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    CareTrust REIT Announces Third Quarter 2024 Operating Results

    10/29/24 4:18:00 PM ET
    $CTRE
    Real Estate Investment Trusts
    Real Estate
    Get the next $CTRE alert in real time by email

    Conference Call Scheduled for Wednesday, October 30, 2024 at 1:00 pm ET

    CareTrust REIT, Inc. (NYSE:CTRE) today reported operating results for the quarter ended September 30, 2024, as well as other recent events.

    For the quarter, CareTrust REIT reported:

    • Investments of $440.8 million at an estimated stabilized yield of 9.1%;
    • 17.2 million shares sold under its ATM Program for gross proceeds of $500.1 million;
    • Prepayment of the entirety of the $200.0 million term loan;
    • 98.7% of contractual rent and interest collected;
    • Net income of $33.4 million and net income per share of $0.21;
    • Net Debt to Annualized Normalized Run Rate EBITDA of 0.08x;
    • Normalized FFO of $60.9 million and normalized FFO per share of $0.38;
    • Normalized FAD of $61.9 million and normalized FAD per share of $0.39;
    • A quarterly dividend of $0.29 per share, representing a payout ratio of approximately 74% on normalized FAD; and
    • Year-over-year market cap growth of approximately 123%.

    Since quarter end, CareTrust REIT reported:

    • Investments totaling approximately $89.2 million at an estimated stabilized yield of 9.2% and $916.5 million year-to-date at an estimated stabilized yield of 9.4%;
    • Pending acquisition of four skilled nursing facilities in the Northeast for approximately $57 million at an estimated stabilized yield of 8.8% with an estimated closing in November 2024;
    • Entering into a material contract to acquire a portfolio of 31 skilled nursing assets in Tennessee for a purchase price of $500 million, investing $442 million, at an estimated yield of 9.0%, expected to close by year-end;
    • Investment pipeline of approximately $700 million at an average estimated yield of 9.5%, which includes the pending Northeast acquisition and Tennessee contract noted above;
    • Initiating a process to extend and upsize its existing revolving credit line to $1.2 billion; and
    • Cash on hand of approximately $234 million.

    CareTrust's President and Chief Executive Officer, Dave Sedgwick, commented on the Company's 2024 third quarter results. "The large portfolio in Tennessee we announced today is a tremendous way to close out an extraordinary year. We are proud to again support the expansion of some of the country's best operators who have a proven commitment to caring for the employees, residents, patients, and communities they serve." Mr. Sedgwick continued, "There has never been a more exciting time for CareTrust. We are on track to invest approximately $1.4 billion at an average yield of approximately 9.3% by the end of the year and the pipeline continues to reload with compelling opportunities to grow and diversify the portfolio further next year. The flywheel is racing."

    Financial Results for Quarter Ended September 30, 2024

    Chief Financial Officer, Bill Wagner, reported that, for the third quarter, CareTrust reported net income of $33.4 million, or $0.21 per diluted weighted-average common share, normalized FFO of $60.9 million, or $0.38 per diluted weighted-average common share, and normalized FAD of $61.9 million, or $0.39 per diluted weighted-average common share.

    Liquidity

    As of quarter end, CareTrust reported net debt-to-annualized normalized run rate EBITDA of 0.08x, which is below the Company's target leverage range of 4.0x to 5.0x, and a net debt-to-enterprise value of approximately 0.4%. Mr. Wagner stated that, as of today, the Company has no borrowings outstanding on its $600 million revolving credit line, with no scheduled debt maturities prior to 2027. He also disclosed that CareTrust currently has approximately $234 million in cash on hand. During the third quarter of 2024, the Company sold 17.2 million shares under the ATM Program at a weighted average sales price of $29.01 for gross proceeds of $500.1 million. As of September 30, 2024, the Company had $440.1 million available for future issuances under the ATM Program. "We have continued to use our ATM Program to take advantage of a current cost of equity that allows us to fund a replenishing pipeline of accretive investment opportunities," said Mr. Wagner.

    Guidance Updated

    The Company updated guidance for 2024, with Mr. Wagner projecting on a per-diluted weighted-average common share basis net income of approximately $0.83 to $0.84, normalized FFO of approximately $1.49 to $1.50, and normalized FAD of approximately $1.53 to $1.54. He noted that the 2024 guidance is based on a diluted weighted-average common share count of 152.6 million shares, and assumes the following:

    • All investments year-to-date;
    • No new investments, other than the Northeast acquisition expected to close in November 2024;
    • Dispositions and loan repayments made to date;
    • No new dispositions or loan repayments beyond those completed or announced to date;
    • No new debt incurrences or new equity issuances; and
    • Estimated 2.5% CPI-based rent escalators under CareTrust's long-term net leases.

    Dividend Maintained

    During the quarter, CareTrust declared a quarterly dividend of $0.29 per common share. On an annualized basis, the payout ratio was approximately 76% based on third quarter 2024 normalized FFO, and 74% based on third quarter 2024 normalized FAD.

    Conference Call

    A conference call will be held on Wednesday, October 30, 2024, at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time), during which CareTrust's management will discuss third quarter 2024 results, recent developments and other matters. The toll-free dial-in number is 1 (800) 715-9871 or toll dial-in number is 1 (646) 307-1963 and the conference ID number is 2243604. To listen to the call online, or to view any financial or other statistical information required by SEC Regulation G, please visit the Investors section of the CareTrust REIT website at http://investor.caretrustreit.com. This call will be recorded, and will be available for replay via the website for 30 days following the call.

