Conference Call Scheduled for Thursday, August 7, 2025 at 1:00 pm ET

CareTrust REIT, Inc. (NYSE:CTRE) today reported operating results for the quarter ended June 30, 2025, as well as other recent events.

For the quarter, CareTrust REIT reported:

Investments of $1.1 billion at an estimated stabilized yield of 8.4%, including the acquisition of Care REIT plc;
Upsized the credit facility to include a $500 million, 5-year term loan;
12.1 million shares sold under its ATM Program for gross proceeds of $353.9 million;
Investment grade rating by Fitch;
99.7% of contractual rent and interest collected;
Net income of $68.5 million and net income per share of $0.35;
Net Debt to Annualized Normalized Run Rate EBITDA of 2.0x;
Normalized FFO of $83.1 million and normalized FFO per share of $0.43;
Normalized FAD of $83.1 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:

Closing of investments totaling approximately $29.4 million at an estimated stabilized yield of 9%;
Pay off of the secured notes payable and secured revolving credit facilities assumed in the Care REIT acquisition;
Cash on hand of approximately $65 million; and
Investment pipeline of approximately $600 million.

CareTrust's President and Chief Executive Officer, Dave Sedgwick, commented, "Over the last 18 months we have invested more than the prior eight years combined, deploying roughly $2.7 billion of capital into growth opportunities. In May, we closed on the strategic acquisition of Care REIT that marked our entry into the UK care home market. Determined to maintain momentum in the wake of that transaction, we invested an additional $220 million in the second quarter and since, bringing our total investments year-to-date to approximately $1.2 billion. These investments have broadened our operator bench and diversified our asset mix, payor base and geographic reach -- all while we maintained low leverage, improved our credit capacity to support future expansion and reloaded our pipeline." Mr. Sedgwick continued, "To ensure the flywheel continues to rip, we have invested throughout the organization by selectively adding talent in tax, finance, investments and asset management, integrating a team of London-based professionals, and deepening operator relationships. All of these moves together are not only producing meaningful FFO per share growth but are also setting the table for strong performance for years to come."

Financial Results for Quarter Ended June 30, 2025

Chief Financial Officer, Bill Wagner, reported that, for the second quarter, CareTrust reported net income of $68.5 million, or $0.35 per diluted weighted-average common share, normalized FFO of $83.1 million, or $0.43 per diluted weighted-average common share, and normalized FAD of $83.1 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 2.0x, which is below the Company's target leverage range of 4.0x to 5.0x, and a net debt-to-enterprise value of approximately 12.3%. Mr. Wagner stated that, as of today, the Company has $65.0 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 $65 million in cash on hand. During the second quarter of 2025, the Company sold 12.1 million shares under its ATM Program at a weighted average sales price of $29.36 per share for gross proceeds of $353.9 million. As of June 30, 2025, the Company had $380.1 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 $1.43 to $1.45, normalized FFO of approximately $1.77 to $1.79, and normalized FAD of approximately $1.77 to $1.79. He noted that the 2025 guidance is based on a diluted weighted-average common share count of 195.3 million shares, and assumes the following:

All investments year-to-date;
No new investments;
Dispositions made to date;
Loan repayments made to date;
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 Maintained

During the quarter, CareTrust declared a quarterly dividend of $0.335 per common share. On an annualized basis, the payout ratio was approximately 78% based on second quarter 2025 normalized FFO, and 78% based on second quarter 2025 normalized FAD.

Conference Call

A conference call will be held on Thursday, August 7, 2025, at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time), during which CareTrust's management will discuss second 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^TM

