Omega Healthcare Investors (OHI) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $159 million ($0.47 per share), up from $112 million ($0.33 per share) in Q1 2025, reflecting strong revenue and EBITDA growth from acquisitions and portfolio management.

• Adjusted FFO (AFFO) was $0.82 per share and FAD was $0.78 per share, both up year-over-year, with FAD per share increasing 9.5%.

• Dividend payout ratios dropped to 82% for AFFO and 86% for FAD, with a quarterly dividend of $0.67 per share declared.

• Active portfolio management included $251 million in new investments and planned asset sales generating $480 million in proceeds, with expected AFFO and FAD accretion.

• Investments spanned triple net and RIDEA structures in skilled nursing, senior housing, and long-term care across the U.S., U.K., and Canada.

Financial highlights

• Q1 2026 revenue was $323 million, up from $277 million in Q1 2025, driven by new investments and annual escalators.

• Rental income rose to $270.6 million, interest income reached $45.2 million, and Nareit FFO was $249.5 million.

• Adjusted FFO was $260 million ($0.82 per share); FAD was $247 million ($0.78 per share), both $0.02 higher sequentially from Q4.

• Total assets at quarter-end were $10.2 billion; total equity $5.5 billion; total debt $4.5 billion (45.1% of capitalization).

• Operating cash flow increased to $215.5 million from $182.0 million year-over-year.

Outlook and guidance

• Full-year 2026 Adjusted FFO guidance narrowed to $3.19–$3.25 per share, with the midpoint raised by $0.02.

• Guidance includes completed investments as of April 27, scheduled loan repayments, and expected asset sales, but excludes additional investments not outlined in the press release.

• Management remains cautious due to staffing shortages, inflation, and regulatory uncertainty, but expects sufficient liquidity and capital resources for operations and investments.