CareTrust REIT (CTRE) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $176.4M, up from $132.4M YoY; net income attributable to shareholders was $83.7M, or $0.35 per diluted share.

• Normalized FFO was $129.2M, or $0.54 per diluted share, up 20% YoY; FY2026 normalized FFO guidance is $2.08–$2.09 per share.

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

Financial highlights

• Q3 revenue was $176.4M vs. $132.4M; 9M revenue was $480.5M vs. $341.5M.

• Q3 net income attributable to shareholders was $83.7M vs. $74.9M; 9M net income was $252.9M vs. $209.2M.

• Q3 normalized FFO was $129.2M, or $0.54/share, vs. $94.7M, or $0.45/share; normalized FAD was $127.0M, or $0.53/share, vs. $93.1M, or $0.44/share.

• Q3 revenue included $127.2M rental income, $7.2M resident fees, $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; interest expense was $17.7M vs. $12.6M YoY.

Outlook and guidance

• FY2026 guidance: net income attributable to shareholders of $359M–$363M, or $1.50–$1.51/share; normalized FFO of $498M–$502M, or $2.08–$2.09/share.

• FY2026 FAD guidance is $469M–$473M, or $1.96–$1.97/share; normalized FAD is $489M–$493M, or $2.04–$2.05/share.

• Guidance assumptions include $478M cash rental revenue, $43M financing-receivable interest, $110M loans and other investment interest, $64M G&A and $71M interest expense.

• Assumptions include no further investments, dispositions or debt/equity issuances beyond YTD activity, 2.5% rent escalators, $147M loan repayments and no material GBP/USD change.

• Operating cash flow, cash balances, available revolver capacity and ATM availability were considered sufficient for obligations and needs for at least 12 months.