Omega Healthcare Investors, Inc. (NYSE:OHI) Q3 2024 Earnings Conference Call October 31, 2024 10:00 AM ET

Company Participants

Michele Reber - IR
Taylor Pickett - CEO
Dan Booth - COO
Bob Stephenson - CFO
Megan Krull - SVP, Operations

Conference Call Participants

Jonathan Hughes - Raymond James
Michael Griffin - Citi
John Kilichowski - Wells Fargo
John Pawlowski - Green Street
Nick Yulico - Scotia Bank
Juan Sanabria - BMO Capital Markets
Justin Haasbeek - RBC Capital Markets
Alec Feygin - Baird
Joe Dickstein - Jefferies

Operator

Thank you for standing by. My name is Jill and I'll be a conference operator today. At this time, I would like to welcome everyone to the Omega Healthcare Investors Incorporated Third Quarter Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Michele Reber. You may begin.

Michele Reber

Thank you and good morning. With me today is Omega CEO, Taylor Pickett, COO Dan Booth, CFO Bob Stephenson and Megan Krull, Senior Vice President of Operations. Comments made during this conference call that are not historical facts may be forward looking statements, such as statements regarding our financial projections, potential transactions, operator prospects and outlook generally, factors that could cause actual results to differ materially from those in the forward looking statements are detailed in the company's filings with the SEC. During the call today, we will refer to some non-GAAP financial measures such NAREIT FFO, adjusted FFO, FAD and EBITDA. Reconciliations of these non-GAAP measures to the most comparable measure under generally accepted accounting principles are available in the quarterly supplement. In addition, certain operator coverage and financial information that we discussed is based on data provided by our operators that has not been independently verified by Omega.

I will now turn the call over to Taylor.

Taylor Pickett

Thanks, Michele, good morning, and thank you for joining our third quarter 2024 earnings conference call. Today I will discuss our third quarter financial results and certain key operating trends. Third quarter FAD, funds available for distribution of $0.70 per share was better than expected, and it should continue to improve as several portfolios are in the process of being transitioned, which will result in FAD upside over the next few quarters. Our dividend payout ratio is now 96% and should continue to drop into the low 90% range in the upcoming quarters. As a result of our year to date portfolio transitions and acquisitions, we have again narrowed and increased our 2024 AFFO guidance to a range of $2.84 and $2.86 per share.