CTRE - Earnings call transcript Q2 2024

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Operator

Thanks for standby. My name is Mandeep, and I'll be your operator today. At this time, I'd like to welcome everyone to the CareTrust REIT Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Lauren Beale, SVP Controller.

You may begin.

Lauren Beale

to Second welcome Call. XXXX and you, CareTrust Quarter REIT's Earnings Thank

investments, strategies will based statements could future actual statements acquisitions, today forward-looking are expectations. financial from our results plans, management's dividends, We and statements cause including subject on to make uncertainties These growth and prospects. current risks expectations, performance, to financing forward-looking differ business that regarding materially

not the law. undertake as recent are duty Form REIT's XX-K SEC. discussed We filings XX-Q required risks or do These update most with a except to revise in and statements, CareTrust these by

During reference A that the XXXX call our EBITDA, available limited reconciliation as for section A QX the measures Investor most the FAD. measures earnings Relations at reconciliations FFO on press these financial CareTrust's call, in this the period. to company replay non-GAAP metrics of available and available of the or website non-GAAP comparable will of be on and website www.caretrustreit.com. FAD, a GAAP also such are is will release

CareTrust call CEO. On to are Officer. President Officer; Executive I'll Chief Chief Financial Dave turn James Wagner, the Dave? Chief now the morning and Bill Officer; Sedgwick, Investment and Sedgwick, Dave and this REIT's call President Callister, over

David Sedgwick

and and of to speak the strong the the the for XX-year you anniversary I'll summer will results very first Hello, this half particularly landscape, performance. I'm everybody, we year-to-date will the thank first our celebrated year. for some and cover half with second quarter. year, review pleased us. joining investment as of the our with James outlook Bill record

$XXX equity the investments and enterprise year-over-year have $XXX market growth an for delivered far, average at XX% of ] shares proceeds XX.X approximately of cap Thus of time. million counting; [ approximately yield of first billion gross million of for of XXXX, the and following: value million; an $X we record-setting X.X% issuance in

the equity company as sense is would remarkable has future. the year, for the set supercharged with What's growth more momentum just this not the been have building. accretive this the it that debt has been genuine as up to the continued growth is for but it actually growth only this foreseeable with year Funding than

The result first half performance tailwinds. crosswinds balance ] moves into to is and our that and in taken years as our opportunities to positioned capitalize together strategic all of made turned team have a relationships recent sheet, on investments us have [

investor wrote our deck, our In I about June of articles faith.

price quality choose we the result live is as in quarter. do we not the value a to creation. the long-term and pay thinking. We operator for The intended long-term First, care and result,

is The Second, operator for the opportunity. right operator right any matching the most with critical decision first. investment

modest sake. on grow for short-term take it. in in leverage scale growth's We windows not come. growth in dilution its Third, balance and We're low interested And investment protect the way. may will of both stand fourth, pipeline an capitalize on justifies environment significant own. to uncertain We a keeping when against to macro believe conservative opportunity a should to Each sheet.

on relied this regardless of X will run the to we principles these have We going wind, business the from of and the way direction continue forward. day in

portfolio. the to turning Now

reported management X.XXx, respectively. will coverage overall. Property-level You see supplemental with was in tremendous EBITDAR in EBITDARM to at security fee, the and and strength X.XXx coverage X% continues lease show a

manageable. The relatively scale of and small underperforming operators remains

those this decided revenues underway We have properties will year assets. a couple chronic underperforming a we've from And of next to that sell year. in than handful result transitions higher of

have of remains effectively in together held today. all that deal the has status and held-for-sale been this that transitions will of The year. with dispositions properties Midwest, SNF These sale as portfolio for taken underpaid

to pleased a Skilled we that I'm pre-pandemic bps surpassed mix bit to report little finally was bit down appear the occupancy year-over-year, With nursing QX, higher. quite is a normal XXX settling mix, respect than levels. and skilled higher be we about in pre-pandemic occupancy, then new at a that but skilled reached to in

to get a assisted on bps ways increase have quarter-over-quarter to and for still go the living year-over-year assisted increase We levels we but to did side, pre-pandemic bps living see occupancy. the XXX XXX

rates regulatory as would days quick and X a comments. XXXX year increase Medicare fiscal the just ago, far announced industry of X.X%. couple As front, Medicare

the least He's CareTrust, Mark to who year. association to want long express of And new welcome from leadership was both the AHCA. gratitude the Healthcare these of important leaders Clif time, industry the heartfelt President is I forward. CEO Parkinson, for end at and our behalf on Porter provided to the terrific can which of And and as going wish of American during luck, we pandemic. Association retiring the the We a not congratulate of