    About CareTrust™

    CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

    This press release contains, and the related conference call will include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company's intent, belief or expectations, including, but not limited to, statements regarding the following: future financial and financing plans; strategies related to the Company's business and its portfolio, including acquisition opportunities and disposition plans; growth prospects; operating and financial performance; expectations regarding the revolving credit line and the making of distributions and payment of dividends; and the performance of the Company's tenants and operators and their respective facilities.

    Words such as "anticipate," "believe," "could," "expect," "estimate," "intend," "may," "plan," "seek," "should," "will," "would," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company's forward-looking statements are based on management's current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability and willingness of our tenants to meet and/or perform their obligations under the triple-net leases we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (iii) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants; (iv) the ability of our tenants to comply with applicable laws, rules and regulations in the operation of the properties we lease to them; (v) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vi) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, and (b) suitable acquisition opportunities and the ability to acquire and lease the respective properties to such tenants on favorable terms; (vii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (viii) access to debt and equity capital markets; (ix) fluctuating interest rates; (x) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xi) the ability to retain our key management personnel; (xii) the ability to maintain our status as a real estate investment trust ("REIT"); (xiii) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; (xiv) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xv) any additional factors included in our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, including in the section entitled "Risk Factors" in Item 1A of such reports, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC.

    This press release and the related conference call provides information about the Company's financial results as of and for the quarter ended September 30, 2024 and is provided as of the date hereof, unless specifically stated otherwise. The Company expressly disclaims any obligation to update or revise any information in this press release or the related conference call (and replays thereof), including forward-looking statements, whether to reflect any change in the Company's expectations, any change in events, conditions or circumstances, or otherwise.

    As used in this press release or the related conference call, unless the context requires otherwise, references to "CTRE," "CareTrust," "CareTrust REIT" or the "Company" refer to CareTrust REIT, Inc. and its consolidated subsidiaries. GAAP refers to generally accepted accounting principles in the United States of America.

     

    CARETRUST REIT, INC.

    CONSOLIDATED INCOME STATEMENTS

    (in thousands, except per share data)

    (Unaudited)

     

    For the Three Months Ended

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenues:

     

     

     

     

     

     

     

    Rental income

    $

    57,153

     

     

    $

    51,218

     

     

    $

    166,062

     

     

    $

    145,126

     

    Interest and other income

     

    20,228

     

     

     

    4,659

     

     

     

    43,280

     

     

     

    12,910

     

    Total revenues

     

    77,381

     

     

     

    55,877

     

     

     

    209,342

     

     

     

    158,036

     

    Expenses:

     

     

     

     

     

     

     

    Depreciation and amortization

     

    14,009

     

     

     

    13,034

     

     

     

    41,317

     

     

     

    37,988

     

    Interest expense

     

    8,281

     

     

     

    11,750

     

     

     

    25,188

     

     

     

    32,617

     

    Property taxes

     

    2,115

     

     

     

    2,167

     

     

     

    5,892

     

     

     

    4,437

     

    Impairment of real estate investments

     

    8,417

     

     

     

    8,232

     

     

     

    36,872

     

     

     

    31,510

     

    Property operating expenses

     

    3,477

     

     

     

    1,239

     

     

     

    4,392

     

     

     

    2,860

     

    General and administrative

     

    6,663

     

     

     

    5,519

     

     

     

    19,637

     

     

     

    15,298

     

    Total expenses

     

    42,962

     

     

     

    41,941

     

     

     

    133,298

     

     

     

    124,710

     

    Other loss:

     

     

     

     

     

     

     

    Loss on extinguishment of debt

     

    (657

    )

     

     

    —

     

     

     

    (657

    )

     

     

    —

     

    (Loss) gain on sale of real estate, net

     

    (2,286

    )

     

     

    —

     

     

     

    (2,254

    )

     

     

    1,958

     

    Unrealized gain (loss) on other real estate related investments, net

     

    1,800

     

     

     

    (5,251

    )

     

     

    (689

    )

     

     

    (7,856

    )

    Total other loss

     

    (1,143

    )

     

     

    (5,251

    )

     

     

    (3,600

    )

     

     

    (5,898

    )

    Net income

     

    33,276

     

     

     

    8,685

     

     

     

    72,444

     

     

     

    27,428

     

    Net loss attributable to noncontrolling interests

     

    (165

    )

     

     

    (11

    )

     

     

    (501

    )

     

     

    (11

    )

    Net income attributable to CareTrust REIT, Inc.

