Strong Q1 lifts 2026 outlook for CareTrust REIT (NYSE: CTRE)

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

CareTrust REIT, Inc. reported strong first-quarter 2026 growth and raised its full-year 2026 guidance. Net income attributable to CareTrust rose to $80.2 million, or $0.36 per diluted share, while Normalized FFO reached $107.4 million, or $0.48 per share, up 14% from a year earlier. Normalized FAD was $107.6 million, or $0.48 per share, up 12%. The company closed $245.1 million of Q1 investment activity at an 8.8% blended stabilized yield and has since closed $864.1 million more at an 8.9% yield. Net Debt to Annualized Normalized Run Rate EBITDA was just 0.6x, and CareTrust increased its quarterly dividend to $0.39 per share, a 16.4% year-over-year increase with an approximately 81% Normalized FAD payout ratio. Updated 2026 guidance now calls for net income of $1.49–$1.53 per share and Normalized FFO of $2.00–$2.04 per share, with midpoint growth of 14.8% for Normalized FFO and 13.6% for Normalized FAD versus 2025.

Positive

Double-digit earnings growth: Q1 2026 Normalized FFO per diluted share rose to $0.48, a 14% increase over the prior-year quarter, while Normalized FAD per share grew 12% to $0.48, supporting higher cash generation.
Robust investment momentum: The company closed $245.1 million of Q1 investment activity at an 8.8% blended stabilized yield and reports $864.1 million more closed since quarter end at an 8.9% yield, plus a $360 million pipeline.
Very low leverage: Net Debt to Annualized Normalized Run Rate EBITDA was 0.6x, well below the 4.0x to 5.0x target leverage range, providing significant balance sheet capacity.
Higher dividend and guidance: The quarterly dividend increased to $0.39 per share, up 16.4% year over year with an approximately 81% Normalized FAD payout ratio, and 2026 guidance midpoints imply 14.8% Normalized FFO and 13.6% Normalized FAD growth versus 2025.
Credit quality improvement: The company received an investment grade rating upgrade from Moody’s, enhancing its access to debt capital on potentially more favorable terms.

Negative

None.

Insights

CareTrust posts double-digit FFO/FAD growth, ramps investments, and raises 2026 outlook with low leverage.

CareTrust REIT delivered first-quarter 2026 Normalized FFO of $107.4M and Normalized FAD of $107.6M, both at $0.48 per diluted share, increasing 14% and 12% year over year. Total revenues grew to $142.8M from $96.6M, while net income attributable to CareTrust rose to $80.2M, or $0.36 per diluted share.

Capital deployment is a key theme. The company closed $245.1M of investment activity in the quarter at an 8.8% blended stabilized yield and reports another $864.1M closed since quarter end at an 8.9% yield. Management cites approximately $1.1B of year-to-date investments and a $360M pipeline, supporting its external growth strategy in skilled nursing and senior housing, including U.K. care homes and SHOP assets.

The balance sheet remains conservative. Net Debt to Annualized Normalized Run Rate EBITDA is just 0.6x, below the stated 4.0x–5.0x target range, with $900M of total debt and $223.2M of cash at March 31, 2026. The company settled equity forward contracts for gross proceeds of $363.6M and received an investment grade rating upgrade from Moody’s. Updated 2026 guidance implies Normalized FFO of $2.00–$2.04 per share and Normalized FAD of $1.98–$2.02 per share, with assumptions including 2.5% rent escalators and $145M of loan repayments during the year.

8-K Event Classification

4 items: 0.01, 2.02, 7.01, 9.01

4 items

Item 0.01 Item 0.01

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 net income attributable to CareTrust: $80.2M Q1 2026 Normalized FFO: $107.4M Q1 2026 Normalized FAD: $107.6M +5 more

8 metrics

Q1 2026 net income attributable to CareTrust $80.2M Quarter ended March 31, 2026; $80,210,000 reported

Q1 2026 Normalized FFO $107.4M Quarter ended March 31, 2026; $107,448,000, $0.48 per diluted share, 14% YoY increase

Q1 2026 Normalized FAD $107.6M Quarter ended March 31, 2026; $107,587,000, $0.48 per diluted share, 12% YoY increase

Q1 2026 total revenues $142.8M Total revenues of $142,783,000 vs $96,621,000 in Q1 2025

Q1 2026 investment activity closed $245.1M Closed at a blended stabilized yield of 8.8% during the quarter

Post-quarter investment activity closed $864.1M Closed since quarter end at a blended stabilized yield of 8.9%

Net Debt to Annualized Normalized Run Rate EBITDA 0.6x As of quarter end, below 4.0x–5.0x target leverage range

Quarterly dividend per share $0.39 Q1 2026 dividend, 16.4% year-over-year increase, ~81% of Normalized FAD

Key Terms

Normalized FFO, Normalized FAD, Net Debt to Annualized Normalized Run Rate EBITDA, ATM Program, +2 more

6 terms

Normalized FFO financial

"Normalized FFO of $107.4 million and Normalized FFO per diluted weighted average share of $0.48, an increase of $0.06, or 14%, over the prior year quarter"

Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.

Normalized FAD financial

"Normalized FAD of $107.6 million and Normalized FAD per diluted weighted average share of $0.48, an increase of $0.05, or 12%, over the prior year quarter"

Net Debt to Annualized Normalized Run Rate EBITDA financial

"Net Debt to Annualized Normalized Run Rate EBITDA of 0.6x"

ATM Program financial

"$129.5 million of gross proceeds from settlement of equity forward contracts under the ATM Program"

An ATM program is a plan or arrangement that allows a company to sell its shares directly to investors over time, often through automated systems like online platforms. It provides a flexible way for companies to raise money gradually without needing a full public offering each time. For investors, it can offer easier access to buying or selling shares and can help companies manage their fundraising more efficiently.

investment grade rating upgrade financial

"Settled all outstanding equity forward contracts under the ATM Program for gross proceeds of $363.6 million; and •Investment grade rating upgrade from Moody's"

senior unsecured notes payable financial

"Senior unsecured notes payable, net | $ | 398,038"

Earnings Snapshot

Total revenues: $142.8M · Guidance included

Q1 2026

Total revenues $142.8M

Net income attributable to CareTrust $80.2M

Net income per diluted share $0.36 +3% vs prior-year quarter

Normalized FFO per diluted share $0.48 +14% vs prior-year quarter

Normalized FAD per diluted share $0.48 +12% vs prior-year quarter

Guidance

For full-year 2026, the company expects net income attributable to CareTrust of $1.49–$1.53 per share, Normalized FFO of $2.00–$2.04 per share, and Normalized FAD of $1.98–$2.02 per share.

Understanding 8-K Material Events →

05/07/2026 - 04:18 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

CareTrust REIT, Inc.

(Exact name of registrant as specified in its charter)


Maryland	001-36181	46-3999490
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Registrant’s telephone number, including area code: (949) 542-3130

24901 Dana Point Harbor Dr, Suite A200, Dana Point, CA

92629

(Address of principal executive offices)

(Zip Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	CTRE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2026, CareTrust REIT, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 7.01 Regulation FD Disclosure.

A copy of the Company’s supplemental financial information for the first quarter ended March 31, 2026 is attached hereto as Exhibit 99.2 and is incorporated herein by reference. A copy of the supplemental financial information is also available on the “Investors” section of the Company’s website at www.caretrustreit.com.

Exhibit 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits.


(d)			Exhibits.



Exhibits						Description

99.1						Press Release of the Company, dated May 7, 2026

99.2						Supplemental financial information for the quarter ended March 31, 2026

104						Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



Date: May 7, 2026	CARETRUST REIT, INC.

	By:	/s/ Derek J. Bunker
		Derek J. Bunker
		Chief Financial Officer and Treasurer

Exhibit 99.1

CareTrust REIT Announces First Quarter 2026 Operating Results; Increases 2026 Guidance

Conference Call Scheduled for Friday, May 8, 2026 at 11:00 am ET

DANA POINT, Calif., May 7, 2026 (BUSINESS WIRE) -- CareTrust REIT, Inc. (NYSE:CTRE) today reported operating results for the quarter ended March 31, 2026, as well as other recent events.

For the quarter, CareTrust reported:

•Net income of $80.2 million and net income per diluted weighted average share of $0.36, an increase of $0.01, or 3%, over the prior year quarter;

•Normalized FFO of $107.4 million and Normalized FFO per diluted weighted average share of $0.48, an increase of $0.06, or 14%, over the prior year quarter;

•Normalized FAD of $107.6 million and Normalized FAD per diluted weighted average share of $0.48, an increase of $0.05, or 12%, over the prior year quarter;

•$245.1 million of investment activity closed at a blended stabilized yield of 8.8%;

•$129.5 million of gross proceeds from settlement of equity forward contracts under the ATM Program;

•Net Debt to Annualized Normalized Run Rate EBITDA of 0.6x;

•100.0% collection of contractual rent and interest; and

•A quarterly dividend of $0.39 per share, representing a 16.4% year over year increase and a payout ratio of approximately 81% of Normalized FAD.

Since quarter end, CareTrust reports:

•$864.1 million of investment activity closed at a blended stabilized yield of 8.9%, including approximately $116.7 million of previously unannounced investments at a blended stabilized yield of 9.4%;

•A $360 million investment pipeline;

•$350 million net drawn on the $1.2 billion unsecured revolving credit facility as of May 7, 2026;

•$70 million of cash on hand as of May 6, 2026;

•Settled all outstanding equity forward contracts under the ATM Program for gross proceeds of $363.6 million; and

•Investment grade rating upgrade from Moody's.

CareTrust’s Chief Executive Officer, Dave Sedgwick, commented, “The first quarter was a strong start to the year and a powerful continuation of the momentum we’ve been generating in recent years. And we currently have no intention of slowing down, with $747 million of investments announced in April and another $117 million of investments announced today, including our second SHOP transaction and a portfolio of seven skilled nursing and senior housing communities. With approximately $1.1 billion of investments closed year-to-date at a blended stabilized yield of approximately 8.9%, our team is firing on all cylinders. We remain on track for another exceptional year, supported by a reloaded pipeline of near-term, actionable opportunities across all three of our growth engines, deepening operator relationships across the US and UK, a fortress balance sheet, and a team that is executing at the highest level. We could not be more excited about our prospects for the coming years.”

Financial Results for Quarter Ended March 31, 2026

For the first quarter, CareTrust reported net income of $80.2 million, or $0.36 per diluted weighted-average common share, Normalized FFO of $107.4 million, or $0.48 per diluted weighted-average common share, and Normalized FAD of $107.6 million, or $0.48 per diluted weighted-average common share.

Liquidity

As of quarter end, CareTrust reported Net Debt-to-Annualized Normalized Run Rate EBITDA of 0.6x, which is below the Company's target leverage range of 4.0x to 5.0x, and a net debt-to-enterprise value of approximately 3.6%. Derek Bunker, CareTrust's Chief Financial Officer, stated that as of today the Company has $350 million in borrowings outstanding on its $1.2 billion unsecured revolving credit facility, with no scheduled debt maturities prior to 2028. As of May 7, 2026, the Company had $879.0 million available for future issuances under the ATM Program. He also reported that CareTrust currently has approximately $70 million in cash on hand.

