CareTrust REIT, Inc. (CTRE) FY2025 10-K Annual Report
CareTrust REIT, Inc. (CTRE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CareTrust REIT, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Real estate investment trust (REIT) owning and leasing healthcare properties
- • Emphasis on compliance risks: Significant focus on environmental liabilities potentially impairing property values without environmental insurance coverage
- • Strategic tax and regulatory positioning: Detailed emphasis on maintaining REIT qualification under evolving U.S. tax laws, including impacts of TCJA and OBBBA legislation
- • Notable quantitative metric: $900 million indebtedness as of December 31, 2025, including $400 million Senior Notes and $500 million term loan
- • Unique filing risk factor: Restrictions on stock ownership and transfer to ensure REIT status, potentially affecting control and corporate transactions
Management Discussion & Analysis
- • Revenue $476.4M, up $178.1M YoY, driven by rental income increase of $139.9M and interest income growth of $39.0M
- • Operating expenses: Depreciation & amortization $92.9M (63% increase), Interest expense $43.7M (44% increase), G&A $52.5M (81% increase)
- • Best performing segment: Senior housing triple-net acquisitions, 135 properties, $908.5M purchase price, $69.5M initial rent
- • Worst performing segment: Impairment charges reduced from $42.2M in 2024 to $2.5M in 2025 but still a cost factor
- • Capital allocation: Public offering gross proceeds $736M, ATM equity offering $370M gross, acquisitions $1.525B purchase price, $40.3M invested in senior housing SHOP platform
- • Forward outlook: Risks from inflation, interest rate increases, tenant financial stress, regulatory changes (Medicaid cuts in some states, CMS payment updates), and uncertainty from new healthcare policies
Risk Factors
- • Risk of Medicare and Medicaid rate reductions due to state budget deficits, e.g., Idaho Medicaid reimbursement cut, affecting tenants' payment abilities
- • Exposure to Ensign lease defaults, representing 25% of annualized rental income ($99.7M total) with limited recourse under triple-net leases
- • Supply chain disruptions and labor shortages increasing renovation costs needed for property repositioning after tenant turnover
- • Competitive pressure risks from third-party management of SHOP communities relying on external expertise to maintain occupancy and compliance
- • Credit risk concentration from tenant bankruptcies potentially forcing write-offs and limiting rental income, intensified by large single-tenant lease exposures
CareTrust REIT, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1M
Net Income
$321M
▲ +156.3% YoY
Net Margin
26166.4%
ROE
7.9%
▲ +364bp YoY
Total Assets
$5.1B
▲ +49.8% YoY
EPS (Diluted)
$1.57
▲ +96.3% YoY
Operating Cash Flow
$394M
▲ +61.3% YoY
Source: XBRL data from CareTrust REIT, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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