Omega Healthcare Investors Q3 2024 10-Q Filed

TL;DR

**OHI Q3 2024 10-Q is in!** REIT financials for healthcare properties. Check for updates.

AI Summary

Omega Healthcare Investors Inc. (OHI) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operations for the third quarter and the first nine months of the year. Key financial data and operational highlights are presented, reflecting the company's status as a real estate investment trust focused on healthcare facilities.

Why It Matters

This filing provides investors with a detailed look at Omega Healthcare Investors' financial health and operational performance for the third quarter of 2024, crucial for understanding its real estate investment trust (REIT) strategy in the healthcare sector.

Risk Assessment

Risk Level: medium — As a real estate investment trust in the healthcare sector, OHI is subject to risks related to tenant financial health, regulatory changes, and interest rate fluctuations.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-10-31 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Omega Healthcare Investors Inc. (company) — Filer of the 10-Q
• 0000888491 (company) — Central Index Key for Omega Healthcare Investors Inc.
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-10-31 (date) — Date the 10-Q was filed
• 303 International Circle, Suite 200, Hunt Valley, MD 21030 (address) — Business and mailing address for Omega Healthcare Investors Inc.

FAQ

Filing Documents

• ohi-20240930x10q.htm (10-Q) — 3655KB
• ohi-20240930xex31d1.htm (EX-31.1) — 13KB
• ohi-20240930xex31d2.htm (EX-31.2) — 13KB
• ohi-20240930xex32d1.htm (EX-32.1) — 8KB
• ohi-20240930xex32d2.htm (EX-32.2) — 8KB
• 0000888491-24-000043.txt ( ) — 18678KB
• ohi-20240930.xsd (EX-101.SCH) — 136KB
• ohi-20240930_cal.xml (EX-101.CAL) — 110KB
• ohi-20240930_def.xml (EX-101.DEF) — 729KB
• ohi-20240930_lab.xml (EX-101.LAB) — 834KB
• ohi-20240930_pre.xml (EX-101.PRE) — 924KB
• ohi-20240930x10q_htm.xml (XML) — 4072KB

Financial Statements of Omega Healthcare Investors, Inc. (Unaudited)

Financial Statements of Omega Healthcare Investors, Inc. (Unaudited) : Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Comprehensive Income 4 Consolidated Statements of Equity 5 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 59 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 60 Item 1A.

Risk Factors

Risk Factors 60 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60 Item 5. Other Information 60 Item 6. Exhibits 61 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) September 30, December 31, 2024 2023 (Unaudited) ASSETS Real estate assets Buildings and improvements $ 7,266,469 $ 6,879,034 Land 972,602 867,486 Furniture and equipment 503,499 467,393 Construction in progress 201,360 138,410 Total real estate assets 8,943,930 8,352,323 Less accumulated depreciation ( 2,652,372 ) ( 2,464,227 ) Real estate assets – net 6,291,558 5,888,096 Investments in direct financing leases – net 9,450 8,716 Real estate loans receivable – net 1,323,469 1,212,162 Investments in unconsolidated joint ventures 92,598 188,409 Assets held for sale 75,973 81,546 Total real estate investments 7,793,048 7,378,929 Non-real estate loans receivable – net 335,717 275,615 Total investments 8,128,765 7,654,544 Cash and cash equivalents 342,444 442,810 Restricted cash 17,866 1,920 Contractual receivables – net 10,337 11,888 Other receivables and lease inducements 241,399 214,657 Goodwill 644,588 643,897 Other assets 186,472 147,686 Total assets $ 9,571,871 $ 9,117,402 LIABILITIES AND EQUITY Revolving credit facility $ — $ 20,397 Secured borrowings 265,239 61,963 Senior notes and other unsecured borrowings – net 4,592,963 4,984,956 Accrued expenses and other liabilities 313,370 287,795 Total liabilities 5,171,572 5,355,111 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 outstanding – 268,231 shares as of September 30, 2024 and 245,282 shares as of December 31, 2023 26,823 24,528 Additional paid-in capital 7,480,051 6,671,198 Cumulative net earnings 3,973,566 3,680,581 Cumulative dividends paid ( 7,335,238 ) ( 6,831,061 ) Accumulated other compr

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited September 30, 2024 NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Overview and Organization Omega Healthcare Investors, Inc. ("Parent") is a Maryland corporation that, together with its consolidated subsidiaries (collectively, "Omega," the "Company," "we," "our" or "us") invests in healthcare-related real estate properties located in the United States ("U.S.") and the United Kingdom ("U.K."). Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities ("SNFs"), assisted living facilities ("ALFs"), and to a lesser extent, independent living facilities ("ILFs"), rehabilitation and acute care facilities ("specialty facilities") and medical office buildings. Our core portfolio consists of long-term "triple net" leases and real estate loans with healthcare operating companies and affiliates (collectively, our "operators"). In addition to our core investments, we make loans to operators and/or their principals. From time to time, we also acquire equity interests in joint ventures or entities that support the long-term healthcare industry and our operators. Omega has elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes and 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, OHI Healthcare Properties Limited Partnership (collectively with its subsidiaries, "Omega OP"). Omega has exclusive control over Omega OP's day-to-day management pursuant to the partnership agreement governing Omega OP. As of September 30, 2024, Parent owned 97 % of the issued and outstanding units of partnership interest in Omega OP ("Omega OP Units"), and other investors owned 3 % of the outstanding Om

View Full Filing

View this 10-Q filing on SEC EDGAR