Omega Healthcare Investors shares drifted 0.9% lower post-earnings as results and outlook were largely in line with expectations. Though management highlighted a rising AFFO guidance midpoint and strong FAD growth, no upside surprise or disappointment was evident.

• First quarter AFFO of $0.82 per share and FAD of $0.78 per share, with the FAD per share up 9.5% year-over-year.
• Management raised the low end of FY26 AFFO guidance, moving the midpoint up by $0.02 to $3.22.
• Dividend payout ratios for the quarter were 82% (AFFO) and 86% (FAD), reflecting improved coverage.
• Executed or announced $326 million in new investments year-to-date and completed or pending $480 million of asset sales, primarily the sale of 18 Communicare facilities.
• Portfolio performance remains strong, with core EBITDAR coverage at 1.58x, the highest in over a decade; Genesis restructuring and DIP loan exposure remain in focus.