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 portfolio of long-term net-leased properties spanning the United States and United Kingdom, 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; 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 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; (ii) 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; (iii) the impact of healthcare reform legislation, including potential minimum staffing level requirements, on the operating results and financial conditions of our tenants and borrowers; (iv) 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; (v) the intended benefits of our acquisition of Care REIT plc ("Care REIT") may not be realized, and we will be subject to additional risks from our investment in Care REIT and any other international investments; (vi) 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; (vii) 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; (viii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (ix) access to debt and equity capital markets; (x) fluctuating interest and currency rates; (xi) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xii) the ability to retain our key management personnel; (xiii) the ability to maintain our status as a real estate investment trust ("REIT"); (xiv) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; (xv) 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 June 30, 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 June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Revenues:
Rental income	$	86,033		$	55,407		$	157,679		$	108,909
Interest income from financing receivable		2,886			—			5,693			—
Interest income from other real estate related investments and other income		23,550			13,484			45,718			23,052
Total revenues		112,469			68,891			209,090			131,961
Expenses:
Depreciation and amortization		21,215			13,860			39,056			27,308
Interest expense		13,038			8,679			19,707			16,907
Property taxes and insurance		2,117			1,976			4,182			3,777
Impairment of real estate investments		—			25,711			—			28,455
Transaction costs		61			—			949			—
Property operating expenses		938			255			1,043			915
General and administrative		12,549			6,136			21,572			12,974
Total expenses		49,918			56,617			86,509			90,336
Other income (loss):
Gain on sale of real estate, net		—			21			3,876			32
Unrealized gain (loss) on other real estate related investments, net		1,968			(1,877	)		3,255			(2,489	)
Gain on foreign currency transaction		4,413			—			4,413			—
Total other income (loss)		6,381			(1,856	)		11,544			(2,457	)
Income before income tax expense		68,932			10,418			134,125			39,168
Income tax expense		(1,030	)		—			(1,030	)		—
Net income		67,902			10,418			133,095			39,168
Net loss attributable to noncontrolling interests		(643	)		(340	)		(1,252	)		(336	)
Net income attributable to CareTrust REIT, Inc.	$	68,545		$	10,758		$	134,347		$	39,504

Earnings per common share attributable to CareTrust REIT, Inc.:
Basic	$	0.36		$	0.07		$	0.71		$	0.28
Diluted	$	0.35		$	0.07		$	0.70		$	0.28

Weighted-average number of common shares:
Basic		192,444			144,895			189,813			138,866
Diluted		192,851			145,258			190,130			139,230

Dividends declared per common share	$	0.335		$	0.29		$	0.67		$	0.58

CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES
(in thousands)
(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024

Net income attributable to CareTrust REIT, Inc.	$	68,545		$	10,758		$	134,347		$	39,504
Depreciation and amortization		21,215			13,860			39,056			27,308
Noncontrolling interests' share of real estate related depreciation and amortization		(2,513	)		—			(4,736	)		—
Interest expense^[1]		13,038			8,222			19,707			16,450
Income tax expense		1,030			—			1,030			—
Amortization of stock-based compensation		1,945			1,406			5,038			3,526
Amortization of stock-based compensation related to extraordinary incentive plan		1,081			—			1,897			—
EBITDA attributable to CareTrust REIT, Inc.		104,341			34,246			196,339			86,788
Impairment of real estate investments		—			25,711			—			28,455
Gain on foreign currency transaction		(4,413	)		—			(4,413	)		—
Property operating expenses		1,090			361			985			1,333
Gain on sale of real estate, net		—			(21	)		(3,876	)		(32	)
Non-routine transaction costs		61			—			949			—
Unrealized (gain) loss on other real estate related investments, net		(1,968	)		1,877			(3,255	)		2,489
Normalized EBITDA attributable to CareTrust REIT, Inc.		99,111			62,174		$	186,729		$	119,033
Full impact of quarterly investments^[2]		10,126			3,188
Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.	$	109,237		$	65,362

NET DEBT TO ANNUALIZED NORMALIZED RUN RATE EBITDA RECONCILIATION
(in thousands)
(Unaudited)
	Three Months Ended June 30,
	2025			2024
Total debt^[1]	$	1,161,990		$	600,000
Cash, cash equivalents, restricted cash and escrow deposits on acquisitions of real estate		(306,051	)		(495,134	)
Net Debt	$	855,939		$	104,866
Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.^[3]	$	436,948		$	261,448
Net Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.	2.0x			0.4x
[1] Interest expense and Total debt exclude the effect of the $75.0 million participation interest recorded as a secured borrowing in the consolidated balance sheets.
[2] 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.
[3] 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 June 30,						Six Months Ended June 30,
	2025			2024			2025			2024

