CareTrust REIT, Inc.

Listed Company

CTRECIK 0001590717NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$476.39M

Net Income

$320.54M

Total Assets

$5.15B

Equity

$4.04B

Shares Out

223.40M

Op. Cash Flow

$394.03M

Business

CareTrust REIT, Inc. is a self-administered, publicly traded real estate investment trust that acquires, finances, develops, owns and leases skilled nursing, seniors housing and other healthcare-related properties. It generates revenue primarily through long-term triple-net leases and also provides secured mortgage and mezzanine loans, preferred equity investments, sale-leaseback financing and joint venture investments, and offers tenant capital programs and sustainability incentives. The company reports and manages its activities as a single operating segment comprised of owned properties, financing receivables and other real estate‑related investments and consolidated joint ventures. It operates across the United States, leasing properties to local, regional and national healthcare operators, with rental income concentrated in California and Texas.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	368	228	199	188	190
Resident fees and services	1	0	0	0	0
Interest income from financing receivable	11	1	0	0	—
Interest income from other real estate related investments and other income	95	67	19	9	2
Total revenues	476	296	218	196	192
Depreciation and amortization	93	57	51	50	55
Interest expense	44	30	41	30	24
Property taxes and insurance	9	8	6	4	4
Senior housing operating expenses	952,000	0	0	—	—
Impairment of real estate investments	3	42	36	79	0
Transaction costs	5	1	0	—	—
Provision for loan losses	0	5	0	4	0
Property operating (recoveries) expenses	−138,000	6	3	—	—
General and administrative	52	29	22	20	27
Total expenses	206	178	160	193	109
Other income, net	4	0	0	—	—
Loss on extinguishment of debt	−400,000	−700,000	0	0	−11
Gain (loss) on sale of real estate, net	32	−2	2	−4	−77,000
Unrealized gain (loss) on other real estate related investments, net	16	9	−6	−7	0
Gain on foreign currency transactions, net	4	0	0	—	—
Total other income (loss)	55	6	−4	−11	−11
Income before income tax expense	325	124	54	—	—
Income tax expense	−5	0	0	—	—
Net income	320	124	54	−8	72
Net loss attributable to noncontrolling interests	−252,000	−681,000	−13,000	0	0
Net income attributable to CareTrust REIT, Inc.	321	125	54	−8	72
Basic (in usd per share)	1.57	0.81	0.5	−0.08	0.74
Diluted (in usd per share)	1.57	0.8	0.5	−0.08	0.74
Basic (in shares)	204	155	106	97	96
Diluted (in shares)	204	155	106	97	96

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate investments, net	3,710	2,227	1,567	1,421	1,590
Financing receivable, at fair value (including accrued interest of $913 and $281 as of December 31, 2025 and 2024, respectively)	92	96	0	—	—
Other real estate related investments, net (including accrued interest of $5,759 and $4,725 as of December 31, 2025 and 2024, respectively)	899	795	—	—	—
Assets held for sale, net	0	57	15	12	5
Cash and cash equivalents	198	214	294	13	20
Accounts and other receivables	10	1	395,000	416,000	2
Prepaid expenses and other assets, net	230	36	23	12	8
Deferred financing costs, net	9	11	4	5	1
Total assets	5,148	3,437	2,085	1,621	1,641
Senior unsecured notes payable, net	398	397	—	—	—
Senior unsecured term loan, net	496	0	200	199	—
Accounts payable, accrued liabilities and deferred rent liabilities	120	56	34	24	25
Dividends payable	75	54	37	28	26
Total liabilities	1,089	508	666	771	725
Commitments and contingencies (Note 16)	—	—	—	—	—
Redeemable noncontrolling interests	18	18	0	0	0
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 222,746,343 and 186,993,010 shares issued and outstanding as of December 31, 2025 and 2024, respectively	2	2	1	990,000	963,000
Additional paid-in capital	4,519	3,439	1,883	1,245	1,197
Cumulative distributions in excess of earnings	−492	−533	−468	−397	−282
Accumulated other comprehensive income	6	0	—	—	—
Total stockholders' equity	4,035	2,908	1,417	849	916
Noncontrolling interests	6	3	2	0	—
Total equity	4,041	2,911	1,419	849	916
Total liabilities and equity	5,148	3,437	2,085	1,621	1,641

