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Omega Healthcare Investors Inc. (OHI-1.22%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
Omega reported total revenues of $1.05 billion for 2024, an increase from $949.7 million in 2023. The increase in revenues was primarily driven by rental income growth due to facility acquisitions and lease extensions.
The company recorded a net income of $417.8 million in 2024, up from $248.8 million in the previous year. This increase was attributed to higher rental and interest income, as well as a decrease in impairment charges on real estate properties.
Omega's total assets as of December 31, 2024, were $9.9 billion, compared to $9.1 billion at the end of 2023. The increase in assets was mainly due to real estate acquisitions and investments in construction projects.
The company completed several significant acquisitions in 2024, including the purchase of 114 facilities for a total of $740.5 million. Notably, Omega acquired the remaining 51% interest in the Cindat Joint Venture, consolidating its ownership of 63 facilities in the U.K.
Omega's total liabilities were $5.2 billion at the end of 2024, down from $5.4 billion in 2023. The reduction in liabilities was partly due to the repayment of senior notes and other borrowings.
The company declared quarterly dividends totaling $2.68 per share for 2024. Omega's Board of Directors declared a cash dividend of $0.67 per share, payable on February 18, 2025.
Omega's management highlighted ongoing challenges in the long-term healthcare industry, including labor shortages and inflationary cost pressures. However, the company remains optimistic about long-term demand for skilled nursing care.
The filing also detailed Omega's efforts to manage credit risk, including the placement of certain operators on a cash basis of revenue recognition due to concerns about collectibility.
Omega continues to focus on strategic investments and portfolio optimization to enhance its position in the healthcare real estate market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Omega Healthcare Investors Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.