CareTrust REIT, Inc. Announces Third Quarter 2016 Operating Results

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SAN CLEMENTE, Calif., Nov. 02, 2016 (GLOBE NEWSWIRE) — CareTrust REIT, Inc. (NASDAQ:CTRE) today reported operating results for the third quarter of 2016, as well as other recent events. For the quarter:

  • Net income was $0.13, normalized FFO was $0.28 and normalized FAD was $0.30, all per diluted weighted-average common share;
  • CareTrust acquired five facilities and initiated two new net-lease tenant relationships;
  • The Company made two additional preferred equity investments to develop two skilled nursing facilities, both of which are currently under construction; and
  • CareTrust invested approximately $45.9 million (inclusive of transaction costs) at a blended initial cash yield of 9.4%.

Approximately $45.9 Million in New Investments

Discussing the Company’s progress during the quarter, Chairman and Chief Executive Officer Greg Stapley remarked, “We are excited to report the addition of two great operator relationships in key markets, along with the five, well-situated skilled nursing and seniors housing assets they are now operating.” He further reported that CareTrust expanded its existing relationship with tenant Cascadia Healthcare through two preferred equity investments, and that the two new, state-of-the-art skilled nursing facilities being developed thereunder had already begun construction.

Mr. Stapley also reiterated CareTrust’s disciplined growth strategy, saying, “We remain committed to making investments only when we can partner with an experienced, sophisticated and fully-engaged operator who we believe can thrive in all kinds of operating environments.”

Financial Results for the Quarter Ended September 30, 2016

Chief Financial Officer Bill Wagner reported that CareTrust generated normalized FFO of $16.3 million or $0.28 per diluted weighted-average common share, and normalized FAD of $17.1 million or $0.30 per diluted weighted-average common share. He added that net income for the quarter was $7.8 million, or $0.13 per diluted weighted-average common share.  

Capital Events and Liquidity

Mr. Wagner also discussed the Company’s liquidity, reporting that the Company briefly activated its at-the-market equity issuance program during the quarter, issuing approximately 183,000 shares at an average price per share of $15.61, resulting in gross proceeds of $2.9 million.

He further reported an outstanding balance of $103.0 million under CareTrust’s $400 million unsecured revolving credit facility. He added that CareTrust’s debt-to-run-rate EBITDA ratio was approximately 5.1x, and its debt-to-enterprise value was approximately 35%, each at quarter-end. He also noted that CareTrust continues to have no property-level debt and, taking into account existing extension rights, no debt maturing before 2020.

2016 FFO and FAD Guidance Revised Upward

Mr. Wagner updated CareTrust’s previously-issued 2016 earnings guidance, increasing the low estimate of the previous ranges. CareTrust now projects normalized FFO per diluted weighted-average common share of approximately $1.09 to $1.10, and normalized FAD per diluted weighted-average common share of approximately $1.16 to $1.17. The revised guidance assumes no new acquisitions beyond those made to date, no new debt incurrences or new equity issuances, and no future rent escalations on CareTrust’s long-term leases.

Dividend Declared

During the quarter, CareTrust declared a quarterly dividend of $0.17 per common share. “On an annualized basis, our quarterly dividend represents a FFO payout ratio of approximately 62% based on the midpoint of our 2016 normalized FFO guidance,” said Mr. Wagner. “At this level, our dividend remains among the best-protected of all our industry peers, while giving us ample additional growth capital to reinvest and providing a solid overall return to our shareholders,” he added.

Conference Call

A conference call will be held on Thursday, November 3, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time), during which CareTrust’s management will discuss the Company’s third quarter 2016 results, recent developments and other matters affecting the Company’s business and prospects. The dial-in number for this call is (844) 220-4972 (U.S.) or (317) 973-4053 (International). The conference ID number is 9812123. To listen to the call online, or to view any financial or other statistical information required by SEC Regulation G, please visit the Investors section of the CareTrust website at http://investor.caretrustreit.com. The call will be recorded, and will be available for replay via the website for 30 days following the call

About CareTrustTM

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 149 net-leased healthcare properties and three operated seniors housing properties in 20 states, CareTrust pursues opportunities across the nation to acquire 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 is available at www.caretrustreit.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This press release contains, and the related conference call will include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include all statements that are not historical statements of fact and statements regarding our intent, belief or expectations, including, but not limited to, statements regarding future financial positions, business and acquisition strategies, growth prospects, operating and financial performance, and the performance of our operators and their respective facilities.

