CareTrust REIT
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CareTrust REIT (CTRE) investor relations material

CareTrust REIT Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • 2025 marked a transformational year with record external growth, significant portfolio expansion, team growth, and entry into new markets, including UK Care Homes and the SHOP segment, resulting in a more diverse and robust portfolio.

  • Management expresses a positive outlook for 2026, citing a strong investment pipeline, world-class operator relationships, and a solid balance sheet.

  • The operating environment for skilled nursing and senior housing remains stable and supportive, with strong momentum heading into 2026.

Financial highlights

  • Total investments reached $1.8 billion in 2025, supporting 17.3% year-over-year normalized FFO per share growth and a 61% increase in market cap to $8.2 billion.

  • Full year 2025 net income attributable to shareholders was $320.5 million ($1.57 per diluted share), up 96% year-over-year.

  • Normalized FFO for 2025 was $359.7 million ($1.76 per diluted share), up 17% year-over-year; normalized FAD for 2025 was $360.0 million ($1.76 per diluted share), up 14% year-over-year.

  • Q4 normalized FFO rose 42.7% sequentially to $104.1 million; normalized FAD increased 38.7% to $103 million.

  • Quarterly dividend of $0.335 per share, with a payout ratio of approximately 73% on Normalized FAD.

Outlook and guidance

  • 2026 guidance projects net income of $1.45–$1.50 per share, Normalized FFO and FAD per share of $1.90–$1.95, representing 9.4% growth at the midpoint over 2025.

  • Guidance assumes no new investments, dispositions, or financings beyond those already announced, 2.5% inflation-based rent escalators, and $42 million in loan repayments.

  • Weighted average diluted share count for 2026 guidance is 225 million.

  • Investment pipeline stands at $500 million, with strong deal flow expected across all segments.

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Frequently asked questions

CareTrust REIT, Inc. is a U.S.-based real estate investment trust focused on owning and managing healthcare-related properties. The company’s portfolio includes skilled nursing facilities, senior housing, and other healthcare properties, which it leases to healthcare operators under long-term agreements. CareTrust provides capital for property acquisitions and developments, supporting healthcare operators in delivering services to aging populations and other patients. The company is headquartered in San Clemente, California, and its shares are listed on the NASDAQ.

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