Short answer
CareTrust REIT, Inc. (CTRE) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $1M and net income of $321M.
- Top risk flagged: Risk of Medicare and Medicaid rate reductions due to state budget deficits, e.g., Idaho Medicaid reimbursement cut, affecting tenants' payment abilities
FY2025 key financial metrics · XBRL
- Revenue
- $1M
- Net income
- $321M
- +156.3% YoY
- EPS (diluted)
- $1.57
- +96.3% YoY
- ROE
- 7.9%
- +3.6 pp YoY
- Operating cash flow
- $394M
- +61.3% YoY
Source: XBRL data from the CareTrust REIT, Inc. (CTRE) FY2025 10-K on SEC EDGAR. USD.
CareTrust REIT, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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