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SAN CLEMENTE, Calif., March 12, 2020 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (CTRE) announced today that its Board of Directors has increased its quarterly common stock cash dividend from $0.225 to $0.25 per common share. The current dividend will be payable to common stockholders of record as of the close of business on March 31, 2020.
“We are pleased to be returning additional value to shareholders again this year by continuing our pattern of regular dividend increases,” said Greg Stapley, CareTrust’s Chairman and Chief Executive Officer. Mr. Stapley noted that the growth in the company’s dividend is consistent with the company’s asset and earnings growth. In 2019 CareTrust invested a record $341 million in new assets at a blended initial cash yield of approximately 8.8%.
“Notwithstanding the increase, with our growing portfolio our payout ratio will remain among the lowest in our per group, providing capital for continued expansion while representing one of the best-covered dividends in our space,” he added. Management affirmed that the company plans to pay the dividend on or about April 15, 2020.
About CareTrust REITTM
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.
CareTrust REIT, Inc.