CareTrust REIT Doubles Size of Unsecured Revolver to $1.2 Billion; Announces Agency Upgrade of Bond to Investment Grade; Updates Investment Pipeline
CareTrust REIT (NYSE: CTRE) announced the renewal and doubling of its unsecured revolving credit facility to $1.2 billion. The bank group includes KeyBanc Capital Markets, BMO Capital Markets Corp., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank, and the Royal Bank of Canada.
S&P Global Ratings upgraded CareTrust鈥檚 corporate rating to BB+ and its issue-level rating on unsecured notes to BBB-. CFO Bill Wagner emphasized the support from long-term and new banking partners, highlighting the facility's role in financing future acquisitions. CEO Dave Sedgwick mentioned that the company is on track to close approximately $1.5 billion in investments this year, significantly surpassing their annual average. The current investment pipeline is about $350 million, excluding larger portfolio opportunities under review.
CareTrust REIT focuses on owning, acquiring, developing, and leasing skilled nursing, seniors housing, and other healthcare-related properties across the U.S.
CareTrust REIT (NYSE: CTRE) ha annunciato il rinnovo e il raddoppio della sua linea di credito revolving non garantita a 1,2 miliardi di dollari. Il gruppo bancario include KeyBanc Capital Markets, BMO Capital Markets Corp., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank e Royal Bank of Canada.
S&P Global Ratings ha aggiornato il rating societario di CareTrust a BB+ e il rating a livello di emissione sulle note non garantite a BBB-. Il CFO Bill Wagner ha sottolineato il supporto da parte dei partner bancari a lungo termine e nuovi, mettendo in evidenza il ruolo della linea di credito nel finanziare future acquisizioni. Il CEO Dave Sedgwick ha dichiarato che l'azienda 猫 sulla buona strada per chiudere circa 1,5 miliardi di dollari in investimenti quest'anno, superando significativamente la loro media annuale. L'attuale pipeline di investimenti 猫 di circa 350 milioni di dollari, escludendo le opportunit脿 di portafoglio pi霉 grandi in fase di revisione.
CareTrust REIT si concentra sulla propriet脿, acquisizione, sviluppo e locazione di strutture per la cura degli anziani, alloggi per anziani e altre propriet脿 legate alla salute negli Stati Uniti.
CareTrust REIT (NYSE: CTRE) anunci贸 la renovaci贸n y el duplicado de su l铆nea de cr茅dito revolving no garantizada a 1.2 mil millones de d贸lares. El grupo bancario incluye a KeyBanc Capital Markets, BMO Capital Markets Corp., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank y Royal Bank of Canada.
S&P Global Ratings mejor贸 la calificaci贸n corporativa de CareTrust a BB+ y su calificaci贸n a nivel de emisi贸n en notas no garantizadas a BBB-. El CFO Bill Wagner enfatiz贸 el apoyo de los socios bancarios a largo plazo y nuevos, destacando el papel de la l铆nea de cr茅dito en el financiamiento de futuras adquisiciones. El CEO Dave Sedgwick mencion贸 que la compa帽铆a est谩 en camino de cerrar aproximadamente 1.5 mil millones de d贸lares en inversiones este a帽o, superando significativamente su promedio anual. La actual cartera de inversiones es de aproximadamente 350 millones de d贸lares, excluyendo oportunidades de portafolio m谩s grandes bajo revisi贸n.
CareTrust REIT se enfoca en poseer, adquirir, desarrollar y arrendar propiedades de atenci贸n especializada, viviendas para personas mayores y otras propiedades relacionadas con la salud en los Estados Unidos.
CareTrust REIT (NYSE: CTRE)電 牍勲炒歃 須岇爠 鞁犾毄 頃滊弰毳 12鞏 雼煬搿 臧膘嫚頃橁碃 霊 氚半 電橂牳雼り碃 氚滍憸頄堨姷雼堧嫟. 鞚頄 攴鸽９鞐愲姅 KeyBanc Capital Markets, BMO Capital Markets Corp., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank 氚 Royal Bank of Canada臧 韽暔霅╇媹雼.
