Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 3, 2023

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

Published on August 3, 2023

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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, 2023

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.

YesNo

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).

YesNo

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 31, 2023, there were 244,872,475 shares of common stock outstanding.

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

June 30, 2023

TABLE OF CONTENTS

Page
No.

PART I

Financial Information

Item 1.

Financial Statements of Omega Healthcare Investors, Inc. (Unaudited):

Consolidated Balance Sheets

2

June 30, 2023 and December 31, 2022

Consolidated Statements of Operations

3

Three and six months ended June 30, 2023 and 2022

Consolidated Statements of Comprehensive Income

4

Three and six months ended June 30, 2023 and 2022

Consolidated Statements of Equity

5

Three and six months ended June 30, 2023 and 2022

Consolidated Statements of Cash Flows

7

Six months ended June 30, 2023 and 2022

Notes to Consolidated Financial Statements

8

June 30, 2023

Item 2.

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

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

55

PART II

Other Information

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

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)

June 30, 

December 31, 

2023

2022

(Unaudited)

ASSETS

Real estate assets

Buildings and improvements

$

7,398,122

$

7,347,853

Land

928,318

923,605

Furniture and equipment

499,102

499,902

Construction in progress

107,983

88,904

Total real estate assets

8,933,525

8,860,264

Less accumulated depreciation

 

(2,444,149)

 

(2,322,773)

Real estate assets – net

 

6,489,376

 

 

6,537,491

Investments in direct financing leases – net

 

8,995

 

8,503

Real estate loans receivable – net

 

1,096,806

 

1,042,731

Investments in unconsolidated joint ventures

 

191,667

 

178,920

Assets held for sale

 

1,400

 

9,456

Total real estate investments

7,788,244

7,777,101

Non-real estate loans receivable – net

 

227,916

 

225,281

Total investments

 

8,016,160

 

 

8,002,382

Cash and cash equivalents

 

350,691

 

297,103

Restricted cash

 

5,820

 

3,541

Contractual receivables – net

 

8,837

 

8,228

Other receivables and lease inducements

200,650

177,798

Goodwill

 

643,862

 

643,151

Other assets

 

178,013

 

272,960

Total assets

$

9,404,033

 

$

9,405,163

LIABILITIES AND EQUITY

 

 

 

Revolving credit facility

$

20,342

$

19,246

Secured borrowings

 

360,775

 

366,596

Senior notes and other unsecured borrowings – net

 

4,905,761

 

4,900,992

Accrued expenses and other liabilities

 

304,563

 

315,047

Total liabilities

 

5,591,441

 

 

5,601,881

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 outstanding240,991 shares as of June 30, 2023 and 234,252 shares as of December 31, 2022

 

24,099

23,425

Additional paid-in capital

 

6,526,367

6,314,203

Cumulative net earnings

 

3,534,199

3,438,401

Cumulative dividends paid

 

(6,501,899)

(6,186,986)

Accumulated other comprehensive income

 

41,353

20,325

Total stockholders’ equity

 

3,624,119

 

3,609,368

Noncontrolling interest

 

188,473

193,914

Total equity

 

3,812,592

 

3,803,282

Total liabilities and equity

$

9,404,033

 

$

9,405,163

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

Six Months Ended

June 30, 

June 30, 

2023

2022

2023

2022

Revenues

Rental income

$

219,101

$

211,428

$

408,178

$

428,311

Income from direct financing leases

254

 

256

508

512

Interest income

29,232

 

31,374

57,652

62,517

Miscellaneous income

1,600

 

1,591

2,051

2,624

Total revenues

250,187

 

244,649

468,389

493,964

Expenses

 

Depreciation and amortization

82,018

 

83,207

163,210

165,959

General and administrative

22,158

 

18,775

42,684

35,160

Real estate taxes

3,925

3,717

7,922

7,320

Acquisition, merger and transition related costs

423

 

3,960

1,062

5,473

Impairment on real estate properties

21,114

 

7,695