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization (including below-market ground leases)	93	57	51	50	55
Amortization of deferred financing costs	4	3	2	2	2
Loss on extinguishment of debt	390,000	282,000	0	0	—
Unrealized (gain) loss on other real estate related investments, net	−16	−9	6	7	0
Amortization of stock-based compensation	12	6	5	6	11
Straight-line rental income	−9	28,000	29,000	−17,000	−32,000
Amortization of lease incentives	193,000	22,000	0	0	—
Amortization of above and below market leases	−7	−3	−384,000	0	0
Noncash interest income	−2	−3	−407,000	−1	−155,000
Accounts and other receivables	−187,000	−808,000	−9,000	604,000	−562,000
Prepaid expenses and other assets, net	−2	−4	−21,000	123,000	399,000
Accounts payable, accrued liabilities and deferred rent liabilities	28	24	2	−1	6
Net cash provided by operating activities	394	244	155	144	157
Acquisitions of real estate, net of deposits applied	−1,334	−812	−234	−22	−193
Purchases of equipment, furniture and fixtures and improvements to real estate	−15	−8	−11	−7	−6
Preferred equity investments	−30	−52	−2	0	0
Investment in real estate related investments and other loans receivable	−97	−559	−60	−150	−1
Investment in financing receivable	0	−96	0	0	—
Principal payments received on real estate related investments and other loans receivable	75	5	27	6	393,000
Principal payments received on financing receivable	4	0	0	—	—
Escrow deposits for potential acquisitions of real estate	−144	−5	−4	0	0
Net proceeds from sales of real estate	79	14	16	45	7
Net cash used in investing activities	−1,461	−1,514	−268	−127	−193
Proceeds from the issuance of common stock, net	1,071	1,553	634	47	23
Proceeds from the issuance of senior unsecured term loan	500	0	0	—	0
Proceeds from the secured borrowing	0	75	0	0	—
Borrowings under unsecured revolving credit facility	650	0	185	160	220
Payments on senior unsecured term loan	0	−200	0	0	0
Payment on secured borrowing	0	−75	0	0	—
Payments on unsecured revolving credit facility	−650	0	−310	−115	−190
Payments on secured notes payable	−102	0	0	—	—
Payments on secured revolving credit facilities	−154	0	0	—	—
Payments on extinguishment of debt and deferred financing costs	−5	−9	−68,000	−5	−14
Net-settle adjustment on restricted stock	−3	−2	−1	−4	−1
Dividends paid on common stock	−259	−172	−115	−106	−101
Contributions from noncontrolling interests	9	20	2	0	0
Distributions to noncontrolling interests	−6	−69,000	−41,000	0	0
Net cash provided by financing activities	1,051	1,189	394	−24	37
Effect of foreign currency translation	515,000	0	0	—	—
Net (decrease) increase in cash and cash equivalents	−16	−81	281	−7	976,000
Interest paid	40	28	40	26	23
Increase in dividends payable	20	18	9	1	2
Right-of-use asset obtained in exchange for new operating lease obligation	1	2	369,000	0	0
Assets held for sale exchanged for real estate investments	34	0	0	—	—
Transfer of pre-acquisition costs to acquired assets	0	58,000	0	7,000	358,000
Increase in equipment, furniture and fixtures and improvements to real estate payable	2	0	0	—	—
Sale of real estate settled with note receivable	36	1	2	12	0
Liabilities assumed by buyer in connection with sale of real estate	0	3	0	0	—

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