Increased 2026 Guidance

The Company provided updated guidance for 2026, projecting net income attributable to CareTrust of approximately $1.49 to $1.53 per share, Normalized FFO of approximately $2.00 to $2.04 per share, and Normalized FAD of approximately $1.98 to $2.02 per share. Mr. Bunker commented, “The midpoints of our new Normalized FFO and Normalized FAD guidance represent increases of 14.8% and 13.6%, respectively, over 2025 results. Our liquidity and access to capital remain strong, which we believe will provide us the flexibility to continue funding our recent pace of investment activity. With multiple levers across our capital toolkit including a new investment grade rating, and the support of deep relationships across the debt and equity markets, we believe we are well-positioned to 'keep the growth flywheel turning'."

Mr. Bunker noted that full year 2026 guidance is based on a weighted average diluted share count of 234 million shares, and assumes the following:

•No new investments, loans, or dispositions beyond those made year-to-date;

•No new debt or equity issuances beyond those made year-to-date;

•2.5% inflation-based rent escalators under long-term triple net leases;

•$145 million of loans to be fully repaid throughout the year; and

•No material change in the GBP:USD spot exchange rate.

Dividend Increased

During the first quarter, CareTrust increased its quarterly dividend from $0.335 to $0.39 per common share. On an annualized basis, the payout ratio was approximately 81% based on first quarter 2026 Normalized FFO, and 81% based on first quarter 2026 Normalized FAD.

Conference Call

A conference call will be held on Friday, May 8, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time), during which CareTrust’s management will discuss first quarter 2026 results, recent developments and other matters. The toll-free dial-in number is 1 (833) 461-5787 or toll dial-in number is 1 (585) 542-9983 and the conference ID number is 411597838. The live audio webcast of the earnings conference call will be available on the Investors section of CareTrust’s website at investor.caretrustreit.com/events-and-presentations. To view any financial or other statistical information required by SEC Regulation G, please visit the Investors section of the CareTrust REIT website at http://investor.caretrustreit.com. This 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, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States and internationally. More information about CareTrust REIT 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 the Company’s intent, belief or expectations, including, but not limited to, statements regarding the following: access to capital; investment activity; growth prospects; and operating and financial performance, including our fiscal year 2026 guidance and the assumptions set forth therein.

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. The Company’s forward-looking statements are based on management’s 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 the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company’s operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability of our tenants, managers, and borrowers to successfully operate our properties and to meet and/or perform their obligations under the agreements we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the impact of unstable market and economic conditions; (iii) the impact of healthcare reform legislation, including reimbursement rates and potential minimum staffing level requirements, on the operating results and financial conditions of our tenants, managers, and borrowers; (iv) the consequences of bankruptcy, insolvency or financial deterioration of our tenants, managers and borrowers; (v) the ability and willingness of our tenants, managers and borrowers to renew their agreements with us, and our ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant or manager; (vi) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (vii) the impact of public health crises; (viii) the availability of and the ability to identify (a) tenants and managers who meet our credit and operating standards, and (b) suitable acquisition opportunities and the ability to acquire and lease the respective properties to such tenants and managers on favorable terms; (ix) the intended benefits of our acquisition of Care REIT plc (“Care REIT”) may not be realized, and the additional risks we will be subject to from our investment in Care REIT and any other international investments; (x) the additional operational and legal risks associated with our properties managed in a RIDEA structure; (xi) the impact of the unfavorable resolution of litigation or disputes and rising liability and insurance costs as a result thereof or other market factors; (xii) the ability to retain our key management personnel; (xiii) the ability to maintain our status as a real estate investment trust (“REIT”); (xiv) changes in the U.S. and U.K. tax law and other state, federal or local laws, whether or not specific to REITs; (xv) the ability to generate sufficient cash flows to service our outstanding indebtedness; (xvi) access to debt and equity capital markets; (xvii) fluctuating interest and currency rates; and (xviii) any additional factors included under Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (the “SEC”).

This press release and the related conference call provides information about the Company's financial results as of and for the quarter ended March 31, 2026 and is provided as of the date hereof, unless specifically stated otherwise. The Company expressly disclaims 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 the Company’s 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," “CareTrust REIT” 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.

Contact:

CareTrust REIT, Inc.

(949) 542-3130

ir@caretrustreit.com


CARETRUST REIT, INC.
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
(Unaudited)
		For the Three Months Ended March 31,
		2026		2025

Revenues:
	Rental income	$	114,196	$	71,646


	Resident fees and services	3,852		—
	Interest income from financing receivable	2,778		2,807
	Interest income from other real estate related investments and other income	21,957		22,168
	Total revenues	142,783		96,621
Expenses:
	Depreciation and amortization	29,430		17,841
	Interest expense	11,242		6,669

	Property taxes and insurance	2,453		2,065

	Senior housing operating expenses	3,106		—

	Transaction costs	207		888

	Property operating expenses	296		105

	General and administrative	14,337		9,023
	Total expenses	61,071		36,591
Other income:


	Gain on sale of real estate, net	—		3,876

	Unrealized gain on other real estate related investments, net	7		1,287
	Gain on foreign currency transactions, net	57		—
	Total other income	64		5,163
Income before income tax expense		81,776		65,193
	Income tax expense	(2,271)		—
Net income		79,505		65,193
	Net loss attributable to noncontrolling interests	(705)		(609)
Net income attributable to CareTrust REIT, Inc.		$	80,210	$	65,802

Earnings per common share attributable to CareTrust REIT, Inc.:
	Basic	$	0.36	$	0.35
	Diluted	$	0.36	$	0.35

Weighted-average number of common shares:
	Basic	223,014		187,152
	Diluted	223,955		187,416

Dividends declared per common share		$	0.39	$	0.335


CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(in thousands and unaudited)

		Three Months Ended March 31,
		2026		2025

Net income attributable to CareTrust REIT, Inc.		$	80,210	$	65,802
	Depreciation and amortization	29,430		17,841
	Noncontrolling interests' share of real estate related depreciation and amortization	(2,812)		(2,223)
	Interest expense	11,242		6,669
	Income tax expense	2,271		—
	Amortization of stock-based compensation	3,184		3,093
	Amortization of stock-based compensation related to extraordinary incentive plan	264		816
EBITDA attributable to CareTrust REIT, Inc.		123,789		91,998









	Property operating expenses (recoveries)	303		(105)
	Gain on sale of real estate, net	—		(3,876)
	Non-routine transaction costs	207		888







	Unrealized gain on other real estate related investments, net	(7)		(1,287)
Normalized EBITDA attributable to CareTrust REIT, Inc.		124,292		87,618
	Full impact of quarterly investments[1]	633		82
Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.		$	124,925	$	87,700

[1] Quarterly adjustments give effect to the investments completed and loans receivable pay downs during the three months ended for the respective period as though such investments and pay downs were completed as of the beginning of the period.


NET DEBT TO ANNUALIZED NORMALIZED RUN RATE EBITDA RECONCILIATION
(in thousands and unaudited)

		Three Months Ended March 31,
		2026		2025
	Total debt	$	900,000	$	825,000
	Cash, cash equivalents, restricted cash and escrow deposits on acquisitions of real estate	(223,207)		(667,101)
	Net proceeds from ATM forward[1]	(355,905)		—
Net Debt		$	320,888	$	157,899
Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.[2]		$	499,700	$	350,800
Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.		0.6x		0.5x


[1] Assumes the net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program reduces outstanding debt and assumes the shares were issued.
[2] Annualized Normalized Run Rate EBITDA is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter multiplied by four (4).



CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)
(in thousands and unaudited)

		Three Months Ended March 31,
		2026		2025

Net income attributable to CareTrust REIT, Inc.		$	80,210	$	65,802
	Real estate related depreciation and amortization	29,283		17,833
	Noncontrolling interests' share of real estate related depreciation and amortization	(2,812)		(2,223)

	Gain on sale of real estate, net	—		(3,876)

FFO attributable to CareTrust REIT, Inc.		106,681		77,536








	Property operating expenses (recoveries)	303		(105)

	Non-routine transaction costs	207		888


	Amortization of stock-based compensation related to extraordinary incentive plan	264		816




	Unrealized gain on other real estate related investments, net	(7)		(1,287)
Normalized FFO attributable to CareTrust REIT, Inc.		$	107,448	$	77,848


CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)
(in thousands, except per share data)
(Unaudited)
		Three Months Ended March 31,
		2026		2025

Net income attributable to CareTrust REIT, Inc.		$	80,210	$	65,802
	Real estate related depreciation and amortization	29,283		17,833
	Noncontrolling interests' share of real estate related depreciation and amortization	(2,812)		(2,223)
	Amortization of deferred financing fees	1,120		914
	Amortization of stock-based compensation	3,184		3,093
	Amortization of stock-based compensation related to extraordinary incentive plan	264		816
	Straight-line rental income	(3,843)		7
	Amortization of lease incentives	49		48
	Noncontrolling interests' share of amortization of lease incentives	(24)		(24)
	Amortization of above and below market leases	1		(926)
	Noncontrolling interests' share of amortization of below market leases	—		463

	Non-cash interest income	(348)		(623)

	Gain on sale of real estate, net	—		(3,876)



FAD attributable to CareTrust REIT, Inc.		107,084		81,304







	Property operating expenses (recoveries)	303		(105)

	Non-routine transaction costs	207		888







	Unrealized gain on other real estate related investments, net	(7)		(1,287)
Normalized FAD attributable to CareTrust REIT, Inc.		$	107,587	$	80,800

FFO per share attributable to CareTrust REIT, Inc.		$	0.48	$	0.41
Normalized FFO per share attributable to CareTrust REIT, Inc.		$	0.48	$	0.42

FAD per share attributable to CareTrust REIT, Inc.		$	0.48	$	0.43
Normalized FAD per share attributable to CareTrust REIT, Inc.		$	0.48	$	0.43

	Diluted weighted average shares outstanding [1]	224,155		187,574

	[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 data)
(Unaudited)
	Quarter		Quarter		Quarter		Quarter		Quarter
	Ended		Ended		Ended		Ended		Ended
	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026
Revenues:
Rental income	$	71,646	$	86,033	$	104,265	$	106,250	$	114,196


Resident fees and services	—		—		—		1,225		3,852
Interest income from financing receivable	2,807		2,886		2,908		2,891		2,778
Interest income from other real estate related investments and other income	22,168		23,550		25,271		24,493		21,957
Total revenues	96,621		112,469		132,444		134,859		142,783
Expenses:
Depreciation and amortization	17,841		21,215		26,693		27,142		29,430
Interest expense	6,669		13,038		12,622		11,378		11,242

Property taxes and insurance	2,065		2,117		2,326		2,260		2,453
Senior housing operating expenses	—		—		—		952		3,106

Impairment of real estate investments	—		—		452		2,031		—
Transaction costs	888		61		560		3,820		207