Finally, two things.

a year team, I'm talented sacrifice. culture pound-for-pound CareTrust like grateful best without doesn't know. I work the the First, a this proud I'm happen extraordinary very team. with strong team to and An of

pursuit recognize of by and our Second, performance quality operators. the relentless care want I to

We the finest star are to than averages. industry measures country truly proud quality very report the significantly blessed in to ratings the and and work with operators higher some of

reloaded on you and provide with investment James James? will color pipeline. the now landscape

James Callister

Dave. Thanks,

investment briefly environment current pipeline. and an update just the Let on me provide on our

yield skilled acquisition $XXX facilities expansion Carolinas. the Bayshire, million $XX the operator, a approximately as $XX of acquisition with of new estimated of X campus California we operator X.X%. the start Healthcare in through investments YAD relationship of an well relationship QX, included our facilities with our X connection closed nursing as million of in million stabilized existing ] an [ investments of These with at the During

During also closed we X loans. mortgage quarter, this

loan X Ensign $XX Group. has to a purchase the facilities million a nursing acquire option was X the leased skilled CareTrust Tennessee first in the that buyer The to affiliates loan, year of facilities. Starting to of of in

of and connection a million $X X nursing equity Southeast. mortgage $XX investment skilled the in million facilities in acquisition loan also the funded million $XXX We borrowers of preferred a with

end, mortgage million on Prestige facilities Group. living million in ] loan exercised Yesterday, remaining that borrowers right equity the operated quarter $XX investment call assisted XX we Since on $XXX announced portfolio of of [ we million. nursing by and of connection acquisition be PACS to skilled the the and also $XX our the we with closed preferred the affiliates

for to actionable post-COVID to interesting skilled acquisitions ongoing facilities desk. turning the to or Now nursing performance across steady high in as flow investment skilled the stabilization. opportunities improvement environment. nursing approaching more continues returning pipeline of The from in reload Competition resulted is and has a coming

to been environment, has nursing. the within by And current in rates held thus skilled but for pricing market some on capital acquisition targets check valuations increased remain with degree, cap has historical

regional demand, seem and operator small mom-and-pop from As factors owners for we the selling, higher combined as loan regulatory operators is exhaustion a to COVID these portfolios somewhat sell. and their The be maturities smaller driving owner to well the as continue primary years, and with business. to operators existing who buyer exiting selling see environment midsized the difficult

stricter to respect regulators With penalties. corresponding the states, inspection seeing some in and we annual regulatory from surveys environment, are

for ownership result, are regulatory transactions In approvals a change taking wait delayed as And of parties as consent. are states longer. many in addition,

and roots well that The an has advantage combination solutions growth. nimble a sellers environment of accelerated like operational that and factors of capitalized, take buyer us put for as these provide facilitate can in position practical the and certainty to

consists portfolio the made $XXX and yesterday, approximately average real today of acquisitions of at closing of estate equals the singles doubles reloaded a sits pipeline X.X%. transactions. of approximately year-to-date $XXX midsized our With announced an and million investments and of total yield couple million The investments at some

Not diversify some included quarter our existing to outstanding in but with pipeline tenant that relationships ] our would larger are also relationships, allow would have that only base strengthen by further time. operators scouting we portfolio a couple been [ of for opportunities us not commencing tenant

we our pipe, under that next actively we them confidence within lock only only pursuing Please standards. we reasonable underwriting XX up are them a that months. and remember that have quote can of the when if then quote current And we close our level deals we

to over Bill. With turn that, I'll it

William Wagner

James. Thanks,

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

quarter, issued $XXX.X end. because and replenishing our robust of in under again, us million of balance of this at our we And pipeline, quarter ATM ATM sheet of advantage during continue million having the cash take quarter, the equity resulting to on $XXX second the

raised $XXX year quarter here sit normalized we range In approximately updated to range share end, FAD roughly leaving yesterday's release, we to for $XXX million we to our with $X.XX to FFO normalized $X.XX. press us to of from $X.XX have $X.XX $X.XX $X.XX guidance for million for used Since to as of a new today. this and $X.XX per and from $X.XX a of new share per investments,

guidance investments This rent date, any nor two, a also made debt share diluted equity and count the XXX.X issuances shares this includes following additional of million investments on average one, all escalations year; further relies weighted no assumptions: to or of CPI X.X%.