Net income attributable to CareTrust REIT, Inc.	$	68,545		$	10,758		$	134,347		$	39,504
Real estate related depreciation and amortization		21,208			13,853			39,041			27,295
Noncontrolling interests' share of real estate related depreciation and amortization		(2,513	)		—			(4,736	)		—
Impairment of real estate investments		—			25,711			—			28,455
Gain on sale of real estate, net		—			(21	)		(3,876	)		(32	)
Funds from Operations (FFO) attributable to CareTrust REIT, Inc.		87,240			50,301			164,776			95,222
Gain on foreign currency transaction		(4,413	)		—			(4,413	)		—
Property operating expenses		1,090			361			985			1,333
Non-routine transaction costs		61			—			949			—
Amortization of stock-based compensation related to extraordinary incentive plan		1,081			—			1,897			—
Unrealized (gain) loss on other real estate related investments, net		(1,968	)		1,877			(3,255	)		2,489
Normalized FFO attributable to CareTrust REIT, Inc.	$	83,091		$	52,539		$	160,939		$	99,044

CARETRUST REIT, INC.
RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued)
(in thousands, except per share data)
(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024

Net income attributable to CareTrust REIT, Inc.	$	68,545		$	10,758		$	134,347		$	39,504
Real estate related depreciation and amortization		21,208			13,853			39,041			27,295
Noncontrolling interests' share of real estate related depreciation and amortization		(2,513	)		—			(4,736	)		—
Amortization of deferred financing fees		984			614			1,898			1,228
Amortization of stock-based compensation		1,945			1,406			5,038			3,526
Amortization of stock-based compensation related to extraordinary incentive plan		1,081			—			1,897			—
Straight-line rental income		(1,760	)		7			(1,753	)		14
Amortization of lease incentives		48			4			96			4
Noncontrolling interests' share of amortization of lease incentives		(24	)		—			(48	)		—
Amortization of above and below market leases		(972	)		(575	)		(1,898	)		(1,150	)
Noncontrolling interests' share of amortization of below market leases		463			—			926			—
Non-cash interest income		(703	)		—			(1,326	)		—
Impairment of real estate investments		—			25,711			—			28,455
Gain on sale of real estate, net		—			(21	)		(3,876	)		(32	)
Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.		88,302			51,757			169,606			98,844
Gain on foreign currency transaction		(4,413	)		—			(4,413	)		—
Property operating expenses		1,090			361			985			1,333
Non-routine transaction costs		61			—			949			—
Unrealized (gain) loss on other real estate related investments, net		(1,968	)		1,877			(3,255	)		2,489
Normalized FAD attributable to CareTrust REIT, Inc.	$	83,072		$	53,995		$	163,872		$	102,666

FFO per share attributable to CareTrust REIT, Inc.	$	0.45		$	0.35		$	0.87		$	0.68
Normalized FFO per share attributable to CareTrust REIT, Inc.	$	0.43		$	0.36		$	0.85		$	0.71

FAD per share attributable to CareTrust REIT, Inc.	$	0.46		$	0.36		$	0.89		$	0.71
Normalized FAD per share attributable to CareTrust REIT, Inc.	$	0.43		$	0.37		$	0.86		$	0.74

Diluted weighted average shares outstanding [1]		193,055			145,380			190,329			139,354

