CareTrust REIT, Inc. (NASDAQ:CTRE) Q4 2019 Earnings Conference Call - Final Transcript

Feb 21, 2020 • 01:00 pm ET

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CareTrust REIT, Inc. (NASDAQ:CTRE) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the CareTrust REIT Fourth Quarter 2019 Earnings Conference Call. At this time, all participant lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would like to hand the conference over to Controller, Lauren Beale. Please go ahead.

Executive
Lauren Beale

Welcome to CareTrust REIT's fourth quarter and year-end 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'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, 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'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. 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.

Executive
Greg Stapley

Thanks, Lauren and good morning everyone. Thanks for being on the call with us today. 2019 gave CareTrust the opportunity to evolve and make changes that we believe position us well for the next phase of our growth. We do worry sometimes that the noise that we experienced in the second half of the year might mask the fact that 2019 was our biggest year ever for acquisitions with over $340 million in new investments made in the year that we're very excited about. More importantly and part of the reason we're excited is that we made them with outstanding operators who are doing a good job in those facilities. 2019 also required us, as I've alluded to, to face some