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Sep 30, 2020
CareTrust REIT Q3 2020 Earnings Report
Reported operating results for the quarter ended September 30, 2020.
Key Takeaways
CareTrust REIT reported a net income of $21.6 million, normalized FFO of $32.5 million, and normalized FAD of $33.9 million for the quarter ended September 30, 2020. The company's net debt-to-normalized EBITDA ratio was 3.1x, and net debt-to-enterprise value was 22.0% at quarter-end.
Net income was $21.6 million, with earnings per diluted share of $0.23.
Normalized FFO reached $32.5 million, or $0.34 per diluted share.
Normalized FAD totaled $33.9 million, equating to $0.36 per diluted share.
Net debt-to-normalized EBITDA stood at 3.1x, with a net debt-to-enterprise value of 22.0% at quarter's end.
Forward Guidance
CareTrust increased its 2020 annual guidance projecting, on a per-diluted weighted-average common share basis, net income of approximately $0.83 to $0.84, normalized FFO of approximately $1.36 to $1.37, and normalized FAD of approximately $1.42 to $1.43.
Positive Outlook
- Net income of approximately $0.83 to $0.84 per diluted share.
- Normalized FFO of approximately $1.36 to $1.37 per diluted share.
- Normalized FAD of approximately $1.42 to $1.43 per diluted share.
- Consistent collection of approximately 99% of monthly rents.
- Revenue added from recent investments.
Challenges Ahead
- Material changes in economic and other factors related to the COVID-19 pandemic and the government’s responses 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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