CareTrust REIT(CTRE)

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CareTrust REIT(CTRE) - 2022 Q2 - Quarterly Report
2022-08-03 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36181 CareTrust REIT, Inc. (Exact name of registrant as specified in its charter) Maryland 46-3999490 (State o ...
CareTrust REIT(CTRE) - 2022 Q1 - Earnings Call Presentation
2022-05-06 21:13
Exhibit 99.2 First Quarter 2022 Financial Supplement Disclaimers This supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding our intent, belief or expectations, including, but not limited to, statements regarding future financial and financing plans, business and acquisition strategies, growth prospects, operating and financ ...
CareTrust REIT(CTRE) - 2022 Q1 - Earnings Call Transcript
2022-05-06 19:29
Financial Data and Key Metrics Changes - Normalized FFO grew by 5.2% year-over-year to $35.9 million, while normalized FAD increased by 4.8% to $37.9 million [21] - On a per share basis, normalized FFO rose by 2.8% to $0.37, and normalized FAD grew by 2.6% to $0.39 [21] - Rental income for the quarter was $46 million, down from $49.1 million in Q4 2021, attributed to a $1.7 million decrease in cash rents and a reserve for doubtful accounts of $977,000 [21][22] Business Line Data and Key Metrics Changes - Approximately 95% of rent was collected in the quarter, with April collections at 93% [9] - Skilled nursing occupancy remained stable at 71.4%, compared to pre-pandemic levels of 78% [9] - Seniors housing occupancy increased by 100 basis points to 77%, compared to a low of 75% in November [9] Market Data and Key Metrics Changes - The M&A market for skilled nursing and seniors housing assets remains mixed, with a wide spectrum of opportunities from non-stable to Class A assets [15] - The current pipeline is estimated to be in the range of $150 million to $175 million, predominantly consisting of skilled nursing assets [18][52] Company Strategy and Development Direction - The company plans to reposition 32 assets, with 3 properties being repurposed into substance addiction recovery centers [7][10] - A partnership with a leading bridge-to-HUD lender aims to support growth in both existing and new operator relationships [11] - Key personnel changes have been made to enhance growth, including hiring a Vice President of Asset Management [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting that the worst appears to be behind operators [9] - The company is focused on finding and supporting best-in-class operators, particularly in the skilled nursing and behavioral health sectors [13][54] - Management anticipates that the behavioral health sector will continue to attract institutional capital, leading to more sophisticated operators entering the market [60] Other Important Information - An impairment charge of $59.7 million was recorded due to the decision to sell 27 assets [22] - The company maintains strong liquidity with approximately $25 million in cash and $495 million available under its revolver [24] Q&A Session Summary Question: What is the expected dollar value of the 27 assets being sold? - Management indicated it is too early to provide a range for proceeds, as bids have not yet started rolling in [26] Question: Can you provide the new book value post-impairment? - The new book value can be found in the 10-Q filing [27] Question: Do you expect any new watch list tenants to emerge? - Management does not expect new additions to the watch list, as they are proactively managing existing tenants [29] Question: What is the mix between skilled nursing facilities and seniors housing in the repositioning plan? - The vast majority of the 32 assets are seniors housing, not skilled nursing [32] Question: How do you see valuations affected by rising interest rates? - Rising interest rates have not yet affected valuations, but future quarters may see changes as interest rates fluctuate [46] Question: What is the expected yield on the repurposed addiction recovery centers? - The expected stabilized lease coverage is north of 3x, with occupancy anticipated to be in the 90s [41]
CareTrust REIT(CTRE) - 2022 Q1 - Quarterly Report
2022-05-04 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36181 CareTrust REIT, Inc. (Exact name of registrant as specified in its charter) Maryland 46-3999490 (State ...
CareTrust REIT(CTRE) - 2021 Q4 - Earnings Call Presentation
2022-02-18 16:12
Exhibit 99.2 Fourth Quarter 2021 Financial Supplement Disclaimers This supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding our intent, belief or expectations, including, but not limited to, statements regarding future financial and financing plans, business and acquisition strategies, growth prospects, operating and finan ...
