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CareTrust REIT (CTRE) investor relations material
CareTrust REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net income for Q3 2025 was $74.9 million, or $0.35 per diluted share, up 67% year-over-year, with normalized FFO per share of $0.45, up 18% year-over-year.
Closed $495 million of new investments in Q3, bringing year-to-date total to over $1.6 billion, surpassing last year's record.
Completed the acquisition of Care REIT plc, expanding into the U.K. and increasing the portfolio to 579 healthcare properties with 53,589 beds/units across 33 U.S. states and the U.K.
Raised $736 million in a public equity offering and $369.9 million through the ATM program, strengthening liquidity for acquisitions and debt repayment.
Maintains a strong balance sheet with no near-term debt maturities until 2028 and significant liquidity.
Financial highlights
Q3 2025 total revenues were $132.4 million, up from $77.4 million in Q3 2024; net income attributable to shareholders was $74.9 million, up from $33.4 million.
Normalized FFO for Q3 2025 was $94.7 million ($0.45/share), up from $60.9 million ($0.38/share) in Q3 2024; normalized FAD was $93.1 million ($0.44/share), up from $61.9 million ($0.39/share).
Dividend per share for Q3 2025 was $0.335, with a normalized FFO payout ratio of 83%.
Net debt to annualized normalized run rate EBITDA was 0.42x; net debt to enterprise value was ~2.4%.
100% collection of contractual rent and interest, excluding properties held for sale.
Outlook and guidance
2025 guidance: net income per diluted share $1.41–$1.42; normalized FFO and FAD per share $1.76–$1.77.
Guidance assumes no new acquisitions, dispositions, or capital raises for the remainder of 2025.
Investment pipeline stands at $600 million, with about half in U.S. skilled nursing, a third in U.K. care homes, and the rest in SHOP and strategic loans.
Management expects strong fundamentals and a robust investment pipeline to drive momentum into 2026.
Full-year 2026 guidance to be provided with Q4 and full-year 2025 update.
SHOP strategy: asset types, markets, operator fit
G&A drivers for 2026 and expected trend
U.K. pipeline growth and market competitiveness
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Next CareTrust REIT earnings date
Q4 202512 Feb, 2026
Next CareTrust REIT earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
CareTrust REIT, Inc. is a U.S.-based real estate investment trust focused on owning and managing healthcare-related properties. The company’s portfolio includes skilled nursing facilities, senior housing, and other healthcare properties, which it leases to healthcare operators under long-term agreements. CareTrust provides capital for property acquisitions and developments, supporting healthcare operators in delivering services to aging populations and other patients. The company is headquartered in San Clemente, California, and its shares are listed on the NASDAQ.
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