Attached files
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| 8-K - FORM 8-K - CareTrust REIT, Inc. | d881291d8k.htm |
 Investor Presentation
February 24, 2015
Exhibit 99.1 |
 This
presentation
contains
forward-looking
statements
within
the
meaning
of
the
Private
Securities
Litigation
Reform
Act
of
1995.
These
forward-looking
statements
include
all
statements
that
are
not
historical
statements
of
fact
and
those
regarding
our
intent,
belief
or
expectations,
including,
but
not
limited
to,
statements
regarding
future
financing
plans,
business
strategies,
growth
prospects
and
operating
and
financial
performance;
expectations
regarding
the
making
of
distributions
and
the
payment
of
dividends;
and
compliance
with
and
changes
in
governmental regulations.
Words
such
as
"anticipate(s),"
"expect(s),"
"intend(s),"
"plan(s),"
"believe(s),"
"may,"
"will,"
"would,"
"could,"
"should,"
"seek(s)"
and
similar
expressions,
or
the
negative
of
these
terms,
are
intended
to
identify
such
forward-looking
statements.
These
statements
are
based
on
Management's
current
expectations
and
beliefs,
and
are
subject
to
a
number
of
risks
and
uncertainties
that
could
lead
to
actual
results
differing
materially
from
those
projected,
forecasted
or
expected.
Although
Management
believes
that
the
assumptions
underlying
the
forward-looking
statements
are
reasonable,
they
are
not
guarantees
and
CareTrust
can
give
no
assurance
that
its
expectations
will
be
attained.
Factors
which
could
have
a
material
adverse
effect
on
CareTrust's
operations
and
future
prospects
or
which
could
cause
actual
results
to
differ
materially
from
expectations
include,
but
are
not
limited
to:
(i)
the
ability
to
achieve
some
or
all
of
the
expected
benefits
from
the
completed
spin-off
and
to
successfully
conduct
CareTrust's
business
following
the
spin-off;
(ii)
the
ability
and
willingness
of
Ensign
to
meet
and/or
perform
its
obligations
under
the
contractual
arrangements
that
it
entered
into
with
CareTrust
in
connection
with
the
spin-off,
including
the
Ensign
Master
Leases,
and
any
of
its
obligations
to
indemnify,
defend
and
hold
CareTrust
harmless
from
and
against
various
claims,
litigation
and
liabilities;
(iii)
the
ability
and
willingness
of
CareTrust's
tenants
to
(a)
comply
with
laws,
rules
and
regulations
in
the
operation
of
the
properties
CareTrust
leases
to
them,
and
(b)
renew
their
leases
with
CareTrust
upon
expiration,
or
in
the
alternative,
(c)
CareTrust's
ability
to
reposition
and
re-let
its
properties
on
the
same
or
better
terms
in
the
event
of
nonrenewal
or
replacement
of
an
existing
tenant
and
any
obligations,
including
indemnification
obligations,
that
CareTrust
may
incur
in
replacing
an
existing
tenant;
(iv)
the
availability
of,
and
the
ability
to
identify
and
acquire,
suitable
acquisition
opportunities
and
lease
the
same
to
reliable
tenants
on
accretive
terms;
(v)
the
ability
to
generate
sufficient
cash
flows
to
service
CareTrust's
outstanding
indebtedness;
(vi)
access
to
debt
and
equity
capital
markets;
(vii)
fluctuating
interest
rates;
(viii)
the
ability
to
retain
and
properly
incentivize
key
management
personnel;
(ix)
the
ability
to
qualify
or
maintain
CareTrust's
status
as
a
REIT;
(x)
changes
in
the
U.S.
tax
laws
and
other
state,
federal
or
local
laws,
whether
or
not
specific
to
REITs;
(xi)
other
risks
inherent
in
the
real
estate
business,
including
potential
liability
relating
to
environmental
matters
and
illiquidity
of
real
estate
investments;
and
(xii)
any
additional
factors
included
in
this
presentation
and
any
included
in
the
section
entitled
"Risk
Factors"
in
CareTrust's
Form
10-K
and
in
Item
1A
of
Part
II
of
CareTrust's
most
recently filed Form 10-K.
