CareTrust REIT (CTRE) investor relations material

Executive summary

• Normalized FFO per share rose 20% YoY to $0.54; Q3 revenue was $176.4M and net income attributable to shareholders was $83.7M.

• YTD investments reached $2.9B at an ~8.1% blended stabilized yield; the LNT acquisition added 23 U.K. care homes.

• FY2026 normalized FFO guidance increased to $2.08–$2.09 per share; the investment pipeline exceeded $1.2B.

Financial highlights

• Q3 normalized FFO was $129.2M, up 37% YoY, or $0.54 per share, up 20%; normalized FAD was $127.0M, up 36%, or $0.53 per share, up 20%.

• Q3 revenue was $176.4M vs. $132.4M; net income attributable to shareholders was $83.7M vs. $74.9M, and diluted EPS was $0.35.

• Q3 revenue included $127.2M rental income, $7.2M resident fees and services, $14.0M financing-receivable interest and $27.9M other investment interest and income.

• Q3 included $8.9M transaction costs, a $7.3M unrealized investment loss and a $4.7M loan-loss provision; these were adjusted in normalized FFO/FAD.

• Quarterly dividend was $0.39 per share; payout ratios were 72% of normalized FFO and 74% of normalized FAD.

Outlook and guidance

• FY2026 guidance: normalized FFO of $2.08–$2.09 per share and normalized FAD of $2.04–$2.05 per share; midpoint growth vs. FY2025 is 18.5% and 16.2%, respectively.

• Guidance assumes 240M weighted-average diluted shares, 2.5% lease escalators, $147M in loan repayments and no material GBP/USD change.

• Guidance assumes no further investments, dispositions or debt/equity issuance beyond YTD activity; midpoint components include $478M cash rental revenue and $71M interest expense.

• Pipeline exceeds $1.2B, including remaining LNT homes and U.S. SHOP opportunities; management sees potential for double-digit normalized FFO per-share growth in 2027.

• Cash, operating cash flow, revolver capacity and ATM availability were expected to cover obligations and needs for at least 12 months.