Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 3, 2021

10-Q: Quarterly report pursuant to Section 13 or 15(d)

Published on August 3, 2021

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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 June 30, 2021

or

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 July 29, 2021, there were 238,875,381 shares of common stock outstanding.

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

June 30, 2021

TABLE OF CONTENTS

Page
No.

PART I

Financial Information

Item 1.

Financial Statements of Omega Healthcare Investors, Inc.:

Consolidated Balance Sheets

June 30, 2021 (unaudited) and December 31, 2020

2

Consolidated Statements of Operations (unaudited)

Three and Six months ended June 30, 2021 and 2020

3

Consolidated Statements of Comprehensive Income (unaudited)

Three and Six months ended June 30, 2021 and 2020

4

Consolidated Statements of Changes in Equity (unaudited)

Three and Six months ended June 30, 2021 and 2020

5

Consolidated Statements of Cash Flows (unaudited)

Six months ended June 30, 2021 and 2020

7

Notes to Consolidated Financial Statements

June 30, 2021 (unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

47

PART II

Other Information

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 5.

Other Information

50

Item 6.

Exhibits

52

PART I – FINANCIAL INFORMATION

Item 1 - Financial Statements

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

    

June 30, 

    

December 31, 

    

2021

    

2020

(Unaudited)

ASSETS

Real estate properties

 

  

 

  

Real estate investments

$

9,228,332

 

$

8,702,154

Less accumulated depreciation

 

(2,139,100)

 

 

(1,996,914)

Real estate investments – net

 

7,089,232

 

 

6,705,240

Investments in direct financing leases – net

 

10,807

 

 

10,764

Mortgage notes receivable – net

 

857,162

 

 

885,313

7,957,201

7,601,317

Other investments – net

 

458,664

 

 

467,442

Investments in unconsolidated joint ventures

 

197,912

 

 

200,638

Assets held for sale

 

35,335

 

 

81,452

Total investments

 

8,649,112

 

 

8,350,849

Cash and cash equivalents

 

100,824

 

 

163,535

Restricted cash

 

3,736

 

 

4,023

Contractual receivables – net

 

10,948

 

 

10,408

Other receivables and lease inducements

229,509

234,666

Goodwill

 

651,697

 

 

651,737

Other assets

 

113,228

 

 

82,231

Total assets

$

9,759,054

 

$

9,497,449

LIABILITIES AND EQUITY

 

  

 

 

  

Revolving credit facility

$

 

$

101,158

Secured borrowings

 

365,831

 

 

369,524

Senior notes and other unsecured borrowings – net

 

4,906,734

 

 

4,698,570

Accrued expenses and other liabilities

 

266,818

 

 

280,824

Deferred income taxes

 

9,645

 

 

10,766

Total liabilities

 

5,549,028

 

 

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 outstanding237,570 shares as of June 30, 2021 and 231,199 as of December 31, 2020

 

23,756

 

23,119

Additional paid-in capital

 

6,377,238

 

6,152,887

Cumulative net earnings

 

2,839,236

 

2,594,735

Cumulative dividends paid

 

(5,232,692)

 

(4,916,097)

Accumulated other comprehensive income (loss)

 

4,523

 

(12,768)

Total stockholders’ equity

 

4,012,061

 

3,841,876

Noncontrolling interest

 

197,965

 

194,731

Total equity

 

4,210,026

 

4,036,607

Total liabilities and equity

$

9,759,054

 

$

9,497,449

See notes to consolidated financial statements.

2

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(in thousands, except per share amounts)

r

 

Three Months Ended

Six Months Ended

 

    

June 30, 

    

June 30, 

    

2021

    

2020

    

2021

    

2020

    

Revenues

Rental income

$

220,955

$

221,532

 

$

458,716

$

443,032

Income from direct financing leases

 

257

 

259

 

 

515

 

517

Mortgage interest income

 

24,021

 

21,680

 

 

47,646

 

41,365

Other investment income

 

11,813

 

10,932

 

 

23,465

 

21,584

Miscellaneous income

 

374

 

1,992

 

 

846

 

2,921

Total revenues

 

257,420

 

256,395

 

 

531,188

 

509,419

Expenses

 

  

 

  

 

 

  

 

  

