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
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-11
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-08 Officers, Exhibits
8-K 2020-06-11
8-K 2020-05-04
8-K 2020-03-27
8-K 2020-03-20
8-K 2020-02-05
8-K 2020-01-02
8-K 2019-12-16
8-K 2019-11-05
8-K 2019-09-17
8-K 2019-09-09
8-K 2019-08-06
8-K 2019-06-07
8-K 2019-05-17
8-K 2019-05-07
8-K 2019-02-11
8-K 2019-02-01
8-K 2019-01-02
8-K 2018-12-14
8-K 2018-11-05
8-K 2018-10-31
8-K 2018-10-23
8-K 2018-09-07
8-K 2018-08-03
8-K 2018-06-11
8-K 2018-05-07
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 - Direct Financing Leases
Note 4 - Mortgage Notes Receivable
Note 5 - Other Investments
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'/Owners' 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/Unit
Note 18 - Supplemental Disclosure To Consolidated Statements of Cash Flows
Note 19 - Subsequent Event
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-20200630ex311bbd510.htm
EX-31.2 ohi-20200630ex3122832e0.htm
EX-31.3 ohi-20200630ex313aee871.htm
EX-31.4 ohi-20200630ex314d268b3.htm
EX-32.1 ohi-20200630ex32194644c.htm
EX-32.2 ohi-20200630ex32280338c.htm
EX-32.3 ohi-20200630ex3235b9368.htm
EX-32.4 ohi-20200630ex3240fec4d.htm

Omega Healthcare Earnings 2020-06-30

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 June 30, 2020

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 July 31, 2020

Omega Healthcare Investors, Inc.

Common Stock, $.10 par value

226,971,092

OHI Healthcare Properties Limited Partnership

N/A

No common stock outstanding

(Class)

(Number of shares)

Table of Contents

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2020 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” mean 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” mean 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 June 30, 2020. 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 presentations 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 Parent 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” and 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.

Table of Contents

OMEGA HEALTHCARE INVESTORS, INC.

OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP

FORM 10-Q

June 30, 2020

TABLE OF CONTENTS

Page
No.

PART I

Financial Information

Item 1.

Financial Statements of Omega Healthcare Investors, Inc.:

Consolidated Balance Sheets

June 30, 2020 (unaudited) and December 31, 2019

2

Consolidated Statements of Operations (unaudited)

Three and Six months ended June 30, 2020 and 2019

3

Consolidated Statements of Comprehensive Income (unaudited)

Three and Six months ended June 30, 2020 and 2019

4

Consolidated Statements of Changes in Equity (unaudited)

Three and Six months ended June 30, 2020 and 2019

5

Consolidated Statements of Cash Flows (unaudited)

Six months ended June 30, 2020 and 2019

7

Financial Statements of OHI Healthcare Properties Limited Partnership:

Consolidated Balance Sheets

June 30, 2020 (unaudited) and December 31, 2019

8

Consolidated Statements of Operations (unaudited)

Three and Six months ended June 30, 2020 and 2019

9

Consolidated Statements of Comprehensive Income (unaudited)

Three and Six months ended June 30, 2020 and 2019

10

Consolidated Statements of Changes in Owners’ Equity (unaudited)

Three and Six months ended June 30, 2020 and 2019

11

Consolidated Statements of Cash Flows (unaudited)

Six months ended June 30, 2020 and 2019

13

Notes to Consolidated Financial Statements

June 30, 2020 (unaudited)

14

Item 2.

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

46

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

67

Item 4.

Controls and Procedures

67

PART II

Other Information

Item 1.

Legal Proceedings

67

Item 1A.

Risk Factors

67

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

Item 6.

Exhibits

70

Table of Contents

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, 

    

2020

    

2019

    

(Unaudited)

ASSETS

Real estate properties

 

  

 

  

Real estate investments

$

8,807,944

 

$

8,985,994

Less accumulated depreciation

 

(1,902,587)

 

 

(1,787,425)

Real estate investments – net

 

6,905,357

 

 

7,198,569

Investments in direct financing leases – net

 

10,870

 

 

11,488

Mortgage notes receivable – net

 

886,029

 

 

773,563

 

7,802,256

 

 

7,983,620

Other investments – net

 

434,653

 

 

419,228

Investments in unconsolidated joint ventures

 

195,546

 

 

199,884

Assets held for sale – net

 

70,516

 

 

4,922

Total investments

 

8,502,971

 

 

8,607,654

Cash and cash equivalents

 

37,022

 

 

24,117

Restricted cash

 

4,543

 

 