$XX for Our $XXX be million. to million total year revenues to are rental cash approximately projected the

will of discussion revenue this sold the them. about $X.X total reserve the included lease will reserve set in million, we're in this as We've we by any intangible are for forward number properties eliminated market don't guidance below required rental going is be be that the GAAP. up have making revenue as the amortization to and but Not that in number

our invested Three, funds. in made million. is $XX income million from from and portfolio money interest is million $XX $XX million up $XX The market cash of approximately of loan

assumed includes interest of Interest million In $X.X And compensation. have expense expense loan. our financing includes fees. of amortization million. the approximately about deferred deferred of million approximately $XX $X.X of G&A also rate of stock roughly we X.X% interest term Four, million $XX five, and million of expense to for calculations, $XX an

remain strong. Our liquidity continues to

available $XXX of EBITDA We today and million an in million our debt-to-normalized have cash net a entire under all-time $XXX revolver. our Leverage with ratio hit X.Xx. low approximately

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

the as comparable, fund our with remains continue the believe sense equity relative we makes to long better much to debt equity. pipeline replenishing cost to current of this as that pretty issuance price Lastly, long-term of it

of which, may and we quarter, Our plan investments lot net X is doing. range some range. I take to just back Xx time a last get like said of debt-to-EBITDA on there, It still to our

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

David Sedgwick

you, guys. thank Well,

conclude three the with things. me Let call

life-to-date year-to-date equal our X.Xx annual with this year. our First, we're growth investments rate, and approximately average finished not

enormous Second, should for last we and decades the balance capacity and sheet both the start are that midterm. tailwinds come. we near to And historic have that term at flexibility third, provides demographic a for of

questions. some We for your take and you support. hope our thank to reports have Happy been helpful, continued now

Operator

Our of comes line Instructions] Raymond James. question first from Hughes [Operator the with Jonathan

Jonathan Hughes

been the last success to It's XX I over see the on available call, but was years. the to past great this answer. asked not James

it to ask mouth. I'll perspective from his hopefully hear the So again

expectations say expectations I heard more with for are becoming Can high the get activity, activity continued But that competitive do discipline? I deals about while continued the what done. think acquisition you very and you leverage And to comes maintaining pressure profile, for manage how environment. to given those acquisition a underwriting talk investment you is balance

James Callister

Yes. Jonathan. question. the for Sure, Thanks

been on and think developing where finding can on right finding pipeline we're focusing really deals operators, come we've focusing what we're avenues on doing, we'll I -- focusing we're which relationships, on more to continue is us. the

relationships also we as a flexible joint continue over that operators, lending traditionally but as certainty X the years. continue we through past I be high themselves, on that with present relationships both closing; community really And we continue seen think to will venture existing forged, through organically we to develop as the continue worked with to transaction of as to partners opportunities creative, hard a and partner the so broker purpose, we expand

Jonathan Hughes

was That's that the potential you from not relationships. included some I deals that you're new that wasn't or would then the today, that new? And think were the if -- percentage would great. mentioned looking existing the larger be didn't clear I what like on pipeline there in be I in pipeline relationships? of at would pipeline. What be

James Callister

both. of Little

say new I consists would nursing pipe we and think right us. I have for would couple a a now. pretty that in relationships today relationships skilled be us for what exclusively the that existing would longer-term be pipe of is couple

from mix mix But little the that. -- some a And and from some relationships operators, it's from last current. A new of of a brokers, XX deal between from source it's bit done operators existing of all deals we've within months. some

Jonathan Hughes

about with talk we've range You maybe years. But can a that the me, equity or for X say multiple. one for think that's Last course, the times Dave. does of Xx? But in a leverage leverage I still lower target been only that few to target. you of Okay. better X within Bill And range come past did

think about a X that fully basis, or about any we Xx? thinking as X leverage earnings But on that. range be levered maybe more should like power to really we on to thoughts Xx Just

