Omega Healthcare Traders (OHI) Q3 2024 Earnings Name Transcript

Inventory Advisor offers traders with an easy-to-follow blueprint for achievement, together with steering on constructing a portfolio, common updates from analysts, and two new inventory picks every month. The Inventory Advisor service has greater than quadrupled the return of S&P 500 since 2002*.

See the 10 stocks »

*Inventory Advisor returns as of October 28, 2024

Taylor C. Pickett — Chief Govt Officer

Thanks, Michele. Good morning, and thanks for becoming a member of our third-quarter 2024earnings convention name At the moment, I’ll talk about our third-quarter monetary outcomes and sure key working traits. Third quarter FAD, funds obtainable for distribution of $0.70 per share was higher than anticipated and will proceed to enhance as a number of portfolios are within the strategy of being transitioned, which is able to lead to FAD upside over the subsequent few quarters.

Our dividend payout ratio is now 96% and will proceed to drop into the low 90% vary within the upcoming quarters. On account of our year-to-date portfolio transitions and acquisitions, we’ve got once more narrowed and elevated our 2024 AFFO steering to a spread of $2.84 and $2.86 per share. We now have issued a major quantity of fairness to fund our sturdy pipeline, which has bolstered our liquidity and additional delevered the steadiness sheet. As Dan will talk about, key tenant occupancy and hire protection metrics are robust whereas the underneath one instances EBITDAR protection operator metric has no materials dangers or issues.

Throughout the first three quarters of 2024, we’ve got issued over $800 million in fairness. And year-to-date, we have invested over $900 million. The pipeline stays very energetic. Our annual income run fee now exceeds $1.1 billion, with 25% of that income coming from our giant and rising senior housing portfolio.

We’re well-positioned to proceed to deploy capital accretively, growing our income, AFFO, FAD, and dividend protection. I’ll now flip the decision over to Bob.

Robert O. Stephenson — Chief Monetary Officer

Thanks, Taylor, and good morning. Turning to our financials for the third quarter. Income for the third quarter was $276 million in comparison with $242 million for the third quarter of 2023. The year-over-year improve is primarily the results of the timing and impression of operator restructurings, transitions, and income from new investments accomplished all through 2023 and 2024, partially offset by asset gross sales accomplished throughout that very same time interval.

Our NAREIT FFO for the third quarter was $196 million or $0.71 per share as in comparison with $161 million or $0.63 per share for the third quarter of 2023. Our adjusted FFO was $203 million or $0.74 per share for the quarter, and our FAD was $192 million or $0.70 per share and each exclude a number of gadgets outlined in our NAREIT FFO, adjusted FFO and FAD reconciliations to web earnings present in our earnings launch in addition to our third quarter monetary supplemental posted to our web site. Our third-quarter FAD was $0.02 higher than our second-quarter FAD. As highlighted in yesterday’s earnings press launch, LaVie paid an extra $3 million within the third quarter as they’ve continued to pay month-to-month hire of $3 million monthly beginning in June.

LaVie paid $3 million in hire for the month of October as nicely. Maplewood paid $12.1 million in hire within the third quarter versus $11.8 million within the second quarter. In October, Maplewood paid $4.05 million in hire. And lastly, we proceed to situation fairness to each prefund acquisitions and put together for our $400 million bond maturing in January 2025.

We generated nearly $2 million or $900,000 in incremental short-term curiosity earnings over the second quarter as we ended the quarter with $307 million of incremental steadiness sheet money over the second quarter. Our steadiness sheet continues to stay robust. Within the third quarter, we accomplished $467 million in new investments, together with capex, and funded the investments by means of a mixture of money from operations, the idea of $243 million in debt, and the issuance of 14.2 million shares of frequent inventory or over $0.5 billion in fairness proceeds. We ended the quarter with over $340 million in money on the steadiness sheet and a completely obtainable credit score facility with a borrowing capability of $1.45 billion.

