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    CareTrust REIT Announces First Quarter 2025 Operating Results

    5/1/25 4:14:00 PM ET
    $CTRE
    Real Estate Investment Trusts
    Real Estate
    Get the next $CTRE alert in real time by email

    Conference Call Scheduled for Friday, May 2, 2025 at 1:00 pm ET

    CareTrust REIT, Inc. (NYSE:CTRE) today reported operating results for the quarter ended March 31, 2025, as well as other recent events.

    For the quarter, CareTrust REIT reported:

    • Planned acquisition of Care REIT plc;
    • Investments of $47.5 million at an estimated stabilized yield of 10.0%;
    • 0.6 million shares sold under its ATM Program for gross proceeds of $16.0 million;
    • 99.2% of contractual rent and interest collected;
    • Net income of $65.8 million and net income per share of $0.35;
    • Net Debt to Annualized Normalized Run Rate EBITDA of 0.5x;
    • Normalized FFO of $77.8 million and normalized FFO per share of $0.42;
    • Normalized FAD of $80.8 million and normalized FAD per share of $0.43; and
    • A quarterly dividend of $0.335 per share, representing a payout ratio of approximately 78% on normalized FAD.

    Since quarter end, CareTrust REIT reports:

    • Approval by the shareholders of London Stock Exchange listed Care REIT plc of CareTrust REIT's offer to acquire Care REIT plc for 108 pence/share for a purchase price of approximately $856 million, exclusive of M&A transaction costs. Payments will be in Great British Pounds but are expressed in US dollars based on the exchange rate of 0.7501 GBP to 1.00 USD on April 30, 2025;
    • Investments totaling approximately $34.7 million at an estimated stabilized yield of 10%;
    • 3.4 million shares sold under its ATM Program for gross proceeds of $99.5 million;
    • Paid down the revolving credit line by $50 million to bring the outstanding balance to $375 million;
    • Initiated a process to upsize its credit facility to include a $500 million, 5-year term loan;
    • Cash on hand of approximately $45 million; and
    • Investment pipeline (excluding the Care REIT plc pending acquisition) of approximately $500 million.

    CareTrust's President and Chief Executive Officer, Dave Sedgwick, commented on the Company's recent events. "We are thrilled to announce our proposed strategic acquisition of Care REIT in London received Care REIT shareholder approval on April 29, 2025. We expect to officially close on or around May 9, 2025, after approval by the English Court. We believe this acquisition makes CareTrust stronger in many ways on day one: portfolio diversification, scale, and a new growth engine for years to come." Mr. Sedgwick continued, "The conditions that made 2024 a historic year for us continue into 2025. We have never been more excited about our ability to deliver meaningful growth for our shareholders and trusted operators. The pipe continues to reload with opportunities to grow and diversify the portfolio in strategic ways."

    Financial Results for Quarter Ended March 31, 2025

    Chief Financial Officer, Bill Wagner, reported that, for the first quarter, CareTrust reported net income of $65.8 million, or $0.35 per diluted weighted-average common share, normalized FFO of $77.8 million, or $0.42 per diluted weighted-average common share, and normalized FAD of $80.8 million, or $0.43 per diluted weighted-average common share.

    Liquidity

    As of quarter end, CareTrust reported net debt-to-annualized normalized run rate EBITDA of 0.5x, which is below the Company's target leverage range of 4.0x to 5.0x, and a net debt-to-enterprise value of approximately 2.9%. Mr. Wagner stated that, as of today, the Company has $375 million in borrowings outstanding on its $1.2 billion revolving credit line, with no scheduled debt maturities prior to 2028. He also disclosed that CareTrust currently has approximately $45 million in cash on hand and $606 million in restricted cash deposited in an escrow account to be used to satisfy the purchase consideration in connection with the planned acquisition of Care REIT plc. During the first quarter of 2025, the Company sold 0.6 million shares under its ATM Program at a weighted average sales price of $28.87 per share for gross proceeds of $16.0 million. In April, the Company sold 3.4 million shares under its ATM Program at a weighted average sales price of $28.90 per share for gross proceeds of $99.5 million and used $50 million to pay down the revolving credit line. As of May 1, 2025, the Company had $634.5 million available for future issuances under the ATM Program. "We have plenty of available capital under both our ATM Program and revolving credit line which will allow us to fund a replenishing pipeline of accretive investment opportunities," said Mr. Wagner.

    Increased Guidance

    The Company increased guidance for 2025, with Mr. Wagner projecting on a per-diluted weighted-average common share basis net income of approximately $1.36 to $1.40, normalized FFO of approximately $1.69 to $1.73, and normalized FAD of approximately $1.73 to $1.77. He noted that the 2025 guidance is based on a diluted weighted-average common share count of 190.6 million shares, and assumes the following:

    • All investments year-to-date;
    • No new or approved investments;
    • Dispositions made to date;
    • Loan repayments made to date or expected to be made;
    • No new dispositions;
    • No new debt incurrences or new equity issuances; and
    • Estimated 2.5% CPI-based rent escalators under CareTrust's long-term net leases.

    Dividend Increased

    During the quarter, CareTrust increased its quarterly dividend from $0.29 to $0.335 per common share. On an annualized basis, the payout ratio was approximately 80% based on first quarter 2025 normalized FFO, and 78% based on first quarter 2025 normalized FAD.

    Conference Call

    A conference call will be held on Friday, May 2, 2025, at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time), during which CareTrust's management will discuss first quarter 2025 results, recent developments and other matters. The toll-free dial-in number is 1 (800) 715-9871 or toll dial-in number is 1 (646) 307-1963 and the conference ID number is 2243604. To listen to the call online, or to view any financial or other statistical information required by SEC Regulation G, please visit the Investors section of the CareTrust REIT website at http://investor.caretrustreit.com. This call will be recorded, and will be available for replay via the website for 30 days following the call.

