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) 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.
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.
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