Forward-looking
statements
speak
only
as
of
the
date
made.
Except
in
the
normal
course
of
CareTrust's
public
disclosure
obligations,
CareTrust
expressly
disclaims
any
obligation
to
release
publicly
any
updates
or
revisions
to
any
forward-looking
statements
to
reflect
any
change in its expectations or any change in events, conditions or circumstances on
which any statement is based. .
Reconciliations
of
certain
non-GAAP
financial
measures
used
in
this
presentation,
including
a
reconciliation
of
our
net
income
(loss)
per
GAAP
to
EBITDA,
Adjusted
EBITDA,
FFO,
normalized
FFO,
FAD
and
normalized
FAD,
are
included
in
this
presentation.
The
definitions
of
our
non-
GAAP
measures
used
in
this
presentation
are
included
in
our
press
release
dated
February
11,
2015,
which
is
incorporated
herein
by
reference
and available on our website at investor.caretrustreit.com.
Safe Harbor Statement
2 |
 Geographically
Diverse
Portfolio
Strong Tenant
Rent
Coverage
Experienced
Management
Team
Growth &
Diversification
Opportunities
Attractive Industry
Fundamentals
Investment Highlights Summary
3
Financially
Secure “Platform”
Tenant
Favorable Long-Term
Lease Structure |
 Greg Stapley
CEO
Management
4
Bill Wagner
CFO
Dave Sedgwick
VP Operations
•
28 years of experience in the
acquisition, development and
disposition of real estate
•
Co-Founder of Ensign,
instrumental in assembling the
real estate portfolio now owned
by CareTrust
•
Previously the General Counsel
of a 192-location national
retailer and Partner at a law
firm
•
22 years of accounting and
finance experience, primarily
in real estate, including 11
years with publicly-traded
REITs
•
Served as SVP and CAO of
Nationwide Health
Properties, Inc. and Sunstone
Hotel Investors, Inc.
•
Ernst & Young Kenneth
Leventhal Real Estate Group
•
12 years of experience in
skilled nursing operations
•
Trained over 100 Ensign
nursing home administrators as
Ensign’s Chief Human Capital
Officer
•
Led five SNFs as Administrator/
CEO; developed Ensign’s
approach to cultural, clinical
and financial performance
Mark Lamb
Director of Investments
•
Three years as Director of
Investments at Nationwide
Health Properties, underwriting
over $1 billion of new
investments across the Seniors
Housing and Skilled Nursing
sectors
•
Led three SNFs as
Administrator for Plum
Healthcare & North American
Health Care in California
•
Investment Associate at The
Bascom Group, a private equity
real estate investment firm |
 •
A leading provider of skilled nursing
care and assisted living services
•
Strong financial performance with
dependable cash flows and liquidity
•
Long-tenured and successful
management team
•
Portfolio of 97 quality assets with Ensign
as initial tenant except for three facilities
operated by CareTrust
•
“Platform”
tenant initially has attractive
1.85x rent coverage supported by long-
term, triple-net lease structures
•
Focus is on broadening geographic
reach, diversifying tenant base and
expanding asset classes
•
Management team with deep real estate
and healthcare industry expertise
Transaction Overview
5
Spin-Off
On
June
1,
2014,
The
Ensign
Group
split
into
two
publicly
traded
companies
through a
tax-free spin-off
transaction.
Operations
Real Estate |
 Strong Liquidity for Growth
6
Cash on hand as of December 31, 2014
$25 million
Undrawn Senior Secured Credit Facility with
approximately $112 million of availability
($84 million currently available plus $28
million for assets recently acquired).
