Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 3, 2022

Documents

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

Published on November 3, 2022

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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☒

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

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For the quarterly period ended September 30, 2022

or

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☐

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

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For the transition period from                           to                           

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OMEGA HEALTHCARE INVESTORS, INC.

(Exact name of registrant as specified in its charter)

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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 October 31, 2022, there were 234,182,805 shares of common stock outstanding.

​

​

​

​

​

​

​

​

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

September 30, 2022

​

​

​

TABLE OF CONTENTS

​

​

Page
No.

PART I

Financial Information

​

​

​

​

Item 1.

Financial Statements of Omega Healthcare Investors, Inc.:

​

​

Consolidated Balance Sheets

2

​

September 30, 2022 (unaudited) and December 31, 2021

​

​

Consolidated Statements of Operations (unaudited)

​

​

Three and Nine months ended September 30, 2022 and 2021

3

​

Consolidated Statements of Comprehensive Income (unaudited)

​

​

Three and Nine months ended September 30, 2022 and 2021

4

​

Consolidated Statements of Equity (unaudited)

​

​

Three and Nine months ended September 30, 2022 and 2021

5

​

Consolidated Statements of Cash Flows (unaudited)

​

​

Nine months ended September 30, 2022 and 2021

7

​

Notes to Consolidated Financial Statements

​

​

September 30, 2022 (unaudited)

8

​

​

​

Item 2.

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

35

​

​

​

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

53

​

​

​

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

54

​

​

​

Item 6.

Exhibits

55

​

​

​

​

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, 

​

    

2022

    

2021

​

​

(Unaudited)

​

​

​

ASSETS

​

​

​

​

​

Real estate assets

 

​

  

 

​

  

Buildings and improvements

​

$

7,217,231

 

$

7,448,126

Land

​

​

908,424

​

​

916,328

Furniture and equipment

​

​

498,473

​

​

511,271

Construction in progress

​

​

84,884

​

​

74,062

Total real estate assets

​

​

8,709,012

​

​

8,949,787

Less accumulated depreciation

​

 

(2,246,659)

 

 

(2,160,696)

Real estate assets – net

​

 

6,462,353

 

 

6,789,091

Investments in direct financing leases – net

​

 

10,560

 

 

10,873

Mortgage notes receivable – net

​

 

669,533

 

 

835,086

​

​

​

7,142,446

​

​

7,635,050

Other investments – net

​

 

608,190

 

 

469,884

Investments in unconsolidated joint ventures

​

 

176,556

 

 

194,687

Assets held for sale

​

 

190,723

 

 

261,151

Total investments

​

 

8,117,915

 

 

8,560,772

​

​

​

​

​

​

​

Cash and cash equivalents

​

 

134,855

 

 

20,534

Restricted cash

​

 

3,323

 

 

3,877

Contractual receivables – net

​

 

9,945

 

 

11,259

Other receivables and lease inducements

​

​

266,890

​

​

251,815

Goodwill

​

 

648,948

 

 

651,417

Other assets

​

 

293,829

 

 

138,804

Total assets

​

$

9,475,705

 

$

9,638,478

​

​

​

​

​

​

​

LIABILITIES AND EQUITY

​

 

  

 

 

  

Revolving credit facility

​

$

17,861

 

$

—

Secured borrowings

​

 

368,405

 

 

362,081

Senior notes and other unsecured borrowings – net

​

 

4,898,609

 

 

4,891,455

Accrued expenses and other liabilities

​

 

295,454

 

 

276,716

Total liabilities

​

 

5,580,329

 

 

5,530,252

​

​

​

​

​

​

​

Equity:

​

 

  

 

​

  

Preferred stock $1.00 par value authorized – 20,000 shares, issued and outstanding – none

​

​

—

​

​

—

Common stock $0.10 par value authorized – 350,000 shares, issued and outstanding – 234,176 shares as of September 30, 2022 and 239,061 shares as of December 31, 2021

​

 

23,417

 

​

23,906

Additional paid-in capital

​

 

6,305,089

 

​

6,427,566

Cumulative net earnings

​

 

3,392,822

 

​

3,011,474

Cumulative dividends paid

​

 

(6,029,603)

 

​

(5,553,908)

Accumulated other comprehensive income (loss)

​

 

6,243

 

​

(2,200)

Total stockholders’ equity

​

 

3,697,968

 

​

3,906,838

Noncontrolling interest

​

 

197,408

 

​

201,388

Total equity

​

 

3,895,376

 

​

4,108,226

Total liabilities and equity

​

$

9,475,705

 

$

9,638,478

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, 

​

​

    

2022

    

2021

    

​

2022

    

2021

    

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rental income

​

$

207,588

​

$

247,164

 

​

$

635,899

​

$

705,880

​

Income from direct financing leases

​

 

256

​

 

257

 

​

 

768

​

 

772

​

Mortgage interest income

​

 

17,234

​

 

23,047

 

​

 

57,380

​

 

70,693

​

Other investment income

​

 

14,110

​

 

10,780

 

​

 

36,481

​

 

34,245

​

Miscellaneous income

​

 

242

​

 

424

 

​

 

2,866

​

 

1,270

​

Total revenues

​

 

239,430

​

 

281,672

 

​

 

733,394

​

 

812,860

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

 

  

​

 

  

 

​

 

  

​

 

  

​

Depreciation and amortization

​

 

82,709

​

 

86,097

 

​

 

248,668

​

 

256,745

​

General and administrative

​

 

18,242

​

 

15,372

 

​

 

