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Press Release: Omega Reports Fourth Quarter 2020 -3-

· 02/04/2021 16:30
OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) December 31, December 31, 2020 2019 ------------ -------------- (Unaudited) ASSETS Real estate properties Real estate investments $ 8,702,154 $ 8,985,994 Less accumulated depreciation (1,996,914) (1,787,425) ---------- ---------- Real estate investments -- net 6,705,240 7,198,569 Investments in direct financing leases -- net 10,764 11,488 Mortgage notes receivable -- net 885,313 773,563 ---------- ---------- 7,601,317 7,983,620 Other investments -- net 467,442 419,228 Investments in unconsolidated joint ventures 200,638 199,884 Assets held for sale -- net 81,452 4,922 ---------- ---------- Total investments 8,350,849 8,607,654 Cash and cash equivalents 163,535 24,117 Restricted cash 4,023 9,263 Contractual receivables -- net 10,408 27,122 Other receivables and lease inducements 234,666 381,091 Goodwill 651,737 644,415 Other assets 82,231 102,462 ---------- ---------- Total assets $ 9,497,449 $ 9,796,124 ========== ========== LIABILITIES AND EQUITY Revolving line of credit $ 101,158 $ 125,000 Term loans -- net 186,349 804,738 Secured borrowings 369,524 389,680 Senior notes and other unsecured borrowings -- net 4,512,221 3,816,722 Accrued expenses and other liabilities 280,824 312,040% Taxable as Dividend Payment % Taxable as Return of % Taxable as Date Ordinary Income Capital Capital Gain ----------------- ---------------- ---------------- ---------------- February 14, 2020 73.1865% 24.3812% 2.4323% May 15, 2020 73.1865% 24.3812% 2.4323% August 14, 2020 73.1865% 24.3812% 2.4323% November 16, 2020 73.1865% 24.3812% 2.4323%

On February 14, 2020, May 15, 2020, August 14, 2020 and November 16, 2020, the Company paid dividends to its common stockholders in the per share amounts of $0.67 for stockholders of record on January 31, 2020, April 30, 2020, July 31, 2020 and November 2, 2020, respectively. The Company has determined the tax treatment for the dividends is as follows:


As previously reported, on January 27, 2021, Omega was named one of 380 companies across 11 sectors included in the 2021 Bloomberg Gender-Equality Index ("GEI"). The GEI brings transparency to gender-related practices and policies at publicly listed companies, increasing the breadth of environmental, social, and governance ("ESG") data available to investors. The GEI scoring methodology allows investors to assess company performance and compare across industry peer groups. The reference index measures gender equality across five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies, and pro-women brand.


Given the continued uncertainty related to the COVID-19 pandemic, its impact on the financial performance of the Company's operators and the extent of future necessary government support to the operators, the Company will not be providing 2021 earnings guidance.


The Company will be conducting a conference call on Friday, February 5, 2021 at 10 a.m. Eastern time to review the Company's 2020 fourth quarter results and current developments. Analysts and investors within the United States interested in participating are invited to call (877) 511-2891. The Canadian toll-free dial-in number is (855) 669-9657. All other international participants may use the dial-in number (412) 902-4140. Ask the operator to be connected to the "Omega Healthcare's Fourth Quarter 2020 Earnings Call."

To listen to the conference call via webcast, log on to www.omegahealthcare.com and click the "earnings call" icon on the Company's home page. Webcast replays of the call will be available on the Company's website for two weeks following the call.

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Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the US, as well as in the UK.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the federal securities laws. All statements regarding Omega's or its tenants', operators', borrowers' or managers' expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a real estate investment trust ("REIT"), plans and objectives of management for future operations and statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega's expectations.

Omega's actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega's properties, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels; (ii) the impact of novel coronavirus ("COVID-19") on our business and the business of our operators, including without limitation, the extent and duration of the COVID-19 pandemic, increased costs experienced by operators of SNFs and "ALFs" in connection therewith, the ability of operators to comply with new infection control and vaccine protocols, and the extent to which continued government support may be available to operators to offset such costs and the conditions related thereto; (iii) the ability of any of Omega's operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega's mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor's obligations, and other costs and uncertainties associated with operator bankruptcies; (iv) Omega's ability to re-lease, otherwise transition or sell underperforming assets on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (v) the availability and cost of capital to us; (vi) changes in Omega's credit ratings and the ratings of its debt securities; (vii) competition in the financing of healthcare facilities; (viii) competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs; (ix) additional regulatory and other changes in the healthcare sector; (x) changes in the financial position of our operators; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) changes in interest rates; (xiii) the timing, amount and yield of any additional investments; (xiv) changes in tax laws and regulations affecting REITs; (xv) the potential impact of changes in the SNF and ALF market or local real estate conditions on the Company's ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to redeploy the proceeds therefrom on favorable terms; (xvi) Omega's ability to maintain its status as a REIT; (xvii) the effect of other factors affecting our business or the businesses of our operators that are beyond our or their control, including natural disasters, other health crises or pandemics and governmental action, particularly in the healthcare industry, and (xviii) other factors identified in Omega's filings with the SEC. Statements regarding future events and developments and Omega's future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward looking statements.

We caution you that the foregoing list of important factors may not contain all the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

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February 04, 2021 16:30 ET (21:30 GMT)