680

Senior notes and other unsecured borrowings – net

 

3,828,609

 

3,816,722

Accrued expenses and other liabilities

 

277,596

 

312,040

Deferred income taxes

 

9,618

 

11,350

Total liabilities

 

5,460,175

 

5,459,530

Equity:

 

  

Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 226,980 shares as of September 30, 2020 and 226,631 as of December 31, 2019

 

22,698

 

22,663

Common stock – additional paid-in capital

 

6,001,092

 

5,992,733

Cumulative net earnings

 

2,533,339

 

2,463,436

Cumulative dividends paid

 

(4,763,468)

 

(4,303,546)

Accumulated other comprehensive loss

 

(49,101)

 

(39,858)

Total stockholders’ equity

 

3,744,560

 

4,135,428

Noncontrolling interest

 

193,854

 

201,166

Total equity

 

3,938,414

 

4,336,594

Total liabilities and equity

$

9,398,589

$

9,796,124


OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(in thousands, except per share amounts)

Three Months Ended

 

Nine Months Ended

September 30, 

 

September 30, 

    

2020

    

2019

 

2020

    

2019

Operating revenues

 

  

 

  

  

 

  

Rental income

$

81,207

$

198,977

$

516,735

$

578,993

Real estate tax and ground lease income

 

2,019

 

3,493

 

9,523

 

10,471

Income from direct financing leases

 

258

 

258

 

775

 

777

Mortgage interest income

 

24,013

 

19,796

 

65,378

 

56,762

Other investment income

 

11,286

 

9,989

 

32,870

 

33,036

Miscellaneous income

 

394

 

682

 

3,315

 

2,123

Total operating revenues

 

119,177

 

233,195

 

628,596

 

682,162

Operating expenses

 

  

 

  

 

  

 

  

Depreciation and amortization

 

81,072

 

76,696

 

247,301

 

221,185

General and administrative

 

9,328

 

10,499

 

29,238

 

31,873

Real estate tax and ground lease expense

 

2,489

 

4,263

 

10,534

 

12,699

Stock-based compensation

 

5,122

 

2,921

 

14,380

 

11,031

Acquisition and merger related costs

 

36

 

887

 

62

 

5,072

Impairment on real estate properties

 

28,105

 

3,836

 

43,732

 

9,545

(Recovery) impairment on direct financing leases

 

(324)

 

 

(1,076)

 

7,700

Provision for credit losses

 

32,076

 

 

33,577

 

Total operating expenses

 

157,904

 

99,102

 

377,748

 

299,105

Other operating (loss) income

 

  

 

  

 

  

 

  

(Loss) gain on assets sold – net

 

(749)

 

53,067

 

13,932

 

52,803

Operating (loss) income

 

(39,476)

 

187,160

 

264,780

 

435,860

Other income (expense)

 

  

 

  

 

  

 

  

Interest income and other – net

 

(82)

 

(25)

 

(675)

 

121

Interest expense

 

(51,800)

 

(49,878)

 

(157,332)

 

(146,358)

Interest – amortization of deferred financing costs

 

(2,462)

 

(2,277)

 

(7,384)

 

(6,753)

Interest - refinancing costs

 

(896)

 

 

(896)

 

Realized gain (loss) on foreign exchange

 

19

 

23

 

(50)

 

(146)

Total other expense

 

(55,221)

 

(52,157)

 

(166,337)

 

(153,136)

(Loss) Income before income tax expense and income from unconsolidated joint ventures

 

(94,697)

 

135,003

 

98,443

 

282,724

Income tax expense

 

(763)

 

(483)

 

(2,626)

 

(1,951)

Income from unconsolidated joint ventures

 

1,692

 

8,428

 

4,654

 

10,028

Net (loss) income

 

(93,768)

 

142,948

 

100,471

 

290,801

Net loss (income) attributable to noncontrolling interest

 

2,477

 

(4,208)

 

(2,540)

 

(9,218)

Net (loss) income available to common stockholders

$

(91,291)

$

138,740

$

97,931

$

281,583

Earnings per common share available to common stockholders:

 

  

 

  

 

  

 

  

Basic:

 

  

 

  

 

  

 

  

Net (loss) income available to common stockholders

$

(0.40)

$

0.64

$

0.43

$

1.33

Diluted:

 

  

 

  

 

  

 

  

Net (loss) income

$

(0.40)

$

0.63

$

0.43

$

1.32

Dividends declared per common share

$

0.67

$

0.66

$

2.01

$

1.98


OMEGA HEALTHCARE INVESTORS, INC.

