Earnings call transcript Q2 2023

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Operator

Good morning. My name is Colby and I will be your conference operator today. At this time, I would like to welcome everyone to the CareTrust REIT Second Quarter 2023 Earnings Conference Call. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

the and to Controller. turn Senior Beale, now President Vice will call Lauren over CareTrust’s I

You begin. may

Lauren Beale

Thank you this CareTrust’s beliefs and any based XXXX in recorded earnings on welcome environment listeners business forward-looking to CareTrust Participants and it expectations, today’s which be and REIT’s statements should management’s made the aware call advised current about that are call on being call. is operates. that second are quarter and assumptions,

acquisitions, regarding reference factors projections businesses financings, future COVID-XX the include investments, may such governmental dividends, may not returns, tenants, that other performance, may company’s statements control, as their other and actions. as and matters including These beyond of its the and disasters, financial natural such affecting are business or or matters pandemics

other information, required as today events, its herein. generally differ law, factors any any well other place to should as results or for information to company’s are that cause CareTrust that SEC future or by where discussion CareTrust’s implied changes and update materially undue could reason. a uncertainties statements encouraged on The statements business any more results, filings forward-looking or result SEC undertake of Except new subject G. Listeners could complete changing expressed REIT its and and risks a financial required and to are not forward-looking of affiliates Regulation revise to actual do statistical publicly as review by reliance or for as arise impact not from those statements circumstances

but normalized together believes a that upon GAAP measures they exclusion and not EBITDA, relied to metrics non-GAAP FAD. results, the business, the understanding When reference should provide GAAP cautions FAD viewed will as with company the of and call, or can complete its and reports. FAD FFO the of be FFO EBITDA, more these company During such

A of each period. available and CareTrust press its section supplement, quarterly on on the Investor will replay accessed this XX-Q Relations limited its and also for financial which call filed Form at can a accompanying of CareTrust of www.caretrustreit.com. release website be Yesterday, the website be

On Sedgwick, Officer. Chief President, Officer; James Dave Officer; Wagner, Callister, Executive Bill Financial morning Investment and the call and Chief this are Chief

now over CareTrust CEO. to I’ll call the President, turn and Sedgwick, REIT’s Dave Dave?

Dave Sedgwick

morning, more and good operator handing QX investments, relationships, for thank everyone, continued the momentum color. touch and and I'll Bill on Well, to on portfolio, and environment regulatory equity you existing saw the provide before James fronts: on call joining to these issuance. the briefly positive many us. over

at some First, Investing operator of years across dearth past. the $XXX investments transactions lend opportunities, one in done of our relationships. to roughly the Last that more than in time six short year, amount million of with work history. and quarter acquisition we in operators represent eight our decided with best attractive historic new yields in

of that immediately in those view returns need the of is the because nature not the recycle and of lending directly loans produce Our growth, do to payoffs. real the short-term most cases,

several criteria if met to real a be there the for are believe operator here, that or with will measured future. is opportunities lending lead case there that However, borrower activity in strategic us growth

to indirect million activities. roughly been invested result the In $XXX quarter, the has in is million historically last $XXX constraint grow. the not a fact, of an Capital lending us year's of for

new been consideration operator most the CareTrust, for investments. important choice the has always For of

opportunities operators for deeper the investment. markets six are thrilled and new opens That We bench to up welcome new in new quarter.

these grow continue help to to operator existing expand eager relationships are and relationships as our We well.

is nursing decided top negotiating for color operator, that negative to currently Second, held million We roughly the for sale path contractual assets are around not in classify one existing and last our looking these accounted of I $X forward lease quarter, sale rent. more the portfolio, In pandemic with at XX have as pre-pandemic three skilled the gave the first, We've reporting coverage this from relief operator through We've up, basis; this coverage amortizing way removed provider we those the eligible funds; began. since a these reported ways: therefore been in periods. provider two, on on of relief in and their properties. supplemental. excluding an lease expanded funds three, coverage best

to contributed excluding improvement. March level property trailing When to the XX the you times through increased Removing overall, the XX leading look the at to to to bps X.XX times. up December X portfolio properties coverage coverage overall held for XXXX for compared coverage, sale funds the EBITDAR XX-month X.XX of relief now

quick on front, regulatory Finally, two the comments.

