Omega Healthcare Investors Reports Q3 2026 Results & Raises Full-Year Guidance

Omega Healthcare Investors, Inc. (NYSE: OHI) Q3 2026 Earnings & Operational Update

Executive Summary

Omega Healthcare Investors reported operating and financial results for the quarter ended September 30, 2026, highlighted by sustained growth in AFFO and FAD per share, record-low leverage levels, and an upward revision to full-year 2026 AFFO guidance.

Financial Highlights

• Net Income: $87 million, or $0.27 per diluted share.
• Adjusted FFO (AFFO): $262 million, or $0.82 per diluted share (on 321 million weighted-average shares), compared to $243 million, or $0.79 per diluted share, in Q3 2025.
• Funds Available for Distribution (FAD): $250 million, or $0.78 per diluted share, up from $231 million ($0.75 per share) in Q3 2025.
• Net Operating Income (NOI): $332 million, versus $310 million in Q3 2025.
• Guidance Update: Full-year 2026 AFFO guidance midpoint was raised by $0.05 to $3.29 per share.

Investment & Capital Allocation Activity

• Year-to-Date Volume: Approximately $1.5 billion in total capital deployments, including $182 million closed during Q3 2026 and $946 million completed after quarter-end.
• Q3 Real Estate Acquisitions: Acquired 17 facilities for $167.3 million, consisting of six Texas SNFs ($73.4M), five senior housing communities under RIDEA structures ($77.7M), and six U.K. care homes ($16.2M).
• Subsequent Q4 Activity:
  • £631.7M ($845.7M) U.K. Mortgage Loan: Funded to Foundation Partners Asset Management secured by 55 care homes (Runwood Portfolio) at an initial interest rate of 8.72% (stepping to 8.94% in year two) with a path to exercise a property purchase option.
  • U.S. Acquisitions: Completed $49.3M in senior housing communities and a $50.5M acquisition of a Georgia continuing care retirement community.
• Equity Issuance: Issued 4.7 million common shares under ATM/equity programs during Q3, generating gross proceeds of $234 million.

Operator Transitions & Developments

• PACS Transition: Successfully transitioned 32 Florida SNFs from Airamid to PACS on October 1, 2026, increasing annual contractual rent by $26.1 million (to $58.0 million) in year one, following payment of a $90.0 million capitalized lease termination fee.
• Genesis Healthcare: Chapter 11 bankruptcy sale finalized; master lease was assumed and assigned to NewGen affiliates. Omega collected $149.5 million in loan repayments (DIP and term loans) in October 2026.
• U.K. RIDEA Conversion: Converted 30 U.K. care homes to RIDEA structures for $48.0 million, terminating preexisting triple-net leases to align operational structure with established regional operators.