快乐12最大遗漏数据漏

COVID-19 Operator Reported Incidence Summary

Investor Thesis

Why invest in OHI?

快乐12最大遗漏数据漏Through 2019, Omega ranked 2nd among healthcare REITs with a 338.0% ten-year total shareholder return and was 27th in total shareholder return among all REITs.

17 consecutive yearly dividend increases:

Currently paying

$0.67 per quarter

($2.68 per year)

Focused on smart growth:

快乐12最大遗漏数据漏 $4.0B in new investments and capital renovations in the last 24 months.

快乐12最大遗漏数据漏Quarterly Highlights

 

2020 


In Q2 2020, the Company... 

  • declared a $0.67 per share quarterly common stock dividend.
  • sold five facilities for $39 million in cash generating $17 million in gains.

In Q1 2020, the Company...

  • declared a $0.67 per share quarterly common stock dividend.
  • suspended its Dividend Reinvestment and Stock Purchase Plan.
  • sold six facilities for $18 million in cash proceeds generating $2 million in gains.
  • completed $19 million of new investments.
  • invested $39 million in capital renovation and construction-in-progress projects.
  • authorized $200 million stock repurchase program.
  • paid a $0.67 per share quarterly common stock dividend.

2019 


In Q4 2019, the Company...

  • completed the $735 million Encore portfolio acquisition.
  • acquired a 49% interest in a U.K. senior housing joint venture for $93 million from Healthpeak.
  • settled its 7.5 million common shares forward sale agreement executed in September, generating $296 million in net proceeds.
  • sold 11 facilities for $33 million in cash proceeds generating $3 million in gains.
  • invested $57 million in capital renovation and construction-in-progress projects.
  • paid a $0.67 per share quarterly common stock dividend, representing a $0.01 increase over Q3 2019.

In Q3 2019, the Company...

  • issued $500 million aggregate principal amount of 3.625% Senior Notes due 2029.
  • priced a public offering to sell 7.5 million common shares on a forward basis.
  • sold 19 facilities for $177 million in cash proceeds generating a $53 million gain.
  • completed $33 million of new investments.
  • invested $38 million in capital renovation and construction-in-progress projects.
  • paid a $0.66 per share quarterly common stock dividend.

In Q2 2019, the Company...

  • completed the $623 million acquisition by merger of MedEquities.
  • invested $55 million in capital renovation and construction-in-progress projects.
  • paid a $0.66 per share quarterly common stock dividend.

In Q1 2019, the Company...

  • entered into a definitive merger agreement to acquire MedEquities Realty Trust, Inc.
  • finalized the Orianna restructuring.
  • invested $42 million in capital renovation and construction-in-progress projects.
  • paid a $0.66 per share quarterly common stock dividend.

2018


 In Q4 2018, the Company... 

  • paid a $0.66 per share quarterly common stock dividend.
  • completed $53 million in new investments.
  • invested $45 million in capital renovation and construction-in-progress projects.
  • sold 15 assets for cash consideration of $67 million, recognizing a gain of $15.5 million.

In Q3 2018, the Company...

  • transitioned 22 Orianna facilities for annual contractual rent of $17 million.
  • sold 7 assets for consideration of $26 million in cash and a $5 million seller note, recognizing a loss of $5.4 million.
  • completed $131 million in new investments.
  • invested $44 million in capital renovation and construction-in-progress projects.
  • paid a $0.66 per share quarterly common stock dividend.

In Q2 2018, the Company...

  • sold 47 assets for consideration of $137.6 million in cash, a $25 million seller note and $53 million in buyer assumed debt, recognizing a loss of $2.9 million.
  • completed $77 million in new investments.
  • invested $54 million in capital renovation and construction-in-process projects.
  • paid a $0.66 per share quarterly common stock dividend.

In Q1 2018, the Company...

  • increased its quarterly common stock dividend rate to $0.66 per share.
  • sold 14 facilities and had 3 mortgage loans paid off totaling $98.4 million in net cash proceeds, recognizing a gain of $17.5 million.
  • completed $30 million in new investments.
  • invested $38 million in capital renovation and construction-in-progress projects.

2017


In Q4 2017, the Company...

  • sold 34 facilities and had a mortgage loan repaid totaling $189 million in net cash proceeds.
  • competed $40 million in new investments.
  • invested $31 million in capital renovation and construction-in-progress projects.
  • increased its quarterly common stock dividend rate to $0.65 per share.

In Q3 2017, the Company...

  • completed $203 million in new investments.
  • sold 4 facilities totaling $12 million in net cash proceeds.
  • transitioned Orianna's Texas portfolio to an existing operator.
  • invested $36 million in capital renovation and construction-in-progress projects.
  • increased its common stock dividend rate to $0.64 per share.
  • sold 34 facilities and had a mortgage loan repaid totaling $189 million in net cash proceeds.

In Q2 2017, the Company...

