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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, 2022

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 31, 2022, there were 234,182,805 shares of common stock outstanding.

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

September 30, 2022

TABLE OF CONTENTS

Page
No.

PART I

Financial Information

Item 1.

Financial Statements of Omega Healthcare Investors, Inc.:

Consolidated Balance Sheets

2

September 30, 2022 (unaudited) and December 31, 2021

Consolidated Statements of Operations (unaudited)

Three and Nine months ended September 30, 2022 and 2021

3

Consolidated Statements of Comprehensive Income (unaudited)

Three and Nine months ended September 30, 2022 and 2021

4

Consolidated Statements of Equity (unaudited)

Three and Nine months ended September 30, 2022 and 2021

5

Consolidated Statements of Cash Flows (unaudited)

Nine months ended September 30, 2022 and 2021

7

Notes to Consolidated Financial Statements

September 30, 2022 (unaudited)

8

Item 2.

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

35

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

54

Item 6.

Exhibits

55

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, 

    

2022

    

2021

(Unaudited)

ASSETS

Real estate assets

 

  

 

  

Buildings and improvements

$

7,217,231

 

$

7,448,126

Land

908,424

916,328

Furniture and equipment

498,473

511,271

Construction in progress

84,884

74,062

Total real estate assets

8,709,012

8,949,787

Less accumulated depreciation

 

(2,246,659)

 

 

(2,160,696)

Real estate assets – net

 

6,462,353

 

 

6,789,091

Investments in direct financing leases – net

 

10,560

 

 

10,873

Mortgage notes receivable – net

 

669,533

 

 

835,086

7,142,446

7,635,050

Other investments – net

 

608,190

 

 

469,884

Investments in unconsolidated joint ventures

 

176,556

 

 

194,687

Assets held for sale

 

190,723

 

 

261,151

Total investments

 

8,117,915

 

 

8,560,772

Cash and cash equivalents

 

134,855

 

 

20,534

Restricted cash

 

3,323

 

 

3,877

Contractual receivables – net

 

9,945

 

 

11,259

Other receivables and lease inducements

266,890

251,815

Goodwill

 

648,948

 

 

651,417

Other assets

 

293,829

 

 

138,804

Total assets

$

9,475,705

 

$

9,638,478

LIABILITIES AND EQUITY

 

  

 

 

  

Revolving credit facility

$

17,861

 

$

Secured borrowings

 

368,405

 

 

362,081

Senior notes and other unsecured borrowings – net

 

4,898,609

 

 

4,891,455

Accrued expenses and other liabilities

 

295,454

 

 

276,716

Total liabilities

 

5,580,329

 

 

5,530,252

Equity:

 

  

 

  

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 outstanding234,176 shares as of September 30, 2022 and 239,061 shares as of December 31, 2021

 

23,417

 

23,906

Additional paid-in capital

 

6,305,089

 

6,427,566

Cumulative net earnings

 

3,392,822

 

3,011,474

Cumulative dividends paid

 

(6,029,603)

 

(5,553,908)

Accumulated other comprehensive income (loss)

 

6,243

 

(2,200)

Total stockholders’ equity

 

3,697,968

 

3,906,838

Noncontrolling interest

 

197,408

 

201,388

Total equity

 

3,895,376

 

4,108,226

Total liabilities and equity

$

9,475,705

 

$

9,638,478

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, 

    

2022

    

2021

    

2022

    

2021

    

Revenues

Rental income

$

207,588

$

247,164

 

$

635,899

$

705,880

Income from direct financing leases

 

256

 

257

 

 

768

 

772

Mortgage interest income

 

17,234

 

23,047

 

 

57,380

 

70,693

Other investment income

 

14,110

 

10,780

 

 

36,481

 

34,245

Miscellaneous income

 

242

 

424

 

 

2,866

 

1,270

Total revenues

 

239,430

 

281,672

 

 

733,394

 

812,860

Expenses

 

  

 

  

 

 

  

 

  

Depreciation and amortization

 

82,709

 

86,097

 

