CareTrust REIT, Inc. (CTRE) has reported a 977.30 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $7.83 million, or $0.13 a share in the quarter, compared with $0.73 million, or $0.02 a share for the same period last year.
Revenue during the quarter surged 50.71 percent to $27.11 million from $17.98 million in the previous year period.
Cost of revenue surged 55.44 percent or $1.07 million during the quarter to $3 million. Gross margin for the quarter contracted 34 basis points over the previous year period to 88.93 percent.
Total expenses were $13.53 million for the quarter, up 34.81 percent or $3.49 million from year-ago period. Operating margin for the quarter expanded 589 basis points over the previous year period to 50.08 percent.
Operating income for the quarter was $13.58 million, compared with $7.95 million in the previous year period.
Revenue from real estate activities during the quarter surged 52.53 percent or $9.31 million to $27.03 million.
Income from operating leases during the quarter surged 53.25 percent or $8.40 million to $24.18 million. Revenue from tenant reimbursements was $2.09 million for the quarter, up 58.26 percent or $0.77 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.77 million, up 22.36 percent or $0.14 million from year-ago period.
Other income during the quarter was $0.07 million, down 72.41 percent or $0.19 million from year-ago period.
Discussing the Company's progress during the quarter, chairman and chief executive officer Greg Stapley remarked, "We are excited to report the addition of two great operator relationships in key markets, along with the five, well-situated skilled nursing and seniors housing assets they are now operating." He further reported that CareTrust expanded its existing relationship with tenant Cascadia Healthcare through two preferred equity investments, and that the two new, state-of-the-art skilled nursing facilities being developed thereunder had already begun construction. Mr. Stapley also reiterated CareTrust's disciplined growth strategy, saying, "We remain committed to making investments only when we can partner with an experienced, sophisticated and fully-engaged operator who we believe can thrive in all kinds of operating environments."
Operating cash flow improves significantly
CareTrust REIT, Inc. has generated cash of $49.51 million from operating activities during the nine month period, up 70.53 percent or $20.48 million, when compared with the last year period.
The company has spent $191.21 million cash to meet investing activities during the nine month period as against cash outgo of $231.87 million in the last year period.
Cash flow from financing activities was $142.11 million for the nine month period, down 25.05 percent or $47.50 million, when compared with the last year period.
Cash and cash equivalents stood at $11.88 million as on Sep. 30, 2016, down 1.82 percent or $0.22 million from $12.10 million on Sep. 30, 2015.
Receivables increase substantially
Net receivables were at $5.67 million as on Sep. 30, 2016, up 91.35 percent or $2.71 million from year-ago.
Real estate investments stood at $13.60 million as on Sep. 30, 2016, up 65.21 percent or $5.37 million from year-ago. Investments stood at $809.12 million as on Sep. 30, 2016.
Total assets grew 23.38 percent or $160.12 million to $845.09 million on Sep. 30, 2016. On the other hand, total liabilities were at $482.31 million as on Sep. 30, 2016, up 14.72 percent or $61.90 million from year-ago.
Return on assets moved up 45 basis points to 1.61 percent in the quarter. At the same time, return on equity moved up 188 basis points to 2.16 percent in the quarter.
Debt moves up
Total debt was at $457.43 million as on Sep. 30, 2016, up 14.16 percent or $56.73 million from year-ago. Shareholders equity stood at $362.78 million as on Sep. 30, 2016, up 37.12 percent or $98.21 million from year-ago. As a result, debt to equity ratio went down 25 basis points to 1.26 percent in the quarter.
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