May 4, 2021 - 10-Q: Quarterly report pursuant to Section 13 or 15(d)

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

OMEGA HEALTHCARE INVESTORS, INC.

(Exact name of registrant as specified in its charter)


Maryland	1-11316	38-3041398
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(IRS Employer Identification No.)

303 International Circle, Suite 200, Hunt Valley, MD 21030

(Address of principal executive offices)

(410) 427-1700

(Registrant’s telephone number, including area code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.


Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ⌧	Accelerated filer ◻	Non-accelerated filer ◻	Smaller reporting company ☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐

No ☒

As of April 29, 2021, there were 235,359,702 shares of common stock outstanding.

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

March 31, 2021


TABLE OF CONTENTS
		Page No.
PART I	Financial Information

Item 1.	Financial Statements of Omega Healthcare Investors, Inc.:
	Consolidated Balance Sheets
	March 31, 2021 (unaudited) and December 31, 2020	2
	Consolidated Statements of Operations (unaudited)
	Three months ended March 31, 2021 and 2020	3
	Consolidated Statements of Comprehensive Income (unaudited)
	Three months ended March 31, 2021 and 2020	4
	Consolidated Statements of Changes in Equity (unaudited)
	Three months ended March 31, 2021 and 2020	5
	Consolidated Statements of Cash Flows (unaudited)
	Three months ended March 31, 2021 and 2020	6
	Notes to Consolidated Financial Statements
	March 31, 2021 (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 4.	Controls and Procedures	47

PART II	Other Information

Item 1.	Legal Proceedings	47

Item 1A.	Risk Factors	47

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49

Item 6.	Exhibits	50

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1 - Financial Statements

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)


	March 31,		December 31,
	2021		2020
	(Unaudited)
ASSETS
Real estate properties
Real estate investments	$	9,261,190	$	8,702,154
Less accumulated depreciation		(2,069,822)		(1,996,914)
Real estate investments – net		7,191,368		6,705,240
Investments in direct financing leases – net		10,757		10,764
Mortgage notes receivable – net		890,068		885,313
		8,092,193		7,601,317
Other investments – net		444,719		467,442
Investments in unconsolidated joint ventures		204,646		200,638
Assets held for sale – net		7,922		81,452
Total investments		8,749,480		8,350,849

Cash and cash equivalents		51,376		163,535
Restricted cash		4,522		4,023
Contractual receivables – net		11,428		10,408
Other receivables and lease inducements		236,669		234,666
Goodwill		651,679		651,737
Other assets		117,648		82,231
Total assets	$	9,822,802	$	9,497,449

LIABILITIES AND EQUITY
Revolving line of credit	$	135,000	$	101,158
Term loans – net		49,914		186,349
Secured borrowings		367,685		369,524
Senior notes and other unsecured borrowings – net		4,855,286		4,512,221
Accrued expenses and other liabilities		256,338		280,824
Deferred income taxes		10,249		10,766
Total liabilities		5,674,472		5,460,842

Equity:
Preferred stock $1.00 par value authorized – 20,000 shares, issued and outstanding - none		—		—
Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 233,386 shares as of March 31, 2021 and 231,199 as of December 31, 2020		23,338		23,119
Common stock – additional paid-in capital		6,226,543		6,152,887
Cumulative net earnings		2,754,713		2,594,735
Cumulative dividends paid		(5,074,432)		(4,916,097)
Accumulated other comprehensive income (loss)		23,230		(12,768)
Total stockholders’ equity		3,953,392		3,841,876
Noncontrolling interest		194,938		194,731
Total equity		4,148,330		4,036,607
Total liabilities and equity	$	9,822,802	$	9,497,449

See notes to consolidated financial statements.

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(in thousands, except per share amounts)


	Three Months Ended
	March 31,
	2021		2020
Revenues
Rental income	$	237,761	$	221,500
Income from direct financing leases		258		258
Mortgage interest income		23,625		19,685
Other investment income		11,652		10,652
Miscellaneous income		472		929
Total revenues		273,768		253,024

Expenses
Depreciation and amortization		84,849		82,643
General and administrative		16,152		15,923
Real estate taxes		2,729		3,666
Acquisition, merger and transition related costs		1,814		(225)
Impairment on real estate properties		28,689		3,639
Recovery on direct financing leases		(553)		—
(Recovery) provision for credit losses		(1,024)		1,486
Interest expense		58,521		55,202
Total expenses		191,177		162,334

Other income (expense)
Other income (expense) – net		231		(804)
Loss on debt extinguishment		(29,670)		—
Gain on assets sold – net		100,342		1,838
Total other income		70,903		1,034

Income before income tax expense and income from unconsolidated joint ventures		153,494		91,724
Income tax expense		(958)		(1,005)
Income from unconsolidated joint ventures		11,830		1,560
Net income		164,366		92,279
Net income attributable to noncontrolling interest		(4,388)		(2,364)
Net income available to common stockholders	$	159,978	$	89,915

Earnings per common share available to common stockholders:
Basic:
Net income available to common stockholders	$	0.69	$	0.40
Diluted:
Net income	$	0.69	$	0.39

See notes to consolidated financial statements.

