CareTrust REIT Receives Investment Grade Rating Upgrade from Moody?s

DANA POINT, Calif.--(BUSINESS WIRE)-- CareTrust REIT, Inc. (CTRE) (?CareTrust? or the ?Company?) announced today that Moody?s Ratings (?Moody?s?) upgraded the Company?s issuer rating and senior unsecured notes to an investment grade rating of Baa3. The outlook was changed from positive to stable following the ratings upgrade.

"This investment grade rating from Moody's is a powerful validation of the discipline we've maintained on our balance sheet even as we've met the moment of extraordinary growth by deploying over $4 billion of capital since the beginning of 2024 across attractive skilled nursing, seniors housing, and UK care home opportunities," said Dave Sedgwick, CareTrust's Chief Executive Officer. Mr. Sedgwick continued, "A disciplined balance sheet is precisely what allows us to move decisively when the right opportunities arise. With as strong a credit foundation as ever, we're energized to keep building momentum in our growth flywheel." Derek Bunker, CareTrust's Chief Financial Officer, added, "This upgrade expands our optionality as we continue funding our growth, improving our cost of capital while broadening our access to high grade debt markets, something that is squarely on our radar."

Additional information regarding the rating changes can be found on Moody?s website here and in the full report issued by Moody?s.

In a separate announcement, the Company reported a series of recent investments totaling approximately $628 million across US skilled nursing and UK care homes at a blended stabilized yield of 8.8%. The announced transactions bring the Company?s year-to-date total investments to $990 million with a $450 million pipeline of actionable deals at least under letter of intent.

About CareTrust?

CareTrust REIT, Inc. (CTRE) is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, senior housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust is pursuing both external and organic growth opportunities across the US and internationally. More information about CareTrust REIT (CTRE) is available at www.caretrustreit.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company?s intent, belief or expectations, including, but not limited to, statements regarding the following: future financial and financing plans; strategies related to the Company?s business and its portfolio, including acquisition and investment opportunities; growth prospects; operating and financial performance; stabilized yields; pipeline figures; and the performance of the Company?s tenants, operators and borrowers. The Company?s forward-looking statements are based on management?s current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. The Company expressly disclaims any obligation to update or revise any information in this press release, including forward-looking statements, whether to reflect any change in the Company?s expectations, any change in events, conditions or circumstances, or otherwise.

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Source: CareTrust REIT, Inc. (CTRE)