At September thirtieth, 95% of our $4.9 billion in debt was at fastened charges and our web funded debt to annualized adjusted EBITDA was 4.23 instances, down from 4.76 instances within the second quarter, and our fastened cost protection ratio was 4.6 instances. As Taylor talked about, we elevated our full-year adjusted FFO steering to a spread between $2.84 to $2.86 per share. A number of of the important thing fourth-quarter assumptions are: we’re assuming no change in our income associated to operators on an accrual foundation of income recognition. We’re assuming LaVie continues to pay on the present fee of $3 million monthly and Maplewood’s capability to pay contractual hire continues to enhance.

We’re assuming the brand new operator of the Guardian transition properties continues to pay $2.9 million in hire per quarter, in keeping with the third quarter. We’re assuming $31 million in asset gross sales within the fourth quarter associated to the sale of a portion of the services labeled as held on the market on the finish of the third quarter, for which we recorded $200,000 in income within the third quarter. We have included the impression of the $119 million of latest investments accomplished in October, which had been funded with fairness. We undertaking our quarterly G&A expense to proceed to run between $11.5 million and $13.5 million within the fourth quarter.

We assume no materials modifications in market rates of interest as they relate to both the curiosity earned on steadiness sheet money or curiosity expense charged on credit score facility borrowings. Lastly, we assume we’ll proceed to prefund acquisitions and put together for our January 2025 $400 million bond maturity by issuing fairness. As a reminder, for each 4 million shares issued, our quarterly adjusted FFO is negatively impacted by barely lower than $0.01 per share till the money is put again to work in new investments. Our 2024 adjusted FFO steering doesn’t embody any extra investments or asset gross sales in addition to any extra capital transactions apart from what I simply talked about or what was included within the earnings launch.

I’ll now flip the decision over to Dan.

Daniel J. Sales space — Chief Working Officer

Thanks, Bob, and good morning, everybody. As of September 30, 2024, Omega had an working asset portfolio of 962 services with roughly 90,000 working beds. These services had been unfold throughout 81 third-party operators and positioned inside 42 states in the UK. Trailing 12-month operator EBITDAR protection for our core portfolio as of June thirtieth, 2024, elevated to 1.49 instances versus 1.42 instances for the trailing 12-month interval ended March thirty first, 2024.

Turning to portfolio issues. As of at this time, Omega is at the moment not engaged in any restructuring exercise with any of its materials operators, the one exception being LaVie, which shall be searching for affirmation of its plan of reorganization in mid-November. Turning to new investments. Throughout the third quarter of 2024, Omega accomplished a complete of $467 million in new investments, inclusive of $27 million in capex.

The brand new investments embody the beforehand introduced buyout of our 51% JV companion in 63 care houses in the UK. The 63 care houses are leased to 2 established U.Ok. operators with present annual hire of $43.6 million. Inclusive of Omega’s third-quarter funding of $365 million, Omega’s whole money funding within the 63 care houses is $441 million, which leads to a gross return of 9.9%.

The extra third-quarter new investments of $75 million have a weighted common money yield of 10.1% and contain seven services in three states and the UK. Subsequent to the third quarter of 2024, Omega closed on $119 million in extra new investments, excluding capex. The investments contain three services in two states and 14 services in the UK and have a weighted common yield of 10.5%. 12 months to this point by means of October, Omega has closed on $915 million in new investments, together with capex by means of the third quarter.

I’ll now flip the decision over to Megan.

Megan Krull — Senior Vice President, Operations

Thanks, Dan, and good morning, everybody. State reimbursement continues to be one of many keys to the improved metrics that Dan spoke to. Whereas we applaud the truth that many states have and proceed to step up in very significant methods, we additionally know that reimbursement assist tends to ebb and movement, and due to this fact, we’d warning anybody from considering that these ranges of will increase are assured to proceed in the long run. In the meantime, we’re all anxiously awaiting the end result of the assorted efforts towards the staffing mandate.

