Caretrust Stock Price, News & Analysis

CareTrust REIT, Inc. (NYSE:CTRE) has acquired two skilled nursing facilities: AdventHealth Care Center Burleson in Burleson, Texas, and AdventHealth Care Center Overland Park in Overland Park, Kansas. The Burleson acquisition expands CareTrust's lease with Momentum Skilled Services, raising their total facilities to two. The Overland Park facility marks CareTrust's entry into the Kansas market, with a new lease agreement with Summit Healthcare Management. The total investment for both acquisitions is about $17.2 million, with a combined annual cash rent of approximately $1.63 million. The leases include renewal options and annual escalators.

CareTrust REIT, Inc. (NYSE:CTRE) announced an increase in its quarterly cash dividend from $0.275 to $0.28 per common share. This dividend, payable to stockholders of record as of March 31, 2023, will be distributed on or about April 14, 2023. CEO Dave Sedgwick stated that this increase reflects the company's strategy of consistently raising dividends while managing capital for future investments effectively. CareTrust REIT focuses on acquiring and leasing skilled nursing and healthcare-related properties across the U.S., emphasizing both external and organic growth.

CareTrust REIT (NYSE:CTRE) reported its fourth-quarter and full-year results for 2022, highlighting a 95.5% rent collection rate. The company posted net income of $14.4 million for Q4, or $0.15 per share, while normalized FFO was $37.0 million, equating to $0.38 per share. Despite a net loss of $7.5 million for the year, normalized FFO totaled $144.5 million, or $1.49 per share. The company maintained a quarterly dividend of $0.275. Management emphasized the impact of the end of the Public Health Emergency and indicated potential acquisition opportunities as some operators may need to sell. CareTrust's financial leverage remains solid, with a net debt-to-EBITDA ratio of 3.7x.

CareTrust REIT (NYSE:CTRE) plans to announce its fourth quarter and full year 2022 financial results on February 9, 2023, after U.S. markets close. Management will discuss these results in a conference call on February 10, 2023, at 1:00 p.m. Eastern Time. Investors can participate via a toll-free number or listen online through a webcast. CareTrust REIT is a publicly-traded real estate investment trust that focuses on skilled nursing and seniors housing, with a growing portfolio across the United States. More details are available on their investor website.

CareTrust REIT (NYSE:CTRE) announced the tax status of its 2022 dividends. Shareholders of record will receive IRS Form 1099-DIV from Broadridge Corporate Issuer Solutions detailing dividend classifications, including ordinary and qualified dividends. The total cash distributions for 2022 amounted to $1.3650 per share. Notably, due to exceeding earnings and profits, the January 2023 distribution will be treated as a 2023 distribution, resulting in $0.275 reported for 2023 Form 1099. Shareholders are advised to consult tax advisors for proper reporting.