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

By Business Wire | August 06, 2026, 4:20 PM

Conference Call Scheduled for Friday, August 7, 2026 at 11:00 am ET



DANA POINT, Calif.--(BUSINESS WIRE)--CareTrust REIT, Inc. (NYSE:CTRE) today reported operating results for the quarter ended June 30, 2026, as well as other recent events.

For the quarter, CareTrust reported:

  • Net income of $89.0 million and net income per diluted weighted average share of $0.38, an increase of $0.03, or 9%, over the prior year quarter;
  • Normalized FFO of $119.7 million and Normalized FFO per diluted weighted average share of $0.51, an increase of $0.08, or 19%, over the prior year quarter;
  • Normalized FAD of $118.5 million and Normalized FAD per diluted weighted average share of $0.51, an increase of $0.08, or 19%, over the prior year quarter;
  • $899.6 million of investment activity closed at a blended stabilized yield of 8.9%;
  • $578.2 million of gross proceeds from a forward equity offering, which remain unsettled;
  • $363.6 million of gross proceeds from settlement of equity forward contracts under the ATM Program;
  • Net Debt to Annualized Normalized Run Rate EBITDA of 1.01x;
  • 100.0% collection of contractual rent and interest; and
  • A quarterly dividend of $0.39 per share, representing a payout ratio of approximately 76% of Normalized FAD.

Since quarter end, CareTrust reports:

  • $307.9 million of investment activity closed at a blended stabilized yield of 7.8%;
  • A $540 million investment pipeline;
  • $605 million available under its $1.2 billion unsecured revolving credit facility as of August 6, 2026;
  • $90 million of cash on hand as of August 5, 2026; and
  • $671 million in gross proceeds outstanding under equity forward contracts.

CareTrust’s Chief Executive Officer, Dave Sedgwick, commented, "Q2 was another record quarter for CareTrust on many fronts, carrying forward the momentum we've generated over the past few years. Year-to-date, we've deployed approximately $1.5 billion at a blended stabilized yield of roughly 8.7%. With a reloaded pipeline of $540 million, a fortress balance sheet, the team stronger than ever before, the opportunity set expanded, and great relationships with partners and new and existing high-quality operators, there has simply never been a more exciting time for CareTrust.”

Financial Results for Quarter Ended June 30, 2026

For the second quarter, CareTrust reported net income of $89.0 million, or $0.38 per diluted weighted-average common share, Normalized FFO of $119.7 million, or $0.51 per diluted weighted-average common share, and Normalized FAD of $118.5 million, or $0.51 per diluted weighted-average common share.

Liquidity

As of quarter end, CareTrust reported Net Debt-to-Annualized Normalized Run Rate EBITDA of 1.01x, and a net debt-to-enterprise value of approximately 5.4%. Derek Bunker, CareTrust's Chief Financial Officer, stated that as of today the Company has $595 million in borrowings outstanding on its $1.2 billion unsecured revolving credit facility, with no scheduled debt maturities prior to 2028, and approximately $785.8 million available for future issuances under the ATM Program. He also reported that CareTrust currently has approximately $90 million in cash on hand and $671 million in gross proceeds outstanding under unsettled equity forward contracts.

Increased 2026 Guidance

The Company provided updated guidance for 2026, projecting net income attributable to CareTrust of approximately $1.53 to $1.56 per share, Normalized FFO of approximately $2.03 to $2.06 per share, and Normalized FAD of approximately $2.01 to $2.04 per share. Mr. Bunker commented, “The midpoints of our new Normalized FFO and Normalized FAD guidance represent increases of 16.2% and 15.1%, respectively, over 2025 results. Our liquidity and capital access remain in great shape, giving us the flexibility to keep funding investments at our current pace. Between a balance sheet built for optionality and deep relationships across capital markets, we have real competitive advantages that provide runway to keep pursuing external growth aggressively."

Mr. Bunker noted that full year 2026 guidance is based on a weighted average diluted share count of 233 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;
  • $147 million of loans to be fully repaid throughout the year; and
  • No material change in the GBP:USD spot exchange rate.

Dividend Maintained

During the quarter, CareTrust declared a quarterly dividend of $0.39 per common share. On an annualized basis, the payout ratio was approximately 76% based on second quarter 2026 Normalized FFO, and 76% based on second quarter 2026 Normalized FAD.

