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Dec 31, 2025
CareTrust REIT Q4 2025 Earnings Report
CareTrust REIT reported strong operating results for the fourth quarter and full year 2025, marked by significant growth in net income, FFO, and FAD, along with substantial investment activity and a positive outlook for 2026.
Key Takeaways
CareTrust REIT announced exceptional operating results for Q4 and the full year 2025, with net income attributable to CareTrust REIT, Inc. reaching $111.3 million for the quarter and $320.5 million for the full year. Normalized FFO and FAD also saw significant increases, reflecting record external growth and strategic additions to its portfolio. The company closed $561.5 million in investment activity during the quarter at a blended stabilized yield of 8.8% and maintained a strong balance sheet with a net debt to annualized normalized run rate EBITDA of 0.7x.
Net income attributable to CareTrust REIT, Inc. for Q4 2025 was $111.3 million, a 72% increase over the prior year quarter.
Normalized FFO per diluted weighted average share for Q4 2025 was $0.47, an 18% increase over the prior year quarter.
The company closed $561.5 million of investment activity in Q4 2025 at a blended stabilized yield of 8.8%.
CareTrust REIT reported a net debt to annualized normalized run rate EBITDA of 0.7x, well below its target leverage range.
Revenue by Segment
Forward Guidance
CareTrust REIT provided guidance for 2026, projecting net income attributable to CareTrust of approximately $1.45 to $1.50 per share, Normalized FFO of approximately $1.90 to $1.95 per share, and Normalized FAD of approximately $1.90 to $1.95 per share. This guidance is based on a weighted average diluted share count of 225 million shares.
Positive Outlook
- Projected net income attributable to CareTrust of $1.45 to $1.50 per share.
- Projected Normalized FFO of $1.90 to $1.95 per share, representing a 9.4% increase over 2025 results.
- Projected Normalized FAD of $1.90 to $1.95 per share, representing a 9.4% increase over 2025 results.
- Solid market fundamentals across all asset classes within the portfolio.
- Strong start to the year with $214.8 million deployed and a $500 million pipeline.
Challenges Ahead
- Assumes no new investments, loans, or dispositions beyond those made year-to-date.
- Assumes no new debt or equity issuances beyond those made year-to-date.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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