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CareTrust REIT (NYSE: CTRE) posts 2025 surge and guides FFO higher for 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

CareTrust REIT delivered a sharply stronger 2025, with net income attributable to the company of $320.5 million, or $1.57 per diluted share, up 96% from the prior year. Normalized FFO reached $359.7 million, or $1.76 per share, a 17% increase, while Normalized FAD was $360.0 million, or $1.76 per share, up 14%.

In the fourth quarter, net income was $111.3 million, or $0.50 per share, up 72% year over year, with Normalized FFO per share up 18% to $0.47. The company closed $1.8 billion of 2025 investment activity at a blended stabilized yield of 8.6% and raised $1.1 billion of gross equity proceeds, plus $242.5 million of unsettled forward equity at year-end.

Leverage remains low, with Net Debt to Annualized Normalized Run Rate EBITDA at 0.7x and no borrowings on the $1.2 billion revolver. For 2026, CareTrust guides to net income of $1.45–$1.50 per share and Normalized FFO and FAD of $1.90–$1.95 per share, with midpoints implying about 9.4% growth over 2025. The quarterly dividend was maintained at $0.335 per share, a payout of roughly low‑70% of Normalized FFO and FAD.

Positive

  • Strong earnings growth: 2025 net income per diluted share rose 96% to $1.57, while Normalized FFO per share increased 17% to $1.76 and Normalized FAD per share grew 14% to $1.76.
  • Robust external growth at attractive yields: The company closed $1.8 billion of 2025 investment activity at a blended stabilized yield of 8.6%, including $561.5 million in Q4 at 8.8%.
  • Very conservative balance sheet: Net Debt to Annualized Normalized Run Rate EBITDA was only 0.7x, with $1.2 billion of undrawn revolver capacity, $100 million of cash, and no debt maturities before 2028.
  • Positive 2026 outlook: Guidance for 2026 Normalized FFO and FAD of $1.90–$1.95 per share implies about 9.4% growth from 2025 midpoints, supported by an existing $500 million investment pipeline.
  • Sustainable dividend coverage: The quarterly dividend of $0.335 per share equates to payout ratios of roughly 71% of Normalized FFO and 73% of Normalized FAD for Q4 2025, leaving a cash flow cushion.

Negative

  • None.

Insights

CareTrust posts strong growth, heavy investment, and still runs with very low leverage.

CareTrust REIT reported 2025 net income of $320.5 million, almost doubling year over year, with Normalized FFO per share up 17% to $1.76. Fourth‑quarter Normalized FFO per share grew 18%, showing momentum exiting the year.

The company deployed $1.8 billion into new investments at an 8.6% blended stabilized yield, while funding growth with $1.1 billion of equity and additional forward equity capacity. Despite this expansion, Net Debt to Annualized Normalized Run Rate EBITDA was just 0.7x, well below the stated 4.0x–5.0x target range.

For 2026, guidance calls for Normalized FFO and FAD of $1.90–$1.95 per share, with midpoints about 9.4% above 2025. Assumptions include no additional deals beyond those already completed, modest 2.5% rent escalators, and $42 million of loan repayments, suggesting growth is driven largely by the current portfolio and recent deployments.

0001590717false00015907172026-02-122026-02-12

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): February 12, 2026
CareTrust REIT, Inc.
(Exact name of registrant as specified in its charter)  
Maryland001-3618146-3999490
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCTRENew 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 February 12, 2026, CareTrust REIT, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025. 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 fourth quarter and full year ended December 31, 2025 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 February 12, 2026
99.2
Supplemental financial information for the quarter ended December 31, 2025
104Cover 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: February 12, 2026
CARETRUST REIT, INC.
By:
/s/ Derek J. Bunker
 
Derek J. Bunker
Chief Financial Officer and Treasurer



Exhibit 99.1
primary1a.jpg

CareTrust REIT Announces Fourth Quarter & Full Year 2025 Operating Results

Conference Call Scheduled for Friday, February 13, 2026 at 1:00 pm ET
DANA POINT, Calif., February 12, 2026 (BUSINESS WIRE) -- CareTrust REIT, Inc. (NYSE:CTRE) today reported operating results for the quarter and year ended December 31, 2025, as well as other recent events.
For the full year 2025, CareTrust reported:
•Net income attributable to CareTrust of $320.5 million and net income per diluted weighted average share of $1.57, an increase of $0.77, or 96%, over the prior year;
•Normalized FFO attributable to CareTrust of $359.7 million and Normalized FFO per diluted weighted average share of $1.76, an increase of $0.26, or 17% over the prior year;
•Normalized FAD attributable to CareTrust of $360.0 million and Normalized FAD per diluted weighted average share of $1.76, an increase of $0.22, or 14%, over the prior year;
•$1.8 billion of investment activity closed at a blended stabilized yield of 8.6%; and
•$1.1 billion of gross proceeds raised through equity issuances, not including gross proceeds of $242.5 million related to unsettled forward contracts outstanding under the ATM program as of December 31, 2025.

For the quarter, CareTrust reported:
•Net income of $111.3 million and net income per diluted weighted average share of $0.50, an increase of $0.21, or 72%, over the prior year quarter;
•Normalized FFO of $104.1 million and Normalized FFO per diluted weighted average share of $0.47, an increase of $0.07, or 18%, over the prior year quarter;
•Normalized FAD of $103.0 million and Normalized FAD per diluted weighted average share of $0.46, an increase of $0.05, or 12%, over the prior year quarter;
•$561.5 million of investment activity closed at a blended stabilized yield of 8.8%;
•$242.5 million of gross proceeds pending at quarter end related to unsettled equity forward contracts outstanding under the ATM program as of December 31, 2025;
•Net Debt to Annualized Normalized Run Rate EBITDA of 0.7x;
•100.0% collection of contractual rent and interest exclusive of properties sold during the quarter; and
•A quarterly dividend of $0.335 per share, representing a payout ratio of approximately 73% on Normalized FAD.
Since quarter end, CareTrust reports:
•$214.8 million of investment activity closed at a blended stabilized yield of 8.9%;
•A $500 million investment pipeline;
•$100 million of cash on hand as of February 11, 2026 and $129.5 million of forward sales under the ATM program resulting in a current total of $372.0 million of gross proceeds pending from unsettled forward equity contracts outstanding under the ATM program; and
•$1.2 billion or full capacity remaining on the Company's unsecured revolving credit facility.

CareTrust’s Chief Executive Officer, Dave Sedgwick, commented, “2025 was an exceptional year for CareTrust, marked by record external growth, FFO/share growth of 17%, and the strategic additions of two new growth engines of UK Care Homes and SHOP. We have a bigger, more diverse and stronger portfolio today than this time last year. As we look ahead to 2026, our expectations are high and our outlook is positive, supported by a robust pipeline, world class operator relationships, a fortress balance sheet, and a deeper team that is more capable than ever to keep the flywheel ripping in 2026 and beyond.”
Financial Results for Quarter and Year Ended December 31, 2025
For the fourth quarter, CareTrust reported net income of $111.3 million, or $0.50 per diluted weighted-average common share, Normalized FFO of $104.1 million, or $0.47 per diluted weighted-average common share, and Normalized FAD of $103.0 million, or $0.46 per diluted weighted-average common share. For the year ended December 31, 2025, CareTrust reported net income of $320.5 million, or $1.57 per diluted weighted-average common share, Normalized FFO of $359.7 million, or $1.76 per diluted weighted-average common share, and Normalized FAD of $360.0 million, or $1.76 per diluted weighted-average common share.