    About CareTrust™

    CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States and internationally. More information about CareTrust REIT is available at www.caretrustreit.com.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

    This press release contains, and the related conference call will include, 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 Company's intent, belief or expectations, including, but not limited to, statements regarding the following: future financial and financing plans; strategies related to the Company's business and its portfolio, including acquisition opportunities and disposition plans; expectations regarding the planned acquisition of Care REIT plc; growth prospects; operating and financial performance; expectations regarding the making of distributions and payment of dividends; and the performance of the Company's tenants and operators and their respective facilities.

    Words such as "anticipate," "believe," "could," "expect," "estimate," "intend," "may," "plan," "seek," "should," "will," "would," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company's forward-looking statements are based on management's current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the possibility of an offer or firm intention to make an offer for Care REIT plc by any third party; (ii) our ability to complete the acquisition of Care REIT, integrate its operations and achieve the benefits expected to result from the acquisition; (iii) the ability and willingness of our tenants and borrowers to meet and/or perform their obligations under the agreements we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (iv) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (v) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants and borrowers; (vi) the ability of our tenants and borrowers to comply with applicable laws, rules and regulations in the operation of the properties we lease to them or finance; (vii) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (viii) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, and (b) suitable acquisition opportunities and the ability to acquire and lease the respective properties to such tenants on favorable terms; (ix) the ability to generate sufficient cash flows to service our outstanding indebtedness; (x) access to debt and equity capital markets; (xi) fluctuating interest rates; (xii) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xiii) the ability to retain our key management personnel; (xiv) the ability to maintain our status as a real estate investment trust ("REIT"); (xv) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; (xvi) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xvi) any additional factors included in our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including in the sections entitled "Risk Factors" in Item 1A of such reports, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC.

    This press release and the related conference call provides information about the Company's financial results as of and for the quarter ended March 31, 2025 and is provided as of the date hereof, unless specifically stated otherwise. The Company expressly disclaims any obligation to update or revise any information in this press release or the related conference call (and replays thereof), including forward-looking statements, whether to reflect any change in the Company's expectations, any change in events, conditions or circumstances, or otherwise.

    As used in this press release or the related conference call, unless the context requires otherwise, references to "CTRE," "CareTrust," "CareTrust REIT" or the "Company" refer to CareTrust REIT, Inc. and its consolidated subsidiaries. GAAP refers to generally accepted accounting principles in the United States of America.

    CARETRUST REIT, INC.

    CONSOLIDATED INCOME STATEMENTS

    (in thousands, except per share data)

    (Unaudited)

     

    For the Three Months Ended

    March 31,

     

    2025

     

    2024

    Revenues:

     

     

     

    Rental income

    $

    71,646

     

     

    $

    53,502

     

    Interest income from financing receivable

     

    2,807

     

     

     

    —

     

    Interest income from other real estate related investments and other income

     

    22,168

     

     

     

    9,568

     

    Total revenues

     

    96,621

     

     

     

    63,070

     

    Expenses:

     

     

     

    Depreciation and amortization

     

    17,841

     

     

     

    13,448

     

    Interest expense

     

    6,669

     

     

     

    8,228

     

    Property taxes

     

    2,065

     

     

     

    1,801

     

    Impairment of real estate investments

     

    —

     

     

     

    2,744

     

    Transaction costs

     

    888

     

     

     

    —

     

    Property operating expenses

     

    105

     

     

     

    660

     

    General and administrative

     

    9,023

     

     

     

    6,838

     

    Total expenses

     

    36,591

     

     

     

    33,719

     

    Other income (loss):

     

     

     

    Gain on sale of real estate, net

     

    3,876

     

     

     

    11

     

    Unrealized gain (loss) on other real estate related investments, net

     

    1,287

     

     

     

    (612

    )

    Total other income (loss)

     

    5,163

     

     

     

    (601

    )

    Net income

     

    65,193

     

     

     

    28,750

     

    Net (loss) income attributable to noncontrolling interests

     

    (609

    )

     

     

    4

     

    Net income attributable to CareTrust REIT, Inc.

    $

    65,802

     

     

    $

    28,746

     

     

     

     

     

    Earnings per common share attributable to CareTrust REIT, Inc.:

     

     

     

    Basic

    $

    0.35

     

     

    $

    0.22

     

    Diluted

    $

    0.35

     

     

    $

    0.22

     

     

     

     

     

    Weighted-average number of common shares:

     

     

     

    Basic

     

    187,152

     

     

     

    132,836

     

    Diluted

     

    187,416

     

     

     

    133,202

     

     

     

     

     

    Dividends declared per common share

    $

    0.335

     

     

    $

    0.29

     

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES

    (in thousands)

    (Unaudited)

     

    Three Months Ended

    March 31,

     

    2025

     

    2024

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    65,802

     

     

    $

    28,746

     

    Depreciation and amortization

     

    17,841

     

     

     

    13,448

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    (2,223

    )

     

     

    —

     

    Interest expense

     

    6,669

     

     

     

    8,228

     

    Amortization of stock-based compensation

     

    3,093

     

     

     

    2,120

     

    EBITDA attributable to CareTrust REIT, Inc.