S&P Global Ratings電 CareTrust鞚 須岇偓 霌标笁鞚 BB+搿 臁办爼頃橁碃 牍勲炒歃 雲疙姼鞐 雽頃 氚滍枆 霌标笁鞚 BBB-搿 臁办爼頄堨姷雼堧嫟. CFO Bill Wagner電 鞛リ赴 氚 鞁犼窚 鞚頄 韺岉姼雱堨潣 歆鞗愳潉 臧曥“頃橂┌, 鞁犾毄 頃滊弰鞚 鞐暊鞚 頄ロ泟 鞚胳垬 鞛愱笀鞚 毵堧牗頃橂姅 雿 欷戩殧頃橂嫟瓿 鞏戈笁頄堨姷雼堧嫟. CEO Dave Sedgwick電 須岇偓臧 鞓暣 鞎 15鞏 雼煬鞚 韴瀽 瓯半灅毳 靹膘偓鞁滍偓 鞓堨爼鞚措┌, 鞚措姅 鞐绊弶攴犾潉 韥矊 齑堦臣頃橂姅 瓴冹澊霛缄碃 毵愴枅鞀惦媹雼. 順勳灛 韴瀽 韺岇澊頂勲澕鞚胳潃 3鞏 5觳滊 雼煬鞐 雼晿氅, 瓴韱 欷戩澑 雽攴滊 韽姼韽措Μ鞓 旮绊殞電 鞝滌櫢霅╇媹雼.
CareTrust REIT電 氙戈淡 鞝勳棴鞐愳劀 靾欕牗霅 臧勴樃, 雲胳澑 欤柬儩 氚 旮绊儉 鞚橂 甏霠 攵霃欖偘鞚 靻岇湢, 鞚胳垬, 臧滊皽 氚 鞛勲寑鞐 歆戩頃橁碃 鞛堨姷雼堧嫟.
CareTrust REIT (NYSE: CTRE) a annonc茅 le renouvellement et le doublement de sa ligne de cr茅dit renouvelable non garantie 脿 1,2 milliard de dollars. Le groupe bancaire comprend KeyBanc Capital Markets, BMO Capital Markets Corp., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank et la Royal Bank of Canada.
S&P Global Ratings a rehauss茅 la notation d'entreprise de CareTrust 脿 BB+ et sa notation au niveau des 茅missions sur les obligations non garanties 脿 BBB-. Le CFO Bill Wagner a soulign茅 le soutien des partenaires bancaires 脿 long terme et nouveaux, mettant en avant le r么le de la ligne de cr茅dit dans le financement des acquisitions futures. Le CEO Dave Sedgwick a mentionn茅 que l'entreprise est sur la bonne voie pour r茅aliser environ 1,5 milliard de dollars d'investissements cette ann茅e, d茅passant ainsi de mani猫re significative leur moyenne annuelle. Le pipeline d'investissement actuel est d'environ 350 millions de dollars, excluant les plus grandes opportunit茅s de portefeuille en cours de r茅vision.
CareTrust REIT se concentre sur la possession, l'acquisition, le d茅veloppement et la location d'茅tablissements de soins qualifi茅s, de logements pour personnes 芒g茅es et d'autres propri茅t茅s li茅es 脿 la sant茅 脿 travers les 脡tats-Unis.
CareTrust REIT (NYSE: CTRE) gab die Erneuerung und Verdopplung seiner unbesicherten revolvierenden Kreditlinie auf 1,2 Milliarden Dollar bekannt. Die Bankengruppe umfasst KeyBanc Capital Markets, BMO Capital Markets Corp., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank und die Royal Bank of Canada.
