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CareTrust REIT Announces Third Quarter 2025 Operating Results

CTRE
  • CareTrust REIT reported net income of $74.9 million ($0.35 per diluted share) for the quarter ended September 30, 2025, representing a 67% increase over the prior year.
  • Normalized FFO reached $94.7 million ($0.45 per diluted share), an 18% year-over-year increase, while normalized FAD was $93.1 million ($0.44 per diluted share), up 13%.
  • The company closed $59.4 million in investment activity during the quarter at an 8.8% stabilized yield.
  • Gross proceeds of $736.0 million were raised through a public offering of 23.0 million common shares at $32.00 per share.
  • CareTrust paid off secured notes payable & secured revolving credit facilities assumed in the Care REIT acquisition.
  • Net Debt to Annualized Normalized Run Rate EBITDA stood at 0.42x, significantly below the company's target leverage range of 4.0x to 5.0x.
  • Contractual rent & interest collections were 100% exclusive of properties held-for-sale.
  • A quarterly dividend of $0.335 per share was declared, reflecting a payout ratio of approximately 76% on normalized FAD.
  • Since quarter-end, the company closed approximately $436.5 million in investments at an estimated 8.8% stabilized yield.
  • Cash on hand is approximately $334 million, with full capacity available on the $1.2 billion revolver & no scheduled debt maturities prior to 2028.
  • The investment pipeline totals approximately $600 million.
  • Updated 2025 guidance projects net income of $1.41 to $1.42 per diluted share, normalized FFO of $1.76 to $1.77, & normalized FAD of $1.76 to $1.77.
  • Updated guidance assumes a diluted share count of 204.0 million, no new investments or debt issuances, & 2.5% CPI-based rent escalators.
  • A conference call to discuss results is scheduled for Thursday, November 6, 2025, at 2:00 pm ET.