CareTrust REIT Reports Reloaded Investment Pipeline Of $260M And Q1 ATM Activity Of $273M, Outstanding Share Total ~142.1M Shares.
Portfolio Pulse from Benzinga Newsdesk
CareTrust REIT, Inc. (NYSE:CTRE) has funded a $26.7 million mortgage loan for a skilled nursing portfolio acquisition in Tennessee, operated by affiliates of The Ensign Group, Inc. The loan, secured by a first priority lien, has a seven-year maturity and a 9.10% annual interest rate. CareTrust has an option to purchase the facilities in the future. Year-to-date investments exceed $205 million, with an investment pipeline of approximately $260 million. The company issued 11.6 million shares at $23.55 each, raising about $273.2 million, increasing outstanding shares to ~142.1 million.
May 01, 2024 | 9:43 pm
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POSITIVE IMPACT
CareTrust REIT's strategic investment in a Tennessee nursing portfolio and its robust investment pipeline highlight its growth-oriented approach. The successful share issuance in Q1 enhances its financial flexibility.
The investment in the skilled nursing portfolio and the successful share issuance indicate a positive growth trajectory and financial health for CareTrust REIT. The strategic investment and the option to purchase the facilities in the future, along with a strong investment pipeline, suggest potential for value creation. The share issuance at an average price of $23.55, raising substantial funds, demonstrates investor confidence and enhances the company's ability to fund future investments.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100