Omega Announces Increase in Common Stock Dividend and Declares Regular Quarterly Dividend on Preferred Stock
Dividend Reinvestment and Common Stock Purchase Plan Reinstated
TIMONIUM, Md.--(BUSINESS WIRE)--
Omega Healthcare Investors, Inc. (NYSE: OHI) today announced the Company's Board of Directors declared a common stock dividend of $0.27 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, and declared its regular quarterly dividend for the Company's Series D preferred stock.
The Company's Board of Directors announced today a common stock dividend of $0.27 per share, to be paid May 15, 2007 to common stockholders of record on April 30, 2007. At the date of this release the Company had approximately 67 million outstanding common shares.
The Company's Board of Directors also declared its regular quarterly dividend for the Series D preferred stock, payable May 15, 2007 to preferred stockholders of record on April 30, 2007. Series D preferred stockholders of record on April 30, 2007 will be paid dividends in the approximate amount of $0.52344, per preferred share, respectively, on May 15, 2007. The liquidation preference for the Company's Series D preferred stock is $25.00 per share. Regular quarterly preferred dividends represent dividends for the period February 1, 2007 through April 30, 2007.
Reinstatement of Dividend Reinvestment and Common Stock Purchase Plan
The Company also announced today the reinstatement of its Dividend Reinvestment and Common Stock Purchase Plan (the "Plan") effective immediately for investment beginning May 15, 2007. All participants at the date of the Plan's suspension in October 2006 will be receiving an updated prospectus and a letter from the Company discussing enrollment status and procedures within the next few days. All questions and requests in connection with the Plan should be directed to the Plan's administrator, Computershare, at (800) 519-3111.
Omega is a real estate investment trust investing in and providing financing to the long-term care industry. At December 31, 2006, the Company owned or held mortgages on 239 SNFs and assisted living facilities with approximately 27,302 beds located in 27 states and operated by 32 third-party healthcare operating companies.
This announcement includes forward-looking statements. 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) regulatory and other changes in the healthcare sector, including without limitation, changes in Medicare reimbursement; (iii) changes in the financial position of Omega's operators; (iv) the ability of 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; (v) the availability and cost of capital; (vi) competition in the financing of healthcare facilities; and (vii) Omega's ability to maintain its status as a real estate investment trust and to reach a closing agreement with the Internal Revenue Service with respect to the related party tenant issues described in its Form 10-K filed with the Securities and Exchange Commission on February 23, 2007 ("Form 10-K"), (viii) the impact of the material weakness identified in the management's report on internal control over financial reporting included in its Form 10-K, including expenses that may be incurred in efforts to remediate such weakness and potential additional costs in preparing and finalizing financial statements in view of such material weakness; and (ix) other factors identified in Omega's filings with the Securities and Exchange Commission.
Source: Omega Healthcare Investors, Inc.
Released April 18, 2007