10-Q Filing

CARETRUST REIT, INC. CIK: 1590717 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-389737`
Period End Date	20140930
Filing Date	20141030
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	ctre-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 71 Cash Flow Statement 63 Stockholders Equity 14 Comprehensive Income 12

Balance Sheet 47 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, Par Value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Real estate investments, net	`RealEstateInvestmentPropertyNet`	$425.00M	USD	Point-in-time
Preferred stock, Shares Authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Real estate investments, net	`RealEstateInvestmentPropertyNet`	$415.02M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$88.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$735.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$895.00K	USD	Point-in-time
Preferred stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$831.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$20.00K	USD	Point-in-time
Preferred stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$2.91M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$367.00K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$888.00K	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNet`	$859.00K	USD	Point-in-time
Common Stock, Shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	22.26M	shares	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$10.80M	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$2.80M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	22.26M	shares	Point-in-time
Total assets	`Assets`	$517.94M	USD	Point-in-time
Total assets	`Assets`	$430.47M	USD	Point-in-time
Senior unsecured notes payable	`UnsecuredLongTermDebt`	$260.00M	USD	Point-in-time
Senior secured revolving credit facility	`LongTermLineOfCredit`	$78.70M	USD	Point-in-time
Mortgage notes payable	`NotesPayable`	$98.87M	USD	Point-in-time
Mortgage notes payable	`NotesPayable`	$114.98M	USD	Point-in-time
Senior secured term loan	`SecuredLongTermDebt`	$65.62M	USD	Point-in-time
Interest rate swap	`InterestRateDerivativeLiabilitiesAtFairValue`	$1.83M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$5.78M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$9.45M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilities`	$859.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$267.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$368.32M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2014	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized, 22,262,158 shares issued and outstanding as of September 30, 2014	`CommonStockValue`	$223.00K	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized, 22,262,158 shares issued and outstanding as of September 30, 2014	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$146.98M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.42M	USD	Point-in-time
Invested equity	`Capital`	$164.52M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.83M	USD	Point-in-time
Total equity	`StockholdersEquity`	$162.69M	USD	Point-in-time
Total equity	`StockholdersEquity`	$149.62M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$517.94M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$430.47M	USD	Point-in-time

Income Statement 71 line items

Line Item	Tag	Value	Unit	Period
Rental income	`OperatingLeasesIncomeStatementLeaseRevenue`	$30.45M	USD	3 Qtrs
Rental income	`OperatingLeasesIncomeStatementLeaseRevenue`	$10.71M	USD	1 Quarter
Rental income	`OperatingLeasesIncomeStatementLeaseRevenue`	$14.00M	USD	1 Quarter
Rental income	`OperatingLeasesIncomeStatementLeaseRevenue`	$37.23M	USD	3 Qtrs
Tenant reimbursement	`TenantReimbursements`	$3.73M	USD	3 Qtrs
Tenant reimbursement	`TenantReimbursements`	$1.23M	USD	1 Quarter
Tenant reimbursement	`TenantReimbursements`	$1.26M	USD	1 Quarter
Tenant reimbursement	`TenantReimbursements`	$3.70M	USD	3 Qtrs
Other revenue	`OtherRealEstateRevenue`	$585.00K	USD	1 Quarter
Other revenue	`OtherRealEstateRevenue`	$1.80M	USD	3 Qtrs
Other revenue	`OtherRealEstateRevenue`	$1.87M	USD	3 Qtrs
Other revenue	`OtherRealEstateRevenue`	$656.00K	USD	1 Quarter
Total revenues	`Revenues`	$12.56M	USD	1 Quarter
Total revenues	`Revenues`	$35.95M	USD	3 Qtrs
Total revenues	`Revenues`	$15.88M	USD	1 Quarter
Total revenues	`Revenues`	$42.82M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$5.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$17.63M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$5.97M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$17.36M	USD	3 Qtrs
Interest expense	`InterestExpense`	$9.33M	USD	3 Qtrs
Interest expense	`InterestExpense`	$3.15M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.94M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.72M	USD	3 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-4.07M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-4.07M	USD	3 Qtrs
Property taxes	`RealEstateTaxExpense`	$3.70M	USD	3 Qtrs
Property taxes	`RealEstateTaxExpense`	$3.73M	USD	3 Qtrs
Property taxes	`RealEstateTaxExpense`	$1.26M	USD	1 Quarter
Property taxes	`RealEstateTaxExpense`	$1.23M	USD	1 Quarter
Acquisition costs	`AcquisitionCosts`	$44.00K	USD	1 Quarter
Acquisition costs	`AcquisitionCosts`	$255.00K	USD	3 Qtrs
Operating expenses	`OperatingCostsAndExpenses`	$1.45M	USD	3 Qtrs
Operating expenses	`OperatingCostsAndExpenses`	$1.68M	USD	3 Qtrs
Operating expenses	`OperatingCostsAndExpenses`	$500.00K	USD	1 Quarter
Operating expenses	`OperatingCostsAndExpenses`	$586.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.71M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.91M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$798.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.84M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$13.92M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$51.54M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$12.77M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$35.01M	USD	3 Qtrs
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.72M	USD	3 Qtrs
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-210.00K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$940.00K	USD	3 Qtrs
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.97M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$147.00K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$53.00K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$63.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.97M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-8.77M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$793.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-273.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.39	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.04	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.39	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	22.23M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	22.25M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	22.23M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	22.24M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.24M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.44M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.23M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.44M	shares	3 Qtrs

