SPY391.77+4.27 1.10%
DIA319.53+4.14 1.31%
IXIC13,597.97+132.77 0.99%

Press Release: Omega Reports Fourth Quarter 2020 -4-

· 02/04/2021 16:30
Deferred income taxes 10,766 11,350 ---------- ---------- Total liabilities 5,460,842 5,459,530 ---------- ---------- Equity: Preferred stock $1.00 par value authorized -- 20,000 shares, unissued -- -- Common stock $.10 par value authorized -- 350,000 shares, issued and outstanding -- 231,199 shares as of December 31, 2020 and 226,631 as of December 31, 2019 23,119 22,663 Common stock -- additional paid-in capital 6,152,887 5,992,733 Cumulative net earnings 2,594,735 2,463,436 Cumulative dividends paid (4,916,097) (4,303,546) Accumulated other comprehensive loss (12,768) (39,858) ---------- ---------- Total stockholders' equity 3,841,876 4,135,428 Noncontrolling interest 194,731 201,166 ---------- ---------- Total equity 4,036,607 4,336,594 ---------- ---------- Total liabilities and equity $ 9,497,449 $ 9,796,124 ========== ========== OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (in thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, -------------------- ---------------------- 2020 2019 2020 2019 --------- --------- --------- ----------- Revenues Rental income $224,080 $212,175 $740,815 $791,168 Real estate tax and ground lease income 3,089 2,437 12,612 12,908 Income from direct financing leases 258 259 1,033 1,036 Mortgage interest income 24,044 19,780 89,422 76,542 Other investment income 11,994 10,364 44,864 43,400 Miscellaneous income 320 1,653 3,635 3,776 ------- ------- ------- ------- Total revenues 263,785 246,668 892,381 928,830 Expenses Depreciation and amortization 82,623 80,498 329,924 301,683 General and administrative 10,381 9,917 39,619 41,790 Real estate tax and ground lease expense 3,230 3,442 13,764 16,141 Stock-based compensation expense 4,442 3,840 18,822 14,871 Acquisition, merger and transition related costs 1,956 43 2,018 5,115 Impairment on real estate properties 28,762 35,719 72,494 45,264 (Recovery) impairment on direct financing leases (2,003) 217 (3,079) 7,917 Provision for credit losses 4,420 -- 37,997 -- Interest expense 55,981 52,793 213,313 199,151 Interest -- amortization of deferred financing costs 2,692 2,811 10,076 9,564 ------- ------- ------- ------- Total expenses 192,484 189,280 734,948 641,496 Other (expense) income Interest and investment (expense) income (282) 735 (957) 856 Loss on debt extinguishment (12,444) -- (13,340) -- Realized gain (loss) on foreign exchange 128 104 78 (42) Gain on assets sold - net 5,181 2,893 19,113 55,696 ------- ------- ------- ------- Total other (expense) income (7,417) 3,732 4,894 56,510 Income before income tax expense & income from unconsolidated joint ventures 63,884 61,120 162,327 343,844 Income tax expense (2,299) (893) (4,925) (2,844) Income from unconsolidated joint ventures 1,489 919 6,143 10,947 ------- ------- ------- ------- Net income 63,074 61,146 163,545 351,947 Net income attributable to noncontrolling interest (1,678) (1,606) (4,218) (10,824) ------- ------- ------- ------- Net income available to common stockholders $ 61,396 $ 59,540 $159,327 $341,123 ======= ======= ======= ======= Earnings per common share available to common stockholders: Basic: Net income available to common stockholders $ 0.27 $ 0.27 $ 0.70 $ 1.60 ======= ======= ======= ======= Diluted: Net income $ 0.27 $ 0.27 $ 0.70 $ 1.58 ======= ======= ======= ======= Dividends declared per common share $ 0.67 $ 0.67 $ 2.68 $ 2.65 ======= ======= ======= ======= OMEGA HEALTHCARE INVESTORS, INC. FUNDS FROM OPERATIONS Unaudited (in thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, -------------------- ---------------------- 2020 2019 2020 2019 --------- --------- --------- ----------- Net income $ 63,074 $ 61,146 $163,545 $351,947 Deduct gain from real estate dispositions (5,181) (2,893) (19,113) (55,696) Add back loss (deduct gain) from real estate dispositions of unconsolidated joint ventures 544 -- (5,894) (9,345) ------- ------- ------- ------- Sub-total 58,437 58,253 138,538 286,906 Elimination of non-cash items included in net income: Depreciation and amortization 82,623 80,498 329,924 301,683 Depreciation - unconsolidated joint ventures 3,439 1,625 14,000 6,513 Add back non-cash provision for impairments on real estate properties 28,762 35,719 72,494 45,264 Add back unrealized loss (gain) on warrants 61 (580) 988 (410) ------- ------- ------- ------- NAREIT funds from operations ("NAREIT FFO") $173,322 $175,515 $555,944 $639,956 ======= ======= ======= ======= Weighted-average common shares outstanding, basic 228,785 219,668 227,741 213,404 Restricted stock and PRSUs 1,761 1,977 1,239 1,753 Net forward share contract -- 397 -- 179 Omega OP Units 6,263 5,938 6,124 6,789 ------- ------- ------- ------- Weighted-average common shares outstanding, diluted 236,809 227,980 235,104 222,125 ======= ======= ======= ======= NAREIT funds from operations available per share $ 0.73 $ 0.77 $ 2.36 $ 2.88 ======= ======= ======= ======= Adjustments to calculate adjusted funds from operations: NAREIT FFO $173,322 $175,515 $555,944 $639,956 Add back Uncollectible accounts receivable (1) 2,107 150 146,608 11,120 Provision for credit losses 4,420 -- 37,997 -- Stock-based compensation expense 4,442 3,840 18,822 14,871 Loss on debt extinguishment 12,444 -- 13,340 -- Severance -- -- 853 -- Acquisition, merger and transition related costs 1,956 43 2,018 5,115 Restructuring costs -- 21 -- 1,683 Non-recurring lease termination payment -- -- -- 1,118 Deduct Non-recurring revenue (4,260) (1,437) (16,201) (2,409) (Recovery) impairment for direct financing leases (2,003) 217 (3,079) 7,917 Add back unconsolidated JV related Uncollectible accounts receivable -- -- 1,584 -- Loss on debt extinguishment 68 -- 2,493 2,014 ------- ------- ------- ------- Adjusted funds from operations ("AFFO") $192,496 $178,349 $760,379 $681,385 ======= ======= ======= ======= Adjustments to calculate funds available for distribution: Non-cash interest expense $ 2,670 $ 2,788 $ 9,986 $ 9,467 Capitalized interest (321) (3,341) (10,029) (13,876) Non-cash revenues (11,923) (14,096) (40,709) (60,861) ------- ------- ------- ------- Funds available for distribution ("FAD") $182,922 $163,700 $719,627 $616,115 ======= ======= ======= ======= ________________________

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