Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 31, 2024

Documents

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

Published on October 31, 2024

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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, 2024

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 October 28, 2024, there were 269,948,298 shares of common stock outstanding.

​

​

​

​

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​

​

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

September 30, 2024

​

​

​

TABLE OF CONTENTS

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​

Page
No.

PART I

Financial Information

​

​

​

​

Item 1.

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

​

​

​

​

​

Consolidated Balance Sheets

2

​

​

​

​

Consolidated Statements of Operations

3

​

​

​

​

Consolidated Statements of Comprehensive Income

4

​

​

​

​

Consolidated Statements of Equity

5

​

​

​

​

Consolidated Statements of Cash Flows

7

​

​

​

​

Notes to Consolidated Financial Statements

8

​

​

​

Item 2.

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

40

​

​

​

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

58

​

​

​

Item 4.

Controls and Procedures

59

​

​

​

PART II

Other Information

​

​

​

​

Item 1.

Legal Proceedings

60

​

​

​

Item 1A.

Risk Factors

60

​

​

​

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

​

​

​

Item 5.

Other Information

60

​

​

​

Item 6.

Exhibits

61

​

​

​

​

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, 

​

    

2024

    

2023

​

​

(Unaudited)

​

​

​

ASSETS

​

​

​

​

​

Real estate assets

 

​

  

 

​

  

Buildings and improvements

​

$

7,266,469

 

$

6,879,034

Land

​

​

972,602

​

​

867,486

Furniture and equipment

​

​

503,499

​

​

467,393

Construction in progress

​

​

201,360

​

​

138,410

Total real estate assets

​

​

8,943,930

​

​

8,352,323

Less accumulated depreciation

​

 

(2,652,372)

 

 

(2,464,227)

Real estate assets – net

​

 

6,291,558

 

 

5,888,096

Investments in direct financing leases – net

​

 

9,450

 

 

8,716

Real estate loans receivable – net

​

 

1,323,469

 

 

1,212,162

Investments in unconsolidated joint ventures

​

 

92,598

 

 

188,409

Assets held for sale

​

 

75,973

 

 

81,546

Total real estate investments

​

​

7,793,048

​

​

7,378,929

Non-real estate loans receivable – net

​

 

335,717

 

 

275,615

Total investments

​

 

8,128,765

 

 

7,654,544

​

​

​

​

​

​

​

Cash and cash equivalents

​

 

342,444

 

 

442,810

Restricted cash

​

 

17,866

 

 

1,920

Contractual receivables – net

​

 

10,337

 

 

11,888

Other receivables and lease inducements

​

​

241,399

​

​

214,657

Goodwill

​

 

644,588

 

 

643,897

Other assets

​

 

186,472

 

 

147,686

Total assets

​

$

9,571,871

 

$

9,117,402

​

​

​

​

​

​

​

LIABILITIES AND EQUITY

​

 

  

 

 

  

Revolving credit facility

​

$

—

 

$

20,397

Secured borrowings

​

 

265,239

 

 

61,963

Senior notes and other unsecured borrowings – net

​

 

4,592,963

 

 

4,984,956

Accrued expenses and other liabilities

​

 

313,370

 

 

287,795

Total liabilities

​

 

5,171,572

 

 

5,355,111

​

​

​

​

​

​

​

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 – 268,231 shares as of September 30, 2024 and 245,282 shares as of December 31, 2023

​

 

26,823

 

​

24,528

Additional paid-in capital

​

 

7,480,051

 

​

6,671,198

Cumulative net earnings

​

 

3,973,566

 

​

3,680,581

Cumulative dividends paid

​

 

(7,335,238)

 

​

(6,831,061)

Accumulated other comprehensive income

​

 

62,738

 

​

29,338

Total stockholders’ equity

​

 

4,207,940

 

​

3,574,584

Noncontrolling interest

​

 

192,359

 

​

187,707

Total equity

​

 

4,400,299

 

​

3,762,291

Total liabilities and equity

​

$

9,571,871

 

$

9,117,402

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, 

​

​

    

2024

    

2023

    

​

2024

    

2023

    

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rental income

​

$

231,485

​

$

210,202

 

​

$

652,721

​

$

618,888

​

Interest income

​

 

39,941

​

 

30,623

 

​

 

113,819

​

 

88,275

​

Miscellaneous income

​

 

4,602

​

 

1,207

 

​

 

5,532

​

 

3,258

​

Total revenues

​

 

276,028

​

 

242,032

 

​

 

772,072

​

 

710,421

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expenses

​

 

  

​

 

  

 

​

 

  

​

 

  

​

Depreciation and amortization

​

 

77,245

​

 

80,798

 

​

 

226,036

​

 

244,008

​

General and administrative

​

 

21,758

​

 

20,287

 

​

 

65,438

​

 

62,971

​

Real estate taxes

​

​

3,569

​

​

3,892

​

​

​

11,117

​

​

11,814

​

Acquisition, merger and transition related costs

​

 

6,437

​

 

121

 

​

 

10,820

​

 

1,183

​

Impairment on real estate properties

​

 

8,620

​

 

27,890

 

