CareTrust REIT Q3 net income $33.4M; announces $500M Tennessee portfolio acquisition at 9.0% yield

CareTrust REIT, Inc.

2024-Q3 EPS reported $0.50 revenue$209,342,000

Q3 net income $33.4M ($0.21 EPS); normalized FFO $0.38/sh; normalized FAD $0.39/sh.
Investments of $440.8M in Q3 at 9.1% yield; year-to-date $916.5M at 9.4% yield.
Entered contract to acquire 31 skilled nursing facilities in TN for $500M (9.0% yield), close by year-end.
Sold 17.2M ATM shares for $500.1M; net debt/EBITDA 0.08x; $234M cash; prepaid $200M term loan.
FY2024 guidance: EPS $0.83-0.84, normalized FFO $1.49-1.50, normalized FAD $1.53-1.54.

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