S&P Global Ratings hat die Unternehmensbewertung von CareTrust auf BB+ angehoben und die Emissionseinstufung f眉r unbesicherte Anleihen auf BBB- erh枚ht. CFO Bill Wagner betonte die Unterst眉tzung von langfristigen und neuen Bankpartnern und hob die Bedeutung der Kreditlinie f眉r die Finanzierung zuk眉nftiger Akquisitionen hervor. CEO Dave Sedgwick erw盲hnte, dass das Unternehmen auf dem Weg sei, in diesem Jahr rund 1,5 Milliarden Dollar an Investitionen zu sichern, was ihre j盲hrliche Durchschnittsinvestition erheblich 眉bersteigt. Die aktuelle Investitionspipeline betr盲gt etwa 350 Millionen Dollar, ohne die gr枚脽eren Portfoliom枚glichkeiten, die derzeit 眉berpr眉ft werden.
CareTrust REIT konzentriert sich auf den Besitz, Erwerb, die Entwicklung und Vermietung von Pflegeeinrichtungen, Seniorenwohnungen und anderen gesundheitsbezogenen Immobilien in den USA.
- Unsecured revolving credit facility doubled to $1.2 billion.
- S&P Global Ratings upgraded corporate rating to BB+.
- S&P Global Ratings upgraded issue-level rating on unsecured notes to BBB-.
- On track to close approximately $1.5 billion in investments this year.
- Current investment pipeline of approximately $350 million.
- None.
Insights
The doubling of CareTrust REIT's unsecured revolving credit facility to
The projected
For retail investors: Think of this like getting both a credit limit increase and a credit score upgrade on your credit card, but at a corporate scale. The lower interest rates and increased borrowing capacity allow CareTrust to acquire more properties at better terms, potentially driving higher FFO (Funds From Operations) and dividend growth.
The healthcare REIT sector is experiencing a significant transformation and CareTrust's enhanced credit profile positions it advantageously. The expanded facility's timing aligns perfectly with market conditions where healthcare property valuations are becoming more attractive. The
The investment-grade rating is particularly noteworthy as it opens doors to cheaper financing options and a broader investor base. This could lead to more favorable bond issuances and potentially lower the company's weighted average cost of capital. The robust pipeline of
The company also announced that S&P Global Ratings has upgraded CareTrust鈥檚 corporate rating to BB+ and upgraded its issue-level rating on CareTrust鈥檚 unsecured notes to BBB-.
Bill Wagner, Chief Financial Officer said, 鈥淥ur renewed credit facility is supported by banks who have been with us from day one and also a few who are newer to our story. We are thrilled to have such a strong group who not only provide optionality for us but also seek to bring us valuable ideas to accelerate our growth.鈥 Mr. Wagner went on to state that, 鈥淭his credit facility provides a vital means for financing future acquisitions of any size.鈥
Dave Sedgwick, Chief Executive Officer said, 鈥淲e are on pace to close on approximately
About CareTrust鈩
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company鈥檚 intent, belief or expectations, including, but not limited to, statements regarding the following: industry and demographic conditions, the investment environment, the Company鈥檚 investment pipeline, and financing strategy.
Words such as 鈥渁nticipate,鈥 鈥渂elieve,鈥 鈥渃ould,鈥 鈥渆xpect,鈥 鈥渆stimate,鈥 鈥渋ntend,鈥 鈥渕ay,鈥 鈥減lan,鈥 鈥渟eek,鈥 鈥渟hould,鈥 鈥渨ill,鈥 鈥渨ould,鈥 and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company鈥檚 forward-looking statements are based on management鈥檚 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 the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company鈥檚 operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability and willingness of our tenants to meet and/or perform their obligations under the triple-net leases we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (iii) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants; (iv) the ability of our tenants to comply with applicable laws, rules and regulations in the operation of the properties we lease to them; (v) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vi) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, and (b) suitable acquisition opportunities and the ability to acquire and lease the respective properties to such tenants on favorable terms; (vii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (viii) access to debt and equity capital markets; (ix) fluctuating interest rates; (x) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xi) the ability to retain our key management personnel; (xii) the ability to maintain our status as a real estate investment trust (鈥淩EIT鈥); (xiii) changes in the
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CareTrust REIT, Inc.
(949) 542-3130
ir@caretrustreit.com
Source: CareTrust REIT, Inc.
FAQ
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