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|
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:
Since quarter end, CareTrust reports:
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:
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. | ||||||||||||||||||||
CareTrust REIT, Inc.
(949) 542-3130
ir@caretrustreit.com
| 59 min | |
| 1 hour | |
| 1 hour | |
| Jul-23 | |
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| Apr-27 | |
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