Omega Announces Second Quarter 2017 Financial Results; Increased Dividend Rate for 20th Consecutive Quarter
FFO for the second quarter of 2017 includes
GAAP NET INCOME
For the three-month period ended
For the six-month period ended
The year-to-date increase in net income compared to the prior year was primarily due to revenue associated with new investments completed in 2016 and 2017, a one-time contractual settlement in the first quarter of 2017 and the reduction of impairments on real estate assets and acquisition costs. This increase in net income was partially offset by an increase in interest refinancing costs of
2017 RECENT DEVELOPMENTS AND SECOND QUARTER HIGHLIGHTS
In Q3 2017, the Company…
- increased its quarterly common stock dividend rate to
$0.64 per share.
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. - invested
$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 quarterly common stock dividend rate to
$0.63 per share.
In Q1 2017, the Company…
- completed
$8 million in new investments. - invested
$30 million in capital renovation and construction-in-progress projects. - increased its quarterly common stock dividend rate to
$0.62 per share.
SECOND QUARTER 2017 RESULTS
Operating Revenues and Expenses – Operating revenues for the three-month period ended
Operating expenses for the three-month period ended
Other Income and Expense – Other income and expense for the three-month period ended
Funds From Operations – For the three-month period ended
The
The
Adjusted FFO was
FINANCING ACTIVITIES
New and Amended Credit Facilities – As previously announced, effective
The REIT Credit Facilities replace Omega’s previous
The Revolving Credit Facility matures in four years, on
The 2028 Notes were sold at an issue price of 98.978% of their face value before the underwriters’ discount and the 2025 Notes were sold at an issue price of 99.540% of their face value before the underwriters’ discount. The net proceeds from the offering were used to (i) redeem all of the Company’s outstanding
Equity Shelf Program and Dividend Reinvestment and Common Stock Purchase Plan – During the three-month period ended
Equity Shelf (At-the-Market) Program for 2017 |
||||||||||||
(in thousands, except price per share) | ||||||||||||
Q1 | Q2 | Year To Date | ||||||||||
Number of shares | 228 | - | 228 | |||||||||
Average price per share | $ | 31.12 | $ | - | $ | 31.12 | ||||||
Gross proceeds | $ | 7,079 | $ | - | $ | 7,079 | ||||||
Dividend Reinvestment and Common Stock Purchase Program for 2017 |
||||||||||||
(in thousands, except price per share) | ||||||||||||
Q1 | Q2 | Year To Date | ||||||||||
Number of shares | 239 | 375 | 614 | |||||||||
Average price per share | $ | 30.67 | $ | 33.02 | $ | 32.11 | ||||||
Gross proceeds | $ | 7,335 | $ | 12,386 | $ | 19,721 | ||||||
2017 SECOND QUARTER PORTFOLIO ACTIVITY
ASSET DISPOSITIONS AND IMPAIRMENTS
During the second quarter of 2017, the Company sold eight facilities for approximately
As of
DIVIDENDS
On
2017 ADJUSTED FFO GUIDANCE REVISED
The Company has revised its 2017 annual Adjusted FFO available to common stockholders to be between
2017 Annual Adjusted FFO (per diluted common share) |
|||
Full Year | |||
Net Income | |
||
Depreciation | 1.40 | ||
Gain on assets sold | (0.03) | ||
Real estate impairment | 0.09 | ||
FFO | |
||
Adjustments: | |||
Contractual settlement | (0.05) | ||
Provision for uncollectible accounts | 0.02 | ||
Transaction costs | 0.00 | ||
Interest – refinancing costs | 0.11 | ||
One-time revenue | (0.01) | ||
Stock-based compensation expense | 0.07 | ||
Adjusted FFO | |
||
Note: All per share numbers rounded to 2 decimals. |
|||
The Company's Adjusted FFO guidance for 2017 includes approximately
The Company's guidance is based on a number of assumptions, which are subject to change and many of which are outside the Company’s control. If actual results vary from these assumptions, the Company's expectations may change. Without limiting the generality of the foregoing, the timing and completion of acquisitions, divestitures, capital and financing transactions, and variations in stock-based compensation expense may cause actual results to vary materially from our current expectations. There can be no assurance that the Company will achieve its projected results.
CONFERENCE CALL
The Company will be conducting a conference call on
To listen to the conference call via webcast, log on to www.omegahealthcare.com and click the “earnings call” icon on the Company’s home page. Webcast replays of the call will be available on the Company’s website for two weeks following the call.
