Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q1 2025 Earnings Presentation
27 slides from Caretrust Reit's earnings presentation, May 2, 2025
Slide 1: Financial Supplement First Quarter 2025
Exhibit 99.2 Financial Supplement First Quarter 2025
Slide 2: Disclaimers
Disclaimers This supplement contains forward-looking statements and willingness of our tenants to renew their leases with for GAAP financial information, and should recognize within the meaning of the Private Securities Litigation us upon their expiration, and the ability to reposition our that non-
Slide 3: Table of Contents
Table of Contents COMPANY PROFILE 04 COMPANY SNAPSHOT 05 INVESTMENTS 06 PORTFOLIO OVERVIEW 07-14 Top 10 Tenants Lease Coverage Portfolio Performance Rent Diversification by Tenant Geographic Diversification Diversification by State Lease Maturities Tenant Purchase Options Bayshire Carlsbad (Carlsbad
Slide 4: Company Profile
Company Profile CareTrust REIT is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of seniors housing and healthcare-related MANAGEMENT EQUITY ANALYST COVERAGE* properties. CareTrust REIT generates revenues primarily by
Slide 5: Snapshot
Snapshot CARETRUST REIT, INC. NYSE: CTRE Market Data (as of March 31, 2025) Credit Ratings S&P Fitch ◦ Closing Price: $28.58 ◦ Corporate Rating: BB+ (stable) ◦ Corporate Rating: BB+ (positive) ◦ 52 Week Range: $33.15 – $23.26 ◦ Senior Unsecured Notes: BBB- ◦ Senior Unsecured Notes: BB+ ◦ Market Cap:
Slide 6: Investments
Investments (dollars in thousands) Date Investment Type Property Type Location Facilities Initial Investment Initial Beds/Units[1] Rent/Interest [2] Yield[3] 6/1/2014 The Ensign Group ALF, SNF, Campus Various 94 $ 501,673 10,053 $ 56,000 N/A 2014 Investments 6 33,609 157 3,076 9.2 % 2015 Investments
Slide 7: Top Tenants Lease Coverage
Top 10 Tenants Lease Coverage Twelve Months Ended Twelve Months Ended September 30, 2024 December 31, 2024 EBITDAR EBITDARM EBITDAR EBITDARM [1] Coverage Coverage[1] Coverage[1] Coverage[1] 1 The Ensign Group 3.37x 4.28x 3.34x 4.25x 2 PACS Group[2] 2.61x 3.18x 2.67x 3.24x 3 Priority Management Group
Slide 8: Portfolio Performance
Portfolio Performance (dollars in thousands) As of March 31, 2025 Operating % of Total Rent / % of Total Rent / Asset Type Facilities Investment Current Yield Beds/Units Investment Interest Interest Investment in Real Estate Properties Skilled Nursing 190 20,628 $ 2,103,556 57.9 % $ 215,127 59.2 % 1
Slide 9: Rent Diversification by Tenant for Net-Leased Assets
Rent Diversification by Tenant for Net-Leased Assets (dollars in thousands) As of March 31, 2025[1] Operating Net Leased Assets Beds/Units Rent % of Total Rent 1 The Ensign Group 103 10,792 $ 75,299 27.2 % 2 PACS Group 25 3,011 39,894 14.4 % 3 Priority Management Group 15 2,144 31,894 11.5 % 4 Links
Slide 10: Geographic Diversification (% of run-rate rent and interest)
Geographic Diversification (% of run-rate rent and interest) 7% * 4% 1% * 4% * 5% * 1% * * * 1% 1% 1% 2% 5% 1% 3% 2% 22% * 1% 2% 6% 13% 4% 1% * * 1% 12% 5% 1% 1% * Less than 1%. 10 Note: Numbers are as of March 31, 2025 and include properties securing our financing receivable and other real estate r
Slide 11: Rent & Interest Diversification by State
Rent & Interest Diversification by State (dollars in thousands) As of March 31, 2025[1] Operating % of Total Rent/ Investments by State Facilities Beds/Units Rent/Interest Interest 1 California 65 8,015 $ 80,195 22.1 % 2 Tennessee 29 3,098 45,674 12.6 % 3 Texas 43 5,460 43,807 12.0 % 4 North Carolin
Slide 12: Lease Maturities
Lease Maturities (dollars in thousands) As of March 31, 2025[1] Lease Maturity Year[2] Rent % of Total Rent 2026 $ 868 0.3 % 2027 5,613 2.0 % 2029 8,657 3.1 % 2031 52,466 19.0 % 2032 27,467 9.9 % 2033 17,727 6.4 % 2034 46,068 16.6 % 2036 14,564 5.3 % 2038 32,149 11.6 % 2039 57,666 20.8 % 2040 6,583
Slide 13: Purchase Options
Purchase Options (dollars in thousands) Tenant Purchase Options As of March 31, 2025 Option Period Asset Type Properties Lease Expiration Open Date[1] Option Type[2] Current Cash Rent % of Total Rent [4] SNF 1 March 2029 4/1/2022 A / B [5] $ 858 0.31 % [4] SNF 1 March 2030 2/1/2026 A 1,200 [10] 0.43
Slide 14: Other Real Estate Investments
