Healthcare stock under pressure: Omega Healthcare Investors Inc (NYSE: OHI)

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Omega Healthcare Investors Inc (NYSE: OHI) stock fell over 0.4% in the pre-market session of Feb 6th, 2020 (as of 7:44 am GMT-5 ; Source: Google finance)  post the fourth quarter of FY 19. During the fourth quarter of 2019, the Company had recorded an impairment charge of $35.7 million to reduce the net book values on 17 properties to their projected fair values or anticipated selling prices. As of December 31, 2019, the Company had six properties classified as assets held for sale totaling approximately $4.9 million. The Company intends to sell these properties over the next few quarters

For the quarter ended December 31, 2019, the company has reported NAREIT FFO of $175.5 million, on 228 million weighted-average common shares outstanding, compared to $124.7 million on 212 million weighted-average common shares outstanding, for the same period in 2018. OHI posted the Adjusted FFO of $178.3 million for the quarter ended December 31, 2019, compared to $155.3 million, for the same quarter in 2018.

Moreover, In the fourth quarter of 2019, the Company had completed approximately $839 million of new investments and $57 million in capital renovations and new construction projects. In the fourth quarter of 2019, the Company had sold 11 properties for $33.3 million in cash, and booked a gain of approximately $2.9 million.

OHI in the fourth quarter of FY 19 has reported the adjusted funds from operations (FFO) per share of 78 cents, beating the analysts’ estimates for the adjusted funds from operations (FFO) per share of 77 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $246.67 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue by 1.10%. The revenue included $14.1 million of non-cash revenue, $2.4 million of real estate tax and ground rents, $1.4 million of one-time revenue and a write-off of $0.2 million in uncollectible accounts mainly due to straight-line revenue. Expenses for the quarter ended December 31, 2019 were of total $133.7 million.

Additionally, the company has declared a common stock dividend of $0.67 per share, which is to be paid February 14, 2020 to common stockholders of record as of the close of business on January 31, 2020.

For fiscal 2020, the company expects annual net income to be in the range of $1.58 and $1.66 per diluted share and its Adjusted FFO to range between $3.12 to $3.20 per diluted share.

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