Exhibit 99.1

 

   

303 International Circle          P: 410.427.1700

Suite 200                                F: 410.427.8800

Hunt Valley, MD 21030

 

PRESS RELEASE – FOR IMMEDIATE RELEASE

 

OMEGA ANNOUNCES FOURTH QUARTER 2018 FINANCIAL RESULTS

 

HUNT VALLEY, MARYLAND – February 11, 2019

– Omega Healthcare Investors, Inc. (NYSE:OHI) (the “Company” or “Omega”) today announced its results of operations for the quarter ended December 31, 2018. The Company reported for the quarter ended December 31, 2018 net income of $64.9 million or $0.31 per common share. The Company also reported Funds From Operations (“FFO”) for the quarter of $124.5 million or $0.59 per common share, Adjusted Funds From Operations (“AFFO” or “Adjusted FFO”) of $155.3 million or $0.73 per common share, and Funds Available For Distribution (“FAD”) of $138.2 million.

 

FFO for the fourth quarter of 2018 includes $27.2 million in impairments on direct financing leases related to the Orianna Health Systems (“Orianna” and f/k/a ARK) portfolio restructuring, $3.9 million of non-cash stock-based compensation expense, $1.1 million in one-time non-cash revenue, $0.4 million of merger related costs, $0.3 million in provisions for uncollectable accounts and $0.2 million of unrealized loss on warrants (Adjusted FFO excludes the aforementioned items). FFO, AFFO and FAD are non-GAAP financial measures. For more information regarding these non-GAAP measures, see the “Funds From Operations” schedule.

 

GAAP NET INCOME

 

For the quarter ended December 31, 2018, the Company reported net income of $64.9 million, or $0.31 per common share, on operating revenues of $219.8 million. This compares to net income of $65.2 million, or $0.31 per common share, on operating revenues of $221.2 million, for the same period in 2017.

 

For the year ended December 31, 2018, the Company reported net income of $293.9 million, or $1.40 per common share, on operating revenues of $881.7 million. This compares to net income of $104.9 million, or $0.51 per common share, on operating revenues of $908.4 million, for the same period in 2017.

 

The increase in net income for 2018 compared to the prior year was primarily due to (i) $297.3 million of impairments on direct financing leases and real estate recorded in 2017 versus $57.0 million recorded in 2018, (ii) a $22.0 million decrease in interest refinancing costs and (iii) a $7.9 million decrease in provision for uncollectible accounts. The increase in net income was partially offset by (i) a $29.1 million reduction in gains on the sale of assets, (ii) a $26.7 million reduction in revenue, (iii) a $15.0 million increase in general and administrative expenses, (iv) a $10.4 million favorable contractual settlement recorded in the first quarter of 2017 and (v) $3.7 million in increased interest expense.

 

CEO COMMENTS

 

Taylor Pickett, Omega’s Chief Executive Officer, stated, “The fourth quarter presented the Company with unique challenges including higher than normal general and administrative expenses, primarily related to Orianna legal expenses, as well as underpayment of approximately $4 million of rent by one of our operators, Daybreak. As investors are aware, Daybreak’s rents are accounted for on a cash basis and so this rent shortfall immediately impacted our 4th quarter revenues. While Daybreak has implemented many favorable changes to their business, the operating environment in Texas remains challenging near-term, with low occupancy and one of the lowest Medicaid reimbursement rates in the country. We are working cooperatively with Daybreak by providing near-term liquidity relief via a $2.5 million rent deferral for each of the first and second quarters of 2019, which preserves Omega’s long-term economics from the lease.”

 


The following information was filed by Ohi Healthcare Properties Limited Partnership on Monday, February 11, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Ohi Healthcare Properties Limited Partnership's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Ohi Healthcare Properties Limited Partnership.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account