Omega Healthcare Investors (OHI) Q4 2025 earnings summary

Executive summary

• Q4 2025 adjusted FFO was $0.80 per share and FAD was $0.76 per share, reflecting strong revenue and EBITDA growth driven by acquisitions and portfolio management.

• Full-year 2025 net income was $609 million ($1.94 per share), up from $418 million ($1.55 per share) in 2024, with AFFO and FAD both growing over 8% year-over-year.

• The company closed two RIDEA transactions totaling $80 million, expanded its Saber relationship, and entered the Canadian market while deleveraging the balance sheet.

• By year-end, Saber is expected to become the largest revenue source, and the tenant credit profile and balance sheet are projected to be the strongest in company history.

• CEO highlighted strong FAD per share growth and reduced leverage to the lowest level in company history.

Financial highlights

• Q4 2025 revenue was $319 million, up from $279 million in Q4 2024; full-year revenues were $1.19 billion, up from $1.05 billion in 2024.

• Q4 net income was $172 million ($0.55 per share), up from $116 million ($0.41 per share) year-over-year.

• Adjusted FFO for Q4 was $250 million ($0.80 per share); FAD was $238 million ($0.76 per share); full-year AFFO was $946 million ($3.10 per share), and FAD was $903 million ($2.96 per share).

• Dividend payout ratios: 84% for AFFO and 88% for FAD; dividends declared per share were $0.67 for Q4 and $2.68 for the year.

• Total assets at year-end were $10.05 billion, with total equity of $5.44 billion.

Outlook and guidance

• 2026 full-year Adjusted FFO guidance is $3.15–$3.25 per share, reflecting completed investments as of early February and scheduled loan repayments and asset sales.

• Guidance assumes $15–$25 million in asset sales per quarter and does not include additional investments beyond those announced.

• High end of guidance range includes potential additional cash from Maplewood and other operators, as well as timing of loan repayments.

• Guidance is subject to assumptions about operator performance, asset sales, and no major market or interest rate changes.