Property operating expenses (recoveries)	105		938		279		(1,460)		296

General and administrative	9,023		12,549		15,420		15,473		14,337
Total expenses	36,591		49,918		58,352		61,596		61,071
Other income (loss):
Other income, net	—		—		—		4,350		—

Loss on extinguishment of debt	—		—		(390)		—		—
Gain on sale of real estate, net	3,876		—		—		27,672		—
Unrealized gain on other real estate related investments, net	1,287		1,968		3,603		8,973		7
Gain (loss) on foreign currency transactions	—		4,413		(298)		(103)		57
Total other income	5,163		6,381		2,915		40,892		64
Income before income tax expense	65,193		68,932		77,007		114,155		81,776
Income tax expense	—		(1,030)		(2,077)		(1,894)		(2,271)
Net income	65,193		67,902		74,930		112,261		79,505
Net (loss) income attributable to noncontrolling interests	(609)		(643)		29		971		(705)
Net income attributable to CareTrust REIT, Inc.	$	65,802	$	68,545	$	74,901	$	111,290	$	80,210

Diluted earnings per share attributable to CareTrust REIT, Inc.	$	0.35	$	0.35	$	0.35	$	0.50	$	0.36

Diluted weighted average shares outstanding	187,416		192,851		212,271		223,345		223,955


CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND
(in thousands)
(Unaudited)
	Quarter		Quarter		Quarter		Quarter		Quarter
	Ended		Ended		Ended		Ended		Ended
	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026

Net income attributable to CareTrust REIT, Inc.	$	65,802	$	68,545	$	74,901	$	111,290	$	80,210
Depreciation and amortization	17,841		21,215		24,309		27,142		29,430
Noncontrolling interests' share of real estate related depreciation and amortization	(2,223)		(2,513)		(2,796)		(2,876)		(2,812)
Interest expense	6,669		13,038		12,622		11,378		11,242
Income tax expense	—		1,030		2,077		1,894		2,271
Amortization of stock-based compensation[1]	3,093		1,945		1,700		28		3,184
Amortization of stock-based compensation related to extraordinary incentive plan	816		1,081		793		793		264
EBITDA attributable to CareTrust REIT, Inc.	91,998		104,341		113,606		149,649		123,789



Impairment of real estate investments	—		—		452		2,031		—
(Gain) loss on foreign currency transactions, net	—		(4,413)		298		103		—




Property operating (recoveries) expenses	(105)		1,090		402		(1,561)		303

Gain on sale of real estate, net	(3,876)		—		—		(27,672)		—

Loss on extinguishment of debt	—		—		390		—		—

Non-routine transaction costs	888		61		560		3,820		207
Accelerated amortization of lease intangibles, net of noncontrolling interests' share	—		—		(1,023)		—		—

Qualifying retirement benefits	—		—		—		1,896		—
Other expenses	—		—		—		359		—
Other income, net of NCI share[2]	—		—		—		(2,171)		—
Unrealized gain on other real estate related investments, net	(1,287)		(1,968)		(3,603)		(8,973)		(7)
Normalized EBITDA attributable to CareTrust REIT, Inc.	$	87,618	$	99,111	$	111,082	$	117,481	$	124,292

Net income attributable to CareTrust REIT, Inc.	$	65,802	$	68,545	$	74,901	$	111,290	$	80,210
Real estate related depreciation and amortization	17,833		21,208		24,303		27,046		29,283
Noncontrolling interests' share of real estate related depreciation and amortization	(2,223)		(2,513)		(2,796)		(2,876)		(2,812)
Impairment of real estate investments	—		—		452		2,031		—
Gain on sale of real estate, net	(3,876)		—		—		(27,672)		—

FFO attributable to CareTrust REIT, Inc.	77,536		87,240		96,860		109,819		106,681




(Gain) loss on foreign currency transactions	—		(4,413)		298		103		—
Accelerated amortization of lease intangibles, net of noncontrolling interests' share	—		—		(1,023)		—		—




Property operating (recoveries) expenses	(105)		1,090		402		(1,561)		303

Non-routine transaction costs	888		61		560		3,820		207
Loss on extinguishment of debt	—		—		390		—		—
Amortization of stock-based compensation related to extraordinary incentive plan	816		1,081		793		793		264

Qualifying retirement benefits	—		—		—		1,896		—
Other expenses	—		—		—		359		—
Other income, net of NCI share[2]	—		—		—		(2,171)		—
Unrealized gain on other real estate related investments, net	(1,287)		(1,968)		(3,603)		(8,973)		(7)
Normalized FFO attributable to CareTrust REIT, Inc.	$	77,848	$	83,091	$	94,677	$	104,085	$	107,448

[1] A portion of the amortization of stock-based compensation for the three months ended December 31, 2025, was moved to Qualifying retirement benefits to represent the amount of accelerated stock-based compensation recorded during the twelve months ended December 31, 2025 related to an employee that met authorized retirement in the period.
[2] Other income, net of NCI share represents a fee received in connection with the release of a facility from a purchase agreement, net of commission fees paid.


CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND (continued)
(in thousands, except per share data)
(Unaudited)
	Quarter		Quarter		Quarter		Quarter		Quarter
	Ended		Ended		Ended		Ended		Ended
	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026

Net income attributable to CareTrust REIT, Inc.	$	65,802	$	68,545	$	74,901	$	111,290	$	80,210
Real estate related depreciation and amortization	17,833		21,208		24,303		27,046		29,283
Noncontrolling interests' share of real estate related depreciation and amortization	(2,223)		(2,513)		(2,796)		(2,876)		(2,812)
Amortization of deferred financing fees	914		984		1,121		1,121		1,120
Amortization of stock-based compensation	3,093		1,945		1,700		28		3,184
Amortization of stock-based compensation related to extraordinary incentive plan	816		1,081		793		793		264
Straight-line rental income	7		(1,760)		(3,419)		(3,581)		(3,843)
Amortization of lease incentives	48		48		48		49		49
Noncontrolling interests' share of amortization of lease incentives	(24)		(24)		(24)		(24)		(24)
Amortization of above and below market leases	(926)		(972)		(390)		(81)		1
Noncontrolling interests' share of amortization of below market leases	463		463		154		—		—
Accelerated amortization of lease intangibles, net of noncontrolling interests' share	—		—		(1,023)		—		—
Non-cash interest income	(623)		(703)		(724)		1,417		(348)
Impairment of real estate investments	—		—		452		2,031		—
Gain on sale of real estate, net	(3,876)		—		—		(27,672)		—



FAD attributable to CareTrust REIT, Inc.	81,304		88,302		95,096		109,541		107,084




(Gain) loss on foreign currency transactions	—		(4,413)		298		103		—




Property operating (recoveries) expenses	(105)		1,090		402		(1,561)		303
Non-routine transaction costs	888		61		560		3,820		207
Loss on extinguishment of debt	—		—		390		—		—


Qualifying retirement benefits	—		—		—		1,896		—
Other expenses	—		—		—		359		—
Other income, net of NCI share	—		—		—		(2,171)		—
Unrealized gain on other real estate related investments, net	(1,287)		(1,968)		(3,603)		(8,973)		(7)
Normalized FAD attributable to CareTrust REIT, Inc.	$	80,800	$	83,072	$	93,143	$	103,014	$	107,587

FFO per share attributable to CareTrust REIT, Inc.	$	0.41	$	0.45	$	0.46	$	0.49	$	0.48
Normalized FFO per share attributable to CareTrust REIT, Inc.	$	0.42	$	0.43	$	0.45	$	0.47	$	0.48
FAD per share attributable to CareTrust REIT, Inc.	$	0.43	$	0.46	$	0.45	$	0.49	$	0.48
Normalized FAD per share attributable to CareTrust REIT, Inc.	$	0.43	$	0.43	$	0.44	$	0.46	$	0.48

Diluted weighted average shares outstanding [1]	187,574		193,055		212,575		223,721		224,155

[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)
		March 31, 2026		December 31, 2025
Assets:
Real estate investments, net		$	3,876,643	$	3,709,576
Financing receivable, at fair value (including accrued interest of $1,261 and $913 as of March 31, 2026 and December 31, 2025, respectively)		92,541		92,193
Other real estate related investments (including accrued interest of $7,610 and $5,759 as of March 31, 2026 and December 31, 2025, respectively)		931,546		899,262

Cash and cash equivalents		223,207		198,042

Accounts and other receivables		14,465		10,368
Prepaid expenses and other assets, net		90,859		230,427
Deferred financing costs, net		7,874		8,568
	Total assets	$	5,237,135	$	5,148,436

Liabilities and Equity:
Senior unsecured notes payable, net		$	398,038	$	397,816
Senior unsecured term loan, net		496,608		496,404




Accounts payable, accrued liabilities and deferred rent liabilities		100,073		120,442
Dividends and distributions payable		88,547		74,806
	Total liabilities	1,083,266		1,089,468


Redeemable noncontrolling interests		15,705		18,156

Equity:
Common stock		2,265		2,227
Additional paid-in capital		4,638,336		4,518,977
Cumulative distributions in excess of earnings		(500,038)		(491,796)
Accumulated other comprehensive (loss) income		(8,967)		5,872
	Total stockholders' equity	4,131,596		4,035,280
Noncontrolling interests		6,568		5,532
	Total equity	4,138,164		4,040,812
	Total liabilities and equity	$	5,237,135	$	5,148,436


CARETRUST REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)

	For the Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	79,505	$	65,193
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	29,472		17,865
Amortization of deferred financing costs	1,120		914

Unrealized gain on other real estate related investments, net	(7)		(1,287)
Amortization of stock-based compensation	3,448		3,909
Straight-line rental income	(3,843)		7
Amortization of lease incentives	49		49
Amortization of above and below market leases	1		(926)

Noncash interest income	(2,082)		(1,904)
Gain on sale of real estate, net	—		(3,876)






Change in operating assets and liabilities:
Accounts and other receivables	(512)		(788)
Prepaid expenses and other assets, net	(1,486)		(3,451)
Accounts payable, accrued liabilities and deferred rent liabilities	(15,300)		(4,323)
Net cash provided by operating activities	90,365		71,382
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(71,727)		(40,162)
Purchases of equipment, furniture and fixtures and improvements to real estate	(3,160)		(2,276)

Investment in real estate related investments and other loans receivable	(30,549)		(6,389)


Principal payments received on real estate related investments and other loans receivable	340		4,582


Escrow deposits for potential acquisitions of real estate	(153)		(36,066)
Net proceeds from sales of real estate	—		44,401
Net cash used in investing activities	(105,249)		(35,910)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	127,904		15,562



Borrowings under unsecured revolving credit facility	—		425,000







Payments on deferred financing costs	—		(141)
Net-settle adjustment on restricted stock	(10,490)		(3,325)
Dividends paid on common stock	(74,805)		(54,388)
Contributions from noncontrolling interests	125		1,410
Distributions to noncontrolling interests	(2,204)		(902)
Net cash provided by financing activities	40,530		383,216
Effect of foreign currency translation	(481)		—
Net increase in cash and cash equivalents	25,165		418,688
Cash and cash equivalents as of the beginning of period	198,042		213,822
Cash and cash equivalents as of the end of period	$	223,207	$	632,510