Plaintiffs, together with sure business associations, have filed a movement for abstract judgment in federal court docket within the state of Texas with respect to their lawsuit towards the mandate, which they argue oversteps CMS’ authority. Whereas not assured, the ruling on that would come as early as first quarter of 2025. Moreover, 20 Attorneys Normal have additionally filed go well with towards the staffing mandate in federal court docket in Iowa. Whereas the overturning of the Chevron doctrum by the Supreme Court docket earlier this 12 months definitely seems to pave the way in which for a victory on the authorized entrance, post-election legislative efforts additionally stay because the reversal of the rule would stand to avoid wasting the federal authorities $22 billion over 10 years in keeping with the Congressional Price range Workplace.

With no federal funding particularly earmarked for the mandate and no imminent structural enhancements that will enhance staffing availability, we’re hopeful that the rule will in the end be overturned and that any future regulatory modifications, staffing or in any other case, shall be launched in a way more considerate means. I’ll now open the decision up for questions.

Questions & Solutions:

Operator

[Operator instructions] Your first query comes from the road of Jonathan Hughes of Raymond James. Your line is open.

Jonathan Hughes — Analyst

Hello, there. Good morning. Taking a look at EBITDAR protection, and it is now principally one and a half instances. That is, I feel, the very best within the post-pandemic world.

And the outlook for bettering protection is powerful attributable to some favorable provide demand dynamics that I feel everyone knows about. However I wished to ask in regards to the triple-net lease construction. I do know you do not essentially get to take part in that EBITDAR upside, however the security of the hire paid to you does improve. I do not imagine I’ve ever requested a query about lease expirations.

However for these few leases that do expire, what is the capability you need to both improve hire and possibly reset protection again to, say, a historic 1.3, 1.4 instances vary? Or would you slightly simply renew them greater modestly and take the upper protection and higher hire security?

Taylor C. Pickett — Chief Govt Officer

That is an amazing query, Jonathan. For those who take a look at — we’ve got a few maturities which are fairly large in 2027. And it is a good instance of the construction on this business the place you sometimes have a 10- to 15-year lease that has renewals on the operator’s possibility. So structurally, there’s actually not a giant alternative in most leases to reset.

We now have a handful with reset rights for varied causes. However by way of the general mannequin, you simply do not — that is not how this business has advanced.

Jonathan Hughes — Analyst

OK. After which I will persist with only one extra and taking a look at leverage. So possibly for Bob otherwise you, Taylor as nicely. I feel the 4.2 instances leverage at this time is a decade low.

I do not know what the all-time low is, nevertheless it’s decrease than at any level, I feel, since 2014. The funding spreads at this time are actually extensive and accretive utilizing fairness that clearly by no means must be refied. So my query is, has there been any change to the leverage goal of 4 to 5 instances? Or is it nonetheless that vary? Perhaps any consideration to operating even decrease to place you in a greater place for alternatives over the subsequent a number of years?

Robert O. Stephenson — Chief Monetary Officer

We have not modified the said steering. It is nonetheless between 4 and 5 instances. However I feel given the pipeline and given the fairness foreign money and the unfold that you just simply talked about, I might — you’ll assume it could proceed to go down.

Operator

Thanks. Your subsequent query comes from the road of Michael Griffin of Citi. Your line is open.

Michael Griffin — Citi — Analyst

Thanks. Simply wished to the touch on occupancy for a bit. Clearly, it continues to extend on a sequential foundation. And I am curious should you can type of give us some constructing blocks on what the drivers of this are.

Is that this attributable to facility staffing growing? Is it attributable to higher resident penetration? And do you assume we’re in a world and a situation within the close to time period the place we’re at or above type of your pre-COVID degree of occupancy?

Megan Krull — Senior Vice President, Operations

Yeah. I imply I feel — look, the occupancy goes to proceed to go up. I feel it’ll — we have seen some will increase within the final couple of months from the place even that quantity is. However we’re again to a time the place there’s type of — the cyclical instances the place in the summertime months, it’d go down a bit of bit.

