Hunt Valley's Omega Healthcare makes $30.1 million in Q3

October 26, 2012|By Steve Kilar | The Baltimore Sun

Omega Healthcare Investors Inc., the real estate investment trust based in Hunt Valley that invests in long-term health care facilities, earned $30.1 million during the third quarter of the year, the firm said in a statement Friday.

Omega's third quarter 2012 earnings were 40.5 percent higher than earnings in same period last year, the company said.

The firm's funds from operations, a figure often used to determine a real estate investment trust's health, increased 27.5 percent over the July through September period last year, the statement said.

Funds from operations during the quarter were $56.7 million, Omega said. On a per share basis, funds from operations equaled 52 cents.

The increase is largely the result of rental and mortgage interest income that is being earned from $575 million in new investments made in the past 12 months, the firm said. In August, Omega purchased 17 skilled nursing, 4 assisted living and 6 independent living facilities in Indiana for $203 million.

During the quarter, Omega made $78.2 million in rental income. During the third quarter of 2011, rental income was $68.6 million. Mortgage income increased from $3.6 million last year to $7.6 million this year.

As of Sept. 30, Omega owned or had mortgages on 460 facilities with a total of more than 53,000 beds.

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