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Omega Healthcare buyers Inc (OHI) Q1 2019 income call Transcript

Logo of jester cap with thought bubble.graphic supply: The Motley idiot.

Omega Healthcare buyers Inc (NYSE:OHI)Q1 2019 earnings CallMay. eight, 2019, 10:00 a.m. ET

Contents:
  • organized Remarks
  • Questions and solutions
  • name contributors
  • organized Remarks:

    Operator

    first rate day and welcome to the Omega Healthcare buyers First Quarter 2019 salary convention call. All individuals will be in pay attention-simplest mode. (Operator directions). After ultra-modern presentation, there should be a chance to ask questions. (Operator guidance). Please observe this experience is being recorded. i might now want to flip the conference over to Michele Reber. Please go forward.

    Michele Reber -- Senior Director of Asset management

    thank you and decent morning. With me these days are Omega's CEO, Taylor Pickett; CFO , Bob Stephenson; COO, Dan sales space; Chief company construction Officer, Steven Insoft; and SVP Operations, Jeff Marshall. comments made all the way through this convention name that don't seem to be historical records could be ahead-searching statements, comparable to statements concerning their monetary projections, dividend coverage, portfolio restructurings, hire payments, financial situation or potentialities of their operators, contemplated acquisitions, inclinations or transitions and their company and portfolio outlook, often. These forward-searching statements contain hazards and uncertainties which could cause precise consequences to vary materially. Please see their press releases and their filings with the Securities and change fee together with, with out predicament, their most contemporary file on kind 10-ok, which establish particular factors that may cause precise outcomes or pursuits to differ materially from these described in forward-looking statements.

    throughout the call today, they will discuss with some non-GAAP monetary measures corresponding to FFO, adjusted FFO, FAD and EBITDA. Reconciliations of those non-GAAP measures to essentially the most comparable measure beneath often accredited accounting principles, as well as an evidence of the usefulness of the non-GAAP measures, can be found under the financial information component to their site at www.omegahealthcare.com and in the case of FFO and adjusted FFO, in their currently issued press unlock.

    i will now turn the call over to Taylor.

    C. Taylor Pickett -- Chief govt Officer

    Thanks, Michele. respectable morning and thank you for joining their first quarter 2019 earnings convention call. nowadays i will be able to talk about their first quarter consequences and their 2019 salary suggestions, reputation of the MedEquities acquisition, and i will touch upon the knowledgeable nursing facility trade in everyday.

    Our adjusted FFO of $0.76 per share is $0.03 more than their fourth quarter 2018 adjusted FFO of $0.seventy three per share. This development was anticipated and reflects the starting of a return to a extra predictable environment submit 2018 asset repositioning and restructuring exercise. They again declared a $0.66 per share dividend payout ratio is 87% of adjusted FFO, and ninety seven% FAD. As we've indicated in the past, they are expecting that these payout ratios will proceed to support during 2019. Their adjusted FFO assistance remains unchanged with full-yr guidance of $three to $three.12 per share and fourth quarter 2019 assistance of $0.78 to $0.81 per share. they are able to revisit 2019 suggestions after they shut on the MRT acquisition and have their second quarter outcomes.

    The expert nursing facility trade remains challenged, but they trust there is a few close-term upside and continue to be confident over the long term. even though the current challenges dealing with daybreak and sure smaller operators. Proposed 2.5% increase in Medicare repayment mixed with the implementation of PDPM starting in October, will deliver welcome expense aid and fee savings opportunities. in addition, their census continues to continue to be solid with fourth quarter occupancy of 82.8%.

    i'll now turn the call over to Bob.

    Robert O. Stephenson -- Chief monetary Officer

    Thanks, Taylor, and respectable morning. Their reportable FFO on a diluted basis become $144 million or $0.sixty seven per share for the quarter. as in comparison $147 million or $0.71 per share within the first quarter of 2018. Their adjusted FFO turned into $161 million or $0.seventy six per share for the quarter and exclude a couple of items as outlined in their adjusted FFO reconciliation to web revenue, down in their press release, supplemental, and on their web site. operating salary for the quarter turned into about $224 million, versus $220 million for the primary quarter of 2018. The raise became basically as a result of the incremental earnings from a mix of over $450 million of recent investments completed and capital renovations made to their facilities considering the first quarter of 2018, in addition to hire amendments made all through that same time length, profits involving the Orianna facilities that had been transitioned to present Omega operators in both the third and fourth quarters of 2018, $972,000 of non-money, one-time earnings related to writing off a tenant reserve legal responsibility pronounced with Aviv merger that changed into not mandatory.

