Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q1 2021 Earnings Presentation
26 slides from Caretrust Reit's earnings presentation, May 6, 2021
Slide 1: Camarillo Senior Living (Camarillo, CA)
EXHIBIT 99.2EXHIBIT 99.2EXHIBIT 99.EXHIBIT 99.2EXHIBIT 9.2EXHIBIT 99.2 Camarillo Senior Living (Camarillo, CA) E I IT 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, incl
Slide 3: Company Profile
3 Company Profile CareTrust REIT is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of seniors housing and healthcare-related properties. CareTrust REIT generates revenues primarily by leasing properties to a diverse gr
Slide 4: CareTrust at a Glance
4 Note: Amounts are as of March 31, 2021 and exclude our one mezzanine loan receivable. Credit Ratings S&P Corporate Rating: B+ (positive) Senior Unsecured Notes: BB- Moody’s Corporate Rating: B1 (positive) Senior Unsecured Notes: B1 23,222 Operating Beds/Units 222 Properties 23 Operators 28 States
Slide 5: Investments
5 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. [2] Initial Operati
Slide 6: Top Tenants Lease Coverage
6 Top 10 Tenants Lease Coverage Twelve Months Ended March 31, 2020 Nine Months Ended December 31, 2020 Twelve Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Twelve Months Ended December 31, 2020 Pre COVID-19 Excludes Use of HHS Funds[3] Includes Amortized HHS Funds[4] EBITDAR Cov
Slide 7: Portfolio Performance
Portfolio Performance (dollars in thousands) As of March 31, 2021 Asset Type Facilities Operating Beds/Units Investment [1] % of Total Investment Rent [2] % of Total Rent Current Yield [3] Skilled Nursing 157 16,264 $1,308,842 67.8% $129,044 69.9% 9.9% Multi-Service Campus 24 3,641 375,432 19.5% 30,
Slide 8: Rent Diversification by Tenant
8 Rent Diversification by Tenant Notes: [1] All amounts exclude our one mezzanine loan receivable. [2] 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 investm
Slide 9: Geographic Diversification
TX 22.7% CA 20.4% ID 6.3% AZ 5.8% LA 5.0% Others 39.8% 9 1 SNF 1 ALF 1 ALF Top Five States CA 25.4% TX 19.7% LA 8.8% ID 7.4% AZ 6.8% Others 31.9% CA 24.3% TX 18.8% LA 9.2% ID 7.2% AZ 3.1% Others 37.4% R u n -R at e R en t In ve st m en t B ed s/ U n it s
Slide 10: Rent Diversification by State
10 Rent Diversification by State Notes: [1] All amounts exclude our one mezzanine loan receivable. [2] 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 investm
Slide 11: Lease Maturities
11 Lease Maturities Lease Maturity Year % o f R en t Notes: [1] All amounts exclude our one mezzanine loan receivable. [2] Lease Maturity Year represents the scheduled expiration year of the primary term of the lease and does not include tenant extension options or purchase options, if any. [3] Inve
Slide 12: Tenant Purchase Options
Tenant Purchase Options (dollars in thousands) As of March 31, 2021[1] Asset Type Properties Lease Expiration 1st Option Open Year Option Type[1] Current Cash Rent % of Total[2] ALF 7 October 2034 1/1/2021 A $ 3,207 1.74 % SNF 11 November 2030 1/1/2022 C 4,800 2.60 % SNF 1 March 2029 4/1/2022 B / C[
Slide 13: The Rio at Cabezon (Rio Rancho, NM)
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 March 31, 2021 2020 Revenues: Rental income $ 45,246 $ 42,464 Independent living facilities — 625 Interest and other income 505 1,251 Total revenues 45,751 44,340 Expenses: Depreciation and amortizatio
Slide 15: Reconciliation of EBITDA, FFO and FAD
Reconciliation of EBITDA, FFO and FAD 15 (amounts in thousands, except per share data) Quarter Ended March 31, 2020 Quarter Ended June 30, 2020 Quarter Ended September 30, 2020 Quarter Ended December 31, 2020 Quarter Ended March 31, 2021 Net income $ 19,325 $ 18,935 $ 21,552 $ 21,055 $ 20,486 Deprec
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. See Glossary for additional information. (amounts in thousands, except per share data) Quarter Ended March 31, 2020 Quarter Ended June 30,
Slide 17: Consolidated Balance Sheets
Consolidated Balance Sheets 17 (dollars in thousands) March 31, 2021 December 31, 2020 Assets: Real estate investments, net $ 1,577,450 $ 1,448,099 Other real estate investments, net 15,155 15,000 Assets held for sale, net — 7,226 Cash and cash equivalents 30,469 18,919 Accounts and other receivable
Slide 18: Key Debt Metrics
18 Key Debt Metrics [1] Net Debt to Normalized EBITDA compares total debt as of the last day of the quarter to the annualized Normalized EBITDA for the quarter. [2] See "Financials & Filings - Quarterly Results" on the Investors section of our website at http://investor.caretrustreit.com for reconci
Slide 19: Debt Summary
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 the Base Rate (as defined) plus 0.10% to 0.55%. [3] Maturity date assumes exercise of tw
Slide 20: 2021 Guidance Increased
2021 Guidance Increased 20 Full Year 2021 Guidance[1] (shares in thousands) Low High Net income $ 0.90 $ 0.92 Real estate related depreciation and amortization 0.56 0.56 (Gain) loss on sale of real estate — — Funds from Operations (FFO) 1.46 1.48 Lease termination revenue — — Normalized FFO $ 1.46 $
Slide 21: Equity Capital Transactions
21 Equity Capital Transactions Notes: [1] Represents average offering price per share for follow-on equity offerings. [2] In connection with the entry into the equity distribution agreement and the commencement of the new $500.0 million ATM Program in March 2020 (the "New ATM Program") our “at-the-m
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: Other Financial Highlights (continued)
Other Financial Highlights (continued) Normalized FFO per Share [1] Normalized FFO [1] Notes: [1] See “Financials & Filings - Quarterly Results” on the Investors section of our website at http://investor.caretrustreit.com for a reconciliation of Normalized FFO and Normalized FFO per Share to the mos
Slide 24: Glossary
Glossary 24 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 25: Glossary
Glossary 25 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 26: Broadmoor Medical Lodge (Rockwall, TX)
Broadmoor Medical Lodge (Rockwall, TX)