$150 million
Plus access to public equity and debt
markets, and other forms of long-term
capital. |
 INVESTMENT HIGHLIGHTS
7 |
 Portfolio Snapshot
8
SNF
73
71%
AL
16
15%
Campus
10
10%
IL
4
4%
Portfolio Asset Category
TX
27
26%
CA
18
17%
UT
12
12%
AZ
10
10%
Other
36
35%
SNF, AL, IL, Campus Locations |
 Varying Deal Size
(One-Offs to Portfolios)
Multiple
Operator
Partnerships
No Geographic
Constraints
Promising &
Stabilized
SNF/ALF Assets
Future
Diversification
into MOB,
Acute Care and
Life Sciences
Wider Investment Parameters
9
Cluster
Cluster
Ready
Ready
Local
Local
Leader
Leader
Pipeline
Pipeline
Geographic
Geographic
Limits
Limits
Turnaround
Turnaround
Opportunities
Opportunities
Ensign Strategy
Note: For one year after the spin-off, CareTrust is subject to the
Opportunities Agreement with Ensign which affords Ensign certain rights of
first refusal to some of CareTrust’s investment opportunities under certain circumstances
CareTrust Strategy |
 Healthcare Real Estate Ownership
Real Estate Asset Breakdown
Note:
Healthcare
Real
Estate
Ownership
Breakdown
and
Real
Estate
Asset
Breakdown
from
Stifel
Nicolaus
industry
analysis
Healthcare Real Estate Market
Estimated at Over $1 Trillion
10
Deal
Size
Tenant Size
Large REITs focused on larger acquisitions
Privately
Owned, 79%
Public REIT-
Owned ,
21%
Senior
Housing
(ALF, ILF,
Memory
Care), 15%
Skilled
Nursing,
10%
Life
Science/
Biotech, 5%
Outpatient/
MOB, 39%
Hospitals/
LTACHs,
31% |
 Fragmented Markets With Value
Arbitrage Opportunities
11
Fragmented market,
underserved by capital
providers
Limited access to capital
and liquidity for local and
regional operators
Limited competition from
other REITs for SNFs
and mid-market assisted
living properties
Target quality one-off,
small-
& mid-sized
portfolios
Maintain conservative
underwriting strategy
Leverage robust number
of existing relationships
Partner with successful
local & regional players
Creative capital solutions
Attractive investment
spreads over cost of
capital
Public/private market
discrepancies
Substantial growth
through smaller, non-
marketed transactions
Market Backdrop
CareTrust Role
Results |
 Disciplined Investment Strategy
Focused on Driving Value
12
Senior Housing
Facilities
(ALF, ILF, MC)
Skilled Nursing
Facilities
Medical Office
Buildings
Acute Care
Triple Net Leases
Core
Core
Opportunistic
Opportunistic
Mortgage Debt
Relationship
Relationship
Opportunistic
Opportunistic
Development
Funding
Relationship
Relationship
RIDEA
Opportunistic |
 Total LTM EBITDAR Tenant Rent Coverage
* Represents facility EBITDAR coverage for the twelve months ending September 30,
2014 ** Represents facility EBITDAR coverage for LTC’s skilled
nursing portfolio *** Rent
coverage
is
calculated
as
operating
cash
flow
from
SNH
tenants’
operations
of
SNH
properties,
before
subordinated
charges,
divided by rents payable to SNH
Source:
Company
filings,
as
of
12/31/13
for
AVIV,
LTC,
and
SBRA,
and
9/30/13
for
SNH
and OHI.
Leading Tenant Rent Coverage
13
1.91x
1.68x
1.60x
1.50x
1.44x
1.33x
CTRE*
LTC**
AVIV
OHI
SNH***
SBRA |
 Real Estate Acquisition & Development Experience
The CareTrust Team brings its
Experience, Relationships & Track Record
from Ensign
14
Ensign Annual Facilities Growth
Ensign Historical Asset Acquisitions
($ in millions)
57
61
63
77
82
102
108
119
4
2
14
5
20
6
11
6
30
50
70
90
110
130
2007
2008
2009
2010
2011
2012
2013
Q1 '14
$40
$25
$21
$61
$21
$130
$43
$45
$48
$0
$20
$40
$60
$80
$100
$120
2006
2007
2008
2009
2010
2011
2012
2013
Avg.