    And lastly, they adopted the new rent accounting commonplace advantageous January 1, 2019, which resulted in the reporting of $4 million regarding tenant actual-estate taxes and floor hire profits. or not it's important to notice a corresponding offset to working costs changed into booked throughout the quarter and for this reason this had minimal P&L influence. The enhance in income turned into partially offset by using decreased profits concerning asset earnings, transitions and loans paid off that passed off during 2018. Timing of receipts concerning operators on a money foundation, a $1.2 million provision for uncollectible straight line profits, because of the switch of belongings from one tenant to another. Please note the new hire accounting standard requires the write-off of straight line receivables to be recorded as a reduction to income instead of a provision for uncollectible debts receivable. The $224 million of revenue for the quarter contains about $15.eight million of non-cash profits. Their G&A fee was $eleven.eight million for the first quarter of 2019 and included about $1 million in restructuring expenses concerning the closing of their Chicago office including severance due to the elimination of certain positions.

    activity price for the quarter, when with the exception of non-money deferred financing can charge changed into $48 million or the identical because the first quarter of 2018, as lower debt balances have been offset with the aid of a better blended cost of debt, basically on account of better LIBOR quotes. They recorded $7.7 million of impairment on direct financing leases within the first quarter related to the finalization of the Orianna portfolio in response to the estimated collectability of the last debts receivable owed to Omega held within the property believe.

    For 2019 counsel and modeling applications, they are assuming here principal assumptions. On MedEquities, they anticipate the acquisition could be achieved in mid-may additionally. They plan to subject about 7.5 million Omega average shares for MedEquities, take one, about, $350 million of extra debt regarding the pay-off of their latest credit facility and paying $2 per share in money for each MRT common share. They anticipate new development tasks could be put into service in keeping with their schedule on web page 7 of their supplemental information posted on their website.

    We anticipate non-cash quarterly earnings may still be between $16 million and $18 million per quarter. They mission their G&A for the 2d quarter of 2019 to be in step with their first quarter when normalizing for restructuring expenses. As criminal costs reduce, they can return to a more common $9 million to $10 million per quarter beginning in the 2d half of 2019.

    Non-cash stock-based compensation cost is estimated to proceed at about $4 million per quarter in 2019. pastime rate, the range in their hobby fee is primarily driven through borrowings on their credit facility and LIBOR quotes. At March 31, ninety% of their debt or $850 million become floating expense debt, they assume proceeds from capabilities asset disposition alternatives could be redeployed at between 9% and 9.5% cash yields. regarding share issuances, apart from the 7.5 million general shares to be issued for MedEquities, they count on they will be issuing approximately $10 million to $15 million of equity per quarter through their Dividend Reinvestment and customary inventory purchase Plan, in line with their historic issuances.

    finally, in line with their stock expense and area to fairness market conditions, they might also decide to subject equity beneath their ATM to proceed to delever and fund potential acquisitions. within the first quarter of 2019, they issued or offered approximately three.1 million shares Omega general stock, generating $111 million in gross proceeds via a combination of their ATM and their Dividend Reinvestment and common inventory purchase Plans. Their balance sheet remains strong at March 31. approximately 81% of their $4.5 billion in debt is fixed, and their web funded debt to adjusted annualized EBITDA changed into 5.2 times and their fixed can charge insurance ratio became 3.9 instances. it is vital to notice, EBITDA in these calculations has no income concerning building in method involving their eight new builds, which will be operational in the next 365 days. When adjusting for the crack of dawn Q1 money shortfall and the typical earnings on the new builds, their seasoned forma leverage could be roughly 5.0 instances.

    i'll now flip the call over to Dan sales space.

    Daniel J. booth -- Chief operating Officer

    Thank, Bob, and good morning everybody. As of March 31, 2019 Omega had an working asset portfolio of 891 facilities with about 89,000 operating beds. These facilities had been unfold throughout 68 third-party operators and observed inside forty states in the uk. Trailing 12-month operator EBITDAR and EBITDAR coverage for their core portfolio remained stable during the fourth quarter of 2018 at 1.67x and 1.32x respectively versus 1.67x and 1.32x respectively for the trailing 12-month duration ended September 30, 2018.