 

248,668

 

256,745

General and administrative

 

18,242

 

15,372

 

 

53,402

 

46,724

Real estate taxes

4,175

3,272

11,495

9,002

Acquisition, merger and transition related costs

 

185

 

 

 

5,658

 

1,814

Impairment on real estate properties

 

10,015

 

4,942

 

 

21,221

 

42,453

Recovery on direct financing leases

 

 

 

 

 

(717)

Provision for credit losses

 

4,106

 

25,511

 

 

4,367

 

28,023

Interest expense

 

58,238

 

58,979

 

 

174,755

 

176,379

Total expenses

 

177,670

 

194,173

 

 

519,566

 

560,423

Other income (expense)

 

 

  

 

 

 

  

Other (expense) income – net

 

(176)

 

(767)

 

 

(5,038)

 

4

Loss on debt extinguishment

 

(376)

 

(642)

 

 

(389)

 

(30,707)

Gain on assets sold – net

40,930

56,169

179,747

160,634

Total other income

 

40,378

 

54,760

 

 

174,320

 

129,931

Income before income tax expense and income from unconsolidated joint ventures

 

102,138

 

142,259

 

 

388,148

 

382,368

Income tax expense

 

(1,191)

 

(976)

 

 

(3,535)

 

(2,873)

Income from unconsolidated joint ventures

 

4,117

 

1,552

 

 

7,522

 

14,569

Net income

 

105,064

 

142,835

 

 

392,135

 

394,064

Net income attributable to noncontrolling interest

 

(2,790)

 

(3,888)

 

 

(10,787)

 

(10,616)

Net income available to common stockholders

$

102,274

$

138,947

 

$

381,348

$

383,448

Earnings per common share available to common stockholders:

 

  

 

  

 

 

  

 

  

Basic:

 

  

 

  

 

 

  

 

Net income available to common stockholders

$

0.44

$

0.58

 

$

1.61

$

1.62

Diluted:

 

  

 

  

 

 

  

 

  

Net income

$

0.43

$

0.58

 

$

1.60

$

1.62

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, 

    

2022

    

2021

    

2022

    

2021

Net income

$

105,064

$

142,835

$

392,135

$

394,064

Other comprehensive income (loss):

 

 

  

 

 

  

Foreign currency translation

 

(14,753)

 

(5,027)

 

(47,903)

 

(2,901)

Cash flow hedges

 

17,573

 

1,895

 

56,595

 

17,529

Total other comprehensive income (loss)

 

2,820

 

(3,132)

 

8,692

 

14,628

Comprehensive income

 

107,884

 

139,703

 

400,827

 

408,692

Comprehensive income attributable to noncontrolling interest

 

(2,868)

 

(3,803)

 

(11,036)

 

(11,000)

Comprehensive income attributable to common stockholders

$

105,016

$

135,900

$

389,791

$

397,692

See notes to consolidated financial statements.

4

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

Three Months Ended September 30, 2022 and 2021

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, 2022

$

23,410

$

6,295,907

$

3,290,548

$

(5,872,269)

$

3,501

$

3,741,097

$

199,615

$

3,940,712

Stock related compensation

6,855

6,855

6,855

Issuance of common stock

7

2,327

2,334

2,334

Common dividends declared ($0.67 per share)

(157,334)

(157,334)

(157,334)

Omega OP Units distributions

(5,080)

(5,080)

Capital contribution from noncontrolling interest holder in consolidated JV

5

5

Other comprehensive income

2,742

2,742

78

2,820

Net income

102,274

102,274

2,790

105,064

Balance at September 30, 2022

$

23,417

$

6,305,089

$

3,392,822

$

(6,029,603)

$

6,243

$

3,697,968

$

197,408

$

3,895,376

Balance at June 30, 2021

$

23,756

$

6,377,238

$

2,839,236

$

(5,232,692)

$

4,523

$

4,012,061

$

197,965

$

4,210,026

Stock related compensation

5,750

5,750

5,750

Issuance of common stock

134

47,572