Within the winter, it’d go down a bit of bit. However in the end, I feel, sure, staffing has improved a bit of bit. It is nonetheless a battle in lots of completely different areas. And so you may see completely different occupancies in several areas relying on what is going on on.

However definitely, staffing continues to be a priority.

Michael Griffin — Citi — Analyst

Nice. That is useful. After which simply possibly turning to the transaction exercise and type of your ideas on the acquisition setting. Are you seeing lots of these offers largely pushed by motivated sellers which have upcoming maturities they cannot refi? Or has the market turn into extra deep and liquid and bid-ask spreads have narrowed considerably? After which should you may remark possibly on the provision of any bridge to HUD lending, that will be useful, too.

Taylor C. Pickett — Chief Govt Officer

Yeah. I imply, the market has been and continues to be awfully energetic. I feel that there isn’t any one cause to level to, to inform why that is turn into so energetic. However clearly, the charges have come down a bit of bit and persons are seeing large {dollars} on the market obtainable.

There may be extra capital now. So I feel total, that is simply creating a really energetic market. And I feel we’ll see that going ahead right here for the subsequent a minimum of 12 months.

Operator

Thanks. Your subsequent query comes from the road of John Kilichowski of Wells Fargo. Your line is open.

Unknown speaker — — Analyst

Hey. Good morning, guys. It is Jesus on for John. Simply exterior of the minimal staffing, like what else is on the poll right here that we should always concentrate on? We have heard discussions round care at house, Medicare Benefit denying SNF claims at elevated ranges, and many others.

And likewise, we might identical to your ideas on how every candidate would impression the SNF panorama.

Megan Krull — Senior Vice President, Operations

I imply, look, on the finish of the day, we will not actually decide what is going on to occur with the election or what would occur relying on who will get put into energy. However this business at all times does higher when there is a steadiness of energy. So no matter who wins the presidency we shall be taking a look at Congress to type of steadiness that piece of it. You talked about a bunch of regulatory gadgets and definitely, will these have an effect on the business? Probably.

However actually, nursing houses have already pushed everyone out to house well being that may very well be there. It is actually a needs-based business. And I feel you may see stuff across the edges, however I do not assume that there is going to be something that will considerably change the business.

Unknown speaker — — Analyst

Admire the colour. And only a fast follow-up right here. So simply speak in regards to the unique expectations again in June for LaVie to emerge out of the chapter course of right here with the restructured steadiness sheet and the way you count on the scenario to play out throughout 4Q as feedback appear to point that you just guys expect some decision right here come mid-November right here. Is there going to be any lack of hire or downtime on account of this transition?

Taylor C. Pickett — Chief Govt Officer

So that they’re at the moment scheduled for a plan of affirmation in mid-November. We do count on that to undergo. The plan sponsor will assume the lease because it stands at this time, which incorporates month-to-month hire funds of $3 million, and that we count on to be the hire going ahead. There’s a distinction in timing between affirmation and the effectiveness, however we count on to obtain the complete three months — or the complete $3 million in that interval.

And the efficient date is relying upon regulatory approvals.

Operator

Thanks. Your subsequent query comes from the road of John Pawlowski of Inexperienced Avenue. Your line is open.

John Pawlowski — Inexperienced Avenue Advisors — Analyst

Good morning. Thanks for the time. Megan, one for you on the regulatory entrance. I do know state assist has been a constructive shock for some time now.

Have any of your main states reimbursement or type of tied staffing service roles truly shocked negatively in latest months?

Megan Krull — Senior Vice President, Operations

Are you able to repeat that? Sorry, the tip of that?

John Pawlowski — Inexperienced Avenue Advisors — Analyst

Sure. Have any states — basically has state assist shocked negatively in any latest months in any of your states?

Megan Krull — Senior Vice President, Operations

I have not seen something unfavourable. There have been some impartial ones the place there’s barely constructive to barely unfavourable, however most of what we have been seeing is fairly good sizable will increase.

