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 (CTRE) reported Q3 2022 results, highlighting 93.4% of contractual rents collected and a net income of $0.7 million, or $0.01 per share. The normalized FFO reached $36.1 million, with a dividend of $0.275 per share, a 71% payout ratio on normalized FAD. For the quarter, skilled nursing occupancy increased by 0.7%, while seniors housing occupancy grew by 1.7%. The company also announced the sale of the Trio skilled nursing portfolio for $52 million and successfully financed two skilled nursing portfolios worth over $47 million, indicating a stable operational environment. A conference call is scheduled for November 9.
CareTrust REIT (NYSE:CTRE) plans to release its Q3 2022 financial results on November 8, 2022, after U.S. market close. The management team will host a conference call on November 9, 2022, at 1:00 PM ET to discuss the results. Investors can join the call through a toll-free number or access it via webcast on their website. CareTrust REIT focuses on the acquisition and leasing of healthcare-related properties across the U.S., aiming for both organic and external growth in its operations.
CareTrust REIT, Inc. (NYSE:CTRE) has successfully completed the sale of seven skilled nursing facilities in Ohio for $52 million. This transaction results in the termination of the company’s master lease with Trio Healthcare. The facilities encompass around 600 skilled nursing beds and approximately 100 seniors housing beds. CEO Dave Sedgwick emphasized the significance of this achievement in the context of their strategy to de-risk the portfolio, with plans to address the remaining 25 properties by year-end.
CareTrust REIT (NYSE:CTRE) has declared a quarterly cash dividend of
CareTrust REIT, Inc. (NYSE:CTRE) announced a $24.9 million B-piece secured financing for a portfolio of four skilled nursing assets located in the Southeast, comprising around 700 beds. The loan has a three-year maturity with two one-year extensions and an annual interest rate of 9.00%. Funded with cash on hand, this financing marks the beginning of a new partnership with a Southeast operator, with plans to explore further growth opportunities through acquisitions and leaseback activities.
CareTrust REIT (NYSE:CTRE) reported its Q2 2022 results, achieving 93.9% of contractual rents collected. The company posted a net income of $20.7 million ($0.21/share) and normalized FFO of $35.6 million ($0.37/share), reflecting a 0.7% and 1.7% decline year-over-year, respectively. The quarterly dividend was maintained at $0.275 per share, with a 71% payout ratio on normalized FAD. CareTrust’s management noted challenges from inflation and rising rates but sees opportunities in the skilled nursing sector. A conference call is scheduled for August 5, 2022.
CareTrust REIT (NYSE:CTRE) has announced a $22.25 million secured loan for acquiring a five-asset skilled nursing portfolio in California, comprising around 600 beds. This loan features a three-year maturity with two optional one-year extensions and an annual SOFR-based interest rate starting at 8.5%. CEO Dave Sedgwick expressed enthusiasm for the acquisition, highlighting the strong relationships with the borrower and operators, as well as the strategic location of the facilities within premier California markets.
CareTrust REIT, Inc. (CTRE) has announced plans to release its second quarter 2022 financial results after U.S. market close on August 4, 2022. Management will conduct a conference call for current and prospective investors on August 5, 2022, at 1:00 PM ET to discuss these results. Investors can register for the call here. Further details can be found in the Investor's section of the CareTrust REIT website.
CareTrust REIT, Inc. (NYSE:CTRE) has promoted James Callister from General Counsel to Executive Vice President. CEO Dave Sedgwick praised Callister's substantial contributions since joining the company in 2021, highlighting his expertise in healthcare real estate transactions. Callister has been integral in structuring and negotiating equity and debt investments, as well as managing tenant relationships. With nearly 20 years of legal experience, he has facilitated over $2.5 billion in healthcare REIT transactions across 35 states.
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