​

 

22,094

​

 

87,992

​

(Recovery) provision for credit losses

​

 

(9,061)

​

 

2,733

 

​

 

(14,763)

​

 

11,643

​

Interest expense

​

 

54,690

​

 

58,778

 

​

 

166,476

​

 

176,100

​

Total expenses

​

 

163,258

​

 

194,499

 

​

 

487,218

​

 

595,711

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income (expense)

​

 

​

​

 

  

 

​

 

​

​

 

  

​

Other (expense) income – net

​

 

(1,044)

​

 

5,402

 

​

 

7,595

​

 

9,151

​

Loss on debt extinguishment

​

 

(137)

​

 

—

 

​

 

(1,633)

​

 

(6)

​

(Loss) gain on assets sold – net

​

​

(238)

​

​

44,076

​

​

​

11,282

​

​

69,956

​

Total other (expense) income

​

 

(1,419)

​

 

49,478

 

​

 

17,244

​

 

79,101

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

 

111,351

​

 

97,011

 

​

 

302,098

​

 

193,811

​

Income tax expense

​

 

(3,316)

​

 

(1,758)

 

​

 

(7,877)

​

 

(2,092)

​

Income (loss) from unconsolidated joint ventures

​

 

6,879

​

 

(1,345)

 

​

 

7,118

​

 

555

​

Net income

​

 

114,914

​

 

93,908

 

​

 

301,339

​

 

192,274

​

Net income attributable to noncontrolling interest

​

 

(3,152)

​

 

(2,527)

 

​

 

(8,354)

​

 

(5,095)

​

Net income available to common stockholders

​

$

111,762

​

$

91,381

 

​

$

292,985

​

$

187,179

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per common share available to common stockholders:

​

 

  

​

 

  

 

​

 

  

​

 

  

​

Basic:

​

 

  

​

 

  

 

​

 

  

​

 

​

​

Net income available to common stockholders

​

$

0.43

​

$

0.37

 

​

$

1.16

​

$

0.78

​

Diluted:

​

 

  

​

 

  

 

​

 

  

​

 

  

​

Net income available to common stockholders

​

$

0.42

​

$

0.37

 

​

$

1.14

​

$

0.78

​

​

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, 

​

    

2024

    

2023

    

2024

    

2023

Net income

​

$

114,914

​

$

93,908

​

$

301,339

​

$

192,274

Other comprehensive income (loss)

​

 

​

​

 

  

​

 

​

​

 

  

Foreign currency translation

​

 

42,694

​

 

(18,634)

​

 

40,698

​

 

5,366

Cash flow hedges

​

 

(13,464)

​

 

5,041

​

 

(6,310)

​

 

2,690

Total other comprehensive income (loss)

​

 

29,230

​

 

(13,593)

​

 

34,388

​

 

8,056

Comprehensive income

​

 

144,144

​

 

80,315

​

 

335,727

​

 

200,330

Comprehensive income attributable to noncontrolling interest

​

 

(3,989)

​

 

(2,144)

​

 

(9,342)

​

 

(5,333)

Comprehensive income attributable to common stockholders

​

$

140,155

​

$

78,171

​

$

326,385

​

$

194,997

​

See notes to consolidated financial statements.

​

​

4

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

Three Months Ended September 30, 2024 and 2023

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, 2024

​

$

25,402

​

$

6,951,244

​

$

3,861,804

​

$

(7,161,897)

​

$

34,345

​

$

3,710,898

​

$

189,690

​

$

3,900,588

Stock related compensation

​

​

—

​

​

9,147

​

​

—

​

​

—

​

​

—

​

​

9,147

​

​

—

​

​

9,147

Issuance of common stock

​

​

1,421

​

​

524,616

​

​

—

​

​

—

​

​

—

​

​

526,037

​

​

—

​

​

526,037

Common dividends declared ($0.67 per share)

​

​

—

​

​

—

​

​

—

​

​

(173,341)

​

​

—

​

​

(173,341)

​

​

—

​

​

(173,341)

Vesting/exercising of Omega OP Units

​

​

—

​

​

(4,956)

​

​

—

​

​

—

​

​

—

​

​

(4,956)

​

​

4,956

​

​

—

Omega OP Units distributions

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(6,276)

​

​

(6,276)

Other comprehensive income

​

​

—

​

​

—

​

​

—

​

​

—

​

​

28,393

​

​

28,393

​

​

837

​

​

29,230

Net income

​

​

—

​

​

—

​

​

111,762

​

​

—

​

​

—

​

​

111,762

​

​

3,152

​

​

114,914

Balance at September 30, 2024

​

$

26,823

​

$

7,480,051

​

$

3,973,566

​

$

(7,335,238)

​

$

62,738

​

$

4,207,940

​

$

192,359

​

$

4,400,299

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at June 30, 2023

​

$

24,099

​

$

6,526,367

​

$

3,534,199

​

$

(6,501,899)

​

$

41,353

​

$

3,624,119

​

$

188,473

​

$

3,812,592

Stock related compensation

​

​

—

​

​

8,810

​

​

—

​

​

—

​

​

—

​

​