Company Quick10K Filing
Quick10K
Omega Healthcare
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$36.55 207 $7,570
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-06-07 Shareholder Vote
8-K 2019-05-17 Off-BS Arrangement, Other Events, Exhibits
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-02-01 Enter Agreement, Exhibits
8-K 2019-01-02 Enter Agreement, Other Events, Exhibits
8-K 2018-12-14 Officers, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-10-31 Officers
8-K 2018-10-23 Officers, Exhibits
8-K 2018-09-07 Other Events, Exhibits
8-K 2018-08-03 Earnings, Exhibits
8-K 2018-06-11 Officers, Shareholder Vote, Exhibits
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-04-27 Officers, Exhibits
8-K 2018-02-13 Earnings, Exhibits
V Visa 349,250
EXTR Extreme Networks 749
CRK Comstock Resources 642
CSTE Caesarstone 532
SLDB Solid Biosciences 344
PLSE Pulse Biosciences 261
MYOS MYOS RENS 11
OHGI One Horizon Group 0
GFNL Genesis Financial 0
MEDD Medical Imaging 0
OHI 2019-03-31
Part I – Financial Information
Item 1 - Financial Statements
Note 1 – Basis of Presentation and Significant Accounting Policies
Note 2 – Properties and Investments
Note 3 – Direct Financing Leases
Note 4 – Mortgage Notes Receivable
Note 5 – Other Investments
Note 6 – Variable Interest Entities
Note 7 – Investment in Unconsolidated Joint Venture
Note 8 – Assets Held for Sale
Note 9 – Intangibles
Note 10 – Concentration of Risk
Note 11 – Stockholders’/Owners’ Equity
Note 12 – Taxes
Note 13 – Stock-Based Compensation
Note 14 – Borrowing Activities and Arrangements
Note 15 – Financial Instruments
Note 16 – Contingencies, Indemnities and Commitments
Note 17 – Earnings per Share/Unit
Note 18 – Supplemental Disclosure To Consolidated Statements of Cash Flows
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-31.1 ohi-20190331ex311ca6b4a.htm
EX-31.2 ohi-20190331ex3127597aa.htm
EX-31.3 ohi-20190331ex3133e2237.htm
EX-31.4 ohi-20190331ex314ea661a.htm
EX-32.1 ohi-20190331ex3212bbfab.htm
EX-32.2 ohi-20190331ex322a8213a.htm
EX-32.3 ohi-20190331ex323605a59.htm
EX-32.4 ohi-20190331ex32457f50d.htm

Omega Healthcare Earnings 2019-03-31

OHI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 ohi-20190331x10q.htm 10-Q ohi_Current_Folio_10Q

 

 

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, 2019

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.

OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

 

 

 

 

Maryland

1‑11316

38‑3041398

(Omega Healthcare Investors, Inc.)

(Omega Healthcare Investors, Inc.)

(Omega Healthcare Investors, Inc.)

Delaware

333‑203447‑11

36‑4796206

(OHI Healthcare Properties Limited
Partnership)

(OHI Healthcare Properties Limited
Partnership)

(OHI Healthcare Properties Limited
Partnership)

(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.

 

 

 

Omega Healthcare Investors, Inc. Yes    ☒  No  ☐

OHI Healthcare Properties Limited Partnership 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).

 

 

 

Omega Healthcare Investors, Inc. Yes    ☒  No  ☐

OHI Healthcare Properties Limited Partnership 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.

 

Omega Healthcare Investors, Inc.

 

 

 

 

 

Large accelerated filer☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

 

OHI Healthcare Properties Limited Partnership

 

 

 

 

 

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.

 

Omega Healthcare Investors, Inc.  ☐

OHI Healthcare Properties Limited Partnership    ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).

 

Omega Healthcare Investors, Inc. Yes  ☐

No  ☒

OHI Healthcare Properties Limited Partnership Yes  ☐

No   ☒

 

Indicate the number of shares outstanding of each of the issuers’ classes of common stock as of May 2, 2019

 

 

 

Omega Healthcare Investors, Inc.

