Companies · CTRE
CareTrust REIT
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Latest analysis
Updated Nov 6, 2026
CareTrust REIT Q3 2026: Normalized FFO +20% YoY; $2.9B YTD investments; LNT UK platform conversion to SHOP at high-7% yields.
CareTrust delivered normalized FFO per share of $0.54, up 20% year-over-year, and closed $2.9 billion in investments year-to-date at an 8.1% blended yield. The company's strategic LNT partnership in the U.K. represents a differentiated SHOP pipeline: 45 newly developed care homes leased to LNT's operating company with planned conversion to RIDEA structure at high-7% to low-8% NOI yields, underpinned by LNT's proprietary development model that achieves mid-to-high-teen yields on cost versus typical U.K. development at GBP 250,000 per unit. Skilled nursing EBITDAR lease coverage reached a record 2.62x; fixed charge coverage was 10.5x. Pro forma leverage stands at 2.7x net debt to EBITDA—well below the 4x-5x target range—with $2.3 billion in total liquidity after closing a $700 million term loan and upsizing the revolver to $2 billion.
Tone: bullishRevenue
$476.4M
CTRE 10-K · FY 2025
Employees
43
Revenue FY2024
$296.3M
Headquarters
Dana Point, CA
Profile
CTRE 10-K Item 1 · Feb 12, 2026CareTrust REIT is a self-administered, publicly traded REIT that owns, acquires, finances, develops, and leases skilled nursing facilities, senior housing communities, and other healthcare-related properties across 32 U.S. states and the United Kingdom. The company generates revenue primarily through triple-net leases to independent operators and, since Q4 2025, through a newly established RIDEA-structured Senior Housing Operating Portfolio. It also invests in mortgage loans, mezzanine loans, and preferred equity secured by healthcare real estate.
Read filing description ↓ Collapse description ↑
CareTrust REIT is a self-administered, publicly-traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties. As of December 31, 2025, CareTrust REIT owned, directly or indirectly in consolidated joint ventures, and leased to independent operators, 407 skilled nursing facilities, senior housing communities and other properties consisting of 37,628 operational beds and units located in 32 states and the United Kingdom (the 'U.K.'), with the highest concentration of properties by rental income located in California, the U.K., Texas, and Tennessee. We generate revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property. From time to time, we also extend secured mortgage loans to healthcare operators, secured by healthcare-related properties, extend secured mezzanine loans to healthcare operators, secured by membership interests in healthcare-related properties, and invest in preferred equity investments. From time to time, we also partner with third party institutional investors to invest in healthcare real estate in consolidated joint ventures. During the fourth quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as 'RIDEA') in connection with the establishment of a senior housing operating portfolio ('SHOP') platform, and completed our first SHOP acquisition in December 2025. We expect to grow our portfolio by pursuing opportunities to acquire additional properties that will be leased to, or managed by, a diverse group of local, regional, national and international healthcare providers.
Primary products
- Triple-net leases on skilled nursing facilities
- Triple-net leases on senior housing communities
- Senior Housing Operating Portfolio (SHOP) via RIDEA structure
- Mortgage secured loans receivable
- Mezzanine loans receivable
- Preferred equity investments
Business segments
End markets
Geographies
Named customers
As of December 31, 2025, annualized contractual rental income from the Original Ensign Leases was $79.6 million, and annualized contractual rental income from the Ensign Master Leases was $92.1 million, representing 19% and 23% of total annualized contractual rental income, respectively.
Named competitors
“We believe there is a significant opportunity to be a capital source to healthcare operators, through the acquisition and leasing of healthcare properties to them that are consistent with our investment and financing strategy at appropriate risk-adjusted rates of return, which, due to size and other considerations, are not a focus for larger healthcare REITs.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $296.3 million in 2024 to $476.4 million in 2025, driven by significant portfolio expansion including the Care REIT Acquisition and other acquisitions completed throughout the year.
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