CareTrust REIT Earnings Call Transcripts
Fiscal Year 2026
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Normalized FFO/share rose 20% YoY, with ~$2.9B invested YTD and FY2026 guidance raised. Strong liquidity, low leverage and the LNT development relationship underpin expectations for continued growth.
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The approximately $1.4 billion LNT partnership covers 45 U.K. care homes, with 21 development properties scheduled for purchase through 2027. Lease-up income precedes conversion to SHOP, which is expected to lift SHOP NOI mix to 20%.
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Record Q2 investments and revenues drove a 44% year-over-year FFO increase, with guidance raised for 2026. Liquidity remains strong, and disciplined capital deployment continues across skilled nursing, care homes, and SHOP, supported by robust operator performance.
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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 transformational growth, with a 61% market cap increase, $1.8B in investments, and entry into the UK and SHOP segments. Strong financials, robust pipeline, and conservative leverage position the company for continued expansion in 2026.
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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, including a major U.K. acquisition and a $600 million pipeline with significant U.S. and U.K. deal flow. The company is building out its SHOP platform, maintaining low leverage, and expects higher AI spending and NOI 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 $856 million U.K. acquisition, diversifying the portfolio and adding significant new rent and growth potential. Financial results showed strong year-over-year gains in FFO and FAD, with a robust U.S. pipeline and conservative leverage maintained.
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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 investment activity and robust financial performance drove 123% market cap growth and a projected $1.4 billion in 2024 investments at a 9.3% yield. Guidance was raised, and a $500 million Tennessee acquisition is set to fuel double-digit FFO growth in 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.