CareTrust REIT Doubles Size of Unsecured Revolver to $1.2 Billion; Announces Agency Upgrade of Bond to Investment Grade; Updates Investment Pipeline
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) ha annunciato il rinnovo e il raddoppio della sua linea di credito revolving non garantita a 1,2 miliardi di dollari. Il gruppo bancario include 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 e Royal Bank of Canada.
S&P Global Ratings ha aggiornato il rating societario di CareTrust a BB+ e il rating a livello di emissione sulle note non garantite a BBB-. Il CFO Bill Wagner ha sottolineato il supporto da parte dei partner bancari a lungo termine e nuovi, mettendo in evidenza il ruolo della linea di credito nel finanziare future acquisizioni. Il CEO Dave Sedgwick ha dichiarato che l'azienda è sulla buona strada per chiudere circa 1,5 miliardi di dollari in investimenti quest'anno, superando significativamente la loro media annuale. L'attuale pipeline di investimenti è di circa 350 milioni di dollari, escludendo le opportunità di portafoglio più grandi in fase di revisione.
CareTrust REIT si concentra sulla proprietà, acquisizione, sviluppo e locazione di strutture per la cura degli anziani, alloggi per anziani e altre proprietà legate alla salute negli Stati Uniti.
CareTrust REIT (NYSE: CTRE) anunció la renovación y el duplicado de su línea de crédito revolving no garantizada a 1.2 mil millones de dólares. El grupo bancario incluye a 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 y Royal Bank of Canada.
S&P Global Ratings mejoró la calificación corporativa de CareTrust a BB+ y su calificación a nivel de emisión en notas no garantizadas a BBB-. El CFO Bill Wagner enfatizó el apoyo de los socios bancarios a largo plazo y nuevos, destacando el papel de la línea de crédito en el financiamiento de futuras adquisiciones. El CEO Dave Sedgwick mencionó que la compañía está en camino de cerrar aproximadamente 1.5 mil millones de dólares en inversiones este año, superando significativamente su promedio anual. La actual cartera de inversiones es de aproximadamente 350 millones de dólares, excluyendo oportunidades de portafolio más grandes bajo revisión.
CareTrust REIT se enfoca en poseer, adquirir, desarrollar y arrendar propiedades de atención especializada, viviendas para personas mayores y otras propiedades relacionadas con la salud en los Estados Unidos.
CareTrust REIT (NYSE: CTRE)는 비보증 회전 신용 한도를 12억 달러로 갱신하고 두 배로 늘렸다고 발표했습니다. 은행 그룹에는 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 및 Royal Bank of Canada가 포함됩니다.
S&P Global Ratings는 CareTrust의 회사 등급을 BB+로 조정하고 비보증 노트에 대한 발행 등급을 BBB-로 조정했습니다. CFO Bill Wagner는 장기 및 신규 은행 파트너의 지원을 강조하며, 신용 한도의 역할이 향후 인수 자금을 마련하는 데 중요하다고 언급했습니다. CEO Dave Sedgwick는 회사가 올해 약 15억 달러의 투자 거래를 성사시킬 예정이며, 이는 연평균을 크게 초과하는 것이라고 말했습니다. 현재 투자 파이프라인은 3억 5천만 달러에 달하며, 검토 중인 대규모 포트폴리오 기회는 제외됩니다.
CareTrust REIT는 미국 전역에서 숙련된 간호, 노인 주택 및 기타 의료 관련 부동산의 소유, 인수, 개발 및 임대에 집중하고 있습니다.
CareTrust REIT (NYSE: CTRE) a annoncé le renouvellement et le doublement de sa ligne de crédit renouvelable non garantie à 1,2 milliard de dollars. Le groupe bancaire comprend 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 et la Royal Bank of Canada.
S&P Global Ratings a rehaussé la notation d'entreprise de CareTrust à BB+ et sa notation au niveau des émissions sur les obligations non garanties à BBB-. Le CFO Bill Wagner a souligné le soutien des partenaires bancaires à long terme et nouveaux, mettant en avant le rôle de la ligne de crédit dans le financement des acquisitions futures. Le CEO Dave Sedgwick a mentionné que l'entreprise est sur la bonne voie pour réaliser environ 1,5 milliard de dollars d'investissements cette année, dépassant ainsi de manière significative leur moyenne annuelle. Le pipeline d'investissement actuel est d'environ 350 millions de dollars, excluant les plus grandes opportunités de portefeuille en cours de révision.