Liquidity
As of quarter end, CareTrust reported Net Debt-to-Annualized Normalized Run Rate EBITDA of 0.7x, which is below the Company's target leverage range of 4.0x to 5.0x, and a net debt-to-enterprise value of approximately 3.7%. Derek Bunker, CareTrust's Chief Financial Officer, stated that as of today the Company has no borrowings outstanding on its $1.2 billion revolving credit facility, with no scheduled debt maturities prior to 2028. He also reported that CareTrust currently has approximately $100 million in cash on hand and $372.0 million of gross proceeds pending from unsettled forward equity contracts outstanding.
2026 Guidance
The Company provided guidance for 2026, projecting net income attributable to CareTrust of approximately $1.45 to $1.50 per share, Normalized FFO of approximately $1.90 to $1.95 per share, and Normalized FAD of approximately $1.90 to $1.95 per share. Mr. Bunker commented, “The midpoints of our Normalized FFO and Normalized FAD guidance represent increases of 9.4% and 9.4%, respectively, over 2025 results. Solid market fundamentals across all asset classes within our portfolio position us well for continued growth and value creation. Our strong start to the year having deployed $214.8 million with a $500 million pipeline demonstrates our capacity to capitalize on those opportunities and continue to deliver compelling shareholder returns.”
He noted that full year 2026 guidance is based on a weighted average diluted share count of 225 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;
•$42 million of loans set to mature in 2026 or 2027 to be repaid throughout the year; and
•No material change in the GBP:USD spot exchange rate.
Dividend Maintained
During the fourth quarter, CareTrust declared a quarterly dividend of $0.335 per common share. On an annualized basis, the payout ratio was approximately 71% based on fourth quarter 2025 Normalized FFO, and 73% based on fourth quarter 2025 Normalized FAD.
Conference Call
A conference call will be held on Friday, February 13, 2026, at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time), during which CareTrust’s management will discuss fourth quarter and full year 2025 results, recent developments and other matters. 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: future financial and financing plans; strategies related to the Company's business and its portfolio, including acquisition opportunities and disposition plans; growth prospects; operating and financial performance; expectations regarding the making of distributions and payment of dividends; and the performance of the Company’s tenants and operators and their respective facilities.
Words such as “anticipate,” “believe,” “could,” “expect,” “estimate,” “intend,” “may,” “plan,” “seek,” “should,” “will,” “would,” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. 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 filed 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 and year ended December 31, 2025 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)
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
2025202420252024
Revenues:
Rental income$106,250 $62,199 $368,194 $228,261 
Resident fees and services1,225 — 1,225 — 
Interest income from financing receivable2,891 1,009 11,492 1,009 
Interest income from other real estate related investments and other income24,493 23,736 95,482 67,016 
Total revenues134,859 86,944 476,393 296,286 
Expenses:
Depreciation and amortization27,142 15,514 92,891 56,831 
Interest expense11,378 5,122 43,707 30,310 
Property taxes and insurance2,260 1,946 8,768 7,838 
Senior housing operating expenses952 — 952 — 
Impairment of real estate investments2,031 5,353 2,483 42,225 
Transaction costs3,820 1,326 5,329 1,326 
Provision for loan losses— 4,900 — 4,900 
Property operating (recoveries) expenses(1,460)1,322 (138)5,714 
General and administrative15,473 9,286 52,465 28,923 
Total expenses61,596 44,769 206,457 178,067 
Other income (loss):
Other income, net4,350 — 4,350 — 
Loss on extinguishment of debt— — (390)(657)
Gain (loss) on sale of real estate, net27,672 46 31,548 (2,208)
Unrealized gain on other real estate related investments, net8,973 9,734 15,831 9,045 
(Loss) gain on foreign currency transactions, net(103)— 4,012 — 
Total other income 40,892 9,780 55,351 6,180 
Income before income tax expense114,155 51,955 325,287 124,399 
Income tax expense(1,894)— (5,001)— 
Net income112,261 51,955 320,286 124,399 
Net income (loss) attributable to noncontrolling interests971 (180)(252)(681)
Net income attributable to CareTrust REIT, Inc.$111,290 $52,135 $320,538 $125,080 
Earnings per common share attributable to CareTrust REIT, Inc.:
Basic$0.50 $0.29 $1.57 $0.81 
Diluted$0.50 $0.29 $1.57 $0.80 
Weighted-average number of common shares:
Basic222,746 181,645 203,642 154,795 
Diluted223,345 182,013 204,091 155,167 
Dividends declared per common share$0.335 $0.290 $1.340 $1.160 




CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(in thousands and unaudited)
Three Months Ended
 December 31,
Twelve Months Ended
December 31,
2025202420252024
Net income attributable to CareTrust REIT, Inc.$111,290 $52,135 $320,538 $125,080 
Depreciation and amortization27,142 15,514 90,507 56,831 
Noncontrolling interests' share of real estate related depreciation and amortization(2,876)(837)(10,408)(837)
Interest expense[1]
11,378 4,768 43,707 29,025 
Income tax expense1,894 — 5,001 — 
Amortization of stock-based compensation[2]
28 1,461 6,766 6,130 
Amortization of stock-based compensation related to extraordinary incentive plan793 — 3,483 — 
EBITDA attributable to CareTrust REIT, Inc.149,649 73,041 459,594 216,229 
Write-off of deferred financing costs— 354 — 354 
Impairment of real estate investments2,031 5,353 2,483 42,225 
Loss (gain) on foreign currency transactions, net103 — (4,012)— 
Provision for loan losses, net— 4,900 — 4,900 
Property operating (recoveries) expenses (1,561)1,665 (174)6,891 
(Gain) loss on sale of real estate, net(27,672)(46)(31,548)2,208 
Non-routine transaction costs3,820 1,326 5,329 1,326 
Loss on extinguishment of debt— — 390 657 
Accelerated amortization of lease intangibles, net of noncontrolling interests' share— — (1,023)— 
Extraordinary incentive plan payment— 2,313 — 2,313 
Qualifying retirement benefits1,896 — 1,896 — 
Other expenses359 — 359 — 
Other income, net of NCI share[3]
(2,171)— (2,171)— 
Unrealized gain on other real estate related investments, net(8,973)(9,734)(15,831)(9,045)
Normalized EBITDA attributable to CareTrust REIT, Inc.117,481 79,172 $415,292 $268,058 
Full impact of quarterly investments[4]
2,747 11,027 
Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.$120,228 $90,199 
[1] Interest expense excludes the effect of the $75.0 million participation interest recorded as a secured borrowing in the consolidated balance sheets.
[2] 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.
[3] 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.
[4] 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
December 31,
20252024
Total debt$900,000 $400,000 
Cash, cash equivalents, restricted cash and escrow deposits on acquisitions of real estate(339,295)(213,822)
Net proceeds from ATM forward[1]
(238,033)— 
Net Debt$322,672 $186,178 
Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.[2]
$480,912 $360,796 
Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.0.7x0.5x
[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)
(Unaudited)
Three Months Ended
 December 31,
Twelve Months Ended
December 31,
2025202420252024
Net income attributable to CareTrust REIT, Inc.$111,290 $52,135 $320,538 $125,080 
Real estate related depreciation and amortization27,046 15,507 90,390 56,804 
Noncontrolling interests' share of real estate related depreciation and amortization(2,876)(837)(10,408)(837)
Impairment of real estate investments2,031 5,353 2,483 42,225 
(Gain) loss on sale of real estate, net(27,672)(46)(31,548)2,208 
FFO attributable to CareTrust REIT, Inc.109,819 72,112 371,455 225,480 
Write-off of deferred financing costs— 354 — 354 
Loss (gain) on foreign currency transactions, net103 — (4,012)— 
Provision for loan losses— 4,900 — 4,900 
Accelerated amortization of lease intangibles, net of noncontrolling interests' share— — (1,023)— 
Property operating (recoveries) expenses(1,561)1,665 (174)6,891 
Non-routine transaction costs3,820 1,326 5,329 1,326 
Loss on extinguishment of debt— — 390 657 
Amortization of stock-based compensation related to extraordinary incentive plan793 — 3,483 — 
Extraordinary incentive plan payment— 2,313 — 2,313 
Qualifying retirement benefits1,896 — 1,896 — 
Other expenses359 — 359 — 
Other income, net of NCI share(2,171)— (2,171)— 
Unrealized gain on other real estate related investments, net(8,973)(9,734)(15,831)(9,045)
Normalized FFO attributable to CareTrust REIT, Inc.$104,085 $72,936 $359,701 $232,876 





CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)
 (in thousands, except per share data)
 (Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025202420252024
Net income attributable to CareTrust REIT, Inc.$111,290 $52,135 $320,538 $125,080 
Real estate related depreciation and amortization27,046 15,507 90,390 56,804 
Noncontrolling interests' share of real estate related depreciation and amortization(2,876)(837)(10,408)(837)
Amortization of deferred financing fees1,121 619 4,140 2,461 
Amortization of stock-based compensation28 1,461 6,766 6,130 
Amortization of stock-based compensation related to extraordinary incentive plan793 — 3,483 — 
Straight-line rental income(3,581)7 (8,753)28 
Amortization of lease incentives49 13 193 22 
Noncontrolling interests' share of amortization of lease incentives(24)(6)(96)(6)
Amortization of above and below market leases(81)(926)(2,369)(2,885)
Noncontrolling interests' share of amortization of below market leases— 463 1,080 463 
Accelerated amortization of lease intangibles, net of noncontrolling interests' share— — (1,023)— 
Non-cash interest income1,417 (281)(632)(281)
Impairment of real estate investments2,031 5,353 2,483 42,225 
(Gain) loss on sale of real estate, net(27,672)(46)(31,548)2,208 
FAD attributable to CareTrust REIT, Inc.109,541 73,462 374,244 231,412 
Write-off of deferred financing costs— 354 — 354 
Loss (gain) on foreign currency transactions, net103 — (4,012)— 
Provision for loan losses— 4,900 — 4,900 
Property operating (recoveries) expenses(1,561)1,665 (174)6,891 
Non-routine transaction costs3,820 1,326 5,329 1,326 
Loss on extinguishment of debt— — 390 657 
Extraordinary incentive plan payment— 2,313 — 2,313 
Qualifying retirement benefits1,896 — 1,896 — 
Other expenses359 — 359 — 
Other income, net of NCI share(2,171)— (2,171)— 
Unrealized gain on other real estate related investments, net(8,973)(9,734)(15,831)(9,045)
Normalized FAD attributable to CareTrust REIT, Inc.$103,014 $74,286 $360,030 $238,808 
FFO per share attributable to CareTrust REIT, Inc.$0.49 $0.40 $1.82 $1.45 
Normalized FFO per share attributable to CareTrust REIT, Inc.$0.47 $0.40 $1.76 $1.50 
FAD per share attributable to CareTrust REIT, Inc.$0.49 $0.40 $1.83 $1.49 
Normalized FAD per share attributable to CareTrust REIT, Inc.$0.46 $0.41 $1.76 $1.54 
Diluted weighted average shares outstanding [1]223,721 182,222 204,351 155,325 
 [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)
QuarterQuarterQuarterQuarterQuarter
EndedEndedEndedEndedEnded
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Revenues:
Rental income$62,199 $71,646 $86,033 $104,265 $106,250 
Resident fees and services— — — — 1,225 
Interest income from financing receivable1,009 2,807 2,886 2,908 2,891 
Interest income from other real estate related investments and other income23,736 22,168 23,550 25,271 24,493 
Total revenues86,944 96,621 112,469 132,444 134,859 
Expenses:
Depreciation and amortization15,514 17,841 21,215 26,693 27,142 
Interest expense5,122 6,669 13,038 12,622 11,378 
Property taxes and insurance1,946 2,065 2,117 2,326 2,260 
Senior housing operating expenses— — — — 952 
Impairment of real estate investments5,353 — — 452 2,031 
Transaction costs1,326 888 61 560 3,820 
Provision for loan losses4,900 — — — — 
Property operating (recoveries) expenses1,322 105 938 279 (1,460)
General and administrative9,286 9,023 12,549 15,420 15,473 
Total expenses44,769 36,591 49,918 58,352 61,596 
Other (loss) income:
Other income, net— — — — 4,350 
Loss on extinguishment of debt— — — (390)— 
Gain on sale of real estate, net46 3,876 — — 27,672 
Unrealized gain on other real estate related investments, net9,734 1,287 1,968 3,603 8,973 
Gain (loss) on foreign currency transactions— — 4,413 (298)(103)
Total other income 9,780 5,163 6,381 2,915 40,892 
Income before income tax expense51,955 65,193 68,932 77,007 114,155 
Income tax expense— — (1,030)(2,077)(1,894)
Net income51,955 65,193 67,902 74,930 112,261 
Net (loss) income attributable to noncontrolling interests(180)(609)(643)29 971 
Net income attributable to CareTrust REIT, Inc.$52,135 $65,802 $68,545 $74,901 $111,290 
Diluted earnings per share attributable to CareTrust REIT, Inc.$0.29 $0.35 $0.35 $0.35 $0.50 
Diluted weighted average shares outstanding182,013 187,416 192,851 212,271 223,345 



CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND
(in thousands)
 (Unaudited)
QuarterQuarterQuarterQuarterQuarter
EndedEndedEndedEndedEnded
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Net income attributable to CareTrust REIT, Inc.$52,135 $65,802 $68,545 $74,901 $111,290 
Depreciation and amortization15,514 17,841 21,215 24,309 27,142 
Noncontrolling interests' share of real estate related depreciation and amortization(837)(2,223)(2,513)(2,796)(2,876)
Interest expense4,768 6,669 13,038 12,622 11,378 
Income tax expense— — 1,030 2,077 1,894 
Amortization of stock-based compensation1,461 3,093 1,945 1,700 28 
Amortization of stock-based compensation related to extraordinary incentive plan— 816 1,081 793 793 
EBITDA attributable to CareTrust REIT, Inc.73,041 91,998 104,341 113,606 149,649 
Write-off of deferred financing costs354 — — — — 
Impairment of real estate investments5,353 — — 452 2,031 
(Gain) loss on foreign currency transactions, net— — (4,413)298 103 
Provision for loan losses4,900 — — — — 
Property operating expenses (recoveries)1,665 (105)1,090 402 (1,561)
Gain on sale of real estate, net(46)(3,876)— — (27,672)
Loss on extinguishment of debt— — — 390 — 
Non-routine transaction costs1,326 888 61 560 3,820 
Accelerated amortization of lease intangibles, net of noncontrolling interests' share— — — (1,023)— 
Extraordinary incentive plan payment2,313 — — — — 
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(9,734)(1,287)(1,968)(3,603)(8,973)
Normalized EBITDA attributable to CareTrust REIT, Inc.$79,172 $87,618 $99,111 $111,082 $117,481 
Net income attributable to CareTrust REIT, Inc.$52,135 $65,802 $68,545 $74,901 $111,290 
Real estate related depreciation and amortization15,507 17,833 21,208 24,303 27,046 
Noncontrolling interests' share of real estate related depreciation and amortization(837)(2,223)(2,513)(2,796)(2,876)
Impairment of real estate investments5,353 — — 452 2,031 
Gain on sale of real estate, net(46)(3,876)— — (27,672)
FFO attributable to CareTrust REIT, Inc.72,112 77,536 87,240 96,860 109,819 
Write-off of deferred financing costs354 — — — — 
(Gain) loss on foreign currency transactions— — (4,413)298 103 
Accelerated amortization of lease intangibles, net of noncontrolling interests' share— — — (1,023)— 
Provision for loan losses4,900 — — — — 
Property operating expenses (recoveries)1,665 (105)1,090 402 (1,561)
Non-routine transaction costs1,326 888 61 560 3,820 
Loss on extinguishment of debt— — — 390 — 
Amortization of stock-based compensation related to extraordinary incentive plan— 816 1,081 793 793 
Extraordinary incentive plan payment2,313 — — — — 
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(9,734)(1,287)(1,968)(3,603)(8,973)
Normalized FFO attributable to CareTrust REIT, Inc.$72,936 $77,848 $83,091 $94,677 $104,085 



CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND (continued)
 (in thousands, except per share data)
 (Unaudited)
QuarterQuarterQuarterQuarterQuarter
EndedEndedEndedEndedEnded
December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025
Net income attributable to CareTrust REIT, Inc.$52,135 $65,802 $68,545 $74,901 $111,290 
Real estate related depreciation and amortization15,507 17,833 21,208 24,303 27,046 
Noncontrolling interests' share of real estate related depreciation and amortization(837)(2,223)(2,513)(2,796)(2,876)
Amortization of deferred financing fees619 914 984 1,121 1,121 
Amortization of stock-based compensation1,461 3,093 1,945 1,700 28 
Amortization of stock-based compensation related to extraordinary incentive plan— 816 1,081 793 793 
Straight-line rental income7 7 (1,760)(3,419)(3,581)
Amortization of lease incentives13 48 48 48 49 
Noncontrolling interests' share of amortization of lease incentives(6)(24)(24)(24)(24)
Amortization of above and below market leases(926)(926)(972)(390)(81)
Noncontrolling interests' share of amortization of below market leases463 463 463 154 — 
Accelerated amortization of lease intangibles, net of noncontrolling interests' share— — — (1,023)— 
Non-cash interest income(281)(623)(703)(724)1,417 
Impairment of real estate investments5,353 — — 452 2,031 
Gain on sale of real estate, net(46)(3,876)— — (27,672)
FAD attributable to CareTrust REIT, Inc.73,462 81,304 88,302 95,096 109,541 
Write-off of deferred financing costs354 — — — — 
(Gain) loss on foreign currency transactions— — (4,413)298 103 
Provision for loan losses4,900 — — — — 
Property operating expenses (recoveries)1,665 (105)1,090 402 (1,561)
Non-routine transaction costs1,326 888 61 560 3,820 
Loss on extinguishment of debt— — — 390 — 
Extraordinary incentive plan payment2,313 — — — — 
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(9,734)(1,287)(1,968)(3,603)(8,973)
Normalized FAD attributable to CareTrust REIT, Inc.$74,286 $80,800 $83,072 $93,143 $103,014 
FFO per share attributable to CareTrust REIT, Inc.$0.40 $0.41 $0.45 $0.46 $0.49 
Normalized FFO per share attributable to CareTrust REIT, Inc.$0.40 $0.42 $0.43 $0.45 $0.47 
FAD per share attributable to CareTrust REIT, Inc.$0.40 $0.43 $0.46 $0.45 $0.49 
Normalized FAD per share attributable to CareTrust REIT, Inc.$0.41 $0.43 $0.43 $0.44 $0.46 
Diluted weighted average shares outstanding [1]182,222 187,574 193,055 212,575 223,721 
 [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)
December 31, 2025December 31, 2024
Assets:
Real estate investments, net$3,709,576 $2,226,740 
Financing receivable, at fair value (including accrued interest of $913 and $281 as of December 31, 2025 and 2024, respectively)92,193 96,004 
Other real estate related investments (including accrued interest of $5,759 and $4,725 as of December 31, 2025 and 2024, respectively)899,262 795,203 
Assets held for sale, net— 57,261 
Cash and cash equivalents198,042 213,822 
Accounts and other receivables10,368 1,174 
Prepaid expenses and other assets, net230,427 35,608 
Deferred financing costs, net8,568 11,204 
Total assets$5,148,436 $3,437,016 
Liabilities and Equity:
Senior unsecured notes payable, net$397,816 $396,927 
Senior unsecured term loan, net496,404 — 
Accounts payable, accrued liabilities and deferred rent liabilities120,442 56,318 
Dividends payable74,806 54,388 
Total liabilities1,089,468 507,633 
Redeemable noncontrolling interests18,156 18,243 
Equity:
Common stock2,227 1,870 
Additional paid-in capital4,518,977 3,439,117 
Cumulative distributions in excess of earnings(491,796)(532,570)
Accumulated other comprehensive income5,872 — 
Total stockholders' equity4,035,280 2,908,417 
Noncontrolling interests5,532 2,723 
Total equity4,040,812 2,911,140 
Total liabilities and equity$5,148,436 $3,437,016 





CARETRUST REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Year Ended December 31,
20252024
Cash flows from operating activities:
Net income$320,286 $124,399 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)93,045 56,932 
Amortization of deferred financing costs4,140 2,816 
Loss on extinguishment of debt390 282 
Unrealized (gain) loss on other real estate related investments, net(15,831)(9,045)
Amortization of stock-based compensation11,896 6,130 
Straight-line rental income(8,753)28 
Amortization of lease incentives193 22 
Amortization of above and below market leases(6,798)(2,885)
Noncash interest income(1,549)(3,279)
(Gain) loss on sale of real estate, net(31,548)2,208 
Impairment of real estate investments2,483 42,225 
Provision for loan losses— 4,900 
Change in operating assets and liabilities:
Accounts and other receivables(187)(808)
Prepaid expenses and other assets, net(1,772)(3,719)
Accounts payable, accrued liabilities and deferred rent liabilities28,034 24,045 
Net cash provided by operating activities394,029 244,251 
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied(1,333,998)(812,002)
Purchases of equipment, furniture and fixtures and improvements to real estate(14,992)(8,054)
Investment in real estate related investments and other loans receivable(96,962)(559,188)
Preferred equity investments(30,000)(52,000)
Investment in financing receivable— (95,723)
Principal payments received on real estate related investments and other loans receivable 75,125 4,512 
Principal payments received on financing receivable4,443 — 
Escrow deposits for potential acquisitions of real estate(144,253)(5,167)
Net proceeds from sales of real estate79,294 13,939 
Net cash used in investing activities(1,461,343)(1,513,683)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net1,071,495 1,552,894 
Proceeds from the issuance of senior unsecured term loan500,000 — 
Proceeds from the secured borrowing— 75,000 
Borrowings under unsecured revolving credit facility650,000 — 
Payments on unsecured revolving credit facility(650,000)— 
Payments on senior unsecured term loan— (200,000)
Payments on secured notes payable(102,375)— 
Payments on secured revolving credit facilities(153,803)— 
Payment on secured borrowing— (75,000)
Payments on extinguishment of debt and deferred financing costs(4,600)(9,188)
Net-settle adjustment on restricted stock(3,325)(2,484)
Dividends paid on common stock(259,347)(172,165)
Contributions from noncontrolling interests8,706 19,818 
Distributions to noncontrolling interests(5,732)(69)
Net cash provided by financing activities1,051,019 1,188,806 
Effect of foreign currency translation515 — 
Net decrease in cash and cash equivalents(15,780)(80,626)
Cash and cash equivalents as of the beginning of period213,822 294,448 
Cash and cash equivalents as of the end of period$198,042 $213,822 