Omega is a real estate investment trust investing in and providing financing to the long-term care industry. As of
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Omega’s or its tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, merger integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega’s expectations. Omega does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.
Omega’s actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega’s properties, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels; (ii) regulatory and other changes in the healthcare sector; (iii) changes in the financial position of Omega’s operators; (iv) the ability of any of Omega’s operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega’s mortgages and impede the ability of to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor's obligations; (v) the availability and cost of capital; (vi) changes in Omega’s credit ratings and the ratings of its debt securities; (vii) competition in the financing of healthcare facilities; (viii) Omega’s ability to maintain its status as a REIT; (ix) Omega’s ability to manage, re-lease or sell any owned and operated facilities, if any; (x) Omega’s ability to sell closed or foreclosed assets on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) the potential impact of changes in the SNF and ALF market or local real estate conditions on the Company’s ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to redeploy the proceeds therefrom on favorable terms and (xiii) other factors identified in Omega’s filings with the
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CONSOLIDATED BALANCE SHEETS |
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(in thousands, except per share amounts) |
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2017 |
2016 |
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(Unaudited) | ||||||||||
ASSETS | ||||||||||
Real estate properties | ||||||||||
Real estate investments | $ | 7,730,199 | $ | 7,566,358 | ||||||
Less accumulated depreciation | (1,366,376 | ) | (1,240,336 | ) | ||||||
Real estate investments – net | 6,363,823 | 6,326,022 | ||||||||
Investments in direct financing leases – net | 582,307 | 601,938 | ||||||||
Mortgage notes receivable – net | 662,709 | 639,343 | ||||||||
7,608,839 | 7,567,303 | |||||||||
Other investments – net | 278,985 | 256,846 | ||||||||
Investment in unconsolidated joint venture | 38,968 | 48,776 | ||||||||
Assets held for sale – net | 18,889 | 52,868 | ||||||||
Total investments | 7,945,681 | 7,925,793 | ||||||||
Cash and cash equivalents | 21,031 | 93,687 | ||||||||
Restricted cash | 12,203 | 13,589 | ||||||||
Accounts receivable – net | 288,686 | 240,035 | ||||||||
|
644,184 | 643,474 | ||||||||
Other assets | 34,869 | 32,682 | ||||||||
Total assets | $ | 8,946,654 | $ | 8,949,260 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Revolving line of credit | $ | 155,000 | $ | 190,000 | ||||||
Term loans – net | 899,292 | 1,094,343 | ||||||||
Secured borrowings – net | 53,737 | 54,365 | ||||||||
Unsecured borrowings – net | 3,321,858 | 3,028,146 | ||||||||
Accrued expenses and other liabilities | 323,543 | 360,514 | ||||||||
Deferred income taxes | 17,714 | 9,906 | ||||||||
Total liabilities | 4,771,144 | 4,737,274 | ||||||||
Equity: | ||||||||||
Common stock |
19,722 |
19,614 |
||||||||
Common stock – additional paid-in capital | 4,896,076 | 4,861,408 | ||||||||
Cumulative net earnings | 1,908,634 | 1,738,937 | ||||||||
Cumulative dividends paid | (2,954,230 | ) | (2,707,387 | ) | ||||||
Accumulated other comprehensive loss | (41,903 | ) | (53,827 | ) | ||||||
Total stockholders’ equity | 3,828,299 | 3,858,745 | ||||||||
Noncontrolling interest | 347,211 | 353,241 | ||||||||
Total equity | 4,175,510 | 4,211,986 | ||||||||
Total liabilities and equity | $ | 8,946,654 | $ | 8,949,260 | ||||||
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CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||||||
Unaudited |
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(in thousands, except per share amounts) |
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Three Months Ended |
Six Months Ended |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Revenue |
