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CareTrust REIT Announces First Quarter 2026 Operating Results; Increases 2026 Guidance

CTRE
  • CareTrust REIT reported Q1 2026 net income of $80.2 million ($0.36 per share), Normalized FFO of $107.4 million ($0.48 per share), and Normalized FAD of $107.6 million ($0.48 per share).
  • Quarterly dividend was increased to $0.39 per share, representing a 16.4% year-over-year increase.
  • The company closed $245.1 million in investment activity during the quarter at a blended stabilized yield of 8.8%.
  • Post-quarter end investment activity totaled $864.1 million at an 8.9% blended yield, including $116.7 million in previously unannounced investments at 9.4%.
  • Updated full-year 2026 guidance projects Net Income of $1.49-$1.53 per share, Normalized FFO of $2.00-$2.04 per share, and Normalized FAD of $1.98-$2.02 per share.
  • Net Debt to Annualized Normalized Run Rate EBITDA stood at 0.6x as of quarter end, well below the target leverage range of 4.0x to 5.0x.
  • The company maintains $70 million in cash on hand as of May 6, 2026, with $350 million drawn on its $1.2 billion unsecured revolving credit facility as of May 7, 2026.
  • CareTrust settled all outstanding equity forward contracts under its ATM Program for gross proceeds of $363.6 million.
  • Moody's upgraded CareTrust's credit rating to investment grade.
  • The company achieved 100% collection of contractual rent and interest for the quarter.
  • A conference call to discuss results is scheduled for Friday, May 8, 2026, at 11:00 a.m. ET.