CareTrust REIT, Inc. Segments Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
| Rental income | $ | 368,194 | $ | 228,261 | $ | 198,599 | |||||||||||
| Resident fees and services | 1,225 | — | — | ||||||||||||||
| Interest income from financing receivables | 11,492 | 1,009 | — | ||||||||||||||
| Interest income from other real estate related investments and other income | 95,482 | 67,016 | 19,171 | ||||||||||||||
| Total revenues | 476,393 | 296,286 | 217,770 | ||||||||||||||
| Expenses: | |||||||||||||||||
| Depreciation and amortization | 92,891 | 56,831 | 51,199 | ||||||||||||||
| Interest expense | 43,707 | 30,310 | 40,883 | ||||||||||||||
| Property taxes | 8,768 | 7,838 | 6,170 | ||||||||||||||
| Senior housing operating expenses | 952 | — | — | ||||||||||||||
| Impairment of real estate investments | 2,483 | 42,225 | 36,301 | ||||||||||||||
| Transaction costs | 5,329 | 1,326 | — | ||||||||||||||
| Provision for loan losses | — | 4,900 | — | ||||||||||||||
| Property operating expenses | (138) | 5,714 | 3,423 | ||||||||||||||
| Cash Compensation | 9,656 | 6,474 | 5,636 | ||||||||||||||
| Incentive compensation | 18,463 | 9,699 | 5,350 | ||||||||||||||
| Share-based compensation | 11,896 | 6,130 | 5,153 | ||||||||||||||
| Professional services | 5,942 | 2,785 | 2,399 | ||||||||||||||
| Taxes and Insurance | 1,934 | 1,019 | 908 | ||||||||||||||
Other expenses(1) | 4,574 | 2,816 | 2,359 | ||||||||||||||
| General and administrative | 52,465 | 28,923 | 21,805 | ||||||||||||||
| Total expenses | 206,457 | 178,067 | 159,781 | ||||||||||||||
| Other income (loss): | |||||||||||||||||
| Other income, net | 4,350 | — | — | ||||||||||||||
| Loss on extinguishment of debt | (390) | (657) | — | ||||||||||||||
| Gain (loss) on sale of real estate, net | 31,548 | (2,208) | 2,218 | ||||||||||||||
| Unrealized gain (loss) on other real estate related investments, net | 15,831 | 9,045 | (6,485) | ||||||||||||||
| Gain on foreign currency transactions, net | 4,012 | — | — | ||||||||||||||
| Total other income (loss) | 55,351 | 6,180 | (4,267) | ||||||||||||||
| Income before income tax expense | 325,287 | 124,399 | 53,722 | ||||||||||||||
| Income tax expense | (5,001) | — | — | ||||||||||||||
| Net income | 320,286 | 124,399 | 53,722 | ||||||||||||||
| Net loss attributable to noncontrolling interests | (252) | (681) | (13) | ||||||||||||||
| Net income attributable to CareTrust REIT, Inc. | $ | 320,538 | $ | 125,080 | $ | 53,735 | |||||||||||
(1) Other expenses include certain overhead expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.