[Form 4] EMCOR Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Omega Healthcare Investors (OHI) 10-Q – quarter ended 30-Jun-2025.

• Top-line growth: Total revenue rose 11.8% YoY to $282.5 M, driven by rental income up 11.6% to $239.2 M and interest income up 13.0% to $43.0 M.
• Profitability: Net income to common shareholders increased 20.0% to $136.6 M; diluted EPS was flat at $0.46 as the share count jumped to 293.1 M (+5%). YTD EPS climbed to $0.79 from $0.72.
• Margin trends: Expense growth (14.7% YoY) lagged revenue, lifting operating margin. Impairment charges were $14.2 M vs $8.2 M LY; credit-loss recovery of $4.8 M aided results.
• Balance sheet: Assets reached $10.55 B (+6.6% vs Dec-24) after $560 M of property acquisitions (53 ALF/8 SNF, 10% initial cash yield). Cash rose to $734 M; revolver remains undrawn. Net unsecured/secured debt climbed 2.8% to $5.00 B.
• Equity & liquidity: $518 M raised via ATM/secondary issuance; APIC up to $8.43 B. Operating cash flow advanced 25% to $421 M; dividend outflow YTD $384 M ($0.67 per share quarterly).
• Cash deployment: $62.7 M invested in cap-ex/CIP; Inspir Embassy Row ALF placed in service (24-year lease, $201.8 M cost).
• Capital returns: Common dividend maintained; 295 M shares outstanding at 29-Jul-25.

Overall, OHI delivered double-digit revenue and NOI growth, funded accretive acquisitions, and preserved liquidity, offset by incremental dilution and modest impairment charges.

Positive

• Revenue grew 11.8% YoY to $282.5 M, outpacing expense growth.
• Net income to shareholders up 20%, supporting dividend coverage.
• $560 M of facility acquisitions at 10% initial cash yield expands portfolio.
• Cash position increased to $734 M; revolving credit facility undrawn.
• Operating cash flow up 25% to $421 M, exceeding dividend outflow.

Negative

• Share issuance diluted EPS; diluted EPS flat despite higher earnings.
• $14.2 M impairment charges recorded in Q2, up 74% YoY.
• Debt load rose to $5.0 B, increasing interest burden to $52.9 M.

Insights

REIT Analyst

TL;DR – Revenue up, cash flush, acquisitions accretive; dilution tempers per-share gains.

Q2 shows classic external-growth REIT playbook: $560 M of 10%-yield assets closed, raising rental income and pushing NOI higher. Funding was balanced between $518 M equity and $144 M net debt, leaving the revolver untapped and cash at $734 M—valuable in a volatile rate environment. Leverage remains moderate at ~5.0 B debt vs 10.5 B assets. The 0.46 EPS match to prior year signals dilution from new shares; however, FFO metrics (not disclosed here) likely improved. Rising impairment expense and ongoing operator credit work underscore portfolio risk, but credit-loss recovery and cash-basis rent controls limit damage. Dividend cover tight but intact. Net impact: positive, yet not transformational.

Income-Oriented Portfolio Manager

TL;DR – Solid cash flow, dividend appears sustainable; watch share issuance pace.

Operating cash flow comfortably covered dividends (1.1× YTD), aided by higher rents and reduced interest expense. 10% cash yields on new UK and US deals are attractive versus OHI’s ~8.5% equity cost, supporting AFFO accretion. No revolver usage provides flexibility amid uncertain credit markets. That said, continuous equity taps increased share count 5% YTD, capping EPS advance; further issuances could pressure per-share dividend safety. Impairments and variable rent exposure warrant monitoring, but current metrics suggest the payout remains defendable. Overall impact skewed positive for yield investors.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Guzzi Anthony

(Last) (First) (Middle)

301 MERRITT SEVEN

(Street)

NORWALK CT 06851

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EMCOR Group, Inc. [ EME ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman, President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/31/2025		A		15(1)	A	$0	207,304(2)	D
Common Stock								5,790(3)	I	By the Guzzi Family Irrevocable Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units ("RSUs") issued in respect of already outstanding RSUs as a consequence of a dividend paid on the Company's common stock on July 31, 2025. The RSUs issued on July 31, 2025 are subject to the same vesting and forfeiture provisions as the RSUs in respect of which they have been issued.

2. Includes shares issuable in respect of RSUs.

3. These securities were transferred by the reporting person as a gift to the Guzzi Family Irrevocable Trust (the "Trust") for the benefit of the reporting person's children. The reporting person's spouse is trustee of the Trust. Such transfer was reported on a previously filed Form 4. The reporting person disclaims beneficial ownership of such securities.

	Maxine L. Mauricio, Attorney-in-Fact	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much did OHI's revenue increase in Q2 2025?

Total revenue rose 11.8% year-over-year to $282.5 million.

What was Omega Healthcare's Q2 2025 diluted EPS?

Diluted earnings per share were $0.46, unchanged from Q2 2024.

How large were OHI's recent property acquisitions?

The company acquired $560.4 million of ALF and SNF assets during H1 2025 at a 10% cash yield.

What is the current quarterly dividend for OHI?

OHI declared a $0.67 per share common dividend for Q2 2025.

Did Omega draw on its revolving credit facility in Q2 2025?

No. The revolver balance was zero at 30-Jun-2025.

How much cash does OHI hold?

Cash and cash equivalents totaled $734 million at quarter-end.

What was OHI's net income to common shareholders in H1 2025?

H1 2025 net income attributable to common shareholders was $245.6 million, up 35.6% YoY.