John Pawlowski — Inexperienced Avenue Advisors — Analyst

OK. After which any type of regarding staffing guidelines type of within the realm of a Pennsylvania-like situation rumored proper now out there in every other states?

Megan Krull — Senior Vice President, Operations

No. I imply, look, states are at all times taking a look at doing issues like that, however I feel everyone is holding off a bit of bit to see what occurs with the staffing mandate.

Operator

Thanks. Your subsequent query comes from the road of Nick Yulico of Scotia Financial institution. Your line is open.

Elmer Chang — Scotiabank — Analyst

That is Elmer Chang on with Nick. I imply, simply taking a look at your publicity to completely different segments, expert nursing, senior housing, I imply, it is a perform of what you have been investing in. However given publicity to expert nursing ticked down this quarter, possibly under a minimum of historic ranges, how are you excited about operational volatility and investments going ahead between these two segments?

Taylor C. Pickett — Chief Govt Officer

Our investments are actually pushed by our — principally by our working companion relationships. So to the extent we are able to lever into any of these relationships with the best underwriting, that is the place our capital goes to go. It occurs that senior housing, we have pushed much more capital into senior housing during the last couple of years, and you have seen these percentages change a bit of bit. And I feel that development in all probability continues, however there isn’t any specific objective apart from persevering with to allocate capital with significant spreads to our present relationships.

Elmer Chang — Scotiabank — Analyst

OK. Is smart. After which sticking to the funding aspect. You probably did add a talented nursing facility improvement in Florida, I feel — I imagine this quarter into the pipeline.

How are you excited about publicity to that market and possibly improvement as an funding avenue going ahead relying on spreads you are seeing?

Taylor C. Pickett — Chief Govt Officer

Once more, with the best operator, we’ll proceed to allocate into that market. However — and the reimbursement has gotten significantly better within the state of Florida. So it is lots friendlier setting than it was a number of years in the past. So if it suits our underwriting, we’ll proceed to allocate into that state.

Operator

Thanks. Your subsequent query comes from the road of Juan Sanabria of BMO Capital Markets.

Robin Haneland — BMO Capital Markets — Analyst

Hello. That is Robin Haneland sitting in for Juan. I used to be simply curious on Maplewood, what is the occupancy development on the second out property? And what is the outlook for stabilization at this level?

Taylor C. Pickett — Chief Govt Officer

So just a bit be aware on Maplewood. We’re executed with the monetary restructuring there. There’s nonetheless some change of possession and authorized work round these paperwork. However only a be aware there.

It is not — there isn’t any materials monetary restructuring, however Maplewood has a bit of extra wooden to cut on the authorized aspect. Inspir is now 72% occupied. And it is actually — it is a sluggish trudge up that hill. I do not know after they’ll be to 85%, 90%, however they’re including web residents every month.

It is simply — it takes — it’ll take a while. So I am hopeful someday in 2025, we’re speaking about them being at these ranges of occupancy, however stays to be seen.

Robin Haneland — BMO Capital Markets — Analyst

Obtained it. On the DC improvement, what is the degree of confidence there that Maplewood can improve incremental rents?

Taylor C. Pickett — Chief Govt Officer

Are you able to assist me another time? The extent of confidence that we are able to improve?

Megan Krull — Senior Vice President, Operations

Incremental hire.

Taylor C. Pickett — Chief Govt Officer

Sure, DC goes to be web additive to our hire fairly meaningfully. It is 6%, 7%, 8% 12 months over 12 months, and our expectation is we’ll be receiving them.

Robin Haneland — BMO Capital Markets — Analyst

OK. And simply on the funding pipe, what is the urge for food to do greater offers at this level?

Taylor C. Pickett — Chief Govt Officer

I imply, there have been some greater offers on the market. We have had a chance to have a look at them. Perhaps our underwriting is a bit of bit extra disciplined than others. We have largely handed on a few of these greater offers or, to some extent, we would nonetheless play some function of their cap construction on a go-forward foundation.