     

    91,182

     

     

     

    52,542

     

    Impairment of real estate investments

     

    —

     

     

     

    2,744

     

    Property operating (recovery) expenses

     

    (105

    )

     

     

    972

     

    Gain on sale of real estate, net

     

    (3,876

    )

     

     

    (11

    )

    Non-routine transaction costs

     

    888

     

     

     

    —

     

    Amortization of stock-based compensation related to extraordinary incentive plan

     

    816

     

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

    (1,287

    )

     

     

    612

     

    Normalized EBITDA attributable to CareTrust REIT, Inc.

     

    87,618

     

     

     

    56,859

     

    Full impact of quarterly investments[1]

     

    82

     

     

     

    1,493

     

    Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.

    $

    87,700

     

     

    $

    58,352

     

     

     

     

     

    NET DEBT TO ANNUALIZED NORMALIZED RUN RATE EBITDA RECONCILIATION

    (in thousands)

    (Unaudited)

     

    Three Months Ended

    March 31,

     

    2025

     

    2024

    Total debt

    $

    825,000

     

     

    $

    600,000

     

    Cash, cash equivalents, restricted cash and escrow deposits on acquisitions of real estate

     

    (667,101

    )

     

     

    (451,173

    )

    Net Debt

    $

    157,899

     

     

    $

    148,827

     

    Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.[2]

    $

    350,800

     

     

    $

    233,408

     

    Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.

    0.5x

     

    0.6x

    [1] Quarterly adjustments give effect to the investments completed and loans receivable pay downs during the three months ended for the respective period as though such investments and pay downs were completed as of the beginning of the period.

    [2] Annualized Normalized Run Rate EBITDA is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter multiplied by four (4).

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)

    (in thousands)

    (Unaudited)

     

    Three Months Ended

    March 31,

     

    2025

     

    2024

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    65,802

     

     

    $

    28,746

     

    Real estate related depreciation and amortization

     

    17,833

     

     

     

    13,442

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    (2,223

    )

     

     

    —

     

    Impairment of real estate investments

     

    —

     

     

     

    2,744

     

    Gain on sale of real estate, net

     

    (3,876

    )

     

     

    (11

    )

    Funds from Operations (FFO) attributable to CareTrust REIT, Inc.

     

    77,536

     

     

     

    44,921

     

    Property operating (recovery) expenses

     

    (105

    )

     

     

    972

     

    Non-routine transaction costs

     

    888

     

     

     

    —

     

    Amortization of stock-based compensation related to extraordinary incentive plan

     

    816

     

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

    (1,287

    )

     

     

    612

     

    Normalized FFO attributable to CareTrust REIT, Inc.

    $

    77,848

     

     

    $

    46,505

     

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)

    (in thousands, except per share data)

    (Unaudited)

     

    Three Months Ended

    March 31,

     

    2025

     

    2024

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    65,802

     

     

    $

    28,746

     

    Real estate related depreciation and amortization

     

    17,833

     

     

     

    13,442

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    (2,223

    )

     

     

    —

     

    Amortization of deferred financing fees

     

    914

     

     

     

    614

     

    Amortization of stock-based compensation

     

    3,093

     

     

     

    2,120

     

    Straight-line rental income

     

    7

     

     

     

    7

     

    Amortization of lease incentives

     

    48

     

     

     

    —

     

    Noncontrolling interests' share of amortization of lease incentives

     

    (24

    )

     

     

    —

     

    Amortization of below market leases

     

    (926

    )

     

     

    (575

    )

    Noncontrolling interests' share of amortization of below market leases

     

    463

     

     

     

    —

     

    Non-cash interest income

     

    (623

    )

     

     

    —

     

    Impairment of real estate investments

     

    —

     

     

     

    2,744

     

    Gain on sale of real estate, net

     

    (3,876

    )

     

     

    (11

    )

    Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.

     

    80,488

     

     

     

    47,087

     

    Property operating (recovery) expenses

     

    (105

    )

     

     

    972

     

    Non-routine transaction costs

     

    888

     

     

     

    —

     

    Amortization of stock-based compensation related to extraordinary incentive plan

     

    816

     

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

    (1,287

    )

     

     

    612

     

    Normalized FAD attributable to CareTrust REIT, Inc.

    $

    80,800

     

     

    $

    48,671

     

     

     

     

     

    FFO per share attributable to CareTrust REIT, Inc.

    $

    0.41

     

     

    $

    0.34

     

    Normalized FFO per share attributable to CareTrust REIT, Inc.

    $

    0.42

     

     

    $

    0.35

     

     

     

     

     

    FAD per share attributable to CareTrust REIT, Inc.

    $

    0.43

     

     

    $

    0.35

     

    Normalized FAD per share attributable to CareTrust REIT, Inc.

    $

    0.43

     

     

    $

    0.37

     

     

     

     

     

    Diluted weighted average shares outstanding [1]

     

    187,574

     

     

     

    133,328

     

     

     

     

     

    [1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method.

    CARETRUST REIT, INC.

    CONSOLIDATED INCOME STATEMENTS - 5 QUARTER TREND

    (in thousands, except per share data)

    (Unaudited)

     

    Quarter

    Quarter

    Quarter

    Quarter

    Quarter

     

    Ended

    Ended

    Ended

    Ended

    Ended

     

    March 31, 2024

    June 30, 2024

    September 30, 2024

    December 31, 2024

    March 31, 2025

    Revenues:

     

     

     

     

     

    Rental income

    $

    53,502

     

    $

    55,407

     

    $

    57,153

     

    $

    62,199

     

    $

    71,646

     

    Interest income from financing receivable

     

    —

     

     

    —

     

     

    —

     

     

    1,009

     

     

    2,807

     

    Interest income from other real estate related investments and other income

     

    9,568

     

     

    13,484

     

     

    20,228

     

     

    23,736

     

     

