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Sep 30, 2024
CareTrust REIT Q3 2024 Earnings Report
Reported operating results for the quarter ended September 30, 2024.
Key Takeaways
CareTrust REIT reported a strong third quarter with significant investments, ATM program proceeds, and debt prepayment. The company's net income was $33.4 million, and normalized FFO reached $60.9 million. They are on track to invest approximately $1.4 billion at an average yield of approximately 9.3% by the end of the year.
Investments of $440.8 million at an estimated stabilized yield of 9.1%.
17.2 million shares sold under its ATM Program for gross proceeds of $500.1 million.
Prepayment of the entirety of the $200.0 million term loan.
Net Debt to Annualized Normalized Run Rate EBITDA of 0.08x.
Revenue by Segment
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 $0.83 to $0.84, normalized FFO of approximately $1.49 to $1.50, and normalized FAD of approximately $1.53 to $1.54.
Positive Outlook
- All investments year-to-date
- No new investments, other than the Northeast acquisition expected to close in November 2024
- 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 is based on a diluted weighted-average common share count of 152.6 million shares
- No new debt incurrences
- No new equity issuances
- The Company updated guidance for 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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