 

Common Stock, $.10 par value

207,025,691

 

 

OHI Healthcare Properties Limited Partnership

 

N/A

No common stock outstanding

(Class)

(Number of shares)

 

 

 

 

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10‑Q for the period ended March 31, 2019 of Omega Healthcare Investors, Inc. and OHI Healthcare Properties Limited Partnership (“Omega OP”).  Unless stated otherwise or the context otherwise requires, (i) references to “Omega” or the “Company” means Omega Healthcare Investors, Inc. and its consolidated subsidiaries, (ii) references to “Parent” refer to Omega Healthcare Investors, Inc. without regard to its consolidated subsidiaries, and (iii) references to “Omega OP” means OHI Healthcare Properties Limited Partnership and its consolidated subsidiaries.

Omega is a self-administered real estate investment trust (“REIT”) under the Internal Revenue Code of 1986.  Omega is structured as an umbrella partnership REIT (“UPREIT”) under which all of Omega’s assets are owned directly or indirectly by, and all of Omega’s operations are conducted directly or indirectly through, its operating partnership subsidiary, Omega OP.

Parent directly owned approximately 97% of the issued and outstanding partnership units in Omega OP (the “Omega OP Units”) at March 31, 2019.  Each Omega OP Unit (other than those owned by Parent) is redeemable at the election of the holder for cash equal to the then-fair market value of one share of common stock of Parent, subject to Parent’s election to exchange the Omega OP Units tendered for redemption for common stock of the Parent on a one-for-one basis in an unregistered transaction, subject to adjustment as set forth in the partnership agreement.  The management of Parent consists of the same members as the management of Omega OP.

The financial results of Omega OP are consolidated into the financial statements of Omega.  Omega has no significant assets other than its investments in Omega OP.  Omega and Omega OP are managed and operated as one entity.  Omega OP has no significant assets other than its interests in non-guarantor subsidiaries.

We believe it is important for investors to understand the few differences between Omega and Omega OP in the context of how we operate as a consolidated company.  Omega acts as the general partner of Omega OP.  Net proceeds from equity issuances by Parent are contributed to Omega OP in exchange for additional partnership units. Parent and Omega OP incur indebtedness.  The net proceeds of the Parent’s borrowings are loaned to Omega OP.  The outstanding senior notes and certain other debt of Parent is guaranteed by Omega OP.

The presentation of debt and related interest, including amounts accrued, stockholders’ equity, owners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Omega and Omega OP.  The differences between debt, stockholders’ equity and owners’ equity result from differences in the debt or equity issued at the Omega and Omega OP levels. With respect to owners’ equity, the units held by the partners in Omega OP other than the Parent are accounted for as owners’ equity in Omega OP’s financial statements and as noncontrolling interests in Omega’s financial statements.  Although classified differently, total debt and equity of Omega and Omega OP are the same.

We believe combining the quarterly reports on Form 10‑Q of Omega and Omega OP into this single report results in the following benefits:

·

combined reports better reflect how management and the analyst community view the business as a single operating unit;

·

combined reports enhance investors’ understanding of Omega and Omega OP by enabling them to view the business as a whole and in the same manner as management;

·

combined reports are more efficient for Omega and Omega OP and result in savings in time, effort and expense; and

·

combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

In order to highlight the differences between Omega and Omega OP, the separate sections in this report for Omega and Omega OP specifically refer to Omega and Omega OP.  In the sections that combine disclosure of Omega and Omega OP, this report refers to “we” and “us” actions or holdings as being “our” actions or holdings. Although Omega OP and its subsidiaries hold all of our assets, we believe that reference to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through Omega OP.


 

OMEGA HEALTHCARE INVESTORS, INC.

OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP

FORM 10‑Q

March 31, 2019

 

 

 

TABLE OF CONTENTS

 

 

Page
No.

PART I 

Financial Information

 

 

 

 

Item 1. 

Financial Statements of Omega Healthcare Investors, Inc.