David Sedgwick

you're think I right. Well,

have order range fuel flexibility of this. growth lower to in that We now, than like stated elevated keep we'd kept quite it we're bit opportunities and right this rate a advantage that like that experiencing to take to

down, that a range able really not X see to moving pull that we're grow to bit off we're you're more. need Well, want to. go lever the little come look, to we looks it a again, way, Xx that that to if because, what have flexibility right, like if in be accretion becomes rates as as of to to to just interest significant interesting up able we we And

Operator

Our next question the comes Capital Austin of from Wurschmidt Markets. with line KeyBanc

Austin Wurschmidt

continue real what's much sort investments? to and would the like loans to you estate I'll did expect what the multiplier future dollars quarter, how to guys with some loan guess, investments seed justify you in the moving investments invested in of to call third effect make I forward you extent do shorter-term these early or beyond those As

David Sedgwick

multiplying started of we've and started Well, with could pipeline in -- I hard number of far what purpose a of it, concrete a couple to of years this it's a investment return we received the mind it a than -- strategy strategy and from it. and larger is creating tell on When this put on would I acquisitions has we you suspected that ago. quicker have when loaning

that and -- in relationships some occurred those that few at pipe, I we've you the loans and we've what's north million acquisitions closed have a what year of because have $XXX of if it's We look mean, this of made. of

filling obligation And at stick from just that to sometimes for handshake be putting on so deal open as a as a long do but to that. basis, a void not short-term to continue acquisition we're real there's it; out or to least contractual and we and a it going to discipline money estate

Austin Wurschmidt

quality of future I of just disposition the opportunities a like you, you piece see you portfolio up I become kind we of capital recycling discipline? appreciate front in overall could the normal bigger the guess, It enhance then, in quality, a to And of this given investments kind highlighted investment just volume thoughts credit quarter. Dave, funding there. for teed seems a additional portfolio and of specific management new situation.

David Sedgwick

Yes.

the going my nothing not in routine to here there's sizable. need that like I anything fund that there expect be piece think don't said but bit that wouldn't proceeds portfolio. of the I small, It's -- be of a it's specific going fair a on it's and to than more little very of regular to basis, significant to assets or sit to we expect, certainly particular growth. I remarks, as really we And manageable operators. It's today. a forward,

Austin Wurschmidt

And a operator, little perspective, certainly, drill than one's kind then a from anticipated. timing had Midwest just you of ] that probably out been bit the longer [

timing on expect of to transact? For any the to quarter, when added this these sense just assets pool you you'd

David Sedgwick

you're Well, right.

would Some taking expect. longer things I are than

to I'm year. And have disposition transition I'm the by so done hopeful end we'll hesitant of work predict. and the that a this little bit But

Operator

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

Michael Carroll

you're the standards come X these past And standards pursuing what obviously, James, can mean, months? rates mean, CareTrust's start year? at a how are deals? interest down, new over the picked maybe you today on is how you has I differently you current changed provide than I bit when up. have have some looking underwriting so competition color of at transactions little the were

James Callister

the that's that think and is get X different. awfully to X ] to them on a think [ really look shoot Mike, at going still least to for. what to that I try continue too in nursing going Xs, skilled we to at I we're yield shoot coverage we're

the changed, I is find to stable, the to be we think [ indicators the there, not tenants back operator has that X going with at the we and to be what and are what the going the being those to get and ] how X to it, underwrite that carefully and is we're coverage there an range. maybe is enhanced opportunities path call back to [ our think the getting there really comfortable see type in as coverage last and that are we think, years I really is facilities sure but making yield on right collaborative with process are assumptions ] make in tenants typical X stabilized able for that metrics we

much So tenants at we've see [ I there. they and that don't yet in takes think get ] gotten still enhance I how think maybe as but with of that to long past, term process years underwriting when working we better the stabilized as

Michael Carroll

Okay. rates just that? for go on how are what's think about willing lower guess, there you're a debt historical in deals And ]. where know X at that that of little to was guess, willing side? [ said are I larger-type go that still X X those remarks, bit we should you that cap within transactions? prepared transactions? you the There's reason you they're to and large below end debt ranges. it X are post-quarter the announced ] your Is because couple I X today? [ And a I