CARETRUST REIT, INC.
DEBT SUMMARY
(dollars in thousands)
(Unaudited)

						March 31, 2026
	Interest			Maturity					% of		Deferred			Net Carrying
Debt	Rate			Date		Principal			Principal		Loan Costs			Value

Fixed Rate Debt

Senior unsecured notes payable	3.875	%		2028		$	400,000		44.4	%	$	(1,962)		$	398,038
Senior unsecured term loan	4.630	%	[1]	2030		500,000			55.6	%	(3,392)			496,608


	4.294	%				900,000			100.0	%	(5,354)			894,646

Floating Rate Debt


Unsecured revolving credit facility	—	%	[2]	2029	[3]	—		[4]	—	%	—		[5]	—



	—	%				—			—	%	—			—

Total Debt	4.294	%				$	900,000		100.0	%	$	(5,354)		$	894,646

[1] Funds can be borrowed at applicable SOFR plus 1.10% to 1.80% or at the Base Rate (as defined) plus 0.10% to 0.80%. The Company has entered into two interest rate swaps, with a notional amount of $250 million each, that convert the variable SOFR rate to an effective fixed interest rate of 3.5%.
[2] Funds can be borrowed at applicable SOFR plus 1.05% to 1.55% or at the Base Rate (as defined) plus 0.05% to 0.55%.
[3] Maturity date does not assume exercise of two 6-month extension options.
[4] Subsequent to March 31, 2026, the Company drew $350 million net on the unsecured revolving credit facility, resulting in $850 million of availability as of May 7, 2026.
[5] 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
Increased Full Year 2026 Guidance[1]
(Unaudited)



	Total (in millions)				Per Share
	Low		High		Low		High
Net income attributable to CareTrust REIT, Inc.	$	348	$	358	$	1.49	$	1.53
Real estate related depreciation and amortization, net of NCI	117		117		0.50		0.50
Funds from Operations (FFO)	465		475		1.99		2.03
Normalizing items[2]	1		1		0.01		0.01
Normalized FFO	$	466	$	476	$	2.00	$	2.04

Net income attributable to CareTrust REIT, Inc.	$	348	$	358	$	1.49	$	1.53
Real estate related depreciation and amortization, net of NCI	117		117		0.50		0.50
Amortization of deferred financing fees	5		5		0.02		0.02
Amortization of stock-based compensation	12		12		0.05		0.05
Straight-line rental income	(15)		(15)		(0.06)		(0.06)
Noncash revenues related to financing receivable	(5)		(5)		(0.02)		(0.02)
Amortization of lease incentives	—		—		—		—
Noncontrolling interests' share of amortization of lease incentives	—		—		—		—
Funds Available for Distribution (FAD)	462		472		1.98		2.02
Normalizing items[2]	1		1		—		—
Normalized FAD	$	463	$	473	$	1.98	$	2.02

Weighted average diluted shares outstanding	234		234

Additional Guidance Measures

•Cash rental revenue of $442-450 million
•Interest income of $97-99 million
•General and administrative expense of $61-63 million
•Interest expense of $52-54 million
•Income tax expense of $9-10 million


[1]This guidance assumes and includes (i) no new investments, loans, or dispositions beyond those made year-to-date, (ii) no new debt or equity issuances beyond those made year-to-date, (iii) 2.5% inflation-based rent escalators under long-term NNN leases, (iv) $145 million of loans to be fully repaid throughout the year, and, (v) no material change in the GBP:USD spot rate. [2] See "Non-GAAP Financial Measures" below for items typically excluded in Normalized FFO and Normalized FAD attributable to CareTrust REIT, Inc. The timing and amount of these excluded charges cannot be further allocated or quantified with certainty or is dependent on the timing and occurrence of certain actions and, accordingly, cannot be reasonably predicted or estimated without unreasonable efforts.

Non-GAAP Financial Measures

EBITDA, Normalized EBITDA and Net Debt to Annualized Normalized Run Rate EBITDA.

EBITDA attributable to CareTrust REIT, Inc. represents net income (loss) attributable to CareTrust REIT, Inc. before interest expense (including amortization of deferred financing costs), income tax expense, amortization of stock-based compensation, and depreciation and amortization. Normalized EBITDA attributable to CareTrust REIT, Inc. represents EBITDA attributable to CareTrust REIT, Inc. as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of core operating performance, such as recovery of previously reversed rent, lease termination revenue, property operating expenses, gains or losses on foreign currency transactions, gains or losses from dispositions of real estate, real estate impairment charges, provision for loan losses, non-routine transaction costs, loss on extinguishment of debt, accelerated amortization of lease intangibles, net of noncontrolling interests' share, extraordinary incentive plan payment, write-off of deferred financing costs, unrealized gains or losses on other real estate related investments, provision for doubtful accounts and lease restructuring, qualifying retirement benefits, and other income and expenses, as applicable. EBITDA attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. 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 attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. 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.

The Company also discloses Net Debt to Annualized Normalized Run Rate EBITDA, which compares the Company's Net Debt as of the last day of the quarter to the Annualized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter. "Net Debt" is defined as the Company's Total Debt as of the last day of the specified quarter adjusted to exclude the Company's cash, cash equivalents, restricted cash and escrow deposits on acquisition of real estate as of such date, as well as the net proceeds from the expected settlement of shares sold under equity forward contracts through the Company's ATM Program that are outstanding as of such date. "Normalized Run Rate EBITDA" represents Normalized EBITDA, adjusted to give effect to the investments completed during the three months ended for the respective period as though such investments were completed as of the beginning of the period. "Annualized Normalized Run Rate EBITDA" is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the specified quarter multiplied by four.

Funds from Operations and Funds Available for Distribution.

Funds from Operations (“FFO”), 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. 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, the National Association of Real Estate Investment Trusts ("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 dispositions of real estate investments, real estate related depreciation and amortization and real estate impairment charges, adjustments for the share of consolidated joint ventures, and adjustments for unconsolidated partnerships and joint ventures. Noncontrolling interests' pro rata share information is prepared by applying noncontrolling interests' actual ownership percentage for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio. The Company computes FFO attributable to CareTrust REIT, Inc. in accordance with Nareit’s definition.

FAD attributable to CareTrust REIT, Inc. is defined as FFO attributable to CareTrust REIT, Inc. excluding noncash income and expenses, such as amortization of stock-based compensation, amortization of deferred financing fees, amortization of above and below market intangibles, amortization of lease incentives, the effects of straight-line rent, recurring capital expenditures required to maintain our properties, adjustments for the share of consolidated joint ventures and non-cash interest income. The Company considers FAD attributable to CareTrust REIT, Inc. to be a useful supplemental measure to evaluate the Company’s operating results excluding these income and 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.

Normalized FFO and Normalized FAD.

The Company also reports normalized FFO ("Normalized FFO") attributable to CareTrust REIT, Inc. and normalized FAD ("Normalized FAD") attributable to CareTrust REIT, Inc., each of which adjust FFO and FAD, respectively, for certain revenue and expense items that the Company does not believe are indicative of its ongoing operating results, such as write-off of deferred financing costs, provision for loan losses, accelerated amortization of lease intangibles, net of noncontrolling interests' share, non-routine transaction costs, provision for doubtful accounts and lease restructuring, loss on extinguishment of debt, amortization of stock-based compensation related to extraordinary incentive plan, extraordinary incentive plan payment, unrealized gains or losses on other real estate related investments, gains or losses on foreign currency transactions, recovery of previously reversed rent, lease termination revenue, property operating expenses, qualifying retirement benefits and other income and expenses. By excluding these items, investors, analysts and our management can compare Normalized FFO and Normalized FAD between periods more consistently.

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.

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. The Company believes that net income attributable to CareTrust REIT, Inc., as defined by GAAP, is the most appropriate earnings measure. The Company also 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, in each case attributable to CareTrust REIT, Inc., useful in understanding the Company’s operating results independent of its capital structure, indebtedness and other charges that are not indicative of its ongoing results, 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, in each case attributable to CareTrust REIT, Inc., 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 related depreciation and amortization, and, for FAD and Normalized FAD, by excluding noncash income and expenses such as amortization of stock-based compensation, amortization of deferred financing fees, and the effects of straight-line rent, FFO, Normalized FFO, FAD and Normalized FAD can help investors compare the Company’s operating performance between periods and to other REITs. The Company believes that the disclosure of Net Debt to Annualized Normalized Run Rate EBITDA provides a useful measure to investors to evaluate the credit strength of the Company and its ability to service its debt obligations and to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of charges that are not indicative of the Company’s ongoing performance or that could obscure the Company’s actual credit quality and after considering the effect of investments occurring during the period.

Financial Supplement First Quarter 2026

This supplement contains 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 the following: operating and financial performance, including our fiscal year 2026 guidance. 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 of our tenants, managers, and borrowers to successfully operate our properties and to meet and/or perform their obligations under the agreements we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the impact of unstable market and economic conditions; (iii) the impact of healthcare reform legislation, including reimbursement rates and potential minimum staffing level requirements, on the operating results and financial conditions of our tenants, managers, and borrowers; (iv) the consequences of bankruptcy, insolvency or financial deterioration of our tenants, managers and borrowers; (v) the ability and willingness of our tenants, managers and borrowers to renew their agreements with us, and our ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant or manager; (vi) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (vii) the impact of public health crises; (viii) the availability of and the ability to identify (a) tenants and managers who meet our credit and operating standards, and (b) suitable acquisition opportunities and the ability to acquire and lease the respective properties to such tenants and managers on favorable terms; (ix) the intended benefits of our acquisition of Care REIT plc (“Care REIT”) may not be realized, and the additional risks we will be subject to from our investment in Care REIT and any other international investments; (x) the additional operational and legal risks associated with our properties managed in a RIDEA structure; (xi) the impact of the unfavorable resolution of litigation or disputes and rising liability and insurance costs as a result thereof or other market factors; (xii) the ability to retain our key management personnel; (xiii) the ability to maintain our status as a real estate investment trust (“REIT”); (xiv) changes in the U.S. and U.K. tax law and other state, federal or local laws, whether or not specific to REITs; (xv) the ability to generate sufficient cash flows to service our outstanding indebtedness; (xvi) access to debt and equity capital markets; (xvii) fluctuating interest and currency rates; and (xviii) any additional factors included under Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (the “SEC”). This supplement contains certain non-GAAP financial information relating to CareTrust REIT including EBITDA, Normalized EBITDA, FFO, Normalized FFO, FAD, Normalized FAD, and certain related ratios. Explanatory footnotes and a glossary explaining this non-GAAP information are included in this supplement. Reconciliations of these non-GAAP measures are also included in this supplement or on our website. See “Financials and Filings – Quarterly Results” on the Investors section of our website at investor.caretrustreit.com. Non-GAAP financial information does not represent financial performance under GAAP and should not be considered in isolation, as a measure of liquidity, as an alternative to net income, or as an indicator of any other performance measure determined in accordance with GAAP. You should not rely on non-GAAP financial information as a substitute for GAAP financial information, and should recognize that non-GAAP information presented herein may not compare to similarly-termed non-GAAP information of other companies (i.e., because they do not use the same definitions for determining any such non-GAAP information). This supplement also includes certain information regarding operators of our properties (such as EBITDARM Coverage, EBITDAR Coverage, and Occupancy), most of which are not subject to audit or SEC reporting requirements. The operator information provided in this supplement has been provided by the operators. We have not independently verified this information, but have no reason to believe that such information is inaccurate in any material respect. We are providing this information for informational purposes only. The Ensign Group, Inc. ("Ensign"), The Pennant Group, Inc. ("Pennant") and PACS Group, Inc. ("PACS") are subject to the registration and reporting requirements of the SEC and are required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s, Pennant's and PACS' financial statements, as filed with the SEC, can be found at the SEC's website at www.sec.gov. This supplement provides information about our financial results as of and for the quarter ended March 31, 2026 and is provided as of the date hereof, unless specifically stated otherwise. We expressly disclaim any obligation to update or revise any information in this supplement (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 supplement, unless the context requires otherwise, references to “CTRE,” “CareTrust,” “CareTrust REIT” 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. Disclaimers 2