    $

    33,441

     

     

    $

    8,696

     

     

    $

    72,945

     

     

    $

    27,439

     

     

     

     

     

     

     

     

     

    Earnings per common share attributable to CareTrust REIT, Inc.:

     

     

     

     

     

     

     

    Basic

    $

    0.21

     

     

    $

    0.08

     

     

    $

    0.50

     

     

    $

    0.27

     

    Diluted

    $

    0.21

     

     

    $

    0.08

     

     

    $

    0.50

     

     

    $

    0.27

     

     

     

     

     

     

     

     

     

    Weighted-average number of common shares:

     

     

     

     

     

     

     

    Basic

     

    159,459

     

     

     

    104,011

     

     

     

    145,780

     

     

     

    100,748

     

    Diluted

     

    159,850

     

     

     

    104,311

     

     

     

    146,153

     

     

     

    100,918

     

     

     

     

     

     

     

     

     

    Dividends declared per common share

    $

    0.29

     

     

    $

    0.28

     

     

    $

    0.87

     

     

    $

    0.84

     

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES

    (in thousands)

    (Unaudited)

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

     

    $

    33,441

     

     

    $

    8,696

     

     

    $

    72,945

     

    $

    27,439

     

    Depreciation and amortization

     

     

    14,009

     

     

     

    13,034

     

     

     

    41,317

     

     

    37,988

     

    Interest expense[1]

     

     

    7,807

     

     

     

    11,750

     

     

     

    24,257

     

     

    32,617

     

    Amortization of stock-based compensation

     

     

    1,143

     

     

     

    1,519

     

     

     

    4,669

     

     

    3,379

     

    EBITDA attributable to CareTrust REIT, Inc.

     

     

    56,400

     

     

     

    34,999

     

     

     

    143,188

     

     

    101,423

     

    Impairment of real estate investments

     

     

    8,417

     

     

     

    8,232

     

     

     

    36,872

     

     

    31,510

     

    Property operating expenses

     

     

    3,893

     

     

     

    1,416

     

     

     

    5,226

     

     

    3,381

     

    Loss (gain) on sale of real estate, net

     

     

    2,286

     

     

     

    —

     

     

     

    2,254

     

     

    (1,958

    )

    Loss on extinguishment of debt

     

     

    657

     

     

     

    —

     

     

     

    657

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

     

    (1,800

    )

     

     

    5,251

     

     

     

    689

     

     

    7,856

     

    Normalized EBITDA attributable to CareTrust REIT, Inc.

     

     

    69,853

     

     

     

    49,898

     

     

    $

    188,886

     

    $

    142,212

     

    Full impact of quarterly investments[2]

     

     

    3,493

     

     

     

    607

     

     

     

     

     

    Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.

     

    $

    73,346

     

     

    $

    50,505

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

     

    $

    33,441

     

     

    $

    8,696

     

     

    $

    72,945

     

    $

    27,439

     

    Real estate related depreciation and amortization

     

     

    14,002

     

     

     

    13,028

     

     

     

    41,297

     

     

    37,973

     

    Impairment of real estate investments

     

     

    8,417

     

     

     

    8,232

     

     

     

    36,872

     

     

    31,510

     

    Loss (gain) on sale of real estate, net

     

     

    2,286

     

     

     

    —

     

     

     

    2,254

     

     

    (1,958

    )

    Funds from Operations (FFO) attributable to CareTrust REIT, Inc.

     

     

    58,146

     

     

     

    29,956

     

     

     

    153,368

     

     

    94,964

     

    Property operating expenses

     

     

    3,893

     

     

     

    1,416

     

     

     

    5,226

     

     

    3,381

     

    Loss on extinguishment of debt

     

     

    657

     

     

     

    —

     

     

     

    657

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

     

    (1,800

    )

     

     

    5,251

     

     

     

    689

     

     

    7,856

     

    Normalized FFO attributable to CareTrust REIT, Inc.

     

    $

    60,896

     

     

    $

    36,623

     

     

    $

    159,940

     

    $

    106,201

     

     

     

     

     

     

     

     

     

     

    NET DEBT TO ANNUALIZED NORMALIZED RUN RATE EBITDA RECONCILIATION

    (in thousands)

    (Unaudited)

     

     

    Three Months Ended September 30,

     

     

     

     

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

    Total debt

     

    $

    400,000

     

     

    $

    600,000

     

     

     

     

     

    Cash, cash equivalents

     

     

    (377,102

    )

     

     

    (3,485

    )

     

     

     

     

    Net proceeds from ATM forward[3]

     

     

    —

     

     

     

    (96,132

    )

     

     

     

     

    Net Debt

     

    $

    22,898

     

     

    $

    500,383

     

     

     

     

     

    Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.[4]

     

    $

    293,384

     

     

    $

    202,020

     

     

     

     

     

    Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.

     

    0.08x

     

    2.5x

     

     

     

     

    [1] Interest Expense excludes the effect of the $75.0 million participation interest recorded as a secured borrowing in the consolidated balance sheets.

    [2] Quarterly adjustments give effect to the investments completed and loans receivable pay downs during the three months ended for the respective period as though such investments and pay downs were completed as of the beginning of the period.

    [3] Net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program.

    [4] Annualized Normalized Run Rate EBITDA is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter multiplied by four (4).

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)

    (in thousands, except per share data)

    (Unaudited)

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

     

    2023

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

     

    $

    33,441

     

     

    $

    8,696

     

    $

    72,945

     

     

    $

    27,439

     

    Real estate related depreciation and amortization

     

     

    14,002

     

     

     

    13,028

     

     

    41,297

     

     

     

    37,973

     

    Amortization of deferred financing fees

     

     

    614

     

     

     

    609

     

     

    1,842

     

     

     

    1,826

     

    Amortization of stock-based compensation

     

     

    1,143

     

     

     

    1,519

     

     

    4,669

     

     

     

    3,379

     

    Straight-line rental income

     

     

    7

     

     

     

    7

     

     

    21

     

     

     

    21

     

    Amortization of lease incentive

     

     

    5

     

     

     

    —

     

     

    9

     

     

     

    —

     

    Amortization of below market lease intangible

     

     

    (809

    )

     

     

    —

     

     

    (1,959

    )

     

     

    —

     

    Impairment of real estate investments

     

     

    8,417

     

     

     

    8,232

     

     

    36,872

     

     

     

    31,510

     

    Loss (gain) on sale of real estate, net

     

     

    2,286

     

     

     

    —

     

     

    2,254

     

     

     

    (1,958

    )

    Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.