fiscal really First, net minimum has proposed announcement year we second, others. and the don't from any requirement administration. continue pleased to into have been insight what to the X% more many expect the And October the by staffing of effective speculated for this wait to medicare to XXXX. we're Biden rate see the week We for increase

investments business powder forward, are for vast the positioned the the second-half busy the whole excited with to the investments the company the year and up to ATM including portfolio So new for for together, extremely set the to a and already XXXX. of to from and new pleased We're dry expand continue majority well the We're see the ample grow of first-half of to funded here. doing $XXX was have going the the relationships. growth we the year equity the investments in issuance million team operator new of and return XX% and year-to-date of into

With that, James, activity our and talk recent investment we'll about James? pipeline.

James Callister

on in adding remarks to discussing to then we'll and turn some I'll referred and everyone. his market the and current acquisitions our deal the pipeline. Dave, Thanks, morning, additional color by good Dave transactions start

and for busy quarter acquisitions team was an exciting CareTrust. QX at the

X.X%, mortgage relationships we after expect added during total stabilized eight seven the operated not facilities loan. on the new As annual X.X% Dave amount one escalators. of quarter of mentioned, including rent a assets Acquired quarter the closed these XX transactions, and CPI and for based be acquisitions six with approximately million and investment years an at yield to initial $XXX yield blended two we

are quarter assisted is nursing, and campus. skilled we seven living in Of during a them the are assisted care, skilled XX facilities nursing of one and memory this four acquired living

also subsequent closed of $XX to million the these loan. a call. transactions mortgage on QX Several date of closed earnings our We

under we During California in June, approximately annual established we closed thereafter. entered rent $X.X on four in million escalators known a and nursing years. skilled Southern lease CPI is many for Year million to year a three, and master with is one desk based operator, Healthcare. in $X.X nursing California master admired two Lynx Lynx with facility rent and XX-year Lynx $X.X portfolio increasing an to lease into who million have skilled year agreement

skilled XXX independent Ohio funding a acquisition a In Loma June, three $XX we Michigan and other Texas, secured living transactions the skilled living million California. of nursing nursing care the by campus acquisition Katy, Linda, a in located facility also closed in mortgage a the in two loan and facility of of bed and portfolio memory assisted

tenant, we Florida followed these transactions Group, up funding skilled existing interest July, at on mortgage an X%. to In by our rate of two facilities million Elevation a nursing the $XX.X loan

quarter. are this work like are remains at we flow out pace we done. strong relatively excited have we Overall, to to While not a do from deal year, million $XXX put last feel unchanged

a capital, attractive execution low to transaction our access us risk, deals feel as partner, to where a We opportunistically pursue quality reputation continue buyer. and we make particularly

borrowers' adjust With requirements continue by skilled and to who respect have to further lenders, and additional market, tightening equity skilled recourse increases. continue in acquisitions has credit pricing pursue to source to increase seen to those nursing There to the favorable acquisitions, nursing particularly continued liability as states there and been a where medicaid require attractive rate borrowers we opportunities have guarantors. be of

desk to facilities risk. respect between gap stage operational some involves of variable loans flow pricing maturity are a coming as seniors interest day and deal face we buyer across seniors housing, With increasing the of numbers and/or sellers of hikes and housing rate seller in expectations. distress, seeing Much still our

as many opportunities. and we company's given our funds with space been and buyers leverage to the external the growth as of focused access have previously, low forward, in equity, issue the to Moving high on they acquisition ability not remain leverage active through