Words such as “anticipate,” “believe,” “could,” expect,” “estimate,” “intend,” “may,” “plan,” “seek,” “should,” “will,” “would,” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. Our forward-looking statements are based on our current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and we can give no assurance that our expectations will be attained. Factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to:  (i) the ability to achieve some or all of the expected benefits from the completed spin-off from The Ensign Group, Inc. (“Ensign”);  (ii) the ability and willingness of Ensign to meet and/or perform its obligations under the contractual arrangements that it entered into with us in connection with such spin-off, including its triple-net long-term leases with us, and any of its obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (iii) the ability and willingness of our tenants to (a) comply with laws, rules and regulations in the operation of the properties we lease to them, and (b) renew their leases with us upon expiration, or in the alternative, (c) our ability to reposition and re-let our properties on the same or better terms in the event of nonrenewal or replacement of an existing tenant and any obligations, including indemnification obligations, that we may incur in replacing an existing tenant; (iv) the availability of, and the ability to identify and acquire, suitable acquisition opportunities and lease the same to reliable tenants on accretive terms; (v) the ability to generate sufficient cash flows to service our outstanding indebtedness; (vi) access to debt and equity capital markets; (vii) fluctuating interest rates; (viii) the ability to retain and properly incentivize key management personnel; (ix) the ability maintain our status as a real estate investment trust (“REIT”); (x) changes in the U.S. tax laws and other state, federal or local laws, whether or not specific to REITs; (xi) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xii) any additional factors identified in our filings with the Securities Exchange Commission (“SEC”), including those in our Annual Report on Form 10-K for the year ended December 31, 2015 under the heading entitled “Risk Factors.”

Information in this press release or the related conference call is provided as of September 30, 2016, unless specifically stated otherwise.  We expressly disclaim any obligation to update or revise any information in this press release or the related conference call (and replays thereof), including forward-looking statements, whether to reflect any change in our expectations, any change in events, conditions or circumstances, or otherwise.

As used in this press release or the related conference call, unless the context requires otherwise, references to “CTRE,” “CareTrust” or the “Company” refer to CareTrust REIT, Inc. and its consolidated subsidiaries. GAAP refers to generally accepted accounting principles in the United States of America.  

 

                     
CARETRUST REIT, INC.  
CONSOLIDATED INCOME STATEMENTS  
(in thousands, except per share amounts)  
(unaudited)  
                     
                     
    Three Months Ended September 30,   Nine Months Ended September 30,    
      2016       2015       2016       2015      
Revenues:                  
  Rental income $   24,179     $   15,778     $   67,857     $   45,869      
  Tenant reimbursements     2,089         1,320         5,815         3,866      
  Independent living facilities     766         626         2,177         1,868      
  Interest and other income     72         261         587         716      
    Total revenues     27,106         17,985         76,436         52,319      
Expenses:                  
  Depreciation and amortization     8,248         5,815         23,433         17,093      
  Interest expense     5,743         7,221         17,370         19,111      
  Property taxes     2,089         1,320         5,815         3,866      
  Independent living facilities     708         610         1,926         1,778      
  Acquisition costs     203         –          203         –       
  General and administrative     2,283         2,292         6,724         5,440      
    Total expenses     19,274         17,258         55,471         47,288      
Net income  $   7,832     $   727     $   20,965     $   5,031      
                     
Earnings per common share:                  
  Basic $   0.13     $   0.02     $   0.38     $   0.14      
  Diluted $   0.13     $   0.02     $   0.38     $   0.14      
                     
Weighted average shares outstanding:                  
  Basic     57,595         39,125         54,403         33,916      
  Diluted     57,595         39,125         54,403         33,916      
                     
Dividends declared per common share $   0.17     $   0.16     $   0.51     $   0.48      
                     
                     

 

             
CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
 (in thousands, except per share amounts) 
 (unaudited) 
             
 
        Quarter   Quarter
        Ended   Ended
        September 30, 2016   September 30, 2015
             
Net income   $   7,832     $   727  
  Depreciation and amortization       8,248         5,815  
  Interest expense       5,743         7,221  
  Amortization of stock-based compensation       339         435  
EBITDA       22,162         14,198  
  Acquisition costs       203         –   
Normalized EBITDA   $   22,365     $   14,198  
             
Net income   $   7,832     $   727  
  Real estate related depreciation and amortization       8,223         5,796  
Funds from Operations (FFO)       16,055         6,523  
  Write-off of deferred financing fees       –          1,208  
  Acquisition costs       203         –   
Normalized FFO   $   16,258     $   7,731  
             
