CareTrust REIT, Inc. (CTRE) has reported 67.66 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $8.39 million, or $0.14 a share in the quarter, compared with $5 million, or $0.10 a share for the same period last year. Revenue during the quarter grew 24.79 percent to $28.24 million from $22.63 million in the previous year period.
Cost of revenue rose 19.16 percent or $0.43 million during the quarter to $2.66 million. Gross margin for the quarter expanded 44 basis points over the previous year period to 90.60 percent.
Total expenses were $13.76 million for the quarter, up 19.83 percent or $2.28 million from year-ago period. Operating margin for the quarter expanded 202 basis points over the previous year period to 51.28 percent.
Operating income for the quarter was $14.48 million, compared with $11.15 million in the previous year period.
Revenue from real estate activities during the quarter increased 25.51 percent or $5.71 million to $28.09 million.
Income from operating leases during the quarter rose 25.65 percent or $5.16 million to $25.27 million. Revenue from tenant reimbursements was $2.03 million for the quarter, up 24.52 percent or $0.40 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.79 million, up 23.52 percent or $0.15 million from year-ago period.
Other income during the quarter was $0.15 million, down 39.76 percent or $0.10 million from year-ago period.
Discussing CareTrust REITs progress during the quarter and full year 2016, chairman and chief executive officer Greg Stapley remarked, "Our fourth quarter Texas acquisition and related new operator relationship, together with our equity raise to match-fund the acquisition, brought a great finish to the year." He noted that 2016 saw the company further its disciplined growth and diversification strategy, nearly doubling its operator bullpen, reducing run-rate debt-to-EBITDA to 4.6x, and crossing the $100 million run-rate rental revenue mark. "We look forward to leveraging our operating experience and platform to again generate solid returns for our shareholders in 2017."
Operating cash flow improves significantlyCaretrust Reit, Inc. has generated cash of $64.43 million from operating activities during the year, up 60.06 percent or $24.18 million, when compared with the last year. The company has spent $284.64 million cash to meet investing activities during the year as against cash outgo of $234.65 million in the last year.
Cash flow from financing activities was $216.24 million for the year, up 19.77 percent or $35.70 million, when compared with the last year.
Cash and cash equivalents stood at $7.50 million as on Dec. 31, 2016, down 34.59 percent or $3.97 million from $11.47 million on Dec. 31, 2015.
Receivables increase substantially
Net receivables were at $5.90 million as on Dec. 31, 2016, up 151.75 percent or $3.55 million from year-ago.
Real estate investments stood at $13.87 million as on Dec. 31, 2016, up 63.64 percent or $5.40 million from year-ago. Investments stood at $893.92 million as on Dec. 31, 2016, up 38.46 percent or $248.30 million from year-ago.
Total assets jumped 37.46 percent or $252.19 million to $925.36 million on Dec. 31, 2016. On the other hand, total liabilities were at $472.93 million as on Dec. 31, 2016, up 15.10 percent or $62.05 million from year-ago.
Return on assets moved down 12 basis points to 1.54 percent in the quarter. At the same time, return on equity moved down 5 basis points to 1.85 percent in the quarter.
Debt moves upTotal debt was at $449.72 million as on Dec. 31, 2016, up 14.17 percent or $55.81 million from year-ago. Shareholders equity stood at $452.43 million as on Dec. 31, 2016, up 72.49 percent or $190.14 million from year-ago. As a result, debt to equity ratio went down 51 basis points to 0.99 percent in the quarter.
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