Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q4 2017 Earnings Presentation
24 slides from Caretrust Reit's earnings presentation, Feb 27, 2018
Slide 1: The Rio at Cabezon (Rio Rancho, NM) EXHIBIT 99.2 Cascadia of Nampa (Nampa, ID)
The Rio at Cabezon (Rio Rancho, NM) EXHIBIT 99.2 Cascadia of Nampa (Nampa, ID) EXHIBIT 99.2 Providence Ontario (Ontario, CA) EXHIBIT 99.2
Slide 2: Disclaimers
2 Disclaimers • This supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding our intent, belief or expectations, in
Slide 3: Company Profile
3 Company Profile CareTrust REIT is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. CareTrust REIT generates revenues primarily by leasing properties to a diverse group of local,
Slide 4: CareTrust at a Glance
4 Note: Amounts are as of December 31, 2017 and exclude our three operated seniors housing properties, two preferred equity investments and a mortgage loan receivable. Credit Ratings S&P Corporate Rating: B+ (positive) Senior Unsecured Notes: BB- Moody’s Corporate Rating: B1 (positive) Senior Unsecu
Slide 5: Investments
5 Investments Notes: [1] Initial Investment for pre-spin properties represents Ensign's gross book value. Initial Investment for post-spin properties represents CareTrust REIT’s purchase price and transaction costs. [2] Initial Operating Beds/Units as of the acquisition date. [3] Total Cost per Bed/
Slide 6: Portfolio Performance
6 Portfolio Performance Notes: [1] Investment for pre-spin properties represents Ensign's gross book value. Investment for post-spin properties represents CareTrust REIT’s cumulative capital investment. Capital investment includes purchase price, transaction costs and landlord-funded capital expendi
Slide 7: Tenant Summary
Tenant Summary ENsiGN S croup ! TRILLIUM CareTrust
Slide 8: Rent Diversification by Tenant
8 Rent Diversification by Tenant Notes: [1] Investment for pre-spin properties represents Ensign's gross book value. Investment for post-spin properties represents CareTrust REIT’s cumulative capital investment. Capital investment includes purchase price, transaction costs and capital expenditures,
Slide 9: Geographic Diversification
CA: 16.4% OH: 8.2% AZ: 7.3% ID: 7.4% Others: 39.2% TX: 21.5% 9 1 SNF 1 ALF 1 ALF Top Five States CA: 19.9% OH: 12.2% AZ: 6.9% ID: 8.7% Others: 32.4%TX: 19.9% CA: 16.9% OH: 14.3% AZ: 4.5% ID: 8.5% Others: 36.1% TX: 19.7% Run-R at e Re nt In ve stme nt Beds/Unit s
Slide 10: Rent Diversification by State
10 Rent Diversification by State Notes: [1] Investment for pre-spin properties represents Ensign's gross book value. For post-spin properties, Investment represents CareTrust REIT’s cumulative capital investment. Capital investment includes purchase price, transaction costs and capital expenditures,
Slide 11: Lease Maturities
11 Lease Maturities Lease Maturity Year % of Re nt Notes: [1] Lease Maturity Year represents the scheduled expiration year of the primary term of the lease and does not include tenant extension options, if any. [2] Investment for pre-spin properties represents Ensign's gross book value. For post-spi
Slide 12: Financial Overview
12 The Rio at Cabezon (Rio Rancho, NM)
Slide 13: Consolidated Income Statements
13 Consolidated Income Statements (amounts in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2017 2016 2017 2016 Revenues: Rental income $ 32,379 $ 25,269 $ 117,633 $ 93,126 Tenant reimbursements 3,001 2,031 10,254 7,846 Independent living facilities 821 79
Slide 14: Reconciliation of EBITDA, FFO and FAD
Reconciliation of EBITDA, FFO and FAD 14 (amounts in thousands) Quarter Ended December 31, 2016 Quarter Ended March 31, 2017 Quarter Ended June 30, 2017 Quarter Ended September 30, 2017 Quarter Ended December 31, 2017 Net income $ 8,388 $ 10,281 $ 2,030 $ 11,311 $ 2,252 Depreciation and amortization
Slide 15: Reconciliation of EBITDA, FFO and FAD
Reconciliation of EBITDA, FFO and FAD 15 [1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method. (amounts in thousands, except per share data) Quarter Ended December 31, 2016 Quarter Ended March 31, 2017 Quarter Ended June 30, 2017 Qua
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets 16 (dollars in thousands) December 31, 2017 December 31, 2016 Assets: Real estate investments, net $ 1,152,261 $ 893,918 Other real estate investments 17,949 13,872 Cash and cash equivalents 6,909 7,500 Accounts and other receivables, net 5,254 5,896 Prepaid expenses and
Slide 17: Key Debt Metrics
17 Key Debt Metrics [1] Debt to Normalized EBITDA compares total debt as of the last day of the quarter to the annualized Normalized EBITDA for the quarter. [2] Debt to Enterprise Value compares total debt as of the last day of the quarter to CareTrust REIT’s Enterprise Value as of the last day of t
Slide 18: Debt Summary
18 Debt Summary Notes: [1] Funds can be borrowed at applicable LIBOR plus 1.95% to 2.60% or at the Base Rate (as defined) plus 0.95% to 1.6%. [2] Funds can be borrowed at applicable LIBOR plus 1.75% to 2.40% or at the Base Rate (as defined) plus 0.75% to 1.4%. [3] Maturity date assumes exercise of t
Slide 19: Updated 2018 Guidance
Updated 2018 Guidance (shares in thousands) 19 See “Glossary” for additional information. Low High Net income $ 0.67 $ 0.69 Real estate related depreciation and amortization 0.58 0.58 Funds from Operations (FFO) 1.25 1.27 Normalized FFO $ 1.25 $ 1.27 Net income $ 0.67 $ 0.69 Real estate related depr
Slide 20: Equity Capital Transactions
20 Equity Capital Transactions Notes: [1] Represents average follow-on equity offerings per-share price. Follow-On Equity Offering Activity At-the-Market Offering Activity 2015 2016 Q1 Q2 Q3 Q4 Total Number of Shares (000s) 16,330 — 9,775 — 6,325 16,100 Public Offering Price per Share $ 10.50 $ — $
Slide 21: Other Financial Highlights
Other Financial Highlights 22 Notes: [1] Normalized FFO Payout Ratio represents dividends declared divided by Normalized FFO, in each case for the applicable quarter. [2] See “Financials & Filings - Quarterly Results” on the Investors section of our website at http://investor.caretrustreit.com for a
Slide 22: Glossary
23 Glossary Assisted Living Facilities (“ALFs”) Licensed healthcare facilities that provide personal care services, support and housing for those who need help with daily living activities, such as bathing, eating and dressing, yet require limited medical care. The programs and services may include
Slide 23: Glossary
Glossary 24 Multi-Service Campus Facilities that include a combination of Skilled Nursing beds and Seniors Housing units. Normalized EBITDA EBITDA, adjusted for certain income and expense items the Company does not believe are indicative of its ongoing results, such as certain acquisition costs, rea
Slide 24: Cascadia of Nampa (Nampa, ID)
Cascadia of Nampa (Nampa, ID)