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 (NYSE:CTRE) has announced the acquisition of two skilled nursing facilities in separate transactions, totaling a $62.1 million investment. The company acquired a 125-bed facility in the Mid-Atlantic for $37.7 million and a 134-bed facility on the West Coast for $24.5 million. The Mid-Atlantic facility is expected to generate $3.4 million in annual base rent, while the West Coast facility's current rent is $868,000 with a projected 10% stabilized yield by 2026.
CareTrust has also raised $190.2 million through its ATM program at an average price of $27.02 per share and initiated a new $750 million ATM program. The company's year-to-date investments total $827 million at an average yield of 9.5%, with a replenished pipeline of $230 million in near-term acquisition opportunities.
CareTrust REIT (NYSE:CTRE) reported strong Q2 2024 results, with investments of $267.7 million at a 9.9% estimated stabilized yield. The company collected 98.3% of contractual rent and interest, and achieved net income of $10.8 million ($0.07 per share). Normalized FFO was $52.5 million ($0.36 per share), while normalized FAD reached $54.0 million ($0.37 per share). CareTrust maintained a quarterly dividend of $0.29 per share, representing a 78% payout ratio on normalized FAD. The company's market cap grew 84% year-over-year. Post-quarter, CareTrust made additional investments totaling $378 million, bringing the year-to-date total to $764.5 million at a 9.5% estimated stabilized yield. The company has a strong liquidity position with $100 million in cash and an undrawn $600 million credit line.
CareTrust REIT (NYSE:CTRE) has announced $378 million in new investments, including a $260 million senior mortgage loan and a $43 million preferred equity investment for a 37-facility skilled nursing and seniors housing portfolio in the Pacific Northwest. The portfolio comprises 2,713 operating beds/units across eight states. The loan has a five-year maturity and 8.5% starting annual yield, while the preferred equity investment has an 11% contractual yield with a minimum seven-year hold period.
Additionally, CareTrust funded $75 million to acquire the remaining portion of a previously announced $165 million senior mortgage term loan. The company's year-to-date investments total $765 million at an average yield of 9.5%. CareTrust also revealed a replenished investment pipeline of $270 million in near-term real estate acquisition opportunities.
CareTrust REIT (NYSE:CTRE) has announced its plans to release second quarter 2024 financial results after U.S. markets close on Thursday, August 1, 2024. The company will host a conference call to discuss the results on Friday, August 2, 2024, at 1:00 p.m. Eastern Time. Investors can join the call using the toll-free number 1 (800) 715-9871 or the toll number 1 (646) 307-1963 with conference ID 2243604. A webcast will be available on the company's investor relations website, and a recording will be accessible for approximately 30 days following the call.
CareTrust REIT is a self-administered, publicly-traded real estate investment trust specializing in healthcare-related properties, including skilled nursing and seniors housing facilities. The company focuses on both external and organic growth opportunities across the United States through property ownership, acquisition, development, and leasing.
CareTrust REIT has announced a quarterly cash dividend of $0.29 per common share, payable on July 15, 2024, to shareholders of record as of June 28, 2024. The company continues to focus on growth opportunities in skilled nursing, seniors housing, and other healthcare-related properties. CareTrust REIT is a self-administered real estate investment trust with a portfolio of long-term net-leased properties across the United States.
CareTrust REIT celebrates its 10-year anniversary with significant milestones, including two strategic transactions totaling $180 million and an expanded investment pipeline of $460 million. The company has achieved a total shareholder return of 247% since inception. Notable financial highlights include issuing 2.5 million shares at a gross price of $24.90, resulting in gross proceeds of $62.3 million and boosting the outstanding share count to 144.6 million. CareTrust REIT holds approximately $230 million in cash and full availability under its revolver, providing ample flexibility for future growth. The demographic surge in seniors aged 85 and older, coupled with a shrinking supply of facilities, positions CareTrust well for future demand.
CareTrust REIT (NYSE: CTRE) has released a new investor presentation and business update for NAREIT's REITweek 2024 Investor Conference.
CareTrust REIT owns, acquires, develops, and leases skilled nursing, seniors housing, and other healthcare properties across the U.S. The company focuses on both external and organic growth opportunities, holding a nationwide portfolio of long-term net-leased properties. The new presentation is available under the 'Events and Presentations' tab on the CareTrust website.
CareTrust REIT has funded a $90 million senior mortgage loan to support the acquisition of eight skilled nursing facilities in the Southeastern U.S. This loan, part of a total $165 million senior mortgage, carries a five-year maturity and an annual effective yield of 10.7%. The company also made a $9 million preferred equity investment in the borrower’s uptier parent entity, with a yield of 11%. Additionally, CareTrust announced the acquisition of five skilled nursing properties for $81 million, bringing total year-to-date investments to approximately $386 million. The company’s investment pipeline now includes $460 million in near-term opportunities. CareTrust has issued 2.5 million shares quarter-to-date, raising $62.3 million and increasing the total outstanding shares to 144.6 million. The company's current cash on hand is approximately $230 million.
CareTrust REIT (NYSE: CTRE) has acquired a portfolio of 5 skilled nursing facilities in the Southeastern U.S. for approximately $80.9 million, including transaction costs. The acquisition involves a new triple-net master lease with YAD Healthcare, featuring a 10-year initial term, two 5-year extension options, and a first-year lease yield of 9%. The deal was funded with cash on hand. Additionally, CareTrust provided $99 million in portfolio acquisition financing to a regional operator, bringing year-to-date investments to $386 million and the investment pipeline to $460 million.
The company issued 2.5 million shares at $24.90 each, generating $62.3 million in gross proceeds and now holds $230 million in cash. The outstanding share count stands at 144.6 million.
CareTrust REIT Announces First Quarter 2024 Operating Results
CareTrust REIT, Inc. (NYSE:CTRE) reported investments of $118.8 million for the quarter and $206.5 million year-to-date with a stabilized yield of 11.1% and 10.5%, respectively. They sold 11.6 million shares for $273.2 million, collected 98.0% of rent, earned $28.7 million in net income, and had a 3.6% dividend increase. CareTrust updated guidance for 2024, projecting net income of $1.01-$1.03 per share, normalized FFO of $1.42-$1.44, and normalized FAD of $1.46-$1.48 with a conference call scheduled on May 3, 2024.
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