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Ohi Healthcare Properties Limited Partnership (1639315) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Ohi Healthcare Properties Limited Partne

CIK: 1639315

 

Exhibit 99.1

 

303 International Circle

Suite 200

Hunt Valley, MD 21030

P: 410.427.1700

F: 410.427.8800

 

PRESS RELEASE – FOR IMMEDIATE RELEASE

 

OMEGA ANNOUNCES SECOND QUARTER 2019 FINANCIAL RESULTS

Completed $678 Million of New Investments in Q2

Agrees to Acquire $735 Million of New Investments

 

HUNT VALLEY, MARYLAND – August 6, 2019

– Omega Healthcare Investors, Inc. (NYSE:OHI) (the “Company” or “Omega”) today announced its results of operations for the quarter ended June 30, 2019. The Company reported net income of $75.7 million or $0.34 per common share. The Company also reported Funds From Operations (“FFO”) for the quarter of $157.2 million or $0.71 per common share, Adjusted Funds From Operations (“AFFO” or “Adjusted FFO”) of $169.2 million or $0.77 per common share, and Funds Available For Distribution (“FAD”) of $150.6 million.

 

Adjusted FFO excludes a few one-time non-cash revenue and expense items from FFO. FFO, AFFO and FAD are non-GAAP financial measures. For more information regarding these non-GAAP measures, see the “Funds From Operations” schedule below and the Company’s website at www.omegahealthcare.com.

 

GAAP NET INCOME

 

For the quarter ended June 30, 2019, the Company reported net income of $75.7 million, or $0.34 per common share, on operating revenues of $225.3 million. This compares to net income of $82.0 million, or $0.39 per common share, on operating revenues of $219.9 million, for the same period in 2018.

 

For the six-month period ended June 30, 2019, the Company reported net income of $147.9 million, or $0.68 per common share, on operating revenues of $449.0 million. This compares to net income of $169.9 million, or $0.82 per common share, on operating revenues of $440.1 million, for the same period in 2018.

 

The year-to-date decrease in net income compared to the prior year was primarily due to (i) a $14.9 million reduction in gains on the sale of assets, (ii) an increase of $9.6 million of impairments on direct financing leases and real estate properties and (iii) $4.2 million of costs related to the acquisition of MedEquities Realty Trust, Inc. (“MedEquities”). The decrease in net income was partially offset by incremental revenue from new investments made since the second quarter of 2018.

 

CEO COMMENTS

 

Taylor Pickett, Omega’s Chief Executive Officer, stated, “We are excited about our recent capital allocation activity. We seamlessly closed and integrated the MedEquities acquisition in May and on July 26th we signed a $735 million purchase agreement to acquire 60 facilities as described in more detail below. In addition, we continue to source smaller, attractively priced acquisitions and new development projects with our existing tenants, while opportunistically divesting of certain non-core holdings.”

 

Mr. Pickett continued, “During the quarter, the Texas State Legislature failed to pass any form of skilled nursing Medicaid rate relief, meaning that operators in the State will have to deal with the same Medicaid reimbursement rates which are one of the lowest in the country. As a result, we do not envision Daybreak reverting to their contractual rent for the foreseeable future and are actively working with Daybreak’s management team and third party consultants to maximize future Daybreak cash flows.”

 


The following information was filed by Ohi Healthcare Properties Limited Partnership on Tuesday, August 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parentheticals)
Consolidated Statements Of Changes In Owners' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Assets Held For Sale
Assets Held For Sale (Schedule Of Properties Held-For-Sale) (Details)
Assets Held For Sale (Tables)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Lessee Disclosure) (Detail)
Basis Of Presentation And Significant Accounting Policies (Lessor Disclosure) (Detail)
Basis Of Presentation And Significant Accounting Policies (Narrative) (Detail)
Basis Of Presentation And Significant Accounting Policies (Policy)
Basis Of Presentation And Significant Accounting Policies (Schedule Of Net Accounts Receivable) (Detail)
Basis Of Presentation And Significant Accounting Policies (Tables)
Borrowing Activities And Arrangements
Borrowing Activities And Arrangements (Narrative 1) (Detail)
Borrowing Activities And Arrangements (Schedule Of Borrowings) (Details)
Borrowing Activities And Arrangements (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Remaining Commitments) (Detail)
Commitments And Contingencies (Tables)
Concentration Of Risk
Concentration Of Risk (Narrative) (Detail)
Direct Financing Leases
Direct Financing Leases (Narrative) (Detail)
Direct Financing Leases (Schedule Of Components Of Investment In Direct Financing Leases) (Detail)
Direct Financing Leases (Schedule Of Future Cash Flow And Straight-Line Rents Direct Financing Leases) (Detail)
Direct Financing Leases (Tables)
Earnings Per Share/Unit
Earnings Per Share/Unit (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Detail)
Earnings Per Share/Unit (Tables)
Financial Instruments
Financial Instruments (Schedule Of Financial Instruments) (Details)
Financial Instruments (Tables)
Intangibles
Intangibles (Narrative) (Detail)
Intangibles (Schedule Of Intangibles) (Detail)
Intangibles (Schedule Of Reconciliation Of Goodwill) (Detail)
Intangibles (Tables)
Investments In Joint Ventures
Investments In Joint Ventures (Narrative) (Details)
Mortgage Notes Receivable
Mortgage Notes Receivable (Narrative) (Detail)
Mortgage Notes Receivable (Schedule Of Receivables) (Detail)
Mortgage Notes Receivable (Tables)
Other Investments
Other Investments (Note Due 2018-2022 Narrative) (Detail)
Other Investments (Note Due 2019 Narrative) (Detail)
Other Investments (Schedule Of Receivables) (Details)
Other Investments (Tables)
Properties And Investments
Properties And Investments (Asset Acquisitions) (Narrative) (Detail)
Properties And Investments (Assets Sold Or Held For Sale) (Narrative) (Detail)
Properties And Investments (Fair Value Of Assets Acquired And Liabilities Assumed) (Detail)
Properties And Investments (Merger) (Details)
Properties And Investments (Pro Forma Acquisition Results) (Detail)
Properties And Investments (Schedule Of Significant Acquisitions) (Detail)
Properties And Investments (Summary Of Our Investment In Leased Real Estate Properties) (Details)
Properties And Investments (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Detail)
Stock-Based Compensation (Tables)
Stockholders'/Owners' Equity
Stockholders'/Owners' Equity (Schedule Of Accumulated Other Comprehensive Loss) (Details)
Stockholders'/Owners' Equity (Schedule Of Common Stock Dividends) (Details)
Stockholders'/Owners' Equity (Tables)
Subsequent Events
Subsequent Events (Narrative) (Detail)
Supplemental Disclosure To Consolidated Statements Of Cash Flows
Supplemental Disclosure To Consolidated Statements Of Cash Flows (Detail)
Supplemental Disclosure To Consolidated Statements Of Cash Flows (Tables)
Taxes
Taxes (Narrative) (Details)
Variable Interest Entities
Variable Interest Entities (Schedule Of Variable Interest Entities) (Detail)
Variable Interest Entities (Tables)
CIK: 1639315
Form Type: 10-Q Quarterly Report
Accession Number: 0000888491-19-000018
Submitted to the SEC: Thu Aug 08 2019 4:02:55 PM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Real Estate Investment Trusts

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