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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________

FORM 10-Q
(Mark One)
X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005
or

___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number 1-11316 

OMEGA HEALTHCARE
INVESTORS, INC.
(Exact name of Registrant as specified in its charter)

                     Maryland      38-3041398
                        (State of Incorporation)     (I.R.S. Employer Identification No.)

9690 Deereco Road, Suite 100, Timonium, MD 21093
(Address of principal executive offices)

(410) 427-1700
(Telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes X     No ___ 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes X     No ___ 

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of April 30, 2005.

             Common Stock, $.10 par value                    51,030,778
            (Class)            (Number of shares)


 
 

OMEGA HEALTHCARE INVESTORS, INC.
FORM 10-Q
March 31, 2005

TABLE OF CONTENTS
   
Page No.
PART I
Financial Information
  
     
Item 1.
Financial Statements:
  
 
Consolidated Balance Sheets
  
 
March 31, 2005 (unaudited) and December 31, 2004
2
     
 
Consolidated Statements of Operations (unaudited)
  
 
Three months ended March 31, 2005 and 2004
3
     
 
Consolidated Statements of Cash Flows (unaudited)
  
 
Three months ended March 31, 2005 and 2004
4
     
 
Notes to Consolidated Financial Statements
  
 
March 31, 2005 (unaudited)
5
     
Item 2.
Management’s Discussion and Analysis of Financial Condition
  
 
and Results of Operations
16
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk 
31
     
Item 4.
Controls and Procedures 
31
     
PART II
Other Information
  
     
Item 1.
Legal Proceedings 
32
     
Item 2.
Market for Registrant’s Common Equity and Related Stockholder Matters 
32
     
Item 5.
Other Information 
32
     
Item 6.
Exhibits  
33
     







PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements
OMEGA HEALTHCARE INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
   
March 31,
  
December 31,
  
   
2005
  
2004
  
   
(Unaudited)
  
(See note)
  
ASSETS
          
Real estate properties
              
Land and buildings at cost
  
$
878,287
  
$
808,574
  
Less accumulated depreciation
    
(158,439
)
  
(153,379
)
Real estate properties - net
    
719,848
    
655,195
  
Mortgage notes receivable - net
    
44,254
    
118,058
  
     
764,102
    
773,253
  
Other investments - net
    
20,185
    
29,699
  
Total investments
    
784,287
    
802,952
  
               
Cash and cash equivalents
    
9,846
    
12,083
  
Accounts receivable - net
    
4,642
    
5,582
  
Other assets
    
15,198
    
12,733
  
Operating assets for owned properties
    
—
    
213
  
Total assets
  
$
813,973
  
$
833,563
  
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
              
Revolving line of credit 
  
$
—
  
$
15,000
  
Unsecured borrowings 
    
360,000
    
360,000
  
Premium on unsecured borrowings 
    
1,290
    
1,338
  
Other long-term borrowings 
    
3,170
    
3,170
  
Accrued expenses and other liabilities 
    
26,557
    
21,067
  
Operating liabilities for owned properties 
    
556
    
508
  
Total liabilities 
    
391,573
    
401,083
  
               
Stockholders’ equity:
              
Preferred stock 
    
168,488
    
168,488
  
Common stock and additional paid-in-capital 
    
597,521
    
597,780
  
Cumulative net earnings 
    
200,317
    
191,013
  
Cumulative dividends paid 
    
(497,664
)
  
(480,292
)
Cumulative dividends - redemption 
    
(41,054
)
  
(41,054
)
Unamortized restricted stock awards 
    
(2,023
)
  
(2,231
)
Accumulated other comprehensive loss 
    
(3,185
)
  
(1,224
)
Total stockholders’ equity 
    
422,400
    
432,480
  
Total liabilities and stockholders’ equity 
  
$
813,973
  
$
833,563
  

Note - - The balance sheet at December 31, 2004 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

See notes to consolidated financial statements.

2
 
 

OMEGA HEALTHCARE INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(in thousands, except per share amounts)
    Three Months Ended   
    March 31,   
   
2005
  
2004
  
Revenues
              
Rental income
  
$
22,963
  
$
17,022
  
Mortgage interest income
    
1,956
    
3,366
  
Other investment income - net
    
522
    
641
  
Miscellaneous
    
3,165
    
130
  
Total operating revenues
    
28,606
    
21,159
  
Expenses
              
Depreciation and amortization
    
6,227
    
5,159
  
General and administrative
    
1,827
    
2,004
  
Restricted stock expense
    
285
    
—
  
Provisions for impairment
    
3,700
    
—
  
Total operating expenses
    
12,039
    
7,163
  
               
Income before other income and expense 
    
16,567
    
13,996
  
Other income (expense):
              
Interest and other investment income
    
41
    
19
  
Interest
   
(6,774