Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q2 2025 Earnings Presentation
28 slides from Caretrust Reit's earnings presentation, Aug 7, 2025
Slide 1: Financial Supplement Second Quarter 2025
Exhibit 99.2 Financial Supplement Second Quarter 2025
Slide 2: Disclaimers
Disclaimers This supplement contains forward-looking statements to renew their leases with us upon their expiration, and for GAAP financial information, and should recognize within the meaning of the Private Securities Litigation the ability to reposition our properties on the same or that non-GAAP
Slide 3: Table of Contents
Table of Contents COMPANY PROFILE 04 COMPANY SNAPSHOT 05 INVESTMENTS 06 PORTFOLIO OVERVIEW 07-14 Net-Leased Rent Coverage Portfolio Performance Rent Diversification by Tenant Total Revenue Diversification by Geography Lease Maturities Net-Leased Purchase Options Other Real Estate Investments Bayshir
Slide 4: Company Profile
Company Profile CareTrust REIT is a self-administered, publicly-traded real estate investment trust engaged in the ownership, MANAGEMENT EQUITY ANALYST COVERAGE* acquisition, development and leasing of seniors housing and healthcare-related Dave Sedgwick – Chief Executive Officer Baird - Wes Gollada
Slide 5: Snapshot
Snapshot CARETRUST REIT, INC. NYSE: CTRE Market Data (as of June 30, 2025) Credit Ratings S&P Fitch ◦ Closing Price: $30.60 ◦ Corporate Rating: BB+ (stable) ◦ Corporate Rating: BBB- (stable) ◦ 52 Week Range: $33.15 – $24.79 ◦ Senior Unsecured Notes: BBB- ◦ Senior Unsecured Notes: BBB- ◦ Market Cap:
Slide 6: Historical Investments by Year
Historical Investments by Year (dollars in millions) 10 Year - Average Historical Investment Yield: 9.1% $1,800 $1,524 $1,500 $1,200 $1,166 $900 9.8% 9.7% $600 9.1% 9.0% 8.9% 8.8% 8.9% 9.0% 8.5% $341 7.7% $288 $309 $288 $300 $197 $169 $112 $105 $— 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (Y
Slide 7: Net-Leased Rent Coverage
[1] Net-Leased Rent Coverage Trailing Twelve Months EBITDARM Rent Coverage Distribution as a % of Rent by Operator As of March 31, 2025 Operators Properties SNF SH UK CH Multi Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 <1.00x 0 0 —% —% —% —% —% —% —% —% 3% 1.00-1.39x 6 27 2% 3% 2% 2% 10 % 10 % 9% 8% 8% 1.40-1.79
Slide 8: Portfolio Performance
Portfolio Performance (dollars in thousands) As of June 30, 2025 Operating % of Total Rent / % of Total Rent / Asset Type Properties Investment Current Yield Beds/Units Investment Interest Interest Investment in Real Estate Properties Skilled Nursing 200 21,387 $ 2,252,120 47.3 % $ 234,715 51.2 % 10
Slide 9: Rent Diversification by Tenant for Net-Leased Assets
Rent Diversification by Tenant for Net-Leased Assets (dollars in thousands) As of June 30, 2025[1] Operating Net-Leased Assets Beds/Units Rent % of Total Rent 1 The Ensign Group 106 11,244 $ 82,143 22.4 % 2 PACS Group 25 3,011 39,894 10.9 % 3 Priority Management Group 15 2,144 31,894 8.7 % 4 Minster
Slide 10: Total Revenue Diversification by Geography
Total Revenue Diversification by Geography (% of run-rate rent and interest) 7% 10 Note: Numbers are as of June 30, 2025 and include our net-leased assets and properties securing our financing receivable and other real estate related investments. Numbers exclude 6 properties held for sale as of June
Slide 11: Total Revenue Diversification by Geography
Total Revenue Diversification by Geography (% of run-rate rent and interest) (dollars in thousands) As of June 30, 2025[1] Operating % of Total Rent/ Investments by Geography Properties Beds/Units Rent/Interest Interest 1 California 64 8,111 $ 86,159 18.8 % 2 United Kingdom 133 7,456 67,500 14.7 % 3
Slide 12: Lease Maturities
Lease Maturities (dollars in thousands) As of June 30, 2025[1] Lease Maturity Year[2] Rent % of Total Rent 2026 $ 888 0.2 % 2027 5,730 1.6 % 2029 8,768 2.4 % 2030 1,330 0.4 % 2031 52,911 14.4 % 2032 27,622 7.5 % 2033 18,098 4.9 % 2034 47,849 13.0 % 2036 15,191 4.1 % 2037 18,713 5.1 % 2038 34,345 9.4
Slide 13: Purchase Options on Net-Leased Assets
