CareTrust REIT(US:CTRE)2025-05-01 20:45Company Overview - CareTrust REIT has expanded its portfolio to 249 net-leased healthcare properties across 32 states with 27,229 operating beds/units as of March 31, 2025 [15] - The company also holds 21 other real estate related investments tied to 113 healthcare properties across 17 states, consisting of 11,968 operating beds/units, and one financing receivable related to 46 properties in one state consisting of 3,820 operating beds/units [15] - As of March 31, 2025, the company's investments totaled $3,633 million across 408 properties with 43,017 operating beds/units in 34 states [19] Financial Performance - For the three months ended March 31, 2025, total revenues were $96621 thousand, including $71646 thousand in rental income and $2807 thousand in interest income from financing receivable [49] - Net income attributable to CareTrust REIT, Inc for the three months ended March 31, 2025, was $65802 thousand, or $035 per basic and diluted share [49] - Normalized FFO attributable to CareTrust REIT, Inc for the quarter ended March 31, 2025, was $77848 thousand, or $042 per share [50] - Normalized FAD attributable to CareTrust REIT, Inc for the quarter ended March 31, 2025, was $80800 thousand [51] Portfolio Composition and Diversification - As of March 31, 2025, skilled nursing facilities comprised 579% of the total investment in real estate properties, generating 592% of the total rent/interest with a current yield of 102% [33] - The Ensign Group is the largest tenant, accounting for 272% of total rent from net-leased assets [34] - California represents the largest geographic concentration, contributing 221% of total rent and interest [39] Debt and Capital Structure - As of March 31, 2025, total debt was $825 million, with a weighted average interest rate of 4698% [59] - The company has a $400 million senior unsecured notes payable at 3875% due in 2028 and $425 million outstanding on its unsecured revolving credit facility [59] - The company's consolidated leverage ratio was 209% as of March 31, 2025, well below the maximum requirement of 60% [64] Future Outlook - The company's full-year 2025 guidance for Normalized FFO is $169 to $173 per share and for Normalized FAD is $173 to $177 per share [65]