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CareTrust REIT, Inc. (CTRE) is a prominent, self-administered, publicly-traded real estate investment trust (REIT) specializing in the acquisition, ownership, and leasing of senior housing and healthcare-related properties. Since its inception in 2014, following a spin-off from The Ensign Group, CareTrust has rapidly expanded its portfolio, which now includes over 100 net-leased healthcare properties and three operated senior housing properties across ten states.
The company’s core business revolves around generating revenue through leasing its properties to healthcare operators, utilizing triple-net lease arrangements. Under these agreements, tenants bear the responsibility for all property-related costs, including taxes, insurance, maintenance, repairs, and capital expenditures. This model ensures a steady income stream for CareTrust while providing healthcare operators with the necessary infrastructure to deliver quality services.
CareTrust is actively acquiring and financing additional properties nationwide. Their strategy involves partnering with a diverse group of operators, including local, regional, and national senior housing services providers, healthcare service providers, and other healthcare-related businesses. This diversification helps mitigate risks and enhances the stability of rental income.
Recent Achievements and Current Projects:
- Continual growth in property acquisitions to expand the portfolio.
- Strengthening partnerships with leading healthcare operators to ensure high-quality tenant operations.
- Maintaining a robust financial position to support ongoing expansion and operational excellence.
CareTrust’s origins trace back to The Ensign Group, founded in 1999 by leaders committed to transforming the post-acute care industry. This legacy of excellence and customer-centric operations continues to drive CareTrust's growth and strategic initiatives.
Investors and stakeholders can rely on CareTrust’s proven track record of stability and growth in the healthcare real estate market, underscored by a focus on high-quality care and sustainable business practices.
CareTrust REIT (NYSE:CTRE) reported strong Q4 and full-year 2024 results with significant investments and financial achievements. The company made $696.5 million in investments at a 9.9% stabilized yield during Q4, and raised $507.8 million through a public stock offering.
Key Q4 metrics include net income of $52.1 million ($0.29 per share), normalized FFO of $72.9 million ($0.40 per share), and a quarterly dividend of $0.29 per share. The company maintained a strong 98.8% rent collection rate and achieved a low leverage ratio of 0.5x.
For full-year 2024, CareTrust reported net income of $125.1 million ($0.80 per share) and normalized FFO of $232.9 million ($1.50 per share). The company provided 2025 guidance projecting net income of $1.35-$1.39 per share and normalized FFO of $1.68-$1.72 per share.
CareTrust REIT (NYSE:CTRE) has scheduled its fourth quarter and full year 2024 financial results release for Wednesday, February 12, 2025, after U.S. markets close. The company will host a conference call on Thursday, February 13, 2025, at 1:00 p.m. Eastern Time to discuss the results.
Investors can join the call using the toll-free number 1 (800) 715-9871 or toll number 1 (646) 307-1963 with conference ID 2243604. A webcast will be available in the Investors section of CareTrust's website, and a replay will be accessible for approximately 30 days following the call.
CareTrust REIT is a self-administered, publicly-traded REIT focused on owning, acquiring, developing, and leasing skilled nursing, seniors housing, and healthcare-related properties across the United States.
CareTrust REIT (NYSE:CTRE) has announced the tax treatment of its 2024 dividends for shareholders. The company distributed a total of $1.15 per share throughout 2024, with 74.16% classified as ordinary dividends and 25.83% as non-dividend distributions. The dividends were paid quarterly, starting with $0.28 per share in January 2024, followed by three payments of $0.29 per share in April, July, and October.
The January 2025 distribution of $0.29 per share, though declared in Q4 2024, will be treated as a 2025 distribution for tax purposes as the company's 2024 cash distributions exceeded its earnings and profits. Shareholders will receive IRS Form 1099-DIV from Broadridge Corporate Issuer Solutions detailing the tax classifications of their dividends.
CareTrust REIT (NYSE:CTRE) has completed Phase 2 of its Tennessee portfolio acquisition, acquiring thirteen additional skilled nursing facilities through a joint venture arrangement. The company invested approximately $176 million in combined common equity and preferred equity, with an initial contractual yield of 9.0%.