    22,168

     

    Total revenues

     

    63,070

     

     

    68,891

     

     

    77,381

     

     

    86,944

     

     

    96,621

     

    Expenses:

     

     

     

     

     

    Depreciation and amortization

     

    13,448

     

     

    13,860

     

     

    14,009

     

     

    15,514

     

     

    17,841

     

    Interest expense

     

    8,228

     

     

    8,679

     

     

    8,281

     

     

    5,122

     

     

    6,669

     

    Property taxes

     

    1,801

     

     

    1,976

     

     

    2,115

     

     

    1,946

     

     

    2,065

     

    Impairment of real estate investments

     

    2,744

     

     

    25,711

     

     

    8,417

     

     

    5,353

     

     

    —

     

    Transaction costs

     

    —

     

     

    —

     

     

    —

     

     

    1,326

     

     

    888

     

    Provision for loan losses, net

     

    —

     

     

    —

     

     

    —

     

     

    4,900

     

     

    —

     

    Property operating expenses

     

    660

     

     

    255

     

     

    3,477

     

     

    1,322

     

     

    105

     

    General and administrative

     

    6,838

     

     

    6,136

     

     

    6,663

     

     

    9,286

     

     

    9,023

     

    Total expenses

     

    33,719

     

     

    56,617

     

     

    42,962

     

     

    44,769

     

     

    36,591

     

    Other (loss) income:

     

     

     

     

     

    Loss on extinguishment of debt

     

    —

     

     

    —

     

     

    (657

    )

     

    —

     

     

    —

     

    Gain (loss) on sale of real estate, net

     

    11

     

     

    21

     

     

    (2,286

    )

     

    46

     

     

    3,876

     

    Unrealized (loss) gain on other real estate related investments, net

     

    (612

    )

     

    (1,877

    )

     

    1,800

     

     

    9,734

     

     

    1,287

     

    Total other (loss) income

     

    (601

    )

     

    (1,856

    )

     

    (1,143

    )

     

    9,780

     

     

    5,163

     

    Net income

     

    28,750

     

     

    10,418

     

     

    33,276

     

     

    51,955

     

     

    65,193

     

    Net income (loss) attributable to noncontrolling interests

     

    4

     

     

    (340

    )

     

    (165

    )

     

    (180

    )

     

    (609

    )

    Net income attributable to CareTrust REIT, Inc.

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

    $

    52,135

     

    $

    65,802

     

     

     

     

     

     

     

    Diluted earnings per share attributable to CareTrust REIT, Inc.

    $

    0.22

     

    $

    0.07

     

    $

    0.21

     

    $

    0.29

     

    $

    0.35

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding

     

    133,202

     

     

    145,258

     

     

    159,850

     

     

    182,013

     

     

    187,416

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND

    (in thousands)

    (Unaudited)

     

    Quarter

    Quarter

    Quarter

    Quarter

    Quarter

     

    Ended

    Ended

    Ended

    Ended

    Ended

     

    March 31, 2024

    June 30, 2024

    September 30, 2024

    December 31, 2024

    March 31, 2025

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

    $

    52,135

     

    $

    65,802

     

    Depreciation and amortization

     

    13,448

     

     

    13,860

     

     

    14,009

     

     

    15,514

     

     

    17,841

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    —

     

     

    —

     

     

    —

     

     

    (837

    )

     

    (2,223

    )

    Interest expense

     

    8,228

     

     

    8,222

     

     

    7,807

     

     

    4,768

     

     

    6,669

     

    Amortization of stock-based compensation

     

    2,120

     

     

    1,406

     

     

    1,143

     

     

    1,461

     

     

    3,093

     

    EBITDA attributable to CareTrust REIT, Inc.

     

    52,542

     

     

    34,246

     

     

    56,400

     

     

    73,041

     

     

    91,182

     

    Write-off of deferred financing costs

     

    —

     

     

    —

     

     

    —

     

     

    354

     

     

    —

     

    Impairment of real estate investments

     

    2,744

     

     

    25,711

     

     

    8,417

     

     

    5,353

     

     

    —

     

    Provision for loan losses, net

     

    —

     

     

    —

     

     

    —

     

     

    4,900

     

     

    —

     

    Property operating expenses (recovery)

     

    972

     

     

    361

     

     

    3,893

     

     

    1,665

     

     

    (105

    )

    (Gain) loss on sale of real estate, net

     

    (11

    )

     

    (21

    )

     

    2,286

     

     

    (46

    )

     

    (3,876

    )

    Loss on extinguishment of debt

     

    —

     

     

    —

     

     

    657

     

     

    —

     

     

    —

     

    Non-routine transaction costs

     

    —

     

     

    —

     

     

    —

     

     

    1,326

     

     

    888

     

    Amortization of stock-based compensation related to extraordinary incentive plan

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    816

     

    Extraordinary incentive plan payment

     

    —

     

     

    —

     

     

    —

     

     

    2,313

     

     

    —

     

    Unrealized loss (gain) on other real estate related investments, net

     

    612

     

     

    1,877

     

     

    (1,800

    )

     

    (9,734

    )

     

    (1,287

    )

    Normalized EBITDA attributable to CareTrust REIT, Inc.

    $

    56,859

     

    $

    62,174

     

    $

    69,853

     

    $

    79,172

     

    $

    87,618

     

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

    $

    52,135

     

    $

    65,802

     

    Real estate related depreciation and amortization

     

    13,442

     

     

    13,853

     

     

    14,002

     

     

    15,507

     

     

    17,833

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    —

     

     

    —

     

     

    —

     

     

    (837

    )

     

    (2,223

    )

    Impairment of real estate investments

     

    2,744

     

     

    25,711

     

     

    8,417

     

     

    5,353

     

     

    —

     

    (Gain) loss on sale of real estate, net

     

    (11

    )

     

    (21

    )

     

    2,286

     

     

    (46

    )

     

    (3,876

    )

    Funds from Operations (FFO) attributable to CareTrust REIT, Inc.

