CareTrust REIT Announces Third Quarter 2026 Operating Results; Updates 2026 Guidance

Conference Call Scheduled for Friday, November 6, 2026 at 11:00 am ET

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

For the quarter, CareTrust reported:

• Net income of $83.7 million and net income per diluted weighted average share of $0.35, consistent with the prior year quarter;
• Normalized FFO of $129.2 million and Normalized FFO per diluted weighted average share of $0.54, an increase of $0.09, or 20%, over the prior year quarter;
• Normalized FAD of $127.0 million and Normalized FAD per diluted weighted average share of $0.53, an increase of $0.09, or 20%, over the prior year quarter;
• $739.5 million of investment activity closed at a blended stabilized yield of 8.3%;
• $578.2 million of gross proceeds from settlement of the May 2026 forward equity offering, and $280.5 million of gross proceeds from equity issued under the ATM Program;
• Net Debt to Annualized Normalized Run Rate EBITDA of 1.4x;
• 100.0% collection of contractual rent and interest; and
• A quarterly dividend of $0.39 per share, representing a payout ratio of approximately 74% of Normalized FAD.

Since quarter end, CareTrust reports:

• The initial closing of the Company's acquisition of 45 newly built U.K. care homes from LNT Care Developments ("LNT") for approximately £1.1 billion, comprising 23 homes acquired on October 1, 2026 for £552 million ($733 million), exclusive of transaction costs, with the remaining 22 homes expected to be acquired on a rolling basis through 2027 for £528 million;
• $273.8 million of other investment activity closed at a blended stabilized yield of 10.6%, bringing 2026 year-to-date investments to approximately $2.9 billion at a blended stabilized yield of 8.1%;
• An investment pipeline of $1.2 billion including the remaining LNT homes;
• A new $700 million unsecured term loan maturing in 2032 and an expansion of the unsecured revolving credit facility to $2.0 billion;
• $1.6 billion available under its $2.0 billion unsecured revolving credit facility as of November 4, 2026; and
• $100 million of cash on hand as of November 4, 2026.

CareTrust’s Chief Executive Officer, Dave Sedgwick, commented, "Normalized FFO per share increased 20% year-over-year and the team set another record of approximately $2.9 billion invested across skilled nursing, SHOP, and UK care homes, all while positioning the balance sheet for continued strong growth in the near to mid-term." Mr. Sedgwick continued, "The CareTrust flywheel continues to accretively deliver year-over-year growth of our asset base and FFO. The relationship with LNT is a multiplier to our SHOP and UK care home growth engines. We've never been more excited for the runway ahead."

Financial Results for Quarter Ended September 30, 2026

For the third quarter, CareTrust reported net income of $83.7 million, or $0.35 per diluted weighted-average common share, Normalized FFO of $129.2 million, or $0.54 per diluted weighted-average common share, and Normalized FAD of $127.0 million, or $0.53 per diluted weighted-average common share.

Liquidity

As of quarter end, CareTrust reported Net Debt-to-Annualized Normalized Run Rate EBITDA of 1.4x, which is below the Company's target leverage range of 4.0x to 5.0x, and a net debt-to-enterprise value of approximately 8.5%. Subsequent to quarter end, the Company closed a new $700 million unsecured term loan maturing in 2032 and expanded its unsecured revolving credit facility to $2.0 billion, using the term loan proceeds to repay revolver borrowings and fund investment activity. Derek Bunker, CareTrust’s Chief Financial Officer, stated that as of today the Company has $425 million in borrowings outstanding on its 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 $599 million available for future issuances under its ATM Program.

Updated 2026 Guidance

The Company increased its 2026 guidance midpoints, raising the low end of its Normalized FFO and Normalized FAD estimates, and now projects net income attributable to CareTrust of approximately $1.50 to $1.51 per share, Normalized FFO of approximately $2.08 to $2.09 per share, and Normalized FAD of approximately $2.04 to $2.05 per share. Mr. Bunker commented, “The midpoints of our updated Normalized FFO and Normalized FAD guidance represent increases of 18.5% and 16.2%, respectively, over 2025 results. The new term loan and expanded revolver extend our runway and give us substantial capacity to fund the acquisition of the remaining LNT homes and the rest of our pipeline. With leverage well below our target range and multiple levers across our capital toolkit, we are well positioned to keep funding growth at our current pace."

Mr. Bunker noted that full year 2026 guidance is based on a weighted average diluted share count of 240 million shares, and assumes the following:

• No new investments, loans, or dispositions beyond those made or announced 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, representing a payout ratio of approximately 72% based on third quarter 2026 Normalized FFO, and 74% based on third quarter 2026 Normalized FAD.

Conference Call

A conference call will be held on Friday, November 6, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time), during which CareTrust’s management will discuss third 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 313959106. 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^TM

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”) or the LNT Transaction (as defined above) may not be realized, including that anticipated SHOP transition of the properties acquired in the LNT Transaction does not occur on the expected timeline or at all, and the additional risks we will be subject to from our U.K. investments 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 quarters ended June 30, 2026 and September 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 September 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.
(949) 542-3130
ir@caretrustreit.com