    Turning to portfolio matters. As discussed up to now, considered one of their right-10 operators, first light, has persisted to combat with liquidity issues because of labor challenges in a really low Medicaid compensation equipment in Texas. The reimbursement challenges in Texas don't seem to be interesting to dawn and have placed persisted force on all Texas operators. As mentioned on their fourth quarter salary call, Omega and first light entered right into a second amendment toward agreement and forbearance agreement positive January 30, 2019, whereby now they have granted dawn a $2.5 million appoint deferral in each of the first two quarters of 2019. to date, break of day has met their contractual obligations beneath this agreement. At this factor, it is still unclear given the state of affairs in Texas, and the most efficient effect of any price unencumber as as to if an extra modification or extension of forbearance settlement may be required.

    even though the uncertainty surrounding rate unencumber in Texas, we're confident that morning time will advantage from several familiar components, including the addition of 26 Omega facilities into the Texas QIPP program, the implementation of PDPM, and the two.5% Medicare expense increase. All three benefits are slated to develop into positive on October 1, 2019.

    Turning to new investments, as mentioned by Taylor, we're getting ready for the upcoming MedEquities merger. From an operational point of view, this includes integrating their anticipated portfolio management techniques, meeting with the latest operators to be able to greater keep in mind their business and establish their capital wants, and picking opportunities in MedEquities' different distinct asset courses. As a reminder, Omega will be acquiring a portfolio of 34 facilities unfold across seven states in 11 operators, essentially all of which signify new relationships for Omega. This distinctive community of operators represents now not simply knowledgeable nursing providers however also acute care hospitals, conduct one (ph) rehab hospitals, LTACs, and assisted dwelling facility and a medical workplace constructing. They consider the addition of the MedEquities portfolio of exquisite varied assets will give Omega with meaningful increase alternatives.

    i'll now flip the call over to Jeff.

    Jeff C. Marshall -- SVP of Operations

    Thanks, Dan, and first rate morning each person. On April 19, CMS issued its Annual proposed SNF charge rule which blanketed three giant elements to be positive October 1, 2019. One, a web increase of 2.5% in SNF Medicare half A prospective payment equipment or PPS prices. Two, affirmation that the new PPS affected person driven price model or PDPM will substitute the latest RUG-IV payment methodology at the moment. And three, revision of the community therapy definition to align with that used in different publish-acute care sites. the two.5% net fee enhance will deliver an further $887 million in Medicare funding to the sector and outcomes from a market basket enhance of 3%, reduced by means of a mandated multi-ingredient productiveness adjustment of 0.5%.

    This raise compares favorably to the 1.eight% price boost offered on October 1, 2018, web of the cost-based deciding to buy bargain and matched with inflationary Medicaid price increases allows for operators to hold tempo with the escalation in operating costs that ran 2.4% in calendar 12 months 2018 within Omega's core portfolio. PDPM changes the remedy and charge center of attention for SNF Medicare patients from remedy minutes to affected person characteristics and emphasizes the value of affected person medical effects over the volume of capabilities offered.

    although CMS has intended this policy change to be price range-impartial for the Medicare software, alternatives for operators to yield can charge efficiencies within the provision of therapy features and to confess a broader sickness cohort of patients create their cautious optimism that PDPM will positively impact working margins without adversely affecting affected person consequences. the pliability for therapist to interact sufferers in community or concurrent remedy protocols for up to 25% of complete remedy treatments, which provides the ultimate probability for cost efficiencies has now been improved by using a revision to the definition of group therapy from involving four sufferers to involving anyplace from two to six sufferers, matching the definition at present used for inpatient rehabilitation facilities.

    ultimately, with CMS's long-established notice a year in the past that PDPM could be implemented on October, 1 2019, operators have already begun the indispensable practising, simulation, medical protocol and know-how enhancements and different retooling efforts to facilitate a smooth transition on that date. They do not expect significant transitional problems because of this, though, PDPM abilities will actually build over time.

    i'll now turn the call over to Stephen.

    Steven J. Insoft -- Chief company building Officer

    Thanks, Jeff, and thanks to everyone on the road for joining these days. together with Maplewood Senior living, they proceed work on their ALF memory Care excessive-upward push at 2nd Avenue in 93rd street in big apple. The undertaking is expected to charge about $285 million together with accrued appoint and is scheduled to open in early 2020.

    together with the land and CIP of their long island metropolis challenge, at the conclusion of the first quarter, Omega senior housing portfolio totaled $1.5 billion of investments in their steadiness sheet. Anchored through their transforming into relationship with Maplewood Senior residing and their greatest in classification properties in addition to Healthcare buildings and Gold Care in the UK, their standard senior housing investment now includes 124 assisted living, independent living and reminiscence care assets in the US and UK.

    On a stand-alone basis, the core portfolio not most effective covers its hire responsibilities at 1.17x, however additionally represents probably the most larger senior housing portfolios among the many publicly listed healthcare REITs. Their capability to correctly proceed to grow this vital component of their portfolio is highlighted via their 14 Maplewood facilities and the connected pipeline is based on coupling their tenants' working capabilities with their commitment to having in-condo design and development competencies. via this equal means, they invested $forty seven.6 million in the first quarter in new development and strategic reinvestment, $forty one.eight million of this investment is predominantly involving their active building projects, with a total budget of about $500 million, inclusive of big apple. The remaining $5.8 million of this investment was related to their ongoing portfolio CapEx reinvestment software.

    i will be able to now flip the name over to Taylor for some ultimate comments.

