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 three-month period ended March 31, 2012. The Company also reported Funds From Operations (“FFO”) available to common stockholders for the three-month period ended March 31, 2012 of $48.2 million or $0.46 per common share. The $48.2 million of FFO available to common stockholders for the first quarter of 2012 includes $7.1 million of interest refinancing costs, $1.5 million of non-cash stock-based compensation expense and $0.1 million of costs associated with December 2011 acquisitions. The $7.1 million of interest refinancing costs related to the write-off of deferred financing costs and expenses associated with the tender and redemption of the Company’s $175 million of 7% Senior Notes due 2016. 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 $0.55 per common share for the three-month period ended March 31, 2012. 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: expenses associated with debt redemptions, acquisitions and stock-based compensation expense. For more information regarding FFO and Adjusted FFO, see the “First Quarter 2012 Results – Funds From Operations” section below.
GAAP NET INCOME
For the three-month period ended March 31, 2012, the Company reported net income and net income available to common stockholders of $26.1 million, or $0.25 per diluted common share on operating revenues of $84.5 million. This compares to net loss of $5.9 million and a net loss available to common stockholders of $11.1 million, or a loss of $0.11 per diluted common share on operating revenues of $70.5 million, for the same period in 2011.