Operator

Thanks. Your subsequent query comes from the road of Justin Haasbeek of RBC Capital Markets. Your line is open.

Justin Haasbeek — RBC Capital Markets — Analyst

Yeah. Thanks for taking the query. Simply the place do you see the very best new funding alternatives? Ought to we nonetheless take into consideration the very best alternatives being within the U.Ok. care house market?

Daniel J. Sales space — Chief Working Officer

I feel within the brief run, that means fourth quarter and possibly even first quarter, that shall be lots of what the pipeline is at the moment made up of. I feel after that, we’ll see. Clearly, the U.S. pipeline or the U.S.

exercise has picked up fairly a bit all through this 12 months. So I count on that may shift sooner or later in 2025.

Justin Haasbeek — RBC Capital Markets — Analyst

OK. And then you definately talked about that there are some greater portfolios in the marketplace that you just guys did see. Are you able to simply present some coloration on type of the pipeline, the dimensions of the pipeline proper now and the asset combine and site?

Daniel J. Sales space — Chief Working Officer

It is a bit of little bit of a blended bag. As I mentioned, we have a variety of offers nonetheless that we’re taking a look at within the U.Ok. The U.S. pipeline exercise has picked up.

We’re taking a look at largely SNFs, however we have some ALFs sprinkled in there as nicely. So so far as dimension goes, we do not — it is onerous to touch upon what exists contained in the pipeline, however we’re clearly taking a look at just about each deal that is on the market out there, together with the massive ones.

Operator

Thanks. Your subsequent query comes from the road of Alec Feygin of Baird.

Alec Feygin — Robert W. Baird and Firm — Analyst

Hello. Thanks for taking my query. Sort of off the pipeline query, you already talked in regards to the U.S. versus U.Ok., however are you able to speak about lending versus actual property acquisitions and the place the pipeline is headed thus far in 4Q? It appears prefer it’s been weighted to the mortgage aspect.

Daniel J. Sales space — Chief Working Officer

Sure. I feel for essentially the most half, you may nonetheless see us extra closely invested, clearly, in actual property acquisitions within the price easy properties themselves. We now have dabbled within the mortgage aspect a bit of bit as of late. These loans have lots of completely different attributes.

There’s mezz financing. There’s some loans to lease. There’s some long-term loans that really appear to be leases with lockout provisions. So you bought a reasonably huge blended bag of what kind of loans they’re.

So we’ll do a few of these. Plenty of these are concerned present operators and simply assembly a few of their wants. A few of them are additive to the portfolio by way of new operators, simply getting — discovering a brand new operator doubtlessly in a brand new house.

Alec Feygin — Robert W. Baird and Firm — Analyst

OK. Thanks. And possibly converse on the 15 property which are at the moment held on the market? After which additionally how a lot of the portfolio could be a candidate for asset gross sales?

Taylor C. Pickett — Chief Govt Officer

Sure. We now have 15 at the moment. It is made up of actually three operators. As I mentioned in my speaking level, I count on half of that to be offered within the fourth quarter and the opposite half early subsequent 12 months.

And there actually could be very restricted. We’re at all times taking a look at methods to enhance the portfolio and there may be gross sales alternatives, however there’s not lots of that inside the present portfolio as we sit right here at this time.

Operator

Thanks. Your subsequent query comes from the road of Daniel Byun of Financial institution of America. Your line is open.

Dan Byun — Financial institution of America Merrill Lynch — Analyst

Howdy. Thanks for having me. Simply to return on Maplewood. Do you present any coloration on why you pushed again on the timing for the Maplewood improvement?

Taylor C. Pickett — Chief Govt Officer

The DC improvement, we had been scheduled for December and now it appears like January. So it goes quarter to quarter, however that is actually getting certificates buttoning up the final items of development and getting the CO. We’re speaking about 30 days.