    C. Taylor Pickett -- Chief government Officer

    Thanks, Steven. They look forward to closing the MRT acquisition and sourcing new growth alternatives in 2019. they are confident about the compensation and demographic environment at the possibility for improving tenant results and with that, i could open up to questions.

    Questions and solutions:

    Operator

    we can now start the query-and-reply session. (Operator directions) Their first question comes from Jonathan Hughes with Raymond James. Please go ahead.

    Jonathan Hughes -- Raymond James -- Analyst

    hello, respectable morning. You mentioned the pipeline is beginning to opt for up. are you able to just provide us some color on the size and the asset combine for offers in that pipeline.

    C. Taylor Pickett -- Chief executive Officer

    sure. smartly, undoubtedly they have MRT closing. however we've got viewed a fair volume of recreation that suggests up in their pipeline experiences. principally, knowledgeable nursing facility belongings as a follow-up question to that always is the place are cap charges, i'd say that it probably tightened just a bit bit and i would attribute a few of that to the 10-year moving south of 2.5% and the ability for individuals to borrow a bit bit more affordable expense. So after they suppose about cap charges, I feel it's 9% (ph) however they're a bit bit tighter. So with a bit of luck that solutions the query.

    Jonathan Hughes -- Raymond James -- Analyst

    Yeah, it does. after which maybe simply the dimension of the pipe, I mean, a couple hundred million or $400 million to $500 million?

    C. Taylor Pickett -- Chief govt Officer

    or not it's in fact lumpy. So it's difficult to feel about modeling it out, but they -- I at all times discuss an excellent 12 months for us, being $1 billion of deal exercise, MRT $600 million, I suppose they nonetheless be able to develop appropriate here (ph).

    Jonathan Hughes -- Raymond James -- Analyst

    ok, got it. after which on MedEquities, I know you may now not be able to comment thoroughly, however on the artistic options transition, may you might be talk about how that's progressing seeing that January 1, the relatively large element of that portfolio?

    C. Taylor Pickett -- Chief government Officer

    Yeah, I suggest, there's nothing new in fact going on there other than certainly the total portfolio goes to transition, expectantly, by using the conclusion of subsequent week. however there is nothing specific to inventive; obviously, MRT did loads of work around that portfolio, with the previous tenant and when they transition over to artistic absolutely there changed into a hire reset, in case you will, but apart from that, there is nothing else happening.

    Jonathan Hughes -- Raymond James -- Analyst

    I wager i was probably asking extra so for coverage. but if you cannot share that, I remember.

    C. Taylor Pickett -- Chief govt Officer

    Yeah, I, you know, appear (ph), it become the reset rents had incredibly plentiful insurance and to date they feel are acting at that degree.

    Jonathan Hughes -- Raymond James -- Analyst

    okay. after which simply yet another and i understand this might possibly be a troublesome one to answer, however PDPM is meant to be finances impartial, most projections for operators, at the least those projections I see within the information are fine or breakeven, it sounds such as you guys are in the identical camp. however is there an opportunity that revenues would eventually fall short? i'm just attempting to remember the downside to PDPM right here when you consider that all I ever truly hear about is the upside possibility.

    C. Taylor Pickett -- Chief executive Officer

    I consider the go stroll, so many individuals have accomplished go walks from the old equipment to the new and it at all times comes out at or about earnings impartial. So I think on the revenue facet, or not it's very unlikely they see downside from PDPM. And simply to be clear, it's, this is the primary time that I -- that I've ever spent during this business the place so an awful lot time was spent between CMS and the business in crafting a plan. So I just don't see any surprises.

    Jonathan Hughes -- Raymond James -- Analyst

    All appropriate, might be i'll comply with up offline, however that's it from me. i may jump off. Thanks for the time.

    C. Taylor Pickett -- Chief govt Officer

    thanks.

    Operator

    Our next question comes from Karin Ford with MUFG Securities. Please go forward.

    Karin Ford -- MUFG Securities -- Analyst

    Oh, hi, decent morning. Are you feeling more desirable or worse on dawn nowadays than you had been, say, on their final call? can you provide us an update on the popularity of the Texas Nursing Facility reinvestment allowance and what is the normal vogue you might be seeing on coverage and your houses in Texas and in the crack of dawn portfolio.