but and our towards from We resources market decision have opportunities to continue operator last direct our sourcing year enhance new to and broker also we results geographically additional and promising relationships seen areas. community, the developing with off and foster relationships manpower towards strategic

rent our can sits pipeline plans to The as focus a be to look their approximately structure. a to continue on our we evaluation with history are factors continue underwriting of to Nevertheless, allow that as to on $XXX execute business at to operators careful with operators. them million work for opportunities will that disciplined sustainable we we and key approach closely accretive a today

returns We with consistent years. strategy will of on has to execute nine disciplined adjusted past with CareTrust acquisition how built been growth continue our over the risk

with that, And over it to turn I'll Bill.

Bill Wagner

James. Thanks

normalized the decreased FAD decreased normalized per basis, the For $XX.X decreased year $XX.X to normalized the decreased X.X% quarter, X.X% $X.XX to $X.XX per prior FAD quarter per by share over and On to share, million. FFO million a share. FFO to $X.XX $X.XX normalized

The compared increase million, in due items. million Rental million following largely was QX. to the quarter for the of $XX.X to $X.X income $XX.X is

$X.X a and million. from First, they received third, we FFO corresponding bumps; second CPI non-income tenant new million reimbursements, are received increased in because $X.X $XXX,XXX $XXX,XXX expense approximately investments; have to we approximately which producing,

a Lastly, were two by lower we to tenants on calls, offset from items prior $XXX,XXX properties a from collections tenant mentioned the are existing a that on positive these we've and last collect related cash that $XX,XXX lower have $XXX,XXX that sold. basis cash cash

$XX.X the amount the exclude contractual revenue for quarter. cash you rental If was $X.X of tenant reimbursements million, million

quarter Another at supplemental rent to the $XX.X of cash rent way a X/XX million $XXX.X is cash disclosed of we reconcile million. take contractual to where annualized contractual last

divide about and number by back get one of a talking investments, bumps, of $XXX,XXX annualized of get you million. out you $X.X the of you new million number been we've to one CPI cash who get $XXX.X of quarterly in million $XX.X $XXX,XXX a $X.X that from million, represents If the four that about, Add $XX.X collected an million. tenant tenant,

income on off Also, portfolio Interest other to note items immaterial hopeful are million. drew in our a income hope we to quarterly $XX due more paid number. There subsequent The this $XXX,XXX, was QX million from Notes Interest that QX. on borrowings rate and -- is you to I'm of million I'm to expense there higher down $X.X was was net zero. approximately helps the at reconcile up $XX due that revolver. million better this interest some $X.X quarter-end, the end rates. this

to lower to performance due stock roughly return QX of will million, quarterly it that QX expect Stock forfeitures in million compensation continued that mostly $XXX,XXX run $X.X around QX be I needed met. to QX rate $X expense criteria G&A a and short-term occur and will to be incentive comp. be show for expense not will G&A $XX in likely decreased certain from to that due around year the related to million.

for ATM agreement under of $XX.XX $XXX entered at collections rent for have quarter collected and into XX.X net average price forward XX%. a Cash sale million. and shares we July, the at XX.X% of of gross million in contractual came in approximately We the program to-date an proceeds

As the strong this our million proceeds will $XXX third extremely line. approximately with settle expect our and million remains use revolver contract we million pay I and to down quarter a future of cash, available the under ATM the $XX proceeds. the in result, liquidity during $XXX

EBITDA with a stated ratio below strong to debt X X net Leverage normalized times of times. X.X to of be is our times, to also range which continued

debt achieved XX% of X.X ratio of charge as net a fixed quarter times. we and value coverage was to Our enterprise end,

And with I'll back to Dave. that, turn it

Dave Sedgwick

you reports to hope helpful We questions your now. the Bill. to Thanks, and Great. been take happy

Operator

Qiu Capital. question first Your Instructions] of Tao the [Operator from line comes from Berenberg

Your open. line is

Tao Qiu

morning Congrats Hey, very there. a active good quarter. out on

but many lost through, transactions street impressive. certainly was the think how I I of kind came that

