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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

In addition to the $237 million of new investments, the Company also invested $13 million under its capital renovation program.

$203 Million of New Investments in Q3 2012 – For the three-month period ended September 30, 2012, the Company purchased 27 facilities (17 SNFs, 4 ALFs and 6 independent living facilities) from an unrelated third party for $203 million. Simultaneous with the transaction, the Company also purchased one parcel of land for $2.8 million. The 27 facilities and land parcel were added to an existing master lease with a current operator. The 27 facilities located in Indiana total 2,892 beds (2,340 skilled nursing, 293 assisted living and 259 independent living).

$25 Million of New Investments in Q2 2012 – For the three-month period ending June 30, 2012, the Company completed two separate acquisitions with two existing operators totaling $25 million. The acquisitions consisted of five SNFs located in Indiana totaling 463 beds. These facilities were added to existing master leases.

$45 Million of Capital Renovation Projects in 2012 – For the twelve-month period ending December 31, 2012, the Company invested $45 million under its capital renovation program.

Other Portfolio Transactions

Genesis Healthcare – On December 1, 2012, Genesis Healthcare (“Genesis”), an existing operator of the Company, completed the purchase of Sun Healthcare Group (“Sun”), also an existing operator of the Company. At September 30, 2012, Sun was the Company’s second largest tenant with $235 million in leased assets (40 facilities in 10 states). The Company leased the 40 facilities to Sun under a master lease with expiration dates in 2013 and 2018. At September 30, 2012, the Company had a master lease with Genesis covering $122 million in leased assets (13 facilities) located in 5 states.

In connection with the acquisition, on December 1, 2012, the Company entered into a new 53 facility master lease with Genesis expiring on December 31, 2025. At December 31, 2012, Genesis was the Company’s largest tenant with $357 million in leased assets (approximately 11% of the Company’s total investments) located in 13 states.

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