FUNDS FROM OPERATIONS

Unaudited

(in thousands, except per share amounts)

Three Months Ended

 

Nine Months Ended

September 30, 

 

September 30, 

2020

    

2019

 

2020

    

2019

Net (loss) income

$

(93,768)

$

142,948

$

100,471

$

290,801

Add back loss (deduct gain) from real estate dispositions

749

(53,067)

(13,932)

(52,803)

Deduct gain from real estate dispositions of unconsolidated joint ventures

 

(4,483)

 

(9,345)

 

(6,438)

 

(9,345)

Sub-total

 

(97,502)

 

80,536

 

80,101

 

228,653

Elimination of non-cash items included in net income:

 

  

 

  

 

  

 

  

Depreciation and amortization

 

81,072

 

76,696

 

247,301

 

221,185

Depreciation - unconsolidated joint ventures

 

3,379

 

1,841

 

10,561

 

4,888

Add back non-cash provision for impairments on real estate properties

 

28,105

 

3,836

 

43,732

 

9,545

Add back unrealized loss on warrants

 

87

 

184

 

927

 

170

NAREIT funds from operations (“NAREIT FFO”)

$

15,141

$

163,093

$

382,622

$

464,441

Weighted-average common shares outstanding, basic

 

227,507

 

217,818

 

227,393

 

211,315

Restricted stock and PRSUs

 

904

 

1,754

 

1,065

 

1,678

Net forward share contract

 

 

319

 

 

106

Omega OP Units

 

6,168

 

6,622

 

6,078

 

7,072

Weighted-average common shares outstanding, diluted

 

234,579

 

226,513

 

234,536

 

220,171

NAREIT funds from operations available per share

$

0.06

$

0.72

$

1.63

$

2.11

Adjustments to calculate adjusted funds from operations:

 

  

 

  

 

  

 

  

NAREIT FFO

$

15,141

$

163,093

$

382,622

$

464,441

Add back

Uncollectible accounts receivable (1)

 

143,296

 

3,011

 

144,501

 

10,970

Provision for credit losses

 

32,076

 

 

33,577

 

Stock-based compensation expense

 

5,122

 

2,921

 

14,380

 

11,031

Interest refinancing expense

896

896

Severance

 

853

 

 

853

 

Acquisition costs

 

36

 

887

 

62

 

5,072

Restructuring costs

 

 

622

 

 

1,662

Non-recurring lease termination payment

 

 

 

 

1,118

Deduct

Non-recurring revenue

 

(8,113)

 

 

(11,941)

 

(972)

(Recovery) impairment for direct financing leases

 

(324)

 

 

(1,076)

 

7,700

Add back unconsolidated JV related

Uncollectible accounts receivable

 

1,584

 

 

1,584

 

Interest refinancing expense

1,227

2,014

2,425

2,014

Adjusted funds from operations (“AFFO”)

$

191,794

$

172,548

$

567,883

$

503,036

Adjustments to calculate funds available for distribution:

 

  

 

  

 

  

 

  

Non-cash interest expense

$

2,440

$

2,253

$

7,316

$

6,679

Capitalized interest

 

(2,608)

 

(3,281)

 

(9,708)

 

(10,535)

Non-cash revenues

 

(8,288)

 

(14,956)

 

(28,786)

 

(46,765)

Funds available for distribution (“FAD”)

$

183,338

$

156,564

$

536,705

$

452,415


(1)Straight-line accounts receivable write-off recorded as a reduction to Rental income.


NAREIT Funds From Operations (“NAREIT FFO”), Adjusted FFO and Funds Available for Distribution (“FAD”) are non-GAAP financial measures.  For purposes of the Securities and Exchange Commission’s Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that exclude amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the income statement, balance sheet or statement of cash flows (or equivalent statements) of the company, or include amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented.  As used in this press release, GAAP refers to generally accepted accounting principles in the United States of America.  Pursuant to the requirements of Regulation G, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

The Company calculates and reports NAREIT FFO in accordance with the definition and interpretive guidelines issued by the National Association of Real Estate Investment Trusts (“NAREIT”), and consequently, NAREIT FFO is defined as net income (computed in accordance with GAAP), adjusted for the effects of asset dispositions and certain non-cash items, primarily depreciation and amortization and impairments on real estate assets, and after adjustments for unconsolidated partnerships and joint ventures and changes in the fair value of warrants.  Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.  The Company believes that NAREIT FFO, Adjusted FFO and FAD are important supplemental measures of its operating performance.  Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time, while real estate values instead have historically risen or fallen with market conditions.  The term funds from operations was designed by the real estate industry to address this issue.  Funds from operations described herein is not necessarily comparable to funds from operations of other real estate investment trusts, or REITs, that do not use the same definition or implementation guidelines or interpret the standards differently from the Company.

