Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q3 2017 Earnings Presentation
25 slides from Caretrust Reit's earnings presentation, Nov 8, 2017
Slide 1: Supplemental Information Cover
The Rio at Cabezon (Rio Rancho, NM) EXHIBIT 99.2 Cascadia of Nampa (Nampa, ID)
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 September 30, 2017 and exclude our three operated seniors housing properties and our two preferred equity investments. Credit Ratings S&P Corporate Rating: B+ (positive) Senior Unsecured Notes: BB- Moody’s Corporate Rating: B1 (positive) Senior Unsecured Notes: B1 Annualize
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 S ENSIGN S croup CASCAIDIA fists intaa Notes: [1] On November 2, 2017, ‘operator. See page 9 for proforma rent concentration.
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: Rent Diversification by Tenant (Pro Forma)
9 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 10: Geographic Diversification
CA: 14.5% OH: 8.9% AZ: 7.9% ID: 6.0% Others: 39.2%TX: 23.5% 10 1 SNF 1 ALF 1 ALF Top Five States CA: 16.2% OH: 15.1% AZ: 7.3% ID: 6.7% Others: 33.6% TX: 21.1% CA: 13.1% OH: 16.0% AZ: 5.1% ID: 6.5% Others: 37.4%TX: 21.9% Run-R at e Re nt In ve stme nt Beds/Unit s Notes: Amounts are as of September 30
Slide 11: Rent Diversification by State
11 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 12: Lease Maturities
12 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 13: Financial Overview
13 The Rio at Cabezon (Rio Rancho, NM)
Slide 14: Consolidated Income Statements
14 Consolidated Income Statements (amounts in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues: Rental income $ 29,404 $ 24,179 $ 85,254 $ 67,857 Tenant reimbursements 2,543 2,089 7,253 5,815 Independent living facilities
Slide 15: Reconciliation of EBITDA, FFO and FAD
Reconciliation of EBITDA, FFO and FAD 15 (amounts in thousands) Quarter Ended September 30, 2016 Quarter Ended December 31, 2016 Quarter Ended March 31, 2017 Quarter Ended June 30, 2017 Quarter Ended September 30, 2017 Net income $ 7,832 $ 8,388 $ 10,281 $ 2,030 $ 11,311 Depreciation and amortizatio
Slide 16: Reconciliation of EBITDA, FFO and FAD
Reconciliation of EBITDA, FFO and FAD 16 [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 September 30, 2016 Quarter Ended December 31, 2016 Quarter Ended March 31, 201
Slide 17: Consolidated Balance Sheets
Consolidated Balance Sheets 17 (dollars in thousands) September 30, 2017 December 31, 2016 Assets: Real estate investments, net $ 1,089,089 $ 893,918 Other real estate investments 5,368 13,872 Cash and cash equivalents 14,808 7,500 Accounts and other receivables 12,961 5,896 Prepaid expenses and oth
Slide 18: Key Debt Metrics
18 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 19: Debt Summary
19 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 20: Updated 2017 Guidance
Updated 2017 Guidance (shares in thousands) 20 See “Glossary” for additional information. Low High Net income $ 0.51 $ 0.52 Real estate related depreciation and amortization 0.52 0.52 Impairment of real estate investment 0.01 0.01 Gain on disposition of other real estate investment (0.05) (0.05) Fun
Slide 21: Equity Capital Transactions
21 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 22: 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 23: 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 24: Glossary
Glossary 24 Independent Living Facilities (“ILFs”) Also known as retirement communities or senior apartments, ILFs are not healthcare facilities. ILFs typically consist of entirely self-contained apartments, complete with their own kitchens, baths and individual living spaces, as well as parking for
Slide 25: Cascadia of Nampa (Nampa, ID)
Cascadia of Nampa (Nampa, ID)