Omega Healthcare Investors, Inc. (OHI) reported first‑quarter 2026 results that included a revenue of $322.96 million, up 16.6% from $276.8 million in Q1 2025. Net income rose to $159 million, or $0.47 per diluted share, while adjusted funds from operations (AFFO) reached $260 million, or $0.82 per diluted share. The company reiterated its full‑year AFFO guidance at $3.19 to $3.25 per share, raising the low end of the range by two cents to $3.22.
Revenue exceeded consensus estimates of $264.45 million to $304.4 million, a beat of roughly $18 million. The growth was driven by higher occupancy and rental growth across the skilled nursing and senior housing portfolio, with the company’s active portfolio management strategy contributing to stronger pricing power in core segments.
Earnings per share of $0.47 fell short of the consensus estimate of $0.49 to $0.54, marking an EPS miss of $0.02 to $0.07. The miss was attributed to higher operating costs and tenant credit concerns, including the Chapter 11 filing of Genesis Healthcare and the associated DIP financing, which increased the company’s exposure to operator risk.
"We are pleased to report strong first quarter results, with FAD per share up 9.5% over the same quarter last year. This reflects our continued accretive investment activity, augmented by active portfolio management," said CEO Taylor Pickett. "As a result of our strong start to 2026, we were able to increase the low end of our AFFO guidance, moving the midpoint up two cents to $3.22." Pickett also noted that "Overall, the backdrop continues to be favorable. Operating metrics remain strong, with coverage continuing to modestly improve in the quarter. We have a cost of capital that should allow us to continue to accretively invest."
Investors reacted cautiously to the results. The revenue beat and guidance raise were offset by the EPS miss and ongoing tenant credit concerns, particularly the Genesis Healthcare bankruptcy. The company’s transition from a passive triple‑net landlord to an active capital partner through RIDEA and joint‑venture initiatives was highlighted as a strategic pivot that could increase operational exposure but also offer upside from active management.
The company declared a quarterly dividend of $0.67 per share, maintaining its dividend policy. Compared to Q4 2025, when revenue was $319.2 million and EPS was $0.55, the Q1 2026 results show a rebound in revenue but a decline in earnings per share, underscoring the impact of higher costs and tenant risk on profitability.
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