10-Q Filing

CARETRUST REIT, INC. CIK: 1590717 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001628280-17-004653`
Period End Date	20170331
Filing Date	20170502
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	ctre-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 36 Cash Flow Statement 67 Stockholders Equity 19

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, Par Value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, Par Value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, Shares Authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, Shares Authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, Par Value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, Par Value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, Shares Issued	`CommonStockSharesIssued`	72.00M	shares	Point-in-time
Common stock, Shares Issued	`CommonStockSharesIssued`	64.82M	shares	Point-in-time
Common stock, Shares Outstanding	`CommonStockSharesOutstanding`	64.82M	shares	Point-in-time
Common stock, Shares Outstanding	`CommonStockSharesOutstanding`	72.00M	shares	Point-in-time
Real estate investments, net	`RealEstateInvestmentPropertyNet`	$940.36M	USD	Point-in-time
Real estate investments, net	`RealEstateInvestmentPropertyNet`	$893.92M	USD	Point-in-time
Other real estate investments	`RealEstateInvestmentsJointVentures`	$14.03M	USD	Point-in-time
Other real estate investments	`RealEstateInvestmentsJointVentures`	$13.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.47M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.66M	USD	Point-in-time
Accounts and other receivables	`AccountsReceivableNet`	$5.90M	USD	Point-in-time
Accounts and other receivables	`AccountsReceivableNet`	$7.93M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$1.37M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$1.31M	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$2.80M	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$2.53M	USD	Point-in-time
Total assets	`Assets`	$925.36M	USD	Point-in-time
Total assets	`Assets`	$967.44M	USD	Point-in-time
Senior unsecured notes payable, net	`UnsecuredLongTermDebt`	$255.29M	USD	Point-in-time
Senior unsecured notes payable, net	`UnsecuredLongTermDebt`	$255.56M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndOtherAccruedLiabilities`	$12.14M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndOtherAccruedLiabilities`	$14.06M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$13.42M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$11.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$409.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$472.93M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized, 72,000,297 and 64,816,350 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$648.00K	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized, 72,000,297 and 64,816,350 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$720.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$720.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$611.48M	USD	Point-in-time
Cumulative distributions in excess of earnings	`AccumulatedDistributionsInExcessOfNetIncome`	$159.69M	USD	Point-in-time
Cumulative distributions in excess of earnings	`AccumulatedDistributionsInExcessOfNetIncome`	$162.83M	USD	Point-in-time
Total equity	`StockholdersEquity`	$452.43M	USD	Point-in-time
Total equity	`StockholdersEquity`	$557.95M	USD	Point-in-time
Total equity	`StockholdersEquity`	$262.29M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$967.44M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$925.36M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Rental income	`OperatingLeasesIncomeStatementLeaseRevenue`	$27.34M	USD	1 Quarter
Rental income	`OperatingLeasesIncomeStatementLeaseRevenue`	$20.90M	USD	1 Quarter
Tenant reimbursements	`TenantReimbursements`	$2.32M	USD	1 Quarter
Tenant reimbursements	`TenantReimbursements`	$1.80M	USD	1 Quarter
Independent living facilities	`HomeBuildingRevenue`	$681.00K	USD	1 Quarter
Independent living facilities	`HomeBuildingRevenue`	$793.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$254.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$155.00K	USD	1 Quarter
Total revenues	`Revenues`	$23.63M	USD	1 Quarter
Total revenues	`Revenues`	$30.61M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$7.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$9.08M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.88M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.19M	USD	1 Quarter
Property taxes	`RealEstateTaxExpense`	$2.32M	USD	1 Quarter
Property taxes	`RealEstateTaxExpense`	$1.80M	USD	1 Quarter
Independent living facilities	`HomeBuildingCosts`	$620.00K	USD	1 Quarter
Independent living facilities	`HomeBuildingCosts`	$661.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.23M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.39M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$18.13M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$20.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$29.35M	USD	Annual
Net income	`NetIncomeLoss`	$10.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.50M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.10M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	66.95M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.10M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	66.95M	shares	1 Quarter
Dividends declared per common share (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.18	USD	1 Quarter
Dividends declared per common share (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.68	USD	Annual
Dividends declared per common share (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.17	USD	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$29.35M	USD	Annual
Net income	`NetIncomeLoss`	$10.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.50M	USD	1 Quarter
Depreciation and amortization (including a below-market ground lease)	`DepreciationDepletionAndAmortization`	$7.29M	USD	1 Quarter
Depreciation and amortization (including a below-market ground lease)	`DepreciationDepletionAndAmortization`	$9.08M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$556.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$561.00K	USD	1 Quarter
Write-off of deferred financing costs	`WriteOffOfDeferredDebtIssuanceCost`	$326.00K	USD	1 Quarter