    C. Taylor Pickett -- Chief govt Officer

    well, i could birth with how they think about break of day. I imply, there are lots of nice things that we're seeing, some of those that, I spoke about my speaking points. one of the most huge ones is that they are adding 26 additional mega facilities into the Texas QIPP program. So they expect that to have a extremely favorable pickup in revenues. PDPM, which they mentioned revenue impartial, but they expect and they hope that they might see some reduction of their charges. after which on October 1 they get Medicare price boost of about 2.5%, which is greater than we've got viewed in somewhat some time. now they have additionally considered pickup in break of day's Q mix. just went to hit a low watermark in the third quarter of '18 we've got viewed it slowly fashion up and into the primary quarter and we're open that that might prefer up further or as a minimum stabilize. So it is additionally been a huge fine. so far as Texas expense reduction, it be nonetheless too early to name. The law is still in session. It runs via pretty tons at the conclusion of can also and we're hopeful that they are capable of attain some fee aid. What structure it ultimately takes, they have no idea, but i do know that they are working across the clock within the state of Texas to are attempting to get some rate reduction for their operators. good to understand i am from Texas. different Texas operators -- a lot of them fortunately are in different states. So some of their operations out of state are in fact subsidizing your Texas operations. The coverage is not sturdy, nonetheless it's simply now not, or not it's overall, it be above 1 to 1, but it surely's under the imply, in order a gaggle.

    Karin Ford -- MUFG Securities -- Analyst

    got it. With a lot of those benefits coming in October, do you suppose you will need to provide additional rent relief for the third quarter on dawn?

    C. Taylor Pickett -- Chief govt Officer

    as soon as once again, or not it's, I think at this point it's too early to name. I are looking to see how the Q combine shakes out in the 2d quarter. I want to see what occurs in Texas with the cost aid. I imply, because it's -- this stuff do not come in to play except October however it's now not just, it's a cash condition, nonetheless it's additionally a protracted-term prospect condition. They ought to analyze form of both and weight what we're going to do. I imply, you don't are looking to do whatever for day after today that solves the next quarter and never seem to the long run and spot what's going to come back down -- coming down the road. So let's take I consider both of those things under consideration and in an effort to try this they just need to get as a whole lot information as they can.

    Karin Ford -- MUFG Securities -- Analyst

    received it. after which my next question is only on the big apple building. It seems like hire commencement bought pushed back 1 / 4 there. Have they begun pre-leasing? How are rents trending versus underwriting? and can you additionally talk concerning the new construction you began or the brand new commitment you have got on the building aspect in Ohio?

    Robert O. Stephenson -- Chief monetary Officer

    as far as the ny undertaking is worried, their earnings and leasing office, Maplewood income and leasing workplace opened in early a part of this year in boost of what they might typically do with their suburban locations, but wanted to show the market, boost are very mighty. We're confident around expense aspects and notice the constructing being topped off on the conclusion of this 12 months with occupancy beginning in the first quarter of 2020.

    Karin Ford -- MUFG Securities -- Analyst

    How is performing? How is it searching so far on the rent aspect versus underwriting? after which can you just speak in regards to the new undertaking in Ohio?

    Jeff C. Marshall -- SVP of Operations

    The market response within the deposit level would indicate that we're heading in the right direction as far as underwriting of rents and a bit bit too early to tell when it comes to absolute quantum, because they did beginning very early, but we're confident based mostly upon complete inquiry and deposits got that we'll be on course for early leasing in line with underwriting.

    Karin Ford -- MUFG Securities -- Analyst

    remarkable. thanks.

    Operator

    Our next question comes from Trent Trujillo with Scotiabank. Please go forward.

    Trent Trujillo -- Scotiabank -- Analyst

    hi, respectable morning, and thanks for taking the questions. Bob, I appreciate probably the most prior feedback on this, however you mentioned within the press release and past right here that fairness issuance might affect your FFO assistance range. So i am hoping possibly you may focus on the way you're thinking about this considering the fact that the stock is trading correct around just a little higher than the place you issued within the first quarter on typical?

    Robert O. Stephenson -- Chief economic Officer

    we now have always been opportunistic that to take advantage of the ATM, to help fund the pipeline, and now they have additionally been very amazing in their conviction that their leverage intention between 4x and 5x and we're at present above that. in an effort to get in their pointed out aim and that i'm going to -- i know they at all times say 4x to 5x, however's more like 4.75x is the candy spot there. So, we'll take it day by day when the -- put up the MRT merger, in a week or so and be optimistic at searching at the ATM market.

