CareTrust REIT, Inc - CTRE STOCK NEWS

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.

CareTrust REIT (NYSE: CTRE) has announced plans for a public offering of 11,500,000 shares of common stock, with an additional 30-day option for underwriters to purchase up to 1,725,000 more shares. The net proceeds will be contributed to CTR Partnership, L.P., and used to fund new investments, including the acquisition of 31 skilled nursing facilities through a joint venture. Wells Fargo Securities, BofA Securities, and J.P. Morgan are serving as joint lead book-running managers, with BMO Capital Markets and KeyBanc Capital Markets also acting as joint book-running managers.

CareTrust REIT (NYSE:CTRE) reported strong Q3 2024 results with $33.4 million in net income ($0.21 per share) and investments of $440.8 million at a 9.1% yield. The company achieved 98.7% rent collection and declared a $0.29 quarterly dividend. Notable highlights include $500.1 million raised through ATM share sales and a pending $500 million acquisition of 31 skilled nursing facilities in Tennessee. The company updated its 2024 guidance, projecting normalized FFO of $1.49-$1.50 per share and maintains a strong liquidity position with no outstanding borrowings on its credit line.

CareTrust REIT has announced a binding agreement to acquire a $500 million portfolio of 31 skilled nursing facilities through a joint venture. The portfolio includes 3,290 licensed beds, with 30 facilities in Tennessee and 1 in Alabama. The transaction is expected to close in Q4 2024. PACS Group will operate 12 facilities, Ensign Group 9 facilities, Links Healthcare 7 facilities, and a new regional operator 3 facilities. CareTrust's investment in the joint venture will be approximately $442 million with an initial yield of 9.0%. The company's updated investment pipeline stands at $700 million.

PACS Group (NYSE: PACS) has announced plans to acquire operations of 12 skilled nursing facilities in Tennessee, totaling 1,310 skilled nursing beds. The facilities will be leased from CareTrust REIT through a long-term, triple net lease agreement. The lease includes purchase options for six facilities between years four and seven. The acquisition marks PACS's entry into Tennessee and is expected to close in Q4 2024, subject to customary closing conditions.

CareTrust REIT (NYSE:CTRE) has scheduled its third quarter 2024 financial results release for Tuesday, October 29, 2024, after U.S. markets close. The company will host a conference call on Wednesday, October 30, 2024, at 1:00 p.m. Eastern Time to discuss the results. Investors can join via toll-free number 1 (800) 715-9871 or toll number 1 (646) 307-1963 with conference ID 2243604. A webcast will be available on the company's investor website, with replay access for approximately 30 days following the call.