Adjusted FFO is calculated as NAREIT FFO excluding the impact of non-cash stock-based compensation and certain revenue and expense items (e.g., acquisition and merger related costs, provisions for uncollectible accounts, provisions for current expected credit losses, etc.). FAD is calculated as Adjusted FFO less non-cash interest expense and non-cash revenue, such as straight-line rent. The Company believes these measures provide an enhanced measure of the operating performance of the Company’s core portfolio as a REIT. The Company’s computation of Adjusted FFO and FAD may not be comparable to the NAREIT definition of funds from operations or to similar measures reported by other REITs, but the Company believes that they are appropriate measures for this Company.

The Company uses these non-GAAP measures among the criteria to measure the operating performance of its business.  The Company also uses FAD among the performance metrics for performance-based compensation of officers. The Company further believes that by excluding the effect of depreciation, amortization, impairments on real estate assets and gains or losses from sales of real estate, all of which are based on historical costs and which may be of limited relevance in evaluating current performance, funds from operations can facilitate comparisons of operating performance between periods and between other REITs.  The Company offers these measures to assist the users of its financial statements in analyzing its operating performance and not as measures of liquidity or cash flow. These non-GAAP measures are not measures of financial performance under GAAP and should not be considered as measures of liquidity, alternatives to net income or indicators of any other performance measure determined in accordance with GAAP.  Investors and potential investors in the Company’s securities should not rely on these non-GAAP measures as substitutes for any GAAP measure, including net income.


The following tables present selected portfolio information, including operator and geographic concentrations, and lease and loan maturities:

As of September 30, 2020

As of September 30, 2020

    

    

Total

    

    

# of

    

# of

Balance Sheet Data

Total # of

Investment

% of

Operating

Operating

Properties

($000’s)

Investment

Properties (2)

Beds (2)

Real estate investments (1)

 

899

$

8,790,820

 

91

%  

900

 

90,145

Mortgage notes receivable

 

64

 

892,539

 

9

%  

57

 

6,173

 

963

$

9,683,359

 

100

%  

957

 

96,318

Assets held for sale

 

13

 

35,921

 

  

 

  

 

  

Total investments

 

976

$

9,719,280

 

  

 

  

 

  

    

    

Total

    

# of

# of

Investment

Investment Data

Total # of

Investment

% of

Operating

Operating

per Bed

Properties

($000’s)

Investment

Properties (2)

Beds (2)

($000’s)

SNFs/Transitional care

 

833

$

8,060,204

 

83

%  

829

 

88,288

$

91

Senior housing (3)

 

130

 

1,623,155

 

17

%  

128

 

8,030

$

202

 

963

$

9,683,359

 

100

%  

957

 

96,318

$

101

Assets held for sale

 

13

 

35,921

Total investments

 

976

$

9,719,280


(1) Includes one asset under a direct financing lease totaling $10.9 million.

(2) Excludes facilities which are non-operating, closed and/or not currently providing patient services.

(3) Includes ALFs, memory care and independent living facilities.

Revenue Composition ($000’s)

Revenue by Investment Type

Three Months Ended

Nine Months Ended

September 30, 2020

    

September 30, 2020

Rental property (1)

    

$

81,465

    

68

%

$

517,510

    

82

%

Real estate tax and ground lease income

2,019

2

%

9,523

2

%

Mortgage notes

 

24,013

 

20

%

 

65,378

 

10

%

Other investment income and miscellaneous income - net

 

11,680

 

10

%

 

36,185

 

6

%

$

119,177

 

100

%

$

628,596

 

100

%

Revenue by Facility Type

Three Months Ended

Nine Months Ended

    

September 30, 2020

    

September 30, 2020

SNFs/Transitional care

$

77,437

    

64

%

    

$

499,058

    

79

%

Senior housing

 

28,041

 

24

%

 

83,830

 

13

%

Real estate tax and ground lease income

 

2,019

 

2

%

 

9,523

 

2

%

Other

 

11,680

 

10

%

 

36,185

 

6

%

$

119,177

 

100

%

$

628,596

 

100

%


(1) 3rd quarter revenue includes one asset under a direct financing lease totaling $0.3 million and $0.8 million for the three and nine months ended September 30, 2020, respectively.


