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Omega Announces Fourth Quarter 2011 Financial Results; Adjusted FFO Of $0.50 Per Share For The Fourth Quarter; And $334 Million Of New Investments

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

$575 Million 6¾% Senior Notes Exchange On July 14, 2011, the Company exchanged $575 million of its 6¾% Senior Notes due 2022 (the “2022 Notes”) that had been registered under the Securities Act of 1933 for $575 million of its outstanding 6¾% Senior Notes due 2022. The 2022 Notes were sold in October and November 2010 in two separate private placements. The October 2010 private placement was sold at an issue price of 98.984% of the $225 million principal amount resulting in gross proceeds to the Company of approximately $223 million. The November 2010 private placement was sold at an issue price of 103% of the $350 million principal amount resulting in gross proceeds to the Company of approximately $361 million.

Series D Preferred Redemption On March 7, 2011 , the Company redeemed all of its 8.375% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) at the redemption price of $25.00 per share, plus $0.21519 per share in accrued and unpaid dividends up to and including the redemption date, for an aggregate redemption price of $25.21519 per share. In connection with the redemption of the Series D Preferred Stock, the Company wrote-off approximately $3.5 million of preferred stock issuance costs (recorded in 2004) that reduced first quarter 2011 net income attributable to common stockholders by approximately $0.03 per common share.

Equity Shelf Program and the Dividend Reinvestment and Direct Stock Purchase Plan During the twelve-month period ended December 31, 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 Q4 Year
Total Total Total Total 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 Q4 Year
Total Total Total Total To Date
 
Number of Shares 795 1,093 720 245 2,853
Average Price per Share $ 22.08 $ 21.17 $ 19.92 $ 17.31 $ 20.78
Net Proceeds $ 17,555 $ 23,136 $ 14,338 $ 4,240 $ 59,269
 

2011 PORTFOLIO AND RECENT DEVELOPMENTS

Capital Funding Group, Inc. – On December 23, 2011, the Company purchased 17 skilled nursing facilities (“SNFs”) from affiliates of Capital Funding Group, Inc. (“CFG”), a new relationship to the Company, for an aggregate purchase price of $128 million. The acquisition consisted of the assumption of $71.3 million of indebtedness guaranteed by the Department of Housing and Urban Development (“HUD”) and $56.7 million in cash.

The $71.3 million of assumed HUD debt is comprised of 15 HUD mortgage loans with a blended interest rate of 5.70% and maturities between October 2029 and July 2044.

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