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

(in thousands)


	Three Months Ended
		March 31,
	2021		2020
Net income	$	164,366	$	92,279
Other comprehensive income (loss):
Foreign currency translation		1,186		(18,771)
Cash flow hedges		35,801		(7,844)
Total other comprehensive income (loss)		36,987		(26,615)
Comprehensive income		201,353		65,664
Comprehensive income attributable to noncontrolling interest		(5,377)		(1,679)
Comprehensive income attributable to common stockholders	$	195,976	$	63,985

See notes to consolidated financial statements.

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended March 31, 2021 and 2020

Unaudited

(in thousands, except per share amounts)


									Accumulated
	Common		Additional		Cumulative				Other		Total
	Stock		Paid-in		Net		Cumulative		Comprehensive		Stockholders’		Noncontrolling		Total
	Par Value		Capital		Earnings		Dividends Paid		Income (Loss)		Equity		Interest		Equity
Balance at December 31, 2020	$	23,119	$	6,152,887	$	2,594,735	$	(4,916,097)	$	(12,768)	$	3,841,876	$	194,731	$	4,036,607
Stock related compensation		2		5,431		—		—		—		5,433		—		5,433
Vesting/exercising of equity compensation plan, net of tax withholdings		13		(2,525)		—		—		—		(2,512)		—		(2,512)
Dividend reinvestment and stock purchase plan		42		15,450		—		—		—		15,492		—		15,492
Equity Shelf Program		162		59,985		—		—		—		60,147		—		60,147
Vesting/exercising of Omega OP Units		—		(4,767)		—		—		—		(4,767)		4,767		—
Common dividends declared ($0.67 per share)		—		—		—		(158,335)		—		(158,335)		—		(158,335)
Conversion and redemption of Omega OP Units to common stock		—		82		—		—		—		82		(82)		—
Omega OP Units distributions		—		—		—		—		—		—		(9,855)		(9,855)
Comprehensive income:
Foreign currency translation		—		—		—		—		1,153		1,153		33		1,186
Cash flow hedges		—		—		—		—		34,845		34,845		956		35,801
Net income		—		—		159,978		—		—		159,978		4,388		164,366
Total comprehensive income																201,353
Balance at March 31, 2021	$	23,338	$	6,226,543	$	2,754,713	$	(5,074,432)	$	23,230	$	3,953,392	$	194,938	$	4,148,330


Balance at December 31, 2019	$	22,663	$	5,992,733	$	2,463,436	$	(4,303,546)	$	(39,858)	$	4,135,428	$	201,166	$	4,336,594
Cumulative effect of accounting change		—		—		(28,028)		—		—		(28,028)		(757)		(28,785)
		22,663		5,992,733		2,435,408		(4,303,546)		(39,858)		4,107,400		200,409		4,307,809
Stock related compensation		—		4,694		—		—		—		4,694		—		4,694
Vesting/exercising of equity compensation plan, net of tax withholdings		9		(3,158)		—		—		—		(3,149)		—		(3,149)
Dividend reinvestment and stock purchase plan		9		3,738		—		—		—		3,747		—		3,747
Equity Shelf Program		5		1,826		—		—		—		1,831		—		1,831
Vesting/exercising of Omega OP Units		—		(2,608)		—		—		—		(2,608)		2,608		—
Common dividends declared ($0.67 per share)		—		—		—		(154,661)		—		(154,661)		—		(154,661)
Conversion and redemption of Omega OP Units to common stock		—		336		—		—		—		336		(336)		—
Omega OP Units distributions		—		—		—		—		—		—		(7,290)		(7,290)
Comprehensive income:
Foreign currency translation		—		—		—		—		(18,288)		(18,288)		(483)		(18,771)
Cash flow hedges		—		—		—		—		(7,642)		(7,642)		(202)		(7,844)
Net income		—		—		89,915		—		—		89,915		2,364		92,279
Total comprehensive income																65,664
Balance at March 31, 2020	$	22,686	$	5,997,561	$	2,525,323	$	(4,458,207)	$	(65,788)	$	4,021,575	$	197,070	$	4,218,645

See notes to consolidated financial statements.

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited (in thousands)


	March 31,
	2021		2020
Cash flows from operating activities
Net income	$	164,366	$	92,279
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		84,849		82,643
Impairment on real estate properties		28,689		3,639
Recovery on direct financing leases		(553)		—
Provision for rental income		2,750		—
(Recovery) provision for credit losses		(1,024)		1,486
Amortization of deferred financing costs and loss on debt extinguishment		32,423		2,461
Accretion of direct financing leases		12		6
Stock-based compensation expense		5,396		4,635
Gain on assets sold – net		(100,342)		(1,838)
Amortization of acquired in-place leases – net		(6,221)		(1,291)
Effective yield payable (receivable) on mortgage notes		311		(87)
Interest paid-in-kind		(1,754)		(1,982)
Loss (income) from unconsolidated joint ventures		72		(951)
Change in operating assets and liabilities – net:
Contractual receivables		(1,020)		(307)
Straight-line rent receivables		(13,459)		(4,784)
Lease inducements		1,168		(13,786)
Other operating assets and liabilities		(19,688)		(23,055)
Net cash provided by operating activities		175,975		139,068
Cash flows from investing activities
Acquisition of real estate		(594,504)		(19,085)
Refund of acquisition deposit		2,500		—
Net proceeds from sale of real estate investments		188,253		18,091
Investments in construction in progress		(9,806)		(27,734)
Proceeds from sale of direct financing lease and related trust		553		—
Placement of mortgage loans		(4,717)		(4,269)
Collection of mortgage principal