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Omega Announces Third Quarter 2011 Financial Results; Adjusted FFO Of $0.48 Per Share For The Third Quarter

Stocks in this article: OHI

The Company and its subsidiaries terminated the 2010 Credit Facility in connection with the effectiveness of the 2011 Credit Facility. The Company did not experience any material early termination penalties due to the termination of the 2011 Credit Facility. For the three month period ending September 30, 2011, the Company recorded a non-cash charge of approximately $3.1 million relating to the write-off of deferred financing costs associated with the termination of the 2010 Credit Facility.

$100 Million Stock Repurchase Program On August 30, 2011, the Company’s Board of Directors authorized the repurchase of up to $100 million of its outstanding common stock, from time to time, over the next 12 months.

The Company is authorized to repurchase shares of its common stock in open market and privately negotiated transactions at the times, and in the manner and amounts, as determined by the Company’s management and in accordance with the pricing guidelines approved by the Board of Directors and applicable law. The timing and amount of stock repurchases will depend on a variety of factors, including market conditions and corporate and regulatory considerations. The Company has no obligation to repurchase any amount of its common stock, and such repurchases, if any, may be discontinued at any time.

On September 30, 2011, the Company entered into open market transactions to repurchase 183,310 of its common stock at an average price of $15.96 per share. The settlement of these shares occurred on October 5, 2011.

Equity Shelf Program and the Dividend Reinvestment and Direct Stock Purchase Plan During the nine-month period ended September 30, 2011, the Company sold the following shares of its common stock:

Equity Shelf (At-The-Market) Program for 2011
(in thousands, except price per share)
Q1 Q2 Q3 Year




To Date

Number of shares 1,261 158 - 1,419
Average price per share $ 22.78 $ 21.27 $ - $ 22.61
Net proceeds $ 28,145 $ 3,306 $ - $ 31,451
Dividend Reinvestment and Direct Stock Purchase Program for 2011
(in thousands, except price per share)
Q1 Q2 Q3 Year




To Date

Number of shares 795 1,093 720 2,608
Average price per share $ 22.08 $ 21.17 $ 19.92 $ 21.10
Net proceeds $ 17,555 $ 23,136 $ 14,338 $ 55,029


Persimmon Ventures, LLC – On October 31, 2011, the Company completed approximately $69 million of combined new investments with affiliates of Persimmon Ventures, LLC (“Persimmon”) a new operator to the Company.

Purchase / Lease Back Transaction – Effective October 31, the Company purchased three skilled nursing facilities (“SNFs”) located in Maryland (2) and West Virginia (1), totaling 511 beds for a total investment of $44 million, consisting of $ 14 million in cash and the assumption of $30 million, 4.87% (weighted-average) indebtedness guaranteed by the U.S. Department of Housing and Urban Development (“HUD”) maturing between March 2036 and August 2040.

In addition to the purchase / leaseback transaction described above, Omega has held back an additional $17 million of cash in anticipation of taking title to a third Maryland facility within the next several months. The actual purchase and leaseback is subject to, amongst other things, the completion of a major renovation project.

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