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Mar 31, 2021
CareTrust REIT Q1 2021 Earnings Report
Reported operating results for the quarter ended March 31, 2021, with continued stability and strategic acquisitions.
Key Takeaways
CareTrust REIT reported strong first-quarter results, including 100% contractual rent collections, a 5.0% increase in net income per share, and a 7.4% increase in normalized FAD per share. The company also increased its annual dividend and 2021 guidance.
Collected 100% of contractual rents.
Net income increased by 5.0% over the prior year.
Normalized FFO increased by 5.5% over the prior year.
Increased annual dividend by 6.0% to $1.06 per share.
CareTrust REIT
CareTrust REIT
Forward Guidance
CareTrust increased its annual guidance for 2021, on a per-diluted weighted-average common share basis, to net income of approximately $0.90 to $0.92, normalized FFO of approximately $1.46 to $1.48, and normalized FAD of approximately $1.55 to $1.57.
Positive Outlook
- All investments, dispositions and loan repayments made to date
- No new acquisitions, dispositions, new loans or loan repayments beyond those completed or announced to date
- No new debt incurrences or new equity issuances
- Estimated 2.00% CPI-based rent escalators under CareTrust's long-term net leases.
- Guidance for diluted weighted average shares outstanding of 96,141,000
Challenges Ahead
- Future negative impacts, if any, that are related to the COVID-19 pandemic, which are highly uncertain and cannot be predicted at this time
- Material changes in economic and other factors related to the COVID-19 pandemic and the government’s responses thereto could alter our outlook at any time
- Ability of tenants to meet obligations under triple-net leases
- Tenants' ability to comply with laws and regulations
- Fluctuating interest rates