Maryland
|
1-11316
|
38-3041398
|
(Omega Healthcare Investors, Inc.)
|
(Omega Healthcare Investors, Inc.)
|
(Omega Healthcare Investors, Inc.)
|
Delaware
|
333-203447-11
|
36-4796206
|
(OHI Healthcare Properties Limited Partnership)
|
(OHI Healthcare Properties Limited Partnership)
|
(OHI Healthcare Properties Limited Partnership)
|
(State of incorporation or organization)
|
(Commission file number)
|
(IRS Employer Identification No.)
|
Dated:
|
August 3, 2018
|
By:
|
/s/ Robert O. Stephenson
|
|
Robert O. Stephenson
|
||||
Chief Financial Officer
|
Dated:
|
August 3, 2018
|
By:
|
/s/ Robert O. Stephenson
|
||
Robert O. Stephenson
|
|||||
Chief Financial Officer
|
·
|
declared a $0.66 per share quarterly common stock dividend.
|
·
|
transitioned 14 Orianna facilities to existing operators for annual contractual rent of $12.5 million.
|
·
|
sold 47 assets for consideration of $137.6 million in cash, a $25 million seller note and $53.1 million in buyer assumed debt.
|
·
|
completed $77 million in new investments.
|
·
|
invested $54 million in capital renovation and construction-in-progress projects.
|
·
|
declared a $0.66 per share quarterly common stock dividend.
|
·
|
sold 14 facilities and had 3 mortgage loans repaid, totaling $98.4 million in net cash proceeds.
|
·
|
invested $38 million in capital renovation and construction-in-progress projects.
|
·
|
completed $30 million in new investments.
|
·
|
increased its quarterly common stock dividend rate to $0.66 per share.
|
Equity Shelf (At-the-Market) Program for 2018
|
||||||||||||
(in thousands, except price per share)
|
||||||||||||
Q1
|
Q2
|
Year To Date
|
||||||||||
Number of shares
|
—
|
912
|
912
|
|||||||||
Average price per share
|
$
|
—
|
$
|
30.93
|
$
|
30.93
|
||||||
Gross proceeds
|
$
|
—
|
$
|
28,218
|
$
|
28,218
|
Dividend Reinvestment and Common Stock Purchase Plan for 2018
|
||||||||||||
(in thousands, except price per share)
|
||||||||||||
Q1
|
Q2
|
Year To Date
|
||||||||||
Number of shares
|
189
|
759
|
948
|
|||||||||
Average price per share
|
$
|
25.87
|
$
|
29.22
|
$
|
28.55
|
||||||
Gross proceeds
|
$
|
4,886
|
$
|
22,164
|
$
|
27,050
|
2018 Annual Adjusted FFO
Guidance Range (per diluted common share) |
||||
Full Year
|
||||
Net Income
|
$
|
1.58 - $1.61
|
||
Depreciation
|
1.38
|
|||
Gain on assets sold – net
|
(0.07
|
)
|
||
Real estate impairment
|
0.02
|
|||
FFO
|
$
|
2.91 - $2.94
|
||
Adjustments:
|
||||
Unrealized gain on warrants
|
(0.01
|
)
|
||
Purchase option buyout
|
0.01
|
|||
Provision for uncollectible accounts
|
0.04
|
|||
Stock-based compensation expense
|
0.08
|
|||
Adjusted FFO
|
$
|
3.03 - $3.06
|
June 30,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Real estate properties
|
||||||||
Real estate investments
|
$
|
7,571,661
|
$
|
7,655,960
|
||||
Less accumulated depreciation
|
(1,475,463
|
)
|
(1,376,828
|
)
|
||||
Real estate investments – net
|
6,096,198
|
6,279,132
|
||||||
Investments in direct financing leases – net
|
349,465
|
364,965
|
||||||
Mortgage notes receivable – net
|
703,309
|
671,232
|
||||||
7,148,972
|
7,315,329
|
|||||||
Other investments – net
|
377,206
|
276,342
|
||||||
Investment in unconsolidated joint venture
|
32,820
|
36,516
|
||||||
Assets held for sale – net
|
3,782
|
86,699
|
||||||
Total investments
|
7,562,780
|
7,714,886