James Callister

deals, [ time is larger think not, is also, exact June And And with make that bigger kind rent more sustainable I take or as we're on and going And think Mike, bigger I a coverage, trade an to lower stream. go want unyield deal to and the than if ] we interest for deals. the sizable the we're you any and we in that willing create that's what do loan often competitive. comfort we think to see on I little approach. especially loan more yesterday, a of

Michael Carroll

much also can I [ takes then about know transaction. real that the kind were the type different Prestige a you buying what guess, how gives and the Okay. about estate too doing utilizing, versus with mean on don't of you as transaction I addition ] But talk And that some of if I mortgage creating the I of do think the levers? and of operator? guess, preferred this

James Callister

I we from mean our work completely Yes. from pick to some I'd -- going have be on we whether felt were going our we look, like [ of we difficulty in it's the spots, a say, of own, an looked when XX it doing thinking ] we leasehold when with it of acquisition got assets, perspective, the and unlocking would it to at and try solve, opportunistic, third-party to to value that landlords. assets particular, the including tough we're are

of better So estate out. like in we've $XX the for press over the profile the put still million that us, we put both equity essentially, and of of real operator who aligning estate we borrower We the like deal. side real the into got equity

Prestige pick looking sometimes look see better that acquire. on in case to deal like individually. made we the that, structure But But And going and us. And ]. we're our and loan our fit we with always a more particular, preference at what do spots was each is a may the better. sense alignment And [ deal, was be so structure felt for [ to ] different we to

Operator

Juan comes Sanabria next BMO the with Our from Markets. Capital of question line

Juan Sanabria

should the mix fee the on the there, pipeline, curious mentioned about how and $XXX between competition? simple year Just blended we loans, yield given you -- think million increased

James Callister

loan the itself, on yesterday? we announced the mean one I Juan,

Juan Sanabria

No.

the So And yield for competition the pipeline levels? are of higher $XXX what then... given million, expectations,

James Callister

I we where say more likely seems we to right the it can, been for us. be fit is that pipe coverage like in where where right for yields it's the the But sweet And they've are the been, think in still mid-Xs. going in skilled push what of in is to all spot Xs it's than see I It's that which nursing. you where mean, would I not the going when deal. now we've

Juan Sanabria

And between... the split

David Sedgwick

Just just few to $XXX a we've that SNFs. simple loans pipe clarify, acquisitions It's in there's million no to that quoted.

Juan Sanabria

about should run to left current dispositions then are Okay. how repositionings sort year-end the And and we the dilution hopefully of to by remaining of terms that be in offsetting rate? think done any the

David Sedgwick

No.

think, we're facilities not any or income in sold. those transitioned of expecting are being I any that from guidance,

we is were recycle year to able and accretive that anything next going to So us. then transition for be

Juan Sanabria

there's Bill, it for ATM more. me activity comment if or Okay. -- can you That's clarify one any been quarter-to-date?

William Wagner

been the quarter-to-date, mostly a quarter, not blackout. any been we've has because to There in ATM activity subsequent

Operator

the Our next John Wells comes from of question Fargo. with [indiscernible] line

Unknown Analyst

know some like likely looks you've operators more been point to Are It assets And held-for-sale, what's there's guide a to few impact you a where the we you're to transitioned you transition and then, there? out? to getting those patient with. been

David Sedgwick

Yes, exactly right. that's

acting have to those a from make patient change. being to We gone on

And announced all this all my the year. said prepared transitions of the that effectively so underpayments with in for like ongoing the are -- deal I that we've and dispositions remarks,

other the to into to be additive able transition as we'll complete, get new those that rents then from all be to new next will that's recycle assets, we once acquisitions. So And assets year.

Unknown Analyst

to labor it. How about coverage? to Got ] all, if has tenants? better of this then get your morning's we've [ jobs at any some report ability labor into environment. you flow seeing expect improvement a maybe to door? that to And Are to that softening do in and And in jump the heard translate the started you discussions your through,

David Sedgwick

Yes, we do.

operators drop -- the XX% is expense and our seen labor from portfolio the seeing year normalizing. from year-over-year. last our environment In as we've hearing in alone, are that We agency

FAD good ] a that's There's the still agency So [ portfolio. some trend. in

continues to So there is normalize. that some as us tailwind for there

Operator

Wedbush. line question Our the next Rich of comes Anderson with from

Richard Anderson

apologize. But idea your we an do missed eliminate volume to on talking be sort what I of it, type the back of you problem If the in Question could about portfolio? children disposition. of have I

David Sedgwick

of Volume number assets? in terms of

Richard Anderson

Dollars?