Purchase Options on Net-Leased Assets (dollars in thousands) Tenant Purchase Options As of June 30, 2025 Option Period Asset Type Properties Lease Expiration Open Date[1] Option Type[2] Current Cash Rent[3] % of Total Rent [4] SNF 1 March 2029 4/1/2022 A / B [8] $ 882 0.24 % [4] SNF 1 January 2030 2
Slide 14: Other Real Estate Investments
Other Real Estate Investments (dollars in thousands) As of June 30, 2025 Mortgage Loans Wtd Avg Contractual [1] Maturity Year Property Type Location Investment Interest Rate Interest TTM DSCR[3] 2025 SNF GA $ 29,600 9.1 % [2] $ 2,701 1.78x 2026 SH / SNF CA 9,864 10.8 % 1,066 1.32x 2027 SNF / Campus
Slide 15: Consolidated Income Statements
Consolidated Income Statements (amounts in thousands, except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Rental income $ 86,033 $ 55,407 $ 157,679 $ 108,909 Interest income from financing receivable 2,886 — 5,693 — Interest inco
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) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net income attributable to CareTrust REIT, Inc. $ 10,758 $ 33,441 $ 52,135 $ 65,802 $ 68,
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) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net income attributable to CareTrust REIT, Inc. $ 10,758 $ 33,441 $ 52,135 $
Slide 18: 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) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net income attributable to CareTrust REIT, Inc. $ 10,7
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands) June 30, 2025 December 31, 2024 Assets: Real estate investments, net $ 3,256,024 $ 2,226,740 Financing receivable 97,330 96,004 Other real estate related investments 840,900 795,203 Assets held for sale 55,166 57,261 Cash and cash equivalents 306,05
Slide 20: Key Debt Metrics
Key Debt Metrics Net Debt to Annualized Net Debt to Enterprise Value [2] Normalized Run Rate EBITDA [1] 3.7 3.8 3.8 27.8% 26.2% 26.2% [3] 2.5 [3] 2.0 16.8% 1.4 12.3% 9.5% 0.6 0.5 0.5 4.1% 2.6% 3.5% 2.9% 0.4 0.1 0.4% 06 03 12 06 03 09 06 12 09 03 12 06 03 12 06 03 09 06 12 09 03 12 /31 /31 /31 /31 /3
Slide 21: Debt Summary
[1] Debt Summary (dollars in thousands) July 31, 2025 Debt Interest Rate Maturity Date Principal % of Principal Fixed Rate Debt Senior unsecured notes payable 3.875 % 2028 $ 400,000 41.5 % Senior unsecured term loan 4.630 % [2],[5] 2030 500,000 51.8 % 4.294 % $ 900,000 93.3 % Floating Rate Debt Unse
Slide 22: Debt Covenants
Debt Covenants June 30, 2025 Covenant Minimum Requirement Maximum Requirement Actual Status Credit Facility Covenants Consolidated Leverage Ratio 60 % 21.8 % In Compliance Consolidated Fixed Charge Coverage Ratio 1.50x 11.31x In Compliance Consolidated Tangible Net Worth ($ in thousands) 2,811,956 3
Slide 23: 2025 Guidance
2025 Guidance (shares in thousands) Full Year 2025 Guidance[1] Low High Net income attributable to CareTrust REIT, Inc. $ 1.43 $ 1.45 Real estate related depreciation and amortization 0.42 0.42 Noncontrolling interests' share of real estate related depreciation and amortization (0.05) (0.05) (Gain)
Slide 24: 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 25: Other Financial Highlights
Other Financial Highlights Dividend History Normalized FFO Payout Ratio [1][2] $0.335 $0.335 $0.29 $0.29 $0.29 $0.29 $0.275 $0.28 $0.28 $0.28 $0.28 80% 80% 80% 83% 81% 80% 78% 76% 78% 72% 73% 12/ 03/ 06/ 09/ 12/ 03/ 06/ 09/ 12/ 03/ 06/ 12/ 03/ 06/ 09/ 12/ 03/ 06/ 09/ 12/ 03/ 06/ 31/ 31/ 31/ 31/ 31/
Slide 26: Glossary
Glossary Care Homes ("UK Care Homes") master lease (or other grouping) for the trailing twelve- Employee Retention Tax Credit In the United Kingdom ("UK"), a care home is a residential months ending on the period presented divided by the The Employee Retention Credit ("ERTC") is a fully setting that
Slide 27: Glossary
Glossary Normalized FFO personal assistance are based in part on local regulations. payments on its indebtedness. Further, the Company’s FFO attributable to CareTrust REIT, Inc, adjusted for certain Seniors Housing also includes retirement communities or computation of EBITDA attributable to CareTru
Slide 28: CareTrust REIT
~— ww CARETRUST REIT