     

    44,921

     

     

    50,301

     

     

    58,146

     

     

    72,112

     

     

    77,536

     

    Write-off of deferred financing costs

     

    —

     

     

    —

     

     

    —

     

     

    354

     

     

    —

     

    Provision for loan losses, net

     

    —

     

     

    —

     

     

    —

     

     

    4,900

     

     

    —

     

    Property operating expenses (recovery)

     

    972

     

     

    361

     

     

    3,893

     

     

    1,665

     

     

    (105

    )

    Non-routine transaction costs

     

    —

     

     

    —

     

     

    —

     

     

    1,326

     

     

    888

     

    Loss on extinguishment of debt

     

    —

     

     

    —

     

     

    657

     

     

    —

     

     

    —

     

    Amortization of stock-based compensation related to extraordinary incentive plan

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    816

     

    Extraordinary incentive plan payment

     

    —

     

     

    —

     

     

    —

     

     

    2,313

     

     

    —

     

    Unrealized loss (gain) on other real estate related investments, net

     

    612

     

     

    1,877

     

     

    (1,800

    )

     

    (9,734

    )

     

    (1,287

    )

    Normalized FFO attributable to CareTrust REIT, Inc.

    $

    46,505

     

    $

    52,539

     

    $

    60,896

     

    $

    72,936

     

    $

    77,848

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND (continued)

    (in thousands, except per share data)

    (Unaudited)

     

    Quarter

    Quarter

    Quarter

    Quarter

    Quarter

     

    Ended

    Ended

    Ended

    Ended

    Ended

     

    March 31, 2024

    June 30, 2024

    September 30, 2024

    December 31, 2024

    March 31, 2025

     

     

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    28,746

     

    $

    10,758

     

    $

    33,441

     

    $

    52,135

     

    $

    65,802

     

    Real estate related depreciation and amortization

     

    13,442

     

     

    13,853

     

     

    14,002

     

     

    15,507

     

     

    17,833

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    —

     

     

    —

     

     

    —

     

     

    (837

    )

     

    (2,223

    )

    Amortization of deferred financing fees

     

    614

     

     

    614

     

     

    614

     

     

    619

     

     

    914

     

    Amortization of stock-based compensation

     

    2,120

     

     

    1,406

     

     

    1,143

     

     

    1,461

     

     

    3,093

     

    Straight-line rental income

     

    7

     

     

    7

     

     

    7

     

     

    7

     

     

    7

     

    Amortization of lease incentives

     

    —

     

     

    4

     

     

    5

     

     

    13

     

     

    48

     

    Noncontrolling interests' share of amortization of lease incentives

     

    —

     

     

    —

     

     

    —

     

     

    (6

    )

     

    (24

    )

    Amortization of below market leases

     

    (575

    )

     

    (575

    )

     

    (809

    )

     

    (926

    )

     

    (926

    )

    Noncontrolling interests' share of amortization of below market leases

     

    —

     

     

    —

     

     

    —

     

     

    463

     

     

    463

     

    Non-cash interest income

     

    —

     

     

    —

     

     

    —

     

     

    (281

    )

     

    (623

    )

    Impairment of real estate investments

     

    2,744

     

     

    25,711

     

     

    8,417

     

     

    5,353

     

     

    —

     

    (Gain) loss on sale of real estate, net

     

    (11

    )

     

    (21

    )

     

    2,286

     

     

    (46

    )

     

    (3,876

    )

    Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.

     

    47,087

     

     

    51,757

     

     

    59,106

     

     

    73,462

     

     

    80,488

     

    Write-off of deferred financing costs

     

    —

     

     

    —

     

     

    —

     

     

    354

     

     

    —

     

    Provision for loan losses, net

     

    —

     

     

    —

     

     

    —

     

     

    4,900

     

     

    —

     

    Property operating expenses (recovery)

     

    972

     

     

    361

     

     

    3,893

     

     

    1,665

     

     

    (105

    )

    Non-routine transaction costs

     

    —

     

     

    —

     

     

    —

     

     

    1,326

     

     

    888

     

    Loss on extinguishment of debt

     

    —

     

     

    —

     

     

    657

     

     

    —

     

     

    —

     

    Amortization of stock-based compensation related to extraordinary incentive plan

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    816

     

    Extraordinary incentive plan payment

     

    —

     

     

    —

     

     

    —

     

     

    2,313

     

     

    —

     

    Unrealized loss (gain) on other real estate related investments, net

     

    612

     

     

    1,877

     

     

    (1,800

    )

     

    (9,734

    )

     

    (1,287

    )

    Normalized FAD attributable to CareTrust REIT, Inc.

    $

    48,671

     

    $

    53,995

     

    $

    61,856

     

    $

    74,286

     

    $

    80,800

     

     

     

     

     

     

     

    FFO per share attributable to CareTrust REIT, Inc.

    $

    0.34

     

    $

    0.35

     

    $

    0.36

     

    $

    0.40

     

    $

    0.41

     

    Normalized FFO per share attributable to CareTrust REIT, Inc.

    $

    0.35

     

    $

    0.36

     

    $

    0.38

     

    $

    0.40

     

    $

    0.42

     

    FAD per share attributable to CareTrust REIT, Inc.

