Omega Announces Quarterly Dividend, Authorizes $500 Million Stock Repurchase Program, and Announces 2022 Annual Meeting Dates
Omega Healthcare Investors, Inc. (NYSE:OHI) today announced that the Company’s Board of Directors declared a common stock dividend, authorized a new three-year $500 million share repurchase program, and scheduled its 2022 Annual Meeting of Stockholders.
Quarterly Dividend Declaration
Omega’s Board of Directors declared a cash dividend of $0.67 per share on its common stock. The dividend is payable Tuesday, February 15, 2022, to common stockholders of record as of the close of business on Monday, February 7, 2022.
Stock Repurchase Program
Omega’s Board of Directors has authorized the repurchase of up to $500 million of Omega’s outstanding common stock, from time to time, through March 2025.
Taylor Pickett, Omega’s Chief Executive Officer, stated, “As part of our continuous evaluation of the portfolio and in connection with certain operator workout transactions, we may decide to sell some non-core assets in the future. This share repurchase program provides the opportunity to redeploy some of these sales proceeds, demonstrating the confidence that we have in our company and our commitment to effectively using our capital to deliver long-term shareholder value.”
Omega is authorized to repurchase shares of its common stock in open market and privately negotiated transactions or in any other manner as determined by Omega’s management and in accordance with applicable law. The timing and amount of stock repurchases will be determined, in management’s discretion, based on a variety of factors, including but not limited to market conditions, other capital management needs and opportunities, and corporate and regulatory considerations. Omega has no obligation to repurchase any amount of its common stock, and such repurchases, if any, may be discontinued at any time.
Stock repurchases, if any, will be funded using cash flow from operations, balance sheet cash, planned asset sales, and/or borrowings under Omega’s revolving credit facility.
2022 Annual Meeting
Omega’s 2022 Annual Meeting of Stockholders will be held on Friday, June 3, 2022, at 10:00 a.m. local time. Stockholders of record as of the close of business on Wednesday, April 6, 2022 will be entitled to receive notice of and to participate at the 2022 Annual Meeting of Stockholders.
Omega’s Annual Meeting will be held in a virtual format to enable universal access and a consistent experience to all stockholders regardless of location, and in response to the current restrictions on, and health advice against, public gatherings considering the existing coronavirus emergency. Instructions for logging into our virtual Annual Meeting will be included in the Company’s proxy materials.