CareTrust REIT, Inc.
caretrustreit.comWhat Do They Do?
Owns and leases skilled nursing facilities, senior housing communities and other healthcare properties to healthcare operators.
10-K for FY2025, filed Feb 12, 2026
How Do They Make Money?
Healthcare operators pay rent under triple-net leases, and borrowers pay interest on property-backed loans over the loan term. At its senior housing communities, CareTrust receives resident fees monthly as it provides services.
10-K for FY2025, filed Feb 12, 2026We generate revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under…View ↗
Revenue recognition, SHOP—For the SHOP platform, revenue from resident fees and services is predominantly service-based, and generally is…View ↗
Interest Income—Interest income is recognized as earned over the term of the related other real estate related investment under the…View ↗
$476.4M
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10-K for FY2025, filed Feb 12, 2026
$476.4M ↗
Who Are Their Customers?
Healthcare operators lease the properties and may borrow against healthcare real estate; residents pay for services at senior housing communities, which third-party managers operate.
10-K for FY2025, filed Feb 12, 2026We generate revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under…View ↗
We also generate revenues by owning, indirectly in consolidated joint ventures, properties operated by third party property managers to…View ↗
Our SHOP communities consist of senior housing communities that we own and invest in and which are managed by third party managers. Through…View ↗
Revenue recognition, SHOP—For the SHOP platform, revenue from resident fees and services is predominantly service-based, and generally is…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 67 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 12, 2026
10-K for FY2025, filed Feb 12, 2026
$320.5MView ↗
How Are They Changing?
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Aug 6, 2026
Increases 2026 earnings guidance
The updated projections raise the 2026 per-share outlook for net income, Normalized FFO and Normalized FAD.
Sources
8-K, filed Aug 6, 2026
CareTrust REIT Announces Second Quarter 2026 Operating Results; Increases 2026 GuidanceView ↗
Growing. Revenue grew 2.5x in 4 years, from $192.4M in FY2021 to $476.4M in FY2025, about 25% a year.
SHOP operating model
The earlier report described a landlord-and-lender model; the latest report adds senior housing communities that CareTrust owns and third-party managers operate, giving it direct participation in their operating results.
10-K for FY2022, filed Feb 9, 2023 10-K for FY2025, filed Feb 12, 2026We generate revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under…View ↗
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