CareTrust REIT, Inc. owns, acquires, develops and leases healthcare-related real estate, including skilled nursing facilities, seniors housing and care homes. The self-administered REIT generates rental revenue through long-term net-leased properties operated by healthcare providers, with a portfolio spanning the United States and the United Kingdom.
Company news commonly covers operating results, Normalized FFO and FAD guidance, dividend declarations, portfolio acquisitions, sale-leaseback investments, secured operator loans, tenant relationships and credit ratings. Updates also address balance-sheet capacity, debt maturities, revolving credit and common-equity funding programs used to support healthcare real estate growth.
CareTrust REIT (CTRE) has acquired two skilled nursing facilities in Montana for $16.5 million, marking its first acquisition during the Covid-19 pandemic. The facilities, Apple Rehab Cooney and Elkhorn Healthcare & Rehabilitation, will be operated by Eduro Healthcare, known for its strong operational track record. The deal is expected to increase annual cash rent by approximately $1.55 million under an existing master lease with a term of 9.5 years. This strategic acquisition highlights CareTrust's commitment to growth in the healthcare sector.
CareTrust REIT (CTRE) reported solid operating results for Q2 2020, with net income of $18.9 million ($0.20 per share) and normalized FFO of $32.1 million ($0.34 per share). Despite a decline in overall occupancy, the shift to higher-margin skilled patients has provided revenue support. The company maintained a net debt-to-normalized EBITDA ratio of 3.2x and has over $20 million in cash. CareTrust kept its 2020 guidance unchanged, projecting net income of $0.76 to $0.78 per share. A quarterly dividend of $0.25 per share was declared, remaining consistent with prior payouts.
CareTrust REIT (NASDAQ: CTRE) will announce its Q2 2020 financial results on August 6, 2020, post-market. A conference call for discussion will occur on August 7, 2020, at 1:00 p.m. ET. Investors can join via the dial-in number (844) 220-4972 (U.S./Canada) or (317) 973-4053 (International) with conference ID 9259158. The call will also be accessible through a webcast on CareTrust's investor website. CareTrust REIT is focused on the ownership and leasing of healthcare-related properties and is pursuing growth opportunities across the U.S.
CareTrust REIT (NASDAQ:CTRE) declared a quarterly cash dividend of $0.25 per common share, equating to a 71% payout ratio based on 2020 Q1 Funds Available for Distribution. CEO Greg Stapley noted a strong cash rent collection rate of 99.5% for June and the second quarter, indicating the security of the increased dividend. The dividend will be paid on July 15, 2020 to stockholders of record by June 30, 2020.
CareTrust REIT (CTRE) reported Q1 2020 results, showing a net income of $19.3 million or $0.20 per diluted share. Normalized funds from operations (FFO) reached $32.3 million ($0.34 per share), with normalized funds available for distribution (FAD) at $33.7 million ($0.35 per share). The company collected 99.3% of contract rents in April despite challenges from the COVID-19 pandemic. CareTrust increased its dividend to $0.25 and announced a $150 million share repurchase program. The company maintains a strong liquidity position with $525 million available on its credit line.
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