Dave Sedgwick

you. Thank

Tao Qiu

But on moved guidance. main [Indiscernible] been $X million to was question think said issuing first earnings have quarter my The tenant, reason from sell. last is assets the full-year the that you I you keeps

to seem rents You variables in this doesn't that any downside other quarter. more considering see of and some now a there perspective? third from lot a be guidance Are here. from some quarter It we're

Dave Sedgwick

yet. ultimately point. rent hold plays of this question. great it in place No, to issuing guidance significant how continues amount quite I'd the guidance that The for price to Oh, this factor sales be the and is on us and not and primary say tenant us enough that is out in, for the off -- at

Tao Qiu

rate in in Got it. September, today curious I in to understanding starting gains? follow-up the so sell the that on low, assets through in than rather would $XX I but Medicare And I the that choose of the seeing think rose rate by saw kind rate Iowa, another April pretty think that, state and $XX is you why

Dave Sedgwick

assets Yes. set sale, point. that's The at that negotiating, -- buyer forward. path is for in now. best probably a path the forward think this stone that, with particular the we we right these believe We're the is nothing And best

at of the is look look the and us. be being around outcome able it of from advantageous existing rent rent. at for all reset turn the likelihood When in a we a that we think As at ultimate that most -- you what proceeds would that, sale the probably the to

Tao Qiu

fair. And That's one for last me. one

Thank we schedule? models? build about expect So on should that we should the you. Like, tranches? be curious should a multiple how four we the to think into settling settlement that from perspective, ATM our modeling sales, how Just

Bill Wagner

I as where hold they a would if interest high the out little given longer at, on it holding it Bill. bit but accretion isn't would that where there. at settling -- third out are, quarter. rates the really weren't the model of it We forward how in is This aren't probably probably they they

QX, probably all it in So settle it. we'll of

Tao Qiu

guys. Thanks, Great.

Dave Sedgwick

Thank you.

Operator

from from question the line of Baird. next Wes Golladay Your comes

Your open. line is

Wes Golladay

relationships guys, high the pool are develop and the looking you operators are of quality actually a curious assets? that big new how looking Hey, to of lot monetize to is just

Dave Sedgwick

operator things one I love little here question. of have we Well, a we, that makes experience of unique, that at is you CareTrust. us the When level know, we the former think, bit that

give in any decision we is that that investment priority the paramount. so really And

that on that's most it's those we to out of of expanding have, but part, look And you bets next a at really from come those feel new wave had, number first the we and relationships, going we look had like also at them. the growth, operators, to for real paid growth beautifully. If we this require placed of as some younger existing phase found, pretty big hungry And ones. good going we some

the at find And already. that decisions in some to fruit to here CareTrust investments and so made that know. market really operators find we some not build effort bench don't that so and to we've year, last done. decision welcomed that operator off, we capital deals the six see happened new And as of it's quickly, human off express moved been over into mandate around with and operators We're gratifying to us people to

demonstrated, we're going can same continue that the past. that, had we for for and to breed haven't that So opportunities almost growth to look geographies best operators have as characteristics of operator that we the in have have quite the new some successful so new of

Wes Golladay

curious point? at sheet, at how sheet is will on -- looking going balance would your Okay. issue to equity, of be the between what And how leverage? near-term guess debt would balance I look Just cost low then just debt And you short-term the cost curious delta take the forward. any and of you in or I'm the

Bill Wagner

one. take Difficulty] [Technical great. is not and which revolver Right Bill. that debt, is is Yes. now our I'll short-term our equity that This

as think it investments. interest take bit more doing little and So we're as yields we're we stock fund use debt that time, continue assume long leverage investments probably, it's term you lower, I holds match our to that as we do over doing revolver. the more, rates to as at, to that we'll equity, will but go I and short that continue at issue deals these with where inevitably think price currently and a down, that currently call can We'll

