$CTRE

CareTrust REIT, Inc.

CIK:0001590717|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental income	$ 118,205	$ 86,033	$ 232,401	$ 157,679
Resident fees and services	4,643	0	8,495	0
Interest income from financing receivables	11,696	2,886	14,474	5,693
Interest income from other real estate related investments and other income	26,804	23,550	48,761	45,718
Total revenues	161,348	112,469	304,131	209,090
Expenses:
Depreciation and amortization	30,362	21,215	59,792	39,056
Interest expense	15,324	13,038	26,566	19,707
Property taxes and insurance	2,163	2,117	4,616	4,182
Senior housing operating expenses	3,732	0	6,838	0
Transaction costs	352	61	559	949
Provision for loan losses	4,671	0	4,671	0
Property operating (recoveries) expenses	(4)	938	292	1,043
General and administrative	15,777	12,549	30,114	21,572
Total expenses	72,377	49,918	133,448	86,509
Other income:
Gain on sale of real estate, net	0	0	0	3,876
Unrealized gain on other real estate related investments, net	1,725	1,968	1,732	3,255
Gain on foreign currency transactions, net	75	4,413	132	4,413
Total other income	1,800	6,381	1,864	11,544
Income before income tax expense	90,771	68,932	172,547	134,125
Income tax expense	(2,535)	(1,030)	(4,806)	(1,030)
Net income	88,236	67,902	167,741	133,095
Net loss attributable to noncontrolling interests	(760)	(643)	(1,465)	(1,252)
Net income attributable to CareTrust REIT, Inc.	$ 88,996	$ 68,545	$ 169,206	$ 134,347
Earnings per common share attributable to CareTrust REIT, Inc.:
Basic (in usd per share)	$ 0.38	$ 0.36	$ 0.74	$ 0.71
Diluted (in usd per share)	$ 0.38	$ 0.35	$ 0.74	$ 0.70
Weighted-average number of common shares:
Basic (in shares)	233,751	192,444	228,412	189,813
Diluted (in shares)	234,244	192,851	229,129	190,130

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 167,741	$ 133,095
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	59,877	39,122
Amortization of deferred financing costs	2,241	1,898
Unrealized gain on other real estate related investments, net	(1,732)	(3,255)
Amortization of stock-based compensation	6,471	6,935
Straight-line rental income	(8,027)	(1,753)
Amortization of lease incentives	98	97
Amortization of above and below market leases	(43)	(1,899)
Noncash interest income	(4,861)	(1,581)
Gain on sale of real estate, net	0	(3,876)
Provision for loan losses	4,671	0
Change in operating assets and liabilities:
Accounts and other receivables	(648)	573
Prepaid expenses and other assets, net	(4,152)	(459)
Accounts payable, accrued liabilities and deferred rent liabilities	3,478	3,260
Net cash provided by operating activities	225,114	172,157
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(270,765)	(820,046)
Purchases of equipment, furniture and fixtures and improvements to real estate	(7,427)	(6,783)
Preferred equity investments	0	(30,000)
Investment in real estate related investments and other loans receivable	(258,519)	(21,715)
Investment in financing receivables	(467,129)	0
Principal payments received on real estate related investments and other loans receivable	15,052	9,857
Escrow deposits for potential acquisitions of real estate	(1,910)	(1,020)
Net proceeds from sales of real estate	0	44,401
Net cash used in investing activities	(990,698)	(825,306)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	484,337	365,282
Proceeds from the issuance of senior unsecured term loan	0	500,000
Borrowings under unsecured revolving credit facility	660,000	525,000
Payments on unsecured revolving credit facility	(350,000)	(525,000)
Payments of deferred financing costs	0	(4,189)
Net-settle adjustment on restricted stock	(10,490)	(3,325)
Dividends paid on common stock	(163,257)	(117,440)
Contributions from noncontrolling interests	1,184	6,888
Distributions to noncontrolling interests	(4,382)	(2,157)
Net cash provided by financing activities	617,392	745,059
Effect of foreign currency translation on cash and cash equivalents	(583)	319
Net (decrease) increase in cash, cash equivalents and restricted cash	(148,775)	92,229
Cash, cash equivalents and restricted cash as of the beginning of period	198,042	213,822
Cash, cash equivalents and restricted cash as of the end of period	49,267	306,051
Supplemental disclosures of cash flow information:
Interest paid	23,621	16,392
Income taxes paid	302	0
Supplemental schedule of noncash investing and financing activities:
Increase in dividends and distributions payable	17,447	12,713
Right-of-use asset obtained in exchange for new operating lease obligation	0	1,465
Accrued costs payable related to acquisitions of real estate	996	0
Non-cash acquisition of real estate	$ 8,941	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Real estate investments, net	$ 4,062,841	$ 3,709,576
Financing receivables, net (includes $92,899 and $92,193 at fair value as of June 30, 2026 and December 31, 2025, respectively)	556,155	92,193
Other real estate related investments, net (including accrued interest of $9,135 and $5,759 as of June 30, 2026 and December 31, 2025, respectively)	1,148,485	899,262
Cash and cash equivalents	47,591	198,042
Restricted cash	1,676	0
Accounts and other receivables	17,966	10,368
Prepaid expenses and other assets, net	87,358	230,427
Deferred financing costs, net	7,179	8,568
Total assets	5,929,251	5,148,436
Liabilities and Equity:
Senior unsecured notes payable, net	398,260	397,816
Senior unsecured term loan, net	496,811	496,404
Unsecured revolving credit facility	310,000	0
Accounts payable, accrued liabilities and deferred rent liabilities	118,673	120,442
Dividends and distributions payable	92,253	74,806
Total liabilities	1,415,997	1,089,468
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	13,322	18,156
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 236,054,579 and 222,746,343 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2,360	2,227
Additional paid-in capital	4,996,230	4,518,977
Cumulative distributions in excess of earnings	(503,199)	(491,796)
Accumulated other comprehensive (loss) income	(3,998)	5,872
Total stockholders’ equity	4,491,393	4,035,280
Noncontrolling interests	8,539	5,532
Total equity	4,499,932	4,040,812
Total liabilities and equity	$ 5,929,251	$ 5,148,436