Other Real Estate Investments (dollars in thousands) As of March 31, 2025 Mortgage Loans Wtd Avg Contractual [1] Maturity Year Property Type Location Investment Interest Rate Interest 2025 SNF CA, GA $ 32,541 9.2 % [2] $ 3,006 2026 ALF / SNF CA 9,864 10.8 % 1,066 2027 SNF / Campus Mid-Atlantic 75,00
Slide 15: Consolidated Income Statements
Consolidated Income Statements (amounts in thousands, except per share data) For the Three Months Ended March 31, 2025 2024 Revenues: Rental income $ 71,646 $ 53,502 Interest income from financing receivable 2,807 — Interest income from other real estate related investments and other income 22,168 9
Slide 16: Reconciliation of EBITDA, FFO and FAD
Reconciliation of EBITDA, FFO and FAD Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended (amounts in thousands) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Net income attributable to CareTrust REIT, Inc. $ 28,746 $ 10,758 $ 33,441 $ 52,135 $ 65
Slide 17: Reconciliation of EBITDA, FFO and FAD (continued)
Reconciliation of EBITDA, FFO and FAD (continued) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended (amounts in thousands, except per share data) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Net income attributable to CareTrust REIT, Inc. $ 28,
Slide 18: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands) March 31, 2025 December 31, 2024 Assets: Real estate investments, net $ 2,252,279 $ 2,226,740 Financing receivable 96,628 96,004 Other real estate related investments 799,799 795,203 Assets held for sale 16,736 57,261 Cash and cash equivalents 26,51
Slide 19: Key Debt Metrics
Key Debt Metrics Net Debt to Annualized Net Debt to Enterprise Value [2] Normalized Run Rate EBITDA [1] 4.2 3.7 3.8 3.8 30.6% 27.8% 26.2% 26.2% [3] 2.5 [3] 16.8% 1.4 9.5% 0.6 0.5 0.5 4.1% 2.6% 3.5% 2.9% 0.4 0.1 0.4% 03 12 09 03 12 06 03 09 06 12 09 03 12 09 03 12 06 03 09 06 12 09 /31 /31 /31 /31 /3
Slide 20: Debt Summary
Debt Summary (dollars in thousands) March 31, 2025 Deferred Loan Net Carrying Debt Interest Rate Maturity Date Principal % of Principal Costs Value Fixed Rate Debt Senior unsecured notes payable 3.875 % 2028 $ 400,000 48.5 % $ (2,851) $ 397,149 Floating Rate Debt [1] [2] [3] Unsecured revolving cred
Slide 21: Debt Covenants
Debt Covenants March 31, 2025 Covenant Minimum Requirement Maximum Requirement Actual Status Credit Facility Covenants Consolidated Leverage Ratio 60 % 20.9 % In Compliance Consolidated Fixed Charge Coverage Ratio 1.50x 11.85x In Compliance Consolidated Tangible Net Worth ($ in thousands) 2,549,666
Slide 22: 2025 Guidance
2025 Guidance (shares in thousands) Full Year 2025 Guidance[1] Low High Net income attributable to CareTrust REIT, Inc. $ 1.36 $ 1.40 Real estate related depreciation and amortization 0.37 0.37 Noncontrolling interests' share of real estate related depreciation and amortization (0.04) (0.04) (Gain)
Slide 23: Equity Capital Transactions
Equity Capital Transactions Follow-On Equity Offering Activity 2015 2016 2019 2024 Number of Shares (000s) 16,330 16,100 6,641 15,870 Public Offering Price per Share $ 10.50 $ 12.14 [1] $ 23.35 $ 32.00 Gross Proceeds (000s) $ 171,465 $ 195,385 $ 155,073 $ 507,840 At-the-Market Offering Activity 2016
Slide 24: Other Financial Highlights
Other Financial Highlights Dividend History Normalized FFO Payout Ratio [1][2] $0.335 $0.29 $0.29 $0.29 $0.29 $0.275 $0.275 $0.28 $0.28 $0.28 $0.28 80% 80% 80% 83% 81% 80% 78% 76% 74% 72% 73% 09/ 12/ 03/ 06/ 09/ 12/ 03/ 06/ 09/ 12/ 03/ 09/ 12/ 03/ 06/ 09/ 12/ 03/ 06/ 09/ 12/ 03/ 3 31/ 3 3 31/ 31/ 31
Slide 25: Glossary
Glossary Assisted Living Facilities (“ALFs”) occupancy, or (iv) have been acquired for or recently Funds from Operations (“FFO”) Licensed healthcare facilities that provide personal care transferred to new operators for turnaround and are pre- Net income attributable to CareTrust REIT, Inc, excludin
Slide 26: Glossary
Glossary Multi-Service Campus Rent / Interest [2] CareTrust REIT believes FAD attributable to CareTrust Facilities that include a combination of Skilled Nursing Rent represents the respective period's contractual cash REIT, Inc, FFO attributable to CareTrust REIT, Inc, beds and Seniors Housing units
Slide 27: CARETRUST i
= w CARETRUST 2 i