    $

    0.35

     

    $

    0.36

     

    $

    0.37

     

    $

    0.40

     

    $

    0.43

     

    Normalized FAD per share attributable to CareTrust REIT, Inc.

    $

    0.37

     

    $

    0.37

     

    $

    0.39

     

    $

    0.41

     

    $

    0.43

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding [1]

     

    133,328

     

     

    145,380

     

     

    160,025

     

     

    182,222

     

     

    187,574

     

     

     

     

     

     

     

    [1] For the periods presented, the diluted weighted average shares have been calculated using the treasury stock method.

    CARETRUST REIT, INC.

    CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (Unaudited)

     

    March 31, 2025

     

    December 31, 2024

    Assets:

     

     

     

    Real estate investments, net

    $

    2,252,279

     

     

    $

    2,226,740

     

    Financing receivable, at fair value (including accrued interest of $905 and $281 as of March 31, 2025 and December 31, 2024, respectively)

     

    96,628

     

     

     

    96,004

     

    Other real estate related investments (including accrued interest of $6,005 and $4,725 as of March 31, 2025 and December 31, 2024, respectively)

     

    799,799

     

     

     

    795,203

     

    Assets held for sale, net

     

    16,736

     

     

     

    57,261

     

    Cash and cash equivalents

     

    26,510

     

     

     

    213,822

     

    Restricted cash

     

    606,000

     

     

     

    —

     

    Accounts and other receivables

     

    1,954

     

     

     

    1,174

     

    Prepaid expenses and other assets, net

     

    73,890

     

     

     

    35,608

     

    Deferred financing costs, net

     

    10,652

     

     

     

    11,204

     

    Total assets

    $

    3,884,448

     

     

    $

    3,437,016

     

     

     

     

     

    Liabilities and Equity:

     

     

     

    Senior unsecured notes payable, net

    $

    397,149

     

     

    $

    396,927

     

    Unsecured revolving credit facility

     

    425,000

     

     

     

    —

     

    Accounts payable, accrued liabilities and deferred rent liabilities

     

    51,069

     

     

     

    56,318

     

    Dividends payable

     

    63,053

     

     

     

    54,388

     

    Total liabilities

     

    936,271

     

     

     

    507,633

     

     

     

     

     

    Redeemable noncontrolling interest

     

    17,396

     

     

     

    18,243

     

     

     

     

     

    Equity:

     

     

     

    Common stock

     

    1,877

     

     

     

    1,870

     

    Additional paid-in capital

     

    3,455,256

     

     

     

    3,439,117

     

    Cumulative distributions in excess of earnings

     

    (529,821

    )

     

     

    (532,570

    )

    Total stockholders' equity

     

    2,927,312

     

     

     

    2,908,417

     

    Noncontrolling interests

     

    3,469

     

     

     

    2,723

     

    Total equity

     

    2,930,781

     

     

     

    2,911,140

     

    Total liabilities and equity

    $

    3,884,448

     

     

    $

    3,437,016

     

    CARETRUST REIT, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (Unaudited)

     

    For the Three Months Ended March 31,

     

    2025

     

    2024

    Cash flows from operating activities:

     

     

     

    Net income

    $

    65,193

     

     

    $

    28,750

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization (including below-market ground leases)

     

    17,865

     

     

     

    13,462

     

    Amortization of deferred financing costs

     

    914

     

     

     

    614

     

    Unrealized (gain) loss on other real estate related investments, net

     

    (1,287

    )

     

     

    612

     

    Amortization of stock-based compensation

     

    3,909

     

     

     

    2,120

     

    Straight-line rental income

     

    7

     

     

     

    7

     

    Amortization of lease incentives

     

    49

     

     

     

    —

     

    Amortization of below market leases

     

    (926

    )

     

     

    (575

    )

    Noncash interest income

     

    (1,904

    )

     

     

    (425

    )

    Gain on sale of real estate, net

     

    (3,876

    )

     

     

    (11

    )

    Impairment of real estate investments

     

    —

     

     

     

    2,744

     

    Change in operating assets and liabilities:

     

     

     

    Accounts and other receivables

     

    (788

    )

     

     

    (15

    )

    Prepaid expenses and other assets, net

     

    (3,451

    )

     

     

    (322

    )

    Accounts payable, accrued liabilities and deferred rent liabilities

     

    (4,323

    )

     

     

    1,859

     

    Net cash provided by operating activities

     

    71,382

     

     

     

    48,820

     

    Cash flows from investing activities:

     

     

     

    Acquisitions of real estate, net of deposits applied

     

    (40,162

    )

     

     

    (66,619

    )

    Purchases of equipment, furniture and fixtures and improvements to real estate

     

    (2,276

    )

     

     

    (398

    )

    Investment in real estate related investments

     

    (6,389

    )

     

     

    (52,165

    )

    Principal payments received on real estate related investments and other loans receivable

     

    4,582

     

     

     

    —

     

    Escrow deposits for potential acquisitions of real estate

     

    (36,066

    )

     

     

    (4,105

    )

    Net proceeds from sales of real estate

     

    44,401

     

     

     

    46

     

    Net cash used in investing activities

     

    (35,910

    )

     

     

    (123,241

    )

    Cash flows from financing activities:

     

     

     

    Proceeds from the issuance of common stock, net

     

    15,562

     

     

     

    269,787

     

    Borrowings under unsecured revolving credit facility

     

    425,000

     

     

     

    —

     

    Payments of deferred financing costs

     

    (141

    )

     

     

    (24

    )

    Net-settle adjustment on restricted stock

     

    (3,325

    )

     

     

    (2,483

    )

    Dividends paid on common stock

     

    (54,388

    )

     

     

    (36,531

    )

    Contributions from noncontrolling interests

     

    1,410

     

     

     

    444

     

    Distributions to noncontrolling interests

     

    (902

    )

     

     

    (47

    )

    Net cash provided by financing activities

     

    383,216

     

     

     

    231,146

     

    Net increase in cash, cash equivalents and restricted cash

     

    418,688

     

     

     

    156,725

     

    Cash, cash equivalents and restricted cash as of the beginning of period

     

    213,822

     

     

     

    294,448

     

    Cash, cash equivalents and restricted cash as of the end of period

    $

    632,510

     

     

    $

    451,173

     

    CARETRUST REIT, INC.

