Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 5, 2021

Documents

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

Published on November 5, 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 September 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 November 2, 2021, there were 238,974,122 shares of common stock outstanding.

​

​

​

​

​

​

​

​

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

September 30, 2021

​

​

​

TABLE OF CONTENTS

​

​

Page
No.

PART I

Financial Information

​

​

​

​

Item 1.

Financial Statements of Omega Healthcare Investors, Inc.:

​

​

Consolidated Balance Sheets

​

​

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

2

​

Consolidated Statements of Operations (unaudited)

​

​

Three and Nine months ended September 30, 2021 and 2020

3

​

Consolidated Statements of Comprehensive Income (unaudited)

​

​

Three and Nine months ended September 30, 2021 and 2020

4

​

Consolidated Statements of Changes in Equity (unaudited)

​

​

Three and Nine months ended September 30, 2021 and 2020

5

​

Consolidated Statements of Cash Flows (unaudited)

​

​

Nine months ended September 30, 2021 and 2020

7

​

Notes to Consolidated Financial Statements

​

​

September 30, 2021 (unaudited)

8

​

​

​

Item 2.

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

33

​

​

​

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

​

​

​

Item 4.

Controls and Procedures

53

​

​

​

PART II

Other Information

​

​

​

​

Item 1.

Legal Proceedings

53

​

​

​

Item 1A.

Risk Factors

53

​

​

​

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

​

​

​

Item 6.

Exhibits

57

​

​

​

​

PART I – FINANCIAL INFORMATION

Item 1 - Financial Statements

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

    

2021

    

2020

​

​

(Unaudited)

​

​

​

ASSETS

​

​

​

​

​

Real estate properties

 

​

  

 

​

  

Real estate investments

​

$

9,268,967

 

$

8,702,154

Less accumulated depreciation

​

 

(2,174,546)

 

 

(1,996,914)

Real estate investments – net

​

 

7,094,421

 

 

6,705,240

Investments in direct financing leases – net

​

 

10,762

 

 

10,764

Mortgage notes receivable – net

​

 

873,737

 

 

885,313

​

​

​

7,978,920

​

​

7,601,317

Other investments – net

​

 

434,028

 

 

467,442

Investments in unconsolidated joint ventures

​

 

193,741

 

 

200,638

Assets held for sale

​

 

21,528

 

 

81,452

Total investments

​

 

8,628,217

 

 

8,350,849

​

​

​

​

​

​

​

Cash and cash equivalents

​

 

102,664

 

 

163,535

Restricted cash

​

 

3,341

 

 

4,023

Contractual receivables – net

​

 

16,658

 

 

10,408

Other receivables and lease inducements

​

​

236,964

​

​

234,666

Goodwill

​

 

651,354

 

 

651,737

Other assets

​

 

140,751

 

 

82,231

Total assets

​

$

9,779,949

 

$

9,497,449

​

​

​

​

​

​

​

LIABILITIES AND EQUITY

​

 

  

 

 

  

Revolving credit facility

​

$

—

 

$

101,158

Secured borrowings

​

 

363,963

 

 

369,524

Senior notes and other unsecured borrowings – net

​

 

4,909,090

 

 

4,698,570

Accrued expenses and other liabilities

​

 

260,630

 

 

280,824

Deferred income taxes

​

 

8,798

 

 

10,766

Total liabilities

​

 

5,542,481

 

 

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 – 238,939 shares as of September 30, 2021 and 231,199 as of December 31, 2020

​

 

23,893

 

​

23,119

Additional paid-in capital

​

 

6,425,720

 

​

6,152,887

Cumulative net earnings

​

 

2,978,183

 

​

2,594,735

Cumulative dividends paid

​

 

(5,393,284)

 

​

(4,916,097)

Accumulated other comprehensive income (loss)

​

 

1,476

 

​

(12,768)

Total stockholders’ equity

​

 

4,035,988

 

​

3,841,876

Noncontrolling interest

​

 

201,480

 

​

194,731

Total equity

​

 

4,237,468

 

​

4,036,607

Total liabilities and equity

​

$

9,779,949

 

$

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)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Three Months Ended

​

Nine Months Ended

 

​

    

September 30, 

    

September 30, 

​

​

    

2021

    

2020

    

2021

    

2020

    

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

Rental income

​

$

247,164

​

$

83,226

 

$

705,880

​

$

526,258

​

Income from direct financing leases

​

 

257

​

 

258

 

 

772

​

 

775

​

Mortgage interest income

​

 

23,047

​

 

24,013

 

 

70,693

​

 

65,378

​

Other investment income

​

 

10,780

​

 

11,286

 

 

34,245

​

 

32,870

​

Miscellaneous income

​

 

424

​

 

394

 

 

1,270

​

 

3,315

​

Total revenues

​

 

281,672

​

 

119,177

 

 

812,860

​

 

628,596

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

 

  

​

 

  

 

 

  

​

 

  

​

Depreciation and amortization

​

 

86,097

​

 

81,072

 

 

256,745

​

 

247,301

​

General and administrative

​

 

15,372

​

 

14,812

 

 

46,724

​

 

44,704

​

Real estate taxes

​

​

3,272

​

​

2,127

​

​

9,002

​

​

9,448

​

Acquisition, merger and transition related costs

​

 