     

     

    59,106

     

     

     

    32,091

     

     

    157,950

     

     

     

    100,190

     

    Property operating expenses

     

     

    3,893

     

     

     

    1,416

     

     

    5,226

     

     

     

    3,381

     

    Loss on extinguishment of debt

     

     

    657

     

     

     

    —

     

     

    657

     

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

     

    (1,800

    )

     

     

    5,251

     

     

    689

     

     

     

    7,856

     

    Normalized FAD attributable to CareTrust REIT, Inc.

     

    $

    61,856

     

     

    $

    38,758

     

    $

    164,522

     

     

    $

    111,427

     

     

     

     

     

     

     

     

     

     

    FFO per share attributable to CareTrust REIT, Inc.

     

    $

    0.36

     

     

    $

    0.29

     

    $

    1.05

     

     

    $

    0.94

     

    Normalized FFO per share attributable to CareTrust REIT, Inc.

     

    $

    0.38

     

     

    $

    0.35

     

    $

    1.09

     

     

    $

    1.05

     

     

     

     

     

     

     

     

     

     

    FAD per share attributable to CareTrust REIT, Inc.

     

    $

    0.37

     

     

    $

    0.31

     

    $

    1.08

     

     

    $

    0.99

     

    Normalized FAD per share attributable to CareTrust REIT, Inc.

     

    $

    0.39

     

     

    $

    0.37

     

    $

    1.12

     

     

    $

    1.10

     

     

     

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding [1]

     

     

    160,025

     

     

     

    104,422

     

     

    146,295

     

     

     

    101,010

     

     

     

     

     

     

     

     

     

     

    [1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method.

    CARETRUST REIT, INC.

    CONSOLIDATED INCOME STATEMENTS - 5 QUARTER TREND

    (in thousands, except per share data)

    (Unaudited)

     

    Quarter

    Quarter

    Quarter

    Quarter

    Quarter

     

    Ended

    Ended

    Ended

    Ended

    Ended

     

    September 30,

    2023

    December 31,

    2023

    March 31,

    2024

    June 30,

    2024

    September 30,

    2024

    Revenues:

     

     

     

     

     

    Rental income

    $

    51,218

     

    $

    53,473

     

    $

    53,502

     

    $

    55,407

     

    $

    57,153

     

    Interest and other income

     

    4,659

     

     

    6,261

     

     

    9,568

     

     

    13,484

     

     

    20,228

     

    Total revenues

     

    55,877

     

     

    59,734

     

     

    63,070

     

     

    68,891

     

     

    77,381

     

    Expenses:

     

     

     

     

     

    Depreciation and amortization

     

    13,034

     

     

    13,211

     

     

    13,448

     

     

    13,860

     

     

    14,009

     

    Interest expense

     

    11,750

     

     

    8,266

     

     

    8,228

     

     

    8,679

     

     

    8,281

     

    Property taxes

     

    2,167

     

     

    1,733

     

     

    1,801

     

     

    1,976

     

     

    2,115

     

    Impairment of real estate investments

     

    8,232

     

     

    4,791

     

     

    2,744

     

     

    25,711

     

     

    8,417

     

    Property operating expenses

     

    1,239

     

     

    563

     

     

    660

     

     

    255

     

     

    3,477

     

    General and administrative

     

    5,519

     

     

    6,507

     

     

    6,838

     

     

    6,136

     

     

    6,663

     

    Total expenses

     

    41,941

     

     

    35,071

     

     

    33,719

     

     

    56,617

     

     

    42,962

     

    Other (loss) income:

     

     

     

     

    Loss on extinguishment of debt

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    (657

    )

    Gain (loss) on sale of real estate, net

     

    —

     

     

    260

     

     

    11

     

     

    21

     

     

    (2,286

    )

    Unrealized (loss) gain on other real estate related investments, net

     

    (5,251

    )

     

    1,371

     

     

    (612

    )

     

    (1,877

    )

     

    1,800

     

    Total other (loss) income

     

    (5,251

    )

     

    1,631

     

     

    (601

    )

     

    (1,856

    )

     

    (1,143

    )

    Net income

     

    8,685

     

     

    26,294

     

     

    28,750

     

     

    10,418

     

     

    33,276

     

    Net (loss) income attributable to noncontrolling interests

     

    (11

    )

     

    (2

    )

     

    4

     

     

    (340

    )

     

    (165

    )

    Net income attributable to CareTrust REIT, Inc.

    $

    8,696

     

    $

    26,296

     

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

     

     

     

     

     

     

    Diluted earnings per share attributable to CareTrust REIT, Inc.