Conference Call

A conference call will be held on Friday, August 7, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time), during which CareTrust’s management will discuss second quarter 2026 results, recent developments and other matters. The toll-free dial-in number is 1 (833) 461-5787 or toll dial-in number is 1 (585) 542-9983 and the conference ID number is 615613867. 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 CareTrust™

CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States and internationally. More information about CareTrust REIT is available at www.caretrustreit.com.

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

This press release contains, and the related conference call will include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the following: access to capital; investment activity; growth prospects; and operating and financial performance, including our fiscal year 2026 guidance and the assumptions set forth therein.

Words such as “anticipate,” “believe,” “could,” “expect,” “estimate,” “intend,” “may,” “plan,” “seek,” “should,” “will,” “would,” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. 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 the forward-looking statements are reasonable, 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 our 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 impairment charges related to any asset sales 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; (xviii) risks and challenges related to our use of, or inability to use, artificial intelligence; and (xix) any additional factors included under Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (the “SEC”).

This press release and the related conference call provide information about the Company's financial results as of and for the quarter ended June 30, 2026 and is provided as of the date hereof, unless specifically stated otherwise. The Company expressly disclaims any obligation to update or revise any information in this press release or the related conference call (and replays thereof), including forward-looking statements, whether to reflect any change in the Company’s expectations, any change in events, conditions or circumstances, or otherwise.

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

CARETRUST REIT, INC.

CONSOLIDATED INCOME STATEMENTS

(in thousands, except per share data)

(Unaudited)

 

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

 

2026

2025

2026

2025

Revenues:

 

 

 

 

Rental income

$

118,205

 

$

86,033

 

$

232,401

 

$

157,679

 

Resident fees and services

 

4,643

 

 

 

 

8,495

 

 

 

Interest income from financing receivables

 

11,696

 

 

2,886

 

 

14,474

 

 

5,693

 

Interest income from other real estate related investments and other income

 

26,804

 

 

23,550

 

 

48,761

 

 

45,718

 

Total revenues

 

161,348

 

 

112,469

 

 

304,131

 

 

209,090

 

Expenses:

 

 

 

 

Depreciation and amortization

 

30,362

 

 

21,215

 

 

59,792

 

 

39,056

 

Interest expense

 

15,324

 

 

13,038

 

 

26,566

 

 

19,707

 

Property taxes and insurance

 

2,163

 

 

2,117

 

 

4,616

 

 

4,182

 

Senior housing operating expenses

 

3,732

 

 

 

 

6,838

 

 

 

Transaction costs

 

352

 

 

61

 

 

559

 

 

949

 

Provision for loan losses

 

4,671

 

 

 

 

4,671

 

 

 

Property operating (recoveries) expenses

 

(4

)

 

938

 

 

292

 

 

1,043

 

General and administrative

 

15,777

 

 

12,549

 

 

30,114

 

 

21,572

 

Total expenses

 

72,377

 

 

49,918

 

 

133,448

 

 

86,509

 

Other income:

 

 

 

 

Gain on sale of real estate, net

 

 

 

 

 

 

 

3,876

 

Unrealized gain on other real estate related investments, net

 

1,725

 

 

1,968

 

 

1,732

 

 

3,255

 

Gain on foreign currency transactions, net

 

75

 

 

4,413

 

 

132

 

 

4,413

 

Total other income

 

1,800

 

 

6,381

 

 

1,864

 

 

11,544

 

Income before income tax expense

 

90,771

 

 

68,932

 

 

172,547

 

 

134,125

 

Income tax expense

 

(2,535

)

 

(1,030

)

 

(4,806

)

 

(1,030

)

Net income

 

88,236

 

 

67,902

 

 

167,741

 

 

133,095

 

Net loss attributable to noncontrolling interests

 

(760

)

 

(643

)

 

(1,465

)

 

(1,252

)

Net income attributable to CareTrust REIT, Inc.

$

88,996

 

$

68,545

 

$

169,206

 

$

134,347

 

 

 

 

 

 

Earnings per common share attributable to CareTrust REIT, Inc.:

 

 

 

 

Basic

$

0.38

 

$

0.36

 

$

0.74

 

$

0.71

 

Diluted

$

0.38

 

$

0.35

 

$

0.74

 

$

0.70

 

 

 

 

 

 

Weighted-average number of common shares:

 

 

 

 

Basic

 

233,751

 

 

192,444

 

 

228,412

 

 

189,813

 

Diluted

 

234,244

 

 

192,851

 

 

229,129

 

 

190,130

 

Dividends declared per common share

$

0.39

 

$

0.335

 

$

0.78

 

$

0.67

 

 

CARETRUST REIT, INC.

RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES

(in thousands and unaudited)

 

 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2026

2025

2026

2025

 

 

 

 

 

Net income attributable to CareTrust REIT, Inc.

$

88,996

 

$

68,545

 

$

169,206

 

$

134,347

 

Depreciation and amortization

 

30,362

 

 

21,215

 

 

59,792

 

 

39,056

 

Noncontrolling interests' share of real estate related depreciation and amortization

 

(2,844

)

 

(2,513

)

 

(5,656

)

 

(4,736

)

Interest expense

 

15,324

 

 

13,038

 

 

26,566

 

 

19,707

 

Income tax expense

 

2,535

 

 

1,030

 

 

4,806

 

 

1,030

 

Amortization of stock-based compensation

 

3,023

 

 

1,945

 

 

6,207

 

 

5,038

 

Amortization of stock-based compensation related to extraordinary incentive plan

 

 

 

1,081

 

 

264

 

 

1,897

 

EBITDA attributable to CareTrust REIT, Inc.

 

137,396

 

 

104,341

 

 

261,185

 

 

196,339

 

Gain on foreign currency transactions, net

 

 

 

(4,413

)

 

 

 

(4,413

)

Provision for loan losses

 

4,671

 

 

 

 

4,671

 

 

 

Property operating (recoveries) expenses

 

(4

)

 

1,090

 

 

299

 

 

985

 

Gain on sale of real estate, net

 

 

 

 

 

 

 

(3,876

)

Non-routine transaction costs

 

352

 

 

61

 

 

559

 

 

949

 

Unrealized gain on other real estate related investments, net

 

(1,725

)

 

(1,968

)

 

(1,732

)

 

(3,255

)

Normalized EBITDA attributable to CareTrust REIT, Inc.

 

140,690

 

 

99,111

 

$

264,982

 

$

186,729

 

Full impact of quarterly investments[1]

 

4,137

 

 

10,126

 

 

 

Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.

$

144,827

 

$

109,237

 

 

 

 

 

 

 

 

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

 

 

 

 

 

NET DEBT TO ANNUALIZED NORMALIZED RUN RATE EBITDA RECONCILIATION

(in thousands and unaudited)

 

Three Months Ended

June 30,

 

 

 

2026

2025

 

 

Total debt

$

1,210,000

 

$

1,161,990

 

 

 

Cash, cash equivalents, restricted cash and escrow deposits on acquisitions of real estate

 

(49,267

)

 

(306,051

)

 

 

Net proceeds from forward equity offering and ATM forward[1]

 

(576,958

)

 

 

 

 

Net Debt

$

583,775

 

$

855,939

 

 

 

Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.[2]

$

579,308

 

$

436,948

 

 

 

Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.

1.01x

2.0x

 

 

[1] Assumes the net proceeds from the future expected settlement of shares sold under forward equity offering and forward equity contracts through the Company's ATM program reduces outstanding debt and assumes the shares were issued.

[2] Annualized Normalized Run Rate EBITDA is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter multiplied by four (4).

 

 

 

 

 

CARETRUST REIT, INC.

RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)

(in thousands and unaudited)

 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2026

2025

2026

2025

 

 

 

 

 

Net income attributable to CareTrust REIT, Inc.

$

88,996

 

$

68,545

 

$

169,206

 

$

134,347

 

Real estate related depreciation and amortization

 

30,212

 

 

21,208

 

 

59,495

 

 

39,041

 

Noncontrolling interests' share of real estate related depreciation and amortization

 

(2,844

)

 

(2,513

)

 

(5,656

)

 

(4,736

)

Gain on sale of real estate, net

 

 

 

 

 

 

 

(3,876

)

FFO attributable to CareTrust REIT, Inc.

