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

Adjusted FFO is calculated as FFO available to common stockholders excluding the impact of non-cash stock-based compensation and certain revenue and expense items identified above. The Company believes that Adjusted FFO provides an enhanced measure of the operating performance of the Company’s core portfolio as a REIT. The Company’s computation of Adjusted FFO is not comparable to the NAREIT definition of FFO or to similar measures reported by other REITs, but the Company believes it is an appropriate measure for this Company.

The Company currently expects its 2012 Adjusted FFO available to common stockholders to be between $2.09 and $2.12 per diluted share. The following table presents a reconciliation of our guidance regarding 2012 FFO and Adjusted FFO to net income available to common stockholders:

 
2012 Projected AFFO
Per diluted share:    
Net income available to common stockholders $ 0.94 $ 0.94
Adjustments:
Depreciation and amortization 1.02 1.05
Provision for impairment on real estate assets   0.00       0.00
Funds from operations available to common stockholders $ 1.96 $ 1.99
 
Adjustments:
Interest expense – refinancing costs 0.07 0.07
Stock-based compensation expense   0.06       0.06
Adjusted funds from operations available to common stockholders $ 2.09 $ 2.12
 

The following tables present selected portfolio information, including operator and geographic concentrations, and revenue maturities for the period ended March 31, 2012:

  As of March 31, 2012    
Balance Sheet Data

# of Properties

   

# of OperatingBeds

   

Investment($000’s)

   

% Investment

Real Property (1) 396     44,186     $ 2,548,817     91%
Loans Receivable (2) 32     3,681     239,901     9%
Total Investments 428 47,867 $ 2,788,718 100%
 
Investment Data

# of Properties

   

# of OperatingBeds

   

Investment($000’s)

    % Investment    

Investmentper Bed

Skilled Nursing Facilities (1) (2) 413 47,064 $ 2,721,708 98% $ 58
Assisted Living Facilities 10 510 33,540 1% 66
Specialty Hospitals and Other 5     293     33,470     1%     114
428 47,867 $ 2,788,718 100% $ 58
 
Note: table above excludes seven facilities classified as held-for-sale.
(1) Includes $19.2 million for lease inducement.
(2) Includes $0.6 million of unamortized principal.
         
Revenue Composition ($000's)
         
Revenue by Investment Type Three Months Ended
March 31, 2012
Rental Property (1) $ 75,975 90 %
Mortgage Notes 7,336 9 %
Other Investment Income   1,130       1 %
$ 84,441 100 %
         
Revenue by Facility Type Three Months Ended
March 31, 2012
Skilled Nursing Facilities (1) $ 81,489 97 %
Assisted Living Facilities 687 1 %
Specialty Hospitals 1,135 1 %
Other   1,130       1 %
$ 84,441 100 %
 

 

(1) 1st quarter revenue includes $0.8 million reduction for lease inducement. Excludes revenue from owned and operated assets.

         
Operator Concentration by Investment ($000's) As of March 31, 2012    
# of Properties       Investment       % Investment    
CommuniCare Health Services 36       $ 324,298       12 %
Airamid 38 263,560 10 %
Sun Healthcare Group, Inc. 40 233,414 8 %
Signature Holdings, LLC 31 222,629 8 %
Advocat Inc. 36 148,156 5 %
Gulf Coast 17 146,636 5 %
Guardian LTC Management (1) 23 145,171 5 %
Capital Funding Group, Inc . 17 129,904 5 %
Genesis 13 121,544 4 %
Consulate 17 117,654 4 %
Remaining 37 Operators (2) 160         935,752       34 %    
428 $ 2,788,718 100 %
 
Note: table above excludes seven facilities classified as held-for-sale.
(1) Investment amount includes a $19.2 million lease inducement.
(2) Includes $0.6 million of unamortized principal.
                           
Concentration by State # of Properties       Investment     % Investment    
Florida (1) 87       $ 613,774     22%  
Ohio 50 358,420 13%
Pennsylvania 25 174,519 6%
Maryland 16 173,193 6%
Texas 32 169,586 6%
Arkansas 23 126,084 5%
Michigan 17 122,510 5%
Tennessee 16 117,855 4%
West Virginia (2) 11 95,010 3%
Colorado 12 79,227 3%
Kentucky 15 67,067 3%
Indiana 16 64,312 2%
North Carolina 10 58,369 2%
Massachusetts 8 57,347 2%
Louisiana 14 55,514 2%
Alabama 10 54,440 2%
Remaining 17 States 66       401,491     14%    
428 $ 2,788,718 100%
Note: table above excludes seven facilities classified as held-for-sale.
(1) Includes $0.6 million of unamortized principal.
(2) Investment amount includes a $19.2 million lease inducement.
             
Revenue Maturities ($000's)     As of March 31, 2012    
Operating Lease Expirations & Loan Maturities     Year      

Current LeaseRevenue (1)

 

CurrentInterestRevenue (1)

 

Lease andInterestRevenue

      %    
    2012       3,304   500   3,804       1%  
2013 28,482 - 28,482 9%
2014 1,037 1,268 2,305 1%
2015 2,476 - 2,476 1%
2016 29,321 1,404 30,725 10%
 
 
(1) Based on 2012 contractual rents and interest (without giving effect to annual escalators).

The following tables present operator revenue mix, census and coverage data based on information provided by our operators:

     
Operator Revenue Mix % Revenue Mix
Medicaid  

Medicare /Insurance

  Private / Other
   
Three-months ended December 31, 2011 52.9 % 38.4 % 8.7 %
Three-months ended September 30, 2011 50.5 % 40.9 % 8.6 %
Three-months ended June 30, 2011 50.2 % 41.2 % 8.6 %
Three-months ended March 31, 2011 50.0 % 41.6 % 8.4 %
Operator Census and Coverage  

 

 

Coverage Data

Census (1)

BeforeManagement Fees

 

AfterManagement Fees

 
Twelve-months ended December 31, 2011 84% 2.2x 1.8x
Twelve-months ended September 30, 2011 84% 2.3x 1.8x
Twelve-months ended June 30, 2011 84% 2.3x 1.8x
Twelve-months ended March 31, 2011 84% 2.2x 1.8x
Twelve-months ended December 31, 2010 84% 2.1x 1.7x

(1) Based on available beds.

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