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CARETRUST REIT CareTrust REIT Announces Third Quarter 2021 Operating Results November 8 , 2021 Conference Call Scheduled for Monday , November 8 , 2021 at 2:00 pm ET SAN CLEMENTE , Calif . , Nov. 08 , 2021 ( GLOBE NEWSWIRE ) -- CareTrust REIT , Inc. ( Nasdaq : CTRE ) today reported operating results for the quarter ended September 30 , 2021 , as well as other recent events . For the quarter , CareTrust REIT reported : • 96.2 % of contractual rents collected ; • Net income of $ 11.9 million and net income per share of $ 0.12 ; • Normalized FFO of $ 36.7 million , a 13.0 % increase over the prior year , and normalized FFO per share of $ 0.38 ; • Normalized FAD of $ 39.0 million , a 15.1 % increase over the prior year , and normalized FAD per share of $ 0.40 ; • A quarterly dividend of $ 0.265 per share , representing a payout ratio of approximately 66 % on normalized FAD ; and • A $ 0.01 per share increase on the low end to previously - released 2021 guidance , to normalized FFO of approximately $ 1.49 to $ 1.50 per share and normalized FAD of approximately $ 1.58 to $ 1.59 per share . Occupancy Recovery Continues " The occupancy recovery that began earlier this year for our skilled nursing providers has continued though the third quarter , " said Greg Stapley , Care Trust's Chairman and Chief Executive Officer . He reported that skilled nursing census grew from June's 69.7 % to 71.5 % in September . " Skilled nursing occupancy is growing steadily month by month towards the pre - pandemic level of 77.7 % , " he noted . He also reported that almost 60 % of Care Trust's skilled nursing facilities are now within 90 % of their pre - pandemic census or better , and that overall skilled mix remained elevated at 18.4 % in September , about 300 basis points over pre - pandemic levels . " Our outstanding operators and their teams are doing a fantastic job of turning the corner on the pandemic , " he said . He sounded a note of caution , however , stating that while gains on the census and revenue front are welcome news , they are only half of the equation . He warned that a shortage of qualified workers and a sharp increase in labor costs is a growing challenge , especially as patient and resident counts rise . " Several of our tenants report turning patients away , simply because they lack the necessary staff to care for more , " Mr. Stapley said . Discussing progress on the labor front , Dave Sedgwick , CareTrust's President and Chief Operating Officer , reported that as of October , several CareTrust tenants have successfully reduced their use of expensive temporary or " agency " labor by significant amounts . " Providers who now apply the same intensity and systems to acquiring talent that they have used in the past to acquire patients are starting to see significant increases to hiring and to reducing staff turnover despite the widespread labor shortages , " he added . Mr. Sedgwick also commented on the upcoming Phase 4 release of additional provider relief funding . " The provider relief funding has been critical for most of our tenants and several still need it , " he said . " This Phase 4 round is especially important for our assisted living operators who haven't benefited previously to the same degree as our skilled nursing tenants , ” he added . Noting that the exact amount of funding for individual providers has not yet been determined , Mr. Sedgwick expressed optimism that the funding will be highly beneficial for the operators who are still working their way back to profitability . Financial Results for Quarter Ended September 30 , 2021 Chief Financial Officer Bill Wagner reported that , for the third quarter , CareTrust generated net income of $ 11.9 million , or $ 0.12 per diluted weighted- average common share , normalized FFO of $ 36.7 million , or $ 0.38 per diluted weighted - average common share , and normalized FAD of $ 39.0 million , or $ 0.40 per diluted weighted - average common share . Liquidity As of quarter end , CareTrust reported net debt - to - annualized normalized run rate EBITDA of 3.7x , well under the Company's target leverage range of 4.0x to 5.0x , and a net debt - to - enterprise value of approximately 25.1 % . Mr. Wagner stated that as of today the Company had approximately $ 80 million outstanding on its $ 600 million revolving credit line , with no scheduled debt maturities prior to 2024. He also disclosed that CareTrust currently has more than $ 22 million in cash on hand . He further noted that the Company currently has approximately $ 476.5 million in available authorization remaining on its at - the - market equity program . " With substantial availability on our revolver , and equity markets readily accessible to us at present , we continue to have a wide range of capital options for funding our opportunistic growth strategy , " said Mr. Wagner . Continued Portfolio Growth During the quarter , CareTrust acquired the 119 - bed Sedona Trace Health & Wellness Center in Austin , Texas and the 122 - bed Cedar Pointe Health &