Depreciation and amortization

 

85,799

 

83,586

 

 

170,648

 

166,229

General and administrative

 

15,200

 

13,969

 

 

31,352

 

29,892

Real estate taxes

3,001

3,655

5,730

7,321

Acquisition, merger and transition related costs

 

 

251

 

 

1,814

 

26

Impairment on real estate properties

 

8,822

 

11,988

 

 

37,511

 

15,627

Recovery on direct financing leases

 

(164)

 

(752)

 

 

(717)

 

(752)

Provision for credit losses

 

3,536

 

15

 

 

2,512

 

1,501

Interest expense

 

58,879

 

55,252

 

 

117,400

 

110,454

Total expenses

 

175,073

 

167,964

 

 

366,250

 

330,298

Other income (expense)

 

 

  

 

 

 

  

Other income (expense) – net

 

540

 

142

 

 

771

 

(662)

Loss on debt extinguishment

 

(395)

 

 

 

(30,065)

 

Gain on assets sold – net

4,123

12,843

104,465

14,681

Total other income

 

4,268

 

12,985

 

 

75,171

 

14,019

Income before income tax expense and income from unconsolidated joint ventures

 

86,615

 

101,416

 

 

240,109

 

193,140

Income tax expense

 

(939)

 

(858)

 

 

(1,897)

 

(1,863)

Income from unconsolidated joint ventures

 

1,187

 

1,402

 

 

13,017

 

2,962

Net income

 

86,863

 

101,960

 

 

251,229

 

194,239

Net income attributable to noncontrolling interest

 

(2,340)

 

(2,653)

 

 

(6,728)

 

(5,017)

Net income available to common stockholders

$

84,523

$

99,307

 

$

244,501

$

189,222

Earnings per common share available to common stockholders:

 

  

 

  

 

 

  

 

  

Basic:

 

  

 

  

 

 

  

 

Net income available to common stockholders

$

0.36

$

0.44

 

$

1.04

$

0.83

Diluted:

 

  

 

  

 

 

  

 

  

Net income

$

0.36

$

0.43

 

$

1.04

$

0.83

See notes to consolidated financial statements.

3

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

(in thousands)

Three Months Ended

Six Months Ended

    

June 30, 

    

June 30, 

    

2021

    

2020

    

2021

    

2020

    

Net income

$

86,863

$

101,960

$

251,229

$

194,239

Other comprehensive income (loss):

 

 

  

 

 

  

Foreign currency translation

 

940

 

(972)

 

2,126

 

(19,743)

Cash flow hedges

 

(20,167)

 

513

 

15,634

 

(7,331)

Total other comprehensive income (loss)

 

(19,227)

 

(459)

 

17,760

 

(27,074)

Comprehensive income

 

67,636

 

101,501

 

268,989

 

167,165

Comprehensive income attributable to noncontrolling interest

 

(1,820)

 

(2,641)

 

(7,197)

 

(4,320)

Comprehensive income attributable to common stockholders

$

65,816

$

98,860

$

261,792

$

162,845

See notes to consolidated financial statements.

4

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended June 30, 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 March 31, 2021

$

23,338

$

6,226,543

$

2,754,713

$

(5,074,432)

$

23,230

$

3,953,392

$

194,938

$

4,148,330

Stock related compensation

5,847

5,847

5,847

Issuance of common stock

418

151,180

151,598

151,598

Common dividends declared ($0.67 per share)

(158,260)

(158,260)

(158,260)

Vesting/exercising of Omega OP Units

(6,603)

(6,603)

6,603

Conversion and redemption of Omega OP Units to common stock

271

271

(271)

Omega OP Units distributions

(5,125)

(5,125)

Other comprehensive loss

(18,707)

(18,707)

(520)

(19,227)

Net income

84,523

84,523

2,340

86,863

Balance at June 30, 2021

$

23,756

$

6,377,238

$

2,839,236

$

(5,232,692)

$

4,523

$

4,012,061

$

197,965

$

4,210,026

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

Stock related compensation

4,623

4,623

4,623

Issuance of common stock

5

(200)

(195)

(195)

Common dividends declared ($0.67 per share)

(152,621)

(152,621)

(152,621)

Vesting/exercising of Omega OP Units