Why CareTrust REIT Stock Surged 14% in May
Shares of CareTrust REIT (NYSE: CTRE) jumped 14.3% in May, according to data provided by S&P Global Market Intelligence. The healthcare-focused real estate investment trust (REIT) benefited from reporting solid first-quarter results last month.
CareTrust REIT posted decent first-quarter results in early May. The healthcare REIT collected 95% of the rent it billed during the quarter. It also reported collecting 93% of its April rent without applying any security deposits to cover rent.
However, that's down from the 100% rent-collection rate over the past two years, which was helped partly by government-relief funds. Overall, the company noted that most of its tenants are navigating the continued challenges of the pandemic, enabling them to keep paying rent.
Source Fool.com
