CareTrust REIT, Inc. (NASDAQ:CTRE) Q3 2019 Earnings Conference Call Transcript
Nov 08, 2019 • 01:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the CareTrust REIT Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]
I would now like to hand the conference over to Lauren Beale, CareTrust Controller. Thank you. Please go ahead, madam.
Welcome to CareTrust REIT's third quarter 2019 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 business and the environment in which it operates. These statements may include projections regarding future financial performance, dividends, acquisitions, investment, returns, financings and other matters, all of which 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 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-Q and accompanying press release and its quarterly financial supplement, each of which can be accessed on the Investor Relations section of CareTrust website at www.caretrustreit.com. A replay of this call will also be available on the website for a limited period. Management on the call this morning include Bill Wagner, Chief Financial Officer; Dave Sedgwick, Chief Operating Officer; Mark Lamb, Chief Investment Officer; and Eric Gillis, Director of Asset Management.
I will now turn the call over to Greg Stapley, CareTrust REIT's Chairman and CEO.
Thank you, Lauren. Good morning and welcome everybody. As we previewed on our last earnings call, we view the fast start to our year as an opportunity and maybe even a mandate to carefully re-examine our real estate portfolio and our tenant relationships. And after five years, a lot of success and a few challenges, a deep dive on our assets and operators suggested that we could strengthen the portfolio. These critical reviews let us take decisive action on a number of fronts. Tim will explain them more in detail in a moment, but high level, we've disposed of certain less desirable assets, began recycling the capital into more desirable assets and worked aggressively to backfill a few pockets of current and potential weakness that we saw in our