 

116,364

 

 

87,240

 

 

223,045

 

 

164,776

 

Gain on foreign currency transactions, net

 

 

 

(4,413

)

 

 

 

(4,413

)

Provision for loan losses

 

4,671

 

 

 

 

4,671

 

 

 

Property operating (recoveries) expenses

 

(4

)

 

1,090

 

 

299

 

 

985

 

Non-routine transaction costs

 

352

 

 

61

 

 

559

 

 

949

 

Amortization of stock-based compensation related to extraordinary incentive plan

 

 

 

1,081

 

 

264

 

 

1,897

 

Unrealized gain on other real estate related investments, net

 

(1,725

)

 

(1,968

)

 

(1,732

)

 

(3,255

)

Normalized FFO attributable to CareTrust REIT, Inc.

$

119,658

 

$

83,091

 

$

227,106

 

$

160,939

 

 

CARETRUST REIT, INC.

RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)

(in thousands, except per share data)

(Unaudited)

 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2026

2025

2026

2025

 

 

 

 

 

Net income attributable to CareTrust REIT, Inc.

$

88,996

 

$

68,545

 

$

169,206

 

$

134,347

 

Real estate related depreciation and amortization

 

30,212

 

 

21,208

 

 

59,495

 

 

39,041

 

Noncontrolling interests' share of real estate related depreciation and amortization

 

(2,844

)

 

(2,513

)

 

(5,656

)

 

(4,736

)

Amortization of deferred financing fees

 

1,121

 

 

984

 

 

2,241

 

 

1,898

 

Amortization of stock-based compensation

 

3,023

 

 

1,945

 

 

6,207

 

 

5,038

 

Amortization of stock-based compensation related to extraordinary incentive plan

 

 

 

1,081

 

 

264

 

 

1,897

 

Straight-line rental income

 

(4,184

)

 

(1,760

)

 

(8,027

)

 

(1,753

)

Amortization of lease incentives

 

49

 

 

48

 

 

98

 

 

96

 

Noncontrolling interests' share of amortization of lease incentives

 

(23

)

 

(24

)

 

(47

)

 

(48

)

Amortization of above and below market leases

 

(43

)

 

(972

)

 

(42

)

 

(1,898

)

Noncontrolling interests' share of amortization of below market leases

 

 

 

463

 

 

 

 

926

 

Non-cash interest income

 

(1,129

)

 

(703

)

 

(1,477

)

 

(1,326

)

Gain on sale of real estate, net

 

 

 

 

 

 

 

(3,876

)

FAD attributable to CareTrust REIT, Inc.

 

115,178

 

 

88,302

 

 

222,262

 

 

169,606

 

Gain on foreign currency transactions, net

 

 

 

(4,413

)

 

 

 

(4,413

)

Provision for loan losses

 

4,671

 

 

 

 

4,671

 

 

 

Property operating (recoveries) expenses

 

(4

)

 

1,090

 

 

299

 

 

985

 

Non-routine transaction costs

 

352

 

 

61

 

 

559

 

 

949

 

Unrealized gain on other real estate related investments, net

 

(1,725

)

 

(1,968

)

 

(1,732

)

 

(3,255

)

Normalized FAD attributable to CareTrust REIT, Inc.

$

118,472

 

$

83,072

 

$

226,059

 

$

163,872

 

 

 

 

 

 

FFO per share attributable to CareTrust REIT, Inc.

$

0.50

 

$

0.45

 

$

0.97

 

$

0.87

 

Normalized FFO per share attributable to CareTrust REIT, Inc.

$

0.51

 

$

0.43

 

$

0.99

 

$

0.85

 

 

 

 

 

 

FAD per share attributable to CareTrust REIT, Inc.

$

0.49

 

$

0.46

 

$

0.97

 

$

0.89

 

Normalized FAD per share attributable to CareTrust REIT, Inc.

$

0.51

 

$

0.43

 

$

0.99

 

$

0.86

 

Diluted weighted average shares outstanding [1]

 

234,348

 

 

193,055

 

 

229,281

 

 

190,329

 

 

 

 

 

 

[1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method.

CARETRUST REIT, INC.

