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CareTrust REIT Announces Fourth Quarter & Full Year 2025 Operating Results

CTRE
  • CareTrust REIT reported full-year 2025 net income of $320.5 million ($1.57 per share), a 96% increase over the prior year.
  • Full-year 2025 Normalized FFO reached $359.7 million ($1.76 per share), up 17% year-over-year, while Normalized FAD was $360.0 million ($1.76 per share), up 14%.
  • The company closed $1.8 billion in investment activity for 2025 at a blended stabilized yield of 8.6%.
  • Gross proceeds raised through equity issuances totaled $1.1 billion for the full year 2025, excluding $242.5 million in unsettled forward contracts.
  • For the fourth quarter of 2025, net income was $111.3 million ($0.50 per share), representing a 72% increase from the prior year quarter.
  • Q4 2025 Normalized FFO was $104.1 million ($0.47 per share), an 18% increase, with Normalized FAD at $103.0 million ($0.46 per share), up 12%.
  • CareTrust closed $561.5 million in investment activity during Q4 2025 at a blended stabilized yield of 8.8%.
  • The company maintains a Net Debt to Annualized Normalized Run Rate EBITDA ratio of 0.7x, well below its target range of 4.0x to 5.0x.
  • CareTrust declared a quarterly dividend of $0.335 per share, resulting in an annualized payout ratio of approximately 73% based on Normalized FAD.
  • Post-quarter end activity through February 11, 2026, included $214.8 million in closed investments at an 8.9% yield.
  • The company holds $100 million in cash on hand with $372.0 million pending from unsettled forward equity contracts under the ATM program.
  • 2026 guidance projects net income of $1.45 to $1.50 per share, with Normalized FFO and Normalized FAD both expected between $1.90 to $1.95 per share.
  • The 2026 guidance assumes a weighted average diluted share count of 225 million shares, 2.5% rent escalators, and no new debt or equity issuances beyond year-to-date activity.
  • A conference call to discuss these results is scheduled for Friday, February 13, 2026, at 1:00 pm ET.
  • CareTrust expanded its portfolio in 2025 with strategic additions of UK Care Homes and SHOP growth engines.
  • The company has $1.2 billion in remaining capacity on its unsecured revolving credit facility with no debt maturities scheduled prior to 2028.