CareTrust REIT(US:CTRE)2025-11-05 21:08Financial Performance - Rental income for the three months ended September 30, 2025, was $104,265,000, a significant increase of 82.5% compared to $57,153,000 for the same period in 2024[13]. - Net income attributable to CareTrust REIT, Inc. for the nine months ended September 30, 2025, was $209,248,000, compared to $72,945,000 for the same period in 2024, reflecting a growth of 186.5%[13]. - Total revenues for the three months ended September 30, 2025, reached $132,444,000, up 70.9% from $77,381,000 in the same quarter of 2024[13]. - The company reported a basic earnings per share of $0.35 for the three months ended September 30, 2025, compared to $0.21 for the same period in 2024, indicating a 66.7% increase[13]. - Net income for the quarter ending September 30, 2025, was $74,901,000, compared to $65,802,000 for the previous quarter, representing an increase of approximately 14%[18]. - The company recorded total comprehensive income of $59,583,000 for the three months ended September 30, 2025, compared to $33,441,000 for the same period in 2024, an increase of 78.1%[16]. - The total expenses for the nine months ended September 30, 2025, were $144.861 million, compared to $133.298 million in 2024, representing an 8.7% increase[168]. Asset and Equity Growth - Total assets increased to $5,088,920,000 as of September 30, 2025, up from $3,437,016,000 as of December 31, 2024, representing a growth of approximately 48.3%[11]. - Cash and cash equivalents rose to $712,480,000 as of September 30, 2025, compared to $213,822,000 as of December 31, 2024, marking an increase of 233.5%[11]. - The company’s total stockholders' equity increased to $3,994,166,000 as of September 30, 2025, up from $2,908,417,000 as of December 31, 2024, reflecting a growth of 37.3%[11]. - As of September 30, 2025, CareTrust REIT, Inc. reported total stockholders' equity of $3,994,166,000, an increase from $3,300,532,000 at June 30, 2025, reflecting a growth of approximately 21%[18]. Liabilities and Debt - Total liabilities increased to $1,071,710,000 as of September 30, 2025, from $507,633,000 as of December 31, 2024, representing a rise of 111.6%[11]. - The company has $900,000,000 in total debt as of September 30, 2025, including $400,000,000 in senior unsecured notes payable and $500,000,000 in senior unsecured term loans[132]. - The weighted average interest rate on the Company's outstanding debt as of September 30, 2025, was 4.29%[153]. Real Estate Investments - As of September 30, 2025, CareTrust REIT owned 399 skilled nursing facilities and other healthcare-related properties with a total of 36,192 operational beds and units[26]. - The total carrying value of real estate-related investments was $871.3 million, with an additional financing receivable of $98.1 million[26]. - The Care REIT Acquisition involved a cash payment of approximately $595.4 million and the assumption of liabilities totaling $290.9 million[42]. - The total consideration for the Care REIT Acquisition was $622.9 million, allocated primarily to real estate investments valued at $851.3 million[43]. - The company completed real estate acquisitions totaling $1.09 billion with an initial annual cash rent of $87.9 million for the nine months ended September 30, 2025[59]. Cash Flow and Dividends - Common dividends declared were $0.335 per share, totaling $74,806,000 for the quarter ending September 30, 2025[18]. - Cash flows from operating activities increased to $273,069 for the nine months ended September 30, 2025, up from $169,043 in 2024[24]. - The company reported a net cash used in investing activities of $901,048 for the nine months ended September 30, 2025, compared to $828,087 in 2024[24]. Market and Regulatory Environment - Major operator Ensign contributed 17% of total revenue for the three months ended September 30, 2025, down from 25% in the same period of 2024[183]. - California represented 22% of total revenue for the three months ended September 30, 2025, a decrease from 28% in the same period of 2024[184]. - The Centers for Medicare and Medicaid Services approved a 3.2% net increase in Medicare Part A payments to skilled nursing facilities for fiscal year 2026[205]. - Idaho implemented a 4% Medicaid reimbursement rate cut, while North Carolina reduced rates by 3% to 10%, potentially impacting tenant operations[201]. Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2025, was $2.493 million, up from $1.143 million in 2024, a 118.9% increase[164]. - The unvested balance of restricted stock awards as of September 30, 2025, was 553,979 shares, with a weighted average share price of $25.67[163]. - The company has authorized 5,000,000 shares for stock-based compensation under its Incentive Award Plan[161].