    DEBT SUMMARY

    (dollars in thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    March 31, 2025

     

    Interest

     

    Maturity

     

     

     

    % of

     

    Deferred

     

    Net Carrying

    Debt

    Rate

     

    Date

     

    Principal

     

    Principal

     

    Loan Costs

     

    Value

     

     

     

     

     

     

     

     

     

     

     

     

    Fixed Rate Debt

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Senior unsecured notes payable

    3.875

    %

     

    2028

     

    $

    400,000

     

    48.5

    %

     

    $

    (2,851

    )

     

    $

    397,149

    Floating Rate Debt

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Unsecured revolving credit facility

    5.472

    %

    [1]

    2029

    [2]

     

    425,000

     

    51.5

    %

     

     

    —

     

    [3]

     

    425,000

     

     

     

     

     

     

     

     

     

     

     

     

    Total Debt

    4.698

    %

     

     

     

    $

    825,000

     

    100.0

    %

     

    $

    (2,851

    )

     

    $

    822,149

     

     

     

     

     

     

     

     

     

     

     

     

    [1] Funds can be borrowed at applicable SOFR plus 1.05% to 1.55% or at the Base Rate (as defined) plus 0.05% to 0.55%.

    [2] Maturity date does not assume exercise of two 6-month extension options.

    [3] Deferred financing fees are not shown net for the unsecured revolving credit facility and are included in assets on the balance sheet.

    CARETRUST REIT, INC.

    RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES

    (shares in thousands)

    (Unaudited)

     

     

     

     

     

     

    2025 Guidance Increased

     

     

     

     

     

     

     

    Full Year 2025 Guidance[1]

     

    Low

    High

    Net income attributable to CareTrust REIT, Inc.

    $

    1.36

     

    $

    1.40

     

    Real estate related depreciation and amortization

     

    0.37

     

     

    0.37

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    (0.04

    )

     

    (0.04

    )

    (Gain) loss on sale of real estate

     

    (0.02

    )

     

    (0.02

    )

    Funds from Operations (FFO) attributable to CareTrust REIT, Inc.

     

    1.67

     

     

    1.71

     

    Property operating expenses

     

    —

     

     

    —

     

    Amortization of extraordinary stock grants

     

    0.02

     

     

    0.02

     

    Non-routine transaction costs

     

    —

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

    —

     

     

    —

     

    Normalized FFO attributable to CareTrust REIT, Inc.

    $

    1.69

     

    $

    1.73

     

     

     

     

    Net income attributable to CareTrust REIT, Inc.

    $

    1.36

     

    $

    1.40

     

    Real estate related depreciation and amortization

     

    0.37

     

     

    0.37

     

    Noncontrolling interests' share of real estate related depreciation and amortization

     

    (0.04

    )

     

    (0.04

    )

    Amortization of deferred financing fees

     

    0.02

     

     

    0.02

     

    Amortization of stock-based compensation

     

    0.04

     

     

    0.04

     

    Amortization of extraordinary stock grants

     

    0.02

     

     

    0.02

     

    Straight-line rental income

     

    —

     

     

    —

     

    Amortization of below market leases

     

    (0.02

    )

     

    (0.02

    )

    Noncontrolling interests' share of amortization of below market leases

     

    0.01

     

     

    0.01

     

    Noncash revenues related to financing receivable

     

    (0.01

    )

     

    (0.01

    )

    Amortization of lease incentives

     

    —

     

     

    —

     

    Noncontrolling interests' share of amortization of lease incentives

     

    —

     

     

    —

     

    (Gain) loss on sale of real estate

     

    (0.02

    )

     

    (0.02

    )

    Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.

     

    1.73

     

     

    1.77

     

    Property operating expenses

     

    —

     

     

    —

     

    Non-routine transaction costs

     

    —

     

     

    —

     

    Unrealized (gain) loss on other real estate related investments, net

     

    —

     

     

    —

     

    Normalized FAD attributable to CareTrust REIT, Inc.

    $

    1.73

     

    $

    1.77

     

    Weighted average shares outstanding:

     

     

    Diluted

     

    190,594

     

     

    190,594

     

     

     

     

    [1] This guidance assumes and includes (i) all investments, dispositions and loan repayments made to date, (ii) no new or approved investments, dispositions, new loans or loan repayments, (iii) no new debt incurrences or new equity issuances, and (iv) estimated 2.5% CPI-based rent escalators under CareTrust's long-term net leases.

