OHI · Omega Healthcare Investors, Inc.

Omega Healthcare Investors delivered strong Q1 2026 results with net income rising to $159 million or $0.47 per diluted share from $112 million or $0.33 per share in Q1 2025, driven by accretive investments and portfolio management. Adjusted FFO increased to $260 million or $0.82 per share from $221 million or $0.75 per share year-over-year, reflecting 315 million weighted-average shares outstanding versus 295 million prior year. FAD grew to $247 million or $0.78 per share from $211 million or $0.71 per share, up 9.5% per share as noted by CEO Taylor Pickett. Key drivers included $251 million in new investments: $126 million real estate acquisitions (U.S. SNFs at 10.6% yield, senior housing RIDEA, U.K. care home at 10.0% yield), $27 million loans (U.K. mortgage at 13%, U.S. additions, Canada development at 10%), and $97 million in unconsolidated entities highlighted by $93 million for 9.9% Saber equity yielding 8% distributions. Post-quarter, $75 million more investments were completed, including Rhode Island RIDEA and Indiana leases at 10.0% yield with extension to 2036. Portfolio activity featured $34 million asset sales with $3 million gain and pending $480 million CommuniCare divestiture expected to add 3 cents to FAD upon redeployment. Genesis made all payments amid bankruptcy, with $25 million DIP funding; Maplewood rent rose to $19.4 million. Balance sheet shows $4.5 billion debt at 4.2% rate, $1.6 billion revolver capacity. Guidance raised to $3.19-$3.25 AFFO per share, incorporating investments, sales, and assumptions like Genesis payments and $65 million loan conversions. CEO emphasized favorable operating metrics, improving coverage at 1.94x before fees, active pipeline, and cost of capital for accretive growth.