Caretrust Stock Price, News & Analysis

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.

The Board of Directors of CareTrust REIT (NASDAQ:CTRE) has promoted David Sedgwick to President, while he retains his role as Chief Operating Officer. This decision underscores Sedgwick's vital contributions to the company's growth. He will oversee key activities such as investing and investor relations. Notably, CareTrust REIT has achieved a 23% compound annual growth rate in total shareholder return over the last five years. Sedgwick's extensive experience in healthcare operations and real estate investments positions him well for this leadership role.

CareTrust REIT (NASDAQ:CTRE) announced the appointment of James Callister as General Counsel and Secretary, and the promotion of Lauren Beale to Senior Vice President and Controller. Both individuals have been key contributors since the company's inception. Greg Stapley, CEO, highlighted their roles in enhancing the management team and driving future success. Beale has expanded her responsibilities in finance and investor relations, while Callister brings extensive experience in real estate and healthcare transactions. This leadership transition aims to solidify CareTrust's growth prospects.

CareTrust REIT (NASDAQ:CTRE) announced it will release its fourth quarter and full year 2020 financial results on February 10, 2021, after U.S. markets close. The company will host a conference call to discuss the results on February 11, 2021, at 1:00 p.m. ET. Investors can participate via phone or listen online. CareTrust REIT focuses on owning and leasing skilled nursing and healthcare-related properties, emphasizing growth through acquisitions and quality operators. Further information is accessible on their investor website.

CareTrust REIT (NASDAQ:CTRE) disclosed the tax status of its 2020 dividends, reporting a total of $1.00 distributed to shareholders, with $0.75 qualifying as ordinary dividends. For tax purposes, the January 2021 distribution is classified as a 2021 distribution due to earnings exceeding cash distributions in 2020. Record shareholders will see $0.25 reported in 2021, not 2020. Tax implications vary by state, and the company advises consulting tax advisors regarding reporting these dividends.