CARETRUST REIT, INC. Reconciliations of Normalized Run Rate
EBITDA for the Quarters Ended September 30,
2021 Through March 31, 2024
March 31, 2024
(Unaudited)
CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME (LOSS) TO NORMALIZED RUN RATE EBITDA
(in thousands) (Unaudited)
Quarter | Quarter | Quarter | Quarter | Quarter | |||||||
Ended | Ended | Ended | Ended | Ended | |||||||
March 31, | June 30, | September 30, | December 31, | March 31, | |||||||
2023 | 2023 | 2023 | 2023 | 2024 | |||||||
Net income (loss) attributable to CareTrust | $ | 19,227 | $ | (484) | $ | 8,696 | $ | 26,296 | $ | 28,746 | |
REIT, Inc. | |||||||||||
Depreciation and amortization | 12,238 | 12,716 | 13,034 | 13,211 | 13,448 | ||||||
Interest expense | 9,827 | 11,040 | 11,750 | 8,266 | 8,228 | ||||||
Amortization of stock-based compensation | 936 | 924 | 1,519 | 1,774 | 2,120 | ||||||
EBITDA attributable to CareTrust REIT, Inc. | 42,228 | 24,196 | 34,999 | 49,547 | 52,542 | ||||||
Impairment of real estate investments | 1,886 | 21,392 | 8,232 | 4,791 | 2,744 | ||||||
Property operating expenses | 1,134 | 831 | 1,416 | 714 | 972 | ||||||
Loss (gain) on sale of real estate | 70 | (2,028) | - | (260) | (11) | ||||||
Unrealized loss (gain) on other real estate related | 454 | 2,151 | 5,251 | (1,371) | 612 | ||||||
investments, net | |||||||||||
Normalized EBITDA attributable to CareTrust | 45,772 | 46,542 | 49,898 | 53,421 | 56,859 | ||||||
REIT, Inc. | |||||||||||
Full impact of quarterly investments[1] | - | 2,931 | 607 | 48 | 1,493 | ||||||
Normalized Run Rate EBITDA attributable to | $ | 45,772 | $ | 49,473 | $ | 50,505 | $ | 53,469 | $ | 58,352 | |
CareTrust REIT, Inc. | |||||||||||
Total Debt | $ | 735,000 | $ | 880,000 | $ | 600,000 | $ | 600,000 | $ | 600,000 | |
Cash, cash equivalents, restricted cash and escrow | (43,992) | (1,145) | (3,485) | (294,448) | (451,173) | ||||||
deposits on acquisitions of real estate | |||||||||||
Net proceeds from ATM forward[2] | - | (131,120) | (96,132) | - | - | ||||||
Net Debt | $ | 691,008 | $ | 747,735 | $ | 500,383 | $ | 305,552 | $ | 148,827 | |
Annualized Normalized Run Rate EBITDA | |||||||||||
$ | 183,088 | $ | 197,892 | $ | 202,020 | $ | 213,876 | $ | 233,408 | ||
attributable to CareTrust REIT, Inc.[3] | |||||||||||
Net Debt to Annualized Normalized Run Rate | [4] | 3.8x | 3.8x | 2.5x | 1.4x | 0.6x | |||||
EBITDA attributable to CareTrust REIT, Inc. | |||||||||||
- Quarterly adjustments give effect to the investments completed and loans receivable pay downs during the three months ended for the respective period as though such investments were completed as of the beginning of the period.
- Net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program.
- Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter multiplied by four (4).
- Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. compares net debt as of the last day of the quarter to the Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter.
For a discussion of our non-GAAP measures, including definitions of EBITDA and Normalized
EBITDA, please see our most recent quarterly financial supplement available in the "Investor" section
of our website at www.caretrustreit.com
CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME (LOSS) TO NORMALIZED RUN RATE EBITDA
(in thousands) (Unaudited)
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter |
Ended | Ended | Ended | Ended | Ended | Ended |
September 30, | December 31, | March 31, | June 30, | September 30, | December 31, |
2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
Net income (loss) attributable to CareTrust REIT, Inc.
Depreciation and amortization Interest expense
Amortization of stock-based compensation
EBITDA attributable to CareTrust REIT, Inc.
Impairment of real estate investments Provision for loan losses
Provision for doubtful accounts and lease restructuring
Property operating expenses Loss on extinguishment of debt Non-routine transaction costs
(Gain) loss on sale of real estate
Unrealized losses on other real estate related investments, net
Normalized EBITDA attributable to CareTrust REIT, Inc.
Full impact of quarterly investments[1]
Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.
$ | 11,918 | $ | 18,261 | $ | (43,264) | $ | 20,669 | $ | 709 | $ | 14,380 |
13,968 | 14,056 | 13,575 | 12,559 | 12,256 | 11,926 | ||||||
5,692 | 5,689 | 5,742 | 6,303 | 8,355 | 9,608 | ||||||
1,802 | 5,635 | 1,521 | 1,394 | 1,380 | 1,463 | ||||||
33,380 | 43,641 | (22,426) | 40,925 | 22,700 | 37,377 | ||||||
- | - | 59,683 | 1,701 | 12,322 | 5,356 | ||||||
- | - | 3,844 | - | - | - | ||||||
- | - | 977 | - | - | 390 | ||||||
- | 8 | 1,231 | 631 | 3,821 | 914 | ||||||
10,827 | - | - | - | - | - | ||||||
- | 1,418 | - | - | - | - | ||||||
- | (115) | (186) | - | 2,287 | 1,668 | ||||||
- | - | - | - | 4,706 | 2,396 | ||||||
44,207 | 44,952 | 43,123 | 43,257 | 45,836 | 48,101 | ||||||
208 | - | 274 | 2,258 | 593 | - | ||||||
$ | 44,415 | $ | 44,952 | $ | 43,397 | $ | 45,515 | $ | 46,429 | $ | 48,101 |
Total Debt
Cash, cash equivalents and restricted cash
Net Debt
Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.[2]
Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. [3]
$ | 680,000 | $ | 680,000 | $ | 705,000 | $ | 805,000 | $ | 780,000 | $ | 725,000 |
(17,716) | (19,895) | (26,586) | (30,267) | (4,861) | (13,178) | ||||||
$ | 662,284 | $ | 660,105 | $ | 678,414 | $ | 774,733 | $ | 775,139 | $ | 711,822 |
$ | 177,660 | $ | 179,808 | $ | 173,588 | $ | 182,060 | $ | 185,716 | $ | 192,404 |
3.7x | 3.7x | 3.9x | 4.3x | 4.2x | 3.7x | ||||||
- Quarterly adjustments give effect to the investments completed and loans receivable pay downs during the three months ended for the respective period as though such investments were completed as of the beginning of the period.
- Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter multiplied by four (4).
- Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. compares net debt as of the last day of the quarter to the Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter.
For a discussion of our non-GAAP measures, including definitions of EBITDA and Normalized
EBITDA, please see our most recent quarterly financial supplement available in the "Investor" section
of our website at www.caretrustreit.com
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CareTrust REIT Inc. published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 20:24:58 UTC.