    Trent Trujillo -- Scotiabank -- Analyst

    k. probably simply a quick observe-up on this theme. You had no acquisitions within the first quarter and i suppose that is the primary time in assorted years where you failed to have any recreation, is that just a feature of reserving the capital for the MRT acquisition since you did state you have a pleasant pipeline purchasable of portfolios and although the cap costs have are available a little bit, they have not modified on the complete and that they're still around 9%. So any suggestions on that could be liked.

    Robert O. Stephenson -- Chief financial Officer

    yes, it basically wasn't a capital-driven resolution. They continue to look at every thing that is out there. or not it's just the weirdness of the cycle, frankly. So there's a fair volume sitting obtainable, and optimistically there's a good quantity on the way to eventually be actionable.

    Trent Trujillo -- Scotiabank -- Analyst

    ok. My next question, simply my other one, so CMS just up to date it to a 5-megastar nice rankings and the wide takeaways that superstar scores declined on regular, now not announcing that it is on your portfolio, but just on normal, however can you discuss what form of have an effect on that might have in your operator referral networks given the shift in fine rankings?

    C. Taylor Pickett -- Chief government Officer

    hiya, Jeff, do you want to take this one.

    Jeff C. Marshall -- SVP of Operations

    certain, yeah, the exchange in the star rankings basically are impacted via CMS practically relocating the goalposts on first-class and staffing domains such that they wanted to make sure the reduce facets replicate a undeniable percent of facilities in each of the One- via 5-famous person score classes. So those changes have been a third of the facilities lost a celebrity rating and perhaps a six of the facilities gained a celebrity ranking are at once regarding these first-rate and staffing calls for, no longer inspection. but they, for this reason, do not additionally symbolize any type of change within the current first-rate or staffing degrees of amenities, simply in CMS changing those those attributes. but if operators are already in referral networks, as long as they are keeping actual high-quality metrics such as the rehospitalization costs, discharged-to-group, and purposeful development as well because the length-of-stay metrics, that may still override any consideration about a celebrity decline because those relationships had already been established. And they have bundling courses corresponding to BPCI and CJR, which continue to contain a minor quantity of members and those have a minor impact. They haven't crosswalked to peer how many of their operators might have misplaced a celeb, which basically would suggest in the event that they went below three stars would be impacted, I consider the have an impact on is minor.

    Trent Trujillo -- Scotiabank -- Analyst

    awesome, appreciate the colour. thanks very an awful lot.

    Operator

    Our next question comes from Chad Vanacore with Stifel. Please go forward.

    Chad Vanacore -- Stifel Nicolaus -- Analyst

    All correct, thanks. So this one is for Steven. It appears like you expanded the appoint estimate for the manhattan assignment the Inspir with Maplewood from $3.6 million or $three.9 million in quarter, what's the motive behind that raise?

    Steven J. Insoft -- Chief corporate development Officer

    Chad, this is -- go forward, Bob.

    Robert O. Stephenson -- Chief monetary Officer

    hey, Steven, i may say -- here is Bob. All of that schedule is doing Chad is taking the inception-day funding, multiplying it with the aid of their initial cash yield. so as they spend extra cash, you will see that estimated quarterly hire to Omega going up. So at the end of the day, it be going to -- the employ may be on the entire funding volume spent, however i was simply making an attempt to supply route for advice on here's on what they have spent these days that is in their debt, so how lots would it not generate into quarterly EBITDA.

    Chad Vanacore -- Stifel Nicolaus -- Analyst

    All right. after which, Taylor, you alluded to updating tips submit MRT close. So what are one of the elements that may change suggestions? Is it simply timing which seems fairly clear from right here or there are different components too on plot (ph) and perhaps you could quantify some cost synergies that you just are expecting out of the transaction?

    C. Taylor Pickett -- Chief government Officer

    We're at very little incremental prices from the MRT acquisition but -- it's in the main timing, Chad. And a part of the motive I put the remark in in there is with a run fee of $0.76 you simply annualize that and also you go, smartly, why aren't you elevating the bottom end of your counsel. So instead of sort of going for walks it up over quarter by means of quarter, their view is let's get MRT clones, let's examine their 2d quarter is G&A and in any other case and in reality give a superb perspective on what they consider the complete 12 months will be. without doubt, with the chance that the low end definitely moves up after which we'll evaluate the place we're when it comes to the high end.

    Chad Vanacore -- Stifel Nicolaus -- Analyst

    All appropriate, fair adequate. and then yet another query is for Bob. So how's your countersuit (ph) trending from operators? Any alternate in payer pace, preserving the headwinds in components of the trade?

