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Omega Healthcare Investors, Inc. (OHI) CEO Taylor Pickett on Q1 2021 Results - Earnings Call Transcript

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Omega Healthcare Investors, Inc. (NYSE:OHI) Q1 2021 Earnings Conference Call May 4, 2021 10:00 AM ET

Company Participants

Michele Reber - Senior Director, Asset Management

Taylor Pickett - Chief Executive Officer

Bob Stephenson - Chief Financial Officer

Dan Booth - Chief Operating Officer

Megan Krull - Senior Vice President, Operations

Steven Insoft - Chief Corporate Development Officer

Conference Call Participants

Jonathan Hughes - Raymond James

Nick Yulico - Scotiabank

Omotayo Okusanya - Mizuho

Rich Anderson - SMBC

Nick Joseph - Citi

Daniel Bernstein - Capital One

Lukas Hartwich - Green Street Advisors

Joshua Dennerlein - Bank of America


Good morning. Welcome to Healthcare Investor First Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note that this event is being recorded.

I would now like to turn the conference over to Michele Reber. Please go ahead.

Michele Reber

Thank you, and good morning. With me today are Omega's CEO, Taylor Pickett; COO, Dan Booth; CFO, Bob Stephenson; Chief Corporate Development Officer, Steven Insoft; and Megan Krull, Senior Vice President of Operations.

Comments made during this conference call that are not historical facts may be forward-looking statements, such as statements regarding our financial projections, dividend policy, portfolio restructuring, rent payments, financial condition or prospects of our operators, contemplated acquisitions, dispositions or transitions and our business and portfolio outlook generally.

These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially. Please see our press releases and our filings with the Securities and Exchange Commission, including, without limitation, our most recent report on Form 10-K, which identify specific factors that may cause actual results or events to differ materially from those described in forward-looking statements.

During the call today, we

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Comments (8)

@Steven Fiorillo - My concern is the occy rate of their operators is still way down due to COVID and not recovering that quickly. At the last earnings announce they made it clear a number of their operators were making payments based off federal funding from the CARES act. There were hopes expressed that other federal funds could be allocated to the senior care segment that could help sustain revenue. Most troubling to me was that this information was based off the Q&A and not prepared remarks. See answer to Q&A below. I'm concerned about this space and dividend sustainability. Respectfully,

"So, I think some of this is industry related. As we look at our operators, obviously, they paid through April, they're still in pretty good shape from a liquidity perspective, but with no more funding. I think you see that stress start to hit operators in the back half of the year..."

- Hoosier
How do they get away with no Genesis questions? That would be my first question if I had the opportunity.
Mitch Cumstein profile picture
@Kjmjuice The analysts are totally useless. Aside from Genesis' facilities potentially needing rent reductions or deferrals and loans that may be impaired, Omega also owns shares in Genesis that we can all agree are basically worthless. Is it too much to ask that the these people actually do their job and inquire about these issues?
@Mitch Cumstein This from Dane Bowler's piece. "The OHI properties leased to Genesis and Agemo are performing better than the other properties operated by these troubled operators and actually have rent coverages over 1.2X as discussed in the 4Q20 conference call by Taylor Pickett, CEO of OHI.

“As you think about coverages in those buckets, Genesis isn't in those lower 2 buckets. And I think Agemo might be the same.”

So with rent coverage over 1.2X the operators are incented to pay rent to keep these facilities operating profitably. That is likely why they are still current on rent."
Mitch Cumstein profile picture
@JapeL Thanks, but again, the analysts should still have inquired since these coverages are still questionable, and there was nothing about the loans or the worthless equity.
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