Omega Healthcare Investors reported net income of $172 million in the fourth quarter of 2025, equivalent to $0.55 per diluted share, up from $116 million, or $0.41 per diluted share, in the year‐ago quarter. Adjusted funds from operations (AFFO) climbed to $250 million, or $0.80 per diluted share on 313 million weighted‐average shares, versus $214 million, or $0.74 per diluted share, in Q4 2024. Funds available for distribution (FAD) reached $238 million, or $0.76 per diluted share, compared with $202 million, or $0.70 per diluted share, a year earlier. These results exceeded consensus FFO estimates and reflect continued rent collections and margin improvement across the portfolio.

For the full year 2025, the company generated net income of $609 million, or $1.94 per common share, up from $418 million, or $1.55 per share, in 2024. AFFO rose to $946 million, or $3.10 per diluted share, compared with $778 million, or $2.87 per share, in the prior year, on an average share base of 305 million. FAD increased to $903 million, or $2.96 per diluted share, versus $739 million, or $2.73 per share, in 2024. These gains were driven by accretive investments, strong operator performance and disciplined cost management, resulting in an 8.4% year‐over‐year increase in FAD per share.

During the quarter, Omega repaid $600 million of senior unsecured notes at par and drew $300 million under its delayed‐draw unsecured term loan facility. The company also terminated its $1.25 billion at‐the‐market (ATM) program and launched a new $2.0 billion ATM program, providing additional equity flexibility. On the secured side, Omega repaid the £183 million mortgage loan secured on its UK portfolio and fully retired a $429 million unsecured term loan in December. For the year, total debt repayments amounted to $1.7 billion, including $1.0 billion of senior notes and $479 million of unsecured term loans, while the company issued $600 million of 5.2% senior unsecured notes maturing in 2030 and secured a new $2.3 billion credit facility to replace the prior $1.45 billion revolving line.

In Q4, Omega deployed $334 million into new investments, comprising $52 million for five real estate acquisitions (four senior housing facilities in the U.S. under RIDEA structures and one UK care home yielding an initial 10.0% cash return), $16 million in secured real estate loans at a 10.0% interest rate, and $266 million in unconsolidated joint ventures. Notably, the company formed a 49% PropCo joint venture with Saber Healthcare Holdings, issuing 5.5 million operating partnership units valued at $222 million to acquire 65 skilled‐nursing facilities under triple‐net leases generating $70.2 million in annual rent. Subsequent to quarter‐end, Omega added a 9.9% stake in the Saber JV for $93 million and closed $119 million of additional acquisitions in early 2026, highlighting a robust pipeline and continued portfolio diversification.