Caretrust Reit, Inc. · NYSE:CTRE
Caretrust Reit — Q1 2026 Earnings Presentation
24 slides from Caretrust Reit's earnings presentation, May 8, 2026
Slide 1: Financial Supplement First Quarter 2026
Financial Supplement First Quarter 2026
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: operating and financial per
Slide 3: Table of Contents
Table of Contents CONTACT INFORMATION COMPANY SNAPSHOT 4 INVESTMENTS 5 CareTrust REIT, Inc. PORTFOLIO OVERVIEW 7 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.ca
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 372 39,977 38,616 1,247 19 95 — Senior Housing 213 14,168 414 3,722 943 1,123 7,966 Senior Housing Operating 3 270
Slide 5: Investment Activity
Investment Activity Q1'26 Initial Investment per Investment Investments Properties Beds / Units Bed / Unit (000s) Yield(1) Skilled Nursing Triple-net 6 532 $ 267,303 $ 142,205 9.0% Senior Housing Triple-net 4 364 198,632 72,302 8.6% Loan Funding 30,549 8.7% Total 10 896 $ 239,405 $ 245,056 8.8% Disp
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 March 31, 2026.
Slide 7: Net-Leased Rent Coverage
Net-Leased Rent Coverage EBITDARM Coverage(1) As of Q4 '25 Skilled Senior Nursing Housing Stabilized Portfolio Operators Properties Triple-net Triple-net Total Q3 '25 Q4 '24 < 1.00x — — —% —% —% —% —% 1.00 - 1.39x — — —% —% —% 8% 10% 1.40 - 1.79x 7 94 —% 19% 19% 19% 26% 1.80 - 2.19x 6 38 24% 4% 28%
Slide 8: Rent Diversification
Rent Diversification(1) Skilled Nursing Senior Housing Operator Properties Triple-net Triple-net Total % of Total The Ensign Group 113 $ 89,482 $ 2,799 $ 92,281 21% PACS Group 26 42,455 — 42,455 10% Priority Management Group 15 32,799 — 32,799 8% Minster Care Management 49 — 23,996 23,996 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 $ — $ — $ 2,807 $ 2,807 1% 2027 — — 3,782 3,782 1% 2028 — — 14,087 14,087 3% 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) Q1'26 Q4'25 Q1'25 Total cash interest $ 43,934 $ 39,567 $ 25,059 Secured debt principal amortization — — — Total fixed charges 43,934 39,567 25,059 Normalized EBITDA attributable to CareTrust REIT, Inc.(1) 452,061
Slide 12: Capital Market Transactions
Capital Market Transactions Follow-On Equity Offering Activity Number of Public Offering Gross Proceeds Year Shares (000s) Price per Share (000s) 2025 23,000 $ 32.00 $ 736,000 2024 15,870 $ 32.00 $ 507,840 2019 6,641 $ 23.35 $ 155,073 2016(1) 16,100 $ 12.14 $ 195,385 2015 16,330 $ 10.50 $ 171,465 At
Slide 13: Guidance
Guidance FY2026 Total (in millions) Per Share Low High Low High Net income attributable to CareTrust REIT, Inc. $ 348 $ 358 $ 1.49 $ 1.53 Real estate related depreciation and amortization, net of NCI 117 117 0.50 0.50 Funds from Operations (FFO) 465 475 1.99 2.03 Normalizing items 1 1 0.01 0.01 Norm
Slide 14: Appendix
Appendix
Slide 15: Consolidated Income Statements
Consolidated Income Statements For the Three Months Ended (in thousands, except per share amounts) March 31, 2026 2025 Revenues Rental income $ 114,196 $ 71,646 Resident fees and services 3,852 — Interest income from financing receivable 2,778 2,807 Interest income from other RE related investments
Slide 16: Reconciliation of EBITDA
Reconciliation of EBITDA Trailing Twelve Quarter Ended Months Ended Quarter Ended Trailing Twelve December 31, December 31, March 31, Months Ended (in thousands) 2025 2025 2026 March 31, 2026 Net income attributable to CareTrust REIT, Inc. $ 111,290 $ 320,538 $ 80,210 $ 334,946 Depreciation and amor
Slide 17: Reconciliation of EBITDA
Reconciliation of EBITDA Quarter Ended March 31, Trailing Twelve Months (in thousands) 2025 Ended March 31, 2025 Net income attributable to CareTrust REIT, Inc. $ 65,802 $ 162,136 Depreciation and amortization 17,841 61,224 Noncontrolling interests' share of real estate related depreciation and amor
Slide 18: Reconciliation of FFO
Reconciliation of FFO For the Three Months Ended (in thousands) March 31, 2026 2025 Net income attributable to CareTrust REIT, Inc $ 80,210 $ 65,802 Real estate related depreciation and amortization 29,283 17,833 Noncontrolling interests' share of real estate related depreciation and amortization (2
Slide 19: Reconciliation of FFO and FAD
Reconciliation of FFO and FAD For the Three Months Ended (in thousands, except per share amounts) March 31, 2026 2025 Net income attributable to CareTrust REIT, Inc. $ 80,210 $ 65,802 Real estate related depreciation and amortization 29,283 17,833 Noncontrolling interests' share of real estate relat
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets (in thousands) March 31, December 31, 2026 2025 Assets Real estate investments, net $ 3,876,643 $ 3,709,576 Financing receivable 92,541 92,193 Other real estate related investments 931,546 899,262 Cash and cash equivalents 223,207 198,042 Accounts and other receivables 14
Slide 21: Enterprise Value
Enterprise Value March 31, (in thousands, except per share amounts) 2026 2025 Total debt $ 900,000 $ 825,000 Less cash, cash equivalents, and restricted cash 223,207 667,101 Less net proceeds from ATM forward sales(1) 355,905 — Net debt 320,888 157,899 Common shares outstanding(1) 236,240 188,215 Pe
Slide 22: Property Detail
Property Detail(1) Skilled Nursing Senior Housing Senior Housing Triple-net Triple-net Operating Total Total Properties 242 175 3 420 Recent acquisitions (62) (12) (3) (77) Under development — — — — Held for sale — — — — Land parcels — (1) — (1) Transitions (23) (17) — (40) Other — (2) — (2) Stabili
Slide 23: 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 24: 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