Omega Healthcare Investors funds from operations down

February 23, 2010|By Lorraine Mirabella | lorraine.mirabella@baltsun.com

Omega Healthcare Investors Inc., a Hunt Valley real estate investment trust, reported Tuesday a decrease in fourth quarter funds from operations -- a closely watched metric for REITs -- to $24.9 million, or 29 cents per common share, from $26.3 million, or 32 cents per common share, compared to the same period in 2008.

The company, which invests in long term care facilities, said net income available to common stockholders fell to $14 million, or 16 cents per common share, on revenues of $49.4 million during the three months ended Dec. 31. Those results compared to net income of $15.6 million, or 19 cents per diluted common share, on revenues of $49.2 million for the fourth quarter of 2008.

During the fourth quarter, Omega signed an agreement to purchase $565 million of long-term care facilities and closed on $270 million of those investments in December. In that transaction, the company bought entities owing 40 facilities with 5,264 available beds in 12 states.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.