9,263

Contractual receivables – net

 

27,579

 

 

27,122

Other receivables and lease inducements

403,313

381,091

Goodwill

 

643,491

 

 

644,415

Other assets

 

68,665

 

 

102,462

Total assets

$

9,687,584

 

$

9,796,124

LIABILITIES AND EQUITY

 

  

 

 

  

Revolving line of credit

$

216,434

 

$

125,000

Term loans – net

 

796,349

 

 

804,738

Secured borrowings

 

385,976

 

 

389,680

Senior notes and other unsecured borrowings – net

 

3,826,799

 

 

3,816,722

Accrued expenses and other liabilities

 

284,959

 

 

312,040

Deferred income taxes

 

9,675

 

 

11,350

Total liabilities

 

5,520,192

 

 

5,459,530

Equity:

 

  

 

  

Common stock $.10 par value authorized – 350,000 shares, issued and outstanding226,943 shares as of June 30, 2020 and 226,631 as of December 31, 2019

 

22,694

 

22,663

Common stock – additional paid-in capital

 

5,999,972

 

5,992,733

Cumulative net earnings

 

2,624,630

 

2,463,436

Cumulative dividends paid

 

(4,610,828)

 

(4,303,546)

Accumulated other comprehensive loss

 

(66,235)

 

(39,858)

Total stockholders’ equity

 

3,970,233

 

4,135,428

Noncontrolling interest

 

197,159

 

201,166

Total equity

 

4,167,392

 

4,336,594

Total liabilities and equity

$

9,687,584

 

$

9,796,124

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

Six Months Ended

 

    

June 30, 

    

June 30, 

    

2020

    

2019

    

2020

    

2019

    

Revenue

Rental income

$

221,532

$

194,817

 

$

443,032

$

386,994

Income from direct financing leases

 

259

 

259

 

 

517

 

519

Mortgage interest income

 

21,680

 

18,832

 

 

41,365

 

36,966

Other investment income

 

10,932

 

11,133

 

 

21,584

 

23,047

Miscellaneous income

 

1,992

 

238

 

 

2,921

 

1,441

Total operating revenues

 

256,395

 

225,279

 

 

509,419

 

448,967

Expenses

 

  

 

  

 

 

  

 

  

Depreciation and amortization

 

83,586

 

73,637

 

 

166,229

 

144,489

General and administrative

 

13,969

 

13,875

 

 

29,892

 

30,008

Real estate taxes

3,655

4,030

7,321

7,912

Acquisition and merger related costs

 

251

 

1,236

 

 

26

 

4,185

Impairment on real estate properties

 

11,988

 

5,709

 

 

15,627

 

5,709

(Recovery) impairment on direct financing leases

 

(752)

 

 

 

(752)

 

7,700

Provision for credit losses

 

15

 

 

 

1,501

 

Total operating expenses

 

112,712

 

98,487

 

 

219,844

 

200,003

Other operating income

Gain (loss) on assets sold – net

12,843

(267)

14,681

(264)

Operating income

 

156,526

 

126,525

 

 

304,256

 

248,700

Other income (expense)

 

 

  

 

 

 

  

Interest income and other – net

 

141

 

(191)

 

 

(593)

 

146

Interest expense

 

(52,791)

 

(48,380)

 

 

(105,532)

 

(96,480)

Interest – amortization of deferred financing costs

 

(2,461)

 

(2,238)

 

 

(4,922)

 

(4,476)

Realized gain (loss) on foreign exchange

 

1

 

(195)

 

 

(69)

 

(169)

Total other expense

 

(55,110)

 

(51,004)

 

 

(111,116)

 

(100,979)

Income before income tax expense and income from unconsolidated joint ventures

 

101,416

 

75,521

 

 

193,140

 

147,721

Income tax expense

 

(858)

 

(793)

 

 

(1,863)

 

(1,468)

Income from unconsolidated joint ventures

 

1,402

 

943

 

 

2,962

 

1,600

Net income

 

101,960

 

75,671

 

 

194,239

 

147,853

Net income attributable to noncontrolling interest

 

(2,653)

 

(2,530)

 

 

(5,017)

 

(5,010)

Net income available to common stockholders

$

99,307

$

73,141

 

$

189,222

$

142,843

Earnings per common share/unit available to common stockholders:

 

  

 

  

 

 

  

 

  

Basic:

 

  

 

  

 

 

  

 

Net income available to common stockholders

$

0.44

$

0.35

 

$

0.83

$

0.69

Diluted:

 

  

 

  

 

 

  

 

  

Net income

$

0.43

$

0.34