CareTrust REIT Publishes Inaugural Corporate Social Responsibility Report
CareTrust REIT (Nasdaq:CTRE) has released its inaugural Corporate Social Responsibility (CSR) Report, showcasing its commitment to environmental, social, and governance (ESG) initiatives. CEO Greg Stapley emphasized the company's progress since 2019 in addressing ESG priorities despite challenges faced as a triple-net landlord. The report highlights a proprietary Tenant ESG Program that incentivizes tenants to implement positive changes. CareTrust plans to produce annual CSR reports and aligns its reporting with Global Reporting Initiative (GRI) Standards to enhance transparency for stakeholders.
- Release of inaugural CSR Report reflects commitment to ESG initiatives.
- Implementation of Tenant ESG Program incentivizes positive tenant actions.
- Plans for annual CSR reports enhance transparency for investors.
- Triple-net lease structure complicates direct management of properties' ESG initiatives.
SAN CLEMENTE, Calif., Aug. 19, 2021 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq:CTRE) today published its inaugural Corporate Social Responsibility (CSR) Report, reflecting its commitment to provide regular and transparent reporting on the company’s environmental, social and governance (ESG) initiatives.
“This first CSR Report, and the high level of accountability it reflects, is a major step in the process we began in 2019 to advance the company’s ESG priorities in our decision-making and reporting practices,” said Greg Stapley, CareTrust’s Chairman and Chief Executive Officer. Mr. Stapley noted that the company published a number of ESG-related policies in 2019 and 2020, all of which are available in the Investors section of the company’s website. “Although there is more that we are anxious to accomplish, we are excited about the significant progress we’ve made on ESG in a relatively short period of time, and we believe our shareholders will be pleased as well,” he added.
Mr. Stapley noted that, as a “triple-net” landlord, CareTrust faces unique challenges that do not affect most other public REITs when addressing ESG matters. Under a traditional triple-net lease structure, the landlord cannot unilaterally make changes in its properties but must secure the cooperation of the tenant, who has near-exclusive control over all management, maintenance and improvement decisions, including those with ESG implications. “To address this challenge, we have implemented our proprietary Tenant Code of Conduct & Corporate Responsibility or ‘Tenant ESG Program,’ which provides economic incentives for participating tenants to make positive social and environmental changes in our portfolio,” Mr. Stapley said. He noted that the new CSR Report includes an example of one recent project completed with CareTrust-provided incentive funds under the Tenant ESG Program.
CareTrust’s ESG programs are overseen by both a standing Sustainability & Corporate Responsibility Committee of the Board of Directors and a multi-disciplinary internal Environmental, Social, and Governance Steering Committee made up of staff from across the company. “We are grateful to our board for giving ESG a high priority, and especially to our internal ESG Committee which has taken the laboring oar in advancing our ESG initiatives and preparing this CSR Report,” said Mr. Stapley. He affirmed that CareTrust intends to produce similar reports annually to update stakeholders on CareTrust’s ongoing progress with respect to its ESG priorities.
The CSR Report’s framework reflects the company’s election to correlate its ESG reporting to the Global Reporting Initiative (GRI) Standards generally, and to build its reporting practices around the February 2019 NAREIT Guide to ESG Reporting Frameworks. CareTrust’s 2020 CSR report and additional information about the Company’s ESG initiatives can be found in the Investors section of the company’s website at www.caretrustreit.com
About CareTrustTM
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 the United States. More information about CareTrust REIT is available at www.caretrustreit.com.
Contact:
CareTrust REIT, Inc.
(949) 542-3130
ir@caretrustreit.com
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