    Robert O. Stephenson -- Chief financial Officer

    Chad, what they did this quarter, and they have not finished during the past week on the stability sheet, they have broken out their contractual AOR. They used to simply lump it collectively. So now they have broken out the regular contractual versus straight line and you could see it's in reality increase a little as you go lower back the closing couple of quarters. You cannot see it right here however you should trust me, it's in fact better quarter over quarter over quarter, but going ahead we'll preserve it damaged out so it be less demanding to look.

    Chad Vanacore -- Stifel Nicolaus -- Analyst

    All right. I admire it. Thanks.

    Operator

    Our next question comes from Omotayo Okusanya with Jefferies. Please go forward.

    Tayo Okusanya -- Jefferies LLC -- Analyst

    hi, sure, respectable morning, everyone. exceptional quarter. question, the portion of your tenant base, again, that has a rent coverage under 1.2 instances and that inched up a little bit this quarter. just variety of curious what was variety of happening there and if they simply kind of speak in well-known about sort of the fame or how you are feeling about some of your tenants with lessen rent insurance?

    Robert O. Stephenson -- Chief financial Officer

    Yeah, so, quarter over quarter, their TTM over TTM, they remained flat at 1.3x EBITDAR coverage. They think good about that, surely. the chances inside these quite a few, the manner they put them into different buckets, that does tend to movement around and or not it's definitely the move in this quarter changed into simply having one operator that was slightly above 1.2x go a bit beneath 1.2x and that's in reality what or not it's all about. I don't basically give it any significance, but it surely does turn up in the next quarter, they are able to see it flow right back up once again.

    Tayo Okusanya -- Jefferies LLC -- Analyst

    acquired you. ok. that is valuable. after which second of all, i know they have always been speaking about this concept of at some element demographics delivery to play a role in enhancing fundamentals and that i feel you guys have been very vocal that that likely occurs sooner in place of later. just curious if you saw any of that for your portfolio this quarter. And if you did, exceptionally, what were the instances round that?

    C. Taylor Pickett -- Chief executive Officer

    I think they see the demographics or the steadiness in occupancy. truly, when we've got stated this in the past, although size of stay reductions have mitigated to a degree, they may be nonetheless accessible. And so the one entertaining issue that I think you see is now they have viewed Medicaid census creeping up a bit bit and size of dwell for Medicaid residents is plenty much less controllable than it is for their Medicare. And so I consider a little little bit of what we're seeing on the Medicaid aspect is some of the demographic that we're speakme about because it's a great deal longer term and lots much less controllable when it comes to patient base. after which on the Medicare satisfactory facet, all of the dynamics they stated, the shift to Medicare knowledge, discount to size of reside, and also you nevertheless have days which are fairly consistent q4 to Q1, that makes us believe decent right now.

    Tayo Okusanya -- Jefferies LLC -- Analyst

    acquired you. closing one from me, in case you could indulge me. once more, you sort of have a circumstance where the CMS inspiration PDPM should be web wonderful. you have talked a bit bit about demographics fitting a little bit more advantageous. Acquisition outlook appears to be pretty superb as you get to $1 billion. but, Taylor, you form of still outlined on the name, you still see the professional nursing outlook has been challenging. So i'm just form of curious about the juxtaposition between those two things. the place are you nevertheless variety of seeing a difficult outlook? is this chiefly because of Texas and some of the stuff occurring Medicaid-clever? i'm just type of curious about the areas where you're still type of expressing some warning.

    C. Taylor Pickett -- Chief govt Officer

    I think labor is going to proceed to be a pressure point near-term. And a little little bit of my commentary is across the indisputable fact that it's may additionally and there are a lot of respectable things start in October and the money circulation generated by means of these good issues might not beginning until December. So they have now got a half a 12 months of right here to there, and labor type within the backdrop. and then you mentioned, Texas, optimistically, they get anything out of the State of Texas this is moderately wonderful. otherwise, with a purpose to proceed to be a fight for the Texas operator. So short-time period, the next six months, we've got acquired to get via. however I think as they appear into 2020, aside from the labor subject seemingly continuing, they suppose really first rate concerning the rest of the dynamics of their industry.

    Tayo Okusanya -- Jefferies LLC -- Analyst

    terrific, thanks.

    Operator

    Our subsequent question comes from Lukas Hartwich with green highway Advisors. Please go ahead.

    Lukas Hartwich -- green highway Advisors -- Analyst

    Thanks. hey, guys, you variety of touched on this already, but occupancies ticked up sequentially, and i'm simply curious if that became a shift in Medicaid that you had been just talking about or if there changed into anything else that drove that?

    C. Taylor Pickett -- Chief govt Officer

    No, or not it's -- neatly, or not it's no longer even a shift in Medicaid, it's simply Medicaid being additive. because if you do the entire math, Medicare on a day's groundwork is pretty regular, so the incremental population is coming first from Medicaid sufferers. once again, they examine occupancy relocating up above all in this autumn as a great sign.

