$OHI

OMEGA HEALTHCARE INVESTORS INC

CIK:0000888491|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental income	$ 266,486	$ 239,202	$ 537,103	$ 471,380
Interest income	46,756	42,997	91,911	86,113
Resident fees and services	13,987		20,644
Miscellaneous income	1,017	307	1,543	1,798
Total revenues	328,246	282,506	651,201	559,291
Expenses
Depreciation and amortization	81,842	80,509	165,982	160,384
Interest expense	48,116	52,897	97,871	105,177
Property-level expenses	16,197	3,771	25,640	7,597
General and administrative	41,997	23,318	67,584	54,860
Acquisition, merger and transition related costs	4,660	2,010	5,774	3,474
Impairment on real estate properties		14,215	392	15,450
(Recovery) provision for credit losses	(5,019)	(4,771)	(8,313)	321
Total expenses	187,793	171,949	354,930	347,263
Other income (expense)
Other (expense) income - net	(7,215)	13,751	(6,139)	16,798
Gain on assets sold - net	246,519	22,886	249,543	32,961
Total other income	239,304	36,637	243,404	49,759
Income before income tax expense and income (loss) from unconsolidated entities	379,757	147,194	539,675	261,787
Income tax expense	(4,618)	(4,528)	(9,724)	(8,139)
Income (loss) from unconsolidated entities	4,529	(2,187)	8,293	(1,109)
Net income	379,668	140,479	538,244	252,539
Net income attributable to noncontrolling interest	(16,845)	(3,880)	(24,372)	(6,908)
Net income available to common stockholders	$ 362,823	$ 136,599	$ 513,872	$ 245,631
Basic:
Net income available to common stockholders	$ 1.21	$ 0.46	$ 1.68	$ 0.8
Diluted:
Net income available to common stockholders	$ 1.19	$ 0.46	$ 1.66	$ 0.79

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 538,244	$ 252,539
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	165,982	160,384
Impairment on real estate properties	392	15,450
Straight-line rent and other write-offs	9,762	27,537
(Recovery) provision for credit losses	(8,313)	321
Amortization of deferred financing costs and loss on debt extinguishment	6,808	2,396
Stock-based compensation expense	34,043	25,046
Gain on assets sold - net	(249,543)	(32,961)
Straight-line receivables	(23,015)	(23,526)
Interest paid-in-kind	(11,921)	(4,996)
Loss from unconsolidated entities	2,284	3,066
Other non-cash items	8,599	(4,358)
Change in operating assets and liabilities - net:
Contractual receivables	(1,786)	1,059
Other operating assets and liabilities	(38,312)	(740)
Net cash provided by operating activities	433,224	421,217
Cash flows from investing activities
Acquisition of real estate	(226,104)	(560,422)
Net proceeds from sale of real estate investments	559,709	182,995
Investments in construction in progress	(7,860)	(29,731)
Investment in loan receivables and other	(142,029)	(109,767)
Collection of loan principal	209,087	100,297
Investments in unconsolidated entities	(97,178)	(1,250)
Distributions from unconsolidated entities in excess of earnings	6,688	1,466
Capital improvements to real estate investments	(26,671)	(32,941)
Proceeds from foreign currency forward contracts	978	4,675
Receipts from insurance proceeds	5,422	392
Net cash provided by (used in) investing activities	282,042	(444,286)
Cash flows from financing activities
Proceeds from borrowings	1,127,000	670,708
Payments of borrowings	(1,363,000)	(527,240)
Payments of financing related costs	(333)	(6,540)
Net proceeds from issuance of common stock	166,310	517,851
Dividends paid	(398,445)	(383,785)
Redemption of Omega OP Units	(83,874)	(3,681)
Distributions to Omega OP Unit Holders	(32,478)	(26,056)
Net cash (used in) provided by financing activities	(584,820)	241,257
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(800)	5,661
Increase in cash, cash equivalents and restricted cash	129,646	223,849
Cash, cash equivalents and restricted cash at beginning of period	54,563	548,735
Cash, cash equivalents and restricted cash at end of period	$ 184,209	$ 772,584

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate assets
Buildings and improvements	$ 7,731,936	$ 7,901,652
Land	1,177,340	1,179,463
Furniture and equipment	534,282	539,775
Construction in progress	16,789	12,492
Total real estate assets	9,460,347	9,633,382
Less accumulated depreciation	(2,991,978)	(2,930,611)
Real estate assets - net	6,468,369	6,702,771
Real estate loans receivable - net	1,366,744	1,380,949
Investments in unconsolidated entities	501,217	414,127
Assets held for sale		4,000
Total real estate investments	8,336,330	8,501,847
Non-real estate loans receivable - net	270,166	330,322
Total investments	8,606,496	8,832,169
Cash and cash equivalents	39,036	27,024
Restricted cash	145,173	27,539
Contractual and other receivables - net	276,092	280,774
Goodwill	644,441	644,626
Other assets	303,523	236,927
Total assets	10,014,761	10,049,059
LIABILITIES AND EQUITY
Revolving credit facility	6,000	242,000
Senior notes and other unsecured borrowings - net	4,018,608	4,014,011
Accrued expenses and other liabilities	347,860	352,549
Total liabilities	4,372,468	4,608,560
Preferred stock $1.00 par value authorized - 20,000 shares, issued and outstanding - none
Common stock $0.10 par value authorized - 700,000 shares, issued and outstanding - 299,111 shares as of June 30, 2026 and 295,539 shares as of December 31, 2025	29,911	29,553
Additional paid-in capital	8,807,559	8,693,033
Cumulative net earnings	5,190,964	4,677,092
Cumulative dividends paid	(8,696,011)	(8,297,416)
Accumulated other comprehensive income	58,110	79,037
Total stockholders' equity	5,390,533	5,181,299
Noncontrolling interest	251,760	259,200
Total equity	5,642,293	5,440,499
Total liabilities and equity	$ 10,014,761	$ 10,049,059