SAN CLEMENTE, Calif., March 16, 2017 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (NASDAQ:CTRE) today announced that its Board of Directors has declared a quarterly common stock cash dividend of $0.185 per share, payable on April 14, 2017 to common stockholders of record as of the close of business on March 31, 2017.
Chief Financial Officer Bill Wagner noted that the $0.185 per share quarterly dividend represents a 8.8% increase over the prior quarterly dividend, and a FFO payout ratio of approximately 66% based on the midpoint of the company’s 2017 normalized FFO guidance, compared to 62% for 2016. “CareTrust REIT grew both its asset base and ongoing funds from operations significantly in 2016, and has continued that growth trajectory in 2017 to date,” said Mr. Wagner. “So even with the increase, our dividend remains among the best-protected of all our industry peers,” he added.
Greg Stapley, Chairman and Chief Executive Officer, added that CareTrust REIT has an active acquisition pipeline, providing ample opportunity to use the retained FFO to create additional shareholder value. “We continue to believe that our dividend policy strikes a smart balance between conserving capital for growth while providing shareholders with an attractive dividend yield," he said.
About CareTrust REITTM
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. With 158 net-leased healthcare properties and three operated seniors housing properties in 21 states, CareTrust REIT is pursuing opportunities nationwide to acquire additional properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust REIT is available at www.caretrustreit.com.