CareTrust REIT Q4 2023 Earnings Report
Key Takeaways
CareTrust REIT reported net income of $26.3 million, or $0.22 per diluted share, and normalized FFO of $43.4 million, or $0.36 per diluted share, for the fourth quarter of 2023. The company collected 100% of contractual rents and invested $43.2 million during the quarter. They ended the year with approximately $294 million in cash.
Collected 100% of contractual rents for the quarter.
Reported net income of $26.3 million, or $0.22 per share.
Achieved normalized FFO of $43.4 million, or $0.36 per share.
Invested $43.2 million during the quarter at an estimated stabilized yield of 11.4%.
CareTrust REIT
CareTrust REIT
Forward Guidance
The Company issued guidance for 2024, with Mr. Wagner projecting on a per-diluted weighted-average common share basis net income of approximately $1.02 to $1.04, normalized FFO of approximately $1.43 to $1.45, and normalized FAD of approximately $1.47 to $1.49.
Positive Outlook
- All investments year-to-date
- No new acquisitions
- Dispositions and loan repayments made to date
- No new dispositions, new loans 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
- All investments year-to-date
- No new acquisitions
- Dispositions and loan repayments made to date
- No new dispositions, new loans or loan repayments beyond those completed or announced to date
- Assumes 2% - 3% uncollected rents