Wes Golladay

the Okay. Thanks for everyone. time,

Dave Sedgwick

you. Thank

Operator

line comes Valiquette of Barclays question Steven from from Capital. the next Your

open. Your is line

Steven Valiquette

questions. I from the the on either anywhere of per $XXX,XXX, Thanks cap here, valuations Couple transaction bed range based comments health or you bed because hi. and Seems for first, just on you know, some the rate guys. guess is know, per wide from this quarter. to Oh, a range are a somewhere pretty REITs there. a other perspective, a, XX.X% $XX know, rates you care to in maybe be cap to X.X% from, maybe, Thanks sniff taking still

thoughts that now. a trending I So get I on the evaluations And then follow-up guess. you a think different to ask in I'll got just curious are right topic minute, a directionally how industry on your

James Callister

This Sure, James. Steven. is

go say to really a bed. a first, other just useful can huge. guess, pricing you I cash us to know, know, really know, is different from, You the per when bed you I assets trading some that, you in would to variation $XX,XXX is trading bad markets really aren't And, geographies you know, $XXX,XXX market amongst per bed It's close the flowing.

for would we it. I geographical So all over, it's and say, at hyper as look really it's us

that think side, are there used trend you skilled deals. know, the that on is in I the nursing price yields, upward definitely to an being

nursing really are but be cap the stream much still stabilized are XX.X%. can like XX give I a in can some I skilled I with you at be you that starting up your do deals them know, cash on labor. rates sure the in per a closely as in super actually value particularly at that you think flowing, do today's think successful the high-Xs in bed, work world make we're, difficult for as become look pretty rent you or that also with, same I then look you that of operator dial but environment, to really they skilled terms are even said, to know, And beds positive which rates you the nursing. will think, to trying we know, with around slowly yield, start, at that,

Steven Valiquette

Okay.

some provider a among buzz health Seems payer, this know, that's but for from, cover. Okay, There's facility the both like behavioral little and helpful. you here accelerated based per has that that and we know, year. care a their gears been demand visit basis companies of a also shifting bit, definitely you And healthcare, settings.

of I the You now how maybe know, we're close pace weather the looking you're in that, facilities latest strategy you that know, repurposing reopenings, you're around your update for, So of some about the on behavioral? light just this? for to guess progression some the of the feeling

page should you be Is thinking break category. within supplement the in kind might you start category behavioral an that when if performance just property the separate by might And type And happening that of of additional just a portfolio when about also yet, we like think the, guys down that? the know, become, you might curious property thought that XXXX breakdown within or that something but you that category for about when haven't performance. the, nine know,

Dave Sedgwick

Yes. That's great.

So behavioral has approach before bullets our measured some out shoot to and say, take cannonballs. strategy with thesis. to bit to, We want test a been a respect let's of the

And space in just so trying haven't do in just grow to super been grow, we to that to it. aggressive

skilled Our to which the nursing, really relationship as exactly philosophy have is to order and it we've for behavioral in in that. a with the do operator, their strong them is is conviction same model, a got with have

Candidly, skilled will The great place underway. that They're the many so coming they those we've butter seniors nursing, conversions opportunities are all seen taken, as of along. renovation are with work bread have but in as soon online is with so are our And, come and tracking. ready. our still attention. been The busy and housing that's assets,

brought behavioral a normal They year. go with little brought -- had close us had, early bit to the and they into that with in on planned. I the leaseback came process a we operator late sale ahead their financing have decided they ultimately next year, this we had think us

even those the space priority of us, it's interest identify operators space is area here very more fragmented for the finding accretive than we're space, be but really those and a the operators but right a the operators in of nursing operators so building a it's finding skilled bit terms deals. and and challenge, of still finding to relationships dependent much those for. in best And that's an we to best the And going is want time, it's segment over on when that to it's

reporting little bit segment. on until And have when that a mass, think more so that's we as a critical we'll I separate start

Steven Valiquette

a That's Great. Okay. Thanks. definitely helpful update.

