CareTrust REIT Announces First Quarter 2026 Operating Results; Increases 2026 Guidance

Conference Call Scheduled for Friday, May 8, 2026 at 11:00 am ET

CareTrust REIT, Inc. (NYSE:CTRE) today reported operating results for the quarter ended March 31, 2026, as well as other recent events.

For the quarter, CareTrust reported:

• Net income of $80.2 million and net income per diluted weighted average share of $0.36, an increase of $0.01, or 3%, over the prior year quarter;
• Normalized FFO of $107.4 million and Normalized FFO per diluted weighted average share of $0.48, an increase of $0.06, or 14%, over the prior year quarter;
• Normalized FAD of $107.6 million and Normalized FAD per diluted weighted average share of $0.48, an increase of $0.05, or 12%, over the prior year quarter;
• $245.1 million of investment activity closed at a blended stabilized yield of 8.8%;
• $129.5 million of gross proceeds from settlement of equity forward contracts under the ATM Program;
• Net Debt to Annualized Normalized Run Rate EBITDA of 0.6x;
• 100.0% collection of contractual rent and interest; and
• A quarterly dividend of $0.39 per share, representing a 16.4% year over year increase and a payout ratio of approximately 81% of Normalized FAD.

Since quarter end, CareTrust reports:

• $864.1 million of investment activity closed at a blended stabilized yield of 8.9%, including approximately $116.7 million of previously unannounced investments at a blended stabilized yield of 9.4%;
• A $360 million investment pipeline;
• $350 million net drawn on the $1.2 billion unsecured revolving credit facility as of May 7, 2026;
• $70 million of cash on hand as of May 6, 2026;
• Settled all outstanding equity forward contracts under the ATM Program for gross proceeds of $363.6 million; and

• Investment grade rating upgrade from Moody's.

CareTrust's Chief Executive Officer, Dave Sedgwick, commented, "The first quarter was a strong start to the year and a powerful continuation of the momentum we've been generating in recent years. And we currently have no intention of slowing down, with $747 million of investments announced in April and another $117 million of investments announced today, including our second SHOP transaction and a portfolio of seven skilled nursing and senior housing communities. With approximately $1.1 billion of investments closed year-to-date at a blended stabilized yield of approximately 8.9%, our team is firing on all cylinders. We remain on track for another exceptional year, supported by a reloaded pipeline of near-term, actionable opportunities across all three of our growth engines, deepening operator relationships across the US and UK, a fortress balance sheet, and a team that is executing at the highest level. We could not be more excited about our prospects for the coming years."

Financial Results for Quarter Ended March 31, 2026

For the first quarter, CareTrust reported net income of $80.2 million, or $0.36 per diluted weighted-average common share, Normalized FFO of $107.4 million, or $0.48 per diluted weighted-average common share, and Normalized FAD of $107.6 million, or $0.48 per diluted weighted-average common share.

Liquidity

As of quarter end, CareTrust reported Net Debt-to-Annualized Normalized Run Rate EBITDA of 0.6x, which is below the Company's target leverage range of 4.0x to 5.0x, and a net debt-to-enterprise value of approximately 3.6%. Derek Bunker, CareTrust's Chief Financial Officer, stated that as of today the Company has $350 million in borrowings outstanding on its $1.2 billion unsecured revolving credit facility, with no scheduled debt maturities prior to 2028. As of May 7, 2026, the Company had $879.0 million available for future issuances under the ATM Program. He also reported that CareTrust currently has approximately $70 million in cash on hand.

Increased 2026 Guidance

The Company provided updated guidance for 2026, projecting net income attributable to CareTrust of approximately $1.49 to $1.53 per share, Normalized FFO of approximately $2.00 to $2.04 per share, and Normalized FAD of approximately $1.98 to $2.02 per share. Mr. Bunker commented, "The midpoints of our new Normalized FFO and Normalized FAD guidance represent increases of 14.8% and 13.6%, respectively, over 2025 results. Our liquidity and access to capital remain strong, which we believe will provide us the flexibility to continue funding our recent pace of investment activity. With multiple levers across our capital toolkit including a new investment grade rating, and the support of deep relationships across the debt and equity markets, we believe we are well-positioned to 'keep the growth flywheel turning'."

Mr. Bunker noted that full year 2026 guidance is based on a weighted average diluted share count of 234 million shares, and assumes the following:

• No new investments, loans, or dispositions beyond those made year-to-date;
• No new debt or equity issuances beyond those made year-to-date;
• 2.5% inflation-based rent escalators under long-term triple net leases;
• $145 million of loans to be fully repaid throughout the year; and
• No material change in the GBP:USD spot exchange rate.

Dividend Increased

During the first quarter, CareTrust increased its quarterly dividend from $0.335 to $0.39 per common share. On an annualized basis, the payout ratio was approximately 81% based on first quarter 2026 Normalized FFO, and 81% based on first quarter 2026 Normalized FAD.

Conference Call

A conference call will be held on Friday, May 8, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time), during which CareTrust's management will discuss first quarter 2026 results, recent developments and other matters. The toll-free dial-in number is 1 (833) 461-5787 or toll dial-in number is 1 (585) 542-9983 and the conference ID number is 411597838. The live audio webcast of the earnings conference call will be available on the Investors section of CareTrust's website at investor.caretrustreit.com/events-and-presentations. 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™

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: access to capital; investment activity; growth prospects; and operating and financial performance, including our fiscal year 2026 guidance and the assumptions set forth therein.

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 of our tenants, managers, and borrowers to successfully operate our properties and 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 impact of unstable market and economic conditions; (iii) the impact of healthcare reform legislation, including reimbursement rates and potential minimum staffing level requirements, on the operating results and financial conditions of our tenants, managers, and borrowers; (iv) the consequences of bankruptcy, insolvency or financial deterioration of our tenants, managers and borrowers; (v) the ability and willingness of our tenants, managers and borrowers to renew their agreements with us, and our 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 or manager; (vi) 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; (vii) the impact of public health crises; (viii) the availability of and the ability to identify (a) tenants and managers 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 and managers on favorable terms; (ix) the intended benefits of our acquisition of Care REIT plc ("Care REIT") may not be realized, and the additional risks we will be subject to from our investment in Care REIT and any other international investments; (x) the additional operational and legal risks associated with our properties managed in a RIDEA structure; (xi) the impact of the unfavorable resolution of litigation or disputes and rising liability and insurance costs as a result thereof or other market factors; (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. and U.K. tax law and other state, federal or local laws, whether or not specific to REITs; (xv) the ability to generate sufficient cash flows to service our outstanding indebtedness; (xvi) access to debt and equity capital markets; (xvii) fluctuating interest and currency rates; and (xviii) any additional factors included under Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (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 March 31, 2026 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.