CareTrust REIT (CTRE) investor relations material

Executive summary

• Q1 2026 delivered net income attributable to shareholders of $80.2 million ($0.36 per diluted share), up from $65.8 million in Q1 2025, with total revenues rising 48% to $142.8 million.

• Normalized FFO reached $107.4 million ($0.48/share), up 14% year-over-year, and normalized FAD was $107.6 million ($0.48/share), up 12%.

• Q1 2026 saw $245 million in investments closed at an 8.8% blended stabilized yield, with momentum accelerating into Q2 and a $1.1 billion year-to-date total.

• Portfolio expanded to 588 properties and 54,415 beds/units, with significant growth in skilled nursing, senior housing, and U.K. care homes.

• Dividend increased 16.4% to $0.39 per share, and Moody's upgraded the credit rating to investment grade.

Financial highlights

• Normalized FFO per share was $0.48 (up 14%) and normalized FAD per share was $0.48 (up 12%) compared to Q1 2025.

• Total revenues for Q1 2026 were $142.8 million, up from $96.6 million in Q1 2025.

• Net income attributable to shareholders was $80.2 million, up from $65.8 million a year ago.

• 100% of contractual rent and interest collected in Q1.

• Operating cash flow increased to $90.4 million from $71.4 million year-over-year.

Outlook and guidance

• 2026 full-year normalized FFO per share guidance raised to $2.00–$2.04, and FAD per share to $1.98–$2.02, with net income guidance of $1.49–$1.53 per share.

• Midpoints represent 14.8% and 13.6% increases over 2025, and 4.9% and 3.9% above initial 2026 guidance.

• Guidance assumes no new investments, loans, or dispositions beyond those completed year-to-date, 2.5% rent escalators, and $145 million in loan repayments.

• Management expects continued growth through acquisitions and loan originations, supported by strong liquidity and access to capital.

• CMS updates for 2026 and proposed 2027 rules expected to partially offset higher tenant costs.