Table of Contents CONTACT INFORMATION CareTrust REIT, Inc. 24901 Dana Point Harbor Dr. Suite A200 Dana Point, CA 92629 (949) 542-3130 ir@caretrustreit.com www.caretrustreit.com Transfer Agent Broadridge Corporate Issuer Solutions 51 Mercedes Way Edgewood, NY 11717 (800) 733-1121 shareholder@broadridge.com COMPANY SNAPSHOT 4 INVESTMENTS 5 PORTFOLIO OVERVIEW 7 Net-Leased Rent Coverage Rent Diversification Revenue Maturity & Purchase Options on Net-Leased Assets FINANCIAL OVERVIEW 10 Debt Summary Key Debt Metrics Capital Market Transactions Guidance APPENDIX 14 Consolidated Income Statements Reconciliations of EBITDA, FFO and FAD Consolidated Balance Sheets Enterprise Value Property Detail GLOSSARY 23 EXECUTIVE OFFICERS Dave Sedgwick, Chief Executive Officer Derek Bunker, Chief Financial Officer James Callister, Chief Investment Officer Lauren Beale, Chief Accounting Officer BOARD MEMBERS Diana Laing, Board Chair Dave Sedgwick Spencer Plumb Anne Olson Careina Williams Greg Stapley 3

Company Snapshot Portfolio Mix Bed / Unit Mix(1) Senior Housing Communities Properties(1) Total Skilled Nursing Assisted Living Memory Care Independent Living Care Home Skilled Nursing 372 39,977 38,616 1,247 19 95 — Senior Housing 213 14,168 414 3,722 943 1,123 7,966 Senior Housing Operating 3 270 — 270 — — — Total 588 54,415 39,030 5,239 962 1,218 7,966 Revenues Properties(1) Q1'26 Q4'25 Q1'25 % Change YoY Annualized(2) % of Total Annualized Skilled Nursing Triple-net 242 $ 81,070 $ 74,789 $ 62,158 30 % $ 324,280 57 % Senior Housing Triple-net 175 33,126 31,462 9,488 249 % 132,504 23 % Senior Housing Operating 3 3,852 1,225 — 100 % 15,408 3 % Interest Income 168 23,559 23,175 21,512 10 % 94,236 16 % Other Interest Income — 1,176 4,208 3,463 (66) % 4,704 1 % Total 588 $ 142,783 $ 134,859 $ 96,621 48 % $ 571,132 100 % 4 (1) As of March 31, 2026. (2) Represents actual Q1 2026 revenue annualized. (3) Represents coverage for the trailing twelve months. See "Glossary" for additional information. Portfolio Performance Q4 '25(3) Stabilized Portfolio Occupancy EBITDAR Coverage EBITDARM Coverage Skilled Nursing Triple-net 80.4% 2.52x 3.14x Senior Housing Triple-net 89.2% 1.69x 2.07x Total 83.3% 2.25x 2.79x

Investment Activity Q1'26 Investment per Bed / Unit Initial Investment (000s)Investments Properties Beds / Units Yield(1) Skilled Nursing Triple-net 6 532 $ 267,303 $ 142,205 9.0% Senior Housing Triple-net 4 364 198,632 72,302 8.6% Loan Funding 30,549 8.7% Total 10 896 $ 239,405 $ 245,056 8.8% Dispositions — — — (2) Loan Repayments 6 (2) Net Investments $ 245,050 Historical Investments (dollars in thousands) Year Skilled Nursing Triple-net Senior Housing Triple-net Senior Housing Operating Loan Funding(4) Initial Investment Yield(1) 2016 $ 199,095 $ 84,266 $ — $ 4,661 $ 288,022 9.1% 2017 255,670 54,135 — — 309,805 9.0% 2018 111,950 — — — 111,950 8.9% 2019 294,069 35,426 — 11,389 340,884 8.8% 2020 82,871 7,396 — 15,000 105,267 8.9% 2021 58,123 138,453 — — 196,576 7.7% 2022 22,013 147,150 — 147 169,310 9.0% 2023 195,457 39,318 — 53,366 288,141 9.8% 2024 746,996 73,875 — 702,955 1,523,826 9.7% 2025 632,869 922,325 40,298 162,251 1,757,743 8.6% 2026 $ 162,285 $ 210,011 $ 15,680 $ 721,182 $ 1,109,158 8.9% Total $ 2,761,398 $ 1,712,355 $ 55,978 $ 1,670,951 $ 6,200,682 9.0% Q2'26(3) Investment per Bed / Unit Initial Investment (000s)Investments Properties Beds / Units Yield(1) Skilled Nursing Triple-net 1 124 $ 161,935 $ 20,080 9.1% Senior Housing Triple-net 6 667 206,460 137,709 8.4% Senior Housing Operating 1 102 153,725 15,680 8.6% Financing Receivables 22 2,433 192,184 467,583 8.8% Loan Funding 223,050 9.5% Total 30 3,326 $ 192,740 $ 864,102 8.9% Dispositions — — — (2) Loan Repayments 7 (2) Net Investments $ 864,095 5 (1) Acquisition yield represents annualized and stabilized contractual or projected cash rent/interest/resident fees and services less operating expenses to be generated divided by investment amount. (2) Investment amount represents proceeds received from property sales and loan repayments, including financing receivable, if applicable. (3) Investments in the second quarter through May 6, 2026. (4) Loan Funding includes financing receivables. See "Glossary" for additional information.

Joint Ventures(1) 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 Properties Year Investment Skilled Nursing Triple-net Senior Housing Triple-net Senior Housing Operating Beds / Units % Ownership 2023 $ 61,260 3 — — 385 98% 2024 507,498 28 3 — 3,350 96% 2025 279,919 14 — 3 1,569 97% Total $ 848,677 45 3 3 5,304 96% 6 (1) As of March 31, 2026. (1) As of March 31, 2026.

Net-Leased Rent Coverage 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 7 EBITDARM Coverage(1) As of Q4 '25 Stabilized Portfolio Operators Properties Skilled Nursing Triple-net Senior Housing Triple-net Total Q3 '25 Q4 '24 < 1.00x — — —% —% —% —% —% 1.00 - 1.39x — — —% —% —% 8% 10% 1.40 - 1.79x 7 94 —% 19% 19% 19% 26% 1.80 - 2.19x 6 38 24% 4% 28% 17% 11% 2.20 - 2.59x 4 14 3% 2% 5% 7% 1% 2.60 - 2.99x 3 21 5% 1% 6% 8% 17% >= 3.00x 5 133 36% 6% 42% 41% 35% Total 25 300 68% 32% 100% 100% 100% Rent Coverage 3.14x 2.07x 2.79x 2.78x 2.68x EBITDAR Coverage(1) As of Q4 '25 Stabilized Portfolio Operators Properties Skilled Nursing Triple-net Senior Housing Triple-net Total Q3 '25 Q4 '24 < 1.00x — — —% —% —% 4% 10% 1.00 - 1.39x 5 43 —% 9% 9% 22% 32% 1.40 - 1.79x 10 97 27% 15% 42% 18% 5% 1.80 - 2.19x 3 18 5% 1% 6% 8% 2% 2.20 - 2.59x 3 11 —% 2% 2% 8% 23% 2.60 - 2.99x 2 27 6% 5% 11% 12% —% >= 3.00x 2 104 30% —% 30% 28% 28% Total 25 300 68% 32% 100% 100% 100% Rent Coverage 2.52x 1.69x 2.25x 2.22x 2.12x Notes: (1) EBITDAR Coverage and EBITDARM Coverage represent, for the period presented, the trailing twelve months EBITDAR or EBITDARM rent coverage distribution as a percentage of rent by operator. EBITDAR Coverage and EBITDARM Coverage are based on financial information provided by our operators. We have not independently verified this information, but have no reason to believe that such information is inaccurate in any material respect. Coverage metrics are based on contractual cash rents in place during the period presented unless a lease has been entered into or amended since the end of the period, in which case the current contractual rent is used. EBITDAR Coverage and EBITDARM Coverage are provided only for Stabilized properties. See "Glossary" for additional information.

Rent Diversification(1) Operator Properties Skilled Nursing Triple-net Senior Housing Triple-net Total % of Total The Ensign Group 113 $ 89,482 $ 2,799 $ 92,281 21% PACS Group 26 42,455 — 42,455 10% Priority Management Group 15 32,799 — 32,799 8% Minster Care Management 49 — 23,996 23,996 6% Links Healthcare 13 23,053 — 23,053 5% MFA 6 21,481 — 21,481 5% Kalesta 11 15,345 1,922 17,267 4% Bayshire Senior Communities 9 4,076 12,454 16,530 4% Welford 17 — 14,231 14,231 3% Cascadia(2) 12 13,438 — 13,438 3% Top Ten 271 242,129 55,402 297,531 69% Remaining 146 76,908 55,798 132,706 31% Total 417 $ 319,037 $ 111,200 $ 430,237 100% State/UK Properties Skilled Nursing Triple-net Senior Housing Triple-net Total % of Total California 54 $ 63,205 $ 23,561 $ 86,766 20% UK 137 — 76,238 76,238 18% Texas 42 42,965 1,826 44,791 10% Tennessee 27 44,636 — 44,636 10% Virginia 10 27,118 — 27,118 6% Louisiana 8 19,343 — 19,343 4% Idaho 19 17,830 — 17,830 4% Washington 17 14,595 377 14,972 3% Arizona 11 11,486 2,567 14,053 3% Mississippi 8 13,000 — 13,000 3% Top Ten 333 254,178 104,569 358,747 83% Remaining 84 64,859 6,631 71,490 17% Total 417 $ 319,037 $ 111,200 $ 430,237 100% 8 (1) Diversification is based on in place rents as of March 31, 2026, annualized. (2) Cascadia operates the subject properties under a long-term sublease agreement. See "Glossary" for additional information.

