CareTrust’s shares rose 2.8% after earnings, a roughly flat reaction. The quarter included record investment activity and higher FFO per share, while the call also emphasized a large pipeline and future growth rather than providing new financial guidance in the available transcript.
- Normalized FFO per share was up 20% year over year, according to management.
- CareTrust closed about $740 million of third-quarter investments at a blended stabilized yield above 8.3%.
- Year-to-date investments reached about $2.9 billion at a blended yield of approximately 8.1%; management said it had closed just over $1 billion more since quarter-end.
- The first 23 LNT care homes were acquired for approximately $733 million, excluding transaction costs; they are triple-net leased, with the potential to convert to SHOP as they stabilize.
- Stabilized skilled nursing lease coverage rose to 2.62x on an EBITDAR basis and 3.26x on an EBITDARM basis.
Community Discussion