Omega Healthcare Investors Inc. announces record operating results.ANN ARBOR Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich.--(HealthWire)--April 16, 1996--Omega Healthcare Investors Inc. (NYSE NYSE See: New York Stock Exchange :OHI OHI Other Health Insurance OHI Other Health Impaired OHI Oral Hygiene Index OHI oral hygiene instruction OHI Organizational Health Inventory (USA) OHI Oil Heat Institute OHI Ocala Heart Institute OHI Obsolete Hardware Interface ) today announced record operating results for the three-month period ended March 31, 1996. Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. for the 1996 first quarter was 70 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , increasing 7.7 percent over 65 cents per share for the 1995 first quarter. Funds from operations for the 1995 period is restated to reflect the new NAREIT NAREIT National Association of Real Estate Investment Trusts definition which became effective for the first quarter of 1996. Revenues increased 18 percent to $17,174,000 for the 1996 first quarter versus $14,521,000 for the first quarter of 1995. Net earnings for the quarter ended March 31, 1996 were $8,191,000 (49 cents per share), increasing 19 percent over net earnings of $6,889,000 (44 cents per share) for the 1995 period. Omega's board of directors declared a regular quarterly dividend of 62 cents per share to be paid May 15, 1996 to shareholders of record on May 2, 1996. This quarterly dividend is consistent with Omega's anticipated dividend payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. of $2.48 for the calendar year 1996. Essel W. Bailey Jr. commented: "We are proud to have record operating results and eight consecutive quarters of FFO FFO See: Funds from operations growth. These results demonstrate our resolve to produce profitable and sustainable long-term growth. We are pleased with our new investments and business developments including the early termination of our leases with Beverly Enterprises Inc. (NYSE:BEV) and the concurrent new management of our Indiana facilities by ExtendaCare of Indiana and Emerald Healthcare Inc. The change in operators has been completed smoothly." Omega is a Real Estate Investment Trust investing in and providing financing to the long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. industry. Its portfolio includes 193 health care facilities, located in 20 states, operated by 25 independent health care operating companies operating company A business that engages in transactions with outsiders. . Omega is also an owner of and provides advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to Principal Healthcare Finance Limited, a company which owns and leases 23 nursing home facilities located in the United Kingdom. -0-
OMEGA HEALTHCARE INVESTORS INC.
SUMMARY OF OPERATIONAL AND FINANCIAL RESULTS
(In thousands, except per share amounts)
Quarter ended March 31,
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1996 1995
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OPERATIONAL
Revenues $ 17,174 $ 14,521
Net Earnings 8,191 6,889
Funds from operations (1) 11,737 10,252
Per share amounts:
Net earnings $0.49 $0.44
Funds from operations 0.70 0.65
Dividends (2) 0.62 0.59
Weighted average shares outstanding 16,885 15,748
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At March 31,
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1996 1995
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FINANCIAL
Cost of real estate investments $571,443 $483,290 Total assets 578,273 499,048 Acquisition line of credit 4,500 20,000 Long-term senior borrowings 110,767 132,275 Subordinated convertible debentures 95,000 -- Shareholders' equity 356,965 338,666 (1) Funds from operations for the 1995 period is restated to conform with the NAREIT definition adopted effective Jan. 1, 1996. FFO is net earnings, excluding gains or lesses from debt restructuring and sales of property, plus depreciation and amortization associated with real estate investments, and charges to earnings from non-cash compensation. (2) Dividends per share are those declared and paid during such period. CONTACT: Omega Healthcare Investors Inc., Ann Arbor Essel W. Bailey Jr. or David A. Stover stover stalks of maize plants from which mature corn cobs have been harvested as grain, or grain sorghum plants from which heads have also been removed. The stover is usually fed by turning the cattle into the field and is subject to fungal infection, sometimes causing mycotoxicosis. , 313/747-9790 |
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