Omega Healthcare Investors funds from operations down

February 23, 2010|By Lorraine Mirabella |

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.