Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q4 2025 Earnings Presentation
23 slides from Caretrust Reit's earnings presentation, Feb 13, 2026
Slide 1: Financial Supplement Fourth Quarter 2025
Financial Supplement Fourth Quarter 2025
Slide 2: Disclaimers
Disclaimers This supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the following: future financial and financ
Slide 3: Table of Contents
Table of Contents CONTACT INFORMATION COMPANY SNAPSHOT 04 INVESTMENTS 05 CareTrust REIT, Inc. PORTFOLIO OVERVIEW 07 24901 Dana Point Harbor Dr, Suite A200 Net-Leased Rent Coverage Dana Point, CA 92629 Rent Diversification (949) 542-3130 ir@caretrustreit.com Revenue Maturity & Purchase Options on www
Slide 4: Company Snapshot
Company Snapshot Portfolio Mix Bed / Unit Mix(1) Senior Housing Communities Skilled Assisted Memory Independent Properties(1) Total Nursing Living Care Living Care Home Skilled Nursing 366 39,353 38,010 1,229 19 95 — Senior Housing 208 13,743 414 3,722 943 1,123 7,541 Senior Housing Operating 3 270
Slide 5: Investment Activity
Investment Activity Q4'25 Initial Investment per Investment Investments Properties Beds / Units Bed / Unit (000s) Yield(1) Skilled Nursing Triple-net 14 1,913 $ 214,428 $ 410,200 8.8% Senior Housing Triple-net 2 177 150,531 26,644 8.0% Senior Housing Operating 3 270 149,252 40,298 7.7% Loan Funding
Slide 6: Joint Ventures
Joint Ventures(1) Properties Skilled Nursing Senior Housing Senior Housing Beds / % Year Investment Triple-net Triple-net Operating Units Ownership 2023 $ 61,260 3 — — 385 98% 2024 507,498 28 3 — 3,350 96% 2025 279,919 14 — 3 1,569 97% Total $ 848,677 45 3 3 5,304 96% 6 (1) As of December 31, 2025.
Slide 7: Net-Leased Rent Coverage
Net-Leased Rent Coverage EBITDARM Coverage(1) As of Q3 '25 Skilled Senior Nursing Housing Stabilized Portfolio Operators Properties Triple-net Triple-net Total Q2 '25 Q3 '24 < 1.00x — — —% —% —% —% —% 1.00 - 1.39x 3 26 3% 5% 8% 5% 9% 1.40 - 1.79x 8 80 2% 17% 19% 32% 27% 1.80 - 2.19x 3 24 16% 1% 17%
Slide 8: Rent Diversification
Rent Diversification(1) Skilled Nursing Senior Housing Operator Properties Triple-net Triple-net Total % of Total The Ensign Group 113 $ 89,303 $ 2,799 $ 92,102 23% PACS Group 26 42,455 — 42,455 10% Priority Management Group 15 32,799 — 32,799 8% Minster Care Management 49 — 23,182 23,182 6% Links H
Slide 9: Revenue Maturity & Purchase Options
Revenue Maturity & Purchase Options Revenue Maturity (dollars in thousands) Rental Income(1) Skilled Nursing Senior Housing Year Triple-net Triple-net Interest Income(2) Total % of Total 2026 $ — $ — $ 2,840 $ 2,840 1% 2027 — — 7,779 7,779 2% 2028 — — 7,700 7,700 2% 2029 — — 39,144 39,144 8% 2030 —
Slide 10: Debt Summary
Debt Summary(1) Revolving Senior Senior Line of Unsecured Unsecured Wtd. Avg. Year Credit(2) Notes Term Loan(3) Total Debt % of Total Interest Rate 2026 $ — $ — $ — $ — —% —% 2027 — — — — —% —% 2028 — 400,000 — 400,000 44% 3.875% 2029 — — — — —% —% 2030 — — 500,000 500,000 56% 4.630% 2031 — — — — —%
Slide 11: Key Debt Metrics
Key Debt Metrics Fixed Charge Coverage (trailing twelve months) (dollars in thousands) Q4'25 Q3'25 Q4'24 Total cash interest $ 39,567 $ 33,813 $ 26,918 Secured debt principal amortization — — — Total fixed charges 39,567 33,813 26,918 Normalized EBITDA attributable to CareTrust REIT, Inc.(1) 415,292
Slide 12: Capital Market Transactions