'06-'13 |
 Attractive Industry Dynamics for SNF Operators
15
Numbers in millions
Relative Costs of Treatment Across Care Providers
SNF
IRF
LTAC
Source: AHCA, CMS OSCAR data, U.S. Census Bureau, Medpac
Number of Skilled Nursing Facilities
Age 65+ Population
US SNF Properties
16,715
16,554
16,441
16,256
16,066
15,965
15,861
15,772
15,771
15,679
15,669
15,655
15,667
15,666
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
31
34
35
37
39
47
55
64
72
78
81
1990
1995
2000
2005
2010
2015
2020E
2025E
2030E
2035E
2040E
$10,501
$26,051 $26,051
$115,463
$7,897
$74,689
$6,165
$17,135
$67,104
$10,618
$18,487
$44,633
$8,905
$34,196
$31,496
Tracheotomy with Vent
Respiratory with Vent
Joint Replacement
Hip Fracture
Stroke |
 Skilled Nursing Reimbursement Rates:
Stable and Increasing Over Time
16
Source: Eljay LLC and composite of CMS, AHCA, AQNHC and Avalere Group Data; ENSG
company filings Skilled Nursing Reimbursement Rates (2000-2013)
4.2%
4.2%
4.0%
4.0%
3.4%
3.4%
CAGR
In
May
2014,
CMS
proposed
a
2%
aggregate
increase
for
2015
SNF
payments
$109
$118
$124
$129
$142
$145
$150
$156
$164
$172
$174
$176
$179
$287
$312
$325
$301
$336
$349
$363
$385
$408
$432
$454
$505
$469
$478
$446
$451
$524
$560
$574
$618
$555
$564
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Avg. SNF Medicaid Rate Per Day
Avg. SNF Medicare Rate Per Day
ENSG Same Facility Medicare Rate per Day |
 “THE”
Platform Tenant
17
As of June 30, 2014, Ensign operated 125 facilities, 10 home health
and 8 hospice operations, 12 urgent care centers and a mobile x-
ray diagnostic company, all located in 12 states
Ensign has a strong track record of integrating turnaround
opportunities
–
Improves operations through increased occupancy, quality mix
and acuity shift
Long-tenured and successful management team has been an
integral part of Ensign’s business strategy
Ensign Operated Facilities
SNFs, ALFs & ILFs
Home Health & Hospice
Urgent Care Clinics
Note:
EBITDAR is a non-GAAP measure and represents net income before (a) interest
expense, net, (b) provision for income taxes, (c) depreciation and (d)
facility rent expense. See Ensign’s public filings for a reconciliation of EBITDAR to GAAP and additional
information on Ensign’s performance.
Revenue
(in millions)
Ensign Business Overview
Adjusted EBITDAR
39
2007
2008
2009
2010
2011
2012
2013
Q1
2014
411
469
542
650
758
825
905
0
200
400
600
800
1,000
1,200
Millions $
0
30
60
90
120
150
180
2007
2008
2009
2010
2011
2012
2013
Q1 2014
Millions $
60
73
87
107
130
142
149 |
 Turnaround Track Record
Acquisition Track Record based on an average for all SNF
acquisitions from 2001 through October 1, 2012 measuring
five quarters of operating performance.
