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Jun 30, 2020
CareTrust REIT Q2 2020 Earnings Report
Reported operating results for the quarter ended June 30, 2020.
Key Takeaways
CareTrust REIT reported a net income of $18.9 million, normalized FFO of $32.1 million, and normalized FAD of $33.6 million for the second quarter of 2020. The company's net debt-to-normalized EBITDA ratio was 3.2x, and net debt-to-enterprise value was 23.1% at quarter-end. The company collected 99.5% of contract rents in the second quarter.
Net income was reported at $18.9 million, or $0.20 per diluted share.
Normalized FFO was $32.1 million, or $0.34 per diluted share.
Normalized FAD reached $33.6 million, or $0.35 per diluted share.
Net debt-to-normalized EBITDA ratio stood at 3.2x.
Forward Guidance
CareTrust REIT left unchanged its annual guidance which was issued in February, notwithstanding the COVID-19 pandemic and related challenges.
Positive Outlook
- Net income of approximately $0.76 to $0.78 per diluted weighted-average common share.
- Normalized FFO of approximately $1.32 to $1.34 per diluted weighted-average common share.
- Normalized FAD of approximately $1.38 to $1.40 per diluted weighted-average common share.
- Guidance is based on a diluted weighted-average common share count of 95.6 million shares.
- Guidance includes estimated 1.75% CPI-based rent escalators under CareTrust's long-term net leases.
Challenges Ahead
- Material changes in economic and other factors related to the COVID-19 pandemic and the government’s responses thereto could alter the outlook at any time.
- Guidance assumes no new acquisitions, dispositions, new loans or loan repayments beyond those completed or announced to date.
- Guidance assumes no new debt incurrences or new equity issuances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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