Net income   $   7,832     $   727  
  Real estate related depreciation and amortization       8,223         5,796  
  Amortization of deferred financing fees       561         547  
  Amortization of stock-based compensation       339         435  
  Straight-line rental income       (78 )       –   
Funds Available for Distribution (FAD)       16,877         7,505  
  Write-off of deferred financing fees       –          1,208  
  Acquisition costs       203         –   
Normalized FAD   $   17,080     $   8,713  
             
FFO per share   $   0.28     $   0.17  
Normalized FFO per share   $   0.28     $   0.20  
             
FAD per share   $   0.29     $   0.19  
Normalized FAD per share   $   0.30     $   0.22  
             
Diluted weighted average shares outstanding [1]       57,739         39,271  
             
   [1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method. 
             
             

 

             
CARETRUST REIT, INC.
CONSOLIDATED INCOME STATEMENTS – 5 QUARTER TREND
(in thousands, except per share amounts)
(unaudited)
             
             
    Quarter Quarter Quarter Quarter Quarter
    Ended Ended Ended Ended Ended
    September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 September 30, 2016
Revenues:          
  Rental income $   15,778   $   20,110   $   20,897   $   22,781   $   24,179  
  Tenant reimbursements     1,320       1,631       1,797       1,929       2,089  
  Independent living facilities     626       642       681       730       766  
  Interest and other income     261       249       254       261       72  
    Total revenues     17,985       22,632       23,629       25,701       27,106  
Expenses:          
  Depreciation and amortization     5,815       7,040       7,293       7,892       8,248  
  Interest expense     7,221       6,145       6,187       5,440       5,743  
  Property taxes     1,320       1,631       1,797       1,929       2,089  
  Independent living facilities     610       598       620       598       708  
  Acquisition costs     –        –        –        –        203  
  General and administrative     2,292       2,215       2,230       2,211       2,283  
    Total expenses     17,258       17,629       18,127       18,070       19,274  
Net income $   727   $   5,003   $   5,502   $   7,631   $   7,832  
             
Diluted earnings per share $   0.02   $   0.10   $   0.11   $   0.13   $   0.13  
             
Diluted weighted average shares outstanding     39,125       47,660       48,101       57,478       57,595  
             
             

 

                 
CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES – 5 QUARTER TREND
 (in thousands, except per share amounts) 
 (unaudited) 
                 
 
        Quarter Quarter Quarter Quarter Quarter
        Ended Ended Ended Ended Ended
        September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 September 30, 2016
                 
Net income   $   727   $   5,003   $   5,502   $   7,631   $   7,832  
  Depreciation and amortization       5,815       7,040       7,293       7,892       8,248  
  Interest expense       7,221       6,145       6,187       5,440       5,743  
  Amortization of stock-based compensation       435       427       431       437       339  
EBITDA       14,198       18,615       19,413       21,400       22,162  
  Acquisition costs       –        –        –        –        203  
Normalized EBITDA   $   14,198   $   18,615   $   19,413   $   21,400   $   22,365  
                 
Net income   $   727   $   5,003   $   5,502   $   7,631   $   7,832  
  Real estate related depreciation and amortization       5,796       7,018       7,270       7,867       8,223  
Funds from Operations (FFO)       6,523       12,021       12,772       15,498       16,055  
  Write-off of deferred financing fees       1,208       –        326       –        –   
  Acquisition costs       –        –        –        –        203  
Normalized FFO   $   7,731   $   12,021   $   13,098   $   15,498   $   16,258  
                 
Net income   $   727   $   5,003   $   5,502   $   7,631   $   7,832  
  Real estate related depreciation and amortization       5,796       7,018       7,270       7,867       8,223  
  Amortization of deferred financing fees       547       551       556       561       561  
  Amortization of stock-based compensation       435       427       431       437       339  
  Straight-line rental income       –        –        –        –        (78 )
Funds Available for Distribution (FAD)       7,505       12,999       13,759       16,496       16,877  
  Write-off of deferred financing fees       1,208       –        326       –        –   
  Acquisition costs       –        –        –        –        203  
Normalized FAD   $   8,713   $   12,999   $   14,085   $   16,496   $   17,080  
                 
FFO per share   $   0.17   $   0.25   $   0.26   $   0.27   $   0.28  
Normalized FFO per share   $   0.20   $   0.25   $   0.27   $   0.27   $   0.28  
                 
FAD per share   $   0.19   $   0.27   $   0.29   $   0.29   $   0.29  
Normalized FAD per share   $   0.22   $   0.27   $   0.29   $   0.29   $   0.30  
                 
Diluted weighted average shares outstanding [1]       39,271       47,802       48,258       57,667       57,739  
                 
   [1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method.     
                 
