Omega Healthcare Investors, Inc. announced robust results for the third quarter ended September 30, 2024. The company reported funds from operations (FFO) of $0.74 per share, surpassing the consensus estimate of $0.71 per share.
Revenues for the quarter reached $276.03 million, significantly beating analyst expectations by $59.88 million. This strong top-line performance was supported by new investments and ongoing operator restructurings.
In light of its performance, Omega Healthcare Investors raised its full-year 2024 Adjusted FFO (AFFO) guidance to a range of $2.84 to $2.86 per share, up from the previous consensus of $2.83 per share. The company also completed $440 million in new investments during the third quarter, including real estate acquisitions, demonstrating active portfolio growth.
Operator performance metrics remained stable, with trailing 12-month EBITDAR coverage at 1.50x and occupancy at 81.2% as of September 30, 2024. LaVie Care Centers, LLC continued to pay its full monthly contractual rent of $3.0 million since June 2024, following its Chapter 11 bankruptcy filing.
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