    $

    0.08

     

    $

    0.22

     

    $

    0.22

     

    $

    0.07

     

    $

    0.21

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding

     

    104,311

     

     

    121,684

     

     

    133,202

     

     

    145,258

     

    159,850

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND

    (in thousands)

    (Unaudited)

     

    Quarter

    Quarter

    Quarter

    Quarter

    Quarter

     

    Ended

    Ended

    Ended

    Ended

    Ended

     

    September 30,

    2023

    December 31,

    2023

    March 31,

    2024

    June 30,

    2024

    September 30,

    2024

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    8,696

    $

    26,296

     

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

    Depreciation and amortization

     

    13,034

     

    13,211

     

     

    13,448

     

     

    13,860

     

     

    14,009

     

    Interest expense

     

    11,750

     

    8,266

     

     

    8,228

     

     

    8,222

     

     

    7,807

     

    Amortization of stock-based compensation

     

    1,519

     

    1,774

     

     

    2,120

     

     

    1,406

     

     

    1,143

     

    EBITDA attributable to CareTrust REIT, Inc.

     

    34,999

     

    49,547

     

     

    52,542

     

     

    34,246

     

     

    56,400

     

    Impairment of real estate investments

     

    8,232

     

    4,791

     

     

    2,744

     

     

    25,711

     

     

    8,417

     

    Property operating expenses

     

    1,416

     

    714

     

     

    972

     

     

    361

     

     

    3,893

     

    (Gain) loss on sale of real estate, net

     

    —

     

    (260

    )

     

    (11

    )

     

    (21

    )

     

    2,286

     

    Loss on extinguishment of debt

     

    —

     

    —

     

     

    —

     

     

    —

     

     

    657

     

    Unrealized loss (gain) on other real estate related investments, net

     

    5,251

     

    (1,371

    )

     

    612

     

     

    1,877

     

     

    (1,800

    )

    Normalized EBITDA attributable to CareTrust REIT, Inc.

    $

    49,898

    $

    53,421

     

    $

    56,859

     

    $

    62,174

     

    $

    69,853

     

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    8,696

    $

    26,296

     

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

    Real estate related depreciation and amortization

     

    13,028

     

    13,206

     

     

    13,442

     

     

    13,853

     

     

    14,002

     

    Impairment of real estate investments

     

    8,232

     

    4,791

     

     

    2,744

     

     

    25,711

     

     

    8,417

     

    (Gain) loss on sale of real estate, net

     

    —

     

    (260

    )

     

    (11

    )

     

    (21

    )

     

    2,286

     

    Funds from Operations (FFO) attributable to CareTrust REIT, Inc.

     

    29,956

     

    44,033

     

     

    44,921

     

     

    50,301

     

     

    58,146

     

    Property operating expenses

     

    1,416

     

    714

     

     

    972

     

     

    361

     

     

    3,893

     

    Loss on extinguishment of debt

     

    —

     

    —

     

     

    —

     

     

    —

     

     

    657

     

    Unrealized loss (gain) on other real estate related investments, net

     

    5,251

     

    (1,371

    )

     

    612

     

     

    1,877

     

     

    (1,800

    )

    Normalized FFO attributable to CareTrust REIT, Inc.

    $

    36,623

    $

    43,376

     

    $

    46,505

     

    $

    52,539

     

    $

    60,896

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND (continued)

    (in thousands, except per share data)

    (Unaudited)

     

    Quarter

    Quarter

    Quarter

    Quarter

    Quarter

     

    Ended

    Ended

    Ended

    Ended

    Ended

     

    September 30,

    2023

    December 31,

    2023

    March 31,

    2024

    June 30,

    2024

    September 30,

    2024

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    8,696

    $

    26,296

     

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

    Real estate related depreciation and amortization

     

    13,028

     

    13,206

     

     

    13,442

     

     

    13,853

     

     

    14,002

     

    Amortization of deferred financing fees

     

    609

     

    610

     

     

    614

     

     

    614

     

     

    614

     

    Amortization of stock-based compensation

     

    1,519

     

    1,774

     

     

    2,120

     

     

    1,406

     

     

    1,143

     

    Straight-line rental income

     

    7

     

    8

     

     

    7

     

     

    7

     

     

    7

     

    Amortization of lease incentive

     

    —

     

    —

     

     

    —

     

     

    4

     

     

    5

     

    Amortization of below market lease intangible

     

    —

     

    (384

    )

     

    (575

    )

     

    (575

    )

     

    (809

    )

    Impairment of real estate investments

     

    8,232

     

    4,791

     

     

    2,744

     

     

    25,711

     

     

    8,417

     

    (Gain) loss on sale of real estate, net

     

    —

     

    (260

    )

     

    (11

    )

     

    (21

    )

     

    2,286

     

    Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.

     

    32,091

     

    46,041

     

     

    47,087

     

     

    51,757

     

     

    59,106

     

    Property operating expenses

     

    1,416

     

    714

     

     

    972

     

     

    361

     

     

    3,893

     

    Loss on extinguishment of debt

     

    —

     

    —

     

     

    —

     

     

    —

     

     

    657

     

    Unrealized loss (gain) on other real estate related investments, net

     

    5,251

     

    (1,371

    )

     

    612

     

     

    1,877

     

     

    (1,800

    )

    Normalized FAD attributable to CareTrust REIT, Inc.

    $

    38,758

    $

    45,384

     

    $

    48,671

     

    $

    53,995

     

    $

    61,856

     

     

     

     

     

     

     

    FFO per share attributable to CareTrust REIT, Inc.