                 

 

                 
CARETRUST REIT, INC.  
 CONSOLIDATED BALANCE SHEETS  
(in thousands)  
(unaudited)  
                 
                 
          September 30,   December 31,  
            2016       2015    
Assets            
Real estate investments, net   $   809,121     $   645,614    
Other real estate investments       13,595         8,477    
Cash and cash equivalents       11,878         11,467    
Accounts receivable       5,666         2,342    
Prepaid expenses and other assets       1,755         2,083    
Deferred financing costs, net       3,074         3,183    
      Total assets   $   845,089     $   673,166    
                 
Liabilities and Equity          
Senior unsecured notes payable, net   $   255,028     $   254,229    
Senior unsecured term loan, net       99,398         –     
Unsecured revolving credit facility       103,000         45,000    
Mortgage notes payable, net       –          94,676    
Accounts payable and accrued liabilities       15,015         9,269    
Dividends payable       9,873         7,704    
      Total liabilities     482,314       410,878    
                 
Equity:            
Common stock       577         477    
Additional paid-in capital       519,204         410,217    
Cumulative distributions in excess of earnings       (157,006 )       (148,406 )  
      Total equity     362,775       262,288    
      Total liabilities and equity   $   845,089     $   673,166    
                 
                 

 

         
CARETRUST REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
         
         
    Nine Months Ended September 30,
      2016       2015  
         
Cash flows from operating activities:      
  Net income $   20,965     $   5,031  
  Adjustments to reconcile net income to net cash provided by      
    operating activities:      
  Depreciation and amortization (including a below-market ground lease)     23,444         17,093  
  Amortization of deferred financing costs     1,678         1,649  
  Write-off of deferred financing costs     326         1,208  
  Amortization of stock-based compensation     1,207         1,095  
  Straight-line rental income     ( 78 )       –   
  Non cash interest income     ( 587 )       ( 697 )
  Change in operating assets and liabilities:      
  Accounts receivable     ( 3,246 )       ( 2,945 )
  Accounts receivable due from related party     –          2,275  
  Prepaid expenses and other assets     3         ( 90 )
  Accounts payable and accrued liabilities     5,801         4,416  
Net cash provided by operating activities     49,513         29,035  
Cash flows from investing activities:      
  Acquisitions of real estate     ( 185,284 )       ( 231,501 )
  Improvements to real estate     ( 258 )       ( 143 )
  Purchases of equipment, furniture and fixtures     ( 139 )       ( 256 )
  Preferred equity investments     ( 4,531 )       –   
  Escrow deposit for acquisition of real estate     ( 1,000 )       –   
  Net proceeds from sale of vacant land     –          30  
Net cash used in investing activities     ( 191,212 )       ( 231,870 )
Cash flows from financing activities:      
  Proceeds from the issuance of common stock, net     108,395         163,466  
  Proceeds from the issuance of senior unsecured term loan     100,000         –   
  Borrowings under unsecured revolving credit facility     150,000         45,000  
  Payments on unsecured revolving credit facility     ( 92,000 )       –   
  Borrowings under senior secured revolving credit facility     –          35,000  
  Repayments of borrowings under senior secured revolving credit facility     –          ( 35,000 )
  Payments on the mortgage notes payable     ( 95,022 )       ( 2,509 )
  Payments of deferred financing costs     ( 1,352 )       ( 2,113 )
  Net-settle adjustment on restricted stock     ( 515 )       ( 145 )
  Dividends paid on common stock     ( 27,396 )       ( 14,086 )
Net cash provided by financing activities     142,110         189,613  
Net increase (decrease) in cash and cash equivalents     411         ( 13,222 )
Cash and cash equivalents beginning of period     11,467         25,320  
Cash and cash equivalents end of period $   11,878     $   12,098  
         
         

 

                           
CARETRUST REIT, INC.
DEBT SUMMARY
(dollars in thousands)
(unaudited)
                           
                           
              September 30, 2016
      Interest   Maturity       % of   Deferred   Net Carrying
Debt     Rate   Date   Principal   Principal   Loan Costs   Value
                           
Fixed Rate Debt                          
                           
Senior unsecured notes payable       5.875 %   2021   $   260,000       56.2 %   $   (4,972 )   $   255,028  
                           
Floating Rate Debt                          
                           
Senior unsecured term loan [1]       2.574 %   2023       100,000       21.6 %       (602 )       99,398  
                           
Unsecured revolving credit facility [2]     2.374 %   2019       103,000       22.2 %       –     [3]      103,000  
        2.473 %           203,000       43.8 %       (602 )       202,398  
                           
Total Debt       4.383 %       $   463,000       100.0 %   $   (5,574 )   $   457,426  
                           
[1] Funds can be borrowed at applicable LIBOR plus 1.95% to 2.60% or at the Base Rate (as defined) plus 0.95% to 1.6%.    
[2] Funds can be borrowed at applicable LIBOR plus 1.75% to 2.40% or the Base Rate (as defined) plus 0.75% to 1.4%.    
[3] Deferred financing fees are not shown net for the unsecured revolving credit facility and are included in assets on the balance sheet.
                           

