Welcome to our dedicated page for CareTrust REIT news (Ticker: CTRE), a resource for investors and traders seeking the latest updates and insights on CareTrust REIT stock.
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.
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.
CareTrust REIT has released its fourth annual Corporate Sustainability report, highlighting progress in Environmental, Social, and Governance (ESG) initiatives. The company, which operates through triple-net master leases, promotes sustainable practices among third-party operators by offering financial incentives for environmental projects and incorporating green lease clauses.
Key achievements include:
- Identifying the top 20 most resource-intensive properties
- Implementing two environmental improvement projects through a tenant incentive program
- Increasing leases with ESG requirements by 10%
- Assessing energy reduction from LED lighting retrofits
- Enhancing employee well-being and professional development
- Boosting charitable giving
- Strengthening cybersecurity measures
- Developing a portfolio Resilience Strategy for climate-related risks
The report aligns with Global Reporting Initiative (GRI) standards and includes frameworks like the Task Force on Climate-related Financial Disclosures (TCFD). CareTrust REIT was awarded Prime status by ISS ESG in their ESG Corporate Rating on March 21, 2024.
CareTrust REIT has acquired a 4-facility, 396-bed/unit skilled nursing portfolio in the Mid-Atlantic for $74.7 million. The acquisition includes a triple-net master lease with a new operator, featuring a 15-year initial term and a 9.3% year 1 contractual lease yield. This brings CareTrust's year-to-date investments to over $900 million.
In September 2024, CareTrust raised $309.9 million through its ATM program and paid off a $200 million term loan. The company currently has $280 million in cash and a reloaded investment pipeline of $240 million in near-term opportunities. CareTrust's CEO, Dave Sedgwick, stated that the company is well-positioned for growth as it enters the final quarter of 2024.
CareTrust REIT (NYSE:CTRE) has announced a quarterly cash dividend of $0.29 per common share. The dividend will be paid to stockholders of record as of the close of business on September 30, 2024, with the payment expected around October 15, 2024. CareTrust REIT is a self-administered, publicly-traded real estate investment trust specializing in healthcare-related properties. The company focuses on skilled nursing, seniors housing, and other healthcare facilities across the United States. With a portfolio of long-term net-leased properties and quality operators, CareTrust REIT is actively pursuing both external and organic growth opportunities nationwide.
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