[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
	June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025
Revenues:
Rental income	$	55,407		$	57,153		$	62,199		$	71,646		$	86,033
Interest income from financing receivable		—			—			1,009			2,807			2,886
Interest income from other real estate related investments and other income		13,484			20,228			23,736			22,168			23,550
Total revenues		68,891			77,381			86,944			96,621			112,469
Expenses:
Depreciation and amortization		13,860			14,009			15,514			17,841			21,215
Interest expense		8,679			8,281			5,122			6,669			13,038
Property taxes and insurance		1,976			2,115			1,946			2,065			2,117
Impairment of real estate investments		25,711			8,417			5,353			—			—
Transaction costs		—			—			1,326			888			61
Provision for loan losses		—			—			4,900			—			—
Property operating expenses		255			3,477			1,322			105			938
General and administrative		6,136			6,663			9,286			9,023			12,549
Total expenses		56,617			42,962			44,769			36,591			49,918
Other (loss) income:
Loss on extinguishment of debt		—			(657	)		—			—			—
Gain (loss) on sale of real estate, net		21			(2,286	)		46			3,876			—
Unrealized (loss) gain on other real estate related investments, net		(1,877	)		1,800			9,734			1,287			1,968
Gain on foreign currency transaction		—			—			—			—			4,413
Total other (loss) income		(1,856	)		(1,143	)		9,780			5,163			6,381
Income before income tax expense		10,418			33,276			51,955			65,193			68,932
Income tax expense		—			—			—			—			(1,030	)
Net income		10,418			33,276			51,955			65,193			67,902
Net loss attributable to noncontrolling interests		(340	)		(165	)		(180	)		(609	)		(643	)
Net income attributable to CareTrust REIT, Inc.	$	10,758		$	33,441		$	52,135		$	65,802		$	68,545

Diluted earnings per share attributable to CareTrust REIT, Inc.	$	0.07		$	0.21		$	0.29		$	0.35		$	0.35

Diluted weighted average shares outstanding		145,258			159,850			182,013			187,416			192,851

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
	June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025

Net income attributable to CareTrust REIT, Inc.	$	10,758		$	33,441		$	52,135		$	65,802		$	68,545
Depreciation and amortization		13,860			14,009			15,514			17,841			21,215
Noncontrolling interests' share of real estate related depreciation and amortization		—			—			(837	)		(2,223	)		(2,513	)
Interest expense		8,222			7,807			4,768			6,669			13,038
Income tax expense		—			—			—			—			1,030
Amortization of stock-based compensation		1,406			1,143			1,461			3,093			1,945
Amortization of stock-based compensation related to extraordinary incentive plan		—			—			—			816			1,081
EBITDA attributable to CareTrust REIT, Inc.		34,246			56,400			73,041			91,998			104,341
Write-off of deferred financing costs		—			—			354			—			—
Impairment of real estate investments		25,711			8,417			5,353			—			—
Gain on foreign currency transaction		—			—			—			—			(4,413	)
Provision for loan losses		—			—			4,900			—			—
Property operating expenses (recovery)		361			3,893			1,665			(105	)		1,090
(Gain) loss on sale of real estate, net		(21	)		2,286			(46	)		(3,876	)		—
Loss on extinguishment of debt		—			657			—			—			—
Non-routine transaction costs		—			—			1,326			888			61
Extraordinary incentive plan payment		—			—			2,313			—			—
Unrealized loss (gain) on other real estate related investments, net		1,877			(1,800	)		(9,734	)		(1,287	)		(1,968	)
Normalized EBITDA attributable to CareTrust REIT, Inc.	$	62,174		$	69,853		$	79,172		$	87,618		$	99,111

Net income attributable to CareTrust REIT, Inc.	$	10,758		$	33,441		$	52,135		$	65,802		$	68,545
Real estate related depreciation and amortization		13,853			14,002			15,507			17,833			21,208
Noncontrolling interests' share of real estate related depreciation and amortization		—			—			(837	)		(2,223	)		(2,513	)
Impairment of real estate investments		25,711			8,417			5,353			—			—
(Gain) loss on sale of real estate, net		(21	)		2,286			(46	)		(3,876	)		—
Funds from Operations (FFO) attributable to CareTrust REIT, Inc.		50,301			58,146			72,112			77,536			87,240
Write-off of deferred financing costs		—			—			354			—			—
Gain on foreign currency transaction		—			—			—			—			(4,413	)
Provision for loan losses		—			—			4,900			—			—
Property operating expenses (recovery)		361			3,893			1,665			(105	)		1,090
Non-routine transaction costs		—			—			1,326			888			61
Loss on extinguishment of debt		—			657			—			—			—
Amortization of stock-based compensation related to extraordinary incentive plan		—			—			—			816			1,081
Extraordinary incentive plan payment		—			—			2,313			—			—
Unrealized loss (gain) on other real estate related investments, net		1,877			(1,800	)		(9,734	)		(1,287	)		(1,968	)
Normalized FFO attributable to CareTrust REIT, Inc.	$	52,539		$	60,896		$	72,936		$	77,848		$	83,091

