6/20/2016 | By Sarah Borchersen-Keto
Greg Stapley, president and CEO of CareTrust REIT (NYSE: CTRE), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
CareTrust was formed two years ago when it spun off from The Ensign Group. The REIT operates 144 net-leased health care properties and three senior housing properties across 18 states.
Stapley discussed the evolution of CareTrust since its formation.
“Two years ago, we were a genuine start-up with $56 million in revenue, but we didn’t have a pencil in the drawer,” Stapley said. Since then, the company has grown “quite significantly,” he added.
“We’ve distinguished ourselves as a reliable and reasonable counterparty, someone that the selling and brokerage business really want to do business with. That’s gratifying because we’re seeing a lot of deals,” Stapley said.
Meanwhile, Stapley commented on improvements to CareTrust’s balance sheet. He pointed out that the company has reduced leverage, replaced secured debt with unsecured debt, extended debt maturities to beyond 2020 and received credit ratings upgrades.
Looking at broader trends, Stapley said the company continues to be particularly interested in skilled nursing and has the expertise to cope with the many changes occurring in that field. In addition, Stapley said that as the baby boomers age, he anticipates a shift toward an independent-living model that is more integrated with its surrounding community.