SAN CLEMENTE, Calif., March 16, 2018 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (NASDAQ:CTRE) announced today that its Board of Directors has increased its quarterly common stock cash dividend from $0.185 to $0.205 per common share. The current dividend is payable on April 13, 2018 to common stockholders of record as of the close of business on March 30, 2018.
“We are pleased to be returning additional value to shareholders with another solid dividend increase this year,” said Greg Stapley, CareTrust’s Chairman and Chief Executive Officer. Mr. Stapley noted that although the dividend increased substantially, its growth is consistent with the company’s growth pattern. “At this level, our historical payout ratio in the low-60% range remains intact, leaving us capital for additional expansion while representing one of the best-covered dividends in our space,” he added.
The 10.8% increase over the quarterly dividend paid during the preceding four quarters is consistent with annual dividend hikes since the company’s inception in 2014. In 2017, CareTrust invested approximately $310 million in new assets at a blended initial cash yield of approximately 9.0%.
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 191 net-leased healthcare properties and three operated seniors housing properties in 25 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.
CareTrust REIT, Inc.
Source: CareTrust REIT, Inc.