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
	June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025

Net income attributable to CareTrust REIT, Inc.	$	10,758		$	33,441		$	52,135		$	65,802		$	68,545
Real estate related depreciation and amortization		13,853			14,002			15,507			17,833			21,208
Noncontrolling interests' share of real estate related depreciation and amortization		—			—			(837	)		(2,223	)		(2,513	)
Amortization of deferred financing fees		614			614			619			914			984
Amortization of stock-based compensation		1,406			1,143			1,461			3,093			1,945
Amortization of stock-based compensation related to extraordinary incentive plan		—			—			—			816			1,081
Straight-line rental income		7			7			7			7			(1,760	)
Amortization of lease incentives		4			5			13			48			48
Noncontrolling interests' share of amortization of lease incentives		—			—			(6	)		(24	)		(24	)
Amortization of above and below market leases		(575	)		(809	)		(926	)		(926	)		(972	)
Noncontrolling interests' share of amortization of below market leases		—			—			463			463			463
Non-cash interest income		—			—			(281	)		(623	)		(703	)
Impairment of real estate investments		25,711			8,417			5,353			—			—
(Gain) loss on sale of real estate, net		(21	)		2,286			(46	)		(3,876	)		—
Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc.		51,757			59,106			73,462			81,304			88,302
Write-off of deferred financing costs		—			—			354			—			—
Gain on foreign currency transaction		—			—			—			—			(4,413	)
Provision for loan losses		—			—			4,900			—			—
Property operating expenses (recovery)		361			3,893			1,665			(105	)		1,090
Non-routine transaction costs		—			—			1,326			888			61
Loss on extinguishment of debt		—			657			—			—			—
Extraordinary incentive plan payment		—			—			2,313			—			—
Unrealized loss (gain) on other real estate related investments, net		1,877			(1,800	)		(9,734	)		(1,287	)		(1,968	)
Normalized FAD attributable to CareTrust REIT, Inc.	$	53,995		$	61,856		$	74,286		$	80,800		$	83,072

FFO per share attributable to CareTrust REIT, Inc.	$	0.35		$	0.36		$	0.40		$	0.41		$	0.45
Normalized FFO per share attributable to CareTrust REIT, Inc.	$	0.36		$	0.38		$	0.40		$	0.42		$	0.43
FAD per share attributable to CareTrust REIT, Inc.	$	0.36		$	0.37		$	0.40		$	0.43		$	0.46
Normalized FAD per share attributable to CareTrust REIT, Inc.	$	0.37		$	0.39		$	0.41		$	0.43		$	0.43

Diluted weighted average shares outstanding [1]		145,380			160,025			182,222			187,574			193,055

[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)
	June 30, 2025			December 31, 2024
Assets:
Real estate investments, net	$	3,256,024		$	2,226,740
Financing receivable, at fair value (including accrued interest of $1,607 and $281 as of June 30, 2025 and December 31, 2024, respectively)		97,330			96,004
Other real estate related investments (including accrued interest of $4,980 and $4,725 as of June 30, 2025 and December 31, 2024, respectively)		840,900			795,203
Assets held for sale, net		55,166			57,261
Cash and cash equivalents		306,051			213,822
Accounts and other receivables		2,687			1,174
Prepaid expenses and other assets, net		88,415			35,608
Deferred financing costs, net		9,958			11,204
Total assets	$	4,656,531		$	3,437,016

Liabilities and Equity:
Senior unsecured notes payable, net	$	397,371		$	396,927
Senior unsecured term loan, net		496,019			—
Secured notes payable		103,005			—
Secured revolving credit facilities		158,985			—
Accounts payable, accrued liabilities and deferred rent liabilities		109,073			56,318
Dividends payable		67,101			54,388
Total liabilities		1,331,554			507,633