||||||||||||||||||||
Rental income | $ | 193,997 | $ | 186,454 | $ | 386,534 | $ | 363,157 | ||||||||||||
Income from direct financing leases | 15,462 | 15,521 | 31,108 | 30,963 | ||||||||||||||||
Mortgage interest income | 16,297 | 21,371 | 32,253 | 37,977 | ||||||||||||||||
Other investment income – net | 7,278 | 4,982 | 14,192 | 8,413 | ||||||||||||||||
Miscellaneous income | 2,763 | 496 | 3,454 | 1,193 | ||||||||||||||||
Total operating revenues | 235,797 | 228,824 | 467,541 | 441,703 | ||||||||||||||||
Expenses | ||||||||||||||||||||
Depreciation and amortization | 70,350 | 65,505 | 140,343 | 127,938 | ||||||||||||||||
General and administrative | 7,807 | 8,167 | 16,587 | 15,844 | ||||||||||||||||
Stock-based compensation | 3,734 | 3,665 | 7,478 | 6,443 | ||||||||||||||||
Acquisition costs | 19 | 3,504 | (22 | ) | 7,275 | |||||||||||||||
Impairment loss on real estate properties | 10,135 | 6,893 | 17,773 | 41,451 | ||||||||||||||||
Provision for uncollectible accounts | 2,673 | (1,154 | ) | 5,077 | 3,970 | |||||||||||||||
Total operating expenses | 94,718 | 86,580 | 187,236 | 202,921 | ||||||||||||||||
Income before other income and expense | 141,079 | 142,244 | 280,305 | 238,782 | ||||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income | 254 | 4 | 258 | 12 | ||||||||||||||||
Interest expense | (48,085 | ) | (39,651 | ) | (93,126 | ) | (76,873 | ) | ||||||||||||
Interest – amortization of deferred financing costs | (2,543 | ) | (2,210 | ) | (5,045 | ) | (4,342 | ) | ||||||||||||
Interest – refinancing costs | (21,965 | ) | - | (21,965 | ) | (298 | ) | |||||||||||||
Contractual settlement | - | - | 10,412 | - | ||||||||||||||||
Realized gain (loss) on foreign exchange | 79 | - | 140 | (22 | ) | |||||||||||||||
Total other expense | (72,260 | ) | (41,857 | ) | (109,326 | ) | (81,523 | ) | ||||||||||||
Income before (loss) gain on assets sold | 68,819 | 100,387 | 170,979 | 157,259 | ||||||||||||||||
(Loss) gain on assets sold – net | (622 | ) | 13,221 | 6,798 | 14,792 | |||||||||||||||
Income from continuing operations | 68,197 | 113,608 | 177,777 | 172,051 | ||||||||||||||||
Income tax expense | (591 | ) | (454 | ) | (1,691 | ) | (701 | ) | ||||||||||||
Income from unconsolidated joint venture |
551 |
- | 1,183 | - | ||||||||||||||||
Net income | 68,157 | 113,154 | 177,269 | 171,350 | ||||||||||||||||
Net income attributable to noncontrolling interest | (2,900 | ) | (5,102 | ) | (7,572 | ) | (7,743 | ) | ||||||||||||
Net income available to common stockholders | $ | 65,257 | $ | 108,052 | $ | 169,697 | $ | 163,607 | ||||||||||||
Income per common share available to common stockholders: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Net income available to common stockholders | $ | 0.33 | $ | 0.57 | $ | 0.86 | $ | 0.87 | ||||||||||||
Diluted: | ||||||||||||||||||||
Net income | $ | 0.33 | $ | 0.57 | $ | 0.86 | $ | 0.86 | ||||||||||||
Dividends declared per common share | $ | 0.63 | $ | 0.58 | $ | 1.25 | $ | 1.15 | ||||||||||||
Weighted-average shares outstanding, basic | 197,433 | 188,981 | 197,223 | 188,604 | ||||||||||||||||
Weighted-average shares outstanding, diluted | 206,672 | 199,157 | 206,423 | 198,754 | ||||||||||||||||
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FUNDS FROM OPERATIONS |
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Unaudited |
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(in thousands, except per share amounts) |
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Three Months Ended |
Six Months Ended |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Net income | $ | 68,157 | $ | 113,154 | $ | 177,269 | $ | 171,350 | ||||||||||||
Add back loss (deduct gain) from real estate dispositions | 622 | (13,221 | ) | (6,798 | ) | (14,792 | ) | |||||||||||||
Sub – total | 68,779 | 99,933 | 170,471 | 156,558 | ||||||||||||||||
Elimination of non-cash items included in net income: | ||||||||||||||||||||
Depreciation and amortization | 70,350 | 65,505 | 140,343 | 127,938 | ||||||||||||||||
Depreciation - unconsolidated joint venture | 1,658 | — | 3,316 | — | ||||||||||||||||
Add back non-cash provision for impairments on real estate properties | 10,135 | 6,893 | 17,773 | 41,451 | ||||||||||||||||