Dave Sedgwick

Alright. Thank you.

Operator

comes the next RBC Capital Your Michael of from question Carroll line from Markets.

Your line is open.

Michael Carroll

that Yes, you back deal on thanks. mean, to the of that I is interest? property, aren't for assets or -- is that interested to know have held I at the other into guess, looking that too? done Dave, have kind buyer I are sale. mean, get I one one I potentially you is level players, in what you the of, buyer -- that with there said touch sidelines there it there is going the want

Dave Sedgwick

Yes.

and but that, with and re-tenanting from backup fielded right options like and all interest, terms that. purchasing buyer a are you now is on we energy with we are pretty a plan that's with. all have we of Bs in our of are fielded gotten that, and now. We've things sale really out know, We right with negotiating forward of, host well, some versus, different moving purchase -- negotiating option a the the that group purchase we're working been sort of have agreement process, that we're But interest

Michael Carroll

they the rent. paying Okay. portfolio? rent I continue of know a are I still existing they still small of interested this are to pay they why in tiny pieces And stub buying and guess those bit operator,

Dave Sedgwick

in They know, thought the in that, there performance and them, staying you our and some expressed interest position an process. by Yes. in I the have rent, in active negotiations engaged think paying know, and you And give advantage improving that.

Michael Carroll

get in by what's I you the is year? past end then I done a plan of expecting and timeline highlighted kind could the get the pretty quickly. know on it And Okay. of -- could you'd quarters, place be that should for the mean, this this. done few have

Dave Sedgwick

hope stuff, challenging that it's have But transactionally, -- it's we've finance market most seen. been in, the buyers, the I just Mike, for given environment and in remain to so. we've Oh, that we who ever

make on not want timing on I prediction so this -- one. any to And the

Michael Carroll

the buyer? financing willing you are provide you would to to provide And seller Okay.

Dave Sedgwick

clean that possibility, be be might know, a but deal would preference done. a to you get required to a have It's break, our

Michael Carroll

Thank great. Okay, you.

Dave Sedgwick

Mike. Thanks,

Operator

question next from Your Wells the Siversky Fargo. line of comes Connor from

line Your open. is

Connor Siversky

Friday, question Hi taking here, be but to on running maybe view ideas Seems there. everyone. more a abstract underwriting. Happy out of

of You looking your know, in know, changed? framework for, perception risk dramatically you nursing. gone the of curious I as through And context and risk in that the skilled underwriting mean factors we've I'm COVID changed Has the up, the years? to risk happened would have you at have rates underwriting gotten past what stringent, curve the as would reasonable that more assume couple be it gone following over standards your -- actually

Dave Sedgwick

It's me And, no. our can of James, a wrong think on I question. answer great short you but stringent. correct this, underwriting if more any That become I'm the is hasn't

operator. I and collaborative think a having worked we've very process our always disciplined at with underwriting tried

So in other's each before comfortable. we're tested already gotten deal LOI, we assumptions even together and and underwritten the usually log an really

process was pre-pandemic. And the things a of in very it just so different what look is We a today. the at to similar pandemic because light, of bit

maybe were existing return. be we there, been successful them still the in study In with maybe a not the they to XXXX, few would middle I I underwriting cash these that, require deck we've had acquired of midst out flowing. June, that able pandemic, to that investor in that actually think in we the attention slide that operator. put of underwritten case the in the pandemic, we of the buildings even a an I feel put with we deals along like But your point

on we well. like and as together, that we on feel forma but one, had former the we pro can So basically, operators pretty on worked feasibility underwater, day test

where The been fully XX-months followed place haven't done improvement only go one or under the know, later impressive, investments is that just coverage model X kind from we've in place that this to negative a perfect, stabilized, was you year, day about buildings times of, lot really down. same anywhere, these of to

