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Jun 30, 2024
CareTrust REIT Q2 2024 Earnings Report
CareTrust REIT reported its Q2 2024 operating results, featuring strategic investments and stable rent collections.
Key Takeaways
CareTrust REIT announced its second quarter results, which included investments of $267.7 million, 98.3% contractual rent collection, and net income of $10.8 million. The company also updated its 2024 guidance, projecting net income per share of approximately $0.86 to $0.88.
Invested $267.7 million during the quarter at an estimated stabilized yield of 9.9%.
Sold 12.1 million shares under its ATM Program for gross proceeds of $306.5 million.
Collected 98.3% of contractual rent and interest.
Reported net income of $10.8 million, or $0.07 per share.
CareTrust REIT
CareTrust REIT
CareTrust REIT Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comInterest Income from Other Real Estate Related Investments and Other Income Revenue
CapyFin.com 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 $0.86 to $0.88, normalized FFO of approximately $1.46 to $1.48, and normalized FAD of approximately $1.50 to $1.52.
Positive Outlook
- All investments year-to-date
- No new investments
- Dispositions and loan repayments made to date
- No new dispositions 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
- Guidance assumes no new investments.
- Guidance assumes no new dispositions or loan repayments beyond those completed or announced to date.
- Guidance assumes no new debt incurrences.
- Guidance assumes no new equity issuances.
- Guidance is based on estimated 2.5% CPI-based rent escalators.
Revenue & Expenses
Visualization of income flow from segment revenue to net income