    Non-GAAP Financial Measures

    EBITDA attributable to CareTrust REIT, Inc. represents net income (loss) attributable to CareTrust REIT, Inc. before interest expense (including amortization of deferred financing costs), amortization of stock-based compensation, and depreciation and amortization. Normalized EBITDA attributable to CareTrust REIT, Inc. represents EBITDA attributable to CareTrust REIT, Inc. as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of core operating performance, such as recovery of previously reversed rent, lease termination revenue, property operating expenses, gains or losses from dispositions of real estate, real estate impairment charges, provision for loan losses, non-routine transaction costs, loss on extinguishment of debt, extraordinary incentive plan payment, write-off of deferred financing costs, unrealized loss on other real estate related investments and provision for doubtful accounts and lease restructuring, as applicable. EBITDA attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. EBITDA attributable to CareTrust REIT, Inc. and Normalized EBITDA attributable to CareTrust REIT, Inc. do not purport to be indicative of cash available to fund future cash requirements, including the Company's ability to fund capital expenditures or make payments on its indebtedness. Further, the Company's computation of EBITDA and Normalized EBITDA may not be comparable to EBITDA and Normalized EBITDA reported by other REITs.

    Funds from Operations ("FFO"), as defined by the National Association of Real Estate Investment Trusts ("Nareit"), and Funds Available for Distribution ("FAD") are important non-GAAP supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, Nareit created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP.

    FFO is defined by Nareit as net income computed in accordance with GAAP, excluding gains or losses from dispositions of real estate investments, real estate related depreciation and amortization and real estate impairment charges, adjustments for the share of consolidated joint ventures, and adjustments for unconsolidated partnerships and joint ventures. Noncontrolling interests' pro rata share information is prepared by applying noncontrolling interests' actual ownership percentage for the period and is intended to reflect noncontrolling interests' proportionate economic interest in the financial position and operating results of properties in our portfolio. The Company computes FFO attributable to CareTrust REIT, Inc. in accordance with Nareit's definition.

    FAD attributable to CareTrust REIT, Inc. is defined as FFO attributable to CareTrust REIT, Inc. excluding noncash income and expenses, such as amortization of stock-based compensation, amortization of deferred financing fees, amortization of above and below market intangibles, amortization of lease incentives, the effects of straight-line rent, adjustments for the share of consolidated joint ventures and non-cash interest income. The Company considers FAD attributable to CareTrust REIT, Inc. to be a useful supplemental measure to evaluate the Company's operating results excluding these income and expense items to help investors, analysts and other interested parties compare the operating performance of the Company between periods or as compared to other companies on a more consistent basis.

    In addition, the Company reports Normalized FFO attributable to CareTrust REIT, Inc. and Normalized FAD attributable to CareTrust REIT, Inc., which adjust FFO and FAD for certain revenue and expense items that the Company does not believe are indicative of its ongoing operating results, such as write-off of deferred financing costs, provision for loan losses, non-routine transaction costs, provision for doubtful accounts and lease restructuring, loss on extinguishment of debt, extraordinary incentive plan payment, unrealized loss on other real estate related investments, recovery of previously reversed rent, lease termination revenue and property operating expenses. By excluding these items, investors, analysts and our management can compare Normalized FFO and Normalized FAD between periods more consistently.

    While FFO, Normalized FFO, FAD and Normalized FAD are relevant and widely-used measures of operating performance among REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company's liquidity or operating performance. FFO, Normalized FFO, FAD and Normalized FAD do not purport to be indicative of cash available to fund future cash requirements.

    Further, the Company's computation of FFO, Normalized FFO, FAD and Normalized FAD may not be comparable to FFO, Normalized FFO, FAD and Normalized FAD reported by other REITs that do not define FFO in accordance with the current Nareit definition or that interpret the current Nareit definition or define FAD differently than the Company does.

    The Company also discloses Net Debt to Annualized Normalized Run Rate EBITDA, which compares the Company's Net Debt as of the last day of the quarter to the Annualized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the quarter. Net Debt is defined as the Company's Total Debt as of the last day of the specified quarter adjusted to exclude the Company's cash, cash equivalents, restricted cash and escrow deposits on acquisition of real estate as of such date as well as the net proceeds from the expected settlement of shares sold under equity forward contracts through the Company's ATM Program that are outstanding as of such date. Normalized Run Rate EBITDA represents Normalized EBITDA, adjusted to give effect to the investments completed during the three months ended for the respective period as though such investments were completed as of the beginning of the period. Annualized Normalized Run Rate EBITDA is calculated as Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. for the specified quarter multiplied by four.

    The Company believes that net income attributable to CareTrust REIT, Inc., as defined by GAAP, is the most appropriate earnings measure. The Company also believes that the use of EBITDA, Normalized EBITDA, FFO, Normalized FFO, FAD and Normalized FAD, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and makes comparisons of operating results among such companies more meaningful. The Company considers EBITDA and Normalized EBITDA, in each case attributable to CareTrust REIT, Inc., useful in understanding the Company's operating results independent of its capital structure, indebtedness and other charges that are not indicative of its ongoing results, thereby allowing for a more meaningful comparison of operating performance between periods and against other REITs. The Company considers FFO, Normalized FFO, FAD and Normalized FAD, in each case attributable to CareTrust REIT, Inc., to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses from real estate dispositions, impairment charges and real estate related depreciation and amortization, and, for FAD and Normalized FAD, by excluding noncash income and expenses such as amortization of stock-based compensation, amortization of deferred financing fees, and the effects of straight-line rent, FFO, Normalized FFO, FAD and Normalized FAD can help investors compare the Company's operating performance between periods and to other REITs. The Company believes that the disclosure of Net Debt to Annualized Normalized Run Rate EBITDA provides a useful measure to investors to evaluate the credit strength of the Company and its ability to service its debt obligations and to compare the Company's credit strength to prior reporting periods and to other companies without the effect of charges that are not indicative of the Company's ongoing performance or that could obscure the Company's actual credit quality and after considering the effect of investments occurring during the period.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250430085245/en/

    CareTrust REIT, Inc.

    (949) 542-3130

    [email protected]

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