    Lukas Hartwich -- eco-friendly street Advisors -- Analyst

    awesome. and then when it comes to the MRT, do you have a sense if Baylor is going endeavor its buy alternate options later this yr?

    C. Taylor Pickett -- Chief executive Officer

    Our experience is that or not it's unlikely that they will exercise the choice. As now they have mentioned in the past and individual meetings, we're organized for the experience, if they accomplish that, the alternatives which are 6.5% cap fee and they redeploy those proceeds at 9% (ph). however they like the relationship and they suppose there might possibly be some opportunities there.

    Lukas Hartwich -- eco-friendly road Advisors -- Analyst

    notable, it truly is it from me. thank you.

    C. Taylor Pickett -- Chief government Officer

    thanks.

    Operator

    Our next query comes from Daniel Bernstein with Capital One. Please go ahead.

    Dan Bernstein -- Capital One Securities -- Analyst

    whats up, how are you? i wished to switch gears a bit bit to seniors housing and the way you are pondering in regards to the prospects for that industry today and perhaps some updated ideas on whether you might believe extra cost-add belongings in RIDEA or you're form of seeking out triple-internet acquisitions at this factor in that specific sub-sector?

    C. Taylor Pickett -- Chief executive Officer

    I feel for us, Dan, is what you mentioned it be what is the appropriate entry point for us in that business. they will continue to lever into and aid their Maplewood relationship just since it's such a big price creator and they proceed to search for is there on the right entry point into senior housing with other potential operators. They simply can't get their fingers around chance-adjusted returns. You form of predict the cap quotes to movement up given the dynamics in that industry and it actually have not. That being talked about, they are also are there cost-add alternatives the place portfolios are below average occupancies and there are markets so that you can analyze and get at ease with and they just have not discovered any of those alternatives.

    Dan Bernstein -- Capital One Securities -- Analyst

    okay. after which, switching returned to skilled nursing, you made some prior feedback about PDPM being greater salary impartial, but I believe the positivity round that has been greater across the margin facet. So is that tremendous view on margins, peculiarly in rehab, I consider, is that what you're still hearing out of your operators? and the way may that translate into rent insurance as they growth in the 2020? i do know it's some distance off. And there are lots of variables in there equivalent to labor. however how are you thinking that rent coverages may development via '19 after which into '20 given one of the vital PDPM and the 2.5% market basket increase?

    C. Taylor Pickett -- Chief executive Officer

    Yeah, a very reasonable query. it is all of the fee facet or predominantly the fee aspect. and obviously, that runs the margin just as you described. They undergone their entire portfolio operator through operator. and each operator has nice margin impacts from PDPM. but the range is pretty large and it goes from a low 0.02 of coverage to a excessive of 0.eleven of coverage. and also you might basically take the midpoint of that latitude and consider that as an growth in coverage. when it comes to the 2.5% on the Medicare facet, on the profits side, frankly, I look at that and go, this is going to offset the labor pressures. So i might be hesitant to head forward and model that via coverages brooding about 20 (ph).

    Dan Bernstein -- Capital One Securities -- Analyst

    k. okay. it really is all I even have. i'll hop off. thank you.

    C. Taylor Pickett -- Chief government Officer

    thank you.

    Operator

    (Operator guidance) at present there aren't any extra questions within the question queue, i want to turn the conference returned over to Taylor Pickett for any closing remarks.

    C. Taylor Pickett -- Chief government Officer

    Thanks, Sean. And thanks everyone for attending their name these days. they are able to stand capable with any observe-up questions.

    Operator

    The conference has now concluded. thanks for attending cutting-edge presentation and you'll now disconnect.

    period: 44 minutes

    name contributors:

    Michele Reber -- Senior Director of Asset administration

    C. Taylor Pickett -- Chief government Officer

    Robert O. Stephenson -- Chief economic Officer

    Daniel J. booth -- Chief working Officer

    Jeff C. Marshall -- SVP of Operations

    Steven J. Insoft -- Chief company building Officer

    Jonathan Hughes -- Raymond James -- Analyst

    Karin Ford -- MUFG Securities -- Analyst

    Trent Trujillo -- Scotiabank -- Analyst

    Chad Vanacore -- Stifel Nicolaus -- Analyst

    Tayo Okusanya -- Jefferies LLC -- Analyst

    Lukas Hartwich -- eco-friendly highway Advisors -- Analyst

    Dan Bernstein -- Capital One Securities -- Analyst

    more OHI analysis

    All profits name transcripts

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