|
||||||
Cash and cash equivalents
|
10,951
|
85,937
|
||||||
Restricted cash
|
2,598
|
10,871
|
||||||
Accounts receivable – net
|
320,140
|
279,334
|
||||||
Goodwill
|
644,369
|
644,690
|
||||||
Other assets
|
33,301
|
37,587
|
||||||
Total assets
|
$
|
8,574,139
|
$
|
8,773,305
|
||||
LIABILITIES AND EQUITY
|
||||||||
Revolving line of credit
|
$
|
220,000
|
$
|
290,000
|
||||
Term loans – net
|
902,168
|
904,670
|
||||||
Secured borrowings – net
|
—
|
53,098
|
||||||
Unsecured borrowings – net
|
3,325,889
|
3,324,390
|
||||||
Accrued expenses and other liabilities
|
257,049
|
295,142
|
||||||
Deferred income taxes
|
14,718
|
17,747
|
||||||
Total liabilities
|
4,719,824
|
4,885,047
|
||||||
Equity:
|
||||||||
Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 200,332 shares as of June 30, 2018 and 198,309 as of December 31, 2017
|
20,033
|
19,831
|
||||||
Common stock – additional paid-in capital
|
4,997,329
|
4,936,302
|
||||||
Cumulative net earnings
|
2,011,689
|
1,839,356
|
||||||
Cumulative dividends
|
(3,473,406
|
)
|
(3,210,248
|
)
|
||||
Accumulated other comprehensive loss
|
(30,157
|
)
|
(30,150
|
)
|
||||
Total stockholders' equity
|
3,525,488
|
3,555,091
|
||||||
Noncontrolling interest
|
328,827
|
333,167
|
||||||
Total equity
|
3,854,315
|
3,888,258
|
||||||
Total liabilities and equity
|
$
|
8,574,139
|
$
|
8,773,305
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Revenue
|
||||||||||||||||
Rental income
|
$
|
192,850
|
$
|
193,997
|
$
|
386,799
|
$
|
386,534
|
||||||||
Income from direct financing leases
|
497
|
15,462
|
1,110
|
31,108
|
||||||||||||
Mortgage interest income
|
16,834
|
16,297
|
33,413
|
32,253
|
||||||||||||
Other investment income
|
9,097
|
7,278
|
17,624
|
14,192
|
||||||||||||
Miscellaneous income
|
603
|
2,763
|
1,134
|
3,454
|
||||||||||||
Total operating revenues
|
219,881
|
235,797
|
440,080
|
467,541
|
||||||||||||
Expenses
|
||||||||||||||||
Depreciation and amortization
|
69,609
|
70,350
|
139,970
|
140,343
|
||||||||||||
General and administrative
|
11,148
|
7,807
|
23,567
|
16,587
|
||||||||||||
Stock-based compensation
|
4,089
|
3,734
|
8,145
|
7,478
|
||||||||||||
Acquisition costs
|
-
|
19
|
-
|
(22
|
)
|
|||||||||||
(Recovery) impairment on real estate properties
|
(1,097
|
)
|
10,135
|
3,817
|
17,773
|
|||||||||||
Provision for uncollectible accounts
|
564
|
2,673
|
8,378
|
5,077
|
||||||||||||
Total operating expenses
|
84,313
|
94,718
|
183,877
|
187,236
|
||||||||||||
Income before other income and expense
|
135,568
|
141,079
|
256,203
|
280,305
|
||||||||||||
Other income (expense)
|
||||||||||||||||
Interest income and other – net
|
1,125
|
254
|
1,710
|
258
|
||||||||||||
Interest expense
|
(48,082
|
)
|
(48,085
|
)
|
(96,093
|
)
|
(93,126
|
)
|
||||||||
Interest – amortization of deferred financing costs
|
(2,242
|
)
|
(2,543
|
)
|
(4,485
|
)
|
(5,045
|
)
|
||||||||
Interest – refinancing costs
|
-
|
(21,965
|
)
|
-
|
(21,965
|
)
|
||||||||||
Contractual settlement
|
-
|
-
|
-
|
10,412
|
||||||||||||
Realized (loss) gain on foreign exchange
|
(66
|
)
|
79
|
(7
|
)
|
140
|
||||||||||
Total other expense
|
(49,265
|
)
|
(72,260
|
)
|
(98,875
|
)
|
(109,326
|
)
|
||||||||
Income before (loss) gain on assets sold
|
86,303
|
68,819
|
157,328
|
170,979
|
||||||||||||
(Loss) gain on assets sold – net