  • entered into new and amended senior unsecured credit facilities to replace the Company's prior unsecured revolving credit and term loan credit facilities.
  • completed $134 million in new investments.
  • sold 8 facilities totaling $45 million in net cash proceeds.
  • invested in $48 million in capital renovation and construction-in-progress projects.
  • redeemed $400 million of its 5.875% Senior Notes due 2024
  • prepaid a $200 million senior unsecured term loan.
  • issued $550 million aggregate principal amount of its 4.75% Senior Notes due 2028.
  • issued $150 million aggregate principal amount of its 4.50% Senior Notes due 2025.
  • increased its common stock dividend rate to $0.63 per share.

In Q1 2017, the Company...

  • completed $8 million in new investments.
  • sold 15 facilities totaling $46 million in net cash proceeds.
  • invested $30 million in capital renovation and construction-in-progress projects.
  • increased its quarterly common stock dividend rate to $0.62 per share.
2016

In Q4 2016, the Company...

  • invested approximately $50 million in a joint venture investment.
  • invested $40 million in capital renovation and construction-in-progress projects.
  • increased its quarterly common stock dividend rate to $0.61 per share.

In Q3 2016, the Company...

  • Increased its quarterly common stock dividend rate to $0.60 per share.
  • Issued $700 million aggregate principal amount of its 4.375% Senior Notes, due 2023.

In Q2 2016, the Company...

  • increased its quarterly common stock dividend rate to $0.58 per share.
  • completed $220 million in new investments.

In Q1 2016, the Company...

  • completed $186 million in new investments.
  • completed a $350 million senior unsecured 5-year term loan.
  • increased its quarterly common stock dividend rate to $0.57 per share.

2015

In Q4 2015, the Company...

  • paid-off $25 million of secured long-term debt.
  • completed a $250 million senior unsecured 7-year term loan.
  • redeemed $575 million aggregate principal amount 6.75% Senior Notes due 2022.
  • completed a $5 million new investment.
  • invested $34 million in capital renovation and construction in progress projects.
  • increased its quarterly common stock dividend rate to $0.56 per share.

In Q3 2015, the Company...

  • issued $600 million aggregate principal amount of its 5.25%Manhattan for the development of an assisted living and memory care facility.
  • established a $500 million Equity Shelf Program for a continuous at-the-market offering of common stock.
  • completed $104 million of other new investments.
  • invested $35 million in capital renovation and construction in progress projects.
  • increased its quarterly common stock dividend rate to $0.55 per share.

In Q2 2015, the Company...

  • completed the acquisition by merger of Aviv.
  • completed $178 million of new investments in the United Kingdom.
  • invested $18 million in capital renovation projects.
  • paid-off $9 million of secured long-term debt.
  • increased its quarterly common stock dividend rate to $0.54 per share.

In Q1 2015, the Company...

  • issued $700 million aggregate principal amount of its 4.5% Senior Notes due 2027.
  • completed an underwritten public offering of 10.925 million shares of its common stock.
  • redeemed $200 million aggregate principal amount of its 7.5% Senior Notes due 2020.
  • paid-off $147 million of secured long-term debt.
  • completed $6 million in new investments.
  • invested $9 million in capital renovation projects.
  • increased its quarterly common stock dividend to $0.53 per share.

快乐12最大遗漏数据漏Portfolio Strength

  • Over 950 operating healthcare facilities, located in 41 states and the UK, operated by 70 3rd-party operators, with gross real estate investments of about $10.4 billion.
  • Highly diversified holdings, with only one operator accounting for more than 10% of total rent / interest.
  • Property-level expenses – labor, insurance, property taxes, and capital expenditures – are the operator’s responsibility, meaning OHI has no operating risk.
  • Omega receives fixed rent payments from tenants, with annual escalators.
  • Strong portfolio rent coverage of 1.64x (EBITDARM) and 1.29x (EBITDAR) - TTM 12/31/19
  • No upcoming material lease expiration until 2022 and no material lease renewal risk.
  • Operators receive revenues through reimbursement of Medicare, Medicaid and private pay for services.
  • Stable reimbursement outlook:
    • Medicaid rates expected to increase modestly on average across Omega’s states
    • Medicaid dual eligible integrated managed care plans initiated by some states

快乐12最大遗漏数据漏Financial Strength

快乐12最大遗漏数据漏as of March 31, 2020

  • Significant liquidity
  • Consistent and stable free cash flow with strong adjusted fixed charge coverage of 4.1x
  • Conservative leverage level with Funded Debt / Adj. pro forma annualized EBITDA of 5.24x
  • Minimal secured debt or encumbered assets
  • Well laddered debt maturity schedule
  • Positive ratings trajectory with history of upgrades and commitment to investment grade profile

 

 

Experienced Management Team

  • Senior management team with average tenure of 18+ years
  • Proven ability to execute on strategies
  • Proven ability to handle troubled assets
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