    

    

2020 Q3

% of Total

Annualized

Annualized

# of

Contractual

Contractual

Rent/Interest Concentration by Operator ($000’s)

Properties (1)

Rent/Interest (1)(2)

Rent/Interest 

Ciena

 

69

$

98,769

 

10.5

%

Consulate

 

80

 

86,248

 

9.2

%

Genesis

 

52

 

62,127

 

6.6

%

CommuniCare

 

44

 

61,204

 

6.5

%

Maplewood (3)

 

15

 

58,701

 

6.2

%

Agemo

 

55

 

51,153

 

5.4

%

Saber

 

47

 

47,896

 

5.1

%

HHC

 

44

 

36,902

 

3.9

%

Guardian

 

35

 

36,075

 

3.8

%

Gulf Coast

 

23

 

28,915

 

3.1

%

Remaining Operators (4)

 

492

 

374,317

 

39.7

%

 

956

$

942,307

 

100.0

%


(1) Excludes properties which are non-operating, closed and/or not currently providing patient services.

(2) Includes mezzanine and term loan interest.

(3) Includes Inspīr Carnegie Hill (f/k/a 2nd Avenue) revenue which is contractually effective 1/1/2020.

(4) Excludes one multi-tenant medical office building.

    

Total # of

Total

% of Total

Geographic Concentration by Investment ($000’s)

Properties (1)

Investment (1)(2)(3)

Investment

Florida

 

129

$

1,402,138

 

14.4

%

Texas

 

117

 

899,786

 

9.3

%

Michigan

 

50

 

667,169

 

6.9

%

Indiana

 

70

 

639,590

 

6.6

%

Ohio

 

53

 

606,049

 

6.2

%

Pennsylvania

 

55

 

589,702

 

6.1

%

California

 

57

 

578,237

 

6.0

%

North Carolina

 

41

 

349,896

 

3.6

%

Virginia

 

22

 

332,790

 

3.4

%

New York (3)

 

1

 

330,327

 

3.4

%

Remaining 30 states

 

311

 

2,894,865

 

29.8

%

 

906

 

9,290,549

 

95.7

%

United Kingdom

 

57

 

417,702

 

4.3

%

 

963

$

9,708,251

 

100.0

%


(1) Excludes 13 properties with total investment of $35.9 million classified as assets held for sale.

(2) Excludes $25 million reserve for credit losses.

(3) Includes Inspīr Carnegie Hill development project.

Operating Lease Expirations & Loan Maturities ($000's) (1)

As of September 30, 2020

Year

Lease (Rent)

Interest Income

Lease (Rent) and Interest Income

% of Total Annualized Contractual Rent/Interest

2020

$

1,493

$

52

$

1,545

 

0.2

%

2021

 

3,543

 

5,956

 

9,499

 

1.0

%

2022

 

37,150

 

274

 

37,424

 

4.0

%

2023

 

5,036

 

905

 

5,941

 

0.6

%

2024

 

36,070

 

2,943

 

39,013

 

4.1

%


(1) Based on annualized 3rd quarter 2020 contractual rent and interest.


The following tables present operator revenue mix, census and coverage data based on information provided by our operators for the indicated periods ended.  We have not independently verified this information, and we are providing this data for informational purposes only.

    

  

Medicare /

 

Operator Revenue Mix (1)

Medicaid

Insurance

Private / Other

Three-months ended June 30, 2020

 

52.4

%  

36.4

%  

11.2

%

Three-months ended March 31, 2020

 

52.6

%  

35.7

%  

11.7

%

Three-months ended December 31, 2019

 

52.7

%  

34.6

%  

12.7

%

Three-months ended September 30, 2019

 

53.4

%  

33.4

%  

13.2

%

Three-months ended June 30, 2019

 

54.2

%  

33.3

%  

12.5

%


(1) Excludes all facilities considered non-core.

Operator Census and Coverage (1)

Coverage Data

    

    

Before

After

Occupancy (2)

Management

Management

Fees (3)

Fees (4)

Twelve-months ended June 30, 2020

 

82.2

%  

1.84x

1.48x

Twelve-months ended March 31, 2020

 

83.6

%  

1.68x

1.32x

Twelve-months ended December 31, 2019

 

83.6

%  

1.64x

1.29x

Twelve-months ended September 30, 2019

 

83.4

%  

1.66x

1.30x

Twelve-months ended June 30, 2019

 

83.3

%  

1.66x

1.30x


(1)

Excludes all properties considered non-core.

(2)

Based on available (operating) beds.

(3)

Represents EBITDARM of our operators, defined as earnings before interest, taxes, depreciation, amortization, Rent expense and management fees for the applicable period, divided by the total Rent payable to the Company by its operators during such period. “Rent” refers to the total monthly rent and mortgage interest due under the Company’s lease and mortgage agreements over the applicable period.

(4)

Represents EBITDAR of our operators, defined as earnings before interest, taxes, depreciation, amortization, and Rent (as defined in footnote 3) expense for the applicable period, divided by the total Rent payable to the Company by its operators during such period. Assumes a management fee of 4%.

The following table presents a debt maturity schedule as of September 30, 2020:

Debt Maturities ($000’s)

Unsecured Debt

Year

Line of Credit and Term Loans (1)(4)

Senior Notes/Other (2)

Sub Notes (3)

Secured Debt

Total Debt Maturities

2020

$

$

$

$

$

2021

 

170,667

 

 

20,000

2,275

 

192,942

2022

 

804,280

 

 

 

804,280

2023

 

 

700,000

 

 

700,000

2024

 

 

400,000

 

 

400,000

2025

 

 

400,000

 

 

400,000

Thereafter

 

 

2,350,000

 

369,076

 

2,719,076

$

974,947

$

3,850,000

$

20,000

$

371,351

$

5,216,298


(1) The Line of Credit and Term Loans exclude $1.1 million of net deferred financing costs and can be extended into 2022. The $804 million is comprised of a: $350 million term loan, £100 million term loan (equivalent to $129 million), $75 million term loan to Omega’s operating partnership, $250 million term loan and excludes $1.9 million net deferred financing costs.

(2) Excludes net discounts and deferred financing costs.

(3) Excludes $0.1 million of fair market valuation adjustments.

(4) On October 7, 2020, the Company issued $700 million 3.375% senior unsecured notes due 2031. Proceeds from the offering were used to repay $683 million of term loan and revolving credit facility borrowings.


The following table presents investment activity:

Investment Activity ($000's)

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2020

Funding by Investment Type

$ Amount

    

%

    

$ Amount

    

%

Real property

$

%

$

25,906

16.0

%

Construction-in-progress

12,633

 

56.7

%

52,231

 

32.2

%

Capital expenditures

 

9,653

 

43.3

%

 

41,012

 

25.3

%

Mortgages

%

43,150

26.5

%

Other

 

 

%

 

 

%

Total

$

22,286

 

100.0

%

$

162,299

 

100.0

%


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OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP MD 1-11316 38-3041398 DE 33-203447-11 36-4796206 303 International Circle, Suite 200 Hunt Valley MD 21030 410 427-1700 false false false false false Common Stock OHI NYSE XML 9 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document and Entity Information
Oct. 29, 2020
Document And Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 29, 2020
Entity Registrant Name OMEGA HEALTHCARE INVESTORS, INC.
Entity Central Index Key 0000888491
Entity Incorporation, State or Country Code MD
Entity File Number 1-11316
Entity Tax Identification Number 38-3041398
Amendment Flag false
Entity Emerging Growth Company false
Entity Address, Address Line One 303 International Circle,
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Hunt Valley
Entity Address, State or Province MD
Entity Address, Postal Zip Code 21030
City Area Code 410
Local Phone Number 427-1700
Title of 12(b) Security Common Stock
Trading Symbol OHI
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Omega OP  
Document And Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 29, 2020
Entity Registrant Name OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP
Entity Central Index Key 0001639315
Entity Incorporation, State or Country Code DE
Entity File Number 33-203447-11
Entity Tax Identification Number 36-4796206
Amendment Flag false
Entity Emerging Growth Company false
Entity Address, Address Line One 303 International Circle,
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Hunt Valley
Entity Address, State or Province MD
Entity Address, Postal Zip Code 21030
City Area Code 410
Local Phone Number 427-1700
Written Communications false
Soliciting Material false
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Pre-commencement Issuer Tender Offer false
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