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Sep 30, 2021
CareTrust REIT Q3 2021 Earnings Report
Reported operating results for the quarter ended September 30, 2021.
Key Takeaways
CareTrust REIT reported a net income of $11.9 million, or $0.12 per share, normalized FFO of $36.7 million, and normalized FAD of $39.0 million for the quarter ended September 30, 2021. The company collected 96.2% of contractual rents and declared a quarterly dividend of $0.265 per share.
96.2% of contractual rents collected.
Net income of $11.9 million and net income per share of $0.12.
Normalized FFO of $36.7 million, a 13.0% increase over the prior year, and normalized FFO per share of $0.38.
A quarterly dividend of $0.265 per share, representing a payout ratio of approximately 66% on normalized FAD.
Forward Guidance
CareTrust updated its annual guidance for 2021, on a per-diluted weighted-average common share basis, increasing net income on the low end to approximately $0.80 to $0.81, and increasing normalized FFO to approximately $1.49 to $1.50 and normalized FAD to approximately $1.58 to $1.59.
Positive Outlook
- All investments, dispositions and loan repayments made to date are included.
- No new acquisitions, dispositions, new loans or loan repayments beyond those completed or announced to date are assumed.
- No new debt incurrences or new equity issuances are assumed.
- Estimated 2.00% CPI-based rent escalators under CareTrust's long-term net leases are included.
- All contractual cash rents are assumed to be paid by the end of the year.
Challenges Ahead
- Material changes in economic and other factors related to the COVID-19 pandemic could alter the outlook.
- The government’s responses thereto could impact the outlook.
- The resulting impact on our tenants’ abilities to timely pay rent could alter the outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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