CareTrust REIT(CTRE) - 2021 Q4 - Earnings Call Transcript
2022-02-18 00:04
Financial Data and Key Metrics Changes - In Q4 2021, normalized FFO grew by 9% year-over-year to $37.3 million, while normalized FAD increased by 11.5% to $39.8 million [20] - On a per share basis, normalized FFO rose by 8.3% to $0.39, and normalized FAD grew by 10.8% to $0.41 [20] - Cash collections for the quarter were 100% of contractual cash rent, with January collections at 93% and February at 92% [20] Business Line Data and Key Metrics Changes - The company reported a flat occupancy rate across skilled nursing and seniors housing in Q4, impacted by the Omicron variant [7][8] - The company is pursuing the sale or repurposing of up to 32 assets, representing approximately 10% of contractual rent, to improve the risk profile of its portfolio [10][12] Market Data and Key Metrics Changes - The market for nursing homes is described as robust, with limited supply leading to significant bidding for available assets [16] - The company anticipates that the tight supply will loosen as more owners consider selling their assets due to the drying up of stimulus and a tighter labor market [18] Company Strategy and Development Direction - The company plans to repurpose some of the identified assets into behavioral health facilities, marking a new growth vertical [12][14] - The management is focused on proactively addressing underperforming operators and properties to strengthen the portfolio [10][38] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the pandemic, particularly the impact of the Omicron variant on employee infection rates and labor costs [8][47] - The company is optimistic about the potential for new investments and partnerships, particularly in the behavioral health sector [12][14] Other Important Information - The company has postponed guidance for 2022 until there is more clarity on the sale or repurposing of the identified assets [21] - The management emphasized the importance of maintaining a strong balance sheet and liquidity, with approximately $13 million in cash and $510 million available under the revolver [20] Q&A Session Summary Question: Opportunity in Behavioral Health - Management expressed interest in the behavioral health sector, noting potential for acquiring distressed facilities and repurposing them [22][23] Question: Sales and Repositioning of Assets - Management indicated that all options are on the table for redeploying proceeds from asset sales, including investments in behavioral health [29][30] Question: Coverage Levels and Timing - Management expects coverage levels to improve as they address the identified properties, with sales likely executed by summer [39][40] Question: Dividend Safety - Management reassured that there are no concerns regarding the safety of the dividend, with decisions on increases to be made in March [70]
CareTrust REIT(CTRE) - 2021 Q4 - Annual Report
2022-02-15 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-36181 CareTrust REIT, Inc. (Exact name of registrant as specified in its charter) Maryland 46-3999490 ( ...
CareTrust REIT(CTRE) - 2021 Q3 - Earnings Call Transcript
2021-11-08 23:49
Caretrust REIT Inc. (NYSE:CTRE) Q3 2021 Earnings Conference Call November 8, 2021 2:00 PM ET Company Participants Dave Sedgwick – President and Chief Operating Officer Greg Stapley – Chairman and CEO Lauren Beale – Senior Vice President and Controller Bill Wagner – Chief Financial Officer Mark Lamb – Chief Investment Officer Eric Gillis – Senior Vice President of Portfolio Management and Investments Conference Call Participants Juan Sanabria – BMO Capital Markets Jordan Sadler – KeyBanc Capital Markets Aman ...
CareTrust REIT(CTRE) - 2021 Q3 - Earnings Call Presentation
2021-11-08 19:41
Exhibit 99.2 �》 CARETRUST Third Quarter 2021 Financial Supplement 900 Disclaimers This supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding our intent, belief or expectations, including, but not limited to, statements regarding future financial and financing plans, business and acquisition strategies, growth prospects, ope ...
CareTrust REIT(CTRE) - 2021 Q3 - Quarterly Report
2021-11-07 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36181 CareTrust REIT, Inc. (Exact name of registrant as specified in its charter) Maryland 46-3999490 (St ...