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Caretrust Reit, Inc. (CTRE) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Caretrust Reit, Inc.

CIK: 1590717 Ticker: CTRE
Exhibit 99.1
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CareTrust REIT Announces First Quarter 2018 Operating Results; Revises Guidance Upward

Conference Call Scheduled for Wednesday, May 9, 2018 at 1:00 pm ET
SAN CLEMENTE, Calif., May 8, 2018 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq:CTRE) today reported operating results for the quarter ended March 31, 2018, as well as other recent events.
For the quarter, CareTrust REIT reported:
Net income of $14.6 million, an increase of 42%, and net income per diluted weighted-average common share of $0.19, an increase of 27% over Q1 2017;
Normalized FFO of $24.1 million, an increase of 25%, and normalized FFO per diluted weighted-average common share $0.32, an increase of 10% over Q1 2017;
Normalized FAD of $24.9 million, an increase of 22%, and normalized FAD per diluted weighted-average common share of $0.33, an increase of 10% over Q1 2017;
Investments of approximately $47.4 million (inclusive of transaction costs) at a blended initial cash yield of 9%, acquiring six skilled nursing facilities in two separate transactions; and
A net debt-to-normalized EBITDA ratio of 4.6x and a debt-to-enterprise value of 37%, each as of quarter-end.

Planned Re-Tenantings Completed
Post quarter-end, CareTrust REIT completed the previously-announced planned re-tenanting of the remaining Pristine Ohio assets, as well as one other re-tenanting. “We are pleased to report that the last of the Ohio assets formerly leased to subsidiaries of Pristine Senior Living were successfully transferred to two outstanding operators, on schedule and with minimal disruption to operations,” said Greg Stapley, CareTrust’s Chairman and Chief Executive Officer. He also reported that two other CareTrust properties, which were formerly leased to affiliates of OnPointe Health, were also transferred to other current CareTrust operators post quarter-end.
Mr Stapley noted, that all of the asset transfers were accomplished at approximately the same rents as the outgoing operators were paying, and that all of the assets are now covered by multi-facility master leases. “Best of all, we are thrilled to have added two new operator relationships with Trio Healthcare and Hillstone Healthcare, and look forward to growing with these outstanding operators in the years to come,” he added.
Financial Results for Quarter Ended March 31, 2018
Chief Financial Officer Bill Wagner reported that for the first quarter, CareTrust REIT generated net income of $14.6 million, or $0.19 per diluted weighted-average common share, normalized FFO of $24.1 million, or $0.32 per diluted weighted-average common share, and normalized FAD of $24.9 million, or $0.33 per diluted weighted-average common share. “We are pleased to be delivering a quarter-over-quarter increase in normalized FFO per share of 10%,” said Mr. Wagner.
Liquidity
Discussing CareTrust REIT’s investments and current liquidity, Mr. Wagner reported that the $47 million in new investments in the quarter were funded with a combination of cash on hand and approximately $35 million in draws on the Company’s $400 million unsecured revolver. He noted that the revolving credit facility includes a $250 million “accordion” feature that can be exercised by the Company at its option to increase liquidity. As of today, approximately $200 million is drawn on the line.

He also reported that there had been no activity in the quarter on the Company’s at-the-market equity program but, he added, “Our ATM program remains a significant instrument in the Company’s capital-raising repertoire, with up to $236 million remaining in authorization at present.” Mr. Wagner further reported that CareTrust REIT’s net debt-to-normalized EBITDA ratio was 4.6x and its debt-to-enterprise value was 37%, each at quarter-end, which is well within management’s target leverage range. He also noted that CareTrust REIT continues to have no property-level debt and, taking into account existing extension rights, no debt maturing before 2020.

2018 Guidance Revised Upward


The following information was filed by Caretrust Reit, Inc. (CTRE) on Tuesday, May 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Caretrust Reit, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Income Statements
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (parenthetical)
Commitments And Contingencies
Commitments And Contingencies - Narrative (details)
Concentration Of Risk
Concentration Of Risk - Narrative (details)
Debt
Debt (tables)
Debt - Narrative (details)
Debt - Schedule Of Debt (details)
Earnings Per Common Share
Earnings Per Common Share (tables)
Earnings Per Common Share - Reconciliation Of Weighted-average Common Shares Outstanding Used In Calculation Of Basic Eps To Diluted Eps (details)
Equity
Equity (tables)
Equity - Atm Offering (details)
Equity - Dividends On Common Stock (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Summary Of Fair Value Of Financial Instruments (details)
Organization
Organization - Narrative (details)
Other Real Estate Investments
Other Real Estate Investments - Narrative (details)
Real Estate Investments, Net
Real Estate Investments, Net (tables)
Real Estate Investments, Net - Future Minimum Rental Revenues (details)
Real Estate Investments, Net - Investment In Owned Properties (details)
Real Estate Investments, Net - Narrative (details)
Real Estate Investments, Net - Recent Real Estate Acquisitions (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Narrative (details)
Subsequent Events
Subsequent Events - Narrative (details)
Summarized Condensed Consolidating Information
Summarized Condensed Consolidating Information (tables)
Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets (details)
Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets Share Data (details)
Summarized Condensed Consolidating Information - Condensed Consolidating Income Statements (details)
Summarized Condensed Consolidating Information - Condensed Consolidating Statements Of Cash Flows (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Narrative (details)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives (details)

Material Contracts, Statements, Certifications & more

Caretrust Reit, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CTRE
CIK: 1590717
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-006231
Submitted to the SEC: Tue May 08 2018 4:02:03 PM EST
Accepted by the SEC: Tue May 08 2018
Period: Saturday, March 31, 2018
Industry: Real Estate Investment Trusts

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