53,402

​

 

46,724

​

Real estate taxes

​

​

4,175

​

​

3,272

​

​

​

11,495

​

​

9,002

​

Acquisition, merger and transition related costs

​

 

185

​

 

—

 

​

 

5,658

​

 

1,814

​

Impairment on real estate properties

​

 

10,015

​

 

4,942

 

​

 

21,221

​

 

42,453

​

Recovery on direct financing leases

​

 

—

​

 

—

 

​

 

—

​

 

(717)

​

Provision for credit losses

​

 

4,106

​

 

25,511

 

​

 

4,367

​

 

28,023

​

Interest expense

​

 

58,238

​

 

58,979

 

​

 

174,755

​

 

176,379

​

Total expenses

​

 

177,670

​

 

194,173

 

​

 

519,566

​

 

560,423

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense)

​

 

​

​

 

  

 

​

 

​

​

 

  

​

Other (expense) income – net

​

 

(176)

​

 

(767)

 

​

 

(5,038)

​

 

4

​

Loss on debt extinguishment

​

 

(376)

​

 

(642)

 

​

 

(389)

​

 

(30,707)

​

Gain on assets sold – net

​

​

40,930

​

​

56,169

​

​

​

179,747

​

​

160,634

​

Total other income

​

 

40,378

​

 

54,760

 

​

 

174,320

​

 

129,931

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax expense and income from unconsolidated joint ventures

​

 

102,138

​

 

142,259

 

​

 

388,148

​

 

382,368

​

Income tax expense

​

 

(1,191)

​

 

(976)

 

​

 

(3,535)

​

 

(2,873)

​

Income from unconsolidated joint ventures

​

 

4,117

​

 

1,552

 

​

 

7,522

​

 

14,569

​

Net income

​

 

105,064

​

 

142,835

 

​

 

392,135

​

 

394,064

​

Net income attributable to noncontrolling interest

​

 

(2,790)

​

 

(3,888)

 

​

 

(10,787)

​

 

(10,616)

​

Net income available to common stockholders

​

$

102,274

​

$

138,947

 

​

$

381,348

​

$

383,448

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per common share available to common stockholders:

​

 

  

​

 

  

 

​

 

  

​

 

  

​

Basic:

​

 

  

​

 

  

 

​

 

  

​

 

​

​

Net income available to common stockholders

​

$

0.44

​

$

0.58

 

​

$

1.61

​

$

1.62

​

Diluted:

​

 

  

​

 

  

 

​

 

  

​

 

  

​

Net income

​

$

0.43

​

$

0.58

 

​

$

1.60

​

$

1.62

​

​

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, 

​

    

2022

    

2021

    

2022

    

2021

Net income

​

$

105,064

​

$

142,835

​

$

392,135

​

$

394,064

Other comprehensive income (loss):

​

 

​

​

 

  

​

 

​

​

 

  

Foreign currency translation

​

 

(14,753)

​

 

(5,027)

​

 

(47,903)

​

 

(2,901)

Cash flow hedges

​

 

17,573

​

 

1,895

​

 

56,595

​

 

17,529

Total other comprehensive income (loss)

​

 

2,820

​

 

(3,132)

​

 

8,692

​

 

14,628

Comprehensive income

​

 

107,884

​

 

139,703

​

 

400,827

​

 

408,692

Comprehensive income attributable to noncontrolling interest

​

 

(2,868)

​

 

(3,803)

​

 

(11,036)

​

 

(11,000)

Comprehensive income attributable to common stockholders

​

$

105,016

​

$

135,900

​

$

389,791

​

$

397,692

​

See notes to consolidated financial statements.

​

​

4

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

Three Months Ended September 30, 2022 and 2021

Unaudited

(in thousands, except per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

Common

​

Additional

​

Cumulative

​

Cumulative

​

Other

​

Total

​

​

​

​

​

​

Stock

​

Paid-in

​

Net

​

Dividends

​

Comprehensive

​

Stockholders’

​

Noncontrolling

​

Total

​

    

Par Value

    

Capital

    

Earnings

    

Paid

    

Income (Loss)

    

Equity

    

Interest

    

Equity

Balance at June 30, 2022

​

$

23,410

​

$

6,295,907

​

$

3,290,548

​

$

(5,872,269)

​

$

3,501

​

$

3,741,097

​

$

199,615

​

$

3,940,712

Stock related compensation

​

​

—

​

​

6,855

​

​

—

​

​

—

​

​

—

​

​

6,855

​

​

—

​

​

6,855

Issuance of common stock

​

​

7

​

​

2,327

​

​

—

​

​

—

​

​

—

​

​

2,334

​

​

—

​

​

2,334

Common dividends declared ($0.67 per share)

​

​

—

​

​

—

​

​

—

​

​

(157,334)

​

​

—

​

​

(157,334)

​

​

—

​

​

(157,334)

Omega OP Units distributions

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(5,080)

​

​

(5,080)

Capital contribution from noncontrolling interest holder in consolidated JV

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

​

​

5

Other comprehensive income

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,742

​

​

2,742

​

​

78

​

​

2,820

Net income

​

​

—

​

​

—

​

​

102,274

​

​

—

​

​

—

​

​

102,274

​

​

2,790

​

​

105,064

Balance at September 30, 2022

​

$

23,417

​

$

6,305,089

​

$

3,392,822

​

$

(6,029,603)

​

$

6,243

​

$

3,697,968

​

$

197,408

​

$

3,895,376

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

​

​

—

​

​

—

​

​

—

​

​

(