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.

CareTrust REIT, Inc. (NYSE:CTRE) announced the successful sale of five senior housing facilities in Virginia for $13 million, totaling approximately 240 units. This transaction aligns with the company’s strategy to de-risk its portfolio. CEO Dave Sedgwick emphasized the effort to close the sale by year-end, even amid challenging market conditions. The sold properties were removed from the company's master lease with Noble Senior Services, and plans are underway for the remaining facilities pending sale or re-tenanting.

CareTrust REIT, Inc. (NYSE: CTRE) has renewed its unsecured revolving credit facility, extending the maturity to February 2027. CEO Dave Sedgwick expressed gratitude for the bank group's support during tough credit conditions, highlighting that this facility is crucial for future acquisitions. The amended facility features grid-based pricing tied to adjusted SOFR, with a potential accordion feature allowing an additional $500 million in capacity, subject to standard terms.

CareTrust REIT has declared a quarterly cash dividend of $0.275 per common share, with a record date of December 30, 2022. The dividend is set to be paid on or about January 13, 2023. This distribution reflects the company's commitment to return value to its shareholders. CareTrust REIT focuses on real estate investments in the healthcare sector, including skilled nursing and senior housing, with an aim for organic and external growth across the United States.

The Board of Directors of CareTrust REIT (NYSE:CTRE) announced the appointment of James Callister as the new Chief Investment Officer effective December 31, 2022. He succeeds Mark Lamb, who is leaving to pursue entrepreneurial opportunities. Mr. Callister has been with CareTrust as Executive Vice President and has significant experience in healthcare REIT transactions, having closed over $2.5 billion in acquisitions. Both the CEO and Mark Lamb expressed confidence in Callister's leadership and the company's growth prospects moving forward.