Now a upside there's bit quite them. of in been

that we we operators, so, And our underwrite collaboratively the select and right we success. we and have as employ that great together experiences operator, can Connor, think, I

James Callister

Yes.

really know, one, understanding in a a we is, terms the We that, in maybe look geography, labor Connor, you looking where on more know, just I carefully would facilities labor, lot the through at think, at COVID, if immediate really what deal I obviously, be out at, and that you they So have we've few still led of know, the to things. going COVID or the before. are pretty consistent today, what is to came that where differently, situation there's fallout with on think process carefully closer, just market of to done from a things labor? the especially few may able a But focus I are, things it's you few one is two, us find rural from expense add the overall and look particular side. more

Connor Siversky

Great. for Thank weekend. the Enjoy the you color.

Dave Sedgwick

Connor. Thanks,

You too.

Operator

of next [Operator Your KeyBanc question Markets. from line Instructions] comes from Wurschmidt the Austin Capital

open. line is Your

Austin Wurschmidt

assume that, know, kind the Iowa. operator If it everybody. to Thanks, rent Great. you in the assets these I guess, you'd value any win to require capital that is to or existing behind safe plus of existing back operator were market purchase, you deal? know,

Dave Sedgwick

Yes.

during and we a just we this. I would an like what think know, would, be on have to little we what accept careful negotiation open you

probably ongoing now. right deflect we'd to, unfortunately, have comments negotiations on So

Austin Wurschmidt

were of you the operationally deal be how faced? they and given kind to if maybe you ultimately finance, the much would finance, or value what's and of to some just But fair. That's sell happened of here willing challenges

Dave Sedgwick

the in time, I'm of so the avoid all we and really much, to real we play you that's know, we of issue. how terms finance, can't same what transaction, What very but comment the would it. conditions the would you, would it's we've, on what be, really not need, much trying price kind

Austin Wurschmidt

able able much really know, from, is on desk your of crossing criteria, know, you meets move what's then how and the just million you're the you're million the timeline burner Okay. know, pipeline, pipeline really back $XXX to until speaking where you been time back to but, know, the you to it kind close $XXX and, investment enters beyond those? just is on that that you to

Bill Wagner

on Also, a place, California things, over see you in a you changes number get a, very the when especially July a time we the, how deal in bit in it's period, of takes June, from long dependent close, when we know, to know, the right? it'd a think rush say all it in of that, I you know, you you some regs. chow know, little with It's

XXX to So, a provide from terms you you you days. notice deal's can it, know, might you'll sometimes in you million, things finished go outside really have day don't and to before days the XXX for to -- to us, get take competitive of, know, good I probably of say say we you a typically front I back to see close it you others, resources in the look, the it's the to would it's and on we XX guess you of XX to going time the process. know, know, XX ever. get burner to if we're put us it be center, It it know, get that I'd going we're needs that and looks are, it. $XXX something And that,

move that, think top there. going or if to they're very They're towards I So the not top stay like backburner, going quickly. on you to them, know, you things to the the

Austin Wurschmidt

year. had just that million It seems Yes. the success backfilling like throughout you have quickly guys $XXX

just leases curious, one your are of just based? was CPI beyond I me, curious that. But, what I'm So for percent last

Bill Wagner

outside of Well, vast majority the them are. well, of,

Dave Sedgwick

I the CPI them. are. but then all we fixed a majority based, it Almost goes there, that of ramp, Yes. give a vast be mean, might ultimately to if short-term

Austin Wurschmidt

thank Okay, you.

Dave Sedgwick

Thank you.

Operator

I now at call will over turn Sedgwick. further the to no There time. are back this Dave questions

Dave Sedgwick

us. that you. and weekend. And really everybody's where there's great if you'd Have about, know, appreciate to support always, questions. like as we Well, to Oh, you to talk anything else a reach thank

Operator

today's concludes This call. conference

You may now disconnect.

CareTrust REIT (CTRE) 4 Aug 232023 Q2 Earnings call transcript