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.
CareTrust REIT (NASDAQ:CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility in El Centro, California, from Bayshire Senior Communities. This off-market deal, completed in 45 days, enhances CareTrust's lease with Bayshire and addresses the local shortage of skilled nursing beds, with only 250 available for 9,500 annual hospital discharges. The acquisition will boost annual cash rent by approximately $804,000 in the first year and $940,000 in the second, with a 13-year lease and renewal options. CareTrust is investing $150,000 for initial improvements.
CareTrust REIT, Inc. (NASDAQ:CTRE) announced it will release its first quarter 2021 financial results after market close on May 6, 2021. A conference call to discuss these results and ongoing matters will take place on May 7, 2021, at 12:00 p.m. ET. Interested parties can join the call by dialing (844) 220-4972 in the U.S. or (317) 973-4053 internationally, with the conference ID 7456786. The company operates a portfolio of healthcare-related properties and continues to seek growth opportunities across the U.S.
CareTrust REIT (CTRE) announced an increase in its quarterly cash dividend from $0.25 to $0.265 per share. The dividend is payable to stockholders of record by March 31, 2021, and will be disbursed on or around April 15, 2021. The Chairman and CEO, Greg Stapley, highlighted the addition of $105.2 million in assets at an 8.9% yield during 2020, enabling a 6.0% annualized dividend increase. This decision reflects the company's strategy to align dividends with asset growth while maintaining a conservative payout ratio.
CareTrust REIT, Inc. (NASDAQ:CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in Santa Barbara, California, for approximately $15.9 million. The facility will continue operations under Covenant Care, which has a strong local presence. CareTrust's investment includes transaction costs and will leverage its $600 million unsecured revolving credit facility. The acquisition is expected to enhance CareTrust's relationship with Covenant Care, adding to its portfolio of long-term net-leased healthcare properties.
CareTrust REIT (NASDAQ:CTRE) has acquired four continuing care retirement communities (CCRCs) in California for approximately $126.1 million. These upscale communities, previously developed by Marriott, provide 637 beds across assisted living, skilled nursing, and memory care services. The properties will be operated by Bayshire Senior Communities and Aspen Skilled Healthcare. Initial cash rent for the first year is expected to be $8.6 million, increasing to $9.4 million in the second year. The deal enhances CareTrust's portfolio in strategically favorable locations.
CareTrust REIT (CTRE) reported solid Q4 2020 results with a net income of $21.1 million ($0.22 per share). Normalized FFO reached $34.2 million ($0.36 per share), reflecting resilience amid the COVID-19 pandemic. The company maintained a strong dividend and collected 99.3% of contract rents, showcasing its Operator First investment strategy. Key personnel changes were announced, promoting David Sedgwick to President and COO. The company forecasts 2021 net income between $0.84 and $0.86 per share, alongside a robust pipeline. A conference call is scheduled for February 11, 2021.
The Board of Directors of CareTrust REIT (NASDAQ:CTRE) has promoted David Sedgwick to President, while he retains his role as Chief Operating Officer. This decision underscores Sedgwick's vital contributions to the company's growth. He will oversee key activities such as investing and investor relations. Notably, CareTrust REIT has achieved a 23% compound annual growth rate in total shareholder return over the last five years. Sedgwick's extensive experience in healthcare operations and real estate investments positions him well for this leadership role.
CareTrust REIT (NASDAQ:CTRE) announced the appointment of James Callister as General Counsel and Secretary, and the promotion of Lauren Beale to Senior Vice President and Controller. Both individuals have been key contributors since the company's inception. Greg Stapley, CEO, highlighted their roles in enhancing the management team and driving future success. Beale has expanded her responsibilities in finance and investor relations, while Callister brings extensive experience in real estate and healthcare transactions. This leadership transition aims to solidify CareTrust's growth prospects.
CareTrust REIT (NASDAQ:CTRE) announced it will release its fourth quarter and full year 2020 financial results on February 10, 2021, after U.S. markets close. The company will host a conference call to discuss the results on February 11, 2021, at 1:00 p.m. ET. Investors can participate via phone or listen online. CareTrust REIT focuses on owning and leasing skilled nursing and healthcare-related properties, emphasizing growth through acquisitions and quality operators. Further information is accessible on their investor website.
CareTrust REIT (NASDAQ:CTRE) disclosed the tax status of its 2020 dividends, reporting a total of $1.00 distributed to shareholders, with $0.75 qualifying as ordinary dividends. For tax purposes, the January 2021 distribution is classified as a 2021 distribution due to earnings exceeding cash distributions in 2020. Record shareholders will see $0.25 reported in 2021, not 2020. Tax implications vary by state, and the company advises consulting tax advisors regarding reporting these dividends.
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