CARETRUST REIT, INC.
DEBT SUMMARY
(dollars in thousands)
 (Unaudited)
December 31, 2025
InterestMaturity% ofDeferredNet Carrying
DebtRateDatePrincipalPrincipalLoan CostsValue
Fixed Rate Debt
Senior unsecured notes payable3.875 %2028$400,000 44.4 %$(2,184)$397,816 
Senior unsecured term loan4.630 %[1]2030500,000 55.6 %(3,596)496,404 
4.294 %900,000 100.0 %(5,780)894,220 
Floating Rate Debt
Unsecured revolving credit facility— %[2]2029[3]— — %— [4]— 
— %— — %— — 
Total Debt4.294 %$900,000 100.0 %$(5,780)$894,220 
[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] 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
Full Year 2026 Guidance[1]
(Unaudited)
Total (in millions)Per Share
LowHighLowHigh
Net income attributable to CareTrust REIT, Inc.$326 $338 $1.45 $1.50 
Real estate related depreciation and amortization, net of NCI101 1010.45 0.45 
Funds from Operations (FFO)427 4391.90 1.95 
Normalizing items[2]
— — — — 
Normalized FFO$427 $439 $1.90 $1.95 
Net income attributable to CareTrust REIT, Inc.$326 $338 $1.45 $1.50 
Real estate related depreciation and amortization, net of NCI101 101 0.45 0.45 
Amortization of deferred financing fees5 5 0.02 0.02 
Amortization of stock-based compensation12 12 0.05 0.05 
Straight-line rental income(14)(14)(0.06)(0.06)
Noncash revenues related to financing receivable(2)(2)(0.01)(0.01)
Amortization of lease incentives— — — — 
Noncontrolling interests' share of amortization of lease incentives— — — — 
Funds Available for Distribution (FAD)428 440 1.90 1.95 
Normalizing items[2]
— — — — 
Normalized FAD$428 $440 $1.90 $1.95 
Weighted average diluted shares outstanding225225
Additional Guidance Measures
•Cash rental revenue of $430-436 million
•Interest income of $88-92 million
•General and administrative expense of $57-59 million
•Interest expense of $45-46 million
•Income tax expense of $9 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) $42 million of loans set to mature in 2026 or 2027 to be 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, 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 the National Association of Real Estate Investment Trusts ("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, 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.

primary1a.jpg



Financial Supplement Fourth Quarter 2025

 
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: future financial and financing plans; strategies related to the Company's business and its portfolio, including acquisition opportunities and disposition plans; growth prospects, operating and financial performance, expectations regarding the making of distributions, payment of dividends, and the performance of our operators and their respective properties. 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 December 31, 2025 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 04 INVESTMENTS 05 PORTFOLIO OVERVIEW 07 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 22 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 366 39,353 38,010 1,229 19 95 — Senior Housing 208 13,743 414 3,722 943 1,123 7,541 Senior Housing Operating 3 270 — 270 — — — Total 577 53,366 38,424 5,221 962 1,218 7,541 Revenues Properties(1) Q4'25 Q3'25 Q4'24 % Change YoY Annualized(2) % of Total Annualized Skilled Nursing Triple-net 236 $ 74,789 $ 72,955 $ 53,494 40 % $ 299,156 55 % Senior Housing Triple-net 171 31,462 31,310 8,705 261 % 125,848 23 % Senior Housing Operating 3 1,225 — — 100 % 4,900 1 % Interest Income 167 23,175 23,224 19,659 18 % 92,700 18 % Other Interest Income — 4,208 4,955 5,086 (17) % 16,832 3 % Total 577 $ 134,859 $ 132,444 $ 86,944 55 % $ 539,436 100 % 4 (1) As of December 31, 2025. (2) Annualized revenue represents actual Q4 2025 revenue annualized. See "Glossary" for additional information. Portfolio Performance Q3 '25 Stabilized Portfolio Occupancy EBITDAR Coverage EBITDARM Coverage Skilled Nursing Triple-net 79.2% 2.51x 3.17x Senior Housing Triple-net 88.7% 1.66x 2.05x Total 82.4% 2.22x 2.78x

 
Investment Activity Q4'25 Investment per Bed / Unit Initial Investment (000s)Investments Properties Beds / Units Yield(1) Skilled Nursing Triple-net 14 1,913 $ 214,428 $ 410,200 8.8% Senior Housing Triple-net 2 177 150,531 26,644 8.0% Senior Housing Operating 3 270 149,252 40,298 7.7% Loan Funding 84,383 9.5% Total 19 2,360 $ 237,934 $ 561,525 8.8% Dispositions 12 1,004 75,243 (2) Loan Repayments 64,600 (2) Net Investments $ 421,682 Historical Investments (dollars in thousands) Year Skilled Nursing Triple-net Senior Housing Triple-net Senior Housing Operating Loan Funding 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% Total $ 2,599,113 $ 1,502,344 $ 40,298 $ 949,769 $ 5,091,524 9.1% FY25 Investment per Bed / Unit Initial Investment (000s)Investments Properties Beds / Units Yield(1) Skilled Nursing Triple-net 27 3,205 $ 197,463 $ 632,869 9.1% Senior Housing Triple-net 139 7,897 116,794 922,325 8.1% Senior Housing Operating 3 270 149,252 40,298 7.7% Loan Funding 162,251 9.9% Total 169 11,372 $ 154,568 $ 1,757,743 8.6% Dispositions 27 2,201 157,851 (2) Loan Repayments 73,901 (2) Net Investments $ 1,525,991 5 (1) Acquisition yields 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 loan repayments and property sales, including financing receivable. 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 December 31, 2025.

