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Omega Healthcare logs 14.9% YOY rise in Q1 Nareit FFO per share, pulls guidance from SNL Real Estate Daily Omega Healthcare logs 14.9% YOY rise in Q1 Nareit FFO per share, pulls guidanceByline: S&P Global Market Intelligence Omega Healthcare Investors Inc. reported first-quarter Nareit funds from operations of $181.0 million, or 77 cents per share, a 14.9% rise on a per-share basis from $144.1 million, or 67 cents per share, in the comparable 2019 period. Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies. The REIT said the result includes $4.6 million of noncash stock-based compensation expense and a $1.5 million provision for credit losses. Adjusted FFO for the first quarter increased from the year-ago period on a per-share basis to $186.2 million, or 79 cents per share, from $161.3 million, or 76 cents per share. The S&P Global Market Intelligence consensus FFO-per-share estimate for the first quarter was 78 cents. Total operating revenues for the quarter came to $253.0 million, a gain of 13.1% year over year from $223.7 million. The healthcare real estate investment trust also withdrew its guidance for 2020 amid the coronavirus pandemic. In reporting results, the REIT said it has collected 98% of its April rents and mortgage payments. In March, it borrowed about $300 million under its revolving credit facility to provide additional balance sheet liquidity. The company purchased two care home facilities, with a total of 74 beds, in the U.K. from an unrelated third party for about $12.1 million. It also bought a 130-bed skilled nursing facility in Indiana from an unrelated third party for approximately $7.0 million. During the first quarter, the REIT sold six properties for $18.1 million in cash, recognizing a gain of about $1.8 million. As of March 31, it had eight properties held for sale totaling approximately $24.1 million. On April 1, the company sold five of the eight assets for $38.6 million in cash, recognizing a gain of approximately $16.7 million. The remaining properties are set to be sold over the next few quarters. |
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