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Dec 31, 2025
Omega Healthcare Q4 2025 Earnings Report
Omega Healthcare Investors, Inc. reported its fourth quarter and full year 2025 results, highlighting significant new investments, equity issuance, and debt repayment.
Key Takeaways
Omega Healthcare Investors, Inc. delivered a strong fourth quarter in 2025, with net income increasing to $172 million and Adjusted FFO per diluted share rising to $0.80. The company made substantial new investments totaling $334 million and repaid $1.27 billion in aggregate debt, contributing to reduced leverage. Full year 2025 results also showed significant growth in net income and AFFO.
Net income for Q4 2025 increased to $172 million, or $0.55 per diluted share, from $116 million, or $0.41 per diluted share, in Q4 2024.
Adjusted FFO for Q4 2025 was $250 million, or $0.80 per diluted share, up from $214 million, or $0.74 per diluted share, in Q4 2024.
The company completed approximately $334 million in new investments during Q4 2025, including real estate acquisitions, real estate loans, and investments in unconsolidated entities.
Omega repaid $1.27 billion of aggregate debt in Q4 2025, including $600 million of senior unsecured notes and a $429 million unsecured term loan.
Revenue by Segment
Forward Guidance
The Company expects its 2026 Adjusted FFO to be between $3.15 and $3.25 per diluted share, based on several assumptions including new investments, operator payments, and asset sales.
Positive Outlook
- All new investments disclosed in the press release are assumed to contribute to FFO.
- Genesis is expected to continue paying its full contractual rental obligations of $13.0 million per quarter.
- Maplewood's rent payments are expected to increase from $6.3 million in January to $6.5 million per month starting February.
- $56 million of maturing mortgages and real estate-backed investments in 2026 will be converted to fee simple real estate.
- $196 million of non-real estate backed loans maturing in 2026 are expected to be repaid, including $137 million from Genesis.
Challenges Ahead
- No additional operators are expected to be placed on a cash-basis for revenue recognition.
- No material changes in market interest rates or foreign currency exchange rates are assumed.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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