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Omega Announces Fourth Quarter 2012 Financial Results; Adjusted FFO Of $0.58 Per Share And $250 Million Of New Investments For The Fourth Quarter

Stocks in this article: OHI

Omega Healthcare Investors, Inc. (NYSE:OHI) (the “Company” or “Omega”) today announced its results of operations for the three- and twelve-month period ended December 31, 2012. The Company also reported Funds From Operations (“FFO”) available to common stockholders for the three-month period ended December 31, 2012 of $61.4 million or $0.55 per common share. The $61.4 million of FFO available to common stockholders for the fourth quarter of 2012 includes $2.5 million of interest refinancing costs, $1.5 million of non-cash stock-based compensation expense, $0.8 million of one-time revenue and $0.2 million of acquisition related costs. 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”). Normalized or Adjusted FFO was $0.58 per common share for the three-month period ended December 31, 2012. FFO and Adjusted FFO are non-GAAP financial measures. Normalized or 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: interest refinancing cost, acquisitions and stock-based compensation expense and one-time revenue items. For more information regarding FFO and Adjusted FFO, see the “Fourth Quarter 2012 Results – Funds From Operations” section below.

GAAP NET INCOME

For the three-month period ended December 31, 2012, the Company reported net income and net income available to common stockholders of $33.9 million, or $0.30 per diluted common share, on operating revenues of $95.0 million. This compares to 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, for the same period in 2011.

For the twelve-month period ended December 31, 2012, the Company reported net income and net income available to common stockholders of $120.7 million, or $1.12 per diluted common share, on operating revenues of $350.5 million. This compares to net income of $52.6 million and net income available to common stockholders of $47.5 million, or $0.46 per diluted common share, on operating revenues of $292.2 million, for the same period in 2011.

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