CONSOLIDATED INCOME STATEMENTS - 5 QUARTER TREND

(in thousands, except per share data)

(Unaudited)

 

Quarter

Quarter

Quarter

Quarter

Quarter

 

Ended

Ended

Ended

Ended

Ended

 

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

Revenues:

 

 

 

 

 

Rental income

$

86,033

 

$

104,265

 

$

106,250

 

$

114,196

 

$

118,205

 

Resident fees and services

 

 

 

 

 

1,225

 

 

3,852

 

 

4,643

 

Interest income from financing receivables

 

2,886

 

 

2,908

 

 

2,891

 

 

2,778

 

 

11,696

 

Interest income from other real estate related investments and other income

 

23,550

 

 

25,271

 

 

24,493

 

 

21,957

 

 

26,804

 

Total revenues

 

112,469

 

 

132,444

 

 

134,859

 

 

142,783

 

 

161,348

 

Expenses:

 

 

 

 

 

Depreciation and amortization

 

21,215

 

 

26,693

 

 

27,142

 

 

29,430

 

 

30,362

 

Interest expense

 

13,038

 

 

12,622

 

 

11,378

 

 

11,242

 

 

15,324

 

Property taxes and insurance

 

2,117

 

 

2,326

 

 

2,260

 

 

2,453

 

 

2,163

 

Senior housing operating expenses

 

 

 

 

 

952

 

 

3,106

 

 

3,732

 

Impairment of real estate investments

 

 

 

452

 

 

2,031

 

 

 

 

 

Transaction costs

 

61

 

 

560

 

 

3,820

 

 

207

 

 

352

 

Provision for loan losses

 

 

 

 

 

 

 

 

 

4,671

 

Property operating expenses (recoveries)

 

938

 

 

279

 

 

(1,460

)

 

296

 

 

(4

)

General and administrative

 

12,549

 

 

15,420

 

 

15,473

 

 

14,337

 

 

15,777

 

Total expenses

 

49,918

 

 

58,352

 

 

61,596

 

 

61,071

 

 

72,377

 

Other income (loss):

 

 

 

 

 

Other income, net

 

 

 

 

 

4,350

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

(390

)

 

 

 

 

 

 

Gain on sale of real estate, net

 

 

 

 

 

27,672

 

 

 

 

 

Unrealized gain on other real estate related investments, net

 

1,968

 

 

3,603

 

 

8,973

 

 

7

 

 

1,725

 

Gain (loss) on foreign currency transactions

 

4,413

 

 

(298

)

 

(103

)

 

57

 

 

75

 

Total other income

 

6,381

 

 

2,915

 

 

40,892

 

 

64

 

 

1,800

 

Income before income tax expense

 

68,932

 

 

77,007

 

 

114,155

 

 

81,776

 

 

90,771

 

Income tax expense

 

(1,030

)

 

(2,077

)

 

(1,894

)

 

(2,271

)

 

(2,535

)

Net income

 

67,902

 

 

74,930

 

 

112,261

 

 

79,505

 

 

88,236

 

Net (loss) income attributable to noncontrolling interests

 

(643

)

 

29

 

 

971

 

 

(705

)

 

(760

)

Net income attributable to CareTrust REIT, Inc.

$

68,545

 

$

74,901

 

$

111,290

 

$

80,210

 

$

88,996

 

 

 

 

 

 

 

Diluted earnings per share attributable to CareTrust REIT, Inc.

$

0.35

 

$

0.35

 

$

0.50

 

$

0.36

 

$

0.38

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

192,851

 

 

212,271

 

223,345

 

 

223,955

 

234,244

 

CARETRUST REIT, INC.

RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND

(in thousands)

(Unaudited)

 

Quarter

Quarter

Quarter

Quarter

Quarter

 

Ended

Ended

Ended

Ended

Ended

 

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

June 30,

2026

 

 

 

 

 

 

Net income attributable to CareTrust REIT, Inc.

$

68,545

 

$

74,901

 

$

111,290

 

$

80,210

 

$

88,996

 

Depreciation and amortization

 

21,215

 

 

24,309

 

 

27,142

 

 

29,430

 

 

30,362

 

Noncontrolling interests' share of real estate related depreciation and amortization

 

(2,513

)

 

(2,796

)

 

(2,876

)

 

(2,812

)

 

(2,844

)

Interest expense

 

13,038

 

 

12,622

 

 

11,378

 

 

11,242

 

 

15,324

 

Income tax expense

 

1,030

 

 

2,077

 

 

1,894

 

 

2,271

 

 

2,535

 

Amortization of stock-based compensation[1]

 

1,945

 

 

1,700

 

 

28

 

 

3,184

 

 

3,023

 

Amortization of stock-based compensation related to extraordinary incentive plan

 

1,081

 

 

793

 

 

793

 

 

264

 

 

 

EBITDA attributable to CareTrust REIT, Inc.