The newly-acquired facilities will be operated under long-term master lease agreements, with six facilities managed by The Ensign Group affiliates and seven by Links Healthcare Group affiliates. This brings the total facilities acquired in the portfolio transaction to 27, with a total investment of $421 million.
The company's annual investment total has reached approximately $1.5 billion in 2024, with the final facility acquisition expected in Q1 2025. CareTrust begins 2025 with a replenished investment pipeline of approximately $350 million in near-term, actionable opportunities.
CareTrust REIT (NYSE:CTRE) has announced several key appointments and promotions effective January 1, 2025. Lauren Beale has been appointed as the company's first Chief Accounting Officer (CAO), following her various leadership roles since the company's inception. Additionally, Tri Tran joins as Senior Vice President, Investments, bringing extensive experience in Triple Net Skilled Nursing/Assisted Living and Seniors Housing Operating Properties investments.
The company also announced the promotions of Stephanie Singer to Vice President Financial Reporting and Michael Sotelo to Controller. CEO Dave Sedgwick highlighted that these appointments come at an opportune time following the company's extraordinary growth in 2024, positioning the team to capitalize on new growth opportunities.
CareTrust REIT (NYSE: CTRE) announced the renewal and doubling of its unsecured revolving credit facility to $1.2 billion. The bank group includes KeyBanc Capital Markets, BMO Capital Markets Corp., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank, and the Royal Bank of Canada.
S&P Global Ratings upgraded CareTrust’s corporate rating to BB+ and its issue-level rating on unsecured notes to BBB-. CFO Bill Wagner emphasized the support from long-term and new banking partners, highlighting the facility's role in financing future acquisitions. CEO Dave Sedgwick mentioned that the company is on track to close approximately $1.5 billion in investments this year, significantly surpassing their annual average. The current investment pipeline is about $350 million, excluding larger portfolio opportunities under review.
CareTrust REIT focuses on owning, acquiring, developing, and leasing skilled nursing, seniors housing, and other healthcare-related properties across the U.S.
CareTrust REIT (NYSE:CTRE) has declared a quarterly cash dividend of $0.29 per common share. The dividend will be paid around January 15, 2025, to stockholders of record as of the close of business on December 31, 2024. CareTrust REIT is a self-administered real estate investment trust specializing in healthcare-related properties, including skilled nursing and seniors housing facilities. The company maintains a nationwide portfolio of long-term net-leased properties and is actively pursuing both external and organic growth opportunities across the United States.
CareTrust REIT (NYSE:CTRE) has completed two major acquisitions: a $97 million Midwest portfolio of 46 facilities and phase 1 of a Tennessee portfolio. The Midwest acquisition includes 3,820 beds/units across skilled nursing and seniors housing facilities, secured under a 15-year triple-net master lease with an 11% year-1 contractual yield. The lease includes rent deferrals resulting in 9% cash yield in year 1 and 10.5% in year 2, with CPI-based escalators starting year 4.
Additionally, CareTrust closed on 14 of 31 facilities in the Tennessee portfolio through a joint venture, investing approximately $245 million in combined equity at a 9% initial yield. The company expects to complete the remaining facility acquisitions by year end, bringing their total annual investments to over $1.3 billion.
PACS Group (NYSE: PACS) has announced the acquisition of 8 skilled nursing facilities in western Pennsylvania through its independently operated subsidiaries. The facilities, located in Pittsburgh, Bedford, Bethel Park, Monroeville, and McMurray, comprise 1,199 skilled nursing beds. Four facilities will be leased from CareTrust REIT (NYSE: CTRE), while PACS subsidiaries acquired the real estate of the remaining four. This expansion marks PACS's entry into Pennsylvania, its 17th state of operation, with a focus on bringing their post-acute care model to the Greater Pittsburgh area.
CareTrust REIT announced the pricing of its upsized public offering of 13,800,000 shares of common stock at $32.00 per share. The offering is expected to close on November 1, 2024. The company granted underwriters a 30-day option to purchase up to an additional 2,070,000 shares. The proceeds will be used to fund new investments, including the acquisition of 31 skilled nursing facilities through a joint venture arrangement. Wells Fargo Securities, BofA Securities, and J.P. Morgan are acting as joint lead book-running managers for the offering.
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