Funds from operations (“FFO”) | $ | 150,922 | $ | 172,331 | $ | 331,903 | $ | 325,947 | ||||||||||||
Weighted-average common shares outstanding, basic | 197,433 | 188,981 | 197,223 | 188,604 | ||||||||||||||||
Restricted stock and PRSUs | 467 | 1,254 | 407 | 1,215 | ||||||||||||||||
Omega OP Units | 8,772 | 8,922 | 8,793 | 8,935 | ||||||||||||||||
Weighted-average common shares outstanding, diluted | 206,672 | 199,157 | 206,423 | 198,754 | ||||||||||||||||
Funds from operations available per share | $ | 0.73 | $ | 0.87 | $ | 1.61 | $ | 1.64 | ||||||||||||
Adjustments to calculate adjusted funds from operations: | ||||||||||||||||||||
Funds from operations available to common stockholders | $ | 150,922 | $ | 172,331 | $ | 331,903 | $ | 325,947 | ||||||||||||
Deduct one-time revenue | (1,881 | ) | — | (1,881 | ) | (235 | ) | |||||||||||||
Deduct prepayment fee income from early termination of mortgages | — | (5,390 | ) | — | (5,390 | ) | ||||||||||||||
Deduct contractual settlement | — | — | (10,412 | ) | — | |||||||||||||||
Add back (deduct) provision for uncollectible accounts | 2,673 | (1,154 | ) | 5,077 | 3,970 | |||||||||||||||
Add back (deduct) acquisition costs | 19 | 3,504 | (22 | ) | 7,275 | |||||||||||||||
Add back interest refinancing expense | 23,539 | — | 23,539 | 298 | ||||||||||||||||
Add back non-cash stock-based compensation expense | 3,734 | 3,665 | 7,478 | 6,443 | ||||||||||||||||
Adjusted funds from operations (“AFFO”) | $ | 179,006 | $ | 172,956 | $ | 355,682 | $ | 338,308 | ||||||||||||
Adjustments to calculate funds available for distribution: | ||||||||||||||||||||
Non-cash interest expense | 2,851 | 2,179 | 5,661 | 4,279 | ||||||||||||||||
Capitalized interest | (1,906 | ) | (1,405 | ) | (3,895 | ) | (3,125 | ) | ||||||||||||
Non-cash revenues | (17,956 | ) | (19,766 | ) | (36,085 | ) | (36,975 | ) | ||||||||||||
Funds available for distribution (“FAD”) | $ | 161,995 | $ | 153,964 | $ | 321,363 | $ | 302,487 | ||||||||||||
Funds From Operations (“FFO”), Adjusted FFO and Funds Available for Distribution (“FAD”) are non-GAAP financial measures. For purposes of the Securities and Exchange Commission’s Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that exclude amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the company, or include amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. As used in this press release, GAAP refers to generally accepted accounting principles in
The Company calculates and reports FFO in accordance with the definition and interpretive guidelines issued by the
Adjusted FFO is calculated as FFO excluding the impact of non-cash stock-based compensation and certain revenue and expense items identified above. FAD is calculated as Adjusted FFO less non-cash interest expense and non-cash revenue, such as straight-line rent. The Company believes these measures provide an enhanced measure of the operating performance of the Company’s core portfolio as a REIT. The Company’s computation of Adjusted FFO and FAD are not comparable to the NAREIT definition of FFO or to similar measures reported by other REITs, but the Company believes that they are appropriate measures for this Company.
The Company uses these non-GAAP measures among the criteria to measure the operating performance of its business. The Company also uses Adjusted FFO among the performance metrics for performance-based compensation of officers. The Company further believes that by excluding the effect of depreciation, amortization, impairments on real estate assets and gains or losses from sales of real estate, all of which are based on historical costs and which may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and between other REITs. The Company offers these measures to assist the users of its financial statements in analyzing its operating performance and not as measures of liquidity or cash flow. These non-GAAP measures are not measures of financial performance under GAAP and should not be considered as measures of liquidity, alternatives to net income or indicators of any other performance measure determined in accordance with GAAP. Investors and potential investors in the Company’s securities should not rely on these non-GAAP measures as substitutes for any GAAP measure, including net income.