David Sedgwick

the on in hesitation to expect -- to my market, a receive. and about openly mean what the pricing reluctant would is I when assets talk that No. expectations are answering little we we're that

is tip don't in things our hand too we we've much impairments, Just of there. in the the can what information done put there terms about want queue together to to but and market, kind some you of

Richard Anderson

Okay.

In reasonably that this use priced the leverage room to down your could and recent to fold norms. of you is environment your soon the kind and in we're kind terms to the of of that sheet way you still that method way, you balance buy go then nonexistent see debt that up anytime if your is can balance of sheet, even leverage ratio, X.X-ish some getting type of to size though inherit the were something -- into to only ratio? method come relative now, really have probably seeing but high interest Is to rates

William Wagner

months it's Rich, some us serious that leverage XX be way The up our see range stated back to flow. over, I only getting the investment Bill. the would it, call next getting -- that

utilizing right that So transactions I does down. so we'll the as well get for of revolver having larger when next there. come in XX assuming interest on don't rates debt now think us leverage months, the as the optionality But it's allow up realistic low

Richard Anderson

had more leverage, of because have have would leverage One you if the your sense a earnings. you that you'd off think earnings of you're profile? Do more much table how leaving

William Wagner

we're now rates of price think don't there. anything at relative right of don't price -- the think think are so where because No, losing -- leaving we're don't the I I equity, to given I

supercharged his And down. is we -- rates the said see, lever the Dave think it. come that really to outlook growth see as I in have to tap remarks, when lever is prepared some we'll where debt

Richard Anderson

percent number 'XX. of Last that sort think high-class just recapture a inflation bit. this XXXX of sort trend But to do as FY fiscal mentioned this it relates was X.X% from thoughts and up you beyond? your year we typical rate do their all Yes, more stuff, there. think you to type question. that growth I'm CMS, revised start that of back the of and in of X-ish original proposal last a elevated 'XX down is to I actually problem. for curious,

David Sedgwick

friend about to on one Well, to or confirm a to I'd at like phone AHCA say. that deny call I'm and folks what

not think of math disclaimer, back -- effects going rates, that don't wide outrun on the state, I the we've of yet that into depending So getting because to with we're the a the that on math. years with Medicare that is I inflationary lag there's Medicaid think and couple

isn't for increase getting the actually So we're further that. on back based fiscal inflation, that rate 'XX year the XXXX than really on labor. It's

it. but I profile little we that's so take I still increase that my think more be But And an rate of have a on going that's elevated wrong, I forward. might bit -- like think said, I could

Operator

Baird. comes question with of the from Alec line Feygin next Our

Alec Feygin

First can one loan book is, how me or internal to big get? limit on covenants a the Anything there for the the is company? in

David Sedgwick

care the brings. bump it any off-market is look have think it up against covenants said connected, don't going I We I the that for we're like expected to that earlier, it, but at about to No, it. soon. we We really tolerance acquisitions anytime

[ acquisitions seen. that the of otherwise all would been strategy brought has Virtually, that deals have off-market not ] we have

Alec Feygin

are Yes. is there switching of Makes operators who that difference on any quarter-over-quarter the watchlist? to tenant in sense. Kind watchlist,

David Sedgwick

No.

Alec Feygin

a million And Got what it. there operator-specific drove impairment? Is estate-specific? real the or $XX

David Sedgwick

was Yes. held-for-sale. number as a of It assets classifying

Operator

call over closing Sedgwick to turn Q&A now That concludes for Dave the will session. remarks. our I back

David Sedgwick

shapes excited really year see weekend, and the Have of I up your want really to XXXX. to how I appreciate your everybody. for just up great thank and guys, the year date to amazing time interest. the an extraordinary Well, Again, and a second setting half CareTrust an for team

Operator

concludes today's This call.

disconnect. now may You

CareTrust REIT (CTRE) 2 Aug 242024 Q2 Earnings call transcript