CareTrust REIT, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues increased to $77.4 million for the third quarter, up from $55.9 million, and for the nine months, revenues rose to $209.3 million from $158.0 million. Net income for the third quarter surged to $33.3 million, compared to $8.7 million in the prior year, while net income for the nine months reached $72.4 million, up from $27.4 million.
The company’s earnings per share also improved, with diluted earnings of $0.21 for the third quarter of 2024, compared to $0.08 in 2023, and $0.50 for the nine months, up from $0.27. This growth was attributed to increased rental income, which rose to $57.2 million in Q3 2024 from $51.2 million in Q3 2023, and $166.1 million for the nine months, compared to $145.1 million in the previous year.
CareTrust REIT's total assets grew significantly to $2.9 billion as of September 30, 2024, from $2.1 billion at the end of 2023. Real estate investments netted $1.75 billion, up from $1.57 billion, while other real estate-related investments surged to $740.7 million from $180.4 million. The company also reported a decrease in total liabilities to $496.1 million from $666.1 million, resulting in total stockholders’ equity increasing to $2.42 billion from $1.42 billion.
Strategically, CareTrust REIT has been active in acquisitions, with total acquisitions from January 1, 2024, to October 29, 2024, amounting to approximately $589.5 million. Notably, on October 1, 2024, the company acquired two skilled nursing facilities and one multi-service campus in Maryland for $55.5 million, which included a new master lease with an initial annual cash rent of $5.2 million. Additionally, a joint venture was established to acquire 31 skilled nursing facilities in Tennessee for approximately $500 million, with CareTrust expected to contribute around $442 million.
The company also faced challenges, including impairment charges related to properties held for sale, totaling $36.9 million for the nine months ended September 30, 2024, compared to $23.5 million in the same period of 2023. Furthermore, the company recognized a loss on the sale of real estate amounting to $2.3 million for the nine months ended September 30, 2024, contrasting with a gain of $2.1 million in the previous year.
Overall, CareTrust REIT's financial performance reflects robust growth in revenues and net income, alongside strategic acquisitions and a solid balance sheet, despite facing some impairment challenges.
About CareTrust REIT, Inc.
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