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OHI NYSE· Omega Healthcare Investors Inc.
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OHI NYSE· Omega Healthcare Investors Inc.
Earnings report Q4 2023

Omega Healthcare Investors Reports Decrease in Revenue for Latest Quarter

Segments of Revenue

Omega Healthcare Investors reported total revenues of $949.74 million for the latest quarter. This includes rental income of $825.38 million, income from direct financing leases of $1.01 million, interest income of $119.89 million, and miscellaneous income of $3.46 million.

Strengths

Despite a decrease in revenue compared to the previous year, Omega Healthcare Investors demonstrated stability in its rental income, which remained the largest segment contributing $825.38 million. The company also continued to generate income from direct financing leases and interest income, indicating a diversified revenue stream.

Challenges

Omega Healthcare Investors faced challenges in its revenue performance during the latest quarter. Total revenues decreased from $878.24 million in the previous year to $949.74 million, primarily driven by a decline in rental income. This decline may be attributed to factors such as changes in occupancy rates or lease agreements.

Noteworthy

During the year ended December 31, 2023, Omega Healthcare Investors advanced $147.4 million of new non-real estate loans with a weighted average interest rate of 10.5%. Additionally, the company placed one existing operator and two new operators on a cash basis of revenue recognition due to collectibility issues. This decision was made as the collection of substantially all contractual lease payments from these operators was not deemed probable.

Summary

Omega Healthcare Investors reported a decrease in revenue for the latest quarter, primarily driven by a decline in rental income. However, the company demonstrated strengths in its stable rental income, income from direct financing leases, and interest income. Omega Healthcare Investors faced challenges related to its revenue performance, potentially influenced by changes in occupancy rates or lease agreements. The company's decision to place certain operators on a cash basis of revenue recognition due to collectibility issues is noteworthy. Overall, Omega Healthcare Investors' revenue performance in the latest quarter reflects a mixed outcome with both strengths and challenges.

Source documents

Form 10-K  filed on Feb 12, 2024
125 pages scanned

Reference data

Company financials Q4 revenue 239M
Analyst estimates Q4 EPS missed by -42.55%
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