Write-off of deferred financing costs	`WriteOffOfDeferredDebtIssuanceCost`	-	USD	1 Quarter
Amortization of stock-based compensation	`AllocatedShareBasedCompensationExpense`	$536.00K	USD	1 Quarter
Amortization of stock-based compensation	`AllocatedShareBasedCompensationExpense`	$431.00K	USD	1 Quarter
Straight-line rental income	`StraightLineRent`	$72.00K	USD	1 Quarter
Straight-line rental income	`StraightLineRent`	-	USD	1 Quarter
Noncash interest income	`InterestIncomeOperating`	$155.00K	USD	1 Quarter
Noncash interest income	`InterestIncomeOperating`	$254.00K	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$-115.00K	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$1.96M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-12.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-13.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.89M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.01M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.99M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.17M	USD	1 Quarter
Acquisitions of real estate	`PaymentsToAcquireRealEstate`	$68.00M	USD	1 Quarter
Acquisitions of real estate	`PaymentsToAcquireRealEstate`	$54.57M	USD	1 Quarter
Improvements to real estate	`PaymentsToDevelopRealEstateAssets`	$89.00K	USD	1 Quarter
Improvements to real estate	`PaymentsToDevelopRealEstateAssets`	$27.00K	USD	1 Quarter
Purchases of equipment, furniture and fixtures	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.00K	USD	1 Quarter
Purchases of equipment, furniture and fixtures	`PaymentsToAcquirePropertyPlantAndEquipment`	$117.00K	USD	1 Quarter
Escrow deposit for acquisition of real estate	`PaymentsForDepositsOnRealEstateAcquisitions`	$700.00K	USD	1 Quarter
Escrow deposit for acquisition of real estate	`PaymentsForDepositsOnRealEstateAcquisitions`	$15.73M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-83.77M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-55.47M	USD	1 Quarter
Proceeds from the issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$108.17M	USD	1 Quarter
Proceeds from the issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$106.03M	USD	1 Quarter
Proceeds from the issuance of senior unsecured term loan	`ProceedsFromUnsecuredNotesPayable`	-	USD	1 Quarter
Proceeds from the issuance of senior unsecured term loan	`ProceedsFromUnsecuredNotesPayable`	$100.00M	USD	1 Quarter
Borrowings under unsecured revolving credit facility	`ProceedsFromUnsecuredLinesOfCredit`	$52.00M	USD	1 Quarter
Borrowings under unsecured revolving credit facility	`ProceedsFromUnsecuredLinesOfCredit`	$45.00M	USD	1 Quarter
Payments on unsecured revolving credit facility	`RepaymentsOfUnsecuredDebt`	$92.00M	USD	1 Quarter
Payments on unsecured revolving credit facility	`RepaymentsOfUnsecuredDebt`	$113.00M	USD	1 Quarter
Payments on the mortgage notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments on the mortgage notes payable	`RepaymentsOfNotesPayable`	$95.02M	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfFinancingCosts`	$1.32M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$7.70M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$11.07M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$61.98M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$29.09M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.80M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.22M	USD	1 Quarter
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.28M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.47M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.50M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.66M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.28M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$11.47M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.50M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.66M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$2.10M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$1.51M	USD	1 Quarter
Increase in dividends payable	`IncreaseDecreaseInDividendsPayable`	$2.35M	USD	1 Quarter
Increase in dividends payable	`IncreaseDecreaseInDividendsPayable`	$2.14M	USD	1 Quarter
Increase in offering costs payable	`IncreaseDecreaseInOfferingCostsPayable`	$44.00K	USD	1 Quarter
Increase in offering costs payable	`IncreaseDecreaseInOfferingCostsPayable`	$291.00K	USD	1 Quarter
Application of escrow deposit to acquisition of real estate	`EscrowDepositDisbursementsRelatedToPropertyAcquisition1`	$700.00K	USD	1 Quarter
Application of escrow deposit to acquisition of real estate	`EscrowDepositDisbursementsRelatedToPropertyAcquisition1`	$1.25M	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Common dividend (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.18	USD	1 Quarter
Common dividend (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.68	USD	Annual
Common dividend (in usd per share)	`CommonStockDividendsPerShareDeclared`	$0.17	USD	1 Quarter
Beginning balance	`StockholdersEquity`	$452.43M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$557.95M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$262.29M	USD	Point-in-time
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$108.12M	USD	1 Quarter
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$200.40M	USD	Annual
Vesting of restricted common stock, net of shares withheld for employee taxes	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-515.00K	USD	Annual
Amortization of stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.55M	USD	Annual
Amortization of stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$536.00K	USD	1 Quarter
Common dividend ($0.185 and $0.68 per share for the three months ended 3/31/17 and year ended 12/31/2016, respectively) (in usd per share)	`DividendsCommonStock`	$40.64M	USD	Annual
Common dividend ($0.185 and $0.68 per share for the three months ended 3/31/17 and year ended 12/31/2016, respectively) (in usd per share)	`DividendsCommonStock`	$13.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$29.35M	USD	Annual
Net income	`NetIncomeLoss`	$10.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.50M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$452.43M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$557.95M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$262.29M	USD	Point-in-time

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