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CareTrust REIT Inc. (CTRE-2.36%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The report details that CareTrust REIT owns 258 healthcare-related properties across 32 states, with a focus on skilled nursing facilities, multi-service campuses, assisted living, and independent living facilities.
Total revenues for the year were $296.3 million, an increase from $217.8 million in 2023. The increase was primarily driven by higher rental income and interest income from real estate investments.
CareTrust reported net income of $124.4 million for the year, compared to $53.7 million in 2023. This improvement was attributed to increased revenues and gains from real estate investments.
During the year, CareTrust made significant investments in real estate and related assets, totaling $1.5 billion, funded through a combination of cash flow from operations, equity offerings, and debt financing.
CareTrust's total assets as of December 31, 2024, were $3.4 billion, up from $2.1 billion at the end of 2023. This growth reflects the company's active acquisition strategy.
The company continues to focus on expanding its portfolio through acquisitions and strategic investments, with an emphasis on diversifying its tenant base and geographic footprint.
CareTrust maintains a strong balance sheet with cash and cash equivalents of $213.8 million and no outstanding borrowings under its $1.2 billion revolving credit facility as of year-end.
The filing highlights potential risks, including tenant concentration, regulatory changes, and market conditions, which could impact future financial performance.
CareTrust remains committed to its REIT status, distributing at least 90% of its taxable income to shareholders, with total dividends declared for 2024 amounting to $1.16 per share.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CareTrust REIT Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.