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Omega Announces First Quarter 2012 Financial Results; Adjusted FFO Of $0.55 Per Share For The First Quarter

The $39.1 million of FFO for the three-month period ended March 31, 2011 includes the impact of $3.5 million of non-cash preferred stock redemption charges, $1.5 million of non-cash stock-based compensation expense, a $0.2 million net loss associated with owned and operated assets, $45 thousand of costs associated with 2010 acquisitions and $16 thousand in interest refinancing expense.

Adjusted FFO was $56.9 million, or $0.55 per common share, for the three months ended March 31, 2012, compared to $44.4 million, or $0.44 per common share, for the same period in 2011. The Company had 3.9 million additional weighted-average shares for the three months ended March 31, 2012 compared to the same period in 2011. For further information see “Funds From Operations” below.

FINANCING ACTIVITIES

$400 Million 5.875% Senior Notes Issuance On March 19, 2012, the Company issued $400 million aggregate principal amount of its 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were sold at a price equal to 100% of their face value. The Company used the net proceeds of the offering to fund its cash tender and redemption of its then outstanding $175 million aggregate principal amount of 7% Senior Notes due 2016 (the “2016 Notes”) and used the balance to repay a portion of its outstanding borrowings under its $475 million unsecured revolving credit facility.

$175 Million 7% Senior Notes Tender and Redemption On March 5, 2012, the Company commenced a tender offer to purchase for cash any and all of its outstanding 2016 Notes. Pursuant to the terms of the tender offer, on March 19, 2012, Omega purchased $168.9 million aggregate principal amount of the 2016 Notes. Omega paid holders of the tendered 2016 Notes consent payments aggregating approximately $4.5 million over the face amount of the 2016 Notes.

On March 27, 2012, the Company redeemed the remaining $6.1 million aggregate principal amount of the 2016 Notes at a redemption price of 102.333% of the principal amount thereof, plus accrued and unpaid interest on the 2016 Notes up to the redemption date.

Stock quotes in this article: OHI 

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