 
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 Q3 '25 Stabilized Portfolio Operators Properties Skilled Nursing Triple-net Senior Housing Triple-net Total Q2 '25 Q3 '24 < 1.00x — — —% —% —% —% —% 1.00 - 1.39x 3 26 3% 5% 8% 5% 9% 1.40 - 1.79x 8 80 2% 17% 19% 32% 27% 1.80 - 2.19x 3 24 16% 1% 17% 6% 9% 2.20 - 2.59x 5 15 4% 4% 7% 7% 1% 2.60 - 2.99x 3 25 5% 2% 8% 8% 26% >= 3.00x 5 127 35% 7% 41% 42% 28% Total 27 297 65% 35% 100% 100% 100% Rent Coverage 3.17x 2.05x 2.78x 2.77x 2.67x EBITDAR Coverage(1) As of Q3 '25 Stabilized Portfolio Operators Properties Skilled Nursing Triple-net Senior Housing Triple-net Total Q2 '25 Q3 '24 < 1.00x 2 16 3% 1% 4% 4% 9% 1.00 - 1.39x 8 88 2% 20% 22% 13% 30% 1.40 - 1.79x 5 30 16% 2% 18% 29% 6% 1.80 - 2.19x 5 16 4% 4% 8% 4% 8% 2.20 - 2.59x 3 22 5% 2% 8% 8% 20% 2.60 - 2.99x 2 27 7% 6% 12% 14% —% >= 3.00x 2 98 28% —% 28% 28% 27% Total 27 297 65% 35% 100% 100% 100% Rent Coverage 2.51x 1.66x 2.22x 2.21x 2.11x 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 $ 89,303 $ 2,799 $ 92,102 23% PACS Group 26 42,455 — 42,455 10% Priority Management Group 15 32,799 — 32,799 8% Minster Care Management 49 — 23,182 23,182 6% Links Healthcare 13 22,511 — 22,511 6% 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 — 14,222 14,222 3% Cascadia(2) 12 13,438 — 13,438 3% Top Ten 271 241,408 54,579 295,987 72% Remaining 136 63,712 49,424 113,136 28% Total 407 $ 305,120 $ 104,003 $ 409,123 100% State/UK Properties Skilled Nursing Triple-net Senior Housing Triple-net Total % of Total California 54 $ 62,924 $ 23,541 $ 86,465 21% UK 133 — 69,061 69,061 17% Texas 42 42,941 1,826 44,767 11% Tennessee 27 44,224 — 44,224 11% Louisiana 8 19,343 — 19,343 5% Idaho 19 17,830 — 17,830 4% Washington 17 14,595 377 14,972 4% Virginia 4 14,368 — 14,368 4% Arizona 11 11,486 2,567 14,053 3% Mississippi 8 13,000 — 13,000 3% Top Ten 323 240,711 97,372 338,083 83% Remaining 84 64,409 6,631 71,040 17% Total 407 $ 305,120 $ 104,003 $ 409,123 100% 8 (1) Diversification is based on in place rents as of December 31, 2025, 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 $ — $ — $ 2,840 $ 2,840 1% 2027 — — 7,779 7,779 2% 2028 — — 7,700 7,700 2% 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 8% 2033 16,780 1,402 2,372 20,554 4% 2034 31,171 9,207 3,350 43,728 9% 2035+ 176,336 92,933 3,999 273,268 56% $ 305,120 $ 104,003 $ 72,851 $ 481,974 100% Weighted Avg Mat. 11 years 18 years 5 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) 0.8% $ 33,675 3/5/2027 9/5/2027 2 3,468 (5) 0.9% 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% 131,686 9/1/2028 8/31/2030 1 741 0.2% 7,408 9 (1) Rental income is based on in place rents as of December 31, 2025, annualized. (2) Interest income represents annualized interest income as of December 31, 2025 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 — 2.5 years 4.4 years 3.6 years % Floating Rate Debt 100% —% 100% 56% 10 (1) Represents principal amounts (in thousands) due as of December 31, 2025. (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%. The Revolving Line of Credit has $1.2 billion of availability as of December 31, 2025, with a maturity date, if drawn, 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) Q4'25 Q3'25 Q4'24 Total cash interest $ 39,567 $ 33,813 $ 26,918 Secured debt principal amortization — — — Total fixed charges 39,567 33,813 26,918 Normalized EBITDA attributable to CareTrust REIT, Inc.(1) 415,292 376,983 268,058 Fixed charge coverage ratio 10.50x 11.15x 9.96x Net Debt to EBITDA (dollars in thousands) Q4'25 Q3'25 Q4'24 Total debt $ 900,000 $ 900,000 $ 400,000 Less cash, cash equivalents, restricted cash and escrow deposits on acquisitions of real estate 339,295 712,480 213,822 Less net proceeds from ATM forward sales(2) 238,033 — — Net debt $ 322,672 $ 187,520 $ 186,178 Normalized EBITDA attributable to CareTrust REIT, Inc.(1) $ 117,481 $ 111,082 $ 79,172 Full impact of quarterly investments(3) 2,747 615 11,027 Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. $ 120,228 $ 111,697 $ 90,199 Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.(1)(4) $ 480,912 $ 446,788 $ 360,796 Net debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.(1)(4) 0.67x 0.42x 0.52x Other Key Metrics (dollars in thousands) Q4'25 Q3'25 Q4'24 Secured debt $ — $ — $ — Unsecured debt 900,000 900,000 400,000 Total debt 900,000 900,000 400,000 Gross asset value(5) 5,712,081 5,625,556 3,915,798 Unencumbered gross assets 5,712,081 5,625,556 3,915,798 Secured leverage ratio — % — % — % Unsecured leverage ratio 16 % 16 % 10 % Total leverage ratio 16 % 16 % 10 % Credit Facility Compliance (dollars in thousands) Requirement Actual Status Consolidated Leverage Ratio 60 % 15 % In Compliance Fixed Charge Coverage Ratio 1.50x 10.50x In Compliance Consolidated Tangible Net Worth $ 3,341,615 $ 4,598,925 In Compliance Secured Debt Ratio 40 % — % In Compliance 11 (1) Normalized EBITDA and Normalized Run Rate EBITDA are non-GAAP financial measures. See "Financials — Quarterly Results" on the Investors section of our website at http://investor.caretrustreit.com 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 Number of Shares (000s) Public Offering Price per Share Gross Proceeds (000s) Q4'25 — — — Q3'25 23,000 $ 32.00 $ 736,000 Q2'25 — — — Q1'25 — — — 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) Number of Shares (000s) Public Offering Price per Share Gross Proceeds (000s) Q4'25(3) 6,503 $ 37.30 $ 242,534 Q3'25 — — — Q2'25 12,055 $ 29.36 $ 353,907 Q1'25 553 $ 28.87 $ 15,964 2025 19,111 $ 32.05 $ 612,405 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 December 31, 2025, CareTrust REIT had $137.6 million available for future issuances under the ATM Program. (3) Represents shares sold under forward sales agreements which remain unsettled as of December 31, 2025.