Ensign Track Record
Operational Excellence
18
Recognized Skilled Nursing Facility Quality
CMS Star ratings as reported on cms.gov
http://www.medicare.gov/nursinghomecompare/
Q4 2009
Q4 2010
Q4 2011
Q4 2012
Q4 2013
Q1 2014
31
27
19
14
7
6
16
21
26
23
21
18
14
14
14
15
17
15
7
17
29
25
30
33
7
4
9
20
30
35
1-Star
2-Star
3-Star
4-Star
5-Star
4-Quarter
Performance
Q1
Q5
Improvement
EBITDAR
Margin
11.3%
14.5%
322 bps
Occupancy
70.9%
74.0%
316 bps
Skilled Mix
(Rev)
31.3%
38.7%
732 bps
Quality Mix
(Rev)
48.4%
51.6%
321 bps |
 DEALS SUMMARY
19 |
 20
#1 CROSS HEALTHCARE
TRANSACTION SUMMARY
Type
ALF Sale/Leaseback
Price
$12,000,000
# of Units/Beds
90/102
Price/Unit
$133,333
# of Buildings
3
Price/Bed
$117,647
Location
Idaho
Occupancy
92%
LEASE SUMMARY
Initial Yield
8.50%
EBITDARM Coverage
1.45x
Initial Rent
$1,020,000
EBITDAR Coverage
1.31x
Security Deposit
2 months rent
Lease Term
12 year with extensions |
 21
#2 PRELUDE HEALTHCARE
TRANSACTION SUMMARY
Type
Memory Care Sale/Leaseback
Price
$7,205,088
# of Units/Beds
28/30
Price/Unit
$257,325
# of Buildings
1
Occupancy
92%
Location
Minnesota
LEASE SUMMARY
Initial Yield
8.25%
EBITDARM Coverage
1.47x
Initial Rent
$594,420
EBITDAR Coverage
1.30x
Security Deposit
2 months rent
Lease Term
15 years with extensions |
 22
#3 SIGNATURE HEALTHCARE
TRANSACTION SUMMARY
Type
ALF Development
Investment
$7,500,000
# of Units/Beds
134/146
Investment Yield
12.00%
# of Buildings
1
Purchase Option Price
$40,000,000
Location
Colorado
LEASE SUMMARY (Upon Purchase)
Initial Yield
8.00%
EBITDAR Coverage
1.16x
Initial Rent
$3,200,000
Lease Term
15 years with extensions
Security Deposit
3 months rent |
 23
#4 TWENTY/20 MANAGEMENT
TRANSACTION SUMMARY
Type
ALF Sale/Leaseback
Price
$6,600,000*
# of Units
39
Price/Unit
$169,230
# of Buildings
1*
Occupancy
99%
Location
Virginia
LEASE SUMMARY
Initial Yield
8.50%
EBITDARM Coverage
1.47x
Initial Rent
$561,000
EBITDAR Coverage
1.30x
Security Deposit
2 months rent
Lease Term
15 years w/ extensions
*CareTrust
has
purchase
option
on
2
facility
at
stabilization
for
$10,000,000
with
$5,000,000
earn-out
opportunity.
nd |
 24
#5 BETHANY REHAB
TRANSACTION SUMMARY
Type
SNF Sale/Leaseback
Price
$17,950,000
# of Units/Beds
170 beds
Price/Unit
NA
# of Buildings
1
Price/Bed
$105,588
Location
CO
Occupancy
96%
LEASE SUMMARY
Initial Yield
9.65%
EBITDARM Coverage
1.64x
Initial Rent
$1,732,500
EBITDAR Coverage
1.29x
Security Deposit
2 months rent
Lease Term
15 years w/ extensions |
 FINANCIAL SUMMARY
25 |
 2015 Guidance
26
CareTrust’s guidance for 2015 is based on the following:
•
$56 million in rent from Ensign and $3.8 million from all
investments closed post-Spin
•
$0.9 million in interest income from the $7.5 million preferred
equity investment at 12%
•
$0.3 million in NOI from the 3 ILFs that we own and operate
•
$24
million
in
interest
expense
1
•
$6.2
million
to
$6.9
million
in
G&A
expense
2
•
$0.96 to $0.98 in normalized FFO per diluted common share
•
$1.06 to $1.08 in normalized FAD per diluted common share
•
$0.26 to $0.28 of net income per diluted common share
(1)
Includes approximately $2.3 million in amortization of deferred financing
costs. (2)
Includes approximately $1.0 million of non-cash stock-based compensation
expense. |
 Guidance
RECONCILIATION OF NET INCOME TO
NON-GAAP FINANCIAL MEASURES
27
Guidance
Low
High
Net income
$0.26
$0.28
Real estate related depreciation and amortization
0.70
0.70
Funds from Operations (FFO)
0.96
0.98
Acquisition costs
-
-
Costs associated with the Spin-Off
-
-
Normalized FFO
$0.96
$0.98
Net income
$0.26
$0.28
Real estate related depreciation and amortization
0.70
0.70
Amortization of deferred financing costs
0.07
0.07
Amortization of stock-based compensation
0.03
0.03
Funds Available for Distribution (FAD)
1.06
1.08
Acquisition costs
-
-
Costs associated with the Spin-Off
-
-
Normalized FAD
$1.06
$1.08
Weighted average shares outstanding (in thousands):
Diluted
31,565
31,565 |
 APPENDIX
28 |
 29
2014 Financial Summary
CARETRUST REIT, INC.