Redeemable noncontrolling interests		20,934			18,243

Equity:
Common stock		1,997			1,870
Additional paid-in capital		3,807,882			3,439,117
Cumulative distributions in excess of earnings		(528,376	)		(532,570	)
Accumulated other comprehensive income		19,029			—
Total stockholders' equity		3,300,532			2,908,417
Noncontrolling interests		3,511			2,723
Total equity		3,304,043			2,911,140
Total liabilities and equity	$	4,656,531		$	3,437,016

CARETRUST REIT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
	For the Six Months Ended June 30,
	2025			2024
Cash flows from operating activities:
Net income	$	133,095		$	39,168
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)		39,122			27,337
Amortization of deferred financing costs		1,898			1,228
Unrealized (gain) loss on other real estate related investments, net		(3,255	)		2,489
Amortization of stock-based compensation		6,935			3,526
Straight-line rental income		(1,753	)		14
Amortization of lease incentives		97			4
Amortization of above and below market leases		(1,899	)		(1,150	)
Noncash interest income		(1,581	)		(1,813	)
Gain on sale of real estate, net		(3,876	)		(32	)
Impairment of real estate investments		—			28,455
Change in operating assets and liabilities:
Accounts and other receivables		573			(719	)
Prepaid expenses and other assets, net		(459	)		(983	)
Accounts payable, accrued liabilities and deferred rent liabilities		3,260			4,271
Net cash provided by operating activities		172,157			101,795
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied		(820,046	)		(204,554	)
Purchases of equipment, furniture and fixtures and improvements to real estate		(6,783	)		(1,323	)
Investment in real estate related investments and other loans receivable		(21,715	)		(244,825	)
Preferred equity investments		(30,000	)		(9,000	)
Principal payments received on real estate related investments and other loans receivable		9,857			—
Escrow deposits for potential acquisitions of real estate		(1,020	)		(9,075	)
Net proceeds from sales of real estate		44,401			140
Net cash used in investing activities		(825,306	)		(468,637	)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		365,282			572,236
Proceeds from the issuance of senior unsecured term loan		500,000			—
Proceeds from the secured borrowing		—			75,000
Borrowings under unsecured revolving credit facility		525,000			—
Payments on unsecured revolving credit facility		(525,000	)		—
Payments of deferred financing costs		(4,189	)		(24	)
Net-settle adjustment on restricted stock		(3,325	)		(2,483	)
Dividends paid on common stock		(117,440	)		(77,723	)
Contributions from noncontrolling interests		6,888			576
Distributions to noncontrolling interests		(2,157	)		(54	)
Net cash provided by financing activities		745,059			567,528
Effect of foreign currency translation		319			—
Net increase in cash and cash equivalents		92,229			200,686
Cash and cash equivalents as of the beginning of period		213,822			294,448
Cash and cash equivalents as of the end of period	$	306,051		$	495,134

CARETRUST REIT, INC.
DEBT SUMMARY
(dollars in thousands)
(Unaudited)

					June 30, 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	34.4 %	$	(2,629	)		$	397,371
Secured notes payable^[1]	3.000 %		2035			50,816	4.4 %		—				50,816
Secured notes payable^[1]	2.932 %		2035			52,189	4.5 %		—				52,189
	3.689 %					503,005	43.3 %		(2,629	)			500,376

Floating Rate Debt

Senior unsecured term loan	5.427 %	[2]	2030			500,000	43.0 %		(3,981	)			496,019
Unsecured revolving credit facility	— %	[3]	2029	[4]		—	— %		—		[5]		—
Secured revolving credit facility^[1]	6.217 %		2029			64,550	5.6 %		—				64,550
Secured revolving credit facility^[1]	6.217 %		2026			62,160	5.3 %		—				62,160
Secured revolving credit facility^[1]	6.217 %		2029			32,275	2.8 %		—				32,275
	5.617 %