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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.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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