Dan Byun — Financial institution of America Merrill Lynch — Analyst

That is all for me. Thanks.

Operator

Your subsequent query comes from the road of Joe Dickstein of Jefferies. Your line is open.

Joe Dickstein — Jefferies — Analyst

Nice. Thanks for taking my query. It appears like a brand new SNF operator was added to the sub one instances EBITDAR protection listing, representing 3.2% of hire. I assume, should you may simply present some coloration on possibly what drove the protection decline and possibly the place — what states the operator is positioned in?

Megan Krull — Senior Vice President, Operations

Sure. We now have one operator that’s at all times type of on that cusp of falling under or above 1.0 instances, however they’re primarily within the state of Florida, which goes to have a big fee improve. So we count on that to, over the subsequent a number of quarters, work its means out of that bucket.

Joe Dickstein — Jefferies — Analyst

Nice. That is all for me. Thanks.

Operator

And your final query comes from the road of Juan Sanabria of BMO Capital Markets. Your line is open.

Robin Haneland — BMO Capital Markets — Analyst

Hey. That is Robin right here once more. I simply had a follow-up on Guarding truly. Curious why they paid barely greater rents and what it could take going ahead to unlock the complete $12.4 million.

Taylor C. Pickett — Chief Govt Officer

Sure. I imply, we clearly had been in a position to hit the upper hire for 2024. Clearly, we can’t know till 2025 whether or not we hit the higher finish of the hire vary.

Robin Haneland — BMO Capital Markets — Analyst

OK. Obtained it. And Megan, only one for you. You talked about there are some areas which are seeing staffing difficulties nonetheless.

Might you possibly simply elaborate on particular states or markets?

Megan Krull — Senior Vice President, Operations

I imply, look, Florida is hard at instances, however I feel with the speed improve they’re getting, that hopefully helps issues out a bit of bit. Texas is hard. A few of these rural areas are just a bit bit more durable to seek out the staffing nonetheless. And so that you do have people who find themselves caught within the hospital system who cannot get pushed out as a result of there’s simply not the power to do this.

Operator

Thanks. And with that, that concludes our Q&A session. I will now flip the convention again over to Taylor Pickett for closing remarks.

Taylor C. Pickett — Chief Govt Officer

Thanks, everybody, for becoming a member of at this time. Please direct any follow-up calls to the workforce. Have an amazing day.

Operator

[Operator signoff]

Period: 0 minutes

Name members:

Michele Reber — Senior Director, Asset Administration

Taylor C. Pickett — Chief Govt Officer

Robert O. Stephenson — Chief Monetary Officer

Daniel J. Sales space — Chief Working Officer

Megan Krull — Senior Vice President, Operations

Jonathan Hughes — Analyst

Taylor Pickett — Chief Govt Officer

Bob Stephenson — Chief Monetary Officer

Michael Griffin — Citi — Analyst

Unknown speaker — — Analyst

John Pawlowski — Inexperienced Avenue Advisors — Analyst

Elmer Chang — Scotiabank — Analyst

Robin Haneland — BMO Capital Markets — Analyst

Justin Haasbeek — RBC Capital Markets — Analyst

Dan Sales space — Chief Working Officer

Alec Feygin — Robert W. Baird and Firm — Analyst

Dan Byun — Financial institution of America Merrill Lynch — Analyst

Joe Dickstein — Jefferies — Analyst

More OHI analysis

All earnings call transcripts

This text is a transcript of this convention name produced for The Motley Idiot. Whereas we try for our Silly Greatest, there could also be errors, omissions, or inaccuracies on this transcript. As with all our articles, The Motley Idiot doesn’t assume any accountability to your use of this content material, and we strongly encourage you to do your personal analysis, together with listening to the decision your self and studying the corporate’s SEC filings. Please see our Terms and Conditions for added particulars, together with our Compulsory Capitalized Disclaimers of Legal responsibility.

The Motley Idiot has no place in any of the shares talked about. The Motley Idiot has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.