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- **AFFO Growth**: 15% year-over-year growth in AFFO midpoint to $3.08-$3.10 per share, driven by new investments and improved coverage.
- **Sabre JV Success**: 9.9% equity stake in Sabre Healthcare with 9.3% yield and potential high-teens IRR through operating company growth.
- **Balance Sheet Strength**: 5.1x fixed charge coverage, 3.59x leverage, and $737 million cash to support $1 billion+ annual investment pace.
- **Strategic Expansion**: Transitioning from pure triple net to RIDEA and joint ventures, with first U.S. RIDEA deal in pipeline.
- **Dividend Flexibility**: Payout ratio at 85% for AFFO, with Board open to increases as payout approaches 80%.

**【CEO Summary Section】**
- Third-quarter adjusted funds from operations (AFFO) was $0.79 per share, with FAD (funds available for distribution) of $0.75 per share, reflecting 15% year-over-year growth in AFFO midpoint guidance.
- Dividend payout ratio improved to 85% for AFFO and 89% for FAD, down from prior quarters, signaling stronger balance sheet flexibility.
- Portfolio metrics showed EBITDAR coverage at 1.55x, the highest in 12 years, with below 1x rent coverage dropping to 4.3% of total rent.
- Strategic expansion into joint ventures and minority interests, exemplified by the 9.9% equity stake in Sabre Healthcare, targeting low to mid-teens IRRs.

**【CFO Financial Commentary】**
- Revenue grew 13% year-over-year to $312 million, driven by new investments and improved operator performance.
- Balance sheet strength with $737 million in cash, a 5.1x fixed charge coverage ratio, and 3.59x leverage.
- Raised 2025 AFFO guidance to $3.08-$3.10 per share, up $0.035 from prior midpoint, reflecting $374 million in new investments.
- New $2.3 billion credit facility and $2 billion ATM program to support future growth.

**【Q&A Highlights】**
- **Sabre JV Details**: 64-facility portfolio with 1.46x coverage, 9.3% initial yield, and potential for high-teens IRR through operating company growth.
- **Labor Market Trends**: U.S. wage increases aligning with inflation, no significant temp labor usage; U.K. market less strained but facing demographic growth.
- **RIDEA Outlook**: Pipeline includes U.S. and U.K. RIDEA deals, with focus on risk-adjusted returns above traditional triple net leases.
- **Dividend Growth**: Board open to dividend increases as payout ratio approaches 80%, with historical precedent of quarterly hikes.
- **Genesis Bankruptcy**: Lease assumed by Genesis, with full rent payments continuing; process expected to conclude in Q1/Q2 2026.

Omega Healthcare Investors, Inc. (OHI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OHI

OHI fundamentals

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