    $

    0.29

    $

    0.36

     

    $

    0.34

     

    $

    0.35

     

    $

    0.36

     

    Normalized FFO per share attributable to CareTrust REIT, Inc.

    $

    0.35

    $

    0.36

     

    $

    0.35

     

    $

    0.36

     

    $

    0.38

     

     

     

     

     

     

     

    FAD per share attributable to CareTrust REIT, Inc.

    $

    0.31

    $

    0.38

     

    $

    0.35

     

    $

    0.36

     

    $

    0.37

     

    Normalized FAD per share attributable to CareTrust REIT, Inc.

    $

    0.37

    $

    0.37

     

    $

    0.37

     

    $

    0.37

     

    $

    0.39

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding [1]

     

    104,422

     

    121,854

     

     

    133,328

     

     

    145,380

     

     

    160,025

     

     

     

     

     

     

     

    [1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method.

    CARETRUST REIT, INC.

    CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (Unaudited)

     

    September 30, 2024

     

    December 31, 2023

    Assets:

     

     

     

    Real estate investments, net

    $

    1,749,139

     

     

    $

    1,567,119

     

    Other real estate related investments (including accrued interest of $5,826 and $1,727 as of September 30, 2024 and December 31, 2023, respectively)

     

    740,730

     

     

     

    180,368

     

    Assets held for sale

     

    16,046

     

     

     

    15,011

     

    Cash and cash equivalents

     

    377,102

     

     

     

    294,448

     

    Accounts and other receivables

     

    881

     

     

     

    395

     

    Prepaid expenses and other assets, net

     

    33,815

     

     

     

    23,337

     

    Deferred financing costs, net

     

    3,166

     

     

     

    4,160

     

    Total assets

    $

    2,920,879

     

     

    $

    2,084,838

     

     

     

     

     

    Liabilities and Equity:

     

     

     

    Senior unsecured notes payable, net

    $

    396,705

     

     

    $

    396,039

     

    Senior unsecured term loan, net

     

    —

     

     

     

    199,559

     

    Accounts payable, accrued liabilities and deferred rent liabilities

     

    49,717

     

     

     

    33,992

     

    Dividends payable

     

    49,721

     

     

     

    36,531

     

    Total liabilities

     

    496,143

     

     

     

    666,121

     

     

     

     

     

    Equity:

     

     

     

    Common stock

     

    1,711

     

     

     

    1,300

     

    Additional paid-in capital

     

    2,950,802

     

     

     

    1,883,147

     

    Cumulative distributions in excess of earnings

     

    (530,317

    )

     

     

    (467,628

    )

    Total stockholders' equity

     

    2,422,196

     

     

     

    1,416,819

     

    Non-controlling interests

     

    2,540

     

     

     

    1,898

     

    Total equity

     

    2,424,736

     

     

     

    1,418,717

     

    Total liabilities and equity

    $

    2,920,879

     

     

    $

    2,084,838

     

    CARETRUST REIT, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (Unaudited)

     

    For the Nine Months Ended September 30,

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

    Net income

    $

    72,444

     

     

    $

    27,428

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization (including below-market ground leases)

     

    41,371

     

     

     

    38,031

     

    Amortization of deferred financing costs

     

    1,843

     

     

     

    1,826

     

    Loss on extinguishment of debt

     

    282

     

     

     

    —

     

    Unrealized loss on other real estate related investments, net

     

    689

     

     

     

    7,856

     

    Amortization of stock-based compensation

     

    4,669

     

     

     

    3,379

     

    Straight-line rental income

     

    21

     

     

     

    21

     

    Amortization of lease incentives

     

    9

     

     

     

    —

     

    Amortization of below market leases

     

    (1,959

    )

     

     

    —

     

    Noncash interest income

     

    (4,099

    )

     

     

    (129

    )

    Loss (gain) on sale of real estate, net

     

    2,254

     

     

     

    (1,958

    )

    Impairment of real estate investments

     

    36,872

     

     

     

    31,510

     

    Change in operating assets and liabilities:

     

     

     

    Accounts and other receivables

     

    (518

    )

     

     

    11

     

    Prepaid expenses and other assets, net

     

    (1,353

    )

     

     

    (68

    )

    Accounts payable, accrued liabilities and deferred rent liabilities

     

    16,518

     

     

     

    4,189

     

    Net cash provided by operating activities

     

    169,043

     

     

     

    112,096

     

    Cash flows from investing activities:

     

     

     

    Acquisitions of real estate, net of deposits applied

     

    (267,356

    )

     

     

    (198,565

    )

    Purchases of equipment, furniture and fixtures and improvements to real estate

     

    (4,196

    )

     

     

    (9,139

    )

    Investment in real estate related investments and other loans receivable

     

    (504,936

    )

     

     

    (50,693

    )

    Preferred equity investments

     

    (52,000

    )

     

     

    —

     

    Principal payments received on real estate related investments and other loans receivable

     

    100

     

     

     

    15,703

     

    Escrow deposits for potential acquisitions of real estate

     

    (4,775

    )

     

     

    (4,075

    )

    Net proceeds from sales of real estate

     

    5,076

     

     

     

    14,464

     

    Net cash used in investing activities

     

    (828,087

    )

     

     

    (232,305

    )

    Cash flows from financing activities:

     

     

     

    Proceeds from the issuance of common stock, net

     

