This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Omega Healthcare Investors, Inc. (NYSE:OHI) (the “Company” or “Omega”) today announced its results of operations for the quarter and fiscal year ended December 31, 2011. The Company also reported Funds From Operations (“FFO”) available to common stockholders for the three-month period ended December 31, 2011 of $46.3 million or $0.45 per common share. The $46.3 million of FFO available to common stockholders for the fourth quarter of 2011 includes a $2.3 million provision for uncollectible notes receivable, $1.5 million of non-cash stock-based compensation expense, $1.2 million of costs associated with 2011 acquisitions and a $50 thousand net loss associated with the run-off of owned and operated assets. FFO is presented in accordance with the guidelines for the calculation and reporting of FFO issued by the National Association of Real Estate Investment Trusts (“NAREIT”). Adjusted FFO was $0.50 per common share for the three-month period ended December 31, 2011. FFO and Adjusted FFO are non-GAAP financial measures. Adjusted FFO is calculated as FFO available to common stockholders excluding the impact of certain non-cash items and certain items of revenue or expense, including, but not limited to: results of operations of owned and operated facilities during the period, provisions for impairment and uncollectible accounts receivable, expenses associated with acquisitions and stock-based compensation expense. For more information regarding FFO and Adjusted FFO, see the “Fourth Quarter 2011 Results – Funds From Operations” section below.
GAAP NET INCOME
For the three-month period ended December 31, 2011, the Company reported net income and net income available to common stockholders of $19.3 million, or $0.19 per diluted common share on operating revenues of $76.3 million. This compares to net income of $5.0 million and net income available to common stockholders of $2.7 million, or $0.03 per diluted common share on operating revenues of $71.1 million, for the same period in 2010.