CareTrust REIT Files 2024 10-K

TL;DR

CareTrust REIT filed its 2024 10-K, showing full-year financials for its healthcare property portfolio.

AI Summary

CareTrust REIT, Inc. filed its 2024 10-K on February 12, 2025, detailing its real estate investment trust operations for the fiscal year ending December 31, 2024. The company's primary business involves acquiring, developing, and leasing healthcare properties, with a focus on skilled nursing and senior housing facilities. The filing provides financial statements and operational highlights for the period.

Why It Matters

This filing provides investors with a comprehensive overview of CareTrust REIT's financial health, operational performance, and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024 — Fiscal Year End (The report covers the full fiscal year ending December 31, 2024.)
• 2025-02-12 — Filing Date (The 10-K was filed on this date.)

Key Players & Entities

• CareTrust REIT, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-12 (date) — Filing date
• 905 CALLE AMANECER, SUITE 300 (address) — Company business and mailing address
• SAN CLEMENTE, CA 92673 (address) — Company business and mailing address

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CTRE New York Stock Exchange
• $795.2 million — ans receivable with a carrying value of $795.2 million and one financing receivable with a car
• $96.0 million — ing receivable with a carrying value of $96.0 million. The following table summarizes our re
• $1.0 million — 58,580 79 8,935 (1) Table excludes a $1.0 million mortgage loan originated in connection
• $17.7 m — SNFs and four ALFs for net proceeds of $17.7 million, resulting in a net loss on sale
• $2.2 million — in a net loss on sale of real estate of $2.2 million. Subsequent to December 31, 2024, we so
• $3.9 million — stimated gain on sale of real estate of $3.9 million. Our Industry The skilled nursing ind
• $209.3 billion — re projected to grow from approximately $209.3 billion in 2023, which includes federal expendi
• $337.4 billion — the COVID-19 pandemic, to approximately $337.4 billion in 2032. Although seniors housing and s

Filing Documents

• ctre-20241231.htm (10-K) — 5084KB
• ex1014assetpurchasagreement.htm (EX-10.14) — 2498KB
• ex191ctre-insidertradingpo.htm (EX-19.1) — 120KB
• ctre20241231ex211q4.htm (EX-21.1) — 81KB
• ctre20241231ex231q4.htm (EX-23.1) — 2KB
• ctre20241231ex311q4.htm (EX-31.1) — 8KB
• ctre20241231ex312q4.htm (EX-31.2) — 8KB
• ctre20241231ex321q4.htm (EX-32.1) — 8KB
• ctre-20241231_g1.jpg (GRAPHIC) — 47KB
• image_2a.jpg (GRAPHIC) — 22KB
• picture1a.jpg (GRAPHIC) — 100KB
• picture2a.jpg (GRAPHIC) — 89KB
• 0001628280-25-005118.txt ( ) — 28311KB
• ctre-20241231.xsd (EX-101.SCH) — 190KB
• ctre-20241231_cal.xml (EX-101.CAL) — 82KB
• ctre-20241231_def.xml (EX-101.DEF) — 825KB
• ctre-20241231_lab.xml (EX-101.LAB) — 1521KB
• ctre-20241231_pre.xml (EX-101.PRE) — 1106KB
• ctre-20241231_htm.xml (XML) — 4739KB

Risk Factors

Item 1A. Risk Factors 25

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 39

Cybersecurity

Item 1C. Cybersecurity 40

Properties

Item 2. Properties 41

Legal Proceedings

Item 3. Legal Proceedings 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42

[Reserved]

Item 6. [Reserved] 44

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 55

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 56

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 56

Controls and Procedures

Item 9A. Controls and Procedures 56

Other Information

Item 9B. Other Information 58

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 58 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 59

Executive Compensation

Item 11. Executive Compensation 59

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 59

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 59

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 59 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 61

Form 10-K Summary

Item 16. Form 10-K Summary 63 Signatures 64 3 Table of Contents Certain statements in this report may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements regarding: future financing plans, business strategies, growth prospects and operating and financial performance; expectations regarding the making of distributions and the payment of dividends; and compliance with and changes in governmental regulations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: (i) the ability and willingness of our tenants and borrowers to meet and/or perform their obligations under the agreements we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if

Business

ITEM 1. Business Our Company CareTrust REIT is a self-administered, publicly-traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. As of December 31, 2024, CareTrust REIT owned, directly or in consolidated joint ventures, and leased to independent operators, 258 skilled nursing facilities ("SNFs"), multi-service campuses, assisted living facilities ("ALFs") and independent living facilities ("ILFs") (including facilities classified as held for sale) consisting of 28,088 operational beds and units located in 32 states with the highest concentration of properties by rental income located in California and Texas. As of December 31, 2024, we also had other real estate related investments consisting of three preferred equity investments, 15 real estate secured loans receivable and five mezzanine loans receivable with a carrying value of $795.2 million and one financing receivable with a carrying value of $96.0 million. The following table summarizes our real estate investment portfolio as of December 31, 2024 (dollars in thousands): Twelve Months Ended December 31, 2024 Owned Properties Number of Properties Number of Beds/Units Book Value as of December 31, 2024 Percentage of Book Value Rental Income Percentage of Total Revenue Skilled nursing 192 20,930 $ 1,742,970 55 % $ 169,414 61 % Multi-service campuses 30 4,272 408,045 13 % 43,372 16 % Assisted living / independent living 36 2,886 132,936 4 % 15,475 6 % Total Owned Properties 258 28,088 $ 2,283,951 72 % $ 228,261 83 % Financing Receivable Number of Properties Number of Beds/Units Book Value as of December 31, 2024 Percentage of Book Value Interest Income Percentage of Total Revenue Skilled nursing / assisted living / independent living 46 3,820 $ 96,004 3 % $ 1,009 * Total Financing Receivable 46 3,820 $ 96,004 3 % $ 1,009 * Other Real Estate Related Investments Number of Properties Number o

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View this 10-K filing on SEC EDGAR