OMEGA HEALTHCARE INVESTORS INC Goodwill & Intangibles Disclosure
NOTE 12 – GOODWILL AND OTHER INTANGIBLES
The following is a summary of our goodwill:
| (in thousands) | ||
Balance as of December 31, 2024 | $ | 643,664 | |
Foreign currency translation |
| 962 | |
Balance as of December 31, 2025 | $ | 644,626 | |
The following is a summary of our lease intangibles as of December 31, 2025 and 2024:
| December 31, | December 31, | ||||
| 2025 | | 2024 | |||
(in thousands) | ||||||
Assets: |
| | | |||
Above market leases | $ | 33,977 | $ | 31,864 | ||
Accumulated amortization |
| (6,816) | |
| (3,800) | |
Net above market leases | $ | 27,161 | $ | 28,064 | ||
Liabilities: |
| |
| |||
Below market leases | $ | 33,014 | $ | 34,723 | ||
Accumulated amortization |
| (26,570) | |
| (26,647) | |
Net below market leases | $ | 6,444 | $ | 8,076 | ||
Above market leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the lease intangible is recognized immediately as an adjustment to rental income.
For the years ended December 31, 2025, 2024 and 2023, our net amortization related to intangibles was $(1.8) million, $1.7 million and $9.4 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2026 – $(2.1) million; 2027 – $(2.1) million; 2028 – $(2.1) million; 2029 – $(2.2) million; 2030 – $(2.2) million and $(10.0) million thereafter. As of December 31, 2025, the weighted average remaining amortization period of both above market lease assets and below market lease liabilities is approximately nine years.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 12, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.