CTRE

CareTrust REIT is a self-administered healthcare REIT owning skilled-nursing facilities, senior-housing communities and related properties — 407 properties with 37,628 operational beds/units across 32 U.S. states and the U.K. as of year-end 2025. FY2025 was a major growth year: net income surged 156.3% to $321M and diluted EPS rose 96.3% to $1.57, while total assets jumped 49.8% to $5.15B, driven by acquisitions including the $595.4M Care REIT plc (UK) deal and the establishment of a RIDEA senior-housing operating (SHOP) platform. Operating cash flow grew 61.3% to $394M, underpinning a 50.6%-larger dividend of $259M. (Note the $1.23M XBRL 'revenue' figure is a tagging artifact for a triple-net REIT whose income is overwhelmingly rental; the operating metrics and MD&A rent disclosures are the relevant reads.)

The portfolio is performing well. Management reports collecting 100% of contractual rents in Q4 and 99.7% for the full year — strong rent coverage that validates the underwriting in a sector (skilled nursing) often viewed as higher-risk. The balance sheet is conservative for a growth REIT: total liabilities of just $1.09B and long-term debt of $894M against $4.04B equity (0.27x liabilities/equity), giving CareTrust ample capacity to keep funding accretive acquisitions. It also holds $899.3M of real-estate-related loans and preferred-equity investments, a diversified income stream beyond owned real estate.