Omega Healthcare Investors, Inc. Q1 FY2026 earnings call

• CEO Taylor Pickett noted strong first quarter results fueled by acquisitions and active portfolio management, with AFFO of $0.82 per share and FAD of $0.78 per share. - President Matthew Gorman mentioned FAD per share increased 9.5% y-o-y and raised AFFO guidance. - CFO Bob Stevenson highlighted strong balance sheet, with $425 million borrowings, $26 million cash, and over $1.5 billion available capacity on revolver. - CIO Vikas Gupta discussed portfolio performance, Genesis bankruptcy progress, strategic asset sales, and new investments including $251 million in Q1.

First quarter adjusted funds from operations (AFFO) was $0.82 per share, and funds available for distribution (FAD) was $0.78 per share. Core portfolio coverage was favorable, with trailing 12-month operator EBITDA coverage for triple net and mortgage core portfolio at 1.58 times as of Dec 31, 2025. First quarter new investments totaled $251 million (excluding $13 million CapEx), including acquisition of 13 GA skilled nursing facilities. Sale of 18 CommuniCare assets with $480 million proceeds in process.

Management narrowed full year adjusted AFFO guidance to $3.19 - $3.25 per share, a two-penny increase over midpoint of February guidance, considering impact of new investments, scheduled loan repayments, and expected asset sales.

• Uncertainties in bankruptcy proceedings may impact expectations. - Changes in Medicare Advantage policies could affect operators' business. - Intense competition in transaction market may limit investment opportunities.

• Q: Could you please elaborate on the rationale behind the community care asset sales and whether or not they're indicative of broader conditions in the Maryland and West Virginia markets?

A: Matthew said primary reason was opportunistic, taking advantage of hot markets and enhancing credit with Communicare. - Q: When you think about your external growth strategy, can you talk about your comfort level on the initial yield?

A: Vikas etc. said it's about long-term opportunity and risk-adjusted return. - Q: Will you take that show on the road a little bit in terms of looking at opportunities in the UK with a Rightdea mindset?

A: Vikas said looking at a few opportunities in UK.