CareTrust REIT Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw robust investment activity and double-digit FFO growth, with a raised full-year outlook and a strengthened balance sheet following a Moody's upgrade. The pipeline is strong, especially in U.K. care homes, and operational metrics remain solid across segments.
Fiscal Year 2025
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2025 saw record investments, 17.3% FFO per share growth, and expansion into UK Care Homes and SHOP. Guidance for 2026 projects 9.4% FFO/FAD per share growth, with a robust $500 million pipeline and strong liquidity supporting further external growth.
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Normalized FFO per share grew 18% year-over-year, with over $1.6 billion in investments closed YTD and a robust $600 million pipeline spanning U.S. skilled nursing, U.K. care homes, and SHOP. Liquidity remains strong, leverage low, and the company is positioned for multi-year growth.
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The meeting highlighted rapid growth through US and UK acquisitions, a strong balance sheet, and a focus on operator quality. Integration of the UK team is progressing, with a growing pipeline and plans to expand into the shop segment. Higher AI spending and NOI are expected next year.
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Q2 saw a 63% revenue increase and 19% FFO per share growth, driven by $1.1B in investments and the Care REIT acquisition. Guidance for 2025 FFO/FAD per share was raised, with a strong pipeline and robust liquidity supporting ongoing U.S. and U.K. expansion.
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Announced a transformative $856M U.K. acquisition, boosting diversification and growth. Q1 saw strong 67%+ FFO and FAD growth, a robust $500M U.S. pipeline, and leverage at historic lows. 2025 guidance was raised, with further updates expected post-U.K. deal.
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A cash acquisition of a 137-property U.K. care home REIT is set to close in Q2 2025, offering immediate accretion, significant portfolio diversification, and a new growth platform. The deal is subject to shareholder approval and governed by the U.K. Takeover Code.
Fiscal Year 2024
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Q4 2024 saw strong growth with $1.5B in new investments, 68% FFO increase, and robust lease coverage. 2025 guidance projects double-digit FFO per share growth, supported by a healthy pipeline, low leverage, and stable market conditions.
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Record-setting growth in 2024 with over $1.4 billion in investments and a robust pipeline, supported by strong balance sheet metrics and raised guidance. Major acquisitions and strategic operator partnerships position the company for continued FFO growth into 2025.
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Record investments and equity issuance drove 84% market cap growth and a $4B enterprise value. Q2 normalized FFO rose 52% year-over-year, and 2024 guidance was raised. Skilled nursing occupancy surpassed pre-pandemic levels, and leverage remains at a historic low.