The following tables present selected portfolio information, including operator and geographic concentrations, and revenue maturities for the period ended |
As of |
As of |
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Balance Sheet Data |
Total # of Properties (2) |
Total Investment ($000’s) |
% of Investment |
# of Operating Properties(4) |
# of Operating Beds |
||||||||||||
Real Estate Investments (1) | 887 | $ | 7,749,399 | 86 | % | 883 | 88,265 | ||||||||||
Direct Financing Leases | 53 | 582,307 | 7 | % | 52 | 5,187 | |||||||||||
Mortgage Notes Receivable | 52 | 659,514 | 7 | % | 51 | 5,366 | |||||||||||
Total Investments | 992 | $ | 8,991,220 | 100 | % | 986 | 98,818 | ||||||||||
Investment Data |
Total # of Properties (2) |
Total Investment ($000’s) |
% of Investment |
# of Operating Properties(4) |
# of Operating Beds |
Investment per Bed ($000’s) |
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Skilled Nursing Facilities/Transitional Care (1) |
859 |
$ |
7,542,468 |
84 |
% |
858 |
90,841 |
$ | 83 | ||||||||||||
|
133 | 1,448,752 | 16 | % | 128 | 7,977 | $ | 182 | |||||||||||||
992 | $ | 8,991,220 | 100 | % | 986 | 98,818 | $ | 91 | |||||||||||||
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(1) | Total Investment includes a |
|
(2) | Total # of Properties excludes seven properties classified as assets held for sale. | |
(3) | Includes ALFs, memory care and independent living facilities. | |
(4) | Total # of |
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Revenue Composition ( |
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Revenue by Investment Type | Three Months Ended | Six Months Ended | ||||||||||||||
|
|
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Rental Property | $ | 193,997 | 82 | % | $ | 386,534 | 83 | % | ||||||||
Direct Financing Leases | 15,462 | 7 | % | 31,108 | 7 | % | ||||||||||
Mortgage Notes | 16,297 | 7 | % | 32,253 | 7 | % | ||||||||||
Other Investment Income and Miscellaneous Income - net |
10,041 | 4 | % | 17,646 | 3 | % | ||||||||||
$ | 235,797 | 100 | % | $ | 467,541 | 100 | % | |||||||||
Revenue by Facility Type | Three Months Ended | Six Months Ended | ||||||||||||||
|
|
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Skilled Nursing Facilities/Transitional Care | $ | 199,258 | 85 | % | $ | 398,722 | 85 | % | ||||||||
|
26,498 | 11 | % | 51,173 | 11 | % | ||||||||||
Other | 10,041 | 4 | % | 17,646 | 4 | % | ||||||||||
$ | 235,797 | 100 | % | $ | 467,541 | 100 | % | |||||||||
Operator Concentration by Investment ($000’s) | As of |
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Total # of Properties (1) |
Total Investment (2) |
% of Investment |
|||||||||
|
71 | $ | 930,434 | 10.3 | % | ||||||
|
54 | 599,691 | 6.7 | % | |||||||
|
13 | 556,769 | 6.1 | % | |||||||
|
62 | 551,011 | 6.1 | % | |||||||
Saber |
45 | 491,466 | 5.5 | % | |||||||
|
35 | 393,156 | 4.4 | % | |||||||
|
48 | 337,565 | 3.8 | % | |||||||
Genesis Healthcare | 50 | 337,545 | 3.8 | % | |||||||
|
44 | 304,711 | 3.4 | % | |||||||
Diversicare Healthcare Services | 35 | 277,980 | 3.1 | % | |||||||
Remaining 67 Operators | 535 | 4,210,892 | 46.8 | % | |||||||
992 | $ | 8,991,220 | 100.0 | % | |||||||
|
(1) | Total # of Properties excludes seven properties classified as assets held for sale. | |
(2) | Total Investment includes a |
|
Geographic Concentration by Investment ($000’s) |
Total # of Properties (1) |
Total Investment (2) |
% of Investment |
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|
87 | $ | 845,682 | 9.4 | % | ||||||
|
95 | 792,506 | 8.8 | % | |||||||
|
109 | 787,328 | 8.8 | % | |||||||
|
49 | 620,621 | 6.9 | % | |||||||
|
54 | 496,420 | 5.5 | % | |||||||
|
43 | 469,185 | 5.2 | % | |||||||
|
59 | 406,510 | 4.5 | % | |||||||
|
41 | 345,478 | 3.8 | % | |||||||
|
17 | 305,770 | 3.4 | % | |||||||
|
23 | 272,966 | 3.0 | % | |||||||