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$1.97M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-8.77M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$793.00K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-273.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$17.63M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$5.97M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$17.36M	USD	3 Qtrs
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$617.00K	USD	3 Qtrs
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$1.05M	USD	3 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebtNonCash`	$-2.00M	USD	3 Qtrs
Loss on settlement of interest rate swap	`DerivativeGainLossOnDerivativeNet`	$-1.66M	USD	1 Quarter
Loss on settlement of interest rate swap	`DerivativeGainLossOnDerivativeNet`	$-1.66M	USD	3 Qtrs
Loss on settlement of interest rate swap	`DerivativeGainLossOnDerivativeNet`	$-1.66M	USD	Point-in-time
Loss on disposition of equipment, furniture and fixtures	`GainLossOnSaleOfPropertyPlantEquipment`	$-23.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.89M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-387.00K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-33.00K	USD	3 Qtrs
Interest rate swap	`IncreaseDecreaseInDerivativeAssetsAndLiabilities`	$1.66M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.94M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.07M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$21.90M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$17.35M	USD	3 Qtrs
Acquisition of real estate	`PaymentsToAcquireRealEstate`	$36.97M	USD	3 Qtrs
Additions to real estate	`PaymentsToDevelopRealEstateAssets`	$254.00K	USD	3 Qtrs
Purchases of equipment, furniture and fixtures	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.35M	USD	3 Qtrs
Purchases of equipment, furniture and fixtures	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.08M	USD	3 Qtrs
Cash proceeds from the sale of equipment, furniture and fixtures	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$722.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-19.33M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-49.59M	USD	3 Qtrs
Proceeds from the issuance of senior unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$260.00M	USD	3 Qtrs
Borrowings under senior secured revolving credit facility	`ProceedsFromSecuredLinesOfCredit`	$10.00M	USD	3 Qtrs
Borrowings under senior secured revolving credit facility	`ProceedsFromSecuredLinesOfCredit`	$10.00M	USD	3 Qtrs
Proceeds from the issuance of mortgage notes payable	`ProceedsFromSecuredNotesPayable`	$50.68M	USD	3 Qtrs
Repayments of borrowings under senior secured revolving credit facility	`ProceedsFromRepaymentsOfSecuredDebt`	$-88.70M	USD	3 Qtrs
Payments on the mortgage notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$-67.49M	USD	3 Qtrs
Payments on the mortgage notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$-2.57M	USD	3 Qtrs
Payments on the senior secured term loan	`RepaymentsOfSecuredDebt`	$65.62M	USD	3 Qtrs
Payments on the senior secured term loan	`RepaymentsOfSecuredDebt`	$2.81M	USD	3 Qtrs
Payments of deferred financing costs	`PaymentsOfFinancingCosts`	$730.00K	USD	3 Qtrs
Payments of deferred financing costs	`PaymentsOfFinancingCosts`	$13.28M	USD	3 Qtrs
Net contribution from Ensign (Note 5)	`ProceedsFromContributionsFromParent`	$4.36M	USD	3 Qtrs
Net contribution from Ensign (Note 5)	`ProceedsFromContributionsFromParent`	$23.90M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$89.93M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$27.79M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$96.00K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$87.95M	USD	3 Qtrs
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$88.84M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$735.00K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$895.00K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$831.00K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$88.84M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$735.00K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$895.00K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$831.00K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$9.35M	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$8.00M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$100.00K	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$104.00K	USD	3 Qtrs
Operating assets and liabilities that were not transferred to CareTrust	`OperatingAssetsAndLiabilitiesThatWereNotTransferred`	$1.04M	USD	3 Qtrs
Equipment, furniture and fixtures that were not transferred to CareTrust	`EquipmentFurnitureAndFixturesThatWereNotTransferred`	$11.68M	USD	3 Qtrs
Net capital distribution to Ensign	`NonCashCapitalDistributionToParentCompany`	$10.47M	USD	3 Qtrs

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$162.69M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$149.62M	USD	Point-in-time
Capital contribution by Ensign	`CapitalContributionFromParentCompany`	$4.36M	USD	3 Qtrs
Unrealized gain on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$863.00K	USD	3 Qtrs
Unrealized gain on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-55.00K	USD	1 Quarter
Unrealized gain on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$167.00K	USD	3 Qtrs
Reclassification adjustment on interest rate swap	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax`	$-1.66M	USD	3 Qtrs
Net capital distribution to Ensign	`CapitalDistributionsToParent`	$10.47M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.97M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-8.77M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$793.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-273.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$162.69M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$149.62M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.97M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-8.77M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$793.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-273.00K	USD	1 Quarter
Unrealized (loss) gain on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$863.00K	USD	3 Qtrs
Unrealized (loss) gain on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-55.00K	USD	1 Quarter
Unrealized (loss) gain on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$167.00K	USD	3 Qtrs
Reclassification adjustment on interest rate swap	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax`	$-1.66M	USD	3 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-6.95M	USD	3 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$1.97M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$1.66M	USD	3 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-328.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.