The following is a summary of the Omega Healthcare Investors, Inc. (OHI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Omega Healthcare reported Q2 2024 revenues of $253 million, a slight increase from $250 million in Q2 2023.

• NAREIT FFO for Q2 2024 was $189 million or $0.72 per share, compared to $155 million or $0.63 per share in Q2 2023.

• Adjusted FFO was $185 million or $0.71 per share, and FAD was $177 million or $0.68 per share for the quarter.

• Omega Healthcare has increased its full-year AFFO guidance to a range of $2.78 to $2.84 per share due to year-to-date portfolio transitions and acquisitions.

• The balance sheet remains strong with over $35 million in cash and over $1.4 billion in credit facility borrowing capacity.

Business Progress:

• Completed $254 million in new investments in Q2 2024, including a mix of sale-leaseback transactions and loans to operators.

• Additional $373 million in new investments closed post-Q2, bringing total year-to-date investments to $702 million.

• Acquired 100% interest in 63 U.K. facilities by buying out a joint venture partner's 51% interest.

• Improved tenant occupancy and rent coverage metrics with several portfolio transitions and restructurings, including transitioning the Guardian portfolio and a significant rent increase with LaVie.

Opportunities:

• Continued growth opportunities in both the U.S. and U.K. markets, with a robust pipeline of deals offering average yields above 10%.

• Potential for increased earnings from new investments and operator improvements, especially with recent acquisitions in the U.K.

• Anticipated improvement in Maplewood's performance as operations stabilize and its new Second Avenue project ramps up occupancy.

Risks:

• Challenges in the operator landscape, including the bankruptcy filing of LaVie, which although managed, indicates potential volatility in operator performance.

• Economical impact of regulatory changes and compliance, particularly concerning the staffing mandate which has placed additional pressures on the operational viability of facilities.

More details: Omega Healthcare Investors Inc IR

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