Omega Healthcare Investors (NYSE:OHI) slips 0.8% in after-hours trading after its revised 2019 adjusted FFO per share guidance to $3.03-$3.07 trails consensus estimate of $3.08.
Compares with prior range of $3.00-$3.12.
Sees Q4 adjusted FFO per share of 76 cents-79 cents vs. prior range of 78 cents-81 cents; consensus estimate is 79 cents.
“We have tightened our 2019 year-end guidance and adjusted our fourth-quarter guidance primarily as a result of the pending sale of ten Diversicare assets, continuing Daybreak on a cash basis at approximately $3M to $5M per quarter and to a lesser extent, shares issued under our equity programs,” said CFO Bob Stephenson.
As previously stated, plans to continue issuing equity under its at-the-market program to further de-lever, which may significantly impact guidance.
Q2 adjusted FFO per share of 77 cents beats the average analyst estimate of 76 cents and rose from 76 cents in the year-ago quarter. Adjusted FFO totaled $169.2M vs. $159.1M a year ago.
During Q3 agreed to acquire $735M of skilled nursing and assisted living facilities.
Doesn’t see Daybreak reverting to contractual rent for the foreseeable future and is working with Daybreak management and third-party consultants to maximize Daybreak cash flows.
Conference call on Aug. 7 at 11:00 AM ET.
Previously: Omega Healthcare Investors FFO beats by $0.01, beats on revenue (Aug. 6)
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