CareTrust REIT Inc.

CareTrust REIT is a landlord to the senior care industry. As a real estate investment trust (REIT), it must pay out at least 90% of its taxable income to shareholders. As of December 31, 2025, it owned 407 skilled nursing facilities, senior housing communities and other properties, with 37,628 beds and units across 32 states and the U.K. Skilled nursing facilities provide round-the-clock medical and rehab care, often after a hospital stay.

Most revenue is rent. CareTrust leases buildings to independent operators under triple-net leases, meaning the tenant pays property taxes, insurance, upkeep and capital spending. It also lends to operators through mortgage and mezzanine loans and holds preferred equity stakes, carried at $899.3 million at the end of 2025. Late that year it started a senior housing operating portfolio (SHOP), holding three Texas communities with 270 units. Outside managers run them; CareTrust shares in the results and bears the costs.

The annual report doesn't split revenue by segment or region. By rental income, the largest markets are California, the U.K., Texas and Tennessee. One operator, Ensign, rented properties producing 23% of annual contracted rent as of December 31, 2025. The U.K. business includes care homes bought with Care REIT plc in May 2025. Revenue was $476.4 million in fiscal 2025, up 60.8% from 2024.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $161.3M, up 43.5% from a year earlier, and net income was $89.0M (+29.8%).
• For fiscal 2025, revenue was $476.4M (+60.8% year over year; +21.7% a year from FY2020 to FY2025) with a 67.3% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $753.9M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +6.0% a year over 5 years (FY2020–FY2025).
• Dividends took 80.9% of earnings in the latest fiscal year.
• Shares outstanding changed +143.5% from Nov 5, 2021 to Aug 5, 2026.

Rank among 1514 US companies

Market value at each year end

CareTrust REIT’s market value went from $889.8M at the end of 2016 to $8.38B on Oct 28, 2026, about 9.4 times as much; since the end of 2025 it is up 4%.

Form 4 filings from 2025-10-31 to 2026-10-31 (12 read): 0 open-market purchases and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in CTRE

1. Heavy reliance on one tenant, Ensign. Properties leased to Ensign produced 23% of annual contracted rent as of December 31, 2025, and Ensign guarantees another 2% paid by Pennant. Trouble at Ensign could seriously hurt CareTrust's income.
2. Medicare and Medicaid payment cuts. Most tenants and borrowers depend on government payers such as Medicare (federal coverage for older people) and Medicaid (state-run coverage for low-income people). Rate cuts could leave them short of cash for rent.
3. Failed tenants are slow to replace. If an operator goes bankrupt or stops paying, finding a replacement can be hard and may require costly renovations. Required regulatory approvals can delay property transfers, leaving periods with no rent.
4. Senior housing brings direct operating risk. Unlike its triple-net leases, the SHOP communities leave CareTrust paying operating costs and relying on outside managers to set resident fees, run buildings efficiently and obey the law. Weak managers hurt results directly.
5. The Care REIT deal may disappoint. CareTrust paid about $595.4 million for Care REIT plc and assumed about $290.9 million of its liabilities. The expected benefits may not arrive, and U.K. assets add foreign tax and other international risks.
6. Higher interest rates and debt costs. Rising rates could raise the cost of existing and future borrowing and weigh on the share price. Total debt was about $708.3 million as of June 30, 2026. A credit downgrade could make borrowing harder.

• Oct 30, 2026 Major agreement signed; New debt or financial obligation
• Oct 2, 2026 Acquisition or sale of assets completed; Investor presentation or announcement
• Aug 6, 2026 Quarterly results released; Investor presentation or announcement
• May 21, 2026 Other company announcement
• May 7, 2026 Quarterly results released; Investor presentation or announcement
• Apr 30, 2026 Shareholder vote results
• Mar 2, 2026 Investor presentation or announcement
• Feb 18, 2026 Major agreement signed
• Feb 12, 2026 Quarterly results released; Investor presentation or announcement
• Dec 17, 2025 Major agreement signed; Other company announcement

CareTrust raised its dividend per share in every fiscal year from 2016 through 2025, at least nine straight increases. It grew from $1.00 in fiscal 2020 to $1.34 in fiscal 2025, about 6% a year, and the yield was 4.26% as of October 28, 2026. Dividends took 80.9% of fiscal 2025 earnings. It bought back no shares from fiscal 2021 to 2025; instead, its share count rose 143.5% between November 2021 and August 2026, so each share is a smaller slice of a much larger company.

The stock has fallen hard in sell-offs. In the 2020 COVID crash it dropped 65.7% between February 24 and March 18, 2020, then took about nine months to recover. In the 2022 bear market it fell 29.1% and needed about 17 months, until October 2023, to regain its prior high. Owning a single stock like CareTrust carries more risk than owning a diversified fund.