 

 

Consolidated Balance Sheets 

 

 

March 31, 2019 (unaudited) and December 31, 2018

2

 

Consolidated Statements of Operations (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

3

 

Consolidated Statements of Comprehensive Income (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

4

 

Consolidated Statements of Changes in Equity (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

5

 

Consolidated Statements of Cash Flows (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

6

 

Financial Statements of OHI Healthcare Properties Limited Partnership

 

 

Consolidated Balance Sheets 

 

 

March 31, 2019 (unaudited) and December 31, 2018

7

 

Consolidated Statements of Operations (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

8

 

Consolidated Statements of Comprehensive Income (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

9

 

Consolidated Statements of Changes in Owners’ Equity (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

10

 

Consolidated Statements of Cash Flows (unaudited) 

 

 

Three months ended March 31, 2019 and 2018

11

 

Notes to Consolidated Financial Statements 

 

 

March 31, 2019 (unaudited)

12

 

 

 

Item 2. 

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

39

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

53

 

 

 

Item 4. 

Controls and Procedures

53

 

 

 

PART II 

Other Information

 

 

 

 

Item 1. 

Legal Proceedings

53

 

 

 

Item 1A. 

Risk Factors

53

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

53

 

 

 

Item 6. 

Exhibits

54

 

 

 


 

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, 

 

 

    

2019

    

2018

    

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Real estate properties

 

 

  

 

 

  

 

Real estate investments

 

$

7,818,209

 

$

7,746,410

 

Less accumulated depreciation

 

 

(1,631,673)

 

 

(1,562,619)

 

Real estate investments – net

 

 

6,186,536

 

 

6,183,791

 

Investments in direct financing leases – net

 

 

11,707

 

 

132,262

 

Mortgage notes receivable – net

 

 

703,739

 

 

710,858

 

 

 

 

6,901,982

 

 

7,026,911

 

Other investments

 

 

474,066

 

 

504,626

 

Investment in unconsolidated joint venture

 

 

29,919

 

 

31,045

 

Assets held for sale – net

 

 

645

 

 

989

 

Total investments

 

 

7,406,612

 

 

7,563,571

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

40,028

 

 

10,300

 

Restricted cash

 

 

1,372

 

 

1,371

 

Contractual receivables – net

 

 

33,346

 

 

33,826

 

Other receivables and lease inducements

 

 

338,177

 

 

313,551

 

Goodwill

 

 

644,190

 

 

643,950

 

Other assets

 

 

56,341

 

 

24,308

 

Total assets

 

$

8,520,066

 

$

8,590,877

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

  

 

 

  

 

Revolving line of credit

 

$

195,000

 

$

313,000

 

Term loans – net

 

 

901,345

 

 

898,726

 

Secured borrowing

 

 

2,275

 

 

 —

 

Senior notes and other unsecured borrowings – net

 

 

3,330,400

 

 

3,328,896

 

Accrued expenses and other liabilities

 

 

271,902

 

 

272,172

 

Deferred income taxes

 

 

13,502

 

 

13,599

 

Total liabilities

 

 

4,714,424

 

 

4,826,393

 

 

 

 

 

 

 

 

 

Equity:

 

 

  

 

 

  

 

Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 207,001 shares as of March 31, 2019 and 202,346 as of December 31, 2018

 

 

20,700

 

 

20,235

 

Common stock – additional paid-in capital

 

 

5,240,714

 

 

5,074,544

 

Cumulative net earnings

 

 

2,200,213

 

 

2,130,511

 

Cumulative dividends paid

 

 

(3,875,884)

 

 

(3,739,197)

 

Accumulated other comprehensive loss

 

 

(39,941)

 

 

(41,652)

 

Total stockholders’ equity

 

 

3,545,802

 

 

3,444,441

 

Noncontrolling interest

 

 

259,840

 

 

320,043

 

Total equity

 

 

3,805,642

 

 

3,764,484

 

Total liabilities and equity

 

$

8,520,066

 

$

8,590,877

 

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

 

 

    

March 31, 

    

 

    

2019

    

2018

    

