Caretrust Stock Price, News & Analysis

CareTrust REIT has announced a binding agreement to acquire a $500 million portfolio of 31 skilled nursing facilities through a joint venture. The portfolio includes 3,290 licensed beds, with 30 facilities in Tennessee and 1 in Alabama. The transaction is expected to close in Q4 2024. PACS Group will operate 12 facilities, Ensign Group 9 facilities, Links Healthcare 7 facilities, and a new regional operator 3 facilities. CareTrust's investment in the joint venture will be approximately $442 million with an initial yield of 9.0%. The company's updated investment pipeline stands at $700 million.

PACS Group (NYSE: PACS) has announced plans to acquire operations of 12 skilled nursing facilities in Tennessee, totaling 1,310 skilled nursing beds. The facilities will be leased from CareTrust REIT through a long-term, triple net lease agreement. The lease includes purchase options for six facilities between years four and seven. The acquisition marks PACS's entry into Tennessee and is expected to close in Q4 2024, subject to customary closing conditions.

CareTrust REIT (NYSE:CTRE) has scheduled its third quarter 2024 financial results release for Tuesday, October 29, 2024, after U.S. markets close. The company will host a conference call on Wednesday, October 30, 2024, at 1:00 p.m. Eastern Time to discuss the results. Investors can join via toll-free number 1 (800) 715-9871 or toll number 1 (646) 307-1963 with conference ID 2243604. A webcast will be available on the company's investor website, with replay access for approximately 30 days following the call.

CareTrust REIT has released its fourth annual Corporate Sustainability report, highlighting progress in Environmental, Social, and Governance (ESG) initiatives. The company, which operates through triple-net master leases, promotes sustainable practices among third-party operators by offering financial incentives for environmental projects and incorporating green lease clauses.

Key achievements include:

• Identifying the top 20 most resource-intensive properties
• Implementing two environmental improvement projects through a tenant incentive program
• Increasing leases with ESG requirements by 10%
• Assessing energy reduction from LED lighting retrofits
• Enhancing employee well-being and professional development
• Boosting charitable giving
• Strengthening cybersecurity measures
• Developing a portfolio Resilience Strategy for climate-related risks

The report aligns with Global Reporting Initiative (GRI) standards and includes frameworks like the Task Force on Climate-related Financial Disclosures (TCFD). CareTrust REIT was awarded Prime status by ISS ESG in their ESG Corporate Rating on March 21, 2024.

CareTrust REIT has acquired a 4-facility, 396-bed/unit skilled nursing portfolio in the Mid-Atlantic for $74.7 million. The acquisition includes a triple-net master lease with a new operator, featuring a 15-year initial term and a 9.3% year 1 contractual lease yield. This brings CareTrust's year-to-date investments to over $900 million.

In September 2024, CareTrust raised $309.9 million through its ATM program and paid off a $200 million term loan. The company currently has $280 million in cash and a reloaded investment pipeline of $240 million in near-term opportunities. CareTrust's CEO, Dave Sedgwick, stated that the company is well-positioned for growth as it enters the final quarter of 2024.

CareTrust REIT (NYSE:CTRE) has announced a quarterly cash dividend of $0.29 per common share. The dividend will be paid to stockholders of record as of the close of business on September 30, 2024, with the payment expected around October 15, 2024. CareTrust REIT is a self-administered, publicly-traded real estate investment trust specializing in healthcare-related properties. The company focuses on skilled nursing, seniors housing, and other healthcare facilities across the United States. With a portfolio of long-term net-leased properties and quality operators, CareTrust REIT is actively pursuing both external and organic growth opportunities nationwide.

CareTrust REIT (NYSE:CTRE) has announced the acquisition of two skilled nursing facilities in separate transactions, totaling a $62.1 million investment. The company acquired a 125-bed facility in the Mid-Atlantic for $37.7 million and a 134-bed facility on the West Coast for $24.5 million. The Mid-Atlantic facility is expected to generate $3.4 million in annual base rent, while the West Coast facility's current rent is $868,000 with a projected 10% stabilized yield by 2026.

CareTrust has also raised $190.2 million through its ATM program at an average price of $27.02 per share and initiated a new $750 million ATM program. The company's year-to-date investments total $827 million at an average yield of 9.5%, with a replenished pipeline of $230 million in near-term acquisition opportunities.

CareTrust REIT (NYSE:CTRE) reported strong Q2 2024 results, with investments of $267.7 million at a 9.9% estimated stabilized yield. The company collected 98.3% of contractual rent and interest, and achieved net income of $10.8 million ($0.07 per share). Normalized FFO was $52.5 million ($0.36 per share), while normalized FAD reached $54.0 million ($0.37 per share). CareTrust maintained a quarterly dividend of $0.29 per share, representing a 78% payout ratio on normalized FAD. The company's market cap grew 84% year-over-year. Post-quarter, CareTrust made additional investments totaling $378 million, bringing the year-to-date total to $764.5 million at a 9.5% estimated stabilized yield. The company has a strong liquidity position with $100 million in cash and an undrawn $600 million credit line.

CareTrust REIT (NYSE:CTRE) has announced $378 million in new investments, including a $260 million senior mortgage loan and a $43 million preferred equity investment for a 37-facility skilled nursing and seniors housing portfolio in the Pacific Northwest. The portfolio comprises 2,713 operating beds/units across eight states. The loan has a five-year maturity and 8.5% starting annual yield, while the preferred equity investment has an 11% contractual yield with a minimum seven-year hold period.

Additionally, CareTrust funded $75 million to acquire the remaining portion of a previously announced $165 million senior mortgage term loan. The company's year-to-date investments total $765 million at an average yield of 9.5%. CareTrust also revealed a replenished investment pipeline of $270 million in near-term real estate acquisition opportunities.