|
(2,891
|
)
|
(622
|
)
|
14,609
|
6,798
|
||||||||||
Income from continuing operations
|
83,412
|
68,197
|
171,937
|
177,777
|
||||||||||||
Income tax expense
|
(838
|
)
|
(591
|
)
|
(1,381
|
)
|
(1,691
|
)
|
||||||||
(Loss) income from unconsolidated joint venture
|
(588
|
)
|
551
|
(637
|
)
|
1,183
|
||||||||||
Net income
|
81,986
|
68,157
|
169,919
|
177,269
|
||||||||||||
Net income attributable to noncontrolling interest
|
(3,450
|
)
|
(2,900
|
)
|
(7,163
|
)
|
(7,572
|
)
|
||||||||
Net income available to common stockholders
|
$
|
78,536
|
$
|
65,257
|
$
|
162,756
|
$
|
169,697
|
||||||||
Income per common share available to common stockholders:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Net income available to common stockholders
|
$
|
0.39
|
$
|
0.33
|
$
|
0.82
|
$
|
0.86
|
||||||||
Diluted:
|
||||||||||||||||
Net income
|
$
|
0.39
|
$
|
0.33
|
$
|
0.82
|
$
|
0.86
|
||||||||
Dividends declared per common share
|
$
|
0.66
|
$
|
0.63
|
$
|
1.32
|
$
|
1.25
|
||||||||
Weighted-average shares outstanding, basic
|
199,497
|
197,433
|
199,204
|
197,223
|
||||||||||||
Weighted-average shares outstanding, diluted
|
208,460
|
206,672
|
208,139
|
206,423
|
||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Net income
|
$
|
81,986
|
$
|
68,157
|
$
|
169,919
|
$
|
177,269
|
||||||||
Add back loss (deduct gain) from real estate dispositions
|
2,891
|
622
|
(14,609
|
)
|
(6,798
|
)
|
||||||||||
Add back loss from real estate dispositions of unconsolidated joint venture
|
640
|
—
|
640
|
—
|
||||||||||||
Sub – total
|
85,517
|
68,779
|
155,950
|
170,471
|
||||||||||||
Elimination of non-cash items included in net income:
|
||||||||||||||||
Depreciation and amortization
|
69,609
|
70,350
|
139,970
|
140,343
|
||||||||||||
Depreciation - unconsolidated joint venture
|
1,466
|
1,658
|
3,123
|
3,316
|
||||||||||||
(Deduct recovery) add back non-cash provision for impairments on real estate properties
|
(1,097
|
)
|
10,135
|
3,817
|
17,773
|
|||||||||||
Add back non-cash provision for impairments on real estate properties of unconsolidated joint venture
|
—
|
—
|
608
|
—
|
||||||||||||
Funds from operations ("FFO")
|
$
|
155,495
|
$
|
150,922
|
$
|
303,468
|
$
|
331,903
|
||||||||
Weighted-average common shares outstanding, basic
|
199,497
|
197,433
|
199,204
|
197,223
|
||||||||||||
Restricted stock and PRSUs
|
197
|
467
|
167
|
407
|
||||||||||||
Omega OP Units
|
8,766
|
8,772
|
8,768
|
8,793
|
||||||||||||
Weighted-average common shares outstanding, diluted
|
208,460
|
206,672
|
208,139
|
206,423
|
||||||||||||
Funds from operations available per share
|
$
|
0.75
|
$
|
0.73
|
$
|
1.46
|
$
|
1.61
|
||||||||
Adjustments to calculate adjusted funds from operations:
|
||||||||||||||||
Funds from operations
|
$
|
155,495
|
$
|
150,922
|
$
|
303,468
|
$
|
331,903
|
||||||||
Deduct one-time revenue
|
—
|
(1,881
|
)
|
—
|
(1,881
|
)
|
||||||||||
Deduct unrealized gain on warrants
|
(1,021
|
)
|
—
|
(1,602
|
)
|
—
|
||||||||||
Deduct contractual settlement
|
—
|
—
|
—
|
(10,412
|
)
|
|||||||||||
Add back (deduct) acquisition costs
|
—
|
19
|
—
|
(22
|
)
|
|||||||||||
Add back one-time buy-out of purchase option
|
—
|
—
|
2,000
|
—
|
||||||||||||
Add back provision for uncollectible accounts
|
564
|
2,673
|
8,378
|
5,077
|
||||||||||||
