CareTrust REIT Q2 2024 Earnings Report
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
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.