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Mar 31, 2024
CareTrust REIT Q1 2024 Earnings Report
Reported operating results for the quarter ended March 31, 2024.
Key Takeaways
CareTrust REIT reported a net income of $28.7 million, normalized FFO of $46.5 million, and normalized FAD of $48.7 million for the quarter ended March 31, 2024. The company sold 11.6 million shares under its ATM Program for gross proceeds of $273.2 million and collected 98.0% of contractual rent and interest.
Investments of $118.8 million during the quarter at an estimated stabilized yield of 11.1%.
11.6 million shares sold under its ATM Program for gross proceeds of $273.2 million.
98.0% of contractual rent and interest collected.
Net Debt to Annualized Normalized Run Rate EBITDA of 0.6x.
CareTrust REIT
CareTrust REIT
Forward Guidance
The Company updated guidance for 2024, with Mr. Wagner projecting on a per-diluted weighted-average common share basis net income of approximately $1.01 to $1.03, normalized FFO of approximately $1.42 to $1.44, and normalized FAD of approximately $1.46 to $1.48.
Positive Outlook
- All investments year-to-date
- No new acquisitions
- Dispositions and loan repayments made to date
- No new dispositions, new loans or loan repayments beyond those completed or announced to date
- Estimated 2.5% CPI-based rent escalators under CareTrust's long-term net leases.
Challenges Ahead
- Assumes 1.5% - 2% uncollected rents
- No new debt incurrences
- No new equity issuances
- Guidance is based on a diluted weighted-average common share count of 140.0 million shares
- Full Year 2024 Guidance