Add back interest refinancing expense
|
—
|
23,539
|
—
|
23,539
|
||||||||||||
Add back non-cash stock-based compensation expense
|
4,089
|
3,734
|
8,145
|
7,478
|
||||||||||||
Adjusted funds from operations ("AFFO")
|
$
|
159,127
|
$
|
179,006
|
$
|
320,389
|
$
|
355,682
|
||||||||
Adjustments to calculate funds available for distribution:
|
||||||||||||||||
Non-cash interest expense
|
$
|
2,215
|
$
|
2,851
|
$
|
4,431
|
$
|
5,661
|
||||||||
Capitalized interest
|
(2,608
|
)
|
(1,906
|
)
|
(4,904
|
)
|
(3,895
|
)
|
||||||||
Non-cash revenues
|
(18,432
|
)
|
(17,956
|
)
|
(35,812
|
)
|
(36,085
|
)
|
||||||||
Funds available for distribution ("FAD")
|
$
|
140,302
|
$
|
161,995
|
$
|
284,104
|
$
|
321,363
|
||||||||
As of June 30, 2018
|
As of June 30, 2018
|
|||||||||||||||||||
Balance Sheet Data
|
Total # of Properties
|
Total Investment ($000's)
|
% of Investment
|
# of Operating Properties (1)
|
# of Operating Beds (1)
|
|||||||||||||||
Real Estate Investments
|
840
|
$
|
7,571,661
|
88
|
%
|
830
|
83,002
|
|||||||||||||
Direct Financing Leases
|
40
|
349,465
|
4
|
%
|
40
|
4,144
|
||||||||||||||
Mortgage Notes Receivable
|
53
|
703,309
|
8
|
%
|
53
|
5,764
|
||||||||||||||
933
|
$
|
8,624,435
|
100
|
%
|
923
|
92,910
|
||||||||||||||
Assets held for sale
|
3
|
3,782
|
||||||||||||||||||
Total Investments
|
936
|
$
|
8,628,217
|
Investment Data
|
Total # of Properties
|
Total Investment ($000's)
|
% of Investment
|
# of Operating Properties(1)
|
# of Operating Beds (1)
|
Investment per Bed ($000's)
|
||||||||||||||||||
Skilled Nursing Facilities/Transitional Care
|
805
|
$
|
7,152,134
|
83
|
%
|
798
|
85,130
|
$
|
84
|
|||||||||||||||
Senior Housing (2)
|
128
|
1,472,301
|
17
|
%
|
125
|
7,780
|
$
|
189
|
||||||||||||||||
933
|
$
|
8,624,435
|
100
|
%
|
923
|
92,910
|
$
|
93
|
||||||||||||||||
Assets held for sale
|
3
|
3,782
|
||||||||||||||||||||||
Total Investments
|
936
|
$
|
8,628,217
|
|||||||||||||||||||||
(1) (1) Excludes facilities which are non-operating, closed and/or not currently providing patient services.
(2) Includes ALFs, memory care and independent living facilities.
|
Revenue Composition ($000's)
|
||||||||||||||||
Revenue by Investment Type
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30, 2018
|
June 30, 2018
|
|||||||||||||||
Rental Property
|
$
|
192,850
|
88
|
%
|
$
|
386,799
|
88
|
%
|
||||||||
Direct Financing Leases
|
497
|
0
|
%
|
1,110
|
0
|
%
|
||||||||||
Mortgage Notes
|
16,834
|
8
|
%
|
33,413
|
8
|
%
|
||||||||||
Other Investment Income and Miscellaneous Income - net
|
9,700
|
4
|
%
|
18,758
|
4
|
%
|
||||||||||
$
|
219,881
|
100
|
%
|
$
|
440,080
|
100
|
%
|
Revenue by Facility Type
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30, 2018
|
June 30, 2018
|
|||||||||||||||
Skilled Nursing Facilities/Transitional Care
|
$
|
182,266
|
83
|
%
|
$
|
364,519
|
83
|
%
|
||||||||
Senior Housing
|
27,915
|
13
|
%
|
56,803
|
13
|
%
|
||||||||||
Other
|
9,700
|
4
|
%
|
18,758
|
4
|
%
|
||||||||||
$
|
219,881
|
100
|
%
|
$
|
440,080
|
100
|
%
|
|||||||||
Rent/Interest Concentration by Operator
($000's)
|
# of Properties (1)
|
Total
Annualized Contractual Rent/Interest (1)(2)
|
% of Total
Annualized Contractual Rent/Interest
|
|||||||||
Ciena Healthcare
|
74
|
$
|
88,767
|
11.5
|
%
|
|||||||
CommuniCare Health Services, Inc.