 

104,341

 

 

113,606

 

 

149,649

 

 

123,789

 

 

137,396

 

Impairment of real estate investments

 

 

 

452

 

 

2,031

 

 

 

 

 

(Gain) loss on foreign currency transactions, net

 

(4,413

)

 

298

 

 

103

 

 

 

 

 

Provision for loan losses

 

 

 

 

 

 

 

 

 

4,671

 

Property operating expenses (recoveries)

 

1,090

 

 

402

 

 

(1,561

)

 

303

 

 

(4

)

Gain on sale of real estate, net

 

 

 

 

 

(27,672

)

 

 

 

 

Loss on extinguishment of debt

 

 

 

390

 

 

 

 

 

 

 

Non-routine transaction costs

 

61

 

 

560

 

 

3,820

 

 

207

 

 

352

 

Accelerated amortization of lease intangibles, net of noncontrolling interests' share

 

 

 

(1,023

)

 

 

 

 

 

 

Qualifying retirement benefits

 

 

 

 

 

1,896

 

 

 

 

 

Other expenses

 

 

 

 

 

359

 

 

 

 

 

Other income, net of NCI share[2]

 

 

 

 

 

(2,171

)

 

 

 

 

Unrealized gain on other real estate related investments, net

 

(1,968

)

 

(3,603

)

 

(8,973

)

 

(7

)

 

(1,725

)

Normalized EBITDA attributable to CareTrust REIT, Inc.

$

99,111

 

$

111,082

 

$

117,481

 

$

124,292

 

$

140,690

 

Net income attributable to CareTrust REIT, Inc.

$

68,545

 

$

74,901

 

$

111,290

 

$

80,210

 

$

88,996

 

Real estate related depreciation and amortization

 

21,208

 

 

24,303

 

 

27,046

 

 

29,283

 

 

30,212

 

Noncontrolling interests' share of real estate related depreciation and amortization

 

(2,513

)

 

(2,796

)

 

(2,876

)

 

(2,812

)

 

(2,844

)

Impairment of real estate investments

 

 

 

452

 

 

2,031

 

 

 

 

 

Gain on sale of real estate, net

 

 

 

 

 

(27,672

)

 

 

 

 

FFO attributable to CareTrust REIT, Inc.

 

87,240

 

 

96,860

 

 

109,819

 

 

106,681

 

 

116,364

 

(Gain) loss on foreign currency transactions, net

 

(4,413

)

 

298

 

 

103

 

 

 

 

 

Accelerated amortization of lease intangibles, net of noncontrolling interests' share

 

 

 

(1,023

)

 

 

 

 

 

 

Provision for loan losses

 

 

 

 

 

 

 

 

 

4,671

 

Property operating expenses (recoveries)

 

1,090

 

 

402

 

 

(1,561

)

 

303

 

 

(4

)

Non-routine transaction costs

 

61

 

 

560

 

 

3,820

 

 

207

 

 

352

 

Loss on extinguishment of debt

 

 

 

390

 

 

 

 

 

 

 

Amortization of stock-based compensation related to extraordinary incentive plan

 

1,081

 

 

793

 

 

793

 

 

264

 

 

 

Qualifying retirement benefits

 

 

 

 

 

1,896

 

 

 

 

 

Other expenses

 

 

 

 

 

359

 

 

 

 

 

Other income, net of NCI share[2]

 

 

 

 

 

(2,171

)

 

 

 

 

Unrealized gain on other real estate related investments, net

 

(1,968

)

 

(3,603

)

 

(8,973

)

 

(7

)

 

(1,725

)

Normalized FFO attributable to CareTrust REIT, Inc.

$

83,091

 

$

94,677

 

$

104,085

 

$

107,448

 

$

119,658

 

 

 

 

 

 

 

[1] A portion of the amortization of stock-based compensation for the three months ended December 31, 2025, was moved to Qualifying retirement benefits to represent the amount of accelerated stock-based compensation recorded during the twelve months ended December 31, 2025 related to an employee that met authorized retirement in the period.

[2] Other income, net of NCI share represents a fee received in connection with the release of a facility from a purchase agreement, net of commission fees paid.


Contacts

CareTrust REIT, Inc.
(949) 542-3130
ir@caretrustreit.com


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