Revenue

 

 

 

 

 

 

 

Rental income

 

$

192,177

 

$

193,949

 

Income from direct financing leases

 

 

260

 

 

613

 

Mortgage interest income

 

 

18,134

 

 

16,579

 

Other investment income

 

 

11,914

 

 

8,527

 

Miscellaneous income

 

 

1,203

 

 

531

 

Total operating revenues

 

 

223,688

 

 

220,199

 

 

 

 

 

 

 

 

 

Expenses

 

 

  

 

 

  

 

Depreciation and amortization

 

 

70,852

 

 

70,361

 

General and administrative

 

 

16,133

 

 

16,475

 

Real estate taxes

 

 

3,882

 

 

 —

 

Acquisition costs

 

 

2,949

 

 

 —

 

Impairment on real estate properties

 

 

 —

 

 

4,914

 

Impairment on direct financing leases

 

 

7,700

 

 

 —

 

Provision for uncollectible accounts

 

 

 —

 

 

7,814

 

Total operating expenses

 

 

101,516

 

 

99,564

 

 

 

 

 

 

 

 

 

Other operating income

 

 

 

 

 

 

 

Gain on assets sold – net

 

 

 3

 

 

17,500

 

Operating income

 

 

122,175

 

 

138,135

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

  

 

Interest income and other – net

 

 

337

 

 

585

 

Interest expense

 

 

(48,100)

 

 

(48,011)

 

Interest – amortization of deferred financing costs

 

 

(2,238)

 

 

(2,243)

 

Realized gain on foreign exchange

 

 

26

 

 

59

 

Total other expense

 

 

(49,975)

 

 

(49,610)

 

 

 

 

 

 

 

 

 

Income from continuing operations 

 

 

72,200

 

 

88,525

 

Income tax expense

 

 

(675)

 

 

(543)

 

Income (loss) from unconsolidated joint venture

 

 

657

 

 

(49)

 

Net income

 

 

72,182

 

 

87,933

 

Net income attributable to noncontrolling interest

 

 

(2,480)

 

 

(3,713)

 

Net income available to common stockholders

 

$

69,702

 

$

84,220

 

 

 

 

 

 

 

 

 

Earnings per common share available to common stockholders:

 

 

  

 

 

  

 

Basic:

 

 

  

 

 

  

 

Net income available to common stockholders

 

$

0.34

 

$

0.42

 

Diluted:

 

 

  

 

 

  

 

Net income

 

$

0.34

 

$

0.42

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding, basic

 

 

204,558

 

 

198,911

 

Weighted-average shares outstanding, diluted

 

 

213,523

 

 

207,816

 

 

See notes to consolidated financial statements.

3


 

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

(in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

    

 

March 31, 

    

 

    

2019

    

2018

    

Net income

 

$

72,182

 

$

87,933

 

Other comprehensive income (loss):

 

 

 

 

 

  

 

Foreign currency translation

 

 

4,475

 

 

9,869

 

Cash flow hedges

 

 

(2,703)

 

 

4,488

 

Total other comprehensive income

 

 

1,772

 

 

14,357

 

Comprehensive income

 

 

73,954

 

 

102,290

 

Comprehensive income attributable to noncontrolling interest

 

 

(2,541)

 

 

(4,319)

 

Comprehensive income attributable to common stockholders

 

$

71,413

 

$

97,971

 

 

See notes to consolidated financial statements.

 

 

4


 

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Unaudited

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

Additional

 

Cumulative

 

 

 

Other

 

Total

 

 

 

 

 

 

Stock

 

Paid-in

 

Net

 

Cumulative

 

Comprehensive

 

Stockholders’

 

Noncontrolling

 

Total

 

    

Par Value

    

Capital

    

Earnings

    

Dividends

    

Loss

    

Equity

    

Interest

    

Equity

Balance at December 31, 2017 (198,309 common shares & 8,772 Omega OP Units) 

 

$

19,831

 

$

4,936,302

 

$

1,839,356

 

$

(3,210,248)

 

$

(30,150)

 