|
47
|
61,389
|
8.0
|
%
|
||||||||
Genesis Healthcare
|
50
|
57,259
|
7.4
|
%
|
||||||||
Signature Holdings II, LLC
|
59
|
50,064
|
6.5
|
%
|
||||||||
Saber Health Group
|
40
|
40,767
|
5.3
|
%
|
||||||||
Health & Hospital Corporation
|
44
|
35,234
|
4.6
|
%
|
||||||||
Guardian LTC Management Inc.
|
32
|
31,036
|
4.0
|
%
|
||||||||
Maplewood Real Estate Holdings, LLC
|
14
|
30,450
|
4.0
|
%
|
||||||||
Daybreak Venture, LLC.
|
57
|
29,666
|
3.9
|
%
|
||||||||
Diversicare Healthcare Services
|
35
|
28,866
|
3.7
|
%
|
||||||||
Remaining Operators (3)
|
415
|
316,642
|
41.1
|
%
|
||||||||
867
|
$
|
770,140
|
100.0
|
%
|
||||||||
(1)
(1) Excludes facilities which are non-operating, closed and/or not currently providing patient services.
(2) 2Q 2018 contractual rent/interest annualized; includes mezzanine and term loan interest.
(3) Excludes 42 Orianna and 14 Preferred Care facilities due to their bankruptcy status: all facilities of these two operators are expected to be transitioned or sold.
|
Geographic Concentration by Investment ($000's)
|
Total # of Properties (1)
|
Total
Investment (1)
|
% of Total Investment
|
|||||||||
Texas
|
118
|
$
|
830,726
|
9.6
|
%
|
|||||||
Florida
|
93
|
823,540
|
9.5
|
%
|
||||||||
Michigan
|
53
|
681,344
|
7.9
|
%
|
||||||||
Ohio
|
62
|
635,090
|
7.4
|
%
|
||||||||
Indiana
|
65
|
583,112
|
6.8
|
%
|
||||||||
California
|
54
|
497,584
|
5.8
|
%
|
||||||||
Pennsylvania
|
43
|
463,951
|
5.4
|
%
|
||||||||
Tennessee
|
38
|
324,770
|
3.8
|
%
|
||||||||
Virginia
|
18
|
285,063
|
3.3
|
%
|
||||||||
North Carolina
|
32
|
270,254
|
3.1
|
%
|
||||||||
Remaining 31 states (2)
|
302
|
2,821,396
|
32.7
|
%
|
||||||||
878
|
8,216,830
|
95.3
|
%
|
|||||||||
United Kingdom
|
55
|
407,605
|
4.7
|
%
|
||||||||
933
|
$
|
8,624,435
|
100.0
|
%
|
||||||||
(1) Excludes three properties with total investment of $3.8 million classified as assets held for sale.
(2) Remaining 31states Total Investment includes New York City 2nd Avenue development project.
|
Rent and Loan Maturities ($000's)
|
As of June 30, 2018
|
||||||||||||||||
Operating Lease Expirations
& Loan Maturities
|
Year
|
2018 Lease Rent
|
2018 Interest
|
2018 Lease and Interest Rent
|
%
|
||||||||||||
2018
|
$
|
-
|
$
|
1,442
|
$
|
1,442
|
0.2
|
%
|
|||||||||
2019
|
2,093
|
-
|
2,093
|
0.3
|
%
|
||||||||||||
2020
|
5,387
|
3,376
|
8,763
|
1.1
|
%
|
||||||||||||
2021
|
6,186
|
142
|
6,328
|
0.8
|
%
|
||||||||||||
2022
|
37,096
|
-
|
37,096
|
4.8
|
%
|
||||||||||||
2023
|
22,803
|
-
|
22,803
|
3.0
|
%
|
||||||||||||
Notes: Based on annualized 2nd quarter 2018 contractual rent and interest.
|
|||||||||||||||||
Excludes Preferred Care's contractual revenue of approximately $3.2 million expiring in 2022 due to its bankruptcy status.
