CareTrust REIT reports Q4 normalized FFO 36c, consensus 36c

CareTrust’s President and CEO Dave Sedgwick, commented on the Company’s 2023 and fourth quarter results: “2023 was a great year for the Company on all fronts. We invested $288 million at a stabilized yield of 9.8%. We expanded our operator and industry relationships. We paid off our $600 million line of credit and ended the year with approximately $294 million of cash on the balance sheet.” Mr. Sedgwick continued, “Assuming the business environment for us and operators remains steady, we expect 2024 to be a strong year for new investments. The investment pipeline today is roughly $250 million, not including larger portfolio deals we regularly review.”