Revenue Maturity & Purchase Options 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 Revenue Maturity (dollars in thousands) Rental Income(1) Interest Income(2) TotalYear Skilled Nursing Triple-net Senior Housing Triple-net % of Total 2026 $ — $ — $ 2,807 $ 2,807 1% 2027 — — 3,782 3,782 1% 2028 — — 14,087 14,087 3% 2029 — — 39,144 39,144 8% 2030 — — 418 418 —% 2031 46,237 — 2,461 48,698 10% 2032 34,596 461 2,788 37,845 7% 2033 16,817 1,423 2,372 20,612 4% 2034 31,580 9,214 3,350 44,144 9% 2035+ 189,807 100,102 4,317 294,226 57% $ 319,037 $ 111,200 $ 75,526 $ 505,763 100% Weighted Avg Mat. 10 years 17 years 4 years 11 years Purchase Options on Net-Leased Assets (dollars in thousands) First Window Open Date First Window Close Date Properties Cash Rent(1) % of Rent Estimated Proceeds if Exercised 6/1/2026 2/26/2027 2 $ 3,064 (4) 0.7% $ 33,675 3/5/2027 9/5/2027 2 3,468 (5) 0.8% 38,535 12/1/2027 11/30/2034 1 1,125 0.3% 15,000 12/1/2027 11/30/2028(3) 6 10,503 2.6% 131,093 9/1/2028 8/31/2030 1 741 0.2% 7,408 9 (1) Rental income is based on in place rents as of March 31, 2026, annualized. (2) Interest income represents annualized interest income as of March 31, 2026 for all mortgage and mezzanine loans receivable. (3) Lease agreement provides for the purchase of one to two properties in each window over four option windows, for a total of six properties. Each purchase option window opens at the beginning of each of lease years four, five, six, and seven beginning December 1, 2027 and is open for one year. (4) Option provides for purchase of any one of five properties in the first option window and another one of five properties in the second option window beginning June 1, 2027. The current cash rent shown is an average of the range of $2.7 million to $3.5 million. Provided the operator exercises its option to extend the term of the master lease, beginning on June 1, 2035 and ending nine months thereafter, the operator shall have a purchase option for all properties then remaining in the master lease. (5) Option provides for purchase of any two of the three properties. The current cash rent shown is an average of the range of $3.3 million to $3.6 million. See “Glossary” for additional information.

Debt Summary(1) Year Revolving Line of Credit(2) Senior Unsecured Notes Senior Unsecured Term Loan(3) Total Debt % of Total Wtd. Avg. Interest Rate 2026 $ — $ — $ — $ — —% —% 2027 — — — — —% —% 2028 — 400,000 — 400,000 44% 3.875% 2029 — — — — —% —% 2030 — — 500,000 500,000 56% 4.630% 2031 — — — — —% —% 2032 — — — — —% —% 2033 — — — — —% —% 2034 — — — — —% —% 2035 — — — — —% —% Thereafter — — — — —% —% Total $ — $ 400,000 $ 500,000 $ 900,000 100% 4.294% Wtd. Avg. Interest Rate —% 3.875% 4.630% Wtd. Avg. Maturity — 2.3 years 4.2 years 3.3 years % Floating Rate Debt 100% —% 100% 56% 10 (1) Represents principal amounts (in thousands) due as of March 31, 2026. (2) Funds can be borrowed at applicable SOFR plus 1.05% to 1.55% or at the Base Rate (as defined) plus 0.05% to 0.55%. Subsequent to March 31, 2026, the Company drew $350 million net on the Revolving Line of Credit, resulting in $850 million of availability as of May 7, 2026. The Revolving Line of Credit has a maturity date of February 9, 2029, with two six-month extension options. (3) Funds can be borrowed at applicable SOFR plus 1.10% to 1.80% or at the Base Rate (as defined) plus 0.10% to 0.80%. Weighted average interest rate includes the impact of interest rate swaps to hedge the interest expense of the $500.0 million variable rate term loan by fixing SOFR at 3.5%.

Key Debt Metrics 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 Fixed Charge Coverage (trailing twelve months) (dollars in thousands) Q1'26 Q4'25 Q1'25 Total cash interest $ 43,934 $ 39,567 $ 25,059 Secured debt principal amortization — — — Total fixed charges 43,934 39,567 25,059 Normalized EBITDA attributable to CareTrust REIT, Inc.(1) 452,061 415,292 298,817 Fixed charge coverage ratio 10.29x 10.50x 11.92x Net Debt to EBITDA (dollars in thousands) Q1'26 Q4'25 Q1'25 Total debt $ 900,000 $ 900,000 $ 825,000 Less cash, cash equivalents, restricted cash and escrow deposits on acquisitions of real estate 223,207 339,295 667,101 Less net proceeds from ATM forward sales(2) 355,905 238,033 — Net debt $ 320,888 $ 322,672 $ 157,899 Normalized EBITDA attributable to CareTrust REIT, Inc.(1) $ 124,292 $ 117,481 $ 87,618 Full impact of quarterly investments(3) 633 2,747 82 Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.(1) $ 124,925 $ 120,228 $ 87,700 Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.(1) $ 499,700 $ 480,912 $ 350,800 Net debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.(1)(4) 0.64x 0.67x 0.45x Other Key Metrics (dollars in thousands) Q1'26 Q4'25 Q1'25 Secured debt $ — $ — $ — Unsecured debt 900,000 900,000 825,000 Total debt 900,000 900,000 825,000 Gross asset value(5) 5,829,870 5,712,081 4,380,747 Unencumbered gross assets 5,829,870 5,712,081 4,380,747 Secured leverage ratio — % — % — % Unsecured leverage ratio 15 % 16 % 19 % Total leverage ratio 15 % 16 % 19 % Credit Facility Compliance (dollars in thousands) Requirement Actual Status Consolidated Leverage Ratio 60 % 14 % In Compliance Fixed Charge Coverage Ratio 1.50x 10.29x In Compliance Consolidated Tangible Net Worth $ 3,437,543 $ 4,724,426 In Compliance Secured Debt Ratio 40 % — % In Compliance 11 (1) Normalized EBITDA and Normalized Run Rate EBITDA are non-GAAP financial measures. See the Appendix, for reconciliations of Normalized EBITDA and Normalized Run Rate EBITDA to the most directly comparable GAAP measure for the periods presented. (2) Assumes the net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program reduces outstanding debt and assumes the shares were issued. (3) Quarterly adjustments give effect to the investments completed and loans receivable pay downs during the three months ended for the respective period as though such investments and repayments were completed as of the beginning of the period. (4) Net debt to normalized annualized run rate EBITDA compares net debt as of the last day of the quarter to Annualized Normalized Run Rate EBITDA for the quarter which assumes investments closed during the quarter occurred on the first day of the quarter. Net debt is adjusted to include the net proceeds from future expected settlement of shares sold under equity forward contracts through the Company's ATM program during the applicable quarter. (5) Gross asset value equals total assets plus accumulated depreciation as reflected on the balance sheets. See “Glossary” for additional information.

Capital Market Transactions Follow-On Equity Offering Activity Year Number of Shares (000s) Public Offering Price per Share Gross Proceeds (000s) 2025 23,000 $ 32.00 $ 736,000 2024 15,870 $ 32.00 $ 507,840 2019 6,641 $ 23.35 $ 155,073 2016(1) 16,100 $ 12.14 $ 195,385 2015 16,330 $ 10.50 $ 171,465 12 At-the-Market Offering Activity(2) Period Number of Shares (000s) Public Offering Price per Share Gross Proceeds (000s) Q2'26(3) 9,503 $ 38.26 $ 363,584 Q1'26 3,500 $ 37.00 $ 129,500 2026 13,003 $ 37.92 $ 493,084 2025 12,608 $ 32.05 $ 369,871 2024 40,986 $ 26.35 $ 1,079,852 2023 30,869 $ 20.86 $ 643,802 2022 2,405 $ 20.00 $ 48,100 2021 990 $ 23.74 $ 23,505 2020 — — — 2019 2,459 $ 19.48 $ 47,893 2018 10,265 $ 17.76 $ 182,321 2017 10,574 $ 16.43 $ 173,760 2016 924 $ 15.31 $ 14,147 (1) Represents average offering price per share for follow-on equity offerings. (2) As of March 31, 2026, CareTrust had $879.0 million available for future issuances under the ATM Program. (3) As of March 31, 2026, CareTrust had 9.5 million shares unsettled under forward sales agreements at a weighted average price per share of $38.26. CareTrust settled all outstanding forward contracts in April 2026 for gross proceeds of $363.6 million.

Guidance FY2026 Total (in millions) Per Share Low High Low High Net income attributable to CareTrust REIT, Inc. $ 348 $ 358 $ 1.49 $ 1.53 Real estate related depreciation and amortization, net of NCI 117 117 0.50 0.50 Funds from Operations (FFO) 465 475 1.99 2.03 Normalizing items 1 1 0.01 0.01 Normalized FFO 466 476 2.00 2.04 Net income attributable to CareTrust REIT, Inc. 348 358 1.49 1.53 Real estate related depreciation and amortization, net of NCI 117 117 0.50 0.50 Amortization of deferred financing fees 5 5 0.02 0.02 Amortization of stock-based compensation 12 12 0.05 0.05 Straight-line rental income (15) (15) (0.06) (0.06) Noncash revenues related to financing receivable (5) (5) (0.02) (0.02) Amortization of lease incentives — — — — Noncontrolling interests' share of amortization of lease incentives — — — — Funds Available for Distribution (FAD) 462 472 1.98 2.02 Normalizing items 1 1 — — Normalized FAD 463 473 1.98 2.02 Weighted average diluted shares outstanding 234 234 13 Additional Guidance Measures • Cash rental revenue of $442-450 million • Interest income of $97-99 million • General and administrative expense of $61-63 million • Interest expense of $52-54 million • Income tax expense of $9-10 million Select Guidance Assumptions • No new investments, loans, or dispositions beyond those made year-to-date • No new debt or equity issuances beyond those made year-to-date • 2.5% inflation-based rent escalators under long-term NNN leases • $145 million of loans to be fully repaid throughout the year • No material change in GBP:USD spot exchange rate