—

​

 

36

 

 

1,814

​

 

62

​

Impairment on real estate properties

​

 

4,942

​

 

28,105

 

 

42,453

​

 

43,732

​

Recovery on direct financing leases

​

 

—

​

 

(324)

 

 

(717)

​

 

(1,076)

​

Provision for credit losses

​

 

25,511

​

 

32,076

 

 

28,023

​

 

33,577

​

Interest expense

​

 

58,979

​

 

54,262

 

 

176,379

​

 

164,716

​

Total expenses

​

 

194,173

​

 

212,166

 

 

560,423

​

 

542,464

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense)

​

 

​

​

 

  

 

 

​

​

 

  

​

Other (expense) income – net

​

 

(767)

​

 

(63)

 

 

4

​

 

(725)

​

Loss on debt extinguishment

​

 

(642)

​

 

(896)

 

 

(30,707)

​

 

(896)

​

Gain (loss) on assets sold – net

​

​

56,169

​

​

(749)

​

​

160,634

​

​

13,932

​

Total other income (expense)

​

 

54,760

​

 

(1,708)

 

 

129,931

​

 

12,311

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

 

142,259

​

 

(94,697)

 

 

382,368

​

 

98,443

​

Income tax expense

​

 

(976)

​

 

(763)

 

 

(2,873)

​

 

(2,626)

​

Income from unconsolidated joint ventures

​

 

1,552

​

 

1,692

 

 

14,569

​

 

4,654

​

Net income (loss)

​

 

142,835

​

 

(93,768)

 

 

394,064

​

 

100,471

​

Net (income) loss attributable to noncontrolling interest

​

 

(3,888)

​

 

2,477

 

 

(10,616)

​

 

(2,540)

​

Net income (loss) available to common stockholders

​

$

138,947

​

$

(91,291)

 

$

383,448

​

$

97,931

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per common share available to common stockholders:

​

 

  

​

 

  

 

 

  

​

 

  

​

Basic:

​

 

  

​

 

  

 

 

  

​

 

​

​

Net income (loss) available to common stockholders

​

$

0.58

​

$

(0.40)

 

$

1.62

​

$

0.43

​

Diluted:

​

 

  

​

 

  

 

 

  

​

 

  

​

Net income (loss)

​

$

0.58

​

$

(0.40)

 

$

1.62

​

$

0.43

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

See notes to consolidated financial statements.

​

3

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

Nine Months Ended

​

​

    

​

September 30, 

    

​

September 30, 

​

​

    

2021

    

2020

    

2021

    

2020

    

Net income (loss)

​

$

142,835

​

$

(93,768)

​

$

394,064

​

$

100,471

​

Other comprehensive (loss) income:

​

 

​

​

 

  

​

 

​

​

 

  

​

Foreign currency translation

​

 

(5,027)

​

 

11,874

​

 

(2,901)

​

 

(7,869)

​

Cash flow hedges

​

 

1,895

​

 

5,723

​

 

17,529

​

 

(1,608)

​

Total other comprehensive (loss) income

​

 

(3,132)

​

 

17,597

​

 

14,628

​

 

(9,477)

​

Comprehensive income (loss)

​

 

139,703

​

 

(76,171)

​

 

408,692

​

 

90,994

​

Comprehensive (income) loss attributable to noncontrolling interest

​

 

(3,803)

​

 

2,014

​

 

(11,000)

​

 

(2,306)

​

Comprehensive income (loss) attributable to common stockholders

​

$

135,900

​

$

(74,157)

​

$

397,692

​

$

88,688

​

​

See notes to consolidated financial statements.

​

​

4

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended September 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 June 30, 2021

​

$

23,756

​

$

6,377,238

​

$

2,839,236

​

$

(5,232,692)

​

$

4,523

​

$

4,012,061

​

$

197,965

​

$

4,210,026

Stock related compensation

​

​

—

​

​

5,750

​

​

—

​

​

—

​

​

—

​

​

5,750

​

​

—

​

​

5,750

Issuance of common stock

​

​

134

​

​

47,572

​

​

—

​

​

—

​

​

​

​

​

47,706

​

​

—

​

​

47,706

Common dividends declared ($0.67 per share)

​

​

—

​

​

—

​

​

—

​

​

(160,592)

​

​

—

​

​

(160,592)

​

​

—

​

​

(160,592)

Vesting/exercising of Omega OP Units

​

​

—

​

​

(5,596)

​

​

—

​

​

—

​

​

—

​

​

(5,596)

​

​

5,596

​

​

—

Conversion and redemption of Omega OP Units to common stock

​

​

3

​

​

756

​

​

—

​

​

—

​

​

—

​

​

759

​

​

(759)

​

​

—

Omega OP Units distributions

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(5,125)

​

​

(5,125)

Other comprehensive loss

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,047)

​

​

(3,047)

​

​

(85)

​

​

(3,132)

Net income

​

​

—

​

​

—

​

​

138,947

​

​

—

​

​

—

​

​

138,947

​

​

3,888

​

​

142,835

Balance at September 30, 2021

​

$

23,893

​

$

6,425,720

​

$

2,978,183

​

$

(5,393,284)

​

$

1,476

​

$

4,035,988