Capital Market Transactions Number of Public Offering Gross Proceeds Follow-On Equity Offering Activity Shares (000s) Price per Share (000s) Q4'25 — — — Q3'25 23,000 $ 32.00 $ 736,000 Q2'25 — — — Q1'25 — — — 2025 23,000 $ 32.00 $ 736,000 2024 15,870 $ 32.00 $ 507,840 2019 6,641 $ 23.35 $ 155,073 201
Slide 13: Guidance
Guidance FY2026 Total (in millions) Per Share Low High Low High Net income attributable to CareTrust REIT, Inc. $ 326 $ 338 $ 1.45 $ 1.50 Real estate related depreciation and amortization, net of NCI 101 101 0.45 0.45 Funds from Operations (FFO) 427 439 1.90 1.95 Normalizing items — — — — Normalized
Slide 14: Appendix
Appendix
Slide 15: Consolidated Income Statements
Consolidated Income Statements For the Three Months Ended For the Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Revenues Rental income $ 106,250 $ 62,199 $ 368,194 $ 228,261 Resident fees and services 1,225 — 1,225 — Interest income from financing receivable 2,891 1,009 11,492 1,00
Slide 16: Reconciliation of EBITDA
Reconciliation of EBITDA For the Three Months Ended For the Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Net income attributable to CareTrust REIT, Inc $ 111,290 $ 52,135 $ 320,538 $ 125,080 Depreciation and amortization 27,142 15,514 90,507 56,831 Noncontrolling interests' share
Slide 17: Reconciliation of FFO and FAD
Reconciliation of FFO and FAD For the Three Months Ended For the Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Net income attributable to CareTrust REIT, Inc $ 111,290 $ 52,135 $ 320,538 $ 125,080 Real estate related depreciation and amortization 27,046 15,507 90,390 56,804 Noncont
Slide 18: Reconciliation of FFO and FAD
Reconciliation of FFO and FAD For the Three Months Ended For the Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Net income attributable to CareTrust REIT, Inc $ 111,290 $ 52,135 $ 320,538 $ 125,080 Real estate related depreciation and amortization 27,046 15,507 90,390 56,804 Noncont
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets December 31 2025 2024 Assets Real estate investments, net $ 3,709,576 $ 2,226,740 Financing receivable 92,193 96,004 Other real estate related investments 899,262 795,203 Assets held for sale, net — 57,261 Cash and cash equivalents 198,042 213,822 Accounts and other recei
Slide 20: Enterprise Value
Enterprise Value December 31, (in thousands, except per share amounts) 2025 2024 Total debt $ 900,000 $ 400,000 Less cash, cash equivalents, and restricted cash 339,295 213,822 Less net proceeds from ATM forward sales(1) 238,033 — Net debt 322,672 186,178 Common shares outstanding(1) 229,803 187,546
Slide 21: Property Detail
Property Detail(1) Skilled Nursing Senior Housing Senior Housing Triple-net Triple-net Operating Total Total Properties 236 171 3 410 Recent acquisitions (67) (16) (3) (86) Under development — — — — Held for sale — — — — Land parcels — (1) — (1) Transitions (14) (10) — (24) Other — (2) — (2) Stabili
Slide 22: Glossary
Glossary EBITDA Net income attributable to CareTrust REIT, Inc. before interest expense, income tax, depreciation and amortization and amortization of stock-based compensation.[1] EBITDAR Net income before interest expense, income tax, depreciation, amortization and cash rent, after applying a stand
Slide 23: Glossary (continued)
Glossary (continued) Revenues Revenues represents the respective period's contractual cash rent or interest income, annualized, and presented at 100% share for consolidated entities, and excludes ground lease income and the impact of any rent abatement for recent acquisitions, if applicable. Rent de