Loading...
•
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.
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...