$

3,555,091

 

$

333,167

 

$

3,888,258

 Cumulative effect of accounting change

 

 

 —

 

 

 —

 

 

9,577

 

 

 —

 

 

 —

 

 

9,577

 

 

423

 

 

10,000

Balance at January 1, 2018 (198,309 common shares & 8,772 Omega OP Units)

 

 

19,831

 

 

4,936,302

 

 

1,848,933

 

 

(3,210,248)

 

 

(30,150)

 

 

3,564,668

 

 

333,590

 

 

3,898,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 —

 

 

4,056

 

 

 —

 

 

 —

 

 

 —

 

 

4,056

 

 

 —

 

 

4,056

Vesting/exercising of equity compensation plan, net of tax withholdings (89 shares)

 

 

 9

 

 

(1,663)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,654)

 

 

 —

 

 

(1,654)

Dividend reinvestment and stock purchase plan (189 shares at an average of $25.87 per share)

 

 

19

 

 

4,867

 

 

 —

 

 

 —

 

 

 —

 

 

4,886

 

 

 —

 

 

4,886

Deferred compensation directors (8 shares at $27.43 per share)

 

 

 —

 

 

67

 

 

 —

 

 

 —

 

 

 —

 

 

67

 

 

 —

 

 

67

Equity Shelf Program

 

 

 —

 

 

(29)

 

 

 —

 

 

 —

 

 

 —

 

 

(29)

 

 

 —

 

 

(29)

Common dividends declared ($0.66 per share)

 

 

 —

 

 

 —

 

 

 —

 

 

(131,517)

 

 

 —

 

 

(131,517)

 

 

 —

 

 

(131,517)

Redemption of Omega OP Units (3 units at $27.06 per share)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(72)

 

 

(72)

Omega OP Units distributions 

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(5,885)

 

 

(5,885)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

9,452

 

 

9,452

 

 

417

 

 

9,869

Cash flow hedges

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

4,299

 

 

4,299

 

 

189

 

 

4,488

Net income

 

 

 —

 

 

 —

 

 

84,220

 

 

 —

 

 

 —

 

 

84,220

 

 

3,713

 

 

87,933

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102,290

Balance at March 31, 2018  (198,595 shares & 8,769 Omega OP Units) 

 

$

19,859

 

$

4,943,600

 

$

1,933,153

 

$

(3,341,765)

 

$

(16,399)

 

$

3,538,448

 

$

331,952

 

$

3,870,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018 (202,346 common shares & 8,714 Omega OP Units) 

 

$

20,235

 

$

5,074,544

 

$

2,130,511

 

$

(3,739,197)

 

$

(41,652)

 

$

3,444,441

 

$

320,043

 

$

3,764,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 —

 

 

4,070

 

 

 —

 

 

 —

 

 

 —

 

 

4,070

 

 

 —

 

 

4,070

Vesting/exercising of equity compensation plan, net of tax withholdings (87 shares)

 

 

 9

 

 

(2,288)

 

 

 —

 

 

 —

 

 

 —

 

 

(2,279)

 

 

 —

 

 

(2,279)

Dividend reinvestment and stock purchase plan (892 shares at an average of $36.19 per share)

 

 

89

 

 

32,196

 

 

 —

 

 

 —

 

 

 —

 

 

32,285

 

 

 —

 

 

32,285

Deferred compensation directors (9 shares at $33.95 per share)

 

 

 —

 

 

53

 

 

 —

 

 

 —

 

 

 —

 

 

53

 

 

 —

 

 

53

Equity Shelf Program (2,221 shares at $34.46 per share, net of issuance costs)

 

 

222

 

 

76,325

 

 

 —

 

 

 —

 

 

 —

 

 

76,547

 

 

 —

 

 

76,547

Vesting/exercising of Omega OP Units (9 units)

 

 

 —

 

 

(298)

 

 

 —

 

 

 —

 

 

 —

 

 

(298)

 

 

298

 

 

 —

Common dividends declared ($0.66 per share)

 

 

 —

 

 