 
Guidance FY2026 Total (in millions) Per Share Low High Low High Net income attributable to CareTrust REIT, Inc. $ 326 $ 338 $ 1.45 $ 1.50 Real estate related depreciation and amortization, net of NCI 101 101 0.45 0.45 Funds from Operations (FFO) 427 439 1.90 1.95 Normalizing items — — — — Normalized FFO 427 439 1.90 1.95 Net income attributable to CareTrust REIT, Inc. 326 338 1.45 1.50 Real estate related depreciation and amortization, net of NCI 101 101 0.45 0.45 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 (14) (14) (0.06) (0.06) Noncash revenues related to financing receivable (2) (2) (0.01) (0.01) Amortization of lease incentives — — — — Noncontrolling interests' share of amortization of lease incentives — — — — Funds Available for Distribution (FAD) 428 440 1.90 1.95 Normalizing items — — — — Normalized FAD 428 440 1.90 1.95 Weighted average diluted shares outstanding 225 225 13 Additional Guidance Measures • Cash rental revenue of $430-436 million • Interest income of $88-92 million • General and administrative expense of $57-59 million • Interest expense of $45-46 million • Income tax expense of $9 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 • $42 million of loans set to mature in 2026 or 2027 to be 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 For the Three Months Ended December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Revenues Rental income $ 106,250 $ 62,199 $ 368,194 $ 228,261 Resident fees and services 1,225 — 1,225 — Interest income from financing receivable 2,891 1,009 11,492 1,009 Interest income from other RE related investments and other income 24,493 23,736 95,482 67,016 Total revenues 134,859 86,944 476,393 296,286 Expenses Depreciation and amortization 27,142 15,514 92,891 56,831 Interest expense 11,378 5,122 43,707 30,310 Property taxes and insurance 2,260 1,946 8,768 7,838 Senior housing operating expenses 952 — 952 — Impairment of real estate investments 2,031 5,353 2,483 42,225 Transaction costs 3,820 1,326 5,329 1,326 Provision for loan losses, net — 4,900 — 4,900 Property operating (recoveries) expenses (1,460) 1,322 (138) 5,714 General and administrative 15,473 9,286 52,465 28,923 Total expenses 61,596 44,769 206,457 178,067 Other income (loss) Other income, net 4,350 — 4,350 — Loss on extinguishment of debt — — (390) (657) Gain (loss) on sale of real estate, net 27,672 46 31,548 (2,208) Unrealized gain on other RE related investments, net 8,973 9,734 15,831 9,045 (Loss) gain on foreign currency transactions, net (103) — 4,012 — Total other income 40,892 9,780 55,351 6,180 Income before income tax expense 114,155 51,955 325,287 124,399 Income tax expense (1,894) — (5,001) — Net income 112,261 51,955 320,286 124,399 Net income (loss) attributable to noncontrolling interests 971 (180) (252) (681) Net income attributable to CareTrust REIT, Inc. $ 111,290 $ 52,135 $ 320,538 $ 125,080 Earnings available to CareTrust REIT, Inc. per common share Basic $ 0.50 $ 0.29 $ 1.57 $ 0.81 Diluted $ 0.50 $ 0.29 $ 1.57 $ 0.80 Weighted-average number of common shares Basic 222,746 181,645 203,642 154,795 Diluted 223,345 182,013 204,091 155,167 Dividends declared per common share $ 0.335 $ 0.290 $ 1.340 $ 1.160 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 For the Three Months Ended December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Net income attributable to CareTrust REIT, Inc $ 111,290 $ 52,135 $ 320,538 $ 125,080 Depreciation and amortization 27,142 15,514 90,507 56,831 Noncontrolling interests' share of real estate related depreciation and amortization (2,876) (837) (10,408) (837) Interest expense 11,378 4,768 43,707 29,025 Income tax expense 1,894 — 5,001 — Amortization of stock-based compensation(1) 28 1,461 6,766 6,130 Amortization of stock-based compensation related to extraordinary incentive plan 793 — 3,483 — EBITDA attributable to CareTrust REIT, Inc. 149,649 73,041 459,594 216,229 Write-off of deferred financing costs — 354 — 354 Impairment of real estate investments 2,031 5,353 2,483 42,225 Loss (gain) on foreign currency transactions, net 103 — (4,012) — Provision for loan losses — 4,900 — 4,900 Property operating (recoveries) expenses (1,561) 1,665 (174) 6,891 Loss on extinguishment of debt — — 390 657 (Gain) loss on sale of real estate, net (27,672) (46) (31,548) 2,208 Non-routine transaction costs 3,820 1,326 5,329 1,326 Accelerated amortization of lease intangibles, net of noncontrolling interests' share — — (1,023) — Extraordinary incentive plan payment — 2,313 — 2,313 Qualifying retirement benefits 1,896 — 1,896 — Other expenses 359 — 359 — Other income, net of NCI share(2) (2,171) — (2,171) — Unrealized gain on other real estate related investments, net (8,973) (9,734) (15,831) (9,045) Normalized EBITDA attributable to CareTrust REIT, Inc. $ 117,481 $ 79,172 $ 415,292 $ 268,058 16 (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.

 
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 For the Three Months Ended December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Net income attributable to CareTrust REIT, Inc $ 111,290 $ 52,135 $ 320,538 $ 125,080 Real estate related depreciation and amortization 27,046 15,507 90,390 56,804 Noncontrolling interests' share of real estate related depreciation and amortization (2,876) (837) (10,408) (837) Impairment of real estate investments 2,031 5,353 2,483 42,225 (Gain) loss on sale of real estate, net (27,672) (46) (31,548) 2,208 Funds from Operations (FFO) attributable to CareTrust REIT, Inc. 109,819 72,112 371,455 225,480 Write-off of deferred financing costs — 354 — 354 Loss (gain) on foreign currency transactions, net 103 — (4,012) — Provision for loan losses — 4,900 — 4,900 Accelerated amortization of lease intangibles, net of noncontrolling interests' share — — (1,023) — Property operating (recoveries) expenses (1,561) 1,665 (174) 6,891 Non-routine transaction costs 3,820 1,326 5,329 1,326 Loss on extinguishment of debt — — 390 657 Amortization of stock-based compensation related to extraordinary incentive plan 793 — 3,483 — Extraordinary incentive plan payment — 2,313 — 2,313 Qualifying retirement benefits 1,896 — 1,896 — Other expenses 359 — 359 — Other income, net of NCI share(1) (2,171) — (2,171) — Unrealized gain on other real estate related investments, net (8,973) (9,734) (15,831) (9,045) Normalized FFO attributable to CareTrust REIT, Inc. $ 104,085 $ 72,936 $ 359,701 $ 232,876 17 (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 For the Three Months Ended December 31 For the Twelve Months Ended December 31 2025 2024 2025 2024 Net income attributable to CareTrust REIT, Inc $ 111,290 $ 52,135 $ 320,538 $ 125,080 Real estate related depreciation and amortization 27,046 15,507 90,390 56,804 Noncontrolling interests' share of real estate related depreciation and amortization (2,876) (837) (10,408) (837) Amortization of deferred financing fees 1,121 619 4,140 2,461 Amortization of stock-based compensation(1) 28 1,461 6,766 6,130 Amortization of stock-based compensation related to extraordinary incentive plan 793 — 3,483 — Straight-line rental income (3,581) 7 (8,753) 28 Amortization of lease incentives 49 13 193 22 Noncontrolling interests' share of amortization of lease incentives (24) (6) (96) (6) Amortization of above and below market leases (81) (926) (2,369) (2,885) Noncontrolling interests' share of amortization of below market leases — 463 1,080 463 Accelerated amortization of lease intangibles, net of noncontrolling interests' share — — (1,023) — Non-cash interest income 1,417 (281) (632) (281) Impairment of real estate investments 2,031 5,353 2,483 42,225 (Gain) loss on sale of real estate, net (27,672) (46) (31,548) 2,208 Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc. 109,541 73,462 374,244 231,412 Write-off of deferred financing costs — 354 — 354 Loss (gain) on foreign currency transactions, net 103 — (4,012) — Provision for loan losses — 4,900 — 4,900 Property operating (recoveries) expenses (1,561) 1,665 (174) 6,891 Non-routine transaction costs 3,820 1,326 5,329 1,326 Loss on extinguishment of debt — — 390 657 Extraordinary incentive plan payment — 2,313 — 2,313 Qualifying retirement benefits 1,896 — 1,896 — Other expenses 359 — 359 — Other income, net of NCI share(2) (2,171) — (2,171) — Unrealized gain on other real estate related investments, net (8,973) (9,734) (15,831) (9,045) Normalized FAD attributable to CareTrust REIT, Inc. $ 103,014 $ 74,286 $ 360,030 $ 238,808 FFO per share attributable to CareTrust REIT, Inc. $ 0.49 $ 0.40 $ 1.82 $ 1.45 Normalized FFO per share attributable to CareTrust REIT, Inc. $ 0.47 $ 0.40 $ 1.76 $ 1.50 FAD per share attributable to CareTrust REIT, Inc. $ 0.49 $ 0.40 $ 1.83 $ 1.49 Normalized FAD per share attributable to CareTrust REIT, Inc. $ 0.46 $ 0.41 $ 1.76 $ 1.54 Diluted weighted average shares outstanding 223,721 182,222 204,351 155,325 18 (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.

