This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Omega Announces Second Quarter 2013 Financial Results; Adjusted FFO Of $0.62 Per Share For The Second Quarter

For the six-month period ended June 30, 2013, the Company reported net income available to common stockholders of $87.2 million, or $0.76 per diluted common share, on operating revenues of $204.3 million. This compares to net income available to common stockholders of $56.7 million, or $0.54 per diluted common share, on operating revenues of $168.3 million, for the same period in 2012.

The year-to-date increase in net income was primarily due to: (i) additional rental income and mortgage interest income associated with approximately $510 million of new investments made since the second quarter of 2012 and (ii) an $11.1 million interest refinancing adjustment (gain) recorded in the second quarter of 2013. These increases to net income were partially offset by (i) increased expenses associated with new investments made throughout 2012 and 2013, including: (a) $9.8 million in increased depreciation expense and (b) $3.6 million in increased interest expense and (ii) $5.4 million in interest refinancing costs relating to 2012 refinancing activities.

SECOND QUARTER 2013 HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS

  • In July 2013, the Company increased its quarterly common stock dividend to $0.47 per share.
  • In Q2 2013, the Company paid off $51 million of long-term debt.
  • In Q2 2013, the Company completed $25 million of new investments.
  • In Q2 2013, the Company completed $10 million of capital renovation projects.
  • In April 2013, the Company increased its quarterly common stock dividend to $0.46 per share.

SECOND QUARTER 2013 RESULTS

Operating Revenues and Expenses – Operating revenues for the three-month period ended June 30, 2013 were $102.5 million. Operating expenses for the three-month period ended June 30, 2013 totaled $37.8 million and were comprised of $32.2 million of depreciation and amortization expense, $4.0 million of general and administrative expense, $1.5 million of stock-based compensation expense and a $65 thousand provision for uncollectible straight-line accounts receivable.

Other Income and Expense – Other income and expense for the three-month period ended June 30, 2013 was a net expense of $14.5 million, which was comprised of $25.0 million of interest expense and $0.7 million of amortized deferred financing costs. The Company also recorded an $11.1 million interest refinancing adjustment (gain) related to the write-off of the remaining fair market value debt adjustment on 11 mortgage loans that the Company paid off in May 2013.

Funds From Operations – For the three-month period ended June 30, 2013, reportable FFO available to common stockholders was $82.4 million, or $0.70 per common share on 117 million weighted-average common shares outstanding, compared to $55.8 million, or $0.53 per common share on 106 million weighted-average common shares outstanding, for the same period in 2012.

The $82.4 million of FFO for the three-month period ended June 30, 2013 includes the impact of the $11.1 million interest refinancing adjustment (gain), $1.5 million of stock-based compensation expense and the $65 thousand provision for uncollectible straight-line accounts receivable.

2 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,656.64 -119.48 -0.67%
S&P 500 2,056.38 -11.51 -0.56%
NASDAQ 4,865.2190 -35.6660 -0.73%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs