Caretrust Stock Price, News & Analysis

CareTrust REIT (CTRE) has approved a request from Five Oaks Healthcare to transfer operations of four skilled nursing facilities to affiliates of The Ensign Group (ENSG), effective June 1, 2021. This transaction adds the facilities to an existing long-term triple-net master lease, which has been extended by ten years to 2036. Ensign now accounts for approximately 32.4% of CareTrust's annualized rental revenues as of March 31, 2021, with lease coverage improving to 3.62x. This partnership reflects CareTrust's strategy to reduce tenant concentration while still benefiting from Ensign's strong performance.

CareTrust REIT (Nasdaq: CTRE) announced a private offering of $400 million in senior unsecured notes due in 2028. This offering is expected to appeal to qualified institutional buyers and non-U.S. persons. Proceeds will mainly be used to redeem 5.25% Senior Notes due 2025 and for repaying a portion of the revolving credit facility. The exact terms will depend on market conditions. The notes will not be registered under the Securities Act, and this announcement does not constitute an offer to sell securities.

CareTrust REIT (CTRE) reported strong operating results for Q1 2021, with 100% of contractual rents collected. The company posted a net income of $20.5 million ($0.21 per share), marking a 5.0% increase from the previous year. Normalized FFO and FAD also saw increases of 5.5% and 7.4%, respectively. CareTrust increased its dividend to $1.06 per share, with a payout ratio of 70%. The company forecasts normalized FFO of $1.46 to $1.48 and has made significant acquisitions totaling $151.7 million this year.

CareTrust REIT (NASDAQ:CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility in El Centro, California, from Bayshire Senior Communities. This off-market deal, completed in 45 days, enhances CareTrust's lease with Bayshire and addresses the local shortage of skilled nursing beds, with only 250 available for 9,500 annual hospital discharges. The acquisition will boost annual cash rent by approximately $804,000 in the first year and $940,000 in the second, with a 13-year lease and renewal options. CareTrust is investing $150,000 for initial improvements.

CareTrust REIT, Inc. (NASDAQ:CTRE) announced it will release its first quarter 2021 financial results after market close on May 6, 2021. A conference call to discuss these results and ongoing matters will take place on May 7, 2021, at 12:00 p.m. ET. Interested parties can join the call by dialing (844) 220-4972 in the U.S. or (317) 973-4053 internationally, with the conference ID 7456786. The company operates a portfolio of healthcare-related properties and continues to seek growth opportunities across the U.S.

CareTrust REIT (CTRE) announced an increase in its quarterly cash dividend from $0.25 to $0.265 per share. The dividend is payable to stockholders of record by March 31, 2021, and will be disbursed on or around April 15, 2021. The Chairman and CEO, Greg Stapley, highlighted the addition of $105.2 million in assets at an 8.9% yield during 2020, enabling a 6.0% annualized dividend increase. This decision reflects the company's strategy to align dividends with asset growth while maintaining a conservative payout ratio.

CareTrust REIT, Inc. (NASDAQ:CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in Santa Barbara, California, for approximately $15.9 million. The facility will continue operations under Covenant Care, which has a strong local presence. CareTrust's investment includes transaction costs and will leverage its $600 million unsecured revolving credit facility. The acquisition is expected to enhance CareTrust's relationship with Covenant Care, adding to its portfolio of long-term net-leased healthcare properties.

CareTrust REIT (NASDAQ:CTRE) has acquired four continuing care retirement communities (CCRCs) in California for approximately $126.1 million. These upscale communities, previously developed by Marriott, provide 637 beds across assisted living, skilled nursing, and memory care services. The properties will be operated by Bayshire Senior Communities and Aspen Skilled Healthcare. Initial cash rent for the first year is expected to be $8.6 million, increasing to $9.4 million in the second year. The deal enhances CareTrust's portfolio in strategically favorable locations.

CareTrust REIT (CTRE) reported solid Q4 2020 results with a net income of $21.1 million ($0.22 per share). Normalized FFO reached $34.2 million ($0.36 per share), reflecting resilience amid the COVID-19 pandemic. The company maintained a strong dividend and collected 99.3% of contract rents, showcasing its Operator First investment strategy. Key personnel changes were announced, promoting David Sedgwick to President and COO. The company forecasts 2021 net income between $0.84 and $0.86 per share, alongside a robust pipeline. A conference call is scheduled for February 11, 2021.