The following is a summary of the Omega Healthcare Investors, Inc. (OHI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Omega Healthcare Investors reported Q1 2024 FAD per share of $0.65, better than expected.

• Maintains its 2024 AFFO guidance between $2.70 and $2.80 per share.

• Q1 revenue was $243 million, bolstered by operator restructurings, transitions, and revenue from new investments completed throughout 2023 and 2024.

• Completed $75 million in new investments in Q1 2024, including real estate loans, acquisitions and CapEx investments.

• Paid off $400 million of bonds and the remaining $42 million of HUD in March, and sold three buildings held for sale, netting $27 million.

• The announced acquisitions worth $165 million are expected to be immediately accretive, with a 10% yield as the starting point.

Business Progress:

• Noted substantial improvements in key tenant occupancy and rent coverage metrics.

• Focused on ongoing operational developments and operator transitions, with the Guardian restructuring completed.

• Year-to-date investments reached $240 million, signaling a robust acquisition strategy.

• Optimistic about the government's final rule for skilled nursing facility staffing, expecting positive improvements.

• Engaging in restructuring discussions for its assets, with a majority of its pipeline geared towards property acquisitions.

• Monitoring potential regulatory impacts of the CMS staffing rule, and regional challenges like staffing availability in vast rural areas like Texas.

• Operating in both the UK and US markets, expressed confidence in the regulatory environment and balanced opportunities across the two regions.

More details: Omega Healthcare Investors Inc IR

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