    1,065,881

     

     

     

    319,032

     

    Proceeds from the secured borrowing

     

    75,000

     

     

     

    —

     

    Borrowings under unsecured revolving credit facility

     

    —

     

     

     

    185,000

     

    Payments on unsecured revolving credit facility

     

    —

     

     

     

    (310,000

    )

    Payments on senior unsecured term loan

     

    (200,000

    )

     

     

    —

     

    Payment on secured borrowing

     

    (75,000

    )

     

     

    —

     

    Payments on extinguishment of debt and deferred financing costs

     

    (399

    )

     

     

    (21

    )

    Net-settle adjustment on restricted stock

     

    (2,483

    )

     

     

    (1,479

    )

    Dividends paid on common stock

     

    (122,444

    )

     

     

    (83,089

    )

    Contributions from noncontrolling interests

     

    1,204

     

     

     

    1,073

     

    Distributions to noncontrolling interests

     

    (61

    )

     

     

    —

     

    Net cash provided by financing activities

     

    741,698

     

     

     

    110,516

     

    Net increase (decrease) in cash and cash equivalents

     

    82,654

     

     

     

    (9,693

    )

    Cash and cash equivalents as of the beginning of period

     

    294,448

     

     

     

    13,178

     

    Cash and cash equivalents as of the end of period

    $

    377,102

     

     

    $

    3,485

     

    CARETRUST REIT, INC.

    DEBT SUMMARY

    (dollars in thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    September 30, 2024

     

    Interest

     

    Maturity

     

     

     

    % of

     

    Deferred

     

    Net Carrying

    Debt

    Rate

     

    Date

     

    Principal

     

    Principal

     

    Loan Costs

     

    Value

     

     

     

     

     

     

     

     

     

     

     

     

    Fixed Rate Debt

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Senior unsecured notes payable

    3.875

    %

     

    2028

     

    $

    400,000

     

    100.0

    %

     

    $

    (3,295

    )

     

    $

    396,705

    Floating Rate Debt

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Unsecured revolving credit facility

    —

    %

    [1]

    2027

    [2]

     

    —

     

    —

    %

     

     

    —

     

    [3]

     

    —

     

    —

    %

     

     

     

     

    —

     

    —

    %

     

     

    —

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

    Total Debt

    3.875

    %

     

     

     

    $

    400,000

     

    100.0

    %

     

    $

    (3,295

    )

     

    $

    396,705

     

     

     

     

     

     

     

     

     

     

     

     

    [1] Funds can be borrowed at applicable SOFR plus 1.10% to 1.55% or at the Base Rate (as defined) plus 0.10% to 0.55%.

    [2] Maturity date does not assume exercise of two 6-month extension options.

    [3] Deferred financing fees are not shown net for the unsecured revolving credit facility and are included in assets on the balance sheet.

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES

    (shares in thousands)

    (Unaudited)

     

     

     

     

     

     

    2024 Guidance Updated

     

     

     

     

     

     

     

    Full Year 2024 Guidance[1]

     

    Low

    High

    Net income attributable to CareTrust REIT, Inc.

    $

    0.83

     

    $

    0.84

     

    Real estate related depreciation and amortization

     

    0.36

     

     

    0.36

     

    Impairment of real estate investment

     

    0.24

     

     

    0.24

     

    (Gain) loss on sale of real estate

     

    0.02

     

     

    0.02

     

    Funds from Operations (FFO) attributable to CareTrust REIT, Inc.

     

    1.45

     

     

    1.46

     

    Property operating expenses

     

    0.03

     

     

    0.03

     

    Unrealized loss on other real estate related investments, net

     

    0.01

     

     

    0.01

     

    Loss on the extinguishment of debt

     

    —

     

     

    —

     

    Normalized FFO attributable to CareTrust REIT, Inc.

    $

    1.49

     

    $

    1.50

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    0.83

     

    $

    0.84

     

    Real estate related depreciation and amortization

     

    0.36

     

     

    0.36

     

    Amortization of deferred financing fees

     

    0.02

     

     

    0.02

     

    Amortization of stock-based compensation

     

    0.04

     

     

    0.04

     

    Straight-line rental income

     

    —

     

     

    —

     

    Amortization of below market lease intangible

     

    (0.02

    )

     

    (0.02

    )

    Impairment of real estate investment

     

    0.24

     

     

    0.24

     

    (Gain) loss on sale of real estate

     

    0.02

     

     

    0.02

     

    Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.

     

    1.49

     

     

    1.50

     

    Property operating expenses

     

    0.03

     

     

    0.03

     

    Unrealized loss on other real estate related investments, net

     

    0.01

     

     

    0.01

     

    Loss on the extinguishment of debt

     

    —

     

     

    —

     

    Normalized FAD attributable to CareTrust REIT, Inc.

    $

    1.53

     

    $

    1.54

     

    Weighted average shares outstanding:

     

     

    Diluted

     

    152,595

     

     

    152,595

     

     

     

     

    [1]This guidance assumes and includes (i) all investments, dispositions and loan repayments made to date, (ii) no new investments, dispositions, new loans or loan repayments, other than the Northeast acquisition expected to close in November 2024, (iii) no new debt incurrences or new equity issuances, and (iv) estimated 2.5% CPI-based rent escalators under CareTrust's long-term net leases.