Appendix

Consolidated Income Statements 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 (in thousands, except per share amounts) For the Three Months Ended March 31, 2026 2025 Revenues Rental income $ 114,196 $ 71,646 Resident fees and services 3,852 — Interest income from financing receivable 2,778 2,807 Interest income from other RE related investments and other income 21,957 22,168 Total revenues 142,783 96,621 Expenses Depreciation and amortization 29,430 17,841 Interest expense 11,242 6,669 Property taxes and insurance 2,453 2,065 Senior housing operating expenses 3,106 — Transaction costs 207 888 Property operating expenses 296 105 General and administrative 14,337 9,023 Total expenses 61,071 36,591 Other income Gain on sale of real estate, net — 3,876 Unrealized gain on other RE related investments, net 7 1,287 Gain on foreign currency transactions, net 57 — Total other income 64 5,163 Income before income tax expense 81,776 65,193 Income tax expense (2,271) — Net income 79,505 65,193 Net loss attributable to noncontrolling interests (705) (609) Net income attributable to CareTrust REIT, Inc. $ 80,210 $ 65,802 Earnings available to CareTrust REIT, Inc. per common share Basic $ 0.36 $ 0.35 Diluted $ 0.36 $ 0.35 Weighted-average number of common shares Basic 223,014 187,152 Diluted 223,955 187,416 Dividends declared per common share $ 0.39 $ 0.335 15

Reconciliation of EBITDA 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 (in thousands) Quarter Ended December 31, 2025 Trailing Twelve Months Ended December 31, 2025 Quarter Ended March 31, 2026 Trailing Twelve Months Ended March 31, 2026 Net income attributable to CareTrust REIT, Inc. $ 111,290 $ 320,538 $ 80,210 $ 334,946 Depreciation and amortization 27,142 90,507 29,430 102,096 Noncontrolling interests' share of real estate related depreciation and amortization (2,876) (10,408) (2,812) (10,997) Interest expense 11,378 43,707 11,242 48,280 Income tax expense 1,894 5,001 2,271 7,272 Amortization of stock-based compensation(1) 28 6,766 3,184 6,857 Amortization of stock-based compensation related to extraordinary incentive plan 793 3,483 264 2,931 EBITDA attributable to CareTrust REIT, Inc. 149,649 459,594 123,789 491,385 Impairment of real estate investments 2,031 2,483 — 2,483 (Gain) loss on foreign currency transactions 103 (4,012) — (4,012) Property operating (recoveries) expenses (1,561) (174) 303 234 Gain on sale of real estate, net (27,672) (31,548) — (27,672) Non-routine transaction costs 3,820 5,329 207 4,648 Accelerated amortization of lease intangibles, net of noncontrolling interests' share — (1,023) — (1,023) Loss on extinguishment of debt — 390 — 390 Qualifying retirement benefits 1,896 1,896 — 1,896 Other expenses 359 359 — 359 Other income, net of NCI share(2) (2,171) (2,171) — (2,171) Unrealized gain on other real estate related investments, net (8,973) (15,831) (7) (14,551) Normalized EBITDA attributable to CareTrust REIT, Inc. $ 117,481 $ 415,292 $ 124,292 $ 451,966 16 (1) A portion of the amortization of stock-based compensation for the three months ended December 31, 2025, was moved to Qualifying retirement benefits to represent the amount of accelerated stock-based compensation recorded during the twelve months ended December 31, 2025 related to an employee that met authorized retirement in the period. (2) Other income, net of NCI share represents a fee received in connection with the release of a facility from a purchase agreement, net of commission fees paid.

Reconciliation of EBITDA 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 (in thousands) Quarter Ended March 31, 2025 Trailing Twelve Months Ended March 31, 2025 Net income attributable to CareTrust REIT, Inc. $ 65,802 $ 162,136 Depreciation and amortization 17,841 61,224 Noncontrolling interests' share of real estate related depreciation and amortization (2,223) (3,060) Interest expense 6,669 27,466 Amortization of stock-based compensation 3,093 7,103 Amortization of stock-based compensation related to extraordinary incentive plan 816 816 EBITDA attributable to CareTrust REIT, Inc. 91,998 255,685 Write-off of deferred financing costs — 354 Impairment of real estate investments — 39,481 Provision for loan losses — 4,900 Property operating expenses (recoveries) (105) 5,814 Loss (gain) on sale of real estate, net (3,876) (1,657) Non-routine transaction costs 888 2,214 Extraordinary incentive plan payment — 2,313 Loss on extinguishment of debt — 657 Unrealized gain on other real estate related investments, net (1,287) (10,944) Normalized EBITDA attributable to CareTrust REIT, Inc. $ 87,618 $ 298,817 17 (1) Quarterly adjustments give effect to the investments completed and loans receivable pay downs during the three months ended for the respective period as though such investments and pay downs were completed as of the beginning of the period. (2) Annualized Normalized Run Rate EBITDA is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter multiplied by four (4).

Reconciliation of FFO 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 (in thousands) For the Three Months Ended March 31, 2026 2025 Net income attributable to CareTrust REIT, Inc $ 80,210 $ 65,802 Real estate related depreciation and amortization 29,283 17,833 Noncontrolling interests' share of real estate related depreciation and amortization (2,812) (2,223) Gain on sale of real estate, net — (3,876) Funds from Operations (FFO) attributable to CareTrust REIT, Inc. 106,681 77,536 Property operating expenses (recoveries) 303 (105) Non-routine transaction costs 207 888 Amortization of stock-based compensation related to extraordinary incentive plan 264 816 Unrealized gain on other real estate related investments, net (7) (1,287) Normalized FFO attributable to CareTrust REIT, Inc. $ 107,448 $ 77,848 18 (1) Other income, net of NCI share represents a fee received in connection with the release of a facility from a purchase agreement, net of commission fees paid.

Reconciliation of FFO and FAD 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 (in thousands, except per share amounts) For the Three Months Ended March 31, 2026 2025 Net income attributable to CareTrust REIT, Inc. $ 80,210 $ 65,802 Real estate related depreciation and amortization 29,283 17,833 Noncontrolling interests' share of real estate related depreciation and amortization (2,812) (2,223) Amortization of deferred financing fees 1,120 914 Amortization of stock-based compensation 3,184 3,093 Amortization of stock-based compensation related to extraordinary incentive plan 264 816 Straight-line rental income (3,843) 7 Amortization of lease incentives 49 48 Noncontrolling interests' share of amortization of lease incentives (24) (24) Amortization of above and below market leases 1 (926) Noncontrolling interests' share of amortization of below market leases — 463 Non-cash interest income (348) (623) Gain on sale of real estate, net — (3,876) Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc. 107,084 81,304 Property operating expenses (recoveries) 303 (105) Non-routine transaction costs 207 888 Unrealized gain on other real estate related investments, net (7) (1,287) Normalized FAD attributable to CareTrust REIT, Inc. $ 107,587 $ 80,800 FFO per share attributable to CareTrust REIT, Inc. $ 0.48 $ 0.41 Normalized FFO per share attributable to CareTrust REIT, Inc. $ 0.48 $ 0.42 FAD per share attributable to CareTrust REIT, Inc. $ 0.48 $ 0.43 Normalized FAD per share attributable to CareTrust REIT, Inc. $ 0.48 $ 0.43 Diluted weighted average shares outstanding(1) 224,155 187,574 19 (1) A portion of the amortization of stock-based compensation for the three and twelve months ended December 31, 2025, was moved to Qualifying retirement benefits to represent the amount of accelerated stock-based compensation recorded during the twelve months ended December 31, 2025 related to an employee that met authorized retirement in the period. (2) Other income, net of NCI share represents a fee received in connection with the release of a facility from a purchase agreement, net of commission fees paid. (1) For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method.

Consolidated Balance Sheets 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 (in thousands) March 31, December 31, 2026 2025 Assets Real estate investments, net $ 3,876,643 $ 3,709,576 Financing receivable 92,541 92,193 Other real estate related investments 931,546 899,262 Cash and cash equivalents 223,207 198,042 Accounts and other receivables 14,465 10,368 Prepaid expenses and other assets, net 90,859 230,427 Deferred financing costs, net 7,874 8,568 Total assets $ 5,237,135 $ 5,148,436 Liabilities Senior unsecured notes payable, net $ 398,038 $ 397,816 Senior unsecured term loan, net 496,608 496,404 Accounts payable, accrued liabilities and deferred rent liabilities 100,073 120,442 Dividends and distributions payable 88,547 74,806 Total liabilities 1,083,266 1,089,468 Redeemable noncontrolling interests 15,705 18,156 Equity Common stock 2,265 2,227 Additional paid-in capital 4,638,336 4,518,977 Cumulative distributions in excess of earnings (500,038) (491,796) Accumulated other comprehensive (loss) income (8,967) 5,872 Total stockholders equity 4,131,596 4,035,280 Noncontrolling interests 6,568 5,532 Total equity 4,138,164 4,040,812 Total liabilities and equity $ 5,237,135 $ 5,148,436 20

Enterprise Value 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 March 31, (in thousands, except per share amounts) 2026 2025 Total debt $ 900,000 $ 825,000 Less cash, cash equivalents, and restricted cash 223,207 667,101 Less net proceeds from ATM forward sales(1) 355,905 — Net debt 320,888 157,899 Common shares outstanding(1) 236,240 188,215 Period end share price 36.65 28.58 Common equity market capitalization 8,658,196 5,379,185 Noncontrolling interests(2) 22,273 20,865 Consolidated enterprise value 9,001,357 5,557,949 Joint venture debt, net(3) — — Total enterprise value $ 9,001,357 $ 5,557,949 21 (1) Assumes the net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program during the quarter reduces outstanding debt and assumes the shares were issued. (2) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheets. (3) Joint venture debt would include the Company's share of debt of unconsolidated joint ventures and exclude noncontrolling interests' share of consolidated debt, if applicable.

Property Detail(1) 10 Year - Average Historical Investment Yield: 9.3% $288 $309 $112 $341 $105 $197 $169 $288 $1,524 $1,201 9.1% 9.0% 8.9% 8.8% 8.9% 7.7% 9.0% 9.8% 9.7% 7.8% SNF Campus Seniors housing UK care homes Other real estate investments Yield 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD) $— $500 $1,000 $1,500 $2,000 Skilled Nursing Triple-net Senior Housing Triple-net Senior Housing Operating Total Total Properties 242 175 3 420 Recent acquisitions (62) (12) (3) (77) Under development — — — — Held for sale — — — — Land parcels — (1) — (1) Transitions (23) (17) — (40) Other — (2) — (2) Stabilized properties 157 143 — 300 22 (1) As of March 31, 2026. See "Glossary" for additional information.