Remaining 32 states (3) | 362 | 3,256,048 | 36.3 | % | |||||||
939 | 8,598,514 | 95.6 | % | ||||||||
|
53 | 392,706 | 4.4 | % | |||||||
992 | $ | 8,991,220 | 100.0 | % | |||||||
|
(1) | Total # of Properties excludes seven properties classified as assets held for sale. | |
(2) | Total Investment includes a |
|
(3) | # of states and Total Investment includes |
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Revenue Maturities ( |
As of |
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Operating Lease Expirations
& Loan Maturities |
Year |
2017 Lease Revenue |
2017 Interest Revenue |
2017 Lease and Interest Revenue |
% |
||||||||||||||
2017 | $ | 7,377 | $ | 415 | $ | 7,792 | 0.9 | % | |||||||||||
2018 | 28,357 | 1,649 | 30,006 | 3.5 | % | ||||||||||||||
2019 | 2,990 | 664 | 3,654 | 0.4 | % | ||||||||||||||
2020 | 5,596 | 8,171 | 13,767 | 1.6 | % | ||||||||||||||
2021 | 10,607 | 956 | 11,563 | 1.4 | % | ||||||||||||||
2022 | 64,466 | 2,943 | 67,409 | 7.9 | % | ||||||||||||||
Note: Based on annualized 2nd quarter 2017 contractual revenues. | |||||||||||||||||||
The following tables present operator revenue mix, census and coverage data based on information provided by our operators as of |
Operator Revenue Mix | As of |
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Medicaid |
Medicare / Insurance |
Private / Other | |||||||
Three-months ended |
51.0% | 37.3% | 11.7% | ||||||
Three-months ended |
52.6% | 35.8% | 11.6% | ||||||
Three-months ended |
53.0% | 35.8% | 11.2% | ||||||
Three-months ended |
51.8% | 37.5% | 10.7% | ||||||
Three-months ended |
51.8% | 38.6% | 9.6% | ||||||
Operator Census and Coverage | Coverage Data | ||||||||
Occupancy (1) |
Before |
After |
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Twelve-months ended |
82.5% | 1.69x | 1.33x | ||||||
Twelve-months ended |
82.2% | 1.69x | 1.33x | ||||||
Twelve-months ended |
82.1% | 1.68x | 1.31x | ||||||
Twelve-months ended |
82.1% | 1.72x | 1.34x | ||||||
Twelve-months ended |
82.2% | 1.75x | 1.37x | ||||||
(1) Based on available (operating) beds. |
|||||||||
The following table presents a debt maturity schedule as of |
||||||||||||||||||||
Debt Maturities ($000’s) |
Secured Debt | Unsecured Debt | ||||||||||||||||||
Year |
HUD Mortgages (1) |
Line of Credit and Term Loans (2)(3) |
Senior Notes/Other (4) |
Sub Notes (5) |
Total Debt Maturities |
|||||||||||||||
2017 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
2018 | - | - | - | - | - | |||||||||||||||
2019 | - | - | - | - | - | |||||||||||||||
2020 | - | - | - | - | - | |||||||||||||||
2021 | - | 1,250,000 | - | 20,000 | 1,270,000 | |||||||||||||||
2022 | - | 905,250 | - | - | 905,250 | |||||||||||||||
Thereafter | 54,316 | - | 3,350,000 | - | 3,404,316 | |||||||||||||||
$ | 54,316 | $ | 2,155,250 | $ | 3,350,000 | $ | 20,000 | $ | 5,579,566 | |||||||||||
|
(1) | Mortgages guaranteed by HUD (excluding net deferred financing costs of |
|
(2) | Reflected at 100% borrowing capacity. | |
(3) | |
|
(4) | Excludes net discounts, deferred financing costs and a |
|
(5) | Excludes |
|
The following table presents investment activity for the three– and six– month period ended |
||||||||||||||||
Investment Activity ( |
Three Months Ended | Six Months Ended | ||||||||||||||
|
|
|||||||||||||||
Funding by Investment Type | $ Amount | % | $ Amount | % | ||||||||||||
Real Property | $ | 123,403 | 67.8 | % | $ | 130,977 | 59.6 | % | ||||||||
Construction-in-Progress | 28,423 | 15.6 | % | 42,096 | 19.2 | % | ||||||||||
Capital Expenditures | 16,784 | 9.2 | % | 30,649 | 14.0 | % | ||||||||||
Investment in Direct Financing Leases | 2,538 | 1.4 | % | 4,767 | 2.2 | % | ||||||||||
Mortgages | 11,000 | 6.0 | % | 11,000 | 5.0 | % | ||||||||||
Total | $ | 182,148 | 100.0 | % | $ | 219,489 | 100.0 | % | ||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726006288/en/
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