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Caretrust Reit, Inc. (CTRE) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Caretrust Reit, Inc.

CIK: 1590717 Ticker: CTRE
Exhibit 99.1
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CareTrust REIT Announces Second Quarter 2018 Operating Results; Updates 2018 Guidance

Conference Call Scheduled for Thursday, August 2, 2018 at 1:00 pm ET
SAN CLEMENTE, Calif., August 1, 2018 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq:CTRE) today reported operating results for the quarter ended June 30, 2018, as well as other recent events.
For the quarter, CareTrust REIT reported:
Net income of $13.3 million, and net income per diluted weighted-average common share of $0.17;
Normalized FFO of $24.5 million, an increase of 19%, and normalized FFO per diluted weighted-average common share of $0.32, an increase of 14% over Q2 2017;
Normalized FAD of $25.6 million, an increase of 18%, and normalized FAD per diluted weighted-average common share of $0.33, an increase of 10% over Q2 2017;
A net debt-to-normalized EBITDA ratio of 4.1x and a debt-to-enterprise value of 29%, each as of quarter-end.

Pipeline Rebuilding
Commenting on the Company’s lighter-than-usual year-to-date acquisition pace, Greg Stapley, CareTrust REIT’s Chairman and Chief Executive Officer, noted that the Company has been adhering to its core discipline of deploying capital at solid returns and reasonable prices. “In our view, the market for good assets has been overheated since the fourth quarter of 2017, and we will never hesitate to head for the sidelines if the right deals aren’t there,” he said. He noted that, while no acquisitions were closed in the second quarter, one has closed since, and more are underway. “We are pleased to report that deal flow has picked up markedly in the second quarter, and our pipeline is getting back to where it has been historically,” he concluded.
Financial Results for Quarter Ended June 30, 2018
Chief Financial Officer Bill Wagner reported that, for the second quarter, CareTrust REIT generated net income of $13.3 million, or $0.17 per diluted weighted-average common share, normalized FFO of $24.5 million, or $0.32 per diluted weighted-average common share, and normalized FAD of $25.6 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 14%,” said Mr. Wagner.
Liquidity
Discussing CareTrust REIT’s current liquidity, Mr. Wagner noted that the acquisition-light quarter allowed the Company to significantly pay down the outstanding balance on its $400 million revolving credit facility. “We have used retained FFO and proceeds of equity sales under our at-the-market equity program to reduce our loan balance to approximately $130 million as of today, leaving plenty of liquidity for near-term growth,” he said. He further noted that the revolving credit facility includes an additional $250 million “accordion” feature that can be exercised by the Company if additional liquidity is needed.
Mr. Wagner also reported that, during the quarter and since, CareTrust REIT issued approximately 4.9 million shares of common stock through the Company’s at-the-market equity program at an average price of $16.50 per share, for $80.2 million in gross proceeds. “Our ATM program remains a significant instrument in the Company’s capital-raising repertoire, with up to $155.9 million remaining in authorization at present,” he said. Mr. Wagner stated that CareTrust REIT’s net debt-to-normalized EBITDA ratio was 4.1x and its debt-to-enterprise value was 29%, 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 Updated
Mr. Wagner updated CareTrust REIT's 2018 earnings guidance, projecting on a per-diluted weighted-average common share basis, net income of approximately $0.71 to $0.73, normalized FFO of approximately $1.26 to $1.28, and normalized FAD of approximately $1.32 to $1.34. He noted that the 2018 guidance is based on a diluted weighted-average common share count of 78.4 million shares and assumes no new acquisitions beyond those made to date, no new debt incurrences or new equity issuances, and 2.0% CPI-based rent escalators under CareTrust REIT's long-term net leases.



The following information was filed by Caretrust Reit, Inc. (CTRE) on Wednesday, August 1, 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 - Lease Amendments And Related Agreements (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)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Subsequent Events
Subsequent Events (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)

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

Ticker: CTRE
CIK: 1590717
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-010188
Submitted to the SEC: Wed Aug 01 2018 4:01:56 PM EST
Accepted by the SEC: Wed Aug 01 2018
Period: Saturday, June 30, 2018
Industry: Real Estate Investment Trusts

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