CareTrust REIT se concentre sur la possession, l'acquisition, le développement et la location d'établissements de soins qualifiés, de logements pour personnes âgées et d'autres propriétés liées à la santé à travers les États-Unis.
CareTrust REIT (NYSE: CTRE) gab die Erneuerung und Verdopplung seiner unbesicherten revolvierenden Kreditlinie auf 1,2 Milliarden Dollar bekannt. Die Bankengruppe umfasst 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 und die Royal Bank of Canada.
S&P Global Ratings hat die Unternehmensbewertung von CareTrust auf BB+ angehoben und die Emissionseinstufung für unbesicherte Anleihen auf BBB- erhöht. CFO Bill Wagner betonte die Unterstützung von langfristigen und neuen Bankpartnern und hob die Bedeutung der Kreditlinie für die Finanzierung zukünftiger Akquisitionen hervor. CEO Dave Sedgwick erwähnte, dass das Unternehmen auf dem Weg sei, in diesem Jahr rund 1,5 Milliarden Dollar an Investitionen zu sichern, was ihre jährliche Durchschnittsinvestition erheblich übersteigt. Die aktuelle Investitionspipeline beträgt etwa 350 Millionen Dollar, ohne die größeren Portfoliomöglichkeiten, die derzeit überprüft werden.
CareTrust REIT konzentriert sich auf den Besitz, Erwerb, die Entwicklung und Vermietung von Pflegeeinrichtungen, Seniorenwohnungen und anderen gesundheitsbezogenen Immobilien in den USA.
- Unsecured revolving credit facility doubled to $1.2 billion.
- S&P Global Ratings upgraded corporate rating to BB+.
- S&P Global Ratings upgraded issue-level rating on unsecured notes to BBB-.
- On track to close approximately $1.5 billion in investments this year.
- Current investment pipeline of approximately $350 million.
- None.
Insights
The doubling of CareTrust REIT's unsecured revolving credit facility to
The projected
For retail investors: Think of this like getting both a credit limit increase and a credit score upgrade on your credit card, but at a corporate scale. The lower interest rates and increased borrowing capacity allow CareTrust to acquire more properties at better terms, potentially driving higher FFO (Funds From Operations) and dividend growth.
The healthcare REIT sector is experiencing a significant transformation and CareTrust's enhanced credit profile positions it advantageously. The expanded facility's timing aligns perfectly with market conditions where healthcare property valuations are becoming more attractive. The
The investment-grade rating is particularly noteworthy as it opens doors to cheaper financing options and a broader investor base. This could lead to more favorable bond issuances and potentially lower the company's weighted average cost of capital. The robust pipeline of
The company also announced that S&P Global Ratings has upgraded CareTrust’s corporate rating to BB+ and upgraded its issue-level rating on CareTrust’s unsecured notes to BBB-.
Bill Wagner, Chief Financial Officer said, “Our renewed credit facility is supported by banks who have been with us from day one and also a few who are newer to our story. We are thrilled to have such a strong group who not only provide optionality for us but also seek to bring us valuable ideas to accelerate our growth.” Mr. Wagner went on to state that, “This credit facility provides a vital means for financing future acquisitions of any size.”
Dave Sedgwick, Chief Executive Officer said, “We are on pace to close on approximately
About CareTrust™
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the following: industry and demographic conditions, the investment environment, the Company’s investment pipeline, and financing strategy.
Words such as “anticipate,” “believe,” “could,” “expect,” “estimate,” “intend,” “may,” “plan,” “seek,” “should,” “will,” “would,” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company’s forward-looking statements are based on management’s current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company’s operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability and willingness of our tenants to meet and/or perform their obligations under the triple-net leases we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (iii) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants; (iv) the ability of our tenants to comply with applicable laws, rules and regulations in the operation of the properties we lease to them; (v) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vi) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, and (b) suitable acquisition opportunities and the ability to acquire and lease the respective properties to such tenants on favorable terms; (vii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (viii) access to debt and equity capital markets; (ix) fluctuating interest rates; (x) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xi) the ability to retain our key management personnel; (xii) the ability to maintain our status as a real estate investment trust (“REIT”); (xiii) changes in the
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CareTrust REIT, Inc.
(949) 542-3130
ir@caretrustreit.com
Source: CareTrust REIT, Inc.
FAQ
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