CONSOLIDATED AND COMBINED BALANCE SHEETS
(in thousands)
(unaudited)
December 31,
September 30,
June 30,
December 31,
2014
2014
2014
2013
Assets
Real estate investments, net
$436,215
$415,021
$420,059
$425,003
Other real estate investments
7,532
-
-
Cash and cash equivalents
25,320
88,845
80,345
895
Accounts receivable
2,291
2,906
1,871
20
Prepaid expenses and other assets
809
367
77
888
Deferred tax assets
-
-
-
859
Deferred financing costs, net
10,405
10,804
11,000
2,801
Total assets
$482,572
$517,943
$513,352
$430,466
Liabilities and Equity
Senior unsecured notes payable
$260,000
$260,000
$260,000
$-
Senior secured revolving credit facility
-
-
-
78,701
Mortgage notes payable
98,205
98,867
99,504
114,982
Senior secured term loan
-
-
-
65,624
Interest rate swap
-
-
-
1,828
Accounts payable and accrued liabilities
10,905
9,451
6,190
5,783
Deferred tax liabilities
-
-
-
859
Total liabilities
369,110
368,318
365,694
267,777
Equity:
Common stock
313
223
222
-
Additional paid-in capital
246,041
146,979
146,980
-
Retained earnings
(132,892)
2,423
456
-
Invested equity
-
-
-
164,517
Accumulated other comprehensive loss
-
-
-
(1,828)
Total equity
113,462
149,625
147,658
162,689
Total liabilities and equity
$482,572
$517,943
$513,352
$430,466 |
 30
2014 Financial Summary
CARETRUST REIT, INC.
DEBT SUMMARY
(dollars in thousands)
(unaudited)
Interest Rate/
Maturity
December 31, 2014
Debt
Collateral
Spread
Date
Balance
Fixed Rate Debt
Senior unsecured notes payable
Unsecured
5.875%
2021
$260,000
GECC mortgage notes payable (1)
10 properties
7.252%
2017
47,563
Mortgage note payable
1 property
6.000%
2019
558
308,121
Floating Rate Debt
GECC mortgage notes payable (1)
10 properties
L + 3.35%
2017
50,084
Senior secured revolving credit facility (2)
11 properties
L + 2%-2.5%
2018
-
50,084
Total Debt
$358,205
Debt Statistics
% Fixed Rate Debt
86.0%
% Floating Rate Debt
14.0%
Total
100.0%
Weighted Average Interest Rates:
Fixed
6.1%
Floating
3.9%
Blended
5.8%
(1) The fixed rate portion of the GECC mortgage notes payable converts to the
floating rate in June 2016. The floating rate portion is subject to a
Libor floor of 0.50%. The note has two, 12 month extension options. (2)
Borrowings available under the senior secured revolving credit facility totaled $84.2 million at December 31, 2014.
