Omega Provides Hurricane Update
Omega Provides Hurricane Update
Omega Healthcare Investors, Inc. (NYSE:OHI) (the “Company” or “Omega”), the nation’s largest owner of post-acute care facilities, today provided this update on the impact of Hurricane Harvey and Hurricane Irma on Omega’s facilities:
Hurricane Irma. The Company has 99 facilities located in Florida operated by 11 tenants. The Company’s operators evacuated 16 facilities that were in the path of Hurricane Irma. Only minor flooding and damage has been reported and all 16 facilities have resumed re-admitting residents. None of Omega’s facilities outside Florida were evacuated or experienced loss of power or damages related to Hurricane Irma.
Hurricane Harvey. As previously announced, two Texas facilities that were within the proximity of Hurricane Harvey’s path were evacuated. Both facilities located along the Sabine River are now accepting residents and incurred only minor damages.
Commenting on Omega’s tenants related to the hurricanes, Omega’s Chief Operating Officer, Dan Booth said, “During the course of the last several weeks, our country has been massively affected by two natural disasters in the form of Hurricane Harvey and Hurricane Irma.” Mr. Booth continued, “Our operating partners in the Gulf Coast, particularly those in Texas, Louisiana and Florida, were confronted with extraordinary challenges as numerous facilities encountered evacuations, power outages and interruptions in the delivery of vital services and supplies. We are extremely proud of our operating partners, and are particularly appreciative to those caregivers that sacrificed their own well-being to care for and protect their residents.”
Omega is a real estate investment trust investing in and providing financing to the long-term care industry. As of June 30, 2017, Omega has a portfolio of investments that includes approximately 1,000 properties located in 42 states and the United Kingdom and operated by 77 different operators.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Omega’s or its tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, merger integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega’s expectations. Omega does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.
Omega’s actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega’s properties, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels; (ii) regulatory and other changes in the healthcare sector; (iii) changes in the financial position of Omega’s operators; (iv) the ability of any of Omega’s operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega’s mortgages and impede the ability to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor's obligations; (v) the availability and cost of capital; (vi) changes in Omega’s credit ratings and the ratings of its debt securities; (vii) competition in the financing of healthcare facilities; (viii) Omega’s ability to maintain its status as a REIT; (ix) Omega’s ability to manage, re-lease or sell any owned and operated facilities, if any; (x) Omega’s ability to sell closed or foreclosed assets on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) the potential impact of changes in the SNF and ALF market or local real estate conditions on the Company’s ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to redeploy the proceeds therefrom on favorable terms; (xiii) the potential impact of Hurricane’s Harvey and Irma and other extreme weather events on our facilities on our facilities and the financial condition of our operations; and (xiv) other factors identified in Omega’s filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega’s future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward looking statements. Omega undertakes no obligation to update any forward-looking statements contained in this announcement.