 

       
CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
 (shares in thousands) 
 (unaudited) 
       
       
 2016 Guidance 
       
       
    Low High
Net income $   0.51   $   0.52  
  Real estate related depreciation and amortization     0.57       0.57  
Funds from Operations (FFO)     1.08       1.09  
  Acquisition costs     0.00       0.00  
  Write-off of deferred financing fees     0.01       0.01  
Normalized FFO $   1.09   $   1.10  
       
Net income $   0.51   $   0.52  
  Real estate related depreciation and amortization     0.57       0.57  
  Amortization of deferred financing fees     0.04       0.04  
  Amortization of stock-based compensation     0.03       0.03  
  Straight-line rental income     0.00       0.00  
Funds Available for Distribution (FAD)     1.15       1.16  
  Acquisition costs     0.00       0.00  
  Write-off of deferred financing fees     0.01       0.01  
Normalized FAD $   1.16   $   1.17  
Weighted average shares outstanding:    
  Diluted     55,443       55,443  
 

 

Non-GAAP Financial Measures

EBITDA represents net income before interest expense, amortization of deferred financing costs and stock-based compensation, and depreciation and amortization. Normalized EBITDA represents EBITDA as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of core operating performance, such as costs associated with the spin-off, impairments, and gains or losses on the sale of real estate. EBITDA and Normalized EBITDA do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. EBITDA and Normalized EBITDA do not purport to be indicative of cash available to fund future cash requirements, including the Company’s ability to fund capital expenditures or make payments on its indebtedness. Further, the Company’s computation of EBITDA and Normalized EBITDA may not be comparable to EBITDA and Normalized EBITDA reported by other REITs.

Funds from Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), and Funds Available for Distribution (“FAD”) are important non-GAAP supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP.

FFO is defined by NAREIT as net income computed in accordance with GAAP, excluding gains or losses from real estate dispositions, real estate depreciation and amortization and impairment charges, and adjustments for unconsolidated partnerships and joint ventures. The Company computes FFO in accordance with NAREIT’s definition.

FAD is defined as FFO excluding non-cash expenses, such as stock-based compensation expense, amortization of deferred financing costs and the effects of straight-line rent. The Company considers FAD to be a useful supplemental measure to evaluate the Company’s operating results excluding these expense items to help investors, analysts and other interested parties compare the operating performance of the Company between periods or as compared to other companies on a more consistent basis.

In addition, the Company reports normalized FFO and normalized FAD, which adjust FFO and FAD for certain revenue and expense items that the Company does not believe are indicative of its ongoing operating results, such as costs associated with the spin-off and other unanticipated charges. By excluding these items, investors, analysts and our management can compare normalized FFO and normalized FAD between periods more consistently.

While FFO, normalized FFO, FAD and normalized FAD are relevant and widely-used measures of operating performance among REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO, normalized FFO, FAD and normalized FAD do not purport to be indicative of cash available to fund future cash requirements.

Further, the Company’s computation of FFO, normalized FFO, FAD and normalized FAD may not be comparable to FFO, normalized FFO, FAD and normalized FAD reported by other REITs that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define FAD differently than the Company does.

The Company believes that the use of EBITDA, Normalized EBITDA, FFO, normalized FFO, FAD and normalized FAD, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and makes comparisons of operating results among such companies more meaningful. The Company considers EBITDA and Normalized EBITDA useful in understanding the Company’s operating results independent of its capital structure and indebtedness, thereby allowing for a more meaningful comparison of operating performance between periods and against other REITs. The Company considers FFO, normalized FFO, FAD and normalized FAD to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses from real estate dispositions, impairment charges and real estate depreciation and amortization, and, for FAD and normalized FAD, by excluding non-cash expenses such as stock-based compensation expense and amortization of deferred financing costs, FFO, normalized FFO, FAD and normalized FAD can help investors compare the Company’s operating performance between periods and to other REITs.

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