 —

 

 

 —

 

 

(136,687)

 

 

 —

 

 

(136,687)

 

 

 —

 

 

(136,687)

Conversion and redemption of Omega OP Units to common stock (1,446 shares at $38.92 per share)

 

 

145

 

 

56,112

 

 

 —

 

 

 —

 

 

 —

 

 

56,257

 

 

(56,257)

 

 

 —

Omega OP Units distributions 

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(7,013)

 

 

(7,013)

Noncontrolling interest - consolidated joint venture 

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

228

 

 

228

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

4,321

 

 

4,321

 

 

154

 

 

4,475

Cash flow hedges

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(2,610)

 

 

(2,610)

 

 

(93)

 

 

(2,703)

Net income

 

 

 —

 

 

 —

 

 

69,702

 

 

 —

 

 

 —

 

 

69,702

 

 

2,480

 

 

72,182

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,954

Balance at March 31, 2019  (207,001 shares & 7,277 Omega OP Units) 

 

$

20,700

 

$

5,240,714

 

$

2,200,213

 

$

(3,875,884)

 

$

(39,941)

 

$

3,545,802

 

$

259,840

 

$

3,805,642

 

See notes to consolidated financial statements.

 

 

5


 

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited (in thousands)

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

 

    

March 31, 

 

 

    

2019

    

2018

    

Cash flows from operating activities

 

 

  

 

 

  

 

Net income

 

$

72,182

 

$

87,933

 

Adjustment to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

  

 

 Depreciation and amortization

 

 

70,852

 

 

70,361

 

 Impairment on real estate properties

 

 

 —

 

 

4,914

 

 Impairment on direct financing leases

 

 

7,700

 

 

 —

 

 Provision for uncollectible accounts

 

 

 —

 

 

7,814

 

 Interest - amortization of deferred financing costs

 

 

2,238

 

 

2,243

 

 Accretion of direct financing leases

 

 

10

 

 

33

 

 Stock-based compensation expense

 

 

4,558

 

 

4,056

 

 Gain on assets sold – net

 

 

(3)

 

 

(17,500)

 

 Amortization of acquired in-place leases – net

 

 

(1,826)

 

 

(2,687)

 

 Effective yield receivable on mortgage notes

 

 

(172)

 

 

(354)

 

 Interest paid-in-kind

 

 

(1,446)

 

 

(1,891)

 

Change in operating assets and liabilities – net:

 

 

 

 

 

  

 

 Contractual receivables

 

 

480

 

 

(4,630)

 

 Straight-line rent receivables

 

 

(11,292)

 

 

(14,497)

 

 Lease inducements

 

 

(9,995)

 

 

(32,389)

 

 Other operating assets and liabilities

 

 

(23,211)

 

 

(50,506)

 

Net cash provided by operating activities

 

 

110,075

 

 

52,900

 

Cash flows from investing activities

 

 

  

 

 

 

 

Acquisition of real estate or other

 

 

(5,879)

 

 

(29,672)

 

Net proceeds from sale of real estate investments

 

 

356

 

 

74,745

 

Investments in construction in progress

 

 

(30,851)

 

 

(21,855)

 

Proceeds from direct financing lease and related trust

 

 

86,743

 

 

 —

 

Placement of mortgage loans

 

 

(5,245)

 

 

(6,749)

 

Collection of mortgage principal

 

 

489

 

 

24,797

 

Distributions from unconsolidated joint venture in excess of earnings

 

 

1,103

 

 

1,880

 

Capital improvements to real estate investments

 

 

(10,199)

 

 

(9,596)

 

Receipts from insurance proceeds

 

 

1,376

 

 

1,090

 

Investments in other investments

 

 

(8,138)

 

 

(89,960)

 

Proceeds from other investments

 

 

42,371

 

 

53,873

 

Net cash provided by (used in) investing activities

 

 

72,126

 

 

(1,447)

 

Cash flows from financing activities

 

 

  

 

 

  

 

Proceeds from credit facility borrowings

 

 

171,000

 

 

317,000