Omega Healthcare Investors, Inc. (OHI) has reported an 104.91 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $124.26 million, or $0.63 a share in the quarter, compared with $60.64 million, or $0.32 a share for the same period last year.
Revenue during the quarter grew 11.39 percent to $234.49 million from $210.51 million in the previous year period.
Total expenses were $87.84 million for the quarter, up 2.71 percent or $2.32 million from year-ago period. Operating margin for the quarter expanded 316 basis points over the previous year period to 62.54 percent.
Operating income for the quarter was $146.65 million, compared with $125 million in the previous year period.
For fiscal year 2017, Omega Healthcare Investors, Inc. expects diluted earnings per share to be in the range of $1.98 to $2.02.
Revenue from real estate activities during the quarter increased 10.47 percent or $19.97 million to $210.62 million.
Income from operating leases during the quarter rose 11.18 percent or $19.60 million to $194.89 million.
Revenue from other real estate activities during the quarter was $15.72 million, up 2.41 percent or $0.37 million from year-ago period.
Other income during the quarter was $23.87 million, up 20.16 percent or $4 million from year-ago period.
Omega's chief executive officer, Taylor Pickett, said, "Our record quarterly Adjusted FFO of $0.88 per share and FAD of $0.80 per share is a strong testament to the strength of our operating model against the backdrop of an increasingly difficult operating environment. We share the industry leadership and investor concerns that increasing labor and liability costs and evolving reimbursement models may put near term financial strain on many operators within our industry." Mr. Pickett, continued, "In light of these concerns, we are pleased to have built a conservative balance sheet allowing us to manage through this uncertainty while delivering superior earnings and reliable dividends."
Receivables move up
Net receivables were at $240.04 million as on Dec. 31, 2016, up 17.74 percent or $36.17 million from year-ago.
Investments stood at $7,925.79 million as on Dec. 31, 2016, up 11.82 percent or $837.59 million from year-ago.
Total assets grew 11.60 percent or $959.32 million to $8,949.26 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,737.27 million as on Dec. 31, 2016, up 20.91 percent or $848.20 million from year-ago.
Return on assets moved up 42 basis points to 1.98 percent in the quarter. At the same time, return on equity moved up 147 basis points to 2.95 percent in the quarter.
Debt moves up
Total debt was at $4,366.85 million as on Dec. 31, 2016, up 23.36 percent or $826.84 million from year-ago. Shareholders equity stood at $4,211.99 million as on Dec. 31, 2016, up 2.71 percent or $111.12 million from year-ago. As a result, debt to equity ratio went up 17 basis points to 1.04 percent in the quarter.
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