CareTrust REIT Files Q3 2024 10-Q
Ticker: CTRE · Form: 10-Q · Filed: Oct 29, 2024 · CIK: 1590717
Sentiment: neutral
Topics: 10-Q, REIT, financials
TL;DR
CareTrust REIT's Q3 2024 10-Q is in, check the financials for healthcare real estate performance.
AI Summary
CareTrust REIT, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the year-to-date period. Key financial data and disclosures related to its real estate investment trust operations are presented.
Why It Matters
This filing provides investors with crucial financial and operational details for CareTrust REIT, Inc., impacting investment decisions regarding healthcare real estate.
Risk Assessment
Risk Level: medium — As a REIT, CareTrust's performance is sensitive to real estate market conditions, interest rates, and the healthcare industry's regulatory environment.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 2024-10-29 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- CareTrust REIT, Inc. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-10-29 (date) — Date of filing
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 30, 2024.
What is the company's name?
The company's name is CareTrust REIT, Inc.
On what date was this 10-Q filed?
This 10-Q was filed on October 29, 2024.
What is the Standard Industrial Classification (SIC) code for CareTrust REIT, Inc.?
The SIC code for CareTrust REIT, Inc. is 6798, which corresponds to Real Estate Investment Trusts.
What is the fiscal year end for CareTrust REIT, Inc.?
The fiscal year end for CareTrust REIT, Inc. is December 31.
Filing Stats: 4,737 words · 19 min read · ~16 pages · Grade level 13.9 · Accepted 2024-10-29 16:07:06
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share CTRE New York Stock Exchange
Filing Documents
- ctre-20240930.htm (10-Q) — 1566KB
- ctre20240930q3ex311.htm (EX-31.1) — 8KB
- ctre20240930q3ex312.htm (EX-31.2) — 8KB
- ctre20240930q3ex321.htm (EX-32.1) — 7KB
- 0001628280-24-044095.txt ( ) — 9160KB
- ctre-20240930.xsd (EX-101.SCH) — 81KB
- ctre-20240930_cal.xml (EX-101.CAL) — 65KB
- ctre-20240930_def.xml (EX-101.DEF) — 435KB
- ctre-20240930_lab.xml (EX-101.LAB) — 735KB
- ctre-20240930_pre.xml (EX-101.PRE) — 588KB
- ctre-20240930_htm.xml (XML) — 1395KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 1 Condensed Consolidated Income Statements 2 Condensed Consolidated Statements of Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 38
Controls and Procedures
Item 4. Controls and Procedures 39
—OTHER INFORMATION
PART II—OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 40
Risk Factors
Item 1A. Risk Factors 40
Other Information
Item 5. Other Information 41
Exhibits
Item 6. Exhibits 41
Signatures
Signatures 42 Table of Contents
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. CARETRUST REIT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (Unaudited) September 30, 2024 December 31, 2023 Assets: Real estate investments, net $ 1,749,139 $ 1,567,119 Other real estate related investments (including accrued interest of $ 5,826 as of September 30, 2024 and $ 1,727 as of December 31, 2023) 740,730 180,368 Assets held for sale 16,046 15,011 Cash and cash equivalents 377,102 294,448 Accounts and other receivables 881 395 Prepaid expenses and other assets, net 33,815 23,337 Deferred financing costs, net 3,166 4,160 Total assets $ 2,920,879 $ 2,084,838 Liabilities and Equity: Senior unsecured notes payable, net $ 396,705 $ 396,039 Senior unsecured term loan, net — 199,559 Accounts payable, accrued liabilities and deferred rent liabilities 49,717 33,992 Dividends payable 49,721 36,531 Total liabilities 496,143 666,121 Commitments and contingencies (Note 12) Equity: Preferred stock, $ 0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 500,000,000 shares authorized, 171,122,858 and 129,992,796 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 1,711 1,300 Additional paid-in capital 2,950,802 1,883,147 Cumulative distributions in excess of earnings ( 530,317 ) ( 467,628 ) Total stockholders' equity 2,422,196 1,416,819 Noncontrolling interests 2,540 1,898 Total equity 2,424,736 1,418,717 Total liabilities and equity $ 2,920,879 $ 2,084,838 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents CARETRUST REIT, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (in thousands, except per share amounts) (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Rental income $ 57,153 $ 51