Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q4 2021 Earnings Presentation
24 slides from Caretrust Reit's earnings presentation, Feb 16, 2022
Slide 1: Financial Supplement Fourth Quarter 2021
Financial Supplement Fourth Quarter 2021 Exhibit 99.2
Slide 2: Disclaimers
Disclaimers 02 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, inc
Slide 3: Table of Contents
Table of Contents CONTACT INFORMATION 03 CareTrust REIT, Inc. 905 Calle Amanecer, Suite 300 San Clemente, CA 92673 (949) 542-3130 ir@caretrustreit.com www.CareTrustReit.com Transfer Agent Broadridge Corporate Issuer Solutions P.O. Box 1342 Brentwood, NY 11717 (800) 733-1121 shareholder@broadridge.co
Slide 4: Company Profile
Company Profile MANAGEMENT Dave Sedgwick – President & Chief Executive Officer Bill Wagner - Chief Financial Officer Mark Lamb - Chief Investment Officer CareTrust REIT is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing
Slide 5: CareTrust Snapshot
CARETRUST REIT, INC. NASDAQ: CTRE Market Data (as of December 31, 2021) ◦ Closing Price: $22.83 ◦ 52 Week Range: $24.89 – $19.45 ◦ Market Cap: $2,219M ◦ Enterprise Value: $2,879M ◦ Outstanding Shares: 97.188M Credit Ratings ◦ Corporate Rating: BB (stable) ◦ Senior Unsecured Notes: BB+ ◦ Corporate Ra
Slide 6: Investments
Notes: [1] Initial Investment for pre-spin properties represents Ensign's and Pennant's gross book value. Initial Investment for post-spin properties represents CareTrust REIT’s purchase price and transaction costs and includes commitments for capital expenditures that are not rent producing. [2] In
Slide 7: Top 10 Tenants and Lease Coverage
Notes: [1] EBITDAR Coverage and EBITDARM Coverage are based on financial information provided by our tenants. We have not independently verified this information, but have no reason to believe that such information is inaccurate in any material respect. Coverage metrics are based on contractual cash
Slide 8: Portfolio Performance
Portfolio Performance 08 Notes: [1] Investment for pre-spin properties represents Ensign's and Pennant'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
Slide 9: Rent Diversification by Tenant
Rent Diversification by Tenant 09 Notes: [1] All amounts exclude our one mezzanine loan receivable. Additionally, amounts exclude one property classified as held for sale as of December 31, 2021 and two assisted living facilities under a short-term master lease as of December 31, 2021. [2] Investmen
Slide 10: Geographic Diversification
Geographic Diversification (% of run-rate rent) 10 * Less than 1%. Note: Numbers are as of December 31, 2021 and exclude our one mezzanine loan receivable. Additionally, amounts exclude one property classified as held for sale as of December 31, 2021 and two assisted living facilities under a short-
Slide 11: Rent Diversification by State
Rent Diversification by State 11 Notes: [1] All amounts exclude our one mezzanine loan receivable. Additionally, amounts exclude one property classified as held for sale as of December 31, 2021 and two assisted living facilities under a short-term master lease as of December 31, 2021. [2] Investment
Slide 12: Lease Maturities
Lease Maturities 12 Notes: [1] All amounts exclude our one mezzanine loan receivable. Additionally, amounts exclude one property classified as held for sale as of December 31, 2021 and two assisted living facilities under a short-term master lease as of December 31, 2021. [2] Lease Maturity Year rep
Slide 13: Tenant Purchase Options
Tenant Purchase Options 13 Notes: [1] Option type includes: A - Fixed base price plus a specified share on any appreciation. B - Fixed base price. C- Fixed capitalization rate on lease revenue. [2] Rent represents December 2021 rent, annualized, and excludes ground lease income. Additionally, if a l
Slide 14: Consolidated Income Statements
Consolidated Income Statements 14 (amounts in thousands, except per share data) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2021 2020 2021 2020 Revenues: Rental income $ 49,118 $ 43,605 $ 190,195 $ 173,612 Independent living facilities — 203 — 2,077 Interest and
Slide 15: Reconciliation of EBITDA, FFO and FAD
See "Glossary" for additional information. Reconciliation of EBITDA, FFO and FAD 15 (amounts in thousands) Quarter Ended December 31, 2020 Quarter Ended March 31, 2021 Quarter Ended June 30, 2021 Quarter Ended September 30, 2021 Quarter Ended December 31, 2021 Net income $ 21,055 $ 20,486 $ 21,317 $
Slide 16: Reconciliation of EBITDA, FFO and FAD (continued)
[1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method. See "Glossary" for additional information. Reconciliation of EBITDA, FFO and FAD (continued) 16 (amounts in thousands, except per share data) Quarter Ended December 31, 2020 Quart
Slide 17: Consolidated Balance Sheets
Consolidated Balance Sheets 17 (amounts in thousands) December 31, 2021 December 31, 2020 Assets: Real estate investments, net $ 1,589,971 $ 1,448,099 Other real estate investments 15,155 15,000 Assets held for sale, net 4,835 7,226 Cash and cash equivalents 19,895 18,919 Accounts and other receivab
Slide 18: Key Debt Metrics
Notes: [1] Net Debt to Annualized Normalized Run Rate EBITDA compares net debt as of the last day of the quarter to Annualized Normalized Run Rate EBITDA for the quarter which assumes investments closed during the quarter occurred on the first day of the quarter. See “Financials & Filings – Quarterl
Slide 19: Debt Summary
Notes: [1] Funds can be borrowed at applicable LIBOR plus 1.50% to 2.20% or at the Base Rate (as defined) plus 0.50% to 1.20%. [2] Funds can be borrowed at applicable LIBOR plus 1.10% to 1.55% or at the Base Rate (as defined) plus 0.10% to 0.55%. [3] Maturity date assumes exercise of two, 6-month ex
Slide 20: Equity Capital Transactions
Notes: [1] Represents average offering price per share for follow-on equity offerings. [2] As of December 31, 2021, CareTrust REIT had $476.5 million available for future issuances under the ATM Program. Follow-On Equity Offering Activity At-the-Market Offering Activity Equity Capital Transactions 2
Slide 21: Other Financial Highlights
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 reconciliation of Normalized
Slide 22: Glossary
Funds from Operations (“FFO”) Net income, excluding gains and losses from dispositions of real estate or other real estate, before real estate depreciation and amortization and real estate impairment charges. CareTrust REIT calculates and reports FFO in accordance with the definition and interpretiv
Slide 23: Glossary (continued)
Multi-Service Campus Facilities that include a combination of Skilled Nursing beds and Seniors Housing units, including Continuing Care Retirement Communities. Normalized EBITDA EBITDA, adjusted for certain income and expense items the Company does not believe are indicative of its ongoing results,
Slide 24: CareTrust
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