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.
On December 17, 2020, CareTrust REIT (NASDAQ:CTRE) declared a quarterly cash dividend of $0.25 per share, to be paid on or about January 15, 2021, to shareholders of record as of December 31, 2020. Despite the challenges posed by the COVID-19 pandemic, the company reported a 99.7% collection rate of its contractual cash rents for the fourth quarter. This strong performance highlights the adaptability and resilience of CareTrust's tenants in a difficult economic climate.
CareTrust REIT (NASDAQ:CTRE) announced a $15 million secured mezzanine loan to Next Healthcare for acquiring a nine-property skilled nursing portfolio in Virginia, comprising around 1,000 beds. This transaction aims to bolster relationships and aligns with CareTrust's investment philosophy of enhancing superior care outcomes. The loan features a five-year maturity with a 12% annual interest rate and is financed through CareTrust’s $600 million unsecured revolving credit facility.
CareTrust REIT (NASDAQ:CTRE) announced the acquisition of four post-acute care facilities in the Dallas-Ft. Worth area for $47.6 million. The portfolio includes 554 skilled nursing beds and 24 assisted living beds, currently leased to The Ensign Group. With an in-place EBITDAR rent coverage exceeding 2.0x, this strategic acquisition increases CareTrust's rent concentration with Ensign from 31.5% to 33.0%. The acquisition is funded through cash on hand and a $600 million credit facility, with existing leases providing approximately $3.8 million annually.
CareTrust REIT (CTRE) reported Q3 2020 results with net income of $21.6 million ($0.23/share) and normalized FFO of $32.5 million ($0.34/share). The company maintains a net debt-to-normalized EBITDA ratio of 3.1x, well within its target range. CareTrust acquired two skilled nursing facilities for $16.6 million, enhancing its portfolio. The company increased its 2020 guidance, projecting net income of $0.83 to $0.84 per share. A quarterly dividend of $0.25 was declared, maintaining a payout ratio of 74%.
CareTrust REIT, Inc. (NASDAQ:CTRE) will release its third quarter 2020 financial results on November 5, 2020, after market close. A conference call is scheduled for November 6, 2020, at 2:00 p.m. ET for management to discuss the results. Investors can participate via phone or listen online. CareTrust REIT focuses on the ownership, acquisition, development, and leasing of healthcare-related properties across the U.S., aiming for both external growth and organic expansion. For more information, visit their website.
CareTrust REIT (NASDAQ: CTRE) has declared a quarterly cash dividend of $0.25 per share, payable on or about October 15, 2020, to stockholders of record by September 30, 2020. The company increased its annual dividend by approximately 11% in March 2020, demonstrating resilience amidst COVID-19 uncertainties. CareTrust reported a strong cash rent collection rate of 99% for both August and September 2020. Chairman and CEO Greg Stapley assured that the dividend remains secure, emphasizing the company's conservative payout ratio.
CareTrust REIT (CTRE) has acquired two skilled nursing facilities in Montana for $16.5 million, marking its first acquisition during the Covid-19 pandemic. The facilities, Apple Rehab Cooney and Elkhorn Healthcare & Rehabilitation, will be operated by Eduro Healthcare, known for its strong operational track record. The deal is expected to increase annual cash rent by approximately $1.55 million under an existing master lease with a term of 9.5 years. This strategic acquisition highlights CareTrust's commitment to growth in the healthcare sector.
CareTrust REIT (CTRE) reported solid operating results for Q2 2020, with net income of $18.9 million ($0.20 per share) and normalized FFO of $32.1 million ($0.34 per share). Despite a decline in overall occupancy, the shift to higher-margin skilled patients has provided revenue support. The company maintained a net debt-to-normalized EBITDA ratio of 3.2x and has over $20 million in cash. CareTrust kept its 2020 guidance unchanged, projecting net income of $0.76 to $0.78 per share. A quarterly dividend of $0.25 per share was declared, remaining consistent with prior payouts.
CareTrust REIT (NASDAQ: CTRE) will announce its Q2 2020 financial results on August 6, 2020, post-market. A conference call for discussion will occur on August 7, 2020, at 1:00 p.m. ET. Investors can join via the dial-in number (844) 220-4972 (U.S./Canada) or (317) 973-4053 (International) with conference ID 9259158. The call will also be accessible through a webcast on CareTrust's investor website. CareTrust REIT is focused on the ownership and leasing of healthcare-related properties and is pursuing growth opportunities across the U.S.
CareTrust REIT (NASDAQ:CTRE) declared a quarterly cash dividend of $0.25 per common share, equating to a 71% payout ratio based on 2020 Q1 Funds Available for Distribution. CEO Greg Stapley noted a strong cash rent collection rate of 99.5% for June and the second quarter, indicating the security of the increased dividend. The dividend will be paid on July 15, 2020 to stockholders of record by June 30, 2020.
FAQ
What is the current stock price of CareTrust REIT (CTRE)?
What is the market cap of CareTrust REIT (CTRE)?
What does CareTrust REIT, Inc. specialize in?
How does CareTrust generate revenue?
What is a triple-net lease arrangement?
When was CareTrust REIT, Inc. founded?
Who are CareTrust's partners?
How many properties does CareTrust own?
What is CareTrust’s relationship with The Ensign Group?
What states does CareTrust operate in?
What are some recent achievements of CareTrust?
How does CareTrust ensure quality tenant operations?