Funds can also be borrowed at the Base Rate (as defined) plus 1.0% to 1.5%.
|
 31
2014 Financial Summary
CARETRUST REIT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
One Month
Quarter
Quarter
Seven Months
Ended
Ended
Ended
Ended
June 30, 2014
September 30, 2014
December 31, 2014
December 31, 2014
Revenues:
Rental income
$4,667
$14,000
$14,139
$32,806
Tenant reimbursement
396
1,228
1,230
2,854
Independent living facilities
211
646
663
1,520
Interest and other income
-
10
45
55
Total revenues
5,274
15,884
16,077
37,235
Expenses:
Depreciation and amortization
1,794
5,362
5,369
12,525
Interest expense
1,967
5,943
5,900
13,810
Property taxes
396
1,228
1,230
2,854
Acquisition costs
-
-
47
47
Independent living facilities
161
586
559
1,306
General and administrative
500
798
2,342
3,640
Total expenses
4,818
13,917
15,447
34,182
Net income
$456
$1,967
$630
$3,053
Diluted earnings per share
$0.02
$0.09
$0.03
$0.13
Diluted weighted average shares outstanding
22,436
22,436
24,586
23,357 |
 32
2014 Financial Summary
CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
One Month
Quarter
Quarter
Seven Months
Ended
Ended
Ended
Ended
June 30, 2014
September 30, 2014
December 31, 2014
December 31, 2014
Net income
$456
$1,967
$630
$3,053
Depreciation and amortization
1,794
5,362
5,369
12,525
Interest expense
1,967
5,943
5,900
13,810
Amortization of stock-based compensation
-
-
154
154
EBITDA
4,217
13,272
12,053
29,542
Acquisition costs
-
-
47
47
Costs associated with the Spin-Off
254
30
168
452
Adjusted EBITDA
$4,471
$13,302
$12,268
$30,041
Net income
$456
$1,967
$630
$3,053
Real estate related depreciation and amortization
1,794
5,362
5,365
12,521
Funds from Operations (FFO)
2,250
7,329
5,995
15,574
Acquisition costs
-
-
47
47
Costs associated with the Spin-Off
254
30
168
452
Normalized FFO
$2,504
$7,359
$6,210
$16,073
Net income
$456
$1,967
$630
$3,053
Real estate related depreciation and amortization
1,794
5,362
5,365
12,521
Amortization of deferred financing costs
175
533
553
1,261
Amortization of stock-based compensation
-
-
154
154
Funds Available for Distribution (FAD)
2,425
7,862
6,702
16,989
Acquisition costs
-
-
47
47
Costs associated with the Spin-Off
254
30
168
452
Normalized FAD
$2,679
$7,892
$6,917
$17,488
FFO per share
$0.10
$0.33
$0.24
$0.67
Normalized FFO per share
$0.11
$0.33
$0.25
$0.69
FAD per share
$0.11
$0.35
$0.27
$0.73
Normalized FAD per share
$0.12
$0.35
$0.28
$0.75
Diluted weighted average shares outstanding
22,436
22,436
24,586
23,357 |
 Total
Skilled Nursing
Facilities
Multi-Specialty Campuses
Assisted Living and
Independent Living
Facilities
Independent Living
Facilities Operated
by CareTrust
State
Properties
Beds/Units
Facilities
Beds
Campuses
SNF Beds
ALF Units
ILF Units
Facilities
Units
Facilities
Units
California
18
1,991
14
1,465
2
158
121
24
2
223
---
---
Texas
27
3,241
22
2,699
1
123
77
20
2
115
2
207
Arizona
10
1,327
7
799
1
162
100
---
2
266
---
---
Utah
12
1,305
9
907
1
235
37
---
1
69
1
57
Colorado
6
633
4
380
---
---
---
---
2
253
---
---
Idaho
9
579
5
408
1
45
24
---
3
102
---
---
Washington
6
555
5
453
---
---
---
---
1
102
---
---
Nevada
3
304
1
92
---
---
---
---
2
212
---
---
Nebraska
5
366
3
220
2
105
41
---
---
---
---
---
Iowa
5
356
3
185
2
109
62
---
---
---
---
---
Minnesota
1
30
---
---
---
---
---
---
1
30
Virginia
1
39
---
---
---
---
---
---
1
39
Total
103
10,726
73
7,608
10
937
462
44
17
1,411
3
264
(1) All facility and bed/unit counts are as of 9/30/14
(2) The initial portfolio of four ILFs includes one that is leased to and operated
by Ensign and three owned and operated by CareTrust CareTrust Geographic
Detail 33
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