 
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 December 31 2025 2024 Assets Real estate investments, net $ 3,709,576 $ 2,226,740 Financing receivable 92,193 96,004 Other real estate related investments 899,262 795,203 Assets held for sale, net — 57,261 Cash and cash equivalents 198,042 213,822 Accounts and other receivables 10,368 1,174 Prepaid expenses and other assets, net 230,427 35,608 Deferred financing costs, net 8,568 11,204 Total assets $ 5,148,436 $ 3,437,016 Liabilities Senior unsecured notes payable, net $ 397,816 $ 396,927 Senior unsecured term loan, net 496,404 — Accounts payable, accrued liabilities and deferred rent liabilities 120,442 56,318 Dividends payable 74,806 54,388 Total liabilities 1,089,468 507,633 Redeemable noncontrolling interests 18,156 18,243 Equity Common stock 2,227 1,870 Additional paid-in capital 4,518,977 3,439,117 Cumulative distributions in excess of earnings (491,796) (532,570) Accumulated other comprehensive income 5,872 — Total stockholders equity 4,035,280 2,908,417 Noncontrolling interests 5,532 2,723 Total equity 4,040,812 2,911,140 Total liabilities and equity $ 5,148,436 $ 3,437,016 19

 
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 December 31, (in thousands, except per share amounts) 2025 2024 Total debt $ 900,000 $ 400,000 Less cash, cash equivalents, and restricted cash 339,295 213,822 Less net proceeds from ATM forward sales(1) 238,033 — Net debt 322,672 186,178 Common shares outstanding(1) 229,803 187,546 Period end share price 36.16 27.05 Common equity market capitalization 8,309,676 5,073,119 Noncontrolling interests(2) 23,688 20,966 Consolidated enterprise value 8,656,036 5,280,263 Joint venture debt, net — — Total enterprise value $ 8,656,036 $ 5,280,263 20 (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.

 
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 236 171 3 410 Recent acquisitions (67) (16) (3) (86) Under development — — — — Held for sale — — — — Land parcels — (1) — (1) Transitions (14) (10) — (24) Other — (2) — (2) Stabilized properties 155 142 — 297 21 (1) As of December 31, 2025. See "Glossary" for additional information.

 
Glossary 22 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 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 for properties acquired in connection with the Company becoming public represents Ensign's and Pennant's gross book value. Initial Investment for properties acquired since inception as a public company represents CareTrust REIT’s purchase price and transaction costs and includes commitments for capital expenditures that are not rent producing and impairment charges (on all portfolio slides except the Investments slide). 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, 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) 23

 

Source: View Original Filing on SEC EDGAR

FAQ

How did CareTrust REIT (CTRE) perform financially in full-year 2025?

CareTrust REIT posted 2025 net income attributable to the company of $320.5 million, or $1.57 per diluted share, up 96% year over year. Normalized FFO reached $359.7 million, or $1.76 per share, and Normalized FAD was $360.0 million, also $1.76 per share.

What were CareTrust REIT’s key fourth-quarter 2025 earnings metrics?

In Q4 2025, CareTrust generated net income of $111.3 million, or $0.50 per diluted share, a 72% increase year over year. Normalized FFO was $104.1 million, or $0.47 per diluted share, up 18%, and Normalized FAD was $103.0 million, or $0.46.

How much did CareTrust REIT invest in 2025 and at what yields?

During 2025, CareTrust closed investment activity totaling $1.8 billion at a blended stabilized yield of 8.6%. In Q4 alone, it completed $561.5 million of investments at an 8.8% yield, plus additional investments after year-end at an 8.9% blended yield.

What is CareTrust REIT’s leverage and liquidity position at year-end 2025?

At December 31, 2025, CareTrust reported Net Debt to Annualized Normalized Run Rate EBITDA of 0.7x, with no borrowings on its $1.2 billion unsecured revolver. It also held about $100 million of cash and had $372.0 million of pending gross proceeds from unsettled forward equity contracts.

What 2026 earnings guidance did CareTrust REIT provide?

For 2026, CareTrust projects net income of approximately $1.45–$1.50 per share. It guides to Normalized FFO of about $1.90–$1.95 per share and Normalized FAD of $1.90–$1.95, with midpoints roughly 9.4% above 2025 levels.

What dividend is CareTrust REIT paying and how well is it covered?

In Q4 2025, CareTrust declared a quarterly dividend of $0.335 per common share. On an annualized basis, that represented payout ratios of about 71% of fourth-quarter Normalized FFO and 73% of Normalized FAD, indicating solid coverage from recurring cash flows.

How is CareTrust REIT funding its growth and equity needs?

CareTrust raised $1.1 billion of gross proceeds from equity issuances during 2025, plus $242.5 million of gross proceeds tied to unsettled forward equity contracts at year-end. After quarter end, unsettled forward equity increased to $372.0 million, providing additional capital flexibility for its investment pipeline.

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CTRE Rankings

#1040 Ranked by Market Cap
#641 Ranked by Dividends
#254 52-Week Gainer
#755 YTD Gainer
#330 Monthly Gainer
#215 Ranked by Short %Change

CTRE Latest News

Feb 12, 2026
CareTrust REIT Announces Fourth Quarter & Full Year 2025 Operating Results
Jan 28, 2026
CareTrust REIT Sets Fourth Quarter Earnings Call for Friday, February 13, 2026
Jan 26, 2026
CareTrust REIT, Inc. Announces Tax Treatment of 2025 Dividends
Jan 5, 2026
CareTrust Acquires Mid-Atlantic Skilled Nursing Portfolio for Approximately $142 Million
Jan 5, 2026
CareTrust Announces Promotions and Key Hires

CTRE Latest SEC Filings

Feb 17, 2026
[424B5] CareTrust REIT, Inc. Prospectus Supplement (Debt Securities)
Feb 17, 2026
[8-K] CareTrust REIT, Inc. Reports Material Event
Feb 12, 2026
[10-K] CareTrust REIT, Inc. Files Annual Report
Feb 10, 2026
[SCHEDULE 13G] CareTrust REIT, Inc. Passive Investment Disclosure (>5%)
Feb 3, 2026
[Form 4] CareTrust REIT, Inc. Insider Trading Activity

CTRE Stock Data

8.90B
222.19M
REIT - Healthcare Facilities
Real Estate Investment Trusts
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United States
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