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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

The $172.5 million of FFO for the twelve-month period ended December 31, 2011 includes: (i) $6.4 million in provision for uncollectible accounts and notes receivable; (ii) $6.0 million of non-cash stock-based compensation expense; (iii) $3.5 million in non-cash preferred stock redemption charges; (iv) $3.1 million to write-off deferred financing costs associated with the termination of the Company’s 2010 credit facility; (v) $1.2 million of 2011 acquisition related expenses; and (vi) a $0.7 million net loss associated with the run-off of owned and operated assets.

Adjusted FFO was $236.2 million, or $2.19 per common share, for the twelve-month period ended December 31, 2012, compared to $193.3 million, or $1.89 per common share, for the same period in 2011. The Company had 5.8 million additional weighted-average shares for the twelve months ended December 31, 2012 compared to the same period in 2011. For further information see “Funds From Operations” below.


$700 Million Unsecured Credit Facility – Effective December 6, 2012, the Company entered into a new $700 million unsecured credit facility, comprised of a $500 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $200 million unsecured, deferred draw term loan facility (the “Term Loan Facility” and, collectively, the “2012 Credit Facilities”).

The 2012 Credit Facilities replaces the Company’s previous $475 million senior unsecured revolving credit facility (the “2011 Credit Facility”). The Revolving Credit Facility includes an “accordion feature” that permits the Company to expand its borrowing capacity by an additional $300 million, for a maximum aggregate commitment of $1 billion.

The Revolving Credit Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 190 basis points) based on the Company’s ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings, plus a facility fee based on the same ratings (initially 30 basis points, with a range of 15 to 45 basis points). At December 31, 2012, the Company had $158 million in borrowings outstanding under the Revolving Credit Facility. The Revolving Credit Facility matures in four years, on December 6, 2016, with an option by the Company to extend the maturity one additional year.

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