|
|||||||||||||||||
Orianna revenue of approximately $47.3 million does not contractually expire until 2026 or later and therefore is also excluded due to their bankruptcy status.
|
Operator Revenue Mix (1)
|
As of March 31, 2018
|
|||||||||||
Medicaid
|
Medicare / Insurance
|
Private / Other
|
||||||||||
Three-months ended March 31, 2018
|
51.3
|
%
|
36.4
|
%
|
12.3
|
%
|
||||||
Three-months ended December 31, 2017
|
52.9
|
%
|
34.6
|
%
|
12.5
|
%
|
||||||
Three-months ended September 30, 2017
|
52.9
|
%
|
34.7
|
%
|
12.4
|
%
|
||||||
Three-months ended June 30, 2017
|
51.9
|
%
|
35.9
|
%
|
12.2
|
%
|
||||||
Three-months ended March 31, 2017
|
51.0
|
%
|
37.3
|
%
|
11.7
|
%
|
||||||
(1) Excludes all facilities considered non-core.
|
Operator Census and Coverage (1)
|
Coverage Data
|
|||||||||||
Occupancy (2)
|
Before
Management Fees
|
After
Management Fees
|
||||||||||
Twelve-months ended March 31, 2018
|
82.4
|
%
|
1.69
|
x
|
1.33
|
x
|
||||||
Twelve-months ended December 31, 2017
|
82.3
|
%
|
1.71
|
x
|
1.34
|
x
|
||||||
Twelve-months ended September 30, 2017
|
82.2
|
%
|
1.72
|
x
|
1.35
|
x
|
||||||
Twelve-months ended June 30, 2017
|
82.4
|
%
|
1.71
|
x
|
1.34
|
x
|
||||||
Twelve-months ended March 31, 2017
|
82.5
|
%
|
1.69
|
x
|
1.33
|
x
|
||||||
(1) Excludes all facilities considered non-core.
(2) Based on available (operating) beds.
|
Debt Maturities ($000's)
|
Unsecured Debt
|
|||||||||||||||
Year
|
Line of Credit and Term Loans (1)
|
Senior Notes/Other (2)
|
Sub Notes (3)
|
Total Debt Maturities
|
||||||||||||
2018
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
2019
|
-
|
-
|
-
|
-
|
||||||||||||
2020
|
-
|
-
|
-
|
-
|
||||||||||||
2021
|
220,000
|
-
|
20,000
|
240,000
|
||||||||||||
2022
|
907,030
|
-
|
-
|
907,030
|
||||||||||||
2023
|
-
|
700,000
|
-
|
700,000
|
||||||||||||
Thereafter
|
-
|
2,650,000
|
-
|
2,650,000
|
||||||||||||
$
|
1,127,030
|
$
|
3,350,000
|
$
|
20,000
|
$
|
4,497,030
|
|||||||||
(1) The $220 million Line of Credit borrowings excludes $4.8 million net deferred financing costs and can be extended into 2022. The $907 million is comprised of a: $425 million US Dollar term loan, £100 million term loan (equivalent to $132 million in US dollars), $100 million term loan to Omega's operating partnership and $250 million term loan (excludes $4.9 million net deferred financing costs related to the term loans).
(2) Excludes net discounts and deferred financing costs.
(3) Excludes $0.3 million of fair market valuation adjustments.
|
||||||||||||||||
Investment Activity ($000's)
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30, 2018
|
June 30, 2018
|
|||||||||||||||
Funding by Investment Type
|
$ Amount
|
%
|
$ Amount
|
%
|
||||||||||||
Real Property
|
$
|
22,825
|
17.4
|
%
|
$
|
52,497
|
26.4
|
%
|
||||||||
Construction-in-Progress
|
38,743
|
29.6
|
%
|
58,228
|
29.4
|
%
|
||||||||||
Capital Expenditures
|
15,367
|
11.7
|
%
|
33,830
|
17.0
|
%
|
||||||||||
Investment in Direct Financing Leases
|
-
|
0.0
|
%
|
15
|
0.0
|
%
|
||||||||||
Mortgages
|
44,200
|
33.7
|
%
|
44,200
|
22.2
|
%
|
||||||||||
Other
|
10,000
|
7.6
|
%
|
10,000
|
5.0
|
%
|
||||||||||
Total
|
$
|
131,135
|
100.0
|
%
|
$
|
198,770
|
100.0
|
%
|
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