CareTrust REIT Inc (CTRE) Q4 2020 Earnings Call Transcript

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CareTrust REIT Inc (NASDAQ:CTRE)
Q4 2020 Earnings Call
Feb 11, 2021, 1:00 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you standing by and welcome to the CareTrust REIT Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]

After the speakers’ presentation, there will be a question-and-answer session [Operator Instructions].

As a reminder, today’s conference call is being recorded.

I would now like to hand the conference to your host, Ms. Lauren Beale, Senior Vice President of Accounting and Controller of CareTrust REIT. Ma’am, you may begin.

Lauren Beale — Senior Vice President of Accounting and Controller

Thank you, and welcome to CareTrust REIT’s fourth quarter and year-end 2020 earnings call. Participants should be aware that this call is being recorded, and listeners are advised that any forward-looking statements made on today’s call are based on management’s current expectations, assumptions and beliefs about CareTrust’s business and the environment in which it operates.

These statements may include projections regarding future financial performance, dividends, acquisitions, investments, returns, financings and other matters and may or may not reference other matters affecting the Company’s business or the businesses of its tenants, including factors that are beyond their control, such as natural disasters, pandemics such as COVID-19 and governmental actions.

The Company’s statements today and its business generally are subject to risks and uncertainties that could cause actual results to materially differ from those expressed or implied herein. Listeners should not place undue reliance on forward-looking statements and are encouraged to review CareTrust’s SEC filings for a more complete discussion of factors that could impact results as well as any financial or other statistical information required by SEC Regulation G.

Except as required by law, CareTrust REIT and its affiliates do not undertake to publicly update or revise any forward-looking statements where changes arise as a result of new information, future events, changing circumstances or for any other reason.

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

CareTrust yesterday filed its Form 10-K and accompanying press release and its quarterly financial supplement, each of which can be accessed on the Investor Relations section of CareTrust’s website at www.caretrustreit.com. A replay of this call will also be available on the website for a limited period.

With me on the call this morning are Bill Wagner, Chief Financial Officer; Dave Sedgwick, President and Chief Operating Officer; Mark Lamb, Chief Investment Officer; and Eric Gillis, Vice President of Portfolio Management and Investments.

I will now turn the call over to Greg Stapley, CareTrust REIT’s Chairman and CEO.

Greg Stapley — Chief Executive Officer

Thanks, Lauren, and good morning, everyone. 2020 turned out to be a very busy year for CareTrust. One might think that with M&A and our asset classes virtually shut down for most of the year, a healthcare REIT like ours might have had little to do. But thanks to our conservative balance sheet, our top flight operators and especially the outstanding teams that I’m privileged to work with here, capital never dried up and the few deals that were out there did cross our desks.

Anticipating some potential dislocation in the markets as we recovered from the pandemic, the team worked harder than ever to find smart ways to deploy the extensive dry powder we’ve carefully accumulated over the…