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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 June 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 July 28, 2022, there were 234,110,584 shares of common stock outstanding.

OMEGA HEALTHCARE INVESTORS, INC.

FORM 10-Q

June 30, 2022

TABLE OF CONTENTS

Page
No.

PART I

Financial Information

Item 1.

Financial Statements of Omega Healthcare Investors, Inc.:

Consolidated Balance Sheets

2

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

Consolidated Statements of Operations (unaudited)

Three and six months ended June 30, 2022 and 2021

3

Consolidated Statements of Comprehensive Income (unaudited)

Three and six months ended June 30, 2022 and 2021

4

Consolidated Statements of Changes in Equity (unaudited)

Three and six months ended June 30, 2022 and 2021

5

Consolidated Statements of Cash Flows (unaudited)

Three and six months ended June 30, 2022 and 2021

7

Notes to Consolidated Financial Statements

June 30, 2022 (unaudited)

8

Item 2.

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

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

51

PART II

Other Information

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

52

Item 6.

Exhibits

53

PART I – FINANCIAL INFORMATION

Item 1 - Financial Statements

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

    

June 30, 

    

December 31, 

    

2022

    

2021

(Unaudited)

ASSETS

Real estate assets

 

  

 

  

Buildings and improvements

$

7,447,278

 

$

7,448,126

Land

928,174

916,328

Furniture and equipment

515,629

511,271

Construction in progress

80,273

74,062

Total real estate assets

8,971,354

8,949,787

Less accumulated depreciation

 

(2,286,945)

 

 

(2,160,696)

Real estate assets – net

 

6,684,409

 

 

6,789,091

Investments in direct financing leases – net

 

10,881

 

 

10,873

Mortgage notes receivable – net

 

711,589

 

 

835,086

7,406,879

7,635,050

Other investments – net

 

560,914

 

 

469,884

Investments in unconsolidated joint ventures

 

183,661

 

 

194,687

Assets held for sale

 

61,624

 

 

261,151

Total investments

 

8,213,078

 

 

8,560,772

Cash and cash equivalents

 

164,949

 

 

20,534

Restricted cash

 

3,515

 

 

3,877

Contractual receivables – net

 

10,357

 

 

11,259

Other receivables and lease inducements

270,013

251,815

Goodwill

 

649,966

 

 

651,417

Other assets

 

209,267

 

 

138,804

Total assets

$

9,521,145

 

$

9,638,478

LIABILITIES AND EQUITY

 

  

 

 

  

Revolving credit facility

$

38,000

 

$

Secured borrowings

 

377,823

 

 

362,081

Senior notes and other unsecured borrowings – net

 

4,896,223

 

 

4,891,455

Accrued expenses and other liabilities

 

268,387

 

 

276,716

Total liabilities

 

5,580,433

 

 

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 outstanding234,102 shares as of June 30, 2022 and 239,061 shares as of December 31, 2021

 

23,410

 

23,906

Additional paid-in capital

 

6,295,907

 

6,427,566

Cumulative net earnings

 

3,290,548

 

3,011,474

Cumulative dividends paid

 

(5,872,269)

 

(5,553,908)

Accumulated other comprehensive income (loss)

 

3,501

 

(2,200)

Total stockholders’ equity

 

3,741,097

 

3,906,838

Noncontrolling interest

 

199,615

 

201,388

Total equity

 

3,940,712

 

4,108,226

Total liabilities and equity

$

9,521,145

 

$

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

Six Months Ended

 

    

June 30, 

    

June 30, 

    

2022

    

2021

    

2022

    

2021

    

Revenues

Rental income

$

211,428

$

220,955

 

$

428,311

$

458,716

Income from direct financing leases

 

256

 

257

 

 

512

 

515

Mortgage interest income

 

19,597

 

24,021

 

 

40,146

 

47,646

Other investment income

 

11,777

 

11,813

 

 

22,371

 

23,465

Miscellaneous income

 

1,591

 

374

 

 

2,624

 

846

Total revenues

 

244,649

 

257,420

 

 

493,964

 

531,188

Expenses

 

  

 

  

 

 

  

 

  

Depreciation and amortization

 

83,207

 

85,799

 

 

165,959

 

170,648

General and administrative

 

18,775

 

15,200

 

 

35,160

 

31,352

Real estate taxes

3,717

3,001

7,320

5,730

Acquisition, merger and transition related costs

 

3,960

 

 

 

5,473

 

1,814

Impairment on real estate properties

 

7,695

 

8,822

 

 

11,206

 

37,511

Recovery on direct financing leases

 

 

(164)

 

 

 

(717)

(Recovery) provision for credit losses

 

(1,563)

 

3,536

 

 

261

 

2,512

Interest expense

 

58,372

 

58,879

 

 

116,517

 

117,400

Total expenses

 

174,163

 

175,073

 

 

341,896

 

366,250

Other income (expense)

 

 

  

 

 

 

  

Other (expense) income – net

 

(4,407)

 

540

 

 

(4,862)

 

771

Loss on debt extinguishment

 

(7)

 

(395)

 

 

(13)

 

(30,065)

Gain on assets sold – net

25,180

4,123

138,817

104,465

Total other income

 

20,766

 

4,268

 

 

133,942

 

75,171

Income before income tax expense and income from unconsolidated joint ventures

 

91,252

 

86,615

 

 

286,010

 

240,109

Income tax expense

 

(1,119)

 

(939)

 

 

(2,344)

 

(1,897)

Income from unconsolidated joint ventures

 

1,782

 

1,187

 

 

3,405

 

13,017

Net income

 

91,915

 

86,863

 

 

287,071

 

251,229

Net income attributable to noncontrolling interest

 

(2,448)

 

(2,340)

 

 

(7,997)

 

(6,728)

Net income available to common stockholders

$

89,467

$

84,523

 

$

279,074

$

244,501

Earnings per common share available to common stockholders:

 

  

 

  

 

 

  

 

  

Basic:

 

  

 

  

 

 

  

 

Net income available to common stockholders

$

0.38

$

0.36

 

$

1.17

$

1.04

Diluted:

 

  

 

  

 

 

  

 

  

Net income

$

0.38

$

0.36

 

$

1.17

$

1.04

See notes to consolidated financial statements.

3

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

(in thousands)

Three Months Ended

Six Months Ended

    

June 30, 

    

June 30, 

    

2022

    

2021

    

2022

    

2021

Net income

$

91,915

$

86,863

$

287,071

$

251,229

Other comprehensive income (loss):

 

 

  

 

 

  

Foreign currency translation

 

(22,341)

 

940

 

(33,150)

 

2,126

Cash flow hedges

 

19,444

 

(20,167)

 

39,022

 

15,634

Total other comprehensive (loss) income

 

(2,897)

 

(19,227)

 

5,872

 

17,760

Comprehensive income

 

89,018

 

67,636

 

292,943

 

268,989

Comprehensive income attributable to noncontrolling interest

 

(2,368)

 

(1,820)

 

(8,168)

 

(7,197)

Comprehensive income attributable to common stockholders

$

86,650

$

65,816

$

284,775

$

261,792

See notes to consolidated financial statements.

4

OMEGA HEALTHCARE INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended June 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 March 31, 2022

$

23,820

$

6,401,207

$

3,201,081

$

(5,714,595)

$

6,318

$

3,917,831

$

212,013

$

4,129,844

Stock related compensation

6,892

6,892

6,892

Issuance of common stock

13

2,331

2,344

2,344

Repurchase of common stock

(423)

(114,523)

(114,946)

(114,946)

Common dividends declared ($0.67 per share)

(157,674)

(157,674)

(157,674)

Conversion and redemption of Omega OP Units to common stock

(9,704)

(9,704)

Omega OP Units distributions

(5,062)

(5,062)

Other comprehensive loss

(2,817)

(2,817)

(80)

(2,897)

Net income

89,467

89,467

2,448

91,915

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

Balance at March 31, 2021

$

23,338

$

6,226,543

$

2,754,713

$

(5,074,432)

$

23,230

$