Company Quick10K Filing
Omega Healthcare
Price41.27 EPS2
Shares227 P/E26
MCap9,348 P/FCF23
Net Debt4,577 EBIT406
TEV13,925 TEV/EBIT34
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-10-29
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8-K 2018-04-27
8-K 2018-02-13

OHI 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - Properties and Investments
Note 3 - Mortgage Notes Receivable
Note 4 - Other Investments
Note 5 - Allowance for Credit Losses
Note 6 - Variable Interest Entities
Note 7 - Investments in Joint Ventures
Note 8 - Assets Held for Sale
Note 9 - Intangibles
Note 10 - Concentration of Risk
Note 11 - Stockholders' Equity
Note 12 - Taxes
Note 13 - Stock - Based Compensation
Note 14 - Borrowing Activities and Arrangements
Note 15 - Financial Instruments
Note 16 - Commitments and Contingencies
Note 17 - Earnings per Share
Note 18 - Supplemental Disclosure To Consolidated Statements of Cash Flows
Note 19 - Subsequent Events
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-22.1 ohi-20210331ex22188115d.htm
EX-31.1 ohi-20210331ex3119d1cb0.htm
EX-31.2 ohi-20210331ex31206ddc3.htm
EX-32.1 ohi-20210331ex321655d8e.htm
EX-32.2 ohi-20210331ex322cd17a0.htm

Omega Healthcare Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.30.20.20.10.10.02018201820192020
Rev, G Profit, Net Income
0.70.40.1-0.1-0.4-0.72012201420172020
Ops, Inv, Fin

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Table of Contents

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 March 31, 2021

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 April 29, 2021, there were 235,359,702 shares of common stock outstanding.

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

March 31, 2021

TABLE OF CONTENTS

Page
No.

PART I

Financial Information

Item 1.

Financial Statements of Omega Healthcare Investors, Inc.:

Consolidated Balance Sheets

March 31, 2021 (unaudited) and December 31, 2020

2

Consolidated Statements of Operations (unaudited)

Three months ended March 31, 2021 and 2020

3

Consolidated Statements of Comprehensive Income (unaudited)

Three months ended March 31, 2021 and 2020

4

Consolidated Statements of Changes in Equity (unaudited)

Three months ended March 31, 2021 and 2020

5

Consolidated Statements of Cash Flows (unaudited)

Three months ended March 31, 2021 and 2020

6

Notes to Consolidated Financial Statements

March 31, 2021 (unaudited)

7

Item 2.

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

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

47

PART II

Other Information

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 6.

Exhibits

50

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1 - Financial Statements

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

    

March 31, 

    

December 31, 

    

2021

    

2020

(Unaudited)

ASSETS

Real estate properties

 

  

 

  

Real estate investments

$

9,261,190

 

$

8,702,154

Less accumulated depreciation

 

(2,069,822)

 

 

(1,996,914)

Real estate investments – net

 

7,191,368

 

 

6,705,240

Investments in direct financing leases – net

 

10,757

 

 

10,764

Mortgage notes receivable – net

 

890,068

 

 

885,313

 

8,092,193

 

 

7,601,317

Other investments – net

 

444,719

 

 

467,442

Investments in unconsolidated joint ventures

 

204,646

 

 

200,638

Assets held for sale – net

 

7,922

 

 

81,452

Total investments

 

8,749,480

 

 

8,350,849

Cash and cash equivalents

 

51,376

 

 

163,535

Restricted cash

 

4,522

 

 

4,023

Contractual receivables – net

 

11,428

 

 

10,408

Other receivables and lease inducements

236,669

234,666

Goodwill

 

651,679

 

 

651,737

Other assets

 

117,648

 

 

82,231

Total assets

$

9,822,802

 

$

9,497,449

LIABILITIES AND EQUITY

 

  

 

 

  

Revolving line of credit

$

135,000

 

$

101,158

Term loans – net

 

49,914

 

 

186,349

Secured borrowings

 

367,685

 

 

369,524

Senior notes and other unsecured borrowings – net

 

4,855,286

 

 

4,512,221

Accrued expenses and other liabilities

 

256,338

 

 

280,824

Deferred income taxes

 

10,249

 

 

10,766

Total liabilities

 

5,674,472

 

 

5,460,842

Equity:

 

  

 

  

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

Common stock $.10 par value authorized – 350,000 shares, issued and outstanding233,386 shares as of March 31, 2021 and 231,199 as of December 31, 2020

 

23,338

 

23,119

Common stock – additional paid-in capital

 

6,226,543

 

6,152,887

Cumulative net earnings

 

2,754,713

 

2,594,735

Cumulative dividends paid

 

(5,074,432)

 

(4,916,097)

Accumulated other comprehensive income (loss)

 

23,230

 

(12,768)

Total stockholders’ equity

 

3,953,392

 

3,841,876

Noncontrolling interest

 

194,938

 

194,731

Total equity

 

4,148,330

 

4,036,607

Total liabilities and equity

$

9,822,802

 

$

9,497,449

See notes to consolidated financial statements.

2

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(in thousands, except per share amounts)

 

Three Months Ended

 

    

March 31, 

    

    

2021

    

2020

    

    

Revenues

Rental income

$

237,761

$

221,500

 

Income from direct financing leases

 

258

 

258

 

Mortgage interest income

 

23,625

 

19,685

 

Other investment income

 

11,652

 

10,652

 

Miscellaneous income

 

472

 

929

 

Total revenues

 

273,768

 

253,024

 

Expenses

 

  

 

  

 

Depreciation and amortization

 

84,849

 

82,643

 

General and administrative

 

16,152

 

15,923

 

Real estate taxes

2,729

3,666

Acquisition, merger and transition related costs

 

1,814

 

(225)

 

Impairment on real estate properties

 

28,689

 

3,639

 

Recovery on direct financing leases

 

(553)

 

 

(Recovery) provision for credit losses

 

(1,024)

 

1,486

 

Interest expense

 

58,521

 

55,202

 

Total expenses

 

191,177

 

162,334

 

Other income (expense)

 

 

  

 

Other income (expense) – net

 

231

 

(804)

 

Loss on debt extinguishment

 

(29,670)

 

 

Gain on assets sold – net

100,342

1,838

Total other income

 

70,903

 

1,034

 

Income before income tax expense and income from unconsolidated joint ventures

 

153,494

 

91,724

 

Income tax expense

 

(958)

 

(1,005)

 

Income from unconsolidated joint ventures

 

11,830

 

1,560

 

Net income

 

164,366

 

92,279

 

Net income attributable to noncontrolling interest

 

(4,388)

 

(2,364)

 

Net income available to common stockholders

$

159,978

$

89,915

 

Earnings per common share available to common stockholders:

 

  

 

  

 

Basic:

 

  

 

  

 

Net income available to common stockholders

$

0.69

$

0.40

 

Diluted:

 

  

 

  

 

Net income

$

0.69

$

0.39

 

See notes to consolidated financial statements.

3

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

(in thousands)

Three Months Ended

    

March 31, 

    

    

2021

    

2020

    

    

Net income

$

164,366

$

92,279

Other comprehensive income (loss):

 

 

  

Foreign currency translation

 

1,186

 

(18,771)

Cash flow hedges

 

35,801

 

(7,844)

Total other comprehensive income (loss)

 

36,987

 

(26,615)

Comprehensive income

 

201,353

 

65,664

Comprehensive income attributable to noncontrolling interest

 

(5,377)

 

(1,679)

Comprehensive income attributable to common stockholders

$

195,976

$

63,985

See notes to consolidated financial statements.

4

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended March 31, 2021 and 2020

Unaudited

(in thousands, except per share amounts)

Accumulated

Common

Additional

Cumulative

Other

Total

Stock

Paid-in

Net

Cumulative

Comprehensive

Stockholders’

Noncontrolling

Total

    

Par Value

    

Capital

    

Earnings

    

Dividends Paid

    

Income (Loss)

    

Equity

    

Interest

    

Equity

Balance at December 31, 2020

$

23,119

$

6,152,887

$

2,594,735

$

(4,916,097)

$

(12,768)

$

3,841,876

$

194,731

$

4,036,607

Stock related compensation

2

5,431

5,433

5,433

Vesting/exercising of equity compensation plan, net of tax withholdings

13

(2,525)

(2,512)

(2,512)

Dividend reinvestment and stock purchase plan

42

15,450

15,492

15,492

Equity Shelf Program

162

59,985

60,147

60,147

Vesting/exercising of Omega OP Units

(4,767)

(4,767)

4,767

Common dividends declared ($0.67 per share)

(158,335)

(158,335)

(158,335)

Conversion and redemption of Omega OP Units to common stock

82

82

(82)

Omega OP Units distributions

(9,855)

(9,855)

Comprehensive income:

Foreign currency translation

1,153

1,153

33

1,186

Cash flow hedges

34,845

34,845

956

35,801

Net income

159,978

159,978

4,388

164,366

Total comprehensive income

201,353

Balance at March 31, 2021

$

23,338

$

6,226,543

$

2,754,713

$

(5,074,432)

$

23,230

$

3,953,392

$

194,938

$

4,148,330

Balance at December 31, 2019

$

22,663

$

5,992,733

$

2,463,436

$

(4,303,546)

$

(39,858)

$

4,135,428

$

201,166

$

4,336,594

Cumulative effect of accounting change

(28,028)

(28,028)

(757)

(28,785)

22,663

5,992,733

2,435,408

(4,303,546)

(39,858)

4,107,400

200,409

4,307,809

Stock related compensation

4,694

4,694

4,694

Vesting/exercising of equity compensation plan, net of tax withholdings

9

(3,158)

(3,149)

(3,149)

Dividend reinvestment and stock purchase plan

9

3,738

3,747

3,747

Equity Shelf Program

5

1,826

1,831

1,831

Vesting/exercising of Omega OP Units

(2,608)