    Non-GAAP Financial Measures

    EBITDA attributable to CareTrust REIT, Inc. represents net income (loss) attributable to CareTrust REIT, Inc. before interest expense (including amortization of deferred financing costs), amortization of stock-based compensation, and depreciation and amortization. Normalized EBITDA attributable to CareTrust REIT, Inc. represents EBITDA attributable to CareTrust REIT, Inc. as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of core operating performance, such as recovery of previously reversed rent, lease termination revenue, property operating expenses, gains or losses from dispositions of real estate, real estate impairment charges, provision for loan losses, non-routine transaction costs, loss on extinguishment of debt, unrealized loss on other real estate related investments and provision for doubtful accounts and lease restructuring, as applicable. EBITDA attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. EBITDA attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. do not purport to be indicative of cash available to fund future cash requirements, including the Company's ability to fund capital expenditures or make payments on its indebtedness. Further, the Company's computation of EBITDA and Normalized EBITDA may not be comparable to EBITDA and Normalized EBITDA reported by other REITs.

    Funds from Operations ("FFO"), as defined by the National Association of Real Estate Investment Trusts ("Nareit"), and Funds Available for Distribution ("FAD") are important non-GAAP supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP.

    FFO is defined by Nareit as net income computed in accordance with GAAP, excluding gains or losses from dispositions of real estate investments, real estate related depreciation and amortization and real estate impairment charges, and adjustments for unconsolidated partnerships and joint ventures. The Company computes FFO attributable to CareTrust REIT, Inc. in accordance with Nareit's definition.

    FAD attributable to CareTrust REIT, Inc. is defined as FFO attributable to CareTrust REIT, Inc. excluding noncash income and expenses, such as amortization of stock-based compensation, amortization of deferred financing fees, amortization of above and below market intangibles, amortization of lease incentives and the effects of straight-line rent. The Company considers FAD attributable to CareTrust REIT, Inc. to be a useful supplemental measure to evaluate the Company's operating results excluding these income and expense items to help investors, analysts and other interested parties compare the operating performance of the Company between periods or as compared to other companies on a more consistent basis.

    In addition, the Company reports Normalized FFO attributable to CareTrust REIT, Inc. and Normalized FAD attributable to CareTrust REIT, Inc., which adjust FFO and FAD for certain revenue and expense items that the Company does not believe are indicative of its ongoing operating results, such as provision for loan losses, non-routine transaction costs, provision for doubtful accounts and lease restructuring, loss on extinguishment of debt, unrealized loss on other real estate related investments, recovery of previously reversed rent, lease termination revenue and property operating expenses. By excluding these items, investors, analysts and our management can compare Normalized FFO and Normalized FAD between periods more consistently.

    While FFO, Normalized FFO, FAD and Normalized FAD are relevant and widely-used measures of operating performance among REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO, Normalized FFO, FAD and Normalized FAD do not purport to be indicative of cash available to fund future cash requirements.

    Further, the Company's computation of FFO, Normalized FFO, FAD and Normalized FAD may not be comparable to FFO, Normalized FFO, FAD and Normalized FAD reported by other REITs that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FAD differently than the Company does.

    The Company also discloses Net Debt to Annualized Normalized Run Rate EBITDA, which compares the Company's Net Debt as of the last day of the quarter to the Annualized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter. Net Debt is defined as the Company's Total Debt as of the last day of the specified quarter adjusted to exclude the Company's cash, cash equivalents, restricted cash and escrow deposits on acquisition of real estate as of such date as well as the net proceeds from the expected settlement of shares sold under equity forward contracts through the Company's ATM Program that are outstanding as of such date. Normalized Run Rate EBITDA represents Normalized EBITDA, adjusted to give effect to the investments completed during the three months ended for the respective period as though such investments were completed as of the beginning of the period. Annualized Normalized Run Rate EBITDA is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the specified quarter multiplied by four.

    The Company believes that net income attributable to CareTrust REIT, Inc., as defined by GAAP, is the most appropriate earnings measure. The Company also believes that the use of EBITDA, Normalized EBITDA, FFO, Normalized FFO, FAD and Normalized FAD, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and makes comparisons of operating results among such companies more meaningful. The Company considers EBITDA and Normalized EBITDA, in each case attributable to CareTrust REIT, Inc., useful in understanding the Company's operating results independent of its capital structure, indebtedness and other charges that are not indicative of its ongoing results, thereby allowing for a more meaningful comparison of operating performance between periods and against other REITs. The Company considers FFO, Normalized FFO, FAD and Normalized FAD, in each case attributable to CareTrust REIT, Inc., to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses from real estate dispositions, impairment charges and real estate related depreciation and amortization, and, for FAD and Normalized FAD, by excluding noncash income and expenses such as amortization of stock-based compensation, amortization of deferred financing fees, and the effects of straight-line rent, FFO, Normalized FFO, FAD and Normalized FAD can help investors compare the Company's operating performance between periods and to other REITs. The Company believes that the disclosure of Net Debt to Annualized Normalized Run Rate EBITDA provides a useful measure to investors to evaluate the credit strength of the Company and its ability to service its debt obligations and to compare the Company's credit strength to prior reporting periods and to other companies without the effect of charges that are not indicative of the Company's ongoing performance or that could obscure the Company's actual credit quality and after considering the effect of investments occurring during the period.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241028385871/en/

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