Glossary 23 EBITDA Net income attributable to CareTrust REIT, Inc. before interest expense, income tax, depreciation and amortization and amortization of stock-based compensation.[1] EBITDAR Net income before interest expense, income tax, depreciation, amortization and cash rent, after applying a standardized management fee (5% of facility operating revenues). EBITDAR Coverage Aggregate EBITDAR produced by all properties under a master lease (or other grouping) for the trailing twelve-months ending on the period presented divided by the base rent payable to CareTrust REIT under such master lease (or other grouping) for the same period; provided that if the master lease has been amended to change the base rent during or since such period, then the aggregate EBITDAR for such period is divided by the annualized monthly base rent currently in effect. "Rent" refers to the total monthly rent due under the Company's lease agreements. EBITDAR reflects the application of a standard 5% management fee. EBITDARM Earnings before interest expense, income tax, depreciation, amortization, cash rent, and a standardized management fee (5% of facility operating revenues). EBITDARM Coverage Aggregate EBITDARM produced by all properties under a master lease (or other grouping) for the trailing twelve-months ending on the period presented divided by the base rent payable to CareTrust REIT under such master lease (or other grouping) for the same period; provided that if the master lease has been amended to change the base rent during or since such period, then the aggregate EBITDARM for such period is divided by the annualized monthly base rent currently in effect. Enterprise Value Share price multiplied by the number of outstanding shares, including assumed shares issued from the ATM program, plus total outstanding debt minus cash and assumed net proceeds from the ATM program, each as of a specified date. Property Counts Property counts exclude land under development, properties classified as held for sale or non-operational. Funds Available for Distribution (“FAD”) FFO attributable to CareTrust REIT, Inc., excluding straight-line rental income adjustments, amortization of deferred financing fees, lease incentives, above and below market lease intangibles, stock-based compensation expense, non-cash interest income, recurring capital expenditures required to maintain our properties and adjustments for joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of our consolidated joint ventures.[2] Funds from Operations (“FFO”) Net income attributable to CareTrust REIT, Inc., excluding gains and losses from dispositions of real estate or other real estate, before real estate depreciation, amortization and real estate impairment charges and adjustments for joint ventures. Adjustments for joint ventures are calculated to reflect our pro rata share of our consolidated joint ventures. CareTrust REIT calculates and reports FFO attributable to CareTrust REIT, Inc. in accordance with the definition and interpretive guidelines issued by the National Association of Real Estate Investment Trusts.[2] Initial Investment Initial Investment represents CareTrust REIT’s purchase price and transaction costs and includes commitments for capital expenditures that are not rent producing. Normalized EBITDA EBITDA attributable to CareTrust REIT, Inc., adjusted for certain income and expense items the Company does not believe are indicative of its ongoing results, such as write-off of deferred financing costs, real estate impairment charges, provision for loan losses, provision for doubtful accounts and lease restructuring, recovery of previously reversed rent, lease termination revenue, property operating expenses, non-routine transaction costs, loss on extinguishment of debt, unrealized gains or losses on other real estate related investments, gains or losses from dispositions of real estate or other real estate, accelerated amortization of lease intangibles, net of noncontrolling interests' share, extraordinary incentive plan payment, qualifying retirement benefits, other income and expenses, and gains or losses on foreign currency transactions.[1] Normalized FAD FAD attributable to CareTrust REIT, Inc., adjusted for certain income and expense items the Company does not believe are indicative of its ongoing results, such as provision for loan losses, provision for doubtful accounts and lease restructuring, recovery of previously reversed rent, lease termination revenue, non-routine transaction costs, write-off of deferred financing fees, loss on extinguishment of debt, extraordinary incentive plan payment, unrealized gains or losses on other real estate related investments, gains or losses on foreign currency transactions, qualifying retirement benefits, other income and expenses, and property operating expenses.[2] Normalized FFO FFO attributable to CareTrust REIT, Inc., adjusted for certain income and expense items the Company does not believe are indicative of its ongoing results, such as write-off of deferred financing costs, accelerated amortization of lease intangibles, net of noncontrolling interests' share, provision for loan losses, provision for doubtful accounts and lease restructuring, recovery of previously reversed rent, lease termination revenue, amortization of stock-based compensation related to extraordinary incentive plan, extraordinary incentive plan payment, qualifying retirement benefits, other income and expenses, non-routine transaction costs, loss on extinguishment of debt, unrealized gains or losses on other real estate related investments, gains or losses on foreign currency transactions and property operating expenses.[2]

Revenues Revenues represents the respective period's contractual cash rent or interest income, annualized, and presented at 100% share for consolidated entities, and excludes ground lease income and the impact of any rent abatement for recent acquisitions, if applicable. Rent denominated in GBP is translated to USD using the spot rate at the balance sheet date. Interest income includes annualized interest from other real estate related loans and preferred equity investments. Additionally, if a lease or loan agreement was entered into, amended or restructured subsequent to the period, but prior to our filing date for the respective period the initial or amended contractual cash rent or interest is used. Senior Housing ("SH") Includes licensed healthcare facilities that provide personal care services, support and housing for those who need help with daily living activities, such as bathing, eating and dressing, yet require limited medical care. The programs and services may include transportation, social activities, exercise and fitness programs, beauty or barber shop access, hobby and craft activities, community excursions, meals in a dining room setting and other activities sought by residents. These facilities are often in apartment-like buildings with private residences ranging from single rooms to large apartments. Certain senior housing properties may offer higher levels of personal assistance for residents requiring memory care as a result of Alzheimer’s disease or other forms of dementia. Levels of personal assistance are based in part on local regulations. Senior Housing also includes retirement communities or senior apartments, which are not healthcare facilities. These communities typically consist of entirely self-contained apartments, complete with their own kitchens, baths and individual living spaces, as well as parking for tenant vehicles. They are most often rented unfurnished, and generally can be personalized by the tenants, typically an individual or a couple over the age of 55. These facilities offer various services and amenities such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural and recreational activities, and on-site security. Skilled Nursing or Skilled Nursing Facilities (“SNFs”) Licensed healthcare facilities that provide restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at an acute care hospital or long-term acute care hospital. Treatment programs include physical, occupational, speech, respiratory, ventilator, and wound therapy. Stabilized A property is considered stabilized unless it (i) is held for sale or disposed of during the reporting period, (ii) temporarily on Special Focus Facility status, (iii) slated to be transitioned to a new operator, or (iv) has recently undergone significant renovations or was recently repositioned or transitioned to a new operator and has not achieved underwritten stabilization within 12 months following its stabilization target date. Notes: [1] EBITDA attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. 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 attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. 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 attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. may not be comparable to EBITDA and Normalized EBITDA reported by other REITs. [2] CareTrust REIT believes FAD attributable to CareTrust REIT, Inc, FFO attributable to CareTrust REIT, Inc., Normalized FAD attributable to CareTrust REIT, Inc., and Normalized FFO attributable to CareTrust REIT, Inc. (and their related per-share amounts) are important non-GAAP supplemental measures of its operating performance. 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, even though real estate values have historically risen or fallen with market and other conditions. Moreover, by excluding items not indicative of ongoing results, Normalized FAD attributable to CareTrust REIT, Inc. and Normalized FFO attributable to CareTrust REIT, Inc. can facilitate meaningful comparisons of operating performance between periods and between other companies. However, FAD attributable to CareTrust REIT, Inc., FFO attributable to CareTrust REIT, Inc., Normalized FAD attributable to CareTrust REIT, Inc., and Normalized FFO attributable to CareTrust REIT, Inc. (and their related per-share amounts) do not represent cash flows from operations or net income attributable to shareholders as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. The Company believes that net income attributable to CareTrust REIT, Inc., as defined by GAAP, is the most appropriate earnings measure. The Company also 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, in each case attributable to CareTrust REIT, Inc., useful in understanding the Company’s operating results independent of its capital structure, indebtedness and other charges that are not indicative of its ongoing results, 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, in each case attributable to CareTrust REIT, Inc., 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 related depreciation and amortization, and, for FAD and Normalized FAD, by excluding noncash income and expenses such as amortization of stock-based compensation, amortization of deferred financing fees, recurring capital expenditures and the effects of straight-line rent, FFO, Normalized FFO, FAD and Normalized FAD can help investors compare the Company’s operating performance between periods and to other REITs. The Company believes that the disclosure of Net Debt to Annualized Normalized Run Rate EBITDA provides a useful measure to investors to evaluate the credit strength of the Company and its ability to service its debt obligations and to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of charges that are not indicative of the Company’s ongoing performance or that could obscure the Company’s actual credit quality and after considering the effect of investments occurring during the period. Glossary (continued) 24

Source: View Original Filing on SEC EDGAR

FAQ

How did CareTrust REIT (CTRE) perform financially in Q1 2026?

CareTrust REIT reported Q1 2026 net income attributable to CareTrust of $80.2 million, or $0.36 per diluted share. Normalized FFO was $107.4 million and Normalized FAD was $107.6 million, both at $0.48 per diluted share, reflecting double-digit growth versus Q1 2025.

What 2026 earnings guidance did CareTrust REIT (CTRE) provide?

For 2026, CareTrust projects net income attributable to CareTrust of approximately $1.49 to $1.53 per share. It expects Normalized FFO of about $2.00 to $2.04 per share and Normalized FAD of roughly $1.98 to $2.02 per share, implying mid-teens percentage growth over 2025 results.

How much did CareTrust REIT (CTRE) invest in new assets in and after Q1 2026?

During Q1 2026, CareTrust closed $245.1 million of investment activity at a blended stabilized yield of 8.8%. Since quarter end, it reports an additional $864.1 million of investments closed at an 8.9% blended stabilized yield, bringing year-to-date closed investments to approximately $1.1 billion.

What is CareTrust REIT’s (CTRE) current leverage and liquidity position?

As of March 31, 2026, CareTrust’s Net Debt to Annualized Normalized Run Rate EBITDA was 0.6x, below its 4.0x–5.0x target leverage range. Total debt was $900 million, cash and cash equivalents were $223.2 million, and the company had $879.0 million available for future issuances under its ATM program.

Did CareTrust REIT (CTRE) change its dividend in Q1 2026?

Yes. CareTrust increased its quarterly dividend from $0.335 to $0.39 per common share during Q1 2026. On an annualized basis, the payout ratio was approximately 81% of first-quarter 2026 Normalized FFO and 81% of first-quarter 2026 Normalized FAD, indicating dividend coverage from cash earnings.

What key assumptions underpin CareTrust REIT’s (CTRE) 2026 guidance?

Guidance assumes no new investments, loans, or dispositions beyond those made year-to-date, and no additional debt or equity issuances. It also assumes 2.5% inflation-based rent escalators, $145 million of loans fully repaid during 2026, and no material change in the spot exchange rate.

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Strong Q1 lifts 2026 outlook for CareTrust REIT (NYSE: CTRE)

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FAQ

How did CareTrust REIT (CTRE) perform financially in Q1 2026?

What 2026 earnings guidance did CareTrust REIT (CTRE) provide?

How much did CareTrust REIT (CTRE) invest in new assets in and after Q1 2026?

What is CareTrust REIT’s (CTRE) current leverage and liquidity position?

Did CareTrust REIT (CTRE) change its dividend in Q1 2026?

What key assumptions underpin CareTrust REIT’s (CTRE) 2026 guidance?

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Strong Q1 lifts 2026 outlook for CareTrust REIT (NYSE: CTRE)

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT earnings analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did CareTrust REIT (CTRE) perform financially in Q1 2026?

What 2026 earnings guidance did CareTrust REIT (CTRE) provide?

How much did CareTrust REIT (CTRE) invest in new assets in and after Q1 2026?

What is CareTrust REIT’s (CTRE) current leverage and liquidity position?

Did CareTrust REIT (CTRE) change its dividend in Q1 